0000950170-24-016336 | 10-K | XBRL Viewer | Sixth Street Lending Partners

Aggregate Principal Amount Committed

$ 2,225,000

$ 700,000

Outstanding Principal

1,248,015

537,991

Amount Available

971,485

^[1]

162,009

^[2]

Carrying Value

1,239,862

^[3]

534,080

^[4]

Subscription Facility

Aggregate Principal Amount Committed

1,500,000

700,000

Outstanding Principal

1,054,733

537,991

Amount Available

445,267

^[1]

162,009

^[2]

Carrying Value

1,051,033

^[3]

$ 534,080

^[4]

Revolving Credit Facility

Aggregate Principal Amount Committed

725,000

Outstanding Principal

193,282

Amount Available

^[1]

526,218

Carrying Value

^[3]

$ 188,829

[1]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.
[2]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.
[3]	The carrying values of the Subscription Facility and Revolving Credit Facility are presented net deferred financing costs of $3.7 million and $4.5 million, respectively.
[4]	The carrying value of the Subscription Facility is presented net deferred financing costs of $3.9 million.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 4,598	$ 64,118
Commitment fees	175	3,022
Amortization of deferred financing costs	460	5,216
Total Interest Expense	5,233	72,356
Average debt outstanding (in millions)	$ 219,400	$ 876,874,000
Weighted average interest rate	6.30%	7.30%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Organization	Organization Sixth Street Lending Partners (the “Company”) is a Delaware statutory trust formed on April 5, 2022 (“Inception”). The Company was formed primarily to lend to, and selectively invest in, upper middle-market companies in the United States. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is managed by Sixth Street Lending Partners Advisers, LLC (the “Adviser”). On May 12, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding, LLC, a Delaware limited liability company. On May 12, 2022, the Company formed a wholly-owned subsidiary, SSLP Lending, LLC, a Delaware limited liability company. On December 8, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding II, LLC, a Delaware limited liability company. On December 21, 2023, the Company formed a wholly-owned subsidiary, Sixth Street Lending Partners Sub, LLC, a Cayman Islands limited liability company. Sixth Street LP Holding, LLC has legally dissolved as of December 31, 2023. The Company is conducting a private offering (the “Private Offering”) of its Common Shares of beneficial interest (the “Common Shares”) to accredited investors, as defined in Regulation D under the Securities Act of 1933 (the “1933 Act”) in reliance on exemptions from the registration requirements of the 1933 Act. Common Shares will be offered for subscription continuously throughout an initial closing period and may be offered from time to time thereafter. Each investor in the Private Offering will make a capital commitment (a “Capital Commitment”) to purchase Common Shares of the Company pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase the Company’s Common Shares up to the amount of their respective Capital Commitments on an as-needed basis each time the Company delivers a notice to the investors. The Company completed its initial closing of Capital Commitments and commenced its loan origination and investment activities on August 31, 2022 (“Commencement of Operations”), the date of receipt of the initial drawdown from investors in the Private Offering.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. In the opinion of management all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented have been included. The results of operations for interim periods are not indicative of results to be expected for the full year. All intercompany balances and transactions have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.
Fiscal Year End	Fiscal Year End The Company’s fiscal year ends on December 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents may consist of demand deposits, highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less, and restricted cash pledged as collateral for certain centrally cleared derivative instruments. Cash and cash equivalents denominated in U.S. dollars are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.
Investments at Fair Value	Investments at Fair Value Loan originations are recorded on the date of the binding commitment, which is generally the funding date. Investment transactions purchased through the secondary markets are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by the Company’s Board of Trustees (the “Board”), based on, among other things, the input of the Adviser, the Company’s Audit Committee and independent third-party valuation firms engaged at the direction of the Board. As part of the valuation process, the Board takes into account relevant factors in determining the fair value of its investments, including and in combination of: the estimated enterprise value of a portfolio company (that is, the total value of the portfolio company’s net debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation. The Board undertakes a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Adviser’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee. • The Audit Committee reviews the valuations presented and recommends values for each investment to the Board. • The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Adviser, Audit Committee and, where applicable, other third parties including independent third-party valuation firms engaged at the direction of the Board. The Company conducts this valuation process on a quarterly basis. The Board has engaged independent third-party valuation firms to perform certain limited procedures that the Board has identified and requested them to perform in connection with the valuation process. At December 31, 2023, the independent third-party valuation firms performed their procedures over substantially all of the Company’s investments. Upon completion of such limited procedures, the third-party valuation firms concluded that the fair value, as determined by the Board, of those investments subjected to their limited procedures, appeared reasonable. The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC Topic 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC Topic 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC Topic 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC Topic 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC Topic 820, these levels are summarized below: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC Topic 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment including the impact of changes in broader market indices and credit spreads and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Foreign Currency	Foreign Currency Foreign currency amounts are translated into U.S. dollars on the following basis: • cash and cash equivalents, market value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and • purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Credit Facilities, to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Organization and Offering Expenses	Organization and Offering Expenses Organization and offering costs will be borne by the Company and have been advanced from the Adviser subject to recoupment. Costs associated with the organization of the Company have been expensed as incurred, subject to the limitation described below. These expenses consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Shares of the Company will be capitalized as deferred offering expenses on the Consolidated Balance Sheet and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of its Common Shares. The Company will not bear more than an amount equal to 0.10% of the aggregate Commitments of the Company for organization and offering expenses in connection with the offering of Common Shares. If actual organization and offering costs incurred exceed 0.10% of the Company’s total Capital Commitments, the Adviser or its affiliates will bear the excess costs. To the extent that the Company’s Capital Commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf, provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total Capital Commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. As of December 31, 2023, there were no expenses borne by the Adviser subject to future recoupment. As of December 31, 2022, the Company incurred less than $0.1 million of organization and offering costs in excess of 0.10% of the Company’s total Capital Commitments, all of which have been borne by the Adviser and is subject to future recoupment. Any sales load, platform fees, servicing fees or similar fees or expenses charged directly to an investor in an offering by a placement agent or similar party will not be considered organization or offering expenses of the Company for purposes of the Company’s cap on organization and offering expenses.
Debt Issuance Costs	Debt Issuance Costs The Company records origination and other expenses related to its debt obligations as deferred financing costs, which are presented as a direct deduction from the carrying value of the related debt liability. These expenses are deferred and amortized using the effective interest method, or straight-line method, over the stated maturity of the debt obligation.
Interest and Dividend Income Recognition	Interest and Dividend Income Recognition Interest income is recorded on an accrual basis and includes the amortization of discounts and premiums. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of discounts and premiums, if any. Unless providing services in connection with an investment, such as syndication, structuring or diligence, all or a portion of any loan fees received by the Company will be deferred and amortized over the investment’s life using the effective interest method. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when management has reasonable doubt that the borrower will pay principal or interest in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest has been paid and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. Management may determine to not place a loan on non-accrual status if, notwithstanding any failure to pay, the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
Other Income	Other Income From time to time, the Company may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies and are recognized as revenue when earned.
Earnings Per Share	Earnings per share The Company’s earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of Common Shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of Common Shares outstanding during the period.
Reimbursement of Transaction-Related Expenses	Reimbursement of Transaction-Related Expenses The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are expected to be reimbursed by third parties, are typically deferred until the transaction is consummated and are recorded in Prepaid expenses and other assets on the date incurred. The transaction-related costs of pursuing investments not otherwise reimbursed are borne by the Company and for successfully completed investments included as a component of the investment’s cost basis. Cash advances received in respect of transaction-related expenses are recorded as Cash and cash equivalents with an offset to Other liabilities or Other payables to affiliates. Other liabilities or Other payables to affiliates are relieved as reimbursable expenses are incurred.
Income Taxes, Including Excise Taxes	Income Taxes, Including Excise Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of its investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its RIC status, the Company, among other things, has made and intends to continue to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. As of December 31, 2023, the Company did not have any uncertain tax positions that met the recognition or measurement criteria, nor did the Company have any unrecognized tax benefits. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. For the year ended December 31, 2023, the Company recorded a net expense of $1.5 million for U.S. federal excise tax and other taxes. For the period from April 5, 2022 (Inception) through December 31, 2022, the Company recorded a net expense of $0.2 million for U.S. federal excise tax and other taxes.
Dividends to Common Shareholders	Dividends to Common Shareholders Dividends to common shareholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board and is generally based upon the earnings estimated by the Adviser. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any dividends declared in cash on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash dividend, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s Common Shares, rather than receiving the cash dividend. The Company expects to use newly issued shares to satisfy the dividend reinvestment plan. See Note 10 for further information related to dividends.
New Accounting Pronouncements	New Accounting Pronouncements In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-06 (“ASU 2022-06”) “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” Topic 848 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. ASU 2022-06 is effective for all entities in scope upon issuance of ASU 2022-06. The adoption of this guidance did not have a material impact on the Company’s financial position, result of operations or cash flows.

Income Taxes - Summary of Tax Character of Shareholder Distributions (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Percentage of ordinary income qualified as interest related dividend exempt from US withholding tax applicable to non-US shareholder	88.32%
Dividends declared during the period	$ 107,004	$ 0

Net Assets - Schedule of Shares Issued to Stockholders (Details) - shares				12 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Date Declared	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023
Record Date	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Dividends date shares issued	Nov. 16, 2023	Aug. 16, 2023	May 10, 2023
Shares Issued	638,348	629,647	371,108	1,639,103

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Cash and cash equivalents

Consolidated Balance Sheet - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Assets

$ 8,813

$ 274,612

Interest receivable

27,938

7,814

Prepaid expenses and other assets

2,363

485

Total Assets

3,138,265

1,091,712

Liabilities

Debt (net of deferred financing costs of $8,153 and $3,911, respectively)

1,239,862

^[1]

534,080

^[2]

Management fees payable to affiliate

2,895

650

Incentive fees on net investment income payable to affiliate

7,183

1,027

Incentive fees on net capital gains accrued to affiliate

6,746

Other payables to affiliate

2,406

4,062

Dividends payable

43,871

Other liabilities

18,235

5,182

Total Liabilities

1,321,198

545,001

Commitments and contingencies (Note 7)

Net Assets

Common shares, $0.001 par value; unlimited shares authorized, 65,478,775 and 21,882,028 shares issued and outstanding, respectively

Additional paid-in capital

1,734,426

542,596

Distributable earnings

82,576

4,093

Total Net Assets

1,817,067

546,711

Total Liabilities and Net Assets

$ 3,138,265

$ 1,091,712

Net Asset Value Per Share

^[3]

$ 27.75

$ 24.98

Non-controlled, Non-affiliated Investments

Assets

Investments at fair value

$ 3,099,151

$ 808,801

[1]	The carrying values of the Subscription Facility and Revolving Credit Facility are presented net deferred financing costs of $3.7 million and $4.5 million, respectively.
[2]	The carrying value of the Subscription Facility is presented net deferred financing costs of $3.9 million.
[3]	Table may not sum due to rounding.

Income Taxes - Summary of Tax Basis Components of Distributable Earnings (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Undistributed net investment income - tax basis	$ 9,056	$ 89,489
Net unrealized gains (losses) on investments	(2,875)	(45,694)
Other temporary differences	(2,088)	(52,607)
Total distributable earnings - book basis	$ 4,093	$ 82,576

Investments at Fair Value - Summary of Geographic Composition of Investments at Fair Value (Details)

Dec. 31, 2023

Dec. 31, 2022

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

100.00%

United States - Midwest

United States - Northeast

16.00%

18.10%

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

23.10%

45.50%

United States - South

Schedule Of Available For Sale Securities [Line Items]

7.40%

0.70%

United States - West

Schedule Of Available For Sale Securities [Line Items]

40.30%

32.50%

Canada

Schedule Of Available For Sale Securities [Line Items]

1.90%

Finland

Schedule Of Available For Sale Securities [Line Items]

^[1]

0.00%

Germany

Schedule Of Available For Sale Securities [Line Items]

0.30%

0.40%

Luxembourg

Schedule Of Available For Sale Securities [Line Items]

0.10%

0.40%

Netherlands

Schedule Of Available For Sale Securities [Line Items]

0.10%

Norway

Schedule Of Available For Sale Securities [Line Items]

5.40%

2.40%

United Kingdom

Increase (decrease) in net assets resulting from operations

5.40%

[1]	Value rounds to less than 0.1%

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Dec. 31, 2022

Dec. 31, 2023

Earnings Per Share [Abstract]

$ 61,437

$ 61,503

$ 32,831

$ 28,218

$ 5,120

$ (330)

$ 3,847

$ 183,989

Weighted average shares of Common Shares outstanding-basic

7,034,869

^[1]

34,746,777

Weighted average shares of common shares outstanding-diluted

7,034,869

^[1]

34,746,777

Earnings (losses) per common share - basic

$ 0.55

$ 5.3

Earnings (losses) per common share - diluted

$ 0.55

$ 5.3

[1]	Weighted average shares of Common Shares outstanding are calculated from the Commencement of Operations through December 31, 2022.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Agreements and Related Party Transactions - Additional Information (Details) - USD ($)		9 Months Ended	12 Months Ended
	Jun. 28, 2022	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Management fees		$ 2,668,000	$ 25,225,000
Incentive fees on net investment income		1,028,000	19,289,000
Administration Agreement \| Adviser \| Other General and Administrative Expenses
Related Party Transaction [Line Items]
Expenses incurred		500,000	2,700,000
Investment Advisory Agreement
Related Party Transaction [Line Items]
Percentage of management fee on gross assets	1.25%
Management fees		2,000,000	16,700,000
Management fees gross of waivers		2,700,000	25,200,000
Percentage of management fees in excess of average aggregate drawn capital	1.00%
Percentage of excess pre-incentive fee net investment income for immediate preceding calendar quarter	100.00%
Percentage of hurdle rate	1.50%
Percentage of total pre-Incentive fee net investment income payable quarterly	12.50%
Percentage of pre-incentive fee net investment income payable quarterly subsequent to exchange listing	(17.50%)
Percentage of all remaining pre-Incentive Fee net investment income quarterly	12.50%
Percentage of all remaining pre-incentive fee net investment income quarterly subsequent to exchange listing	(17.50%)
Percentage of cumulative realized capital gains less aggregate capital gain incentive fee	12.50%
Percentage of capital gain incentive fee prior to exchange listing	12.50%
Percentage of capital gain incentive fee subsequent to exchange listing	17.50%
Incentive fees on net investment income		$ 1,000,000	19,300,000
Incentive fees accrued related to expense (reversal) of capital gains fees			$ 6,700,000	$ 0

Debt - Schedule of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Deferred financing costs	$ 8,153	$ 3,911
Subscription Facility
Debt Instrument [Line Items]
Deferred financing costs	3,700	$ 3,900
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs	$ 4,500

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurements of Investments

Consolidated Statement of Changes in Net Assets - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Beginning balance		$ 546,711
Net Investment Income (loss)	$ 5,590	128,279
Net change in unrealized gain (losses) on investments and foreign currency translation	(1,663)	56,755
Net realized gains (losses) on investments and foreign currency transactions	(80)	(1,045)
Issuance of Common Shares, Value	542,864	1,150,000
Shares issued in connection with dividend reinvestment plan		$ 43,371
Shares issued in connection with dividend reinvestment plan, Shares		1,639,103
Dividends declared from net investment income	0	$ (107,004)
Ending balance	$ 546,711	1,817,067
Common Shares
Beginning balance		$ 22
Beginning balance, Shares		21,882,028
Issuance of Common Shares, Shares	21,882,028	41,957,644
Issuance of Common Shares, Value	$ 22	$ 42
Shares issued in connection with dividend reinvestment plan		$ 1
Shares issued in connection with dividend reinvestment plan, Shares	0	1,639,103
Ending balance	$ 22	$ 65
Ending balance,Shares	21,882,028	65,478,775
Paid in Capital in Excess of Par
Beginning balance		$ 542,596
Issuance of Common Shares, Value	$ 542,842	1,149,958
Shares issued in connection with dividend reinvestment plan		43,370
Tax reclassification of stockholders' equity in accordance with GAAP	(246)	(1,498)
Ending balance	542,596	1,734,426
Accumulated Net Loss
Beginning balance		4,093
Net Investment Income (loss)	5,590	128,279
Net change in unrealized gain (losses) on investments and foreign currency translation	(1,663)	56,755
Net realized gains (losses) on investments and foreign currency transactions	(80)	(1,045)
Dividends declared from net investment income		(107,004)
Tax reclassification of stockholders' equity in accordance with GAAP	246	1,498
Ending balance	$ 4,093	$ 82,576

Fair Value of Financial Instruments - Fair Value of Level 3 Investments at Fair Value Significant Unobservable Inputs Used in Valuations (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	$ 2,850,885	$ 800,995
First-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	2,848,805	$ 800,995
Asset Valuation Waterfall \| First-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	77,900
Black Scholes Model \| Equity and Other Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment	4,600
Cost Model \| Equity and Other Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment	$ 19,200

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

The following tables present fair value measurements of investments as of December 31, 2023 and December 31, 2022


	Fair Value Hierarchy at December 31, 2023
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	2,080	$	2,848,805	$	2,850,885
Second-lien debt investments		—		—		79,091		79,091
Mezzanine debt investments		—		606		105,918		106,524
Equity and other investments		—		—		62,651		62,651
Total	$	—	$	2,686	$	3,096,465	$	3,099,151


	Fair Value Hierarchy at December 31, 2022
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	—	$	800,995	$	800,995
Equity and other investments		—		—		7,806		7,806
Total	$	—	$	—	$	808,801	$	808,801

Changes in Fair Value of Investments Using Level 3 Inputs

The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the year ended December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022:


	As of and for the Year Ended
	December 31, 2023
	First-lien debt investments			Second-lien debt investments		Mezzanine debt investments		Equity and other investments		Total
Balance, beginning of period	$	800,995		$	—	$	—	$	7,806	$	808,801
Purchases or originations		2,053,661			77,776		97,000		54,845		2,283,282
Repayments / redemptions		(80,115	)		—		—		—		(80,115	)
Paid-in-kind interest		4,694			—		6,450		—		11,144
Net change in unrealized gains (losses)		58,158			1,196		2,198		—		61,552
Net amortization of discount on securities		11,412			119		270		—		11,801
Transfers within Level 3		—			—		—		—		—
Transfers into (out of) Level 3		—			—		—		—		—
Balance, End of Period	$	2,848,805		$	79,091	$	105,918	$	62,651	$	3,096,465



	As of and for the Period Ended
	December 31, 2022
	First-lien debt investments			Equity and other investments		Total
Balance, beginning of period	$	—		$	—	$	—
Purchases or originations		800,453			7,806		808,259
Repayments / redemptions		—			—		—
Paid-in-kind interest		—			—		—
Net change in unrealized gains (losses)		(228	)		—		(228	)
Net realized gains (losses)		—			—		—
Net amortization of discount on securities		770			—		770
Transfers within Level 3		—			—		—
Transfers into (out of) Level 3		—			—		—
Balance, End of Period	$	800,995		$	7,806	$	808,801

Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value

The following table presents information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at December 31, 2023 and 2022:


			Net Change in Unrealized
	Net Change in Unrealized		Gains or (Losses)
	Gains or (Losses)		from April 5, 2022
	for the Year Ended		(Inception) through
	December 31, 2023 on		December 31, 2022 on
	Investments Held at		Investments Held at
	December 31, 2023		December 31, 2022
First-lien debt investments	$	58,158	$	(228	)
Second-lien debt investments		1,196		—
Mezzanine debt investments		2,198		—
Total	$	61,552	$	(228	)

Fair Value of Level 3 Investments at Fair Value Significant Unobservable Inputs Used in Valuations

The following tables present the fair value of Level 3 Investments at fair value and the significant unobservable inputs used in the valuations as of December 31, 2023 and 2022. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

         
        December 31, 2023

         
        Valuation

        Unobservable

        Range (Weighted

        Impact to Valuation
from an

         
        Fair Value

        Technique

        Input

        Average)

        Increase to Input

First-lien debt investments

2,848,805

Income approach (1)

Discount rate

8.7% — 16.4% (12.8%)

Decrease

Second-lien debt investments

79,091

Income approach

Discount rate

21.7% — 21.7% (21.7%)

Decrease

Mezzanine debt investments

105,918

Income approach

Discount rate

15.0% — 15.0% (15.0%)

Decrease

Equity and other investments

62,651

Market Multiple (2)

Comparable multiple

2.6x — 16.1x (10.2x)

Increase

Total

3,096,465

(1)

Includes $77.9 million of first-lien debt investments valued using an asset waterfall.

(2)

Includes $4.6 million of equity investments valued using a Black-Scholes model and $19.2 million of equity investments which, due to the proximity of the transactions relative to the measurement dates, we valued using the cost of the investments.

         
        December 31, 2022

         
        Valuation

        Unobservable

        Range (Weighted

        Impact to Valuation
from an

         
        Fair Value

        Technique

        Input

        Average)

        Increase to Input

First-lien debt investments

800,995

Income approach

Discount rate

9.3% — 15.1% (13.1%)

Decrease

Equity and other investments

7,806

Market Multiple

Comparable multiple

5.8x — 13.5x (13.3x)

Increase

Total

808,801

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Increase (Decrease) in net assets resulting from operations	$ 3,847	$ 183,989
Adjustments to reconcile increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gains) losses on investments	229	(61,554)
Net change in unrealized (gains) losses on foreign currency transactions	1,434	4,799
Net realized (gains) losses on foreign currency transactions	20	(21)
Net amortization of discount on investments	(770)	(11,819)
Amortization of deferred financing costs	460	5,216
Purchases and originations of investments, net	(808,259)	(2,285,956)
Repayments on investments		80,121
Paid-in-kind interest		(11,144)
Changes in operating assets and liabilities:
Interest receivable	(7,814)	(16,842)
Interest receivable paid-in-kind		(3,282)
Prepaid expenses and other assets	(485)	(1,878)
Management fees payable to affiliate	650	2,245
Incentive fees on net investment income payable to affiliate	1,027	6,156
Incentive fees on net capital gains accrued to affiliate		6,746
Other payables to affiliate	4,062	(1,656)
Other liabilities	5,182	13,053
Net Cash Provided by (Used in) Operating Activities	(800,417)	(2,091,827)
Cash Flows from Financing Activities
Borrowings on debt	816,536	2,886,747
Repayments on debt	(280,000)	(2,181,500)
Deferred financing costs	(4,371)	(9,458)
Dividends paid to shareholders		(19,761)
Capital calls	542,864	1,150,000
Net Cash Provided by (Used in) Financing Activities	1,075,029	1,826,028
Net Increase (Decrease) in Cash and Cash Equivalents	274,612	(265,799)
Cash and cash equivalents, beginning of period		274,612
Cash and Cash Equivalents, End of Period	274,612	8,813	$ 274,612
Supplemental Information:
Interest paid during the period	$ 1,018	57,313
Excise and other taxes paid during the period		395
Dividends declared during the period		107,004	$ 0
Non-Cash Financing Activities:
Reinvestment of dividends during the period		$ 43,371

Consolidated Statement of Operations - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Dec. 31, 2022

Dec. 31, 2023

Expenses

Interest

$ 5,233

$ 72,356

Management fees

2,668

25,225

Incentive fees on net investment income

1,028

19,289

Incentive fees on net capital gains

6,746

Organizational expense

2,160

Offering expense

102

1,079

Professional fees

963

3,245

Trustees' fees

263

743

Other general and administrative

919

4,304

Total expenses

13,336

133,036

Management fees waived (Note 3)

(1,992)

(16,742)

Net Expenses

11,344

116,294

Net Investment Income Before Income Taxes

5,810

129,779

Income taxes, including excise taxes

220

1,500

Net Investment Income

5,590

128,279

Net change in unrealized gains (losses):

Non-controlled, non-affiliated investments

(229)

61,554

Translation of other assets and liabilities in foreign currencies

(1,434)

(4,799)

Total net change in unrealized gains (losses)

(1,663)

56,755

Realized gains (losses):

Foreign currency transactions

(80)

(1,045)

Total net realized gains (losses)

(80)

(1,045)

Total Net Unrealized and Realized Gains (Losses)

(1,743)

55,710

Increase (Decrease) in Net Assets Resulting from Operations

$ 3,847

$ 183,989

Earnings per common share-basic

$ 0.55

$ 5.3

Weighted average shares of common shares outstanding-basic

7,034,869

^[1]

34,746,777

Earnings per common share-diluted

$ 0.55

$ 5.3

Weighted average shares of common shares outstanding-diluted

7,034,869

^[1]

34,746,777

Non-controlled, Non-affiliated Investments

Income

Interest from investments

$ 17,050

$ 222,295

Paid-in-kind interest income

14,426

Other income

104

9,352

Total Investment Income

17,154

246,073

Net change in unrealized gains (losses):

Non-controlled, non-affiliated investments

$ (229)

$ 61,554

[1]	Weighted average shares of Common Shares outstanding are calculated from the Commencement of Operations through December 31, 2022.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments To Fund Investments In Current Portfolio Companies

As of December 31, 2023 and 2022, the Company had the following commitments to fund investments in current portfolio companies:


	December 31, 2023		December 31, 2022
Alaska Bidco Oy - Delayed Draw & Revolver	$	231	$	—
Arrow Buyer, Inc. - Delayed Draw		28,125		—
Artisan Bidco, Inc - Revolver		21,283		—
Avalara, Inc. - Revolver		13,636		13,636
Banyan Software Holdings, LLC - Delayed Draw		20,073		—
BCTO Bluebill Buyer, Inc. - Delayed Draw		1,325		—
BTRS Holdings, Inc. - Delayed Draw & Revolver		16,689		25,915
Coupa Holdings, LLC - Delayed Draw & Revolver		20,427		—
Crewline Buyer, Inc. - Revolver & Partnership Interest		20,809		—
Disco Parent, Inc. - Revolver		5,776		—
Edge Bidco B.V. - Delayed Draw & Revolver		1,060		—
Erling Lux Bidco SARL - Delayed Draw & Revolver		3,184		5,618
Fullsteam Operations, LLC - Delayed Draw & Revolver		31,239		—
Galileo Parent, Inc. - Revolver		15,817		—
Hirevue, Inc. - Revolver		14,113		—
Hornetsecurity Holding GmbH - Delayed Draw & Revolver		2,113		2,041
Kangaroo Bidco AS - Delayed Draw		53,817		—
Laramie Energy, LLC - Delayed Draw		27,439		—
OutSystems Luxco SARL - Delayed Draw		2,212		2,137
Ping Identity Holding Corp. - Revolver		13,636		13,636
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver		6,255	—
Skylark UK DebtCo - Delayed Draw		28,192	—
SL Buyer Corp - Delayed Draw		1,475	—
Wrangler TopCo, LLC - Revolver		9,576	—
Total Portfolio Company Commitments (1)(2)	$	358,502	$	62,983

(1)

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

(2)

The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

N-2 - $ / shares

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

^[3]

Sep. 30, 2022

Apr. 04, 2022

^[3]

Cover [Abstract]

Entity Central Index Key

0001925309

Amendment Flag

false

Securities Act File Number

814-01543

Document Type

10-K

Entity Registrant Name

Sixth Street Lending Partners

Entity Address, Address Line One

2100 McKinney Avenue

Entity Address, Address Line Two

Suite 1500

Entity Address, City or Town

Dallas

Entity Address, State or Province

Entity Address, Postal Zip Code

75201

City Area Code

469

Local Phone Number

621-3001

Entity Well-known Seasoned Issuer

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

Financial Highlights [Abstract]

Senior Securities, Note [Text Block]

Senior Securities

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after any borrowing or

issuance. In addition, while any preferred shares or publicly-traded debt securities are outstanding, we may be prohibited from making distributions to our shareholders or repurchasing securities or shares unless we meet the applicable asset coverage ratio at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage.

The 1940 Act imposes limitations on a BDC’s issuance of preferred shares, which is considered a “senior security” and thus is subject to the 150% asset coverage requirement described above.

As of December 31, 2023 and 2022, our asset coverage was 245.6% and 201.6%, respectively.

Investment Objectives and Practices [Text Block]

Our Investment Framework

Our investment objective is to generate current income by targeting investments with favorable “risk-adjusted returns,” which are expected returns that are adjusted based on the levels of risk associated with the investments. Since we began our investment activities in August 2022, through December 31, 2023, we have originated more than $7.2 billion aggregate principal amount of investments and retained approximately $3.1 billion aggregate principal amount of these investments on our balance sheet prior to any subsequent exits and repayments. We seek to generate current income and long-term capital appreciation primarily by investing in U.S.-domiciled upper middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds, equity securities, and other instruments.

By “upper middle-market companies,” we mean companies that have annual EBITDA, which we believe is a useful proxy for cash flow, of greater than $75 million, although we may invest in smaller companies on occasion. “EBITDA” means a company’s earnings before interest, tax, depreciation and amortization. As of December 31, 2023, our portfolio companies had a weighted average annual revenue of $462.6 million and weighted average annual EBITDA of $170.8 million.

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

We seek to create a portfolio over time that includes primarily senior secured investments by investing approximately $125 million to $300 million of capital, on average, across our core positions of upper middle-market companies.

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

The companies in which we invest use our capital to support organic growth, acquisitions, market or product expansion and recapitalizations (including restructurings). As of December 31, 2023, the largest single investment based on fair value represented 7.1% of our total investment portfolio.

As of December 31, 2023, the average investment size in each of our portfolio companies was approximately $83.8 million based on fair value.

Through our Adviser, we consider potential investments utilizing a four-tiered investment framework and against our existing portfolio as a whole:

Business and sector selection. We focus on companies with enterprise values above $750 million. When reviewing potential investments, we seek to invest in businesses with high marginal cash flow, recurring revenue streams and where we believe credit quality will improve over time. We look for portfolio companies that we think have a sustainable competitive advantage in growing industries or distressed situations. We also seek companies where our investment will have a low loan-to-value ratio. We currently do not limit our focus to any specific industry and we may invest in larger or smaller companies.

We currently do not limit our focus to any specific industry and we may invest in larger or smaller companies on occasion. We classify the industries of our portfolio companies by end-market (such as Healthcare, and Business Services) and not by the products or services (such as Software) directed to those end-markets.

As of December 31, 2023, the largest industry represented 25.4% of our total investment portfolio based on fair value.

Investment Structuring. We focus on investing at the top of the capital structure and protecting that position. As of December 31, 2023, approximately 94.6% of our portfolio was invested in secured debt, including 92.0% in first-lien debt investments. We carefully perform diligence and structure investments to include strong investor covenants. As a result, we structure investments with a view to creating opportunities for early intervention in the event of non-performance or stress. In addition, we seek to retain effective voting control in investments over the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We also aim for our loans to mature on a medium term, between two to six years after origination. For the period ended December 31, 2023, the weighted average term on new investment commitments in new portfolio companies was 6.1 years.

Deal Dynamics. We will focus on, among other deal dynamics, direct origination of investments, where we identify and lead the investment transaction. We seek transactions that are too small for the traditional high yield market. We look to invest in companies that value our commitment and ability to originate an investment that meets their goals and fits within their existing capital structure.

Risk Mitigation. We seek to mitigate non-credit-related risk on our returns in several ways, including call protection provisions to protect future interest income. As of December 31, 2023, we had call protection on 95.1% of our debt investments based on fair value, with weighted average call prices of 106.5% for the first year, 102.6% for the second year and 101.1% for the third year, in each case from the date of the initial investment. As of December 31, 2023, 99.9% of our debt investments based on fair value bore interest at floating rates, with 100% of these subject to interest rate floors, which we believe helps act as a portfolio-wide hedge against inflation.

Risk Factors [Table Text Block]

ITEM 1A. RISK FACTORS

Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of various risks associated with the investment, including those described below. The risks set out below are not the only risks we face.

Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value and the trading price of our securities could decline, and you may lose all or part of your investment.

Summary of Risk Factors

The following is a summary of the principal risks that could adversely affect our business, operations and financial results.

Risks Related to Our Business and Structure

•

We are a relatively new company and have a limited operating history.

•

Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.

•

We are dependent upon management personnel of the Adviser, Sixth Street and their affiliates for our future success.

•

We are subject to significant regulations governing our operation as a BDC, which affect our ability to, and the way in which we, raise additional capital. Changes in regulation could adversely affect our business.

•

We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.

•

We operate in a highly competitive market for investment opportunities.

•

If we are unable to source investments, access financing or manage future growth effectively, we may be unable to achieve our investment objective.

•

Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser.

•

To the extent that we do not realize income or choose not to retain after-tax realized net capital gains, we will have a greater need for additional capital to fund our investments and operating expenses.

•

We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code, including as a result of our failure to satisfy the RIC distribution requirements.

•

We can be expected to retain some income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax.

•

Our Adviser and its affiliates, officers and employees may face certain conflicts of interest.

•

Our Adviser can resign on 60 days’ notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations and a loss of the benefits from our relationship with Sixth Street. Any new investment advisory agreement would require shareholder approval.

•

The Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.

•

Any failure to maintain our status as a BDC would reduce our operating flexibility.

•

Certain investors are limited in their ability to make significant investments in us.

•

Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies.

•

Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval.

•

The interest rates of our debt investments to our portfolio companies and our indebtedness that extend beyond 2023 might be subject to change based on recent regulatory changes.

Risks Related to Economic Conditions

•

The current state of the economy and financial markets increases the likelihood of adverse effects on our financial position and results of operations.

•

Uncertainty about financial stability could have a significant adverse effect on our business, results of operations and financial condition.

•

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Risks Related to Our Portfolio Company Investments

•

Our investments are very risky and highly speculative.

•

The value of most of our portfolio securities will not have a readily available market price and we value these securities at fair value as determined in good faith by our Board, which valuation is inherently subjective, may not reflect what we may actually realize for the sale of the investment and could result in a conflict of interest with the Adviser.

•

The lack of liquidity in our investments may adversely affect our business.

•

Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.

•

We may securitize certain of our investments, which may subject us to certain structured financing risks.

•

Because we generally do not hold controlling interests in our portfolio companies, we may not be in a position to exercise control over those portfolio companies or prevent decisions by management of those portfolio companies that could decrease the value of our investments.

•

We are exposed to risks associated with changes in interest rates.

•

We may not be able to realize expected returns on our invested capital.

•

By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.

•

Our portfolio companies in some cases may incur debt or issue equity securities that rank equally with, or senior to, our investments in those companies and we may be exposed to special risks associated with bankruptcy cases.

•

Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.

•

Our ability to enter into transactions with our affiliates is restricted.

•

Any acquisitions or strategic investments that we pursue are subject to risks and uncertainties.

•

We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.

•

Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.

•

We expose ourselves to risks when we engage in hedging transactions.

•

The new market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.

•

If we cease to be eligible for an exemption from regulation as a commodity pool operator, our compliance expenses could increase substantially.

•

Our portfolio investments may present special tax issues.

•

If we are not treated as a publicly offered regulated investment company, certain U.S. shareholders will be treated as having received a dividend from us in the amount of such U.S. shareholders’ allocable share of the Management and Incentive Fees paid to our investment adviser and certain of our other expenses, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholders.

•

There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.

Risks Related to Our Securities

•

An investment in our Common Shares will have limited liquidity.

•

There is a risk that investors in our Common Shares may not receive dividends or that our dividends may not grow over time.

•

Investing in our securities may involve a high degree of risk.

•

Our shareholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.

General Risk Factors

•

Changes in laws or regulations governing our operations may adversely affect our business.

•

The effect of geopolitical conflicts and global climate change may impact us and our portfolio companies.

Effects of Leverage [Table Text Block]

Effects of Leverage Based on Actual Amount of Borrowings Incurred by us as of December 31, 2023


	Assumed Return on Our Portfolio (net of expenses) (1)
	-10%	-5%	0%	5%	10%
Corresponding return to shareholder (2)	(22.4%)	(13.8%)	(5.2%)	3.5%	12.1%

(1)

The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2023. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2023.

(2)

In order to compute the “Corresponding return to shareholder,” the “Assumed Return on Our Portfolio” is multiplied by the total value of our assets at December 31, 2023 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average annualized stated interest rate of 7.5% by the approximately $1,248.0 million of principal debt outstanding) is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of our net assets as of December 31, 2023 to determine the “Corresponding return to shareholder.”

Return at Minus Ten [Percent]

^[1],[2]

(22.40%)

Return at Minus Five [Percent]

^[1],[2]

(13.80%)

Return at Zero [Percent]

^[1],[2]

(5.20%)

Return at Plus Five [Percent]

^[1],[2]

3.50%

Return at Plus Ten [Percent]

^[1],[2]

12.10%

NAV Per Share

$ 27.75

^[3]

$ 27.19

$ 26.13

$ 25.77

$ 24.98

$ 24.61

$ 25

Risks Related to Our Business and Structure

•

We are a relatively new company and have a limited operating history.

•

Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.

•

We are dependent upon management personnel of the Adviser, Sixth Street and their affiliates for our future success.

•

We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.

•

We operate in a highly competitive market for investment opportunities.

•

If we are unable to source investments, access financing or manage future growth effectively, we may be unable to achieve our investment objective.

•

Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser.

•

We can be expected to retain some income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax.

•

Our Adviser and its affiliates, officers and employees may face certain conflicts of interest.

•

Any failure to maintain our status as a BDC would reduce our operating flexibility.

•

Certain investors are limited in their ability to make significant investments in us.

•

Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies.

•

Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval.

•

The interest rates of our debt investments to our portfolio companies and our indebtedness that extend beyond 2023 might be subject to change based on recent regulatory changes.

Risks Related to Our Business and Structure

We are a relatively new company and have a limited operating history.

The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a BDC with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. We are subject to the business risks and uncertainties associated with recently formed businesses, including the risk that we will not achieve our investment objective and the value of a shareholder’s investment could decline substantially or become worthless. Further, the Adviser has not previously offered a non-traded BDC. While we believe that the past professional experiences of the Adviser’s investment team, including investment and financial experience of the Adviser’s senior management, will increase the likelihood that the Adviser will be able to manage the Company successfully, there can be no assurance that this will be the case.

Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.

Our Board of Trustees may, without shareholder vote, subject to certain exceptions, amend or otherwise supplement the Declaration of Trust by making an amendment, a Declaration of Trust supplemental thereto or an amended and restated Declaration of Trust, including without limitation to classify the Board of Trustees, to impose advance notice provisions for Trustee nominations or for shareholder proposals and to require super-majority approval of transactions with significant shareholders or other provisions that may be characterized as anti-takeover in nature.

We are dependent upon management personnel of the Adviser, Sixth Street and their affiliates for our future success.

We depend on the experience, diligence, skill and network of business contacts of senior members of our Investment Team. Our Investment Team, together with other professionals at Sixth Street and its affiliates, identifies, evaluates, negotiates, structures, closes, monitors and manages our investments. Our success will depend to a significant extent on the continued service and coordination of the senior members of our Investment Team. The senior members of our Investment Team are not contractually restricted from leaving the Adviser. The departure of any of these key personnel, including members of our Adviser’s Investment Review Committee, could have a material adverse effect on us.

In addition, we cannot assure you that the Adviser will remain our investment adviser or that we will continue to have access to Sixth Street or its investment professionals. The Investment Advisory Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party. The holders of a majority of our outstanding voting securities may also terminate the Investment Advisory Agreement without penalty on 60 days’ written notice.

Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.

The 1940 Act imposes numerous constraints on the operations of BDCs. See “ITEM 1. BUSINESS—Regulation as a Business Development Company” for a discussion of BDC limitations. For example, BDCs are required to invest at least 70% of their total assets in securities of nonpublic or thinly traded U.S. companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. These constraints may hinder the Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective.

We may need to periodically access the debt and equity capital markets to raise cash to fund new investments in excess of our repayments, and we may also need to access the capital markets to refinance existing debt obligations to the extent such maturing obligations are not repaid with availability under our revolving credit facilities or cash flows from operations.

Regulations governing our operation as a BDC affect our ability to raise additional capital, and the ways in which we can do so. Raising additional capital may expose us to risks, including the typical risks associated with leverage, and may result in dilution to our current shareholders. The 1940 Act limits our ability to incur borrowings and issue debt securities and preferred shares, which we refer to as senior securities, requiring that after any borrowing or issuance the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares, is at least 150%.

We may need to continue to borrow from financial institutions and issue additional securities to fund our growth. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets may limit our ability to refinance our existing debt obligations as they come due and/or to fully execute our business strategy and could limit our ability to grow or cause us to have to shrink the size of our business, which could decrease our earnings, if any. Consequently, if the value of our assets

declines or we are unable to access the capital markets we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when this may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common shareholders. If we borrow money or issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.

If we issue preferred shares, the preferred shares would rank senior to Common Shares in our capital structure. Preferred shareholders would have separate voting rights on certain matters and may have other rights, preferences or privileges more favorable than those of our common shareholders. The issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our Common Shares or otherwise be in the best interest of holders of our Common Shares. Holders of our Common Shares will directly or indirectly bear all of the costs associated with offering and servicing any preferred shares that we issue. In addition, any interests of preferred shareholders may not necessarily align with the interests of holders of our Common Shares and the rights of holders of shares of preferred shares to receive dividends would be senior to those of holders of our Common Shares.

Our Board may decide to issue additional Common Shares to finance our operations rather than issuing debt or other senior securities. However, we generally are not able to issue and sell our Common Shares at a price below net asset value per share. We may, however, elect to issue and sell our Common Shares, or warrants, options or rights to acquire our Common Shares, at a price below the then-current net asset value of our Common Shares if our Board determines that the sale is in the Company’s best interest and the best interests of the Company’s shareholders, and the Company’s shareholders have approved our policy and practice of making these sales within the preceding 12 months. We may in the future seek such approval; however, there is no assurance such approval will be obtained. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of those securities (less any distribution commission or discount). In the event we sell our Common Shares at a price below net asset value per share, existing shareholders will experience net asset value dilution. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share and would cause a proportionately greater decrease in the shareholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. As a result of any such dilution, our market price per share may decline. Because the number of Common Shares that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.

In addition to issuing securities to raise capital as described above, we could securitize our investments to generate cash for funding new investments. To securitize our investments, we likely would create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who we would expect would be willing to accept a substantially lower interest rate than the loans earn. We would retain all or a portion of the equity in the securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of investments before any of the debt securities would be exposed to the losses. An inability to successfully securitize our investment portfolio could limit our ability to grow or fully execute our business and could adversely affect our earnings, if any. The successful securitization of our investment could expose us to losses because the portions of the securitized investments that we would typically retain tend to be those that are riskier and more apt to generate losses. The 1940 Act also may impose restrictions on the structure of any securitization. In connection with any future securitization of investments, we may incur greater set-up and administration fees relating to such vehicles than we have in connection with financing of our investments in the past. See “—Risks Related to Our Portfolio Company Investments—We may securitize certain of our investments, which may subject us to certain structured financing risks.”

We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.

As part of our business strategy, we borrow from and may in the future issue additional senior debt securities to banks, insurance companies and other lenders. Holders of these loans or senior securities would have fixed-dollar claims on our assets that have priority over the claims of our shareholders. If the value of our assets decreases, leverage will cause our net asset value to decline more sharply than it otherwise would have without leverage. Similarly, any decrease in our income would cause our net income to decline more sharply than it would have if we had not borrowed. This decline could negatively affect our ability to make dividend payments on our Common Shares. Our ability to service our borrowings depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. In addition, the Management Fee is payable based on our gross assets, including cash and assets acquired through the use of leverage, which may give our Adviser an incentive to use leverage to make additional investments. See “—Risks Related to Our Business and Structure—Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser.” The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us.

Our credit facilities and indentures governing our indebtedness also impose financial and operating covenants that restrict our business activities, remedies on default and similar matters. As of the date of this Annual Report, we are in compliance with the covenants of our credit facilities and indentures. However, our continued compliance with these covenants depends on many factors,

some of which are beyond our control. Accordingly, although we believe we will continue to be in compliance, we cannot assure you that we will continue to comply with the covenants in our credit facilities and indentures. Failure to comply with these covenants could result in a default. If we were unable to obtain a waiver of a default from the lenders or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations. Lastly, we may be unable to obtain additional leverage, which would, in turn, affect our return on capital.

As of December 31, 2023, we had $1,248.0 million principal amount of outstanding indebtedness, which had an annualized interest cost of 7.5% under the terms of our debt, excluding fees (such as fees on undrawn amounts and amortization of upfront fees).

For us to cover these annualized interest payments on indebtedness, we must achieve annual returns on our investments of at least 3.0%. Since we generally pay interest at a floating rate on our debt, an increase in interest rates will generally increase our borrowing costs. We expect that our annualized interest cost and returns required to cover interest will increase if we issue additional debt securities.

In order to assist investors in understanding the effects of leverage, the following table illustrates the effect of leverage on returns from an investment in our Common Shares assuming various annual returns, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below.

Effects of Leverage Based on Actual Amount of Borrowings Incurred by us as of December 31, 2023


	Assumed Return on Our Portfolio (net of expenses) (1)
	-10%	-5%	0%	5%	10%
Corresponding return to shareholder (2)	(22.4%)	(13.8%)	(5.2%)	3.5%	12.1%

(1)

(2)

Our indebtedness could adversely affect our business, financial conditions or results of operations.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our credit facilities or otherwise in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before it matures. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure you that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our shareholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

Legislation allows us to incur additional leverage.

Under the 1940 Act, a BDC generally is not permitted to incur borrowings, issue debt securities or issue preferred shares unless immediately after the borrowing or issuance the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares is at least 200%. However, under the SBCAA, which became law in March 2018, BDCs have the ability to elect to become subject to a lower asset coverage requirement of 150%, subject to the receipt of the requisite board or shareholder approvals under the SBCAA and satisfaction of certain other conditions.

As a result, you may face increased investment risk. We may not be able to implement our strategy to utilize additional leverage successfully. See “—We operate in a highly competitive environment for investment opportunities.” Any impact on returns or equity

or our business associated with additional leverage may not outweigh the additional risk. See “—We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.”

We may default under our future credit facilities.

In the event we default under a credit facility or other borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under such credit facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

Provisions in a credit facility may limit our investment discretion.

A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, any security interests and/or negative covenants required by a credit facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our liquidity and cash flow and impair our ability to grow our business.

We operate in a highly competitive market for investment opportunities.

Other public and private entities, including commercial banks, commercial financing companies, other BDCs and insurance companies compete with us to make the types of investments that we make in middle-market companies. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than we have and offer a wider array of financial services. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, however, we may experience decreased net interest income and increased risk of credit loss.

In addition, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the restrictions that the Code imposes on us as a RIC. As a result, we face additional constraints on our operations, which may put us at a competitive disadvantage. As a result of this existing and potentially increasing competition, we may not be able to take advantage of attractive investment opportunities and we cannot assure you that we will be able to identify and make investments that are consistent with our investment objective. The competitive pressures we face could have a material adverse effect on our ability to achieve our investment objective.

If we are unable to source investments, access financing or manage future growth effectively, we may be unable to achieve our investment objective.

Our ability to achieve our investment objective depends on our Investment Team’s ability to identify, evaluate, finance and invest in suitable companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of our marketing capabilities, our management of the investment process, our ability to provide efficient services and our access to financing sources on acceptable terms, including equity financing. Moreover, our ability to structure investments may also depend upon the participation of other prospective investors. For example, our ability to offer loans above a certain size and to structure loans in a certain way may depend on our ability to partner with other investors. As a result, we could fail to capture some investment opportunities if we cannot provide “one-stop” financing to a potential portfolio company either alone or with other investment partners.

In addition to monitoring the performance of our existing investments, members of our Investment Team may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time may distract them or slow the rate of investment. To grow, our Adviser may need to hire, train, supervise and manage new employees. Failure to manage our future growth effectively could have a material adverse effect on our growth prospects and ability to achieve our investment objective.

Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser.

Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser. The Management Fee is calculated as a percentage of the value of our gross assets at a specific time, which would include any borrowings for investment purposes, and may give our Adviser an incentive to use leverage to make additional investments. However, prior to any Exchange Listing that may occur, the Adviser has waived its right to receive management fees in excess of the sum or 1.00% of the Company's average aggregate drawn capital (including capital drawn to pay Company expenses) as of the end of the two most recently completed calendar quarters, appropriately adjusted for any Common Share issuances or repurchases during the current calendar quarter. The fee waiver will terminate if and when the Company consummates an Exchange Listing. In addition, the Management Fee is payable regardless of whether the value of our gross assets or your investment have decreased. The use of increased leverage may increase the likelihood of default, which would disfavor holders of our Common Shares. Given the subjective nature of the investment decisions that our Adviser will make on our behalf, we may not be able to monitor this potential conflict of interest.

The Incentive Fee is calculated as a percentage of pre-Incentive Fee net investment income. Since pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses, it is possible that we may pay an Incentive Fee in a quarter in which we incur a loss. For example, if we receive pre-Incentive Fee net investment income in excess of the quarterly minimum hurdle rate, we will pay the applicable Incentive Fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses. In addition, because the quarterly minimum hurdle rate is calculated based on our net assets, decreases in our net assets due to realized or unrealized capital losses in any given quarter may increase the likelihood that the hurdle rate is reached in that quarter and, as a result, that an Incentive Fee is paid for that quarter. Our net investment income used to calculate this component of the Incentive Fee is also included in the amount of our gross assets used to calculate the Management Fee.

Also, one component of the Incentive Fee is calculated annually based upon our realized capital gains, computed net of realized capital losses and unrealized capital losses on a cumulative basis. As a result, we may owe the Adviser an Incentive Fee during one year as a result of realized capital gains on certain investments, and then incur significant realized capital losses and unrealized capital losses on the remaining investments in our portfolio during subsequent years. Incentive Fees earned in prior years cannot be clawed back even if we later incur losses.

In addition, the Incentive Fee payable by us to the Adviser may create an incentive for the Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such a compensation arrangement. The Adviser receives the Incentive Fee based, in part, upon capital gains realized on our investments. Unlike the portion of the Incentive Fee that is based on income, there is no hurdle rate applicable to the portion of the Incentive Fee based on capital gains. As a result, the Adviser may have an incentive to invest more in companies whose securities are likely to yield capital gains, as compared to income-producing investments. Such a practice could result in our making more speculative investments than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns.

To maintain RIC status for U.S. federal income tax purposes, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least 90% of our investment company taxable income and net tax-exempt income for that taxable year, and may either distribute or retain our realized net capital gains from investments. Unless investors elect to reinvest dividends, earnings that we are required to distribute to shareholders will not be available to fund future investments. Accordingly, we may have insufficient funds to make new and follow-on investments, which could have a material adverse effect on our financial condition and results of operations. Because of the structure and objectives of our business, we may experience operating losses and expect to rely on proceeds from sales of investments, rather than on interest and dividend income, to pay our operating expenses. We cannot assure you that we will be able to sell our investments and thereby fund our operating expenses.

We will incur corporate-level U.S. federal income tax costs if we are unable to maintain our qualification as a RIC for U.S. federal income tax purposes, including as a result of our failure to satisfy the RIC distribution requirements. Although we have elected to be treated as a RIC for U.S. federal income tax purposes, we cannot assure you that we will be able to continue to qualify for and maintain RIC status. To maintain RIC status under the Code and to avoid corporate-level U.S. federal income tax, we must meet the following annual distribution, income source and asset diversification requirements:

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We must distribute (or be treated as distributing) dividends for tax purposes in each taxable year equal to at least 90% of each of:

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the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses or, investment company taxable income, if any, for that taxable year; and

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our net tax-exempt income for that taxable year.

The asset coverage ratio requirements under the 1940 Act and financial covenants under our loan and credit agreements could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirement. In addition, as discussed in more detail below, our income for tax purposes may exceed our available cash flow. If we are unable to obtain cash from other sources, we could fail to satisfy the distribution requirements that apply to a RIC. As a result, we could lose our RIC status and become subject to corporate-level U.S. federal income tax.

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We must derive at least 90% of our gross income for each taxable year from dividends, interest, gains from the sale of or other disposition of stock or securities or similar sources.

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We must meet specified asset diversification requirements at the end of each quarter of our taxable year. The need to satisfy these requirements to prevent the loss of RIC status may result in our having to dispose of certain investments quickly on unfavorable terms. Because most of our investments will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to maintain our qualification for tax treatment as a RIC for any reason, the resulting U.S. federal income tax liability could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.

We can be expected to retain some income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax.

As of December 31, 2023 and 2022, we elected to retain approximately $89.5 and $9.1 million, of taxable income and capital gains, respectively, in order to provide us with additional liquidity and we recorded an expense of $1.5 and $0.2 million, respectively, for U.S. federal excise tax as a result. We can be expected to retain some income and capital gains in the future, including for purposes of providing us with additional liquidity, which amounts would similarly be subject to the 4% U.S. federal excise tax. In that event, we will be liable for the tax on the amount by which we do not meet the foregoing distribution requirement. See “ITEM 1. BUSINESS—Regulation as a Business Development Company—Regulated Investment Company Classification” for more information.

We are exposed to risks associated with changes in interest rates.

The majority of our debt investments are based on floating rates, such as Euro Interbank Offer Rate (“EURIBOR”), Term Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average Rate (“SONIA”), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our Common Shares

and our rate of return on invested capital. On one hand, a reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net interest income, which also could be negatively impacted by our borrowers making prepayments on their loans. On the other hand, an increase in interest rates could increase the interest repayment obligations of our borrowers and result in challenges to their financial performance and ability to repay their obligations, adversely affecting the credit quality of our investments.

An increase in interest rates could also decrease the value of any investments we hold that earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high yield bonds, and also could increase our interest expense, thereby decreasing our net income. Moreover, an increase in interest rates available to investors could make investment in our Common Shares less attractive if we are not able to increase our dividend rate, which could reduce the value of our Common Shares. Federal Reserve policy, including with respect to certain interest rates and the decision to end its quantitative easing policy, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could adversely affect our business.

A rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase in the amount of the Incentive Fee payable to the Adviser.

Our Subscription Facility is subject to variable rates that expose us to interest rate risk. We may also incur additional indebtedness subject to variable rates in the future. When interest rates increase, our debt service obligations on the variable rate indebtedness increase even though the amount borrowed remains the same.

U.S. dollar borrowings under our Subscription Facility bear interest at a rate derived from SOFR. SOFR is a relatively new reference rate and has a very limited history. The future performance of SOFR cannot be predicted based on its limited historical performance. Since the initial publication of SOFR in April 2018, changes in SOFR have, on occasion, been more volatile than changes in other benchmark or market rates. The use of SOFR is relatively new, and there could be unanticipated difficulties or disruptions with the calculation and publication of SOFR. Additionally, any successor rate to SOFR under our revolving credit facility may not have the same characteristics as SOFR. As a result, the amount of interest we may pay on our revolving credit facility is difficult to predict.

Our Adviser and its affiliates, officers and employees may face certain conflicts of interest.

Sixth Street and its affiliates will refer all middle-market loan origination activities for companies domiciled in the United States to us and conduct those activities through us. The Adviser will determine whether it would be permissible, advisable or otherwise appropriate for us to pursue a particular investment opportunity allocated to us. However, the Adviser, its officers and employees and members of its Investment Review Committee serve or may serve as investment advisers, officers, trustees or principals of entities or investment funds that operate in the same or a related line of business as us or of investment funds managed by our affiliates. Accordingly, these individuals may have obligations to investors in those entities or funds, the fulfillment of which might not be in our best interests or the best interests of our shareholders.

In addition, any affiliated investment vehicle currently formed or formed in the future and managed by the Adviser or its affiliates, particularly in connection with any future growth of their respective businesses, may have overlapping investment objectives with our own and, accordingly, may invest in asset classes similar to those targeted by us. For example, Sixth Street has organized a separate investment vehicle, Sixth Street Specialty Lending Europe, aimed specifically at European middle-market loan originations and may in the future organize vehicles aimed at other loan origination opportunities outside our primary focus. Our ability to pursue investment opportunities other than middle-market loan originations for companies domiciled in the United States is subject to the contractual and other requirements of these other funds and allocation decisions by their respective senior professionals. As a result, the Adviser and its affiliates may face conflicts in allocating investment opportunities between us and those other entities. It is possible that we may not be given the opportunity to participate in certain investments made by those other entities that would otherwise be suitable for us.

On August 3, 2022, we, the Adviser and certain of our affiliates were granted an exemptive order from the SEC that allows us to co-invest, subject to certain conditions and to the extent the size of an investment opportunity exceeds the amount our Adviser has independently determined is appropriate to invest, with certain of our affiliates (including affiliates of Sixth Street) in middle-market loan origination activities for companies domiciled in the United States and certain “follow-on” investments in companies in which we have already co-invested pursuant to the order and remain invested.

We cannot assure you when or whether we will apply for any other exemptive relief in the future and whether such orders will be obtained.

Our ability to enter into transactions with our affiliates is restricted.

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of our Independent Trustees and, in some cases, exemptive relief from the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act, and we generally are prohibited from buying or selling any security from or to such affiliate, absent the prior approval of our Independent Trustees. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our Independent Trustees and, in some cases, exemptive relief from the SEC. If a person acquires more than 25% of our voting securities, we are prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or trustees or their affiliates.

The decision by Sixth Street, our Adviser or their affiliates to allocate an opportunity to another entity could cause us to forgo an investment opportunity that we otherwise would have made. We also generally will be unable to invest in any issuer in which Sixth Street and its other affiliates or a fund managed by Sixth Street or its other affiliates has previously invested or in which they are making an investment. Similar restrictions limit our ability to transact business with our officers or trustees or their affiliates. These restrictions may limit the scope of investment opportunities that would otherwise be available to us.

The Adviser has the right, under the Investment Advisory Agreement and the Administration Agreement, to resign at any time on 60 days’ written notice, regardless of whether we have found a replacement. In addition, our Board has the authority to remove the Adviser for any reason or for no reason, or may choose not to renew the Investment Advisory Agreement and the Administration Agreement. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of shareholders and our Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Our financial condition, business and results of operations, as well as our ability to pay dividends, are likely to be adversely affected, and the value of our Common Shares may decline.

Any new Investment Advisory Agreement would be subject to approval by our shareholders. Even if we are able to enter into comparable management or administrative arrangements, the integration of a new adviser or administrator and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition and results of operations.

In addition, if the Adviser resigns or is terminated, we would lose the benefits of our relationship with Sixth Street, including insights into our existing portfolio, market expertise, sector and macroeconomic views and due diligence capabilities, as well as any investment opportunities referred to us.

The Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement, and it will not be responsible for any action of our Board in declining to follow the Adviser’s advice or recommendations. Pursuant to the Investment Advisory Agreement, the Adviser and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it will not be liable to us for any action taken or omitted to be taken by the

Adviser in connection with the performance of any of its duties or obligations under the Investment Advisory Agreement or otherwise as our investment adviser (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services).

We have agreed to the fullest extent permitted by law, to provide indemnification and the right to the advancement of expenses, to each person who was or is made a party or is threatened to be made a party to or is involved (including as a witness) in any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, because he or she is or was a member, manager, officer, employee, agent, controlling person or any other person or entity affiliated with the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser in the performance of the person’s duties under the Investment Advisory Agreement. Our obligation to provide indemnification and advancement of expenses is subject to the requirements of the 1940 Act and Investment Company Act Release No. 11330, which, among other things, preclude indemnification for any liability (whether or not there is an adjudication of liability or the matter has been settled) arising by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties, and require reasonable and fair means for determining whether indemnification will be made. Despite these limitations, the rights to indemnification and advancement of expenses may lead the Adviser and its members, managers, officers, employees, agents, controlling persons and other persons and entities affiliated with the Adviser to act in a riskier manner than they would when acting for their own account.

The time and resources that individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that individuals employed by the Adviser are not prohibited from raising money for or managing other entities that make the same types of investments that we target.

The Adviser and individuals employed by the Adviser are generally not prohibited from raising capital for and managing other investment entities that make the same types of investments as those we target. As a result, the time and resources that these individuals may devote to us may be diverted. In addition, we may compete with any such investment entity for the same investors and investment opportunities.

We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our securities less attractive to investors.

We are and we will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the initial offering, (ii) in which we have total annual gross revenue of at least $1 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our Common Shares that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which we have issued more than $1.07 billion in non-convertible debt during the prior three-year period. For so long as we remain an “emerging growth company” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our Common Shares less attractive because we will rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”) for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of such extended transition periods.

Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it.

Because of the exemptions from various reporting requirements provided to us as an “emerging growth company” and because we will have an extended transition period for complying with new or revised financial accounting standards, we may be less attractive to investors and it may be difficult for us to raise additional capital as and when we need it. Investors may be unable to compare our business with other companies in our industry if they believe that our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and when we need it, our financial condition and results of operations may be materially and adversely affected.

Any failure to maintain our status as a BDC would reduce our operating flexibility.

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility. In addition, failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us.

We may experience fluctuations in our quarterly results.

We may experience fluctuations in our quarterly operating results as a result of a number of factors, including the pace at which investments are made, rates of repayment, interest rates payable on investments, changes in realized and unrealized gains and losses, syndication and other fees, the level of our expenses and default rates on our investments. As a result of these and other possible factors, results for any period should not be relied upon as being indicative of performance in future periods.

Certain investors are limited in their ability to make significant investments in us.

Investment companies registered under the 1940 Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition), unless these funds comply with an exemption under the 1940 Act as well as other limitations under the 1940 Act that would restrict the amount that they are able to invest in our securities. Private funds that are excluded from the definition of “investment company” either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act are also subject to this restriction. As a result, certain investors may be precluded from acquiring additional shares at a time that they might desire to do so.

We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Under the 1940 Act, a “diversified” investment company is required to invest at least 75% of the value of its total assets in cash and cash items, government securities, securities of other investment companies and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, we are not subject to this requirement. To the extent that we assume large positions in the securities of a small number of issuers, or within a particular industry, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company or to a general downturn in the economy.

The Adviser will endeavor to build and manage a diversified portfolio of investments with representation in various industries and economic sectors, geographic regions and deal types which may include growth financings and recapitalizations. Despite the foregoing objectives, the Company may be concentrated in certain industries and/or economic sectors, geographic regions and/or deal types. The Company also may be more concentrated than other funds with similar diversification objectives.

However, we will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code, which include single issuer concentration limits.

The Company may be restricted from initiating transactions as a result of the receipt of material non-public information.

Sixth Street funds and investment platforms regularly obtain non-public information regarding various target companies and other investment opportunities. In general, Sixth Street imputes non-public information received by one investment team within Sixth Street to all other investment professionals. As Sixth Street and affiliated professionals may acquire confidential or material nonpublic information (“MNPI”), the Company and/or other affiliated funds may be restricted from initiating transactions in certain securities, including, as a result of the receipt of MNPI by another investment team or professional within Sixth Street.

Non-public information received by one investment team within Sixth Street is likely to restrict trading on a firm-wide basis. As a result, the Company may, in certain circumstances, decline to receive non-public information regarding a company.

Further, non-disclosure agreements associated with transactions (including transactions entered into by other affiliated funds) often contain contractual trading restrictions, including standstill and non-circumvent provisions, which could prevent the Company from

acquiring or disposing of investments in an issuer, potentially for extended periods. Such agreements could also restrict the Company’s ability to share certain information with shareholders relevant to the Company or its portfolio investments. Separately, certain counterparties may disqualify the Company from transacting with such counterparties or their affiliates as a result of the activities of other businesses of Sixth Street and its affiliates.

In addition, during a transitional period, despite taking certain steps designed to facilitate physical and electronic separation, Sixth Street and TPG will continue to occupy certain shared physical premises. As a result of these arrangements, and despite the implementation of a permanent information barrier between Sixth Street and TPG, there is a heightened risk that Sixth Street or TPG (or certain of their respective affiliates) may be imputed with non-public information received by the other. Although TPG is not affiliated with Sixth Street, many of the considerations described above apply with respect to the information barrier in place between Sixth Street and TPG, in particular that in certain circumstances the Company may face restrictions on its activities as a result of non-public or otherwise confidential information received from TPG.

Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies by causing a disruption to our operations, a compromise or corruption of confidential information and/or damage to business relationships, or those of our portfolio companies, all of which could negatively impact our business, results of operations or financial condition.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to, use, alteration or destruction of our information systems for purposes of misappropriating assets, obtaining ransom payments, stealing confidential information, corrupting data or causing operational disruption, or may involve phishing. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. The costs related to cybersecurity incidents may not be fully insured or indemnified. As our and our portfolio companies’ reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by our Adviser and third-party service providers, and the information systems of our portfolio companies. We, our Adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Third parties with which we do business (including, but not limited to, service providers, such as accountants, custodians, transfer agents and administrators, and the issuers of securities in which we invest) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, we cannot control the cybersecurity plans and systems put in place by these third parties and ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.

Additionally, investments of Sixth Street’s funds, including the Company, and other Sixth Street entities have involved and may in the future involve companies that have experienced cyber-events and that, given the rise of cybersecurity incidents, may become involved in future cyber events. Cybersecurity events also could affect other Sixth Street and/or affiliated entities. Such cyber security attacks are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data, and other electronic security breaches that could lead to disruptions in critical systems, unauthorized release of confidential or otherwise protected information and corruption of data.

A cybersecurity breach may cause the Company to lose proprietary information, suffer data corruption or expose information to misuse. Sensitive information which may be breached in the event of a cybersecurity threat includes, without limitation, information regarding the Company’s investment activities and shareholders. Cybersecurity breaches of Sixth Street’s and the Company’s third-party service providers or portfolio investments may also subject the Company to many of the same risks associated with direct cybersecurity breaches. If such events were to materialize, they could, among other things, (i) lead to losses of sensitive information or capabilities essential to Sixth Street’s, the Company’s, and/or the Company’s portfolio company’s operations, (ii) have a material adverse effect on Sixth Street’s, the Company’s and/or the portfolio company’s reputations, financial positions, results of operations or

cash flows, (iii) lead to financial losses from remedial actions, loss of business or potential liability, or (iv) lead to the disclosure of Company shareholders’ personal information or other sensitive information.

The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in Sixth Street’s, the Company’s and/or a portfolio company’s operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information of any shareholder (and, if applicable, its underlying investors or beneficial owners and/or control persons) or information relating to any portfolio company. Such a failure could result in reputational harm to Sixth Street, the Company and/or the affected portfolio investment, subject any such entity and its affiliates to legal claims and otherwise adversely affect its business and financial performance. Cybersecurity risks also require us to undertake ongoing preventative measures and to incur compliance costs.

Our Board of Trustees may change our investment objective, operating policies and strategies without prior notice or shareholder approval.

Our Board of Trustees has the authority to change our investment objective and modify or waive certain of our operating policies and strategies without prior notice (except as required by the 1940 Act) and without shareholder approval. However, absent shareholder approval, we may not change the nature of our business so as to cease to be a BDC and we may not withdraw our election as a BDC. We cannot predict the effect any changes to our current operating policies or strategies would have on our business, operating results and value of our Common Shares. Nevertheless, the effects may adversely affect our business and impact our ability to pay dividends.

Changes in tax laws, including the Tax Cuts and Jobs Act and the Inflation Reduction Act may adversely affect our business.

Changes to U.S. tax laws, including the Tax Cuts and Jobs Act enacted on December 22, 2017 (“Tax Reform”), the Coronavirus Aid, Relief, and Economic Security Act enacted on March 27, 2020 (the “CARES Act”) and the Inflation Reduction Act, enacted on August 16, 2022 (the "IRA") have made significant changes to the U.S. federal income tax system. Among other things, Tax Reform may limit the ability of borrowers to fully deduct interest expense. This could potentially affect the loan market, for example by impacting the demand for loans available from us or the terms of such loans. In addition, the IRA introduced a corporate alternative minimum tax of 15% of the "adjusted financial statement income" of certain domestic corporations as well as a 1% excise tax on the fair market value of stock repurchases by certain domestic corporations, effective for tax years beginning in 2023. Further changes could be made under the new Presidential administration in the United States. Such changes to the tax laws, including (i) changes to interest deductibility, utility of net operating losses and other provisions of Tax Reform, (ii) the corporate alternative minimum tax, excise tax on stock repurchases and other provisions of the IRA or (iii) changes pursuant to future legislation or regulatory guidance could also in certain circumstances increase the U.S. tax burden on our portfolio assets which, in turn, could negatively impact their ability to service their interest expense obligations to us. Prospective investors are urged to consult with their own advisors about the potential effects of Tax Reform, IRA and other changes in tax laws on the loan market and about the tax consequences of an investment in us.

Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital, which would harm our ability to achieve our investment objectives.

Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the prior standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. The impact of Regulation Best Interest on broker-dealers participating in our private offering of Common Shares cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend the offering to retail customers. If Regulation Best Interest reduces our ability to raise capital in the offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objectives and would result in our fixed operating costs representing a larger percentage of our gross income.

Our Declaration of Trust includes exclusive forum and jury trial waiver provisions that could limit a shareholder’s ability to bring a claim, make it more expensive or inconvenient for a shareholder to bring a claim, or, if such provisions are deemed inapplicable or unenforceable by a court, cause the Company to incur additional costs associated with such action.

Our Declaration of Trust provides that, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a duty owed by any trustee, officer or other agent of the Company to the Company or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of Title 12 of the Delaware Code, Delaware statutory

or common law, our Declaration of Trust, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction. As a result, there is a risk that investors in the Company may find it inconvenient or expensive to bring a claim against us or our trustees, officers or other agents. However, these exclusive forum provisions do not apply to claims arising under the federal securities laws.

In addition, our Declaration of Trust provides that no shareholder may maintain a derivative action on behalf of the Company unless holders of a certain percentage of the outstanding shares, as disclosed in our Declaration of Trust, join in the bringing of such action. These provisions of our Declaration of Trust may make it more difficult for shareholders to bring a derivative action than a company without such provisions.

Our Declaration of Trust also includes an irrevocable waiver of the right to trial by jury in all such claims, suits, actions and proceedings. Any person purchasing or otherwise acquiring any of our Common Shares shall be deemed to have notice of and to have consented to these provisions of our Declaration of Trust. These provisions may limit a shareholder’s ability to bring a claim in a judicial forum or in a manner that it finds favorable for disputes with the Company or the Company’s trustees or officers, which may discourage such lawsuits. Alternatively, if a court were to find the exclusive forum provision or the jury trial waiver provision to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions or in other manners, which could have a material adverse effect on our business, financial condition and results of operations.

Notwithstanding any of the foregoing, neither we nor any of our investors are permitted to waive compliance with any provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.

No shareholder approval is required for certain mergers.

Our Board of Trustees may undertake to approve mergers between us and certain other funds or vehicles. Subject to the requirements of the 1940 Act, such mergers will not require shareholder approval so investors will not be given an opportunity to vote on these matters unless such mergers are reasonably anticipated to result in a material dilution of the NAV per share of the Company. These mergers may involve funds managed by affiliates of the Adviser. The Board of Trustees may also convert the form and/or jurisdiction of organization, including to take advantage of laws that are more favorable to maintaining board control in the face of dissident shareholders.

We are subject to risks associated with artificial intelligence, including the application of various forms of artificial intelligence such as machine learning technology.

Recent technological advances in artificial intelligence, including machine learning technology (“Machine Learning Technology”), pose risks to us and our portfolio companies. We and our portfolio companies could be exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties use Machine Learning Technology in their business activities. We and the Adviser are not in a position to control the use of Machine Learning Technology in third-party products or services. Use of Machine Learning Technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming partly accessible by other third-party Machine Learning Technology applications and users. Machine Learning Technology and its applications continue to develop rapidly, and we cannot predict the risks that may arise from such developments.

Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent we or our portfolio companies are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could adversely impact us or our portfolio companies.

Risks Related to Economic Conditions

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The current state of the economy and financial markets increases the likelihood of adverse effects on our financial position and results of operations.

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Uncertainty about financial stability could have a significant adverse effect on our business, results of operations and financial condition.

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Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Risks Related to Economic Conditions

Inflation and global supply chain issues may adversely affect our business.

Inflation and fluctuations in inflation rates have had in the past, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies. For example, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on the level of economic activity. There can be no assurance that inflation will not become a serious problem in the future and have an adverse impact on the Company's returns.

Economic activity has continued to accelerate across sectors and regions. Nevertheless, global supply chain issues have, and may in the future, lead to a rise in energy prices. Inflation may continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our obligors’ profit margins.

Additionally, the continuing trade dispute between the United States and China, pursuant to which both countries have, among other things, imposed tariffs on one another, has had an adverse economic effect on U.S. markets and international trade more broadly. This adverse economic effect is likely to become more pronounced if the dispute remains unresolved, which could have a material adverse impact on the Company's portfolio investments. For example, existing and any additional supply chain and other laws, regulations, or executive orders by either country that restrict or prohibit transactions or impose requirements or limitations on business could impair the ability of U.S.-based companies (in which the Company is likely to invest) to expand into markets in China and the ability of such companies’ to produce or obtain component parts necessary for production. Also, for the foreseeable future, the trade dispute will likely continue to be an ongoing source of instability, resulting in significant currency fluctuations, increased capital markets volatility, and other adverse effects on international markets, international trade agreements, and other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory or otherwise), which could present similar and additional potential risks and consequences for the Company and is portfolio investments.

We are currently operating in a period of disruption, volatility and uncertainty in the capital markets and in the economy generally.

The U.S. capital markets have experienced extreme volatility and disruption in recent years following the spread of COVID-19 in the United States and globally. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The federal government and the Federal Reserve, as well as foreign governments and central banks, have implemented, and may in the future implement, significant fiscal and monetary policies in response to these disruptions, and additional government and regulatory responses may be possible. These actions, future market disruptions and illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations and our ability to grow, and could have a material negative impact on our operating results and the fair values of our debt and equity investments.

We believe that attractive investment opportunities may present themselves during this volatile period as in other periods of market volatility, and we may have opportunities to make investments at compelling values. However, periods of market disruption and instability, like the one we are experiencing currently, may adversely affect our access to sufficient debt and equity capital in order to take advantage of attractive investment opportunities that are created during these periods. In addition, the debt capital that will be available in the future, if any, may be at a higher cost and on less favorable terms and conditions.

The current state of the economy and financial markets increases the likelihood of adverse effects on our financial position and results of operations.

The U.S. and global capital markets experienced extreme volatility and disruption in recent years, leading to periods of recessionary conditions and depressed levels of consumer and commercial spending. For instance, monetary policies of the Federal Reserve and political uncertainty resulting from recent events, including changes to U.S. trade policies, the impact of the end of the transition period following United Kingdom’s exit from the European Union in January 2020 (“Brexit”), the provisional application of the EU-UK Trade and Cooperation Agreement and ongoing conflicts between Russia and Ukraine and Israel and Hamas and related responses, has led to, from time to time, disruption and instability in the global markets. Disruptions in the capital markets increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. We cannot assure you that these conditions will not worsen. If conditions worsen, a prolonged period of market illiquidity could have a material adverse effect on our business, financial condition and results of operations. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results.

In addition, to the extent that recessionary conditions return, the financial results of small to mid-sized companies, like those in which we invest, will likely experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Additionally, the end markets for certain of our portfolio companies’ products and services have experienced, and continue to experience, negative economic trends. The performances of certain of our portfolio companies have been, and may continue to be, negatively impacted by these economic or other conditions, which may ultimately result in:

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our receipt of a reduced level of interest income from our portfolio companies;

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decreases in the value of collateral securing some of our loans and the value of our equity investments; and

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ultimately, losses or charge-offs related to our investments.

Uncertainty about financial stability could have a significant adverse effect on our business, results of operations and financial condition.

Due to federal budget deficit concerns, S&P downgraded the federal government’s credit rating from AAA to AA+ for the first time in history on August 5, 2011. Further, in 2023 Fitch downgraded the federal government’s credit rating from AAA to AA+. Further downgrades or warnings by S&P, Moody's, or other rating agencies, and the government’s credit and deficit concerns in general, could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our Common Shares. Also, to the extent uncertainty regarding any economic recovery in Europe and Brexit continue to negatively impact consumer confidence and consumer credit factors, our business and results of operations could be significantly and adversely affected.

After raising the target range for the federal funds rate in 2017 and 2018, the Federal Reserve lowered the target rate three times in 2019 and two times in 2020. Following recent heightened inflation, the Federal Reserve raised the target rate four times in 2023, raising the fed funds rate by about three percentage points in a six month period. In 2024, it is possible that the Federal Reserve will raise the interest rates further. Further changes in key economic indicators, such as the unemployment rate or inflation, could lead to additional changes to the target range for the federal funds rate that may cause instability or may negatively impact our ability to access the debt markets on favorable terms.

As a result of the 2022 U.S. election, the Democratic Party currently controls the executive branch of government and, the Senate, while the Republican Party controls the House of Representatives. The divided U.S. Congress makes passage of legislation that could significantly affect the regulation of U.S. financial markets less likely. Despite the reduced likelihood of congressional action with respect to financial services, areas subject to potential change or amendment include the Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, and the authority of the Federal Reserve and the Financial Stability Oversight Council. Additionally, under the divided control of the Congress, the likelihood of a failure to increase the debt ceiling and a default by the federal government is increased. The United States may also potentially withdraw from, renegotiate or enter into various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of the portfolio companies in which we make investments may be susceptible to economic slowdowns or recessions and during these periods may be unable to repay the loans we made to them. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record our investments at their current fair value. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our and our portfolio companies’ funding costs, limit our and our portfolio companies’ access to the capital markets or result in a decision by lenders not to extend credit to us or our portfolio companies. These events could prevent us from increasing investments and harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio company’s ability to meet its obligations under the debt that we hold. We may incur additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

Risks Related to Our Portfolio Company Investments

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Our investments are very risky and highly speculative.

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The lack of liquidity in our investments may adversely affect our business.

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We may securitize certain of our investments, which may subject us to certain structured financing risks.

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We are exposed to risks associated with changes in interest rates.

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We may not be able to realize expected returns on our invested capital.

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By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.

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Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.

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Our ability to enter into transactions with our affiliates is restricted.

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Any acquisitions or strategic investments that we pursue are subject to risks and uncertainties.

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We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.

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Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.

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We expose ourselves to risks when we engage in hedging transactions.

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The new market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.

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If we cease to be eligible for an exemption from regulation as a commodity pool operator, our compliance expenses could increase substantially.

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Our portfolio investments may present special tax issues.

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There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.

Risks Related to Our Portfolio Company Investments

Our investments are very risky and highly speculative.

We primarily invest in first-lien debt, second-lien debt, mezzanine and unsecured debt or equity or other securities issued by upper middle-market companies. The companies in which we intend to invest are typically highly leveraged, and, in most cases, our investments in these companies are not rated by any rating agency. If these instruments were rated, we believe that they would likely receive a rating of below investment grade (that is, below BBB- or Baa3, which is often referred to as “junk”). Exposure to below investment grade instruments involves certain risks, including speculation with respect to the borrower’s capacity to pay interest and repay principal.

First-Lien Debt. When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies. In addition, in connection with our “last out” first-lien loans, we enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans.

Second-Lien and Mezzanine Debt. Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal.

Equity and Other Investments. When we invest in first-lien debt, second-lien debt or mezzanine debt, we may acquire equity securities, such as warrants, options and convertible instruments. In addition, we may invest directly in the equity securities of portfolio companies. We seek to dispose of these equity interests and realize gains upon our disposition of these interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Preferred Shares. To the extent we invest in preferred securities, we may incur particular risks, including:

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preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes before we receive such distributions;

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preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments, and therefore are subject to greater credit risk than more senior debt instruments; and

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generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of trustees to the issuer’s board; generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights.

In addition, our investments generally involve a number of significant risks, including:

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the companies in which we invest may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

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the companies in which we invest typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

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the companies in which we invest are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

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the companies in which we invest generally have less predictable operating results, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

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the debt investments in our portfolio generally have a significant portion of principal due at the maturity of the investment, which would result in a substantial loss to us if such borrowers are unable to refinance or repay their debt at maturity;

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our executive officers, trustees and Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies;

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the companies in which we invest generally have less publicly available information about their businesses, operations and financial condition and, if we are unable to uncover all material information about these companies, we may not make a fully informed investment decision; and

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the companies in which we invest may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Subordinated Debt. Our subordinated debt investments will generally rank junior in priority of payment to senior debt and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our shareholders to non-cash income. Because we will not receive any principal repayments prior to the maturity of some of our subordinated debt investments, such investments will be of greater risk than amortizing loans.

Non-U.S. Securities. We may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the 1940 Act. Because evidence of ownership of such securities usually is held outside the United States, we would be subject to additional risks if we invested in non-U.S. securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to shareholders located outside the country of the issuer, whether from currency blockage or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations.

Junior, Unsecured Securities. Our strategy may entail acquiring securities that are junior or unsecured instruments. While this approach can facilitate obtaining control and then adding value through active management, it also means that certain of the Company’s investments may be unsecured. If a portfolio company becomes financially distressed or insolvent and does not successfully reorganize, we will have no assurance (compared to those distressed securities investors that acquire only fully collateralized positions) that we will recover any of the principal that we have invested. Similarly, investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal, interest and other amounts. Consequently, the fact that debt is secured does not guarantee that we will receive principal and interest payments according to the debt’s terms, or at all, or that we will be able to collect on the debt should it be forced to enforce its remedies.

While such junior or unsecured investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking more senior to such investments and may benefit from cross-default provisions and security over the issuer’s assets, some or all of such terms may not be part of particular investments. Moreover, our ability to influence an issuer’s affairs, especially during periods of financial distress or following insolvency, is likely to be substantially less than that of senior creditors. For example, under typical subordination terms, senior creditors are able to block the acceleration of the junior debt or the exercise by junior debt holders of other rights they may have as creditors. Accordingly, we may not be able to take steps to protect investments in a timely manner or at all, and there can be no assurance that our rate of return objectives or any particular investment will be achieved. In addition, the debt securities in which we will invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and are not expected to be rated by a credit rating agency.

Early repayments of our investments may have a material adverse effect on our investment objectives. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity investments may become worthless.

There can be no assurance that attempts to provide downside protection through contractual or structural terms with respect to our investments will achieve their desired effect and potential investors should regard an investment in us as being speculative and having a high degree of risk. Furthermore, we have limited flexibility to negotiate terms when purchasing newly issued investments in connection with a syndication of mezzanine or certain other junior or subordinated investments or in the secondary market.

“Covenant-lite” Obligations. We may invest in, or obtain exposure to, obligations that may be “covenant- lite,” which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan we hold begin to deteriorate in quality, our ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay our ability to seek to recover its investment.

Restructurings. Investments in companies operating in workout or bankruptcy modes present additional legal risks, including fraudulent conveyance, voidable preference and equitable subordination risks. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action.

Investing in upper middle-market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.

Investments in upper middle-market companies involve the same risks that apply generally to investments in larger, more established companies. However, such investments have more pronounced risks in that upper middle-market companies:

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may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing on any guarantees we may have obtained in connection with our investment;

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have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tends to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns;

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are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

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generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers, Trustees and members of the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; and

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may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

An investment strategy focused primarily on privately-held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.

We intend to invest primarily in privately-held companies. Investments in private companies may pose greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Second, the depth and breadth of experience of management in private companies tends to be less than that at public companies, which makes such companies more likely to depend on the management talents and efforts of a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions made by such management teams and/or the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our investments and, in turn, on us. Third, the investments themselves tend to be less liquid. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal repayment schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of our target portfolio companies may affect our investment returns. Fourth, little public information generally exists about private companies. Further, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Adviser would typically assess an investment in a portfolio company based on the Adviser’s estimate of the portfolio company’s earnings and enterprise value, among other factors, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Adviser to make different investment decisions than it may have made with more complete information. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If we are unable to determine all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

Investments are valued at the end of each fiscal quarter. The majority of our investments are expected to be in loans that do not have readily ascertainable market prices. The fair value of investments that are not publicly traded or whose market prices are not readily available are determined in good faith by the Board, which is supported by the valuation committee of our Adviser and by the audit committee of our Board. The Board has retained independent third-party valuation firms to perform certain limited third-party valuation services that the Board identified and requested them to perform. In accordance with our valuation policy, our Investment Team prepares portfolio company valuations using sources or proprietary models depending on the availability of information on our

investments and the type of asset being valued. The participation of the Adviser in our valuation process could result in a conflict of interest, since the Management Fee is based on the value of our gross assets.

Factors that we may consider in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to similar publicly traded companies, discounted cash flow and other relevant factors. Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. This could make it more difficult for investors to value accurately our portfolio investments and could lead to undervaluation or overvaluation of our Common Shares. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

Decreases in the market values or fair values of our investments are recorded as unrealized losses. The effect of all of these factors on our portfolio can reduce our net asset value by increasing net unrealized losses in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer unrealized losses, which could have a material adverse impact on our business, financial condition and results of operations.

The lack of liquidity in our investments may adversely affect our business.

We generally make loans to private companies. There may not be a ready market for our loans and certain loans may contain transfer restrictions, which may also limit liquidity. The illiquidity of these investments may make it difficult for us to sell positions if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we hold a significant portion of a company’s equity or if we have material nonpublic information regarding that company.

Our portfolio is currently invested in a limited number of portfolio companies and industries and may continue to be in the near future. Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. For example, although we classify the industries of our portfolio companies by end-market (such as healthcare, and business services) and not by the products or services (such as software) directed to those end-markets, many of our portfolio companies principally provide software products or services, which exposes us to downturns in that sector. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns.

We may securitize certain of our investments, which may subject us to certain structured financing risks.

Although we have not done so to date, we may securitize certain of our investments in the future, including through the formation of one or more collateralized loan obligations, or CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in that entity on a non-recourse or limited-recourse basis to purchasers.

If we were to create a CLO or other securitization vehicle, we would depend on distributions from the vehicle to pay dividends to our shareholders. The ability of a CLO or other securitization vehicle to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. For example, tests (based on interest coverage or other financial ratios or other criteria) may restrict our ability, as holder of a CLO or other securitization vehicle equity interest, to receive cash flow from these investments. We cannot assure you that any such performance tests would be satisfied. Also, a CLO or other securitization vehicle may take actions that delay distributions to preserve ratings and to keep the cost of present and future financings lower or the financing vehicle may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of its debt. As a result, there may be a lag, which could be significant, between the repayment or other realization on a loan or other assets in, and the distribution of cash out of, a CLO or other securitization vehicle, or cash flow may be completely restricted for the life of the CLO or other securitization vehicle.

In addition, a decline in the credit quality of loans in a CLO or other securitization vehicle due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force the sale of certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to our shareholders. If we were to form a CLO or other securitization vehicle, to the extent that any losses were incurred by the financing vehicle in respect of any collateral, these losses would be borne first by us as owners of its equity interests. Any equity interests that we were to retain in a CLO or other securitization vehicle would not be secured by its assets and we would rank behind all of its creditors.

A CLO or other securitization vehicle, if created, also would likely be consolidated in our financial statements and consequently affect our asset coverage ratio, which may limit our ability to incur additional leverage. See “ITEM 1. BUSINESS – Regulation as a Business Development Company.”

We are a lender, and loans (and any equity investments we make) typically will be non-controlling investments, meaning we will not be in a position to control the management, operation and strategic decision-making of the companies we invest in (outside of, potentially, the context of a restructuring, insolvency or similar event). As a result, we will be subject to the risk that a portfolio company we do not control, or in which we do not have a majority ownership position, may make business decisions with which we disagree, and the equity holders and management of such a portfolio company may take risks or otherwise act in ways that are adverse to our interests. We may not be able to dispose of our investments in the event that we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments.

We are exposed to risks associated with changes in interest rates.

The majority of our debt investments are based on floating rates, such as, SOFR, EURIBOR, SONIA, the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our Common Shares and our rate of return on invested capital. On one hand, a reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net interest income, which also could be negatively impacted by our borrowers making prepayments on their loans. On the other hand, an increase in interest rates could increase the interest repayment obligations of our borrowers and result in challenges to their financial performance and ability to repay their obligations.

We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. See “—Risks Related to Our Portfolio Company Investments—We expose ourselves to risks when we engage in hedging transactions.”

We may not be able to realize expected returns on our invested capital.

We may not realize expected returns on our investment in a portfolio company due to changes in the portfolio company’s financial position or due to an acquisition of the portfolio company. If a portfolio company repays our loans prior to their maturity, we may not receive our expected returns on our invested capital. Many of our investments are structured to provide a disincentive for the borrower to pre-pay or call the security, but this call protection may not cover the full expected value of an investment if that investment is repaid prior to maturity.

Middle-market companies operate in a highly acquisitive market with frequent mergers and buyouts. If a portfolio company is acquired or merged with another company prior to drawing on our commitment, we would not realize our expected return. Similarly, in many cases companies will seek to restructure or repay their debt investments or buy our other equity ownership positions as part of an acquisition or merger transaction, which may result in a repayment of debt or other reduction of our investment.

By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.

As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. We cannot assure you that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

Our portfolio companies in some cases may incur debt or issue equity securities that rank equally with, or senior to, our investments in those companies.

Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, those instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically would be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying those holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The rights we may have with respect to the collateral securing certain loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements or agreements among lenders. Under these agreements, we may forfeit certain rights with respect to the collateral to holders with prior claims. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of those enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as lenders are adversely affected.

We may be exposed to special risks associated with bankruptcy cases.

One or more of our portfolio companies may be involved in bankruptcy or other reorganization or liquidation proceedings. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, we cannot assure you that a bankruptcy court would not approve actions that may be contrary to our interests. There also are instances where creditors can lose their ranking and priority if they are considered to have taken over management of a borrower. If one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

The reorganization of a company can involve substantial legal, professional and administrative costs to a lender and the borrower. It is subject to unpredictable and lengthy delays, and during the process a company’s competitive position may erode, key management may depart and a company may not be able to invest adequately. In some cases, the debtor company may not be able to reorganize and may be required to liquidate assets. The debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization and may be adversely affected by an erosion of the issuer’s fundamental value.

In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender liability claim (alleging

that we misused our influence on the borrower for the benefit of its lenders), if, among other things, the borrower requests significant managerial assistance from us and we provide that assistance.

Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments to:

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increase or maintain in whole or in part our equity ownership percentage;

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exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

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attempt to preserve or enhance the value of our investment.

We may elect not to make follow-on investments, may be constrained in our ability to employ available funds, or otherwise may lack sufficient funds to make those investments. We have the discretion to make any follow-on investments, subject to the availability of capital resources. However, doing so could be placing even more capital at risk in existing portfolio companies.

The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements or the desire to maintain our tax status.

Any acquisitions or strategic investments that we pursue are subject to risks and uncertainties.

We may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies, including the uncertainty in reaching a commercial agreement with our counterparty, our ability to obtain required board, shareholder and regulatory approvals, as well as any required financing (or the risk that these are obtained subject to terms and conditions that are not anticipated). The announcement or consummation of any transaction also may adversely impact our business relationships or engender competitive responses.

Acquisitions could involve numerous additional risks, such as unanticipated litigation, unexpected costs, liabilities, charges or expenses resulting from a transaction, the inability to generate sufficient revenue to offset acquisition costs and any changes in general economic or industry specific conditions. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable. The failure to integrate successfully or to manage the challenges presented by an integration process may adversely impact our financial results. In addition, the proposal and negotiation of acquisitions or strategic investments, whether or not completed, as well as the integration of those businesses into our existing portfolio, could result in substantial expenses and the diversion of our Adviser’s time, attention and resources from our day-to-day operations.

Our ability to manage our growth through acquisitions or strategic investments will depend, in part, on our success in addressing these risks. Any failure to effectively implement our acquisition or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations.

We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.

We are required to have and may be required in the future to obtain various state licenses to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. We cannot assure you that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure you that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require, now or in the future, might restrict investment options and have other adverse consequences.

Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy may include potential investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control

regulations, U.S. trade policy, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Uncertainty in the wake of Russia's invasion of Ukraine and the war between Israel and Hamas in the Middle East, among other current events, could also have negative impacts on the economies of countries in Europe and elsewhere. In addition, interest income derived from loans to foreign companies is not eligible to be distributed to our non-U.S. shareholders free from withholding taxes.

Although most of our investments will be U.S. dollar-denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital gains and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us.

We expose ourselves to risks when we engage in hedging transactions.

We have entered, and may in the future enter, into hedging transactions, which may expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. Use of these hedging instruments may include counterparty credit risk. To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase.

We also have the ability to borrow in certain foreign currencies under the second amended and restated senior secured revolving credit agreement, as amended, with Wells Fargo Bank, National Association, as administrative agent, and certain lenders, which we refer to as the Subscription Facility (as defined below). Instead of entering into a foreign exchange forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our Subscription Facility, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions were to decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions were to increase. It also may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of our hedging strategy will depend on our ability to correctly identify appropriate exposures for hedging, such as currency exchange rate risk and interest rate risk related to specific portfolio companies. We may enter into fixed-to-floating interest rate swaps to continue to align the interest rates of our liabilities with our investment portfolio, which we expect to consist of predominately floating rate loans. However, unanticipated changes in currency exchange rates or other exposures that we might hedge may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary, as may the time period in which the hedge is effective relative to the time period of the related exposure.

For a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the positions being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also is not eligible to be distributed to non-U.S. shareholders free from withholding taxes. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could affect the effectiveness of that strategy. For additional information on these regulatory changes, see “—Risks Related to Our Portfolio Company Investments—The new market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.” See also “—Risks Related to Our Portfolio Company Investments—We are exposed to risks associated with changes in interest rates” and “ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Results of Operations—Interest Rate and Foreign Currency Hedging.”

Finally, the SEC has recently adopted Rule 18f-4, which constrains our ability to use swaps and other derivatives. Among other requirements, the rule would force us to reduce our use of derivatives, unless we were to qualify as a limited derivatives user under the rule, if the value-at-risk of our investment portfolio including our swap or derivative positions, exceeds 200 percent of a “designated reference portfolio,” which is a designated index that is unleveraged and reflects the market or asset classes in which we invest or our securities portfolio. If we could not identify a suitable reference portfolio, our value-at-risk would not be permitted to exceed 20% of our net assets. In addition, we are required under the final rule to establish a risk management program for our use of swaps or other derivative positions. Based on our current use of derivatives primarily for interest rate hedging purposes, we believe that we qualify, and will continue to qualify, as a limited derivatives user under the rule. However, we cannot assure you that we will be treated as a limited derivatives user or that our approach to our use of derivatives will not change.

The new market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.

The Dodd-Frank Act enacted, and the Commodity Futures Trading Commission, or CFTC, and SEC have issued or proposed rules to implement, both broad new regulatory requirements and broad new structural requirements applicable to OTC derivatives markets and, to a lesser extent, listed commodity futures (and futures options) markets. Similar changes are in the process of being implemented in other major financial markets.

Recent and anticipated regulatory changes require that certain types of OTC derivatives, including those that we may use for hedging activities such as interest rate and credit default swaps, be cleared and traded on regulated platforms, and these regulatory changes are expected to apply to foreign exchange transactions in the future. Our cleared OTC derivatives are subject to margin requirements established by regulated clearinghouses, including daily exchanges of cash variation (or mark-to-market) margin and an upfront posting of cash or securities initial margin to cover the clearinghouse’s potential future exposure to the default of a party to a particular OTC derivatives transaction. U.S. regulators have also adopted rules imposing margin requirements for OTC derivatives executed with registered swap dealers or security-based swap dealers that are not cleared. The margin requirements for cleared and uncleared OTC derivatives may require that our Adviser, in order to maintain its exclusion from commodity pool operator (“CPO”) registration under CFTC Rule 4.5, limit our ability to enter into hedging transactions or to obtain synthetic investment exposures, in either case adversely affecting our ability to mitigate risk. Furthermore, any failure by us to fulfill any collateral requirement (e.g., a so-called “margin call”) may result in a default and could have a material adverse impact on our business, financial condition and results of operations.

The Dodd-Frank Act and the rules adopted by the CFTC and SEC thereunder also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of derivatives, and recordkeeping requirements. Taken as a whole, these changes could significantly increase the cost of using uncleared OTC derivatives to hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.

If we cease to be eligible for an exemption from regulation as a commodity pool operator, our compliance expenses could increase substantially.

Our Adviser has filed with the National Futures Association a notice of exclusion from registration with the CFTC as a commodity pool operator (“CPO”) pursuant to CFTC Rule 4.5. CFTC Rule 4.5 relieves our Adviser from registering with the CFTC as the CPO of us, so long as we:

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continue to be regulated by the SEC as a BDC;

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confine our trading in CFTC-regulated derivatives within specified thresholds; and

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are not marketed to the public as a commodity pool or as a vehicle for trading in CFTC-regulated derivatives.

If we were unable to satisfy the conditions of CFTC Rule 4.5 in the future, our Adviser may be subject to registration with the CFTC as a CPO, unless it can rely on a different exclusion, exemption or no-action relief. Registered CPOs must comply with numerous substantive regulations related to disclosure, reporting and recordkeeping, and are required to become members of the NFA, and be subject to the NFA’s rules and bylaws. Compliance with these additional registration and regulatory requirements could increase our expenses and impact performance.

Our portfolio investments may present special tax issues.

Investments in below-investment grade debt instruments and certain equity securities may present special tax issues for us. U.S. federal income tax rules are not entirely clear about certain issues, including when we may cease to accrue interest, original issue discount or market discount, when and to what extent certain deductions may be taken for bad debts or worthless equity securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. These matters could cause us to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require us to make taxable distributions to our shareholders to maintain our RIC status or preclude the imposition of either U.S. federal corporate income or excise taxation. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our shareholders. These and other issues will be considered by us, to the extent determined necessary, so that we aim to minimize the level of any U.S. federal income or excise tax that we would otherwise incur. See “ITEM 1. BUSINESS—Regulation as a Business Development Company—Regulated Investment Company Classification” for more information.

We expect to be treated as a “publicly offered regulated investment company” as a result of shares of our Common Shares being treated as regularly traded on an established securities market. However, we cannot assure you that we will be treated as a publicly offered regulated investment company for all years. For example, if our shares are not treated as regularly traded and we are not held by more than 500 persons at all times during the taxable year, we might not be treated as a publicly offered regulated investment company. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder’s allocable share of the Management Fees and Incentive Fees paid to our Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by individuals, trusts or estates for taxable years beginning after December 31, 2017 and before January 1, 2026.

There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.

Original issue discount, or OID, may arise if we hold securities issued at a discount, receive warrants in connection with the making of a loan, or in certain other circumstances. OID creates the risk that Incentive Fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while the Adviser will be under no obligation to reimburse us for these fees.

The higher interest rates of OID instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID instruments generally represent a significantly higher credit risk than coupon loans. Even if the accounting

conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.

OID instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID income may also create uncertainty about the source of our cash dividends.

For accounting purposes, any cash dividends to shareholders representing OID income are not treated as coming from paid-in capital, even if the cash to pay them comes from the proceeds of issuances of our Common Shares. As a result, despite the fact that a dividend representing OID income could be paid out of amounts invested by our shareholders, the 1940 Act does not require that shareholders be given notice of this fact by reporting it as a return of capital.

Payment-in-kind, or PIK, interest has the effect of generating investment income at a compounding rate, thereby further increasing the Incentive Fees payable to the Adviser. Similarly, all things being equal, the deferral associated with PIK interest also increases the loan-to-value ratio at a compounding rate.

General Risk Factors [Member]

Risks Related to Our Securities

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An investment in our Common Shares will have limited liquidity.

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There is a risk that investors in our Common Shares may not receive dividends or that our dividends may not grow over time.

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Investing in our securities may involve a high degree of risk.

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Our shareholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.

Risks Related to Our Securities

An investment in our Common Shares will have limited liquidity.

Our Common Shares constitute illiquid investments for which there is not a secondary market and, unless we consummate an Exchange Listing, none is expected to develop. Investment in the Company is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Company. A shareholder generally may not sell, assign or transfer its Common Shares without prior written consent of the Adviser, which the Adviser may grant or withhold in its sole discretion. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their shares. Shareholders must be prepared to bear the economic risk of an investment in our Common Shares for an extended period of time.

There is a risk that investors in our Common Shares may not receive dividends or that our dividends may not grow over time.

We intend to continue paying dividends on a quarterly basis to our shareholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results or maintain a tax status that will allow or require any specified level of cash dividends or year-to-year increases in cash dividends. Our ability to pay dividends might be adversely affected by the impact of one or more of the risk factors described in this Annual Report. Due to the asset coverage test applicable to us under the 1940 Act as a BDC or restrictions under our credit facilities, we may be limited in our ability to pay dividends. Although a portion of our expected earnings and dividend distributions will be attributable to net interest income, we do not expect to generate capital gains from the sale of our portfolio investments on a level or uniform basis from quarter to quarter. This may result in substantial fluctuations in our quarterly dividend payments.

In some cases where we receive certain upfront fees in connection with loans we originate, we treat the loan as having OID under applicable accounting and tax regulations, even though we have received the corresponding cash. In other cases, however, we may recognize income before or without receiving the corresponding cash, including in connection with the accretion of OID. For other risks associated with debt obligations treated as having OID, see “—Risks Related to Our Portfolio Company Investments—There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.”

Therefore, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code, even though we may not have received the corresponding cash amount. Accordingly, we may have to sell investments at times we would not otherwise consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thereby be subject to corporate-level income tax.

To the extent that the amounts distributed by us exceed our current and accumulated earnings and profits, these excess distributions will be treated first as a return of capital to the extent of a shareholder’s tax basis in his or her shares and then as capital gain. Reducing a shareholder’s tax basis will have the effect of increasing his or her gain (or reducing loss) on a subsequent sale of shares.

The part of the Incentive Fee payable by us that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash. If a portfolio company defaults on a loan, it is possible that accrued interest previously used in the calculation of the Incentive Fee will become uncollectible. Consequently, while we may make Incentive Fee payments on income accruals that we may not collect in the future and with respect to which we do not have a clawback right

against our Adviser, the amount of accrued income written off in any period will reduce the income in the period in which the write-off is taken and thereby reduce that period’s Incentive Fee payment, if any.

In addition, the upper middle-market companies in which we intend to invest may be more susceptible to economic downturns than larger operating companies, and therefore may be more likely to default on their payment obligations to us during recessionary periods. Any such defaults could substantially reduce our net investment income available for distribution in the form of dividends to our shareholders.

Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees, some of which are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.

Substantial portions of our distributions may be funded through the reimbursement of certain expenses by our Adviser and its affiliates, including through the waiver of certain investment advisory fees by our Adviser. Any such distributions funded through expense reimbursements or waivers of advisory fees will not be based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or our Adviser and its affiliates continue to make such reimbursements or waivers of such fees. Our future repayments of amounts reimbursed or waived by our Adviser or its affiliates will reduce the distributions that shareholders would otherwise receive in the future. There can be no assurance that we will achieve the performance necessary to be able to pay distributions at a specific rate or at all. Our Adviser and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods, except as otherwise disclosed under the terms of this offering.

Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

As a BDC, we are required to carry our investments at the fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, our Board of Trustees. Decreases in the fair value of our investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the fair value of our investments will reduce our NAV.

Investing in our securities may involve a high degree of risk.

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our securities may not be suitable for someone with lower risk tolerance.

There are severe economic consequences for defaulting investors.

If shareholders fail to fund their commitment obligations or to make required capital contributions when due, the Company’s ability to complete its investment program or otherwise continue operations may be substantially impaired. A shareholder’s failure to fund such amounts when due causes that shareholder to become a defaulting shareholder. A defaulting shareholder will have ten business days to cure its deficiency following the required funding date, after which the defaulting shareholder will forfeit its right to participate in future investments and 50% of its Common Shares will be transferred to the non-defaulting shareholders on a pro rata basis. If a substantial number of shareholders become defaulting shareholders, this may severely limit opportunities for investment diversification and would likely reduce returns to the Company and restrict the Company’s ability to meet loan obligations. Any single defaulting shareholder could cause substantial costs to be incurred by the Company if such default causes the Company to fail to meet its contractual obligations or if the Company must pursue remedial action against such shareholder.

If the Company fails to meet its contractual obligations related to a portfolio investment due to a defaulting shareholder, the relevant portfolio company may have a cause of action against the Company, which may include a claim against assets of the Company other than the Company’s interest in such portfolio company. A creditor of the Company (including a portfolio company with respect to which the Company has failed to meet its contractual obligations) will not be bound to satisfy its claims from the assets attributable to a particular portfolio investment and such creditor generally may seek to satisfy its claims from the assets of the Company as a whole. As a result, if a creditor’s claims relating to a particular portfolio investment exceed the net assets attributable to that portfolio investment, the remaining assets of the Company will likely be subject to such claim.

Our shareholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.

We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash dividends and distributions declared by the Board on behalf of investors who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. See “ITEM 1. BUSINESS—Dividend Policy” and “ITEM 1. BUSINESS—Dividend Reinvestment Plan” for a description of our dividend policy and obligations.

In addition, the number of shares issued pursuant to the dividend reinvestment plan after an Exchange Listing will be determined based on the market price of our Common Shares, except in circumstances where the market price exceeds our most recently computed net asset value per share, in which case we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share or such lesser discount to the current market price per share that still exceeds the most recently computed net asset value per share. Accordingly, participants in the dividend reinvestment plan may receive a greater number of our Common Shares than the number of shares associated with the market price of our Common Shares, resulting in dilution for other shareholders. Shareholders that opt out of our dividend reinvestment plan will experience dilution in their ownership percentage of our Common Shares over time.

Special considerations for certain benefit plan investors.

We intend to conduct our affairs so that our assets should not be deemed to constitute “plan assets” under ERISA and the Plan Asset Regulations. In this regard, until such time, if any, as our Common Shares are considered “publicly-offered securities” within the meaning of the Plan Asset Regulations, we intend to limit investment in our Common Shares by “benefit plan investors” (“Benefit Plan Investors”) to less than 25% of the total value of our Common Shares (within the meaning of the Plan Asset Regulations).

If, notwithstanding our intent, the assets of the Company were deemed to constitute “plan assets” of any shareholder that is a Benefit Plan Investor under ERISA or the Plan Asset Regulations, this would result, among other things, in (i) the application of the prudence and other fiduciary responsibility standards of ERISA to investments made by the Company, and (ii) the possibility that certain transactions in which the Company might seek to engage could constitute “prohibited transactions” under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, the Adviser and/or any other fiduciary that has engaged in the prohibited transaction could be required to (i) restore to the Benefit Plan Investor any profit realized on the transaction and (ii) reimburse the Benefit Plan Investor for any losses suffered by the Benefit Plan Investor as a result of the investment. In addition, each disqualified person (within the meaning of Section 4975 of the Code) involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%. The fiduciary of a benefit plan investor who decides to invest in the Company could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in the Company or as co-fiduciaries for actions taken by or on behalf of the Company or the Adviser. With respect to a benefit plan investor that is an individual retirement account (an “IRA”) that invests in the Company, the occurrence of a prohibited transaction involving the individual who established the IRA, or his or her beneficiaries, would cause the IRA to lose its tax-exempt status. In addition, to the extent that the Company represents and/or covenants to any contractual counterparty that (1) the assets of the Company are not assets of the Benefit Plan Investors that invest in the Company and/or (2) the transactions entered into between the Company and the Benefit Plan Investor that invest in the Company do not constitute “prohibited transactions” under ERISA and the Code, and the applicable representation is untrue and/or the applicable covenant is not met, additional liabilities may be incurred, including as a result of the unwinding of the applicable contract.

Accordingly, until such time, if any, as our Common Shares constitute “publicly traded securities” within the meaning of the Plan Asset Regulations, we have the power, among other things, to (a) reject, in whole or in part, the subscription of any prospective investor to the Company; (b) withhold consent to the transfer of Common Shares, including in circumstances where the Adviser determines necessary or desirable in order to facilitate compliance with ERISA or the Plan Asset Regulations; (c) restrict participation in the dividend reinvestment program such that Benefit Plan Investors are not permitted to participate, and (c) call Drawdown Purchases on a non-pro rata basis, and all Common Shares of the Company shall be subject to such terms and conditions.

Federal Income Tax Risks [Member]

General Risk Factors

•

Changes in laws or regulations governing our operations may adversely affect our business.

•

The effect of geopolitical conflicts and global climate change may impact us and our portfolio companies.

General Risk Factors

We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our Common Shares and our ability to pay dividends.

Our business is highly dependent on the communications and information systems of the Adviser, its affiliates and third parties. Further, in the ordinary course of our business we or the Adviser engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

•

sudden electrical or telecommunications outages;

•

natural disasters such as earthquakes, tornadoes and hurricanes;

•

disease pandemics;

•

events arising from local or larger scale political or social matters, including wars or terrorist acts;

•

outages due to idiosyncratic issues at specific providers; and

•

cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect our ability to pay dividends to our shareholders.

Changes in laws or regulations governing our operations may adversely affect our business.

We and our portfolio companies are subject to regulation by laws and regulations at the local, state, federal and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, may be changed from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws or regulations and any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In particular, changes to the laws and regulations governing BDCs or the interpretation of these laws and regulations by the staff of the SEC could disrupt our business model. For example, tax reform legislation could have an adverse impact on us, the credit markets and our portfolio companies, to the extent the reduction in corporate tax rates or limitations on interest expense deductibility impact the credit markets and our portfolio companies. Any changes to the laws and regulations governing our operations or the U.S. federal income tax treatment of our assets may cause us to alter our investment strategy to avail ourselves of new or different opportunities. For more information on tax regulatory risks, see “Risks Related to our Portfolio Company Investments.”

Over the last several years, there has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether these regulations will be implemented or what form they will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business.

The ongoing armed conflicts as a result of the Russian invasion of Ukraine and the war between Israel and Hamas may have a material adverse impact on us and our portfolio companies.

On February 22, 2022, the United States and several European nations announced sanctions against Russia in response to Russia’s actions. On February 24, 2022, Russian President Vladimir Putin commenced a full-scale invasion of Russia’s pre-positioned forces into Ukraine, which could have a negative impact on the economy and business activity globally (including in the countries in which the Company invests), and therefore could adversely affect the performance of the Company’s investments. The Russian invasion of Ukraine and the war between Israel and Hamas in the Middle East have led, are currently leading, and for an unknown period of time may continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby. Furthermore, the aforementioned conflicts and the varying involvement of the United States and other NATO countries could preclude prediction as to their ultimate adverse impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with

respect to the Company and the performance of its investments or operations, and the ability of the Company to achieve its investment objectives. Additionally, to the extent that third parties, investors, or related customer bases have material operations or assets in such conflict zones, they may have adverse consequences related to the ongoing conflict.

The effect of global climate change may adversely affect our business and impact the operations of our portfolio companies.

We and our portfolio companies face risks associated with climate change including risks related to the impact of climate-and ESG-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends, and risks stemming from the physical impacts of climate change.

New climate change-related regulations or interpretations of existing laws may result in enhanced disclosure obligations, which could negatively affect us or our portfolio companies and materially increase our regulatory burden. Increased regulations generally increase our costs, and we could continue to experience higher costs if new laws require us to spend more time or buy new technology to comply effectively. At the portfolio company level, while we have increasingly and substantially sought to invest in sectors that are inherently lower carbon intensity (e.g., business services) which decreases transition risk, there are still individual portfolio companies in these and other sectors that could face transition risk if carbon-related regulations or taxes are implemented. Further, advances in climate science may change society’s understanding of sources and magnitudes of negative effects on climate, which could negatively impact portfolio company financial performance and regulatory jeopardy. For our portfolio companies, business trends related to climate change may require capital expenditures, product or service redesigns, and changes to operations and supply chains to meet changing customer expectations. While this can create opportunities, not addressing these changed expectations could create business risks for portfolio companies.

Further, significant physical effects of climate change including extreme weather events such as hurricanes or floods, can also have an adverse impact on certain of our portfolio companies and investments, especially our portfolio companies that rely locations in the affected areas. As the effects of climate change increase, we expect the frequency and impact of weather and climate related events and conditions to increase as well. For example, unseasonal or violent weather events can have a material impact to businesses that focus on tourism or recreational travel. Additionally, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

Federal Income Tax Risks

We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements.

To obtain and maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

We may have difficulty paying our required distributions if we recognize income before or without receiving cash and representing such income.

For federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock, or we may engage in transactions, including debt modifications or exchanges, that require us to recognize income without the corresponding receipt of cash. We anticipate that a portion of our income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount and include such amounts in our taxable income in

the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

If we do not qualify as a “publicly offered regulated investment company,” as defined in the Code, a non-corporate shareholder will be taxed as though it received a distribution of some of our expenses.

A “publicly offered regulated investment company” or “publicly offered RIC” is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the 1933 Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we generally expect to qualify as a RIC, we anticipate that we will not qualify as a publicly offered RIC immediately after the commencement of the Private Offering, although we may qualify as a publicly offered RIC upon the completion of the Private Offering. If we are a RIC that is not a publicly offered RIC for any period, a non-corporate shareholder’s allocable portion of our affected expenses, including our Management Fees, will be treated as an additional distribution to the shareholder and will be treated as miscellaneous itemized deductions that are deductible only to the extent permitted by applicable law. Under current law, such expenses will not be deductible by any such shareholder for tax years that begin prior to January 1, 2026 and are deductible subject to limitation thereafter.

Some of our investments may be subject to corporate-level income tax.

We may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

Our portfolio investments may present special tax issues.

The Company expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Company. U.S. federal income tax rules are not entirely clear about issues such as when the Company may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Company, to the extent necessary, to preserve its status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

Legislative or regulatory tax changes could adversely affect investors.

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments.

Certain shareholders may be subject to U.S. dividend withholding tax on our distributions.

A shareholder will be subject to U.S. federal dividend withholding tax on our distributions unless a withholding tax exemption applies. A shareholder may also be subject to U.S. federal withholding tax if it does not comply with applicable U.S. tax requirements to certify its status for U.S. tax purposes. Amounts that are withheld, to the extent in excess of the shareholder’s U.S. federal income tax liability, can generally be recovered by filing a U.S. federal income tax return; however, the administrative burden and cost of filing such a U.S. federal income tax return may outweigh the benefit of recovering such amounts.

[1]	In order to compute the “Corresponding return to shareholder,” the “Assumed Return on Our Portfolio” is multiplied by the total value of our assets at December 31, 2023 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average annualized stated interest rate of 7.5% by the approximately $1,248.0 million of principal debt outstanding) is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of our net assets as of December 31, 2023 to determine the “Corresponding return to shareholder.”
[2]	The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2023. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2023.
[3]	Table may not sum due to rounding.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Increase (decrease) in additional paid in capital		$ (1,500)	$ (200)
Tax cost of investments	$ 810,241	3,047,224	$ 810,241
Estimated gross unrealized gains on tax cost investment	2,806	69,618
Estimated gross unrealized loss on tax cost investment	5,681	23,923
Net expense	$ 200	$ 1,500

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

6. Debt

Subscription Facility

On September 1, 2022 (the “Subscription Facility Closing Date”), the Company entered into a revolving credit agreement (the “Subscription Facility”) with Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), letter of credit issuer, lead arranger, as a lender and aggregate commitments under the facility were $400 million.

Pursuant to an amendment to the Subscription Facility dated as of December 21, 2022 (the “Subscription Facility First Amendment”), the aggregate commitments under the Subscription Facility were upsized to $700 million. Pursuant to lender joinder agreements dated January 18, 2023 and January 27, 2023, the aggregate commitments under the Subscription Facility were upsized to $800 million and $850 million, respectively. Pursuant to lender joinder agreements dated March 28, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.3 billion. Pursuant to a lender joinder agreement dated April 27, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.35 billion. Pursuant to a lender joinder agreement dated December 1, 2023 the aggregate commitments under the Subscription Facility were upsized to $1.5 billion (the “Maximum Commitment”).

The Subscription Facility will mature upon the earliest of: (i) August 30, 2024 (the “Subscription Facility Stated Maturity Date”); (ii) the date upon which the Administrative Agent declares the obligations under the Subscription Facility due and payable after the occurrence of an event of default; (iii) forty-five (45) days prior to the date on which the Company’s ability to call capital commitments for purposes of repaying the obligations under the Subscription Facility is terminated; and (iv) the date the Company terminates the commitments pursuant to the Subscription Facility. At the Company’s option, the Subscription Facility Stated Maturity Date may be extended by up to 364 days, subject to satisfaction of customary conditions.

Borrowings under the Subscription Facility bear interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) an adjusted Daily Simple SOFR rate plus 1.95%, (b) an adjusted Term SOFR rate for the applicable interest period plus 1.95% and (c) in the case of reference rate loans, 0.95% plus the greatest of (1) a prime rate, (2) the federal funds rate plus 0.50% and (3) the adjusted Daily Simple SOFR plus 1.00%, (ii) in the case of loans denominated in euros or other alternative currencies (other than sterling), the adjusted Eurocurrency Rate for the applicable interest period plus 1.95% or (iii) in the case of loans denominated in sterling, the adjusted SONIA rate plus 1.95%. SOFR loans are subject to a credit spread adjustment ranging from 0.10% to 0.25% and SONIA loans are subject to a credit spread adjustment of 0.0326%. Loans denominated in dollars may be converted from one rate applicable to dollar denominated loans to another at any time at our election, subject to certain conditions. The Company also will pay an unused commitment fee of 0.25% per annum on the unused commitments.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. As of December 31, 2023, the Company had outstanding debt denominated in British pounds (GBP) of 10.3 million, and Euros (EUR) of 13.4 million on its Subscription Facility, included in the outstanding principal amount in the table below. As of December 31, 2022 we had outstanding debt denominated in British pounds (GBP) of 10.3 million, and Euro (EUR) of 13.4 million on the Subscription Facility included in the Outstanding Principal amount in the table below.

The Subscription Facility also provides for the issuance of letters of credit up to an aggregate amount of 10% of the Maximum Commitment. As of December 31, 2023 and December 31, 2022, the Company had no outstanding letters of credit issued through the Subscription Facility. The amount available for borrowing under the Subscription Facility is reduced by any letters of credit issued through the Subscription Facility.

The Subscription Facility includes customary events of default, as well as customary covenants, including restrictions on certain distributions and financial covenants.

As of December 31, 2023, and December 31, 2022, the Company was in compliance with the terms of the Subscription Facility.

Revolving Credit Facility

On January 19, 2023 (the “Revolving Credit Facility Closing Date”), the Company entered into a senior secured revolving credit agreement (the “Revolving Credit Facility”) with Truist Bank, as administrative agent, JPMorgan Chase Bank, N.A., Royal Bank of Canada, State Street Bank and Trust Company and Wells Fargo Bank, N.A., as joint lead arrangers, and certain other lenders.

The aggregate commitments under the facility were $600 million and included an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the facility up to $1 billion. On February 28, 2023, the aggregate commitments under the facility were upsized to $700 million. On July 27, 2023, the aggregate commitments under the facility were

upsized to $725 million. The Revolving Credit Facility will mature on January 19, 2028 (the “Revolving Credit Facility Maturity Date”).

Subsequent to the year ended December 31, 2023, pursuant to an amendment to the Revolving Credit Facility dated February 8, 2024 (the “Revolving Credit Facility First Amendment”), the aggregate commitments under the Revolving Credit Facility were upsized to $1.0 billion and the stated maturity date was extended to February 8, 2029. The facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the facility to up to $1.75 billion.

Borrowings under the Revolving Credit Facility bear interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) adjusted Term SOFR plus 1.75% or 2.00%, based on certain borrowing base conditions and (b) an alternative base rate plus 1.75% or 2.00%, based on certain borrowing base conditions, (ii) in the case of loans denominated in other permitted currencies at the relevant rate specified plus 1.75% or 2.00%, based on certain borrowing base conditions, plus in the case of amounts denominated in certain other permitted currencies, an adjustment. We also will pay an unused commitment fee of 0.375% per annum on the unused commitments.

The Revolving Credit Facility is guaranteed by Sixth Street LP Holding II, LLC and SSLP Lending, LLC. The Revolving Credit Facility is secured by a perfected first-priority security interest in substantially all the portfolio investments held by us and each guarantor. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility includes customary events of default, as well as customary covenants, including restrictions on certain distributions and financial covenants. In accordance with the terms of the Revolving Credit Agreement, the financial covenants require:

•

an asset coverage ratio of no less than 1.5 to 1 on the last day of any fiscal quarter;

•

shareholders’ equity of at least $356 million plus 25% of the net proceeds of the sale of equity interests after January 19, 2023; and

•

minimum asset coverage ratio of no less than 2 to 1 with respect to (i) the consolidated assets of the Company and the subsidiary guarantors (including certain limitations on the contribution of equity in financing subsidiaries) to (ii) the secured debt of the Company and its subsidiary guarantors (the “Obligor Asset Coverage Ratio”). The Revolving Credit Facility also contains certain additional concentration limits in connection with the calculation of the borrowing base, based on the Obligor Asset Coverage Ratio.

The Revolving Credit Facility also contains certain additional concentration limits in connection with the calculation of the borrowing base, based on the Obligor Asset Coverage Ratio.

The Revolving Credit Facility also provides for the issuance of letters of credit up to an aggregate amount of $175 million. As of December 31, 2023, the Company had $5.5 million in outstanding letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued through the Revolving Credit Facility.

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of December 31, 2023 and 2022, the Company’s asset coverage was 245.6% and 201.6%, respectively.

Debt obligations consisted of the following as of December 31, 2023 and 2022:


	December 31, 2023
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	1,500,000	$	1,054,733	$	445,267	$	1,051,033
Revolving Credit Facility		725,000		193,282		526,218		188,829
Total Debt	$	2,225,000	$	1,248,015	$	971,485	$	1,239,862

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.

(2)

The carrying values of the Subscription Facility and Revolving Credit Facility are presented net deferred financing costs of $3.7 million and $4.5 million, respectively.


	December 31, 2022
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	700,000	$	537,991	$	162,009	$	534,080
Total Debt	$	700,000	$	537,991	$	162,009	$	534,080

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.

(2)

The carrying value of the Subscription Facility is presented net deferred financing costs of $3.9 million.

For the year ended December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022, the components of interest expense were as follows:


	For the year ended			From April 5, 2022 (Inception) through
	December 31, 2023			December 31, 2022
Interest expense	$	64,118		$	4,598
Commitment fees		3,022			175
Amortization of deferred financing costs		5,216			460
Total Interest Expense	$	72,356		$	5,233
Average debt outstanding (in millions)	$	876,874		$	219.4
Weighted average interest rate		7.3	%		6.3	%

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Summary of Shares Newly Issued to Shareholders Who Have Not Opted Out of Dividend Reinvestment Plan

Net Assets (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Pursuant to the Company’s dividend reinvestment plan, the following tables summarize the Common Shares issued to shareholders who have not opted out of the Company’s dividend reinvestment plan for the year ended December 31, 2023. All shares issued to shareholders in the tables below are newly issued shares. From April 5, 2022 (Inception) through December 31, 2022, no Common Shares were issued to shareholders who have not opted out of the Company’s dividend reinvestment plan.


	For the year ended
	December 31, 2023
			Date
Date Declared		Record Date	Shares Issued	Shares Issued
March 31, 2023		March 31, 2023	May 10, 2023		371,108
June 30, 2023		June 30, 2023	August 16, 2023		629,647
September 29, 2023		September 30, 2023	November 16, 2023		638,348
Total Common Shares Issued					1,639,103

Summary of Common Shares Issued and Proceeds Received

The following table summarizes the total Common Shares issued and proceeds received related to the Company’s initial capitalization and capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022:


Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
March 21, 2023		9,643,813	$	250,000
June 28, 2023		2,798,480		75,000
September 26, 2023		5,387,887		150,000
November 21, 2023		14,401,634		400,000
December 22, 2023		9,725,830		275,000
		41,957,644	$	1,150,000


Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
June 24, 2022		1,200	$	30
August 31, 2022		2,205,694		55,142
September 28, 2022		5,080,906		125,430
October 27, 2022		7,598,252		187,262
December 13, 2022		3,998,385		100,000
December 28, 2022		2,997,591		75,000
		21,882,028	$	542,864

Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Percentage of organization and offering expenses		0.10%
Organization and offering expenses		$ 0
Minimum percentage of investment company taxable income distribute to stockholders in each taxable year to qualify as RIC		90.00%
Unrecognized tax benefits		$ 0
Nondeductible U.S. federal excise tax percentage		4.00%
Income tax expense, net	$ 220,000	$ 1,500,000
Net expense for U.S. federal excise tax and other taxes	$ 200,000	$ 1,500,000
Maximum
Significant Accounting Policies [Line Items]
Organization and offering expenses			$ 100,000

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Schedule of Debt Obligations

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings per share

The following table sets forth the computation of basic and diluted earnings per common share:


	For the year ended		From April 5, 2022 (Inception) through
	December 31, 2023		December 31, 2022
Earnings per common share—basic and diluted
Increase (decrease) in net assets resulting from operations	$	183,989	$	3,847
Weighted average shares of Common Shares outstanding—basic and diluted		34,746,777		7,034,869
Earnings (losses) per common share—basic and diluted	$	5.30	$	0.55

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt obligations consisted of the following as of December 31, 2023 and 2022:


	December 31, 2023
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	1,500,000	$	1,054,733	$	445,267	$	1,051,033
Revolving Credit Facility		725,000		193,282		526,218		188,829
Total Debt	$	2,225,000	$	1,248,015	$	971,485	$	1,239,862

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.

(2)

The carrying values of the Subscription Facility and Revolving Credit Facility are presented net deferred financing costs of $3.7 million and $4.5 million, respectively.


	December 31, 2022
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	700,000	$	537,991	$	162,009	$	534,080
Total Debt	$	700,000	$	537,991	$	162,009	$	534,080

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.

(2)

The carrying value of the Subscription Facility is presented net deferred financing costs of $3.9 million.

Schedule of Components of Interest Expense

For the year ended December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022, the components of interest expense were as follows:


	For the year ended			From April 5, 2022 (Inception) through
	December 31, 2023			December 31, 2022
Interest expense	$	64,118		$	4,598
Commitment fees		3,022			175
Amortization of deferred financing costs		5,216			460
Total Interest Expense	$	72,356		$	5,233
Average debt outstanding (in millions)	$	876,874		$	219.4
Weighted average interest rate		7.3	%		6.3	%

Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Quarterly Financial Information Disclosure [Abstract]
Expenses excluded from net investment income	$ (943)

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events, except as already disclosed, that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the period ended December 31, 2023.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments; such commitments are incorporated into the Company’s assessment of its liquidity position. The Company’s senior secured revolving loan commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the applicable loan. The Company’s senior secured delayed draw term loan commitments are generally available on a borrower’s demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

As of December 31, 2023 and 2022, the Company had the following commitments to fund investments in current portfolio companies:


	December 31, 2023		December 31, 2022
Alaska Bidco Oy - Delayed Draw & Revolver	$	231	$	—
Arrow Buyer, Inc. - Delayed Draw		28,125		—
Artisan Bidco, Inc - Revolver		21,283		—
Avalara, Inc. - Revolver		13,636		13,636
Banyan Software Holdings, LLC - Delayed Draw		20,073		—
BCTO Bluebill Buyer, Inc. - Delayed Draw		1,325		—
BTRS Holdings, Inc. - Delayed Draw & Revolver		16,689		25,915
Coupa Holdings, LLC - Delayed Draw & Revolver		20,427		—
Crewline Buyer, Inc. - Revolver & Partnership Interest		20,809		—
Disco Parent, Inc. - Revolver		5,776		—
Edge Bidco B.V. - Delayed Draw & Revolver		1,060		—
Erling Lux Bidco SARL - Delayed Draw & Revolver		3,184		5,618
Fullsteam Operations, LLC - Delayed Draw & Revolver		31,239		—
Galileo Parent, Inc. - Revolver		15,817		—
Hirevue, Inc. - Revolver		14,113		—
Hornetsecurity Holding GmbH - Delayed Draw & Revolver		2,113		2,041
Kangaroo Bidco AS - Delayed Draw		53,817		—
Laramie Energy, LLC - Delayed Draw		27,439		—
OutSystems Luxco SARL - Delayed Draw		2,212		2,137
Ping Identity Holding Corp. - Revolver		13,636		13,636
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver		6,255	—
Skylark UK DebtCo - Delayed Draw		28,192	—
SL Buyer Corp - Delayed Draw		1,475	—
Wrangler TopCo, LLC - Revolver		9,576	—
Total Portfolio Company Commitments (1)(2)	$	358,502	$	62,983

(1)

(2)

The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

Other Commitments and Contingencies

As of December 31, 2022 the Company did not have any unfunded commitments to fund investments to new borrowers that were not current portfolio companies as of such date.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2023 and 2022, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Investments at Fair Value - Summary of Geographic Composition of Investments at Fair Value (Parenthetical) (Details)

Dec. 31, 2023

Dec. 31, 2022

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

100.00%

Finland

Schedule Of Available For Sale Securities [Line Items]

^[1]

0.00%

Finland | Maximum

0.10%

[1]	Value rounds to less than 0.1%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Investment, Identifier [Axis]: Debt Investments

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Percentage of non-qualifying assets		23.00%	2.30%
Percentage of minimum qualifying assets to purchase non qualifying assets		70.00%	70.00%
Minimum percentage of voting securities		5.00%	5.00%
Estimated cost basis of investments for U.S. federal tax purposes	$ 810,241	$ 3,047,224	$ 810,241
Estimated gross unrealized gains on tax cost investment	2,806	69,618
Estimated gross unrealized loss on tax cost investment	5,681	23,923
Fair value of securities as percentage of net assets amount	$ 7,806	$ 54,845	$ 7,806
Fair value of securities as percentage of net assets in percentage	1.40%	3.00%	1.40%
Principal amount outstanding and accrued interest		$ 21,500
U.S. Federal Tax
Estimated cost basis of investments for U.S. federal tax purposes	$ 810,241	3,047,224	$ 810,241
Estimated gross unrealized gains on tax cost investment		69,618	2,806
Estimated gross unrealized loss on tax cost investment		$ 23,923	$ 5,681
Controlled, Affiliated Investments
Minimum percentage of voting securities		25.00%	25.00%

Consolidated Schedule of Investments
€ in Thousands, £ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

EUR (€)

Dec. 31, 2022

EUR (€)

Dec. 31, 2023

GBP (£)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

GBP (£)

Dec. 31, 2022

USD ($)

$ 2,975,175

^{[1],[2],[3],[4]}

$ 801,223

^{[5],[6],[7],[8]}

$ 3,036,500

^[2],[4],[9]

$ 800,995

^[6],[8],[10]

Investment, Identifier [Axis]: Debt Investments Automotive Bestpass, Inc. First-lien loan ($59,950 par, due 5/2029) Initial Acquisition Date 5/26/2023 Reference Rate and Spread SOFR +5.75% Interest Rate 11.11%

167.20%

^[2],[4]

146.40%

^[6],[8]

167.20%

^[2],[4]

167.20%

^[2],[4]

146.40%

^[6],[8]

146.40%

^[6],[8]

^{[2],[4],[11],[12]}

$ 59,950

^{[2],[4],[11],[12]}

2029-05

^{[2],[4],[11],[12]}

May 26, 2023

^{[2],[4],[11],[12]}

5.75%

^{[2],[4],[11],[12]}

11.11%

^{[1],[2],[3],[4],[11],[12]}

$ 57,781

^{[2],[4],[9],[11],[12]}

$ 59,201

Investment, Identifier [Axis]: Debt Investments Business Service BCTO Ignition Purchaser, Inc. First-lien holdco loan ($106,450 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 9.00% Interest Rate 14.40% PIK

^{[2],[4],[11],[12]}

3.30%

^[2],[4],[12]

$ 106,450

^[2],[4],[12]

2030-10

^[2],[4],[12]

Apr. 18, 2023

^[2],[4],[12]

9.00%

Interest Rate, PIK

^[2],[4],[12]

14.40%

^{[1],[2],[3],[4],[12]}

$ 103,719

^{[2],[4],[9],[12]}

$ 105,918

Investment, Identifier [Axis]: Debt Investments Business Service Galileo Parent, Inc. First-lien loan ($151,064 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.25% Interest Rate 12.60%

^[2],[4],[12]

5.90%

^[2],[4],[12]

$ 151,064

^[2],[4],[12]

2030-05

^[2],[4],[12]

May 03, 2023

^[2],[4],[12]

7.25%

^[2],[4],[12]

12.60%

^{[1],[2],[3],[4],[12]}

$ 146,963

^{[2],[4],[9],[12]}

$ 148,798

Investment, Identifier [Axis]: Debt Investments Business Service Galileo Parent, Inc. First-lien revolving loan ($7,740 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.25% Interest Rate 12.60 %

^[2],[4],[12]

8.20%

^[2],[4],[12]

$ 7,740

^[2],[4],[12]

2029-05

^[2],[4],[12]

May 03, 2023

^[2],[4]

7.25%

^[2],[4],[12]

12.60%

^{[1],[2],[3],[4],[12]}

$ 7,112

^{[2],[4],[9],[12]}

$ 7,387

Investment, Identifier [Axis]: Debt Investments Business Service Wrangler TopCo, LLC First-lien loan ($93,847 par, due 7/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.88%

^[2],[4],[12]

0.40%

^[2],[4],[12]

$ 93,847

^[2],[4],[12]

2029-07

^[2],[4],[12]

Jul. 07, 2023

^[2],[4],[12]

7.50%

^[2],[4],[12]

12.88%

^{[1],[2],[3],[4],[12]}

$ 91,386

^{[2],[4],[9],[12]}

$ 93,072

Investment, Identifier [Axis]: Debt Investments Business Services

^[2],[4],[12]

5.10%

$ 750,042

^[1],[3]

$ 6,199

^{[5],[6],[7],[8]}

$ 761,855

^[9]

$ 6,325

^[6],[8],[10]

Investment, Identifier [Axis]: Debt Investments Business Services Artisan Bidco, Inc. First-lien loan ($141,889 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 12.38 %

42.10%

1.20%

^[6],[8]

42.10%

1.20%

^[6],[8]

1.20%

^[6],[8]

^[2],[4],[12]

$ 141,889

^[2],[4],[12]

2029-11

^[2],[4],[12]

Nov. 07, 2023

^[2],[4],[12]

7.00%

^[2],[4],[12]

12.38%

^{[1],[2],[3],[4],[12]}

$ 138,686

^{[2],[4],[9],[12]}

$ 139,850

Investment, Identifier [Axis]: Debt Investments Business Services Artisan Bidco, Inc. First-lien loan (EUR 66,029 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.96 %

^[2],[4],[12]

7.70%

^[2],[4],[12]

€ 66,029

^[2],[4],[12]

2029-11

^[2],[4],[12]

Nov. 07, 2023

^[2],[4],[12]

7.00%

^[2],[4],[12]

10.96%

^{[1],[2],[3],[4],[12]}

$ 69,552

^{[2],[4],[9],[12]}

€ 65,203

$ 72,027

Investment, Identifier [Axis]: Debt Investments Business Services Crewline Buyer, Inc. First-lien loan ($190,620 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 12.10 %

^[2],[4],[12]

4.00%

^[2],[4]

$ 190,636

^[2],[4]

2030-11

^[2],[4]

Nov. 08, 2023

^[2],[4]

6.75%

^[2],[4]

12.10%

^{[1],[2],[3],[4]}

$ 185,410

^[2],[4],[9]

$ 186,952

Investment, Identifier [Axis]: Debt Investments Business Services Hornetsecurity Holding GmbH First-lien loan (EUR 3,150 par, due 11/2029) Initial Acquisition Date 11/14/2022 Reference Rate and Spread E + 6.50% Interest Rate 10.50 %

^[2],[4]

10.30%

^{[2],[4],[12],[13]}

€ 3,150

^{[2],[4],[12],[13]}

2029-11

^{[2],[4],[12],[13]}

Nov. 14, 2022

^{[2],[4],[12],[13]}

6.50%

^{[2],[4],[12],[13]}

10.50%

^{[1],[2],[3],[4],[12],[13]}

$ 3,158

^{[2],[4],[9],[12],[13]}

€ 3,201

$ 3,536

Investment, Identifier [Axis]: Debt Investments Business Services Hornetsecurity Holding GmbH First-lien loan (EUR 3,362 par, due 11/2029) Initial Acquisition Date 11/14/2022 Reference Rate and Spread E + 6.50% Interest Rate 8.26 %

^{[2],[4],[12],[13]}

0.20%

^{[6],[8],[14],[15]}

€ 3,362

^{[6],[8],[14],[15]}

2029-11

^{[6],[8],[14],[15]}

Nov. 14, 2022

^{[6],[8],[14],[15]}

6.50%

^{[6],[8],[14],[15]}

8.26%

^{[5],[6],[7],[8],[14],[15]}

$ 3,139

^{[6],[8],[10],[14],[15]}

€ 3,011

$ 3,213

Investment, Identifier [Axis]: Debt Investments Business Services OutSystems Luxco SARL First-lien loan (EUR 3,004 par, due 12/2028) Initial Acquisition Date 12/8/2022 Reference Rate and Spread E + 5.75% Interest Rate 9.59 %

^{[6],[8],[14],[15]}

0.60%

^{[2],[4],[11],[12],[13]}

€ 3,004

^{[2],[4],[11],[12],[13]}

2028-12

^{[2],[4],[11],[12],[13]}

Dec. 08, 2022

^{[2],[4],[11],[12],[13]}

5.75%

^{[2],[4],[11],[12],[13]}

9.59%

^{[1],[2],[3],[4],[11],[12],[13]}

$ 3,094

^{[2],[4],[9],[11],[12],[13]}

€ 3,016

$ 3,332

Investment, Identifier [Axis]: Debt Investments Business Services OutSystems Luxco SARL First-lien loan (EUR 3,206 par, due 12/2028) Initial Acquisition Date 12/8/2022 Reference Rate and Spread E + 5.75% Interest Rate 7.74 %

^{[2],[4],[11],[12],[13]}

0.20%

^{[6],[8],[14],[15],[16]}

€ 3,206

^{[6],[8],[14],[15],[16]}

2028-12

^{[6],[8],[14],[15],[16]}

Dec. 08, 2022

^{[6],[8],[14],[15],[16]}

5.75%

^{[6],[8],[14],[15],[16]}

7.74%

^{[5],[6],[7],[8],[14],[15],[16]}

$ 3,060

^{[6],[8],[10],[14],[15],[16]}

€ 2,916

$ 3,112

Investment, Identifier [Axis]: Debt Investments Business Services Price Fx Inc. First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.94%

^{[6],[8],[14],[15],[16]}

0.60%

^{[2],[4],[12],[13]}

€ 910

^{[2],[4],[12],[13]}

2029-10

^{[2],[4],[12],[13]}

Oct. 27, 2023

^{[2],[4],[12],[13]}

7.00%

^{[2],[4],[12],[13]}

10.94%

^{[1],[2],[3],[4],[12],[13]}

$ 962

^{[2],[4],[9],[12],[13]}

€ 890

$ 983

Investment, Identifier [Axis]: Debt Investments Chemicals

^{[2],[4],[12],[13]}

0.10%

$ 21,245

^{[1],[2],[3],[4]}

$ 18,152

^{[5],[6],[7],[8]}

$ 24,193

^[2],[4],[9]

$ 19,248

^[6],[8],[10]

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 6.75% Interest Rate 10.70%

1.30%

^[2],[4]

3.30%

^[6],[8]

1.30%

^[2],[4]

1.30%

^[2],[4]

3.30%

^[6],[8]

3.30%

^[6],[8]

^{[2],[4],[12],[13]}

€ 7,239

^{[2],[4],[12],[13]}

2028-09

^{[2],[4],[12],[13]}

Sep. 06, 2022

^{[2],[4],[12],[13]}

6.75%

^{[2],[4],[12],[13]}

10.70%

^{[1],[2],[3],[4],[12],[13]}

$ 6,965

^{[2],[4],[9],[12],[13]}

€ 7,290

$ 8,053

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 7,726 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 6.75% Interest Rate 8.73 %

^{[2],[4],[12],[13]}

0.40%

^{[6],[8],[14],[15]}

€ 7,726

^{[6],[8],[14],[15]}

2028-09

^{[6],[8],[14],[15]}

Sep. 06, 2022

^{[6],[8],[14],[15]}

6.75%

^{[6],[8],[14],[15]}

8.73%

^{[5],[6],[7],[8],[14],[15]}

$ 6,907

^{[6],[8],[10],[14],[15]}

€ 6,864

$ 7,326

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (GBP 12,287 par, due 9/2028) Acquisition Date 9/6/2022 Reference Rate and Spread S + 6.75% Interest Rate 11.98 %

^{[6],[8],[14],[15]}

1.30%

^{[2],[4],[12],[13]}

£ 12,287

^{[2],[4],[12],[13]}

2028-09

^{[2],[4],[12],[13]}

Sep. 06, 2022

^{[2],[4],[12],[13]}

6.75%

^{[2],[4],[12],[13]}

11.98%

^{[1],[2],[3],[4],[12],[13]}

$ 13,880

^{[2],[4],[9],[12],[13]}

£ 12,349

$ 15,741

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL First-lien revolving loan (GBP 312 par, due 9/2028) Acquisition Date 9/6/2022 Reference Rate and Spread S + 6.75% Interest Rate 11.98 %

^{[2],[4],[12],[13]}

0.90%

^{[2],[4],[12],[13]}

£ 312

^{[2],[4],[12],[13]}

2028-09

^{[2],[4],[12],[13]}

Sep. 06, 2022

^{[2],[4],[12],[13]}

6.75%

^{[2],[4],[12],[13]}

11.98%

^{[1],[2],[3],[4],[12],[13]}

$ 400

^{[2],[4],[9],[12],[13]}

£ 313

$ 399

Investment, Identifier [Axis]: Debt Investments Chemicals First-lien loan (GBP 12,291 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 6.75% Interest Rate 10.20 %

^{[2],[4],[12],[13]}

0.00%

^{[6],[8],[14],[15]}

£ 12,291

^{[6],[8],[14],[15]}

2028-09

^{[6],[8],[14],[15]}

Sep. 06, 2022

^{[6],[8],[14],[15]}

6.75%

^{[6],[8],[14],[15]}

10.20%

^{[5],[6],[7],[8],[14],[15]}

$ 11,245

^{[6],[8],[10],[14],[15]}

£ 9,911

$ 11,922

Investment, Identifier [Axis]: Debt Investments Communications Banyan Software Holdings, LLC First-lien loan ($59,477 par, due 10/2026) Acquisition Date 1/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 12.71 %

^{[6],[8],[14],[15]}

2.10%

^{[2],[4],[12],[13]}

$ 59,477

^{[2],[4],[12],[13]}

2026-10

^{[2],[4],[12],[13]}

Jan. 27, 2023

^{[2],[4],[12],[13]}

7.35%

^{[2],[4],[12],[13]}

12.71%

^{[1],[2],[3],[4],[12],[13]}

$ 57,589

^{[2],[4],[9],[12],[13]}

$ 59,477

Investment, Identifier [Axis]: Debt Investments Education Kangaroo Bidco AS First-lien loan ($146,183 par, due 11/2030) Acquisition Date 11/2/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.94 %

^{[2],[4],[12],[13]}

3.30%

^{[2],[4],[12],[13]}

$ 146,183

^{[2],[4],[12],[13]}

2030-11

^{[2],[4],[12],[13]}

Nov. 02, 2023

^{[2],[4],[12],[13]}

7.50%

^{[2],[4],[12],[13]}

12.94%

^{[1],[2],[3],[4],[12],[13]}

$ 140,690

^{[2],[4],[9],[12],[13]}

$ 141,682

Investment, Identifier [Axis]: Debt Investments Financial Services

^{[2],[4],[12],[13]}

7.80%

$ 538,167

^{[1],[2],[3],[4]}

$ 263,793

^{[5],[6],[7],[8]}

$ 551,258

^[2],[4],[9]

$ 262,154

^[6],[8],[10]

Investment, Identifier [Axis]: Debt Investments Financial Services Alaska Bidco Oy First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 6.25% Interest Rate 10.39 %

30.30%

^[2],[4]

47.90%

^[6],[8]

30.30%

^[2],[4]

30.30%

^[2],[4]

47.90%

^[6],[8]

47.90%

^[6],[8]

^{[2],[4],[12],[13]}

€ 727

^{[2],[4],[12],[13]}

2030-05

^{[2],[4],[12],[13]}

May 30, 2023

^{[2],[4],[12],[13]}

6.25%

^{[2],[4],[12],[13]}

10.39%

^{[1],[2],[3],[4],[12],[13]}

$ 755

^{[2],[4],[9],[12],[13]}

€ 720

$ 796

Investment, Identifier [Axis]: Debt Investments Financial Services BCTO Bluebill Buyer, Inc. First-lien loan ($7,425 par, due 7/2029) Initial Acquisition Date 7/20/2023 Reference Rate and Spread SOFR + 7.25% Interest Rate 12.60 %

^{[2],[4],[12],[13]}

0.00%

^{[2],[4],[11],[12]}

$ 7,425

^{[2],[4],[11],[12]}

2029-07

^{[2],[4],[11],[12]}

Jul. 20, 2023

^{[2],[4],[11],[12]}

7.25%

^{[2],[4],[11],[12]}

12.60%

^{[1],[2],[3],[4],[11],[12]}

$ 7,164

^{[2],[4],[9],[11],[12]}

$ 7,258

Investment, Identifier [Axis]: Debt Investments Financial Services BTRS Holdings, Inc. First-lien loan ($135,540 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 8.00% Interest Rate 12.50 %

^{[2],[4],[11],[12]}

0.40%

^[6],[8],[14]

$ 135,540

^[6],[8],[14]

2028-12

^[6],[8],[14]

Dec. 16, 2022

^[6],[8],[14]

8.00%

^[6],[8],[14]

12.50%

^{[5],[6],[7],[8],[14]}

$ 131,066

^{[6],[8],[10],[14]}

$ 130,290

Investment, Identifier [Axis]: Debt Investments Financial Services BTRS Holdings, Inc. First-lien loan ($141,152 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 8.00% Interest Rate 13.38 %

^[6],[8],[14]

23.80%

^[2],[4],[12]

$ 141,152

^[2],[4],[12]

2028-12

^[2],[4],[12]

Dec. 16, 2022

^[2],[4],[12]

8.00%

^[2],[4],[12]

13.38%

^{[1],[2],[3],[4],[12]}

$ 137,646

^{[2],[4],[9],[12]}

$ 141,505

Investment, Identifier [Axis]: Debt Investments Financial Services BTRS Holdings, Inc. First-lien revolving loan ($3,614 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 8.00% Interest Rate 12.63 %

^[2],[4],[12]

7.80%

^[2],[4],[12]

$ 3,614

^[2],[4],[12]

2028-12

^[2],[4],[12]

Dec. 16, 2022

^[2],[4]

8.00%

^[2],[4],[12]

12.63%

^{[1],[2],[3],[4],[12]}

$ 3,256

^{[2],[4],[9],[12]}

$ 3,651

Investment, Identifier [Axis]: Debt Investments Financial Services CLGF HoldCo 2, LLC First-lien loan ($97,902 par, due 11/2027) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 13.85 %

^[2],[4],[12]

0.20%

^{[2],[4],[12],[13]}

$ 97,902

^{[2],[4],[12],[13]}

2027-11

^{[2],[4],[12],[13]}

Nov. 07, 2023

^{[2],[4],[12],[13]}

8.50%

^{[2],[4],[12],[13]}

13.85%

^{[1],[2],[3],[4],[12],[13]}

$ 96,132

^{[2],[4],[9],[12],[13]}

$ 96,678

Investment, Identifier [Axis]: Debt Investments Financial Services CLGF HoldCo 2, LLC Second-lien loan ($83,916 par, due 11/2028) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 12.00% Interest Rate 17.35%

^{[2],[4],[12],[13]}

5.30%

^{[2],[4],[12],[13]}

$ 83,916

^{[2],[4],[12],[13]}

2028-11

^{[2],[4],[12],[13]}

Nov. 07, 2023

^[2],[4]

12.00%

^{[2],[4],[12],[13]}

17.35%

^{[1],[2],[3],[4],[12],[13]}

$ 77,895

^{[2],[4],[9],[12],[13]}

$ 79,091

Investment, Identifier [Axis]: Debt Investments Financial Services Fullsteam Operations LLC First-lien loan ($82,397 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.25% Interest Rate 13.78 %

^{[2],[4],[12],[13]}

4.40%

^[2],[4]

$ 82,397

^[2],[4]

2029-11

^[2],[4]

Nov. 27, 2023

^[2],[4]

8.25%

^[2],[4]

13.78%

^{[1],[2],[3],[4]}

$ 79,471

^[2],[4],[9]

$ 80,692

Investment, Identifier [Axis]: Debt Investments Financial Services Ping Identity Holding Corp. First-lien loan ($136,364 par, due 10/2029) Initial Acquisition Date 10/17/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.32 %

^[2],[4]

4.40%

^[6],[8],[14]

$ 136,364

^[6],[8],[14]

2029-10

^[6],[8],[14]

Oct. 17, 2022

^[6],[8],[14]

7.00%

^[6],[8],[14]

11.32%

^{[5],[6],[7],[8],[14]}

$ 132,727

^{[6],[8],[10],[14]}

$ 131,864

^[6],[8],[14]

24.10%

^[2],[4],[12]

$ 136,364

^[2],[4],[12]

2029-10

^[2],[4],[12]

Oct. 17, 2022

^[2],[4],[13]

7.00%

^[2],[4],[12]

12.36%

^{[1],[2],[3],[4],[12]}

$ 133,270

^{[2],[4],[9],[12]}

$ 138,989

Investment, Identifier [Axis]: Debt Investments Financial Services Volante Technologies, Inc. First-lien loan ($2, 604 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate 16.50% Interest Rate 16.50 % PIK

^[2],[4],[12]

7.70%

^[2],[4]

$ 2,604

^[2],[4]

2028-09

^[2],[4]

Sep. 29, 2023

^[2],[4]

16.50%

^[2],[4]

16.50%

^{[1],[2],[3],[4]}

$ 2,578

^[2],[4],[9]

$ 2,598

Investment, Identifier [Axis]: Debt Investments Healthcare

^[2],[4]

0.10%

^{[1],[2],[3],[4]}

$ 102,761

^[2],[4],[9]

$ 105,839

Investment, Identifier [Axis]: Debt Investments Healthcare Edge Bidco B.V First-lien loan (EUR 3, 850 par, due 2/2029) Acquisition Date 2/24/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.93% (incl. 3.25% PIK)

^[2],[4]

5.80%

^{[2],[4],[11],[12],[13]}

€ 3,850

^{[2],[4],[11],[12],[13]}

2029-02

^{[2],[4],[11],[12],[13]}

Feb. 24, 2023

^{[2],[4],[11],[12],[13]}

7.00%

^{[2],[4],[11],[12],[13]}

10.93%

Interest Rate, PIK

^{[2],[4],[11],[12],[13]}

3.25%

^{[1],[2],[3],[4],[11],[12],[13]}

$ 3,951

^{[2],[4],[9],[11],[12],[13]}

€ 3,862

$ 4,266

Investment, Identifier [Axis]: Debt Investments Healthcare Raptor US Buyer II Corp. First-lien loan ($98,606 par, due 3/2029) Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 12.10 %

^{[2],[4],[11],[12],[13]}

0.20%

^[2],[4],[12]

$ 98,606

^[2],[4],[12]

2029-03

^[2],[4],[12]

Mar. 24, 2023

^[2],[4],[12]

6.75%

^[2],[4],[12]

12.10%

^{[1],[2],[3],[4],[12]}

$ 95,435

^{[2],[4],[9],[12]}

$ 98,113

Investment, Identifier [Axis]: Debt Investments Healthcare SL Buyer Corp. First-lien loan ($3,525 par, due 7/2029) Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 12.36 %

^[2],[4],[12]

5.40%

^{[2],[4],[11],[12]}

$ 3,525

^{[2],[4],[11],[12]}

2029-07

^{[2],[4],[11],[12]}

Jul. 07, 2023

^{[2],[4],[11],[12]}

7.00%

^{[2],[4],[11],[12]}

12.36%

^{[1],[2],[3],[4],[11],[12]}

$ 3,375

^{[2],[4],[9],[11],[12]}

$ 3,460

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services

^{[2],[4],[11],[12]}

0.20%

^{[1],[2],[3],[4]}

$ 247,279

^[2],[4],[9]

$ 255,085

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($142,394 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.63% Interest Rate 10.81 %

^[2],[4]

14.00%

^{[6],[8],[14],[16]}

$ 142,394

^{[6],[8],[14],[16]}

2028-11

^{[6],[8],[14],[16]}

Nov. 07, 2022

^{[6],[8],[14],[16]}

6.63%

^{[6],[8],[14],[16]}

10.81%

^{[5],[6],[7],[8],[14],[16]}

$ 138,019

^{[6],[8],[10],[14],[16]}

$ 138,477

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($40,970 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.63% Interest Rate 12.03 %

^{[6],[8],[14],[16]}

25.30%

^{[2],[4],[11],[12]}

$ 140,970

^{[2],[4],[11],[12]}

2028-11

^{[2],[4],[11],[12]}

Nov. 07, 2022

^{[2],[4],[11],[12]}

6.63%

^{[2],[4],[11],[12]}

12.03%

^{[1],[2],[3],[4],[11],[12]}

$ 137,195

^{[2],[4],[9],[11],[12]}

$ 142,379

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($110,887 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.25% Interest Rate 12.63 %

^{[2],[4],[11],[12]}

7.80%

^[2],[4],[12]

$ 110,887

^[2],[4],[12]

2029-05

^[2],[4],[12]

May 03, 2023

^[2],[4],[12]

7.25%

^[2],[4],[12]

12.63%

^{[1],[2],[3],[4],[12]}

$ 107,645

^{[2],[4],[9],[12]}

$ 110,262

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services MadCap Software, Inc. First-lien loan ($2,500 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 11.46 %

^[2],[4],[12]

6.10%

^{[2],[4],[11],[12]}

$ 2,500

^{[2],[4],[11],[12]}

2026-12

^{[2],[4],[11],[12]}

Dec. 15, 2023

^{[2],[4],[11],[12]}

6.10%

^{[2],[4],[11],[12]}

11.46%

^{[1],[2],[3],[4],[11],[12]}

$ 2,439

^{[2],[4],[9],[11],[12]}

$ 2,444

Investment, Identifier [Axis]: Debt Investments Insurance Disco Parent, Inc First-lien loan ($57,756 par, due 3/2029) Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.89 %

^{[2],[4],[11],[12]}

0.10%

^[2],[4],[12]

$ 57,756

^[2],[4],[12]

2029-03

^[2],[4],[12]

Mar. 30, 2023

^[2],[4],[12]

7.50%

^[2],[4],[12]

12.89%

^{[1],[2],[3],[4],[12]}

$ 56,368

^{[2],[4],[9],[12]}

$ 57,597

Investment, Identifier [Axis]: Debt Investments Internet Services

^[2],[4],[12]

3.20%

^{[1],[2],[3],[4]}

$ 250,523

^[2],[4],[9]

$ 256,782

Investment, Identifier [Axis]: Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($121,875 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 6.5% Interest Rate 11.85 %

^[2],[4]

14.10%

^[2],[4],[12]

$ 121,875

^[2],[4],[12]

2030-07

^[2],[4],[12]

Jun. 30, 2023

^[2],[4],[12]

6.50%

^[2],[4],[12]

11.85%

^{[1],[2],[3],[4],[12]}

$ 118,648

^{[2],[4],[9],[12]}

$ 120,750

Investment, Identifier [Axis]: Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($129,573 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 7.5% Interest Rate 12.86 %

^[2],[4],[12]

6.60%

^[2],[4],[12]

$ 129,573

^[2],[4],[12]

2030-02

^[2],[4],[12]

Feb. 27, 2023

^[2],[4],[12]

7.50%

^[2],[4],[12]

12.86%

^{[1],[2],[3],[4],[12]}

$ 126,405

^{[2],[4],[9],[12]}

$ 130,323

Investment, Identifier [Axis]: Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($5,667 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.07 %

^[2],[4],[12]

7.20%

^{[6],[8],[14],[16]}

$ 5,667

^{[6],[8],[14],[16]}

2028-10

^{[6],[8],[14],[16]}

Oct. 31, 2022

^{[6],[8],[14],[16]}

6.75%

^{[6],[8],[14],[16]}

11.07%

^{[5],[6],[7],[8],[14],[16]}

$ 5,424

^{[6],[8],[10],[14],[16]}

$ 5,426

^{[6],[8],[14],[16]}

1.00%

^{[2],[4],[11],[12]}

$ 5,667

^{[2],[4],[11],[12]}

2028-10

^{[2],[4],[11],[12]}

Oct. 31, 2022

^{[2],[4],[11],[12]}

6.75%

^{[2],[4],[11],[12]}

12.11%

^{[1],[2],[3],[4],[11],[12]}

$ 5,470

^{[2],[4],[9],[11],[12]}

$ 5,709

Investment, Identifier [Axis]: Debt Investments Manufacturing

^{[2],[4],[11],[12]}

0.30%

^{[1],[2],[3],[4]}

$ 299,460

^[2],[4],[9]

$ 306,032

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($1,130 par, due 12/2025) Initial Acquisition Date 8/25/2023 Reference Rate and Spread SOFR + 3.90% Interest Rate 9.25 %

^[2],[4]

16.80%

^{[2],[4],[12],[17]}

$ (1,130)

^{[2],[4],[12],[17]}

2025-12

^[2],[4],[17]

Aug. 25, 2023

^[2],[4],[17]

3.90%

^[2],[4],[17]

9.25%

^{[1],[2],[3],[4],[17]}

$ 1,055

^{[2],[4],[9],[17]}

$ 1,051

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan (EUR 1,023 par, due 12/2025) Acquisition Date 9/14/2023 Reference Rate and Spread E + 3.75% Interest Rate 7.68 %

^[2],[4],[17]

0.10%

^{[2],[4],[12],[17]}

€ 1,023

^{[2],[4],[12],[17]}

2025-12

^[2],[4],[17]

Sep. 14, 2023

^[2],[4],[17]

3.75%

^[2],[4],[17]

7.68%

^{[1],[2],[3],[4],[17]}

$ 997

^{[2],[4],[9],[17]}

€ 932

$ 1,030

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Secured notes ($91 par, due 9/2028) Initial Acquisition Date 12/19/2023 Reference Rate 5.25% Interest Rate 5.25 %

^[2],[4],[17]

0.10%

^[2],[4],[17]

$ 91

^[2],[4],[17]

2028-09

^[2],[4],[17]

Dec. 19, 2023

^[2],[4],[17]

5.25%

^[2],[4],[17]

5.25%

^{[1],[2],[3],[4],[17]}

$ 62

^{[2],[4],[9],[17]}

$ 66

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Unsecured notes ($1,059 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate 7.50% Interest Rate 7.50 %

^[2],[4],[17]

0.00%

^[2],[4],[17]

$ 1,059

^[2],[4],[17]

2029-09

^[2],[4],[17]

Aug. 31, 2023

^[2],[4],[17]

7.50%

^[2],[4],[17]

7.50%

^{[1],[2],[3],[4],[17]}

$ 570

^{[2],[4],[9],[17]}

$ 540

Investment, Identifier [Axis]: Debt Investments Manufacturing Avalara, Inc. First-lien loan ($136,364 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.83 %

^[2],[4],[17]

0.00%

^[6],[8],[14]

$ 136,364

^[6],[8],[14]

2028-10

^[6],[8],[14]

Oct. 19, 2022

^[6],[8],[14]

7.25%

^[6],[8],[14]

11.83%

^{[5],[6],[7],[8],[14]}

$ 132,740

^{[6],[8],[10],[14]}

$ 131,489

^[6],[8],[14]

24.10%

^[2],[4],[12]

$ 136,364

^[2],[4],[12]

2028-10

^[2],[4],[12]

Oct. 19, 2022

^[2],[4],[12]

7.25%

^[2],[4],[12]

12.60%

^{[1],[2],[3],[4],[12]}

$ 133,365

^{[2],[4],[9],[12]}

$ 136,739

Investment, Identifier [Axis]: Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($65,149 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 11.60%

^[2],[4],[12]

7.50%

^{[2],[4],[12],[13]}

$ 65,149

^{[2],[4],[12],[13]}

2030-09

^{[2],[4],[12],[13]}

Sep. 07, 2023

^{[2],[4],[12],[13]}

6.25%

^{[2],[4],[12],[13]}

11.60%

^{[1],[2],[3],[4],[12],[13]}

$ 63,411

^{[2],[4],[9],[12],[13]}

$ 63,683

Investment, Identifier [Axis]: Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 19,342 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 6.25% Interest Rate 10.18%

^{[2],[4],[12],[13]}

3.50%

^{[2],[4],[12],[13]}

€ 19,342

^{[2],[4],[12],[13]}

2030-09

^{[2],[4],[12],[13]}

Sep. 07, 2023

^{[2],[4],[12],[13]}

6.25%

^{[2],[4],[12],[13]}

10.18%

^{[1],[2],[3],[4],[12],[13]}

$ 20,154

^{[2],[4],[9],[12],[13]}

€ 18,907

$ 20,885

Investment, Identifier [Axis]: Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 66,344 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 6.25% Interest Rate 11.52%

^{[2],[4],[12],[13]}

1.10%

^{[2],[4],[12],[13]}

£ 66,344

^{[2],[4],[12],[13]}

2030-09

^{[2],[4],[12],[13]}

Sep. 07, 2023

^{[2],[4],[12],[13]}

6.25%

^{[2],[4],[12],[13]}

11.52%

^{[1],[2],[3],[4],[12],[13]}

$ 79,846

^{[2],[4],[9],[12],[13]}

£ 64,354

$ 82,038

Investment, Identifier [Axis]: Debt Investments Oil, Gas and Consumable Fuels

^{[2],[4],[12],[13]}

4.50%

^{[1],[2],[3],[4]}

$ 227,909

^[2],[4],[9]

$ 229,236

Investment, Identifier [Axis]: Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($97,561 par, due 02/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 12.46 %

^[2],[4]

12.60%

^[2],[4],[12]

$ 97,561

^[2],[4],[12]

2027-02

^[2],[4],[12]

Feb. 21, 2023

^[2],[4],[12]

7.10%

^[2],[4],[12]

12.46%

^{[1],[2],[3],[4],[12]}

$ 95,599

^{[2],[4],[9],[12]}

$ 96,936

Investment, Identifier [Axis]: Debt Investments Oil, Gas and Consumable Fuels Mach Natural Resources LP First-lien loan ($135,000 par, due 12/2026) Initial Acquisition Date 12/28/2023 Reference Rate and Spread SOFR + 6.50% Interest Rate 12.00 %

^[2],[4],[12]

5.30%

^{[2],[4],[12],[13]}

$ 135,000

^{[2],[4],[12],[13]}

2026-12

^{[2],[4],[12],[13]}

Dec. 28, 2023

^{[2],[4],[12],[13]}

6.50%

^{[2],[4],[12],[13]}

12.00%

^{[1],[2],[3],[4],[12],[13]}

$ 132,310

^{[2],[4],[9],[12],[13]}

$ 132,300

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products

^{[2],[4],[12],[13]}

7.30%

$ 225,361

^{[1],[2],[3],[4]}

$ 236,896

^{[5],[6],[7],[8]}

$ 228,263

^[2],[4],[9]

$ 237,875

^[6],[8],[10]

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($100,000 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.30 %

12.60%

^[2],[4]

43.50%

^[6],[8]

12.60%

^[2],[4]

12.60%

^[2],[4]

43.50%

^[6],[8]

43.50%

^[6],[8]

^[6],[8],[14]

$ 100,000

^[6],[8],[14]

2027-08

^[6],[8],[14]

Sep. 02, 2022

^[6],[8],[14]

7.90%

^[6],[8],[14]

12.30%

^{[5],[6],[7],[8],[14]}

$ 97,199

^{[6],[8],[10],[14]}

$ 98,000

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($25,574 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 15.26 %

^[6],[8],[14]

17.90%

^{[2],[4],[12],[18]}

$ 25,574

^{[2],[4],[12],[18]}

2027-08

^{[2],[4],[12],[18]}

Sep. 02, 2022

^{[2],[4],[12],[18]}

9.90%

^{[2],[4],[12],[18]}

15.26%

^{[1],[2],[3],[4],[12],[18]}

$ 25,040

^{[2],[4],[9],[12],[18]}

$ 24,487

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($8,617 par, due 9/2024) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 13.26%

^{[2],[4],[12],[18]}

1.30%

^{[2],[4],[12],[18]}

$ 8,617

^{[2],[4],[12],[18]}

2024-09

^{[2],[4],[12],[18]}

Apr. 24, 2023

^{[2],[4],[12],[18]}

7.90%

^{[2],[4],[12],[18]}

13.26%

^{[1],[2],[3],[4],[12],[18]}

$ 8,617

^{[2],[4],[9],[12],[18]}

$ 8,250

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($47,147 par, due 9/2024) Initial Acquisition Date 4/24/2023 Reference Rate and Spread $ + 7.90% Interest Rate 13.26% (incl. 13.26% PIK)

^{[2],[4],[12],[18]}

0.50%

^{[2],[4],[12],[18]}

$ 47,147

^{[2],[4],[12],[18]}

2024-09

^{[2],[4],[12],[18]}

Apr. 24, 2023

^{[2],[4],[12],[18]}

7.90%

^{[2],[4],[12],[18]}

13.26%

Interest Rate, PIK

^{[2],[4],[12],[18]}

13.26%

^{[1],[2],[3],[4],[12],[18]}

$ 47,147

^{[2],[4],[9],[12],[18]}

$ 45,143

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Commercehub, Inc. First-lien loan ($148,500 par, due 12/2027) Initial Acquisition Date 11/15/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 11.79 %

^{[2],[4],[12],[18]}

2.50%

^[2],[4],[12]

$ 148,500

^[2],[4],[12]

2027-12

^[2],[4],[12]

Nov. 15, 2022

^[2],[4],[12]

6.25%

^[2],[4],[12]

11.79%

^{[1],[2],[3],[4],[12]}

$ 139,880

^{[2],[4],[9],[12]}

$ 145,530

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Commercehub, Inc. First-lien loan ($150,000 par, due 12/2027) Initial Acquisition Date 11/15/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.03 %

^[2],[4],[12]

8.00%

^[6],[8],[14]

$ 150,000

^[6],[8],[14]

2027-12

^[6],[8],[14]

Nov. 15, 2022

^[6],[8],[14]

6.50%

^[6],[8],[14]

11.03%

^{[5],[6],[7],[8],[14]}

$ 139,697

^{[6],[8],[10],[14]}

$ 139,875

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 4,495 par, due 7/2029) Initial Acquisition Date 07/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 10.48%

^[6],[8],[14]

25.60%

^{[2],[4],[12],[13]}

€ 4,495

^{[2],[4],[12],[13]}

2029-07

^{[2],[4],[12],[13]}

Jul. 11, 2023

^{[2],[4],[12],[13]}

6.50%

^{[2],[4],[12],[13]}

10.48%

^{[1],[2],[3],[4],[12],[13]}

$ 4,677

^{[2],[4],[9],[12],[13]}

€ 4,393

$ 4,853

Investment, Identifier [Axis]: Equity and Other Investments

^{[2],[4],[12],[13]}

0.30%

$ 62,651

^{[1],[2],[3],[4]}

$ 7,806

^{[5],[6],[7],[8]}

$ 62,651

^[2],[4],[9]

$ 7,806

^[6],[8],[10]

Investment, Identifier [Axis]: Equity and Other Investments Business Services

3.40%

^[2],[4]

1.40%

^[6],[8]

3.40%

^[2],[4]

3.40%

^[2],[4]

1.40%

^[6],[8]

1.40%

^[6],[8]

^{[1],[2],[3],[4]}

$ 28,823

^[2],[4],[9]

$ 28,823

Investment, Identifier [Axis]: Equity and Other Investments Business Services AF Eagle Parent, L.P. Partnership Units (337,024) Initial Acquisition Date 11/27/2023

^[2],[4]

1.50%

^{[2],[4],[19],[20]}

337,024

^{[2],[4],[19],[20]}

Nov. 27, 2023

^{[1],[2],[3],[4],[19],[20]}

$ 11,364

^{[2],[4],[9],[19],[20]}

$ 11,364

Investment, Identifier [Axis]: Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (7,882,736 units) Initial Acquisition Date 11/7/2023

^{[2],[4],[19],[20]}

0.60%

^{[2],[4],[19],[20]}

7,882,736

^{[2],[4],[19],[20]}

Nov. 07, 2023

^{[1],[2],[3],[4],[19],[20]}

$ 7,883

^{[2],[4],[9],[19],[20]}

$ 7,883

Investment, Identifier [Axis]: Equity and Other Investments Business Services Warrior TopCo LP Class A Units (9,576,271 units) Initial Acquisition Date 7/7/2023

^{[2],[4],[19],[20]}

0.40%

^{[2],[4],[19],[20]}

9,576,271

^{[2],[4],[19],[20]}

Jul. 07, 2023

^{[1],[2],[3],[4],[19],[20]}

$ 9,576

^{[2],[4],[9],[19],[20]}

$ 9,576

Investment, Identifier [Axis]: Equity and Other Investments Financial Services CLGF Holdings, L.P. 8,358,075 Warrants Initial Acquisition Date 11/7/2023

^{[2],[4],[19],[20]}

0.50%

^{[2],[4],[13],[19],[20]}

8,358,075

^{[2],[4],[13],[19],[20]}

Nov. 07, 2023

^{[1],[2],[3],[4],[13],[19],[20]}

$ 4,575

^{[2],[4],[9],[13],[19],[20]}

$ 4,575

Investment, Identifier [Axis]: Equity and Other Investments Healthcare 128,321 Ordinary Shares Initial Acquisition Date 3/24/2023

^{[2],[4],[13],[19],[20]}

0.30%

^{[2],[4],[19],[20]}

128,321

^{[2],[4],[19],[20]}

Mar. 24, 2023

^{[1],[2],[3],[4],[19],[20]}

$ 12,875

^{[2],[4],[9],[19],[20]}

$ 12,875

Investment, Identifier [Axis]: Equity and Other Investments Human Resource Support Services Bswift, LLC Class A-1 Units (7,606,491 units) Initial Acquisition Date 11/7/2022

^{[2],[4],[19],[20]}

0.70%

7,606,491

^[2],[4],[20]

7,606,491

^{[6],[8],[21],[22]}

7,606,491

^[2],[4],[20]

7,606,491

^[2],[4],[20]

7,606,491

^{[6],[8],[21],[22]}

7,606,491

^{[6],[8],[21],[22]}

Nov. 07, 2022

^[2],[4],[20]

Nov. 07, 2022

^{[6],[8],[21],[22]}

$ 7,606

^{[1],[2],[3],[4],[20]}

$ 7,606

^{[5],[6],[7],[8],[21],[22]}

$ 7,606

^{[2],[4],[9],[20]}

$ 7,606

^{[6],[8],[10],[21],[22]}

Investment, Identifier [Axis]: Equity and Other Investments Internet Services

0.40%

^[2],[4],[20]

1.40%

^{[6],[8],[21],[22]}

0.40%

^[2],[4],[20]

0.40%

^[2],[4],[20]

1.40%

^{[6],[8],[21],[22]}

1.40%

^{[6],[8],[21],[22]}

$ 8,772

^[1],[3]

$ 200

^{[5],[6],[7],[8]}

$ 8,772

^[9]

$ 200

^[6],[8],[10]

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Newark FP Co-Invest, L.P Partnership (8,555,356 units) Initial Acquisition Date 11/08/2023

0.50%

^[4]

0.00%

^[6],[8]

0.50%

^[4]

0.50%

^[4]

0.00%

^[6],[8]

0.00%

^[6],[8]

^{[2],[4],[19],[20]}

8,555,356

^{[2],[4],[19],[20]}

Nov. 08, 2023

^{[1],[2],[3],[4],[19],[20]}

$ 8,572

^{[2],[4],[9],[19],[20]}

$ 8,572

Investment, Identifier [Axis]: Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (200 units) Initial Acquisition Date 11/21/2022

^{[2],[4],[19],[20]}

0.50%

200

^[2],[4],[20]

200

^{[6],[8],[21],[22]}

200

^[2],[4],[20]

200

^[2],[4],[20]

200

^{[6],[8],[21],[22]}

200

^{[6],[8],[21],[22]}

Nov. 21, 2022

^[2],[4],[20]

Nov. 21, 2022

^{[6],[8],[21],[22]}

$ 200

^{[1],[2],[3],[4],[20]}

$ 200

^{[5],[6],[7],[8],[21],[22]}

$ 200

^{[2],[4],[9],[20]}

$ 200

^{[6],[8],[10],[21],[22]}

Investment, Identifier [Axis]: Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (142,038 units) Initial Acquisition Date 11/21/2022

0.00%

^[2],[4],[20]

0.00%

^{[6],[8],[21],[22]}

0.00%

^[2],[4],[20]

0.00%

^[2],[4],[20]

0.00%

^{[6],[8],[21],[22]}

0.00%

^{[6],[8],[21],[22]}

142,038

^[2],[4],[20]

142,038

^{[6],[8],[21],[22]}

142,038

^[2],[4],[20]

142,038

^[2],[4],[20]

142,038

^{[6],[8],[21],[22]}

142,038

^{[6],[8],[21],[22]}

Nov. 21, 2022

^[2],[4],[20]

Nov. 21, 2022

^{[6],[8],[21],[22]}

Investment, Identifier [Axis]: Total Investments

0.00%

^[2],[4],[20]

0.00%

^{[6],[8],[21],[22]}

0.00%

^[2],[4],[20]

0.00%

^[2],[4],[20]

0.00%

^{[6],[8],[21],[22]}

0.00%

^{[6],[8],[21],[22]}

$ 3,037,826

^{[1],[2],[3],[4]}

$ 809,029

^{[5],[6],[7],[8]}

$ 3,099,151

^[2],[4],[9]

$ 808,801

^[6],[8],[10]

170.60%

^[2],[4]

147.80%

^[6],[8]

170.60%

^[2],[4]

170.60%

^[2],[4]

147.80%

^[6],[8]

147.80%

^[6],[8]

[1]	As of December 31, 2023, the estimated cost basis of investments for U.S. federal tax purposes was $3,047,224 resulting in estimated gross unrealized gains and losses of $69,618 and $23,923, respectfully.
[2]	Certain portfolio company investments are subject to contractual restrictions on sales.
[3]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[4]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company does not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of December 31, 2023, the Company does not identify any of its portfolio companies as affiliates.
[5]	As of December 31, 2022, the estimated cost basis of investments for U.S. federal tax purposes was $810,241 resulting in estimated gross unrealized gains and losses of $2,806 and $5,681, respectfully.
[6]	Certain portfolio company investments are subject to contractual restrictions on sales.
[7]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[8]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company does not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of December 31, 2022, the Company does not identify any of its portfolio companies as affiliates.
[9]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 5 for further information related to investments at fair value.
[10]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 5 for further information related to investments at fair value.
[11]	In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.
[12]	Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Term Secured Overnight Financing Rate (“SOFR”), which may also contain a credit spread adjustment depending on the tenor election, Sterling Overnight Interbank Average Rate (“SONIA” or “S”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at December 31, 2023.
[13]	This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 23.0% of total assets as of December 31, 2023.
[14]	Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Term Secured Overnight Financing Rate (“SOFR”) which may also contain a credit spread adjustment depending on the tenor election, Sterling Overnight Interbank Average Rate ("SONIA" or "S"), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at December 31, 2022.
[15]	This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 2.3% of total assets as of December 31, 2022.
[16]	In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.
[17]	This investment is valued using observable inputs and is considered a Level 2 investment. See Note 5 for further information related to investments at fair value.
[18]	In addition to the principal amount outstanding and accrued interest owed on this investment, the Company is entitled to a separate Make-Whole Amount (the “Make-Whole”) of $21.5 million. The Make-Whole is a contractual obligation of the borrower and accrues interest on the balance outstanding. The Make-Whole is included on the Company’s consolidated balance sheet within other assets, net of any valuation allowance. Given uncertainty relating to collectability of the Make-Whole, the Company has applied a full valuation allowance against the amount of the Make-Whole balance outstanding.
[19]	All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities is $54,845, or 3.0% of the Company's net assets.
[20]	This investment is non-income producing.
[21]	All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $7,806, or 1.4% of the Company's net assets.
[22]	This investment is non-income producing.

Net Assets - Additional Information (Details) - USD ($) $ / shares in Units, $ in Billions				9 Months Ended	12 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Jun. 24, 2022
Class Of Stock [Line Items]
Common stock, price per share				$ 0.001	$ 0.001
Common stock, shares issued				21,882,028	65,478,775
Shares Issued	638,348	629,647	371,108		1,639,103
Capital commitment received form investors				$ 2.7	$ 7.4
Capital commitments remaining undrawn				$ 2.1	$ 5.7
Current price per share, Percentage					95.00%
Common Share
Class Of Stock [Line Items]
Shares Issued				0	1,639,103
Shares issued, price per share						$ 25
Adviser
Class Of Stock [Line Items]
Common stock, shares issued						30,000

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred financing costs	$ 8,153	$ 3,911
Common shares, par value	$ 0.001	$ 0.001
Common shares, issued	65,478,775	21,882,028
Common shares, outstanding	65,478,775	21,882,028
Non-controlled, Non-affiliated Investments
Investments at amortized cost	$ 3,037,826	$ 809,029

Cost of the investment.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value

12 Months Ended

Dec. 31, 2023

Investments at Fair Value

4. Investments at Fair Value

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedules of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

Investments at fair value consisted of the following at December 31, 2023 and December 31, 2022:


	December 31, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,792,928	$	2,850,885	$	57,957
Second-lien debt investments		77,895		79,091		1,196
Mezzanine debt investments		104,352		106,524		2,172
Equity and other investments		62,651		62,651		—
Total Investments	$	3,037,826	$	3,099,151	$	61,325


	December 31, 2022
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	801,223	$	800,995	$	(228	)
Equity and other investments		7,806		7,806		—
Total Investments	$	809,029	$	808,801	$	(228	)

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at December 31, 2023 and December 31, 2022, is as follows:


	December 31, 2023			December 31, 2022
Automotive		1.9	%		—
Business Services		25.4	%		0.8	%
Chemicals		0.7	%		2.4	%
Communications		1.9	%		—
Education		4.6	%		—
Financial Services		18.3	%		32.4	%
Healthcare		3.8	%		—
Human Resource Support Services		8.5	%		18.0	%
Insurance		1.9	%		—
Internet Services		8.3	%		0.7	%
Manufacturing		9.9	%		16.3	%
Oil, Gas and Consumable Fuels		7.4	%		—
Retail and Consumer Products		7.4	%		29.4	%
Total		100.0	%		100.0	%

The geographic composition of investments at fair value at December 31, 2023 and December 31, 2022 is as follows:


	December 31, 2023			December 31, 2022
United States
Midwest		16.0	%		18.1	%
Northeast		23.1	%		45.5	%
South		7.4	%		0.7	%
West		40.3	%		32.5	%
Canada		1.9	%		—
Finland (1)		0.0	%		—
Germany		0.3	%		0.4	%
Luxembourg		0.1	%		0.4	%
Netherlands		0.1	%		—
Norway		5.4	%		2.4	%
United Kingdom		5.4	%		—
Total		100.0	%		100.0	%

(1)

Value rounds to less than 0.1%.

Financial Highlights

12 Months Ended

Dec. 31, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

12. Financial Highlights

The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following are the financial highlights for one share of Common Shares outstanding during the period ended December 31, 2023 and April 5, 2022 (Inception) through December 31, 2022.


	For the year ended			From April 5, 2022 (Inception) through
	December 31, 2023			December 31, 2022
Per Share Data (4)
Net asset value, beginning of period	$	24.98		$	25.00

Net investment income (1)		3.69			0.51
Net realized and unrealized gain (loss) (1)		1.61			(0.16	)
Total from operations		5.30			0.35
Net Common Share Issuance (3)		(0.12	)		(0.37	)
Dividends declared		(2.41	)		—
Total increase (decrease) in net assets		2.77			(0.02	)
Net Asset Value, End of Period	$	27.75		$	24.98
Total return based on net asset value (2)		21.42	%		-0.08	%
Common shares outstanding, end of period		65,478,775			21,882,028
Ratios / Supplemental Data (5)
Ratio of gross expenses to average net assets without management fee waiver		12.96	%		6.73	%
Ratio of net expenses to average net assets with management waiver		11.35	%		5.70	%
Ratio of net investment income to average net assets without management waiver		10.75	%		2.17	%
Ratio of net investment income to average net assets with management fee waiver		12.36	%		3.21	%
Portfolio turnover		4.46	%		—
Net assets, end of period	$	1,817,067		$	546,711

(1)

The per share data was derived by using the weighted average Common Shares outstanding during the period.

(2)

Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends, assuming reinvestment of dividends, divided by the beginning net asset value per share.

(3)

The amount shown at this caption is the balancing amount derived from share issuances. The amount shown for share issuance will fluctuate due to the timing of share issuances and the weighting of average shares over the period.

(4)

Table may not sum due to rounding.

(5)

For the period from April 5th (Inception) through December 31, 2022, the ratios represent information on an annualized basis, except for nonrecurring expenses, such as organizational and offering expenses, which are not annualized.

Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Dec. 31, 2022

Dec. 31, 2023

Apr. 04, 2022

^[3]

Quarterly Financial Information Disclosure [Abstract]

Investment Income

$ 90,782

$ 66,482

$ 57,788

$ 31,021

$ 16,189

$ 966

Net Expenses

41,660

^[1]

34,026

^[1]

24,962

^[1]

15,646

^[1]

8,948

^[1]

1,673

^[1]

$ 11,344

$ 116,294

Net Investment Income

48,686

32,056

32,421

15,115

7,241

^[2]

(707)

^[2]

5,590

128,279

Total unrealized and realized gains (losses)

12,750

29,447

410

13,103

(2,120)

377

(1,743)

55,710

Increase (decrease) in net assets resulting from operations

$ 61,437

$ 61,503

$ 32,831

$ 28,218

$ 5,120

$ (330)

$ 3,847

$ 183,989

Net Asset Value per Share as of the End of the Quarter

$ 27.75

^[3]

$ 27.19

$ 26.13

$ 25.77

$ 24.98

^[3]

$ 24.61

$ 24.98

^[3]

$ 27.75

^[3]

$ 25

[1]	Net expenses include income taxes, including any excise taxes.
[2]	Net investment income excludes $(943) of expenses incurred at formation.
[3]	Table may not sum due to rounding.

Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Sixth Street Lending Partners
Entity Central Index Key	0001925309
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Document Annual Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	814-01543
Entity Tax Identification Number	88-1710161
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2100 McKinney Avenue
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	469
Local Phone Number	621-3001
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		65,478,775
Title of 12(g) Security	Common shares of beneficial interest, par value $0.001 per share
ICFR Auditor Attestation Flag	true
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	New York, New York
Document Financial Statement Error Correction [Flag]	false

Income Taxes - Summary of Reconciliation Increase in Net Assets (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Increase (decrease) in net assets resulting from operations	$ 61,437	$ 61,503	$ 32,831	$ 28,218	$ 5,120	$ (330)	$ 3,847	$ 183,989
Adjustments:
Net unrealized (gains) losses on investments							1,663	(56,755)
Other income (loss) for tax purposes, not book							1,211	7,579
Deferred organization costs							(47)	(146)
Other expenses not currently deductible							2,382	1,547
Other book-tax differences								6,958
Taxable Income							$ 9,056	$ 143,172

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Schedule of Computation of Basic and Diluted Earnings Per Common Share

Fair Value of Financial Instruments - Changes in Fair Value of Investments Using Level 3 Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 808,801
Purchases or originations	2,283,282	$ 808,259
Repayments / redemptions	(80,115)
Paid-in-kind interest	11,144
Net change in unrealized gains (losses)	$ 61,552	$ (228)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Change In Unrealized Gains Losses On Investments And Foreign Currency Translation	Net Change In Unrealized Gains Losses On Investments And Foreign Currency Translation
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Net Realized Gains Losses on Investments and Foreign Currency Translation
Net amortization of discount on securities	$ 11,801	$ 770
Balance, End of Period	3,096,465	808,801
First-lien Debt Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	800,995
Purchases or originations	2,053,661	800,453
Repayments / redemptions	(80,115)
Paid-in-kind interest	4,694
Net change in unrealized gains (losses)	58,158	(228)
Net amortization of discount on securities	11,412	770
Balance, End of Period	2,848,805	800,995
Second-lien Debt Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases or originations	77,776
Net change in unrealized gains (losses)	1,196
Net amortization of discount on securities	119
Balance, End of Period	79,091
Mezzanine Debt Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases or originations	97,000
Paid-in-kind interest	6,450
Net change in unrealized gains (losses)	2,198
Net amortization of discount on securities	270
Balance, End of Period	105,918
Equity and Other Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	7,806
Purchases or originations	54,845	7,806
Balance, End of Period	$ 62,651	$ 7,806

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted earnings per common share:


	For the year ended		From April 5, 2022 (Inception) through
	December 31, 2023		December 31, 2022
Earnings per common share—basic and diluted
Increase (decrease) in net assets resulting from operations	$	183,989	$	3,847
Weighted average shares of Common Shares outstanding—basic and diluted		34,746,777		7,034,869
Earnings (losses) per common share—basic and diluted	$	5.30	$	0.55

Investments at Fair Value - Summary of Industry Composition of Investments at Fair Value (Details)	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	100.00%	100.00%
Automotive
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	1.90%
Business Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	25.40%	0.80%
Chemicals
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	0.70%	2.40%
Communications
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	1.90%
Education
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	4.60%
Financial Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	18.30%	32.40%
Healthcare
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	3.80%
Human Resource Support Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	8.50%	18.00%
Insurance
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	1.90%
Internet Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	8.30%	0.70%
Manufacturing
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	9.90%	16.30%
Oil, Gas and Consumable Fuels
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	7.40%
Retail and Consumer Products
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	7.40%	29.40%

Fair Value of Financial Instruments - Fair Value of Level 3 Investments at Fair Value Significant Unobservable Inputs Used in Valuations (Details) - Level 3 $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 3,096,465	$ 808,801
Income Approach \| First-lien Debt Investments \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 2,848,805	$ 800,995
Income Approach \| First-lien Debt Investments \| Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.087	0.093
Income Approach \| First-lien Debt Investments \| Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.164	0.151
Income Approach \| First-lien Debt Investments \| Discount Rate \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	(0.128)	(0.131)
Income Approach \| Second-lien Debt Investments \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 79,091
Income Approach \| Second-lien Debt Investments \| Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.217
Income Approach \| Second-lien Debt Investments \| Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.217
Income Approach \| Second-lien Debt Investments \| Discount Rate \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	(0.217)
Income Approach \| Mezzanine Debt Investments \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 105,918
Income Approach \| Mezzanine Debt Investments \| Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.15
Income Approach \| Mezzanine Debt Investments \| Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.15
Income Approach \| Mezzanine Debt Investments \| Discount Rate \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	(0.15)
Market Multiple \| Equity and Other Investments \| Comparable Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 62,651	$ 7,806
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.026	0.058
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.161	0.135
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	(0.102)	(0.133)

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data


	2023
	Q4		Q3		Q2		Q1
Investment Income	$	90,782	$	66,482	$	57,788	$	31,021
Net Expenses (1)	$	41,660	$	34,026	$	24,962	$	15,646
Net Investment Income	$	48,686	$	32,056	$	32,421	$	15,115
Total unrealized and realized gains (losses)	$	12,750	$	29,447	$	410	$	13,103
Increase (decrease) in Net Assets Resulting from Operations	$	61,437	$	61,503	$	32,831	$	28,218
Net Asset Value per Share as of the End of the Quarter	$	27.75	$	27.19	$	26.13	$	25.77


	2022
	Q4			Q3
Investment Income	$	16,189		$	966
Net Expenses (1)	$	8,948		$	1,673
Net Investment Income (2)	$	7,241		$	(707	)
Total unrealized and realized gains (losses)	$	(2,120	)	$	377
Increase (decrease) in Net Assets Resulting from Operations	$	5,120		$	(330	)
Net Asset Value per Share as of the End of the Quarter	$	24.98		$	24.61

(1)

Net expenses include income taxes, including any excise taxes.

(2)

Net investment income excludes $(943) of expenses incurred at formation.

Debt - Additional Information (Details)
€ in Millions, £ in Millions

12 Months Ended

Feb. 08, 2024

USD ($)

Jan. 09, 2023

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2023

EUR (€)

Dec. 31, 2023

GBP (£)

Dec. 31, 2023

USD ($)

Dec. 01, 2023

USD ($)

Jul. 27, 2023

USD ($)

Apr. 27, 2023

USD ($)

Mar. 28, 2023

USD ($)

Feb. 28, 2023

USD ($)

Jan. 27, 2023

USD ($)

Jan. 18, 2023

USD ($)

Dec. 31, 2022

EUR (€)

Dec. 31, 2022

GBP (£)

Dec. 31, 2022

USD ($)

Sep. 01, 2022

USD ($)

Asset coverage percentage

245.60%

201.60%

Aggregate principal amount

$ 2,225,000,000

$ 700,000,000

Line of credit facility, remaining borrowing capacity

$ 725,000,000

971,485,000

^[1]

162,009,000

^[2]

Shareholders' equity

1,817,067,000

546,711,000

Subscription Facility

Aggregate principal amount

1,500,000,000

700,000,000

Line of credit facility, stated maturity date

$ 1,500,000,000

$ 1,350,000,000

$ 1,300,000,000

$ 850,000,000

$ 800,000,000

700,000,000

$ 400,000,000

Aug. 30, 2024

Optional extension period of maturity date of line of credit facility

364 days

Line of credit facility, remaining borrowing capacity

445,267,000

^[1]

162,009,000

^[2]

Line of credit, outstanding amount

€ 13.4

£ 10.3

€ 13.4

£ 10.3

Issuance of letters of credit

$ 0

Line of credit facility, undrawn amount percentage

0.25%

Subscription Facility | Adjusted Daily SOFR

Subscription Facility | Adjusted Term SOFR

1.95%

Subscription Facility | Prime Rate

1.95%

Debt instrument, interest rate

0.95%

Subscription Facility | Federal Funds Rate

Subscription Facility | Eurocurrency Rate

0.50%

Subscription Facility | SONIA

1.95%

Interest amount

0.0326%

Subscription Facility | Minimum | SOFR

1.95%

Subscription Facility | Maximum | Adjusted Daily SOFR

Interest amount

0.10%

Subscription Facility | Maximum | SOFR

1.00%

Revolving Credit Facility

Interest amount

0.25%

Aggregate principal amount

$ 725,000,000

Line of credit facility maximum borrowing capacity under certain circumstances

$ 600,000,000

$ 700,000,000

$ 1,000,000,000

Line of credit facility, remaining borrowing capacity

^[1]

526,218,000

Line of credit facility, expiration date

Jan. 19, 2028

Line of credit, outstanding amount

€ 95.7

£ 68.7

Issuance of letters of credit

5,500,000

Line of credit facility, undrawn amount percentage

0.375%

Shareholders' equity

$ 356,000,000

Percentage of net proceeds of sale of equity interests

25.00%

Revolving Credit Facility | Subsequent Event

Line of credit facility maximum borrowing capacity under certain circumstances

$ 1,000,000,000

$ 1,750,000,000

Line of credit facility, stated maturity date

Feb. 08, 2029

Revolving Credit Facility | Minimum

Revolving Credit Facility | Minimum | Adjusted Term SOFR

Asset coverage ratio

Revolving Credit Facility | Minimum | Alternative Base Rate

1.75%

Revolving Credit Facility | Minimum | Specified Relevant Rate

1.75%

Revolving Credit Facility | Maximum

1.75%

Revolving Credit Facility | Maximum | Adjusted Term SOFR

Asset coverage ratio

1.5

Revolving Credit Facility | Maximum | Alternative Base Rate

2.00%

Revolving Credit Facility | Maximum | Specified Relevant Rate

2.00%

2.00%

Letter of Credit

Issuance of letters of credit up to an aggregate amount

$ 175,000,000

Letter of Credit | Maximum

Percentage of commitment fee

10.00%

[1]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.
[2]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.

Dividends - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Dividends [Abstract]
Dividends	$ 0	$ 107,004

Net Assets

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Net Assets

8. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares of beneficial interest at $0.001 per share par value. On June 24, 2022, our Adviser purchased $30 thousand of Common Shares of the Company at a price of $25.00 per Common Share as our initial capital. These Common Shares were issued and sold in reliance upon Section 4(a)(2) of the Securities Act, which provides an exemption from the registration requirements of the Securities Act.

During the year ended December 31, 2023, the Company entered into subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of the Company’s Common Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Common Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. As of December 31, 2023, the Company had received Capital Commitments totaling $7.4 billion ($5.7 billion remaining undrawn). As of December 31, 2022, the we had received Capital Commitments totaling $2.7 billion ($2.1 billion remaining undrawn).

The Company has a dividend reinvestment plan, whereby the Company may issue Common Shares in order to satisfy dividend reinvestment requests. The number of Common Shares to be issued to a shareholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the price per share of the Company’s Common Shares at the close of the payment date of a distribution. However, if the price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current price per share (or such lesser discount to the current price per share that still exceeds the most recently computed net asset value per share).


	For the year ended
	December 31, 2023
			Date
Date Declared		Record Date	Shares Issued	Shares Issued
March 31, 2023		March 31, 2023	May 10, 2023		371,108
June 30, 2023		June 30, 2023	August 16, 2023		629,647
September 29, 2023		September 30, 2023	November 16, 2023		638,348
Total Common Shares Issued					1,639,103


Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
March 21, 2023		9,643,813	$	250,000
June 28, 2023		2,798,480		75,000
September 26, 2023		5,387,887		150,000
November 21, 2023		14,401,634		400,000
December 22, 2023		9,725,830		275,000
		41,957,644	$	1,150,000


Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
June 24, 2022		1,200	$	30
August 31, 2022		2,205,694		55,142
September 28, 2022		5,080,906		125,430
October 27, 2022		7,598,252		187,262
December 13, 2022		3,998,385		100,000
December 28, 2022		2,997,591		75,000
		21,882,028	$	542,864

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Summary of Dividends Declared

Dividends (Tables)

12 Months Ended

Dec. 31, 2023

Dividends [Abstract]

The following table summarizes dividends declared during the year ended December 31, 2023:


	For the year ended
	December 31, 2023
Date Declared		Record Date	Payment Date	Dividend per Share
March 31, 2023		March 31, 2023	May 9, 2023	$	0.40
June 30, 2023		June 30, 2023	August 15, 2023		0.67
September 29, 2023		September 30, 2023	November 15, 2023		0.67
December 29, 2023		December 31, 2023	February 20, 2024		0.67
Total Dividends Declared				$	2.41

Net Assets - Summary of Common Shares Issued and Proceeds Received (Details) - USD ($) $ in Thousands												9 Months Ended	12 Months Ended
	Dec. 22, 2023	Nov. 21, 2023	Sep. 26, 2023	Jun. 28, 2023	Mar. 21, 2023	Dec. 28, 2022	Dec. 13, 2022	Oct. 27, 2022	Sep. 28, 2022	Aug. 31, 2022	Jun. 24, 2022	Dec. 31, 2022	Dec. 31, 2023
Class of Stock [Line Items]
Number of Common Shares Issued												21,882,028	65,478,775
Proceeds Received	$ 275,000	$ 400,000	$ 150,000	$ 75,000	$ 250,000	$ 75,000	$ 100,000	$ 187,262	$ 125,430	$ 55,142	$ 30	$ 542,864	$ 1,150,000
Subscription Agreements
Class of Stock [Line Items]
Number of Common Shares Issued	9,725,830	14,401,634	5,387,887	2,798,480	9,643,813	2,997,591	3,998,385	7,598,252	5,080,906	2,205,694	1,200	21,882,028	41,957,644

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

5. Fair Value of Financial Instruments

Investments

The following tables present fair value measurements of investments as of December 31, 2023 and December 31, 2022


	Fair Value Hierarchy at December 31, 2023
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	2,080	$	2,848,805	$	2,850,885
Second-lien debt investments		—		—		79,091		79,091
Mezzanine debt investments		—		606		105,918		106,524
Equity and other investments		—		—		62,651		62,651
Total	$	—	$	2,686	$	3,096,465	$	3,099,151


	Fair Value Hierarchy at December 31, 2022
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	—	$	800,995	$	800,995
Equity and other investments		—		—		7,806		7,806
Total	$	—	$	—	$	808,801	$	808,801

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.


	As of and for the Year Ended
	December 31, 2023
	First-lien debt investments			Second-lien debt investments		Mezzanine debt investments		Equity and other investments		Total
Balance, beginning of period	$	800,995		$	—	$	—	$	7,806	$	808,801
Purchases or originations		2,053,661			77,776		97,000		54,845		2,283,282
Repayments / redemptions		(80,115	)		—		—		—		(80,115	)
Paid-in-kind interest		4,694			—		6,450		—		11,144
Net change in unrealized gains (losses)		58,158			1,196		2,198		—		61,552
Net amortization of discount on securities		11,412			119		270		—		11,801
Transfers within Level 3		—			—		—		—		—
Transfers into (out of) Level 3		—			—		—		—		—
Balance, End of Period	$	2,848,805		$	79,091	$	105,918	$	62,651	$	3,096,465



	As of and for the Period Ended
	December 31, 2022
	First-lien debt investments			Equity and other investments		Total
Balance, beginning of period	$	—		$	—	$	—
Purchases or originations		800,453			7,806		808,259
Repayments / redemptions		—			—		—
Paid-in-kind interest		—			—		—
Net change in unrealized gains (losses)		(228	)		—		(228	)
Net realized gains (losses)		—			—		—
Net amortization of discount on securities		770			—		770
Transfers within Level 3		—			—		—
Transfers into (out of) Level 3		—			—		—
Balance, End of Period	$	800,995		$	7,806	$	808,801


			Net Change in Unrealized
	Net Change in Unrealized		Gains or (Losses)
	Gains or (Losses)		from April 5, 2022
	for the Year Ended		(Inception) through
	December 31, 2023 on		December 31, 2022 on
	Investments Held at		Investments Held at
	December 31, 2023		December 31, 2022
First-lien debt investments	$	58,158	$	(228	)
Second-lien debt investments		1,196		—
Mezzanine debt investments		2,198		—
Total	$	61,552	$	(228	)

         
        December 31, 2023

         
        Valuation

        Unobservable

        Range (Weighted

        Impact to Valuation
from an

         
        Fair Value

        Technique

        Input

        Average)

        Increase to Input

First-lien debt investments

2,848,805

Income approach (1)

Discount rate

8.7% — 16.4% (12.8%)

Decrease

Second-lien debt investments

79,091

Income approach

Discount rate

21.7% — 21.7% (21.7%)

Decrease

Mezzanine debt investments

105,918

Income approach

Discount rate

15.0% — 15.0% (15.0%)

Decrease

Equity and other investments

62,651

Market Multiple (2)

Comparable multiple

2.6x — 16.1x (10.2x)

Increase

Total

3,096,465

(1)

Includes $77.9 million of first-lien debt investments valued using an asset waterfall.

(2)

         
        December 31, 2022

         
        Valuation

        Unobservable

        Range (Weighted

        Impact to Valuation
from an

         
        Fair Value

        Technique

        Input

        Average)

        Increase to Input

First-lien debt investments

800,995

Income approach

Discount rate

9.3% — 15.1% (13.1%)

Decrease

Equity and other investments

7,806

Market Multiple

Comparable multiple

5.8x — 13.5x (13.3x)

Increase

Total

808,801

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company’s capital structure.

Significant unobservable quantitative inputs typically considered in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. If debt investments are credit impaired, an enterprise value analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. For the Company’s Level 3 equity investments, multiples of similar companies’ revenues, earnings before income taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used.

Financial Instruments Not Carried at Fair Value

Debt

The fair value of the Company’s Credit Facilities, which are categorized as Level 3 within the fair value hierarchy, as of December 31, 2023 and 2022, approximates its carrying value as the outstanding balance is callable at carrying value.

Other Financial Assets and Liabilities

Under the fair value hierarchy, cash and cash equivalents are classified as Level 1 while the Company’s other assets and liabilities, other than investments at fair value and Credit Facilities, are classified as Level 2.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Investments, Debt and Equity Securities [Abstract]

Investments at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Investments at Fair Value

Investments at fair value consisted of the following at December 31, 2023 and December 31, 2022:


	December 31, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	2,792,928	$	2,850,885	$	57,957
Second-lien debt investments		77,895		79,091		1,196
Mezzanine debt investments		104,352		106,524		2,172
Equity and other investments		62,651		62,651		—
Total Investments	$	3,037,826	$	3,099,151	$	61,325


	December 31, 2022
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	801,223	$	800,995	$	(228	)
Equity and other investments		7,806		7,806		—
Total Investments	$	809,029	$	808,801	$	(228	)

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

Summary of Industry Composition of Investments at Fair Value

The industry composition of investments at fair value at December 31, 2023 and December 31, 2022, is as follows:


	December 31, 2023			December 31, 2022
Automotive		1.9	%		—
Business Services		25.4	%		0.8	%
Chemicals		0.7	%		2.4	%
Communications		1.9	%		—
Education		4.6	%		—
Financial Services		18.3	%		32.4	%
Healthcare		3.8	%		—
Human Resource Support Services		8.5	%		18.0	%
Insurance		1.9	%		—
Internet Services		8.3	%		0.7	%
Manufacturing		9.9	%		16.3	%
Oil, Gas and Consumable Fuels		7.4	%		—
Retail and Consumer Products		7.4	%		29.4	%
Total		100.0	%		100.0	%

Summary of Geographic Composition of Investments at Fair Value

The geographic composition of investments at fair value at December 31, 2023 and December 31, 2022 is as follows:


	December 31, 2023			December 31, 2022
United States
Midwest		16.0	%		18.1	%
Northeast		23.1	%		45.5	%
South		7.4	%		0.7	%
West		40.3	%		32.5	%
Canada		1.9	%		—
Finland (1)		0.0	%		—
Germany		0.3	%		0.4	%
Luxembourg		0.1	%		0.4	%
Netherlands		0.1	%		—
Norway		5.4	%		2.4	%
United Kingdom		5.4	%		—
Total		100.0	%		100.0	%

(1)

Value rounds to less than 0.1%.

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Dividends - Summary of Dividends Declared (Details) - $ / shares	Dec. 29, 2023	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023
Dividends Payable [Line Items]
Date Declared		Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023
Record Date		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Dividend per Share					$ 2.41
Dividend Declared on March 30, 2023
Dividends Payable [Line Items]
Date Declared				Mar. 31, 2023
Record Date				Mar. 31, 2023
Payment Date				May 09, 2023
Dividend per Share				$ 0.4
Dividend Declared on June 30, 2023
Dividends Payable [Line Items]
Date Declared			Jun. 30, 2023
Record Date			Jun. 30, 2023
Payment Date			Aug. 15, 2023
Dividend per Share			$ 0.67
Dividend Declared on September 29, 2023
Dividends Payable [Line Items]
Date Declared		Sep. 29, 2023
Record Date		Sep. 30, 2023
Payment Date		Nov. 15, 2023
Dividend per Share		$ 0.67
Dividend Declared on December 29, 2023
Dividends Payable [Line Items]
Date Declared	Dec. 29, 2023
Record Date	Dec. 31, 2023
Payment Date	Feb. 20, 2024
Dividend per Share	$ 0.67

Investments at Fair Value - Additional Information (Details)	Dec. 31, 2023
Affiliated [Member]
Schedule Of Available For Sale Securities [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value of Financial Instruments - Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)		$ 61,325	$ (228)
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	$ (228)	61,552
Level 3 \| First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	$ (228)	58,158
Level 3 \| Second-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)		1,196
Level 3 \| Mezzanine Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)		$ 2,198

Amount of unrealized gain (loss) on investment in debt and equity securities.

Investments at Fair Value - Summary of Investments at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 3,037,826	$ 809,029
Fair Value	3,099,151	808,801
Net Unrealized Gain (Loss)	61,325	(228)
First-lien Debt Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,792,928	801,223
Fair Value	2,850,885	800,995
Net Unrealized Gain (Loss)	57,957	(228)
Second-lien Debt Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	77,895
Fair Value	79,091
Net Unrealized Gain (Loss)	1,196
Mezzanine Debt Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	104,352
Fair Value	106,524
Net Unrealized Gain (Loss)	2,172
Equity and Other Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	62,651	7,806
Fair Value	$ 62,651	$ 7,806

Amount of unrealized gain (loss) on investment in debt and equity securities.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Investment Company, Financial Highlights [Line Items]

Financial Highlights - Summary of Financial Highlights for One Share Common Stock Outstanding (Details) - USD ($)
$ / shares in Units, $ in Thousands

9 Months Ended

12 Months Ended

Dec. 31, 2022

Dec. 31, 2023

Net asset value, beginning of period

^[1]

$ 25

$ 24.98

Net investment income

^[1],[2]

0.51

3.69

Net realized and unrealized gains (loss)

^[1],[2]

(0.16)

1.61

Total from operations

^[1]

0.35

5.30

Net Common Share Issuance

^[1],[3]

(0.37)

(0.12)

Dividends declared

^[1]

(2.41)

Total increase (decrease) in net assets

^[1]

(0.02)

2.77

Net Asset Value, End of Period

^[1]

$ 24.98

$ 27.75

Total return based on net asset value

^[4]

(0.08%)

21.42%

Common shares outstanding, end of period

21,882,028

65,478,775

Portfolio turnover

^[5]

0.00%

4.46%

Net assets, end of period

^[5]

$ 546,711

$ 1,817,067

Without Management Fee Waiver [Member]

Investment Company, Financial Highlights [Line Items]

Ratio of net expenses to average net assets

^[5]

6.73%

12.96%

Ratio of net investment income to average net assets

^[5]

2.17%

10.75%

With Management Fee Waiver [Member]

Investment Company, Financial Highlights [Line Items]

Ratio of net expenses to average net assets

^[5]

5.70%

11.35%

Ratio of net investment income to average net assets

^[5]

3.21%

12.36%

[1]	Table may not sum due to rounding.
[2]	The per share data was derived by using the weighted average Common Shares outstanding during the period.
[3]	The amount shown at this caption is the balancing amount derived from share issuances. The amount shown for share issuance will fluctuate due to the timing of share issuances and the weighting of average shares over the period.
[4]	Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends, assuming reinvestment of dividends, divided by the beginning net asset value per share.
[5]	For the period from April 5th (Inception) through December 31, 2022, the ratios represent information on an annualized basis, except for nonrecurring expenses, such as organizational and offering expenses, which are not annualized.

Agreements and Related Party Transactions

12 Months Ended

Dec. 31, 2023

Agreements and Related Party Transactions

3. Agreements and Related Party Transactions

Administration Agreement

On June 28, 2022, the Company entered into the Administration Agreement with the Adviser. Under the terms of the Administration Agreement, the Adviser provides administrative services to the Company. These services include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the oversight of the performance of administrative and professional services rendered by others. Certain of these services are reimbursable to the Adviser under the terms of the Administration Agreement. In addition, the Adviser is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company pays or reimburses the Adviser for certain expenses incurred by any such affiliates or third parties for work done on its behalf.

On November 2, 2023, the Board renewed the Administration Agreement. Unless earlier terminated as described below, the Administration Agreement will remain in effect until November 2, 2024, and may be extended subject to required approvals. The Administration Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

No person who is an officer, trustee or employee of the Adviser or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee. However, the Company reimburses the Adviser (or its affiliates) for the allocable portion of the costs of compensation, benefits, and related administrative expenses of our officers who provide operational and administrative services to us pursuant to the Administration Agreement, their respective staffs and other professionals who provide services to us (including, in each case, employees of the Adviser or an affiliate). Such reimbursable amounts include the allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Financial Officer, Chief Compliance Officer, and other professionals who provide operational and administrative services to us pursuant to the Administration Agreement, including individuals who provide “back office” or “middle office” financial, operational, legal and/or compliance services to us. The Company reimburses the Adviser (or its affiliates) for the allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company and in acting on behalf of the Company. The Company may also reimburse the Adviser or its affiliates for the allocable portion of overhead expenses (including rent, office equipment and utilities) attributable thereto. Trustees who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the year ended December 31, 2023, the Company has incurred $2.7 million for administrative services payable to the Adviser under the terms of the Administration Agreement, which is included in other general and administrative expenses in the Consolidated Statements of Operations. For the period from April 5, 2022 (Inception) through December 31, 2022, the Company incurred expenses of $0.5 million for administrative services payable to the Adviser under the terms of the Administration Agreement.

Investment Advisory Agreement

On June 28, 2022, the Company entered into the Investment Advisory Agreement with the Adviser. Under the terms of the Investment Advisory Agreement, the Adviser provides investment advisory services to the Company. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to the Company are not impaired. Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee (the “Management Fee”) and may also pay an incentive fee (the “Incentive Fee”).

On November 2, 2023, the Board renewed the Investment Advisory Agreement. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect until November 2, 2024, and may be extended subject to required approvals. The Investment Advisory Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

The Management Fee shall be calculated at an annual rate of 1.25% of the Company’s gross assets, payable quarterly in arrears. The Management Fee will be calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Management Fees for any partial month or quarter will be appropriately prorated.

For the year ended December 31, 2023, Management Fees (gross of waivers) were $25.2 million. For the period from April 5, 2022 (Inception) through December 31, 2022, Management Fees (gross of waivers) were $2.7 million.

Prior to any Exchange Listing that may occur, the Adviser will waive its right to receive Management Fees in excess of the sum of 1.00% of the Company’s average aggregate drawn capital (including capital drawn to pay Company expenses) as of the end of the two most recently completed calendar quarters, appropriately adjusted for any share issuances or repurchases during the relevant calendar quarter. The fee waiver will terminate if and when the Company consummates an Exchange Listing. For the year ended December 31, 2023, Management Fees of $16.7 million have been waived. For the period from April 5, 2022 (Inception) through December 31,

2022, Management Fees of $2.0 million have been waived. Any waived Management Fees are not subject to recoupment by the Adviser.

The Incentive Fee consists of two parts, as follows:

(i)

The first component, payable at the end of each quarter in arrears, will equal 100% of the excess of pre-Incentive Fee net investment income in excess of a 1.5% quarterly hurdle rate, until the Adviser has received 12.5% (17.5% subsequent to an Exchange Listing) of total net investment income for that quarter, and 12.5% (17.5% subsequent to an Exchange Listing) of all remaining pre-Incentive Fee net investment income for that quarter.

Pre-Incentive Fee net investment income means dividends (including reinvested dividends), interest and fee income accrued by the Company during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

(ii)

The second component, payable at the end of each fiscal year in arrears, will, prior to an Exchange Listing, equal 12.5% of cumulative realized capital gains from the inception of the Company to the end of such fiscal year, less the aggregate amount of any previously paid capital gain Incentive Fee for prior periods (the “Capital Gains Fee”). Following an Exchange Listing, the Capital Gains Fee will equal a weighted percentage of the Company’s realized capital gains, if any, on a cumulative basis as between the inception of the Company to an Exchange Listing and from such Exchange Listing to the end of such fiscal year. The weighted percentage is intended to ensure that for each fiscal year following an Exchange Listing, the portion of the Company’s realized capital gains that accrued prior to an Exchange Listing will be subject to an Incentive Fee rate of 12.5% and the portion of the Company’s realized capital gains that accrued following an Exchange Listing will be subject to an Incentive Fee rate of 17.5%.

For purposes of determining whether pre-Incentive Fee net investment income exceeds the hurdle rate, pre-Incentive Fee net investment income is expressed as a rate of return on the average daily hurdle calculation value throughout the immediately preceding calendar quarter.

Section 205(b)(3) of the Investment Advisers Act of 1940, as amended, or the Advisers Act, prohibits the Adviser from receiving the payment of fees on unrealized gains until those gains are realized, if ever. There can be no assurance that such unrealized gains will be realized in the future.

For the year ended December 31, 2023, Incentive Fees on net investment income were $19.3 million. For the period from April 5, 2022 (Inception) through December 31, 2022, the Company recorded $1.0 million of Incentive Fees on net investment income. For the year ended December 31, 2023 the Company had an accrual of $6.7 million related to Capital Gains Fees. For the year ended December 31, 2022 there was no accrual of Capital Gains Fees.

Expense Support Agreement

On June 28, 2022, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Expense Support Agreement provides that, at such times as the Adviser determines, the Adviser may pay certain expenses of the Company, provided that no portion of the payment will be used to pay any interest (each an “Expense Payment”). Such Expense Payment will be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from the Adviser to pay such expense, and/or by an offset against amounts due from us to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined in the Expense Support Agreement) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (such amount referred to as the “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof (each, a “Reimbursement Payment”), to the Adviser until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter have been reimbursed. The amount of the Reimbursement Payment for any calendar quarter shall equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to the Adviser. The Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, so that such Reimbursement Payment may be reimbursable in a future calendar quarter.

As of December 31, 2023 and December 31, 2022, the Adviser had not provided any written commitments for Expense Payments. The Company has not made any Reimbursement Payments to the Adviser. The Company may or may not reimburse remaining expense support in the future.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The tax character of shareholder distributions attributable to fiscal year ended December 31, 2023 was as follows:


	For the year ended
	December 31, 2023
Ordinary Income	$	107,004
Long Term Capital Gains		—
Total	$	107,004

(1)

For the year ended December 31, 2023, 88.32% of ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders.

For the year ended December 2022, there were no distributions.

The following reconciles the increase in net assets resulting from operations for the fiscal years ended December 31, 2023 and 2022, to taxable income at December 31, 2023 and 2022:


	For the year ended			For the year ended
	December 31, 2023			December 31, 2022
Increase (decrease) in net assets resulting from operations	$	183,989		$	3,847
Adjustments:
Net unrealized (gains) losses on investments		(56,755	)		1,663
Other income (loss) for tax purposes, not book		7,579			1,211
Deferred organization costs		(146	)		(47	)
Other expenses not currently deductible		1,547			2,382
Other book-tax differences		6,958			—
Taxable Income	$	143,172		$	9,056

The tax basis components of distributable earnings for the year ended December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022 were as follows:


	December 31, 2023			December 31, 2022
Undistributed net investment income - tax basis	$	89,489		$	9,056
Net unrealized gains (losses) on investments		45,694			(2,875	)
Other temporary differences		(52,607	)		(2,088	)
Total distributable earnings - book basis	$	82,576		$	4,093

Note: Taxable income is an estimate and is not fully determined until the Company’s tax return is filed. The Company's tax year end is December 31.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of shareholders’ equity as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or distributable earnings, as appropriate.

For the year ended December 31, 2023 and 2022, the Company increased distributable earnings and decreased additional paid in capital by $1.5 million and $0.2 million, respectively, which was primarily attributable to U.S. federal excise taxes.

The Company’s wholly-owned subsidiary, Sixth Street LP Holding II, LLC, is a taxable subsidiary in which the Company holds certain investments. Sixth Street LP Holding II, LLC is not consolidated for U.S. federal income tax purposes and may generate income tax expense as a result of its ownership of certain portfolio companies. The income tax expense, or benefit, and the related tax assets and liabilities, if any, are reflected in our Statement of Operations.

The tax cost of the Company’s investments as of December 31, 2023 was $3,047,224, resulting in estimated gross unrealized gains and losses of $69,618 and $23,923, respectively. The tax cost of the Company’s investments as of December 31, 2022 was $810,241, resulting in estimated gross unrealized gains and losses of $2,806 and $5,681, respectively.

To the extent that the Company determines that its estimated current year annual taxable income will exceed its estimated current year dividends from such taxable income, the Company accrues excise tax on estimated excess taxable income. For the year ended December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022, a net expense of $1.5 million and $0.2 million, respectively, was recorded for U.S. federal excise tax.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2023

Selected Quarterly Financial Data (Unaudited)

13. Selected Quarterly Financial Data (Unaudited)


	2023
	Q4		Q3		Q2		Q1
Investment Income	$	90,782	$	66,482	$	57,788	$	31,021
Net Expenses (1)	$	41,660	$	34,026	$	24,962	$	15,646
Net Investment Income	$	48,686	$	32,056	$	32,421	$	15,115
Total unrealized and realized gains (losses)	$	12,750	$	29,447	$	410	$	13,103
Increase (decrease) in Net Assets Resulting from Operations	$	61,437	$	61,503	$	32,831	$	28,218
Net Asset Value per Share as of the End of the Quarter	$	27.75	$	27.19	$	26.13	$	25.77


	2022
	Q4			Q3
Investment Income	$	16,189		$	966
Net Expenses (1)	$	8,948		$	1,673
Net Investment Income (2)	$	7,241		$	(707	)
Total unrealized and realized gains (losses)	$	(2,120	)	$	377
Increase (decrease) in Net Assets Resulting from Operations	$	5,120		$	(330	)
Net Asset Value per Share as of the End of the Quarter	$	24.98		$	24.61

(1)

Net expenses include income taxes, including any excise taxes.

(2)

Net investment income excludes $(943) of expenses incurred at formation.

Fair Value of Financial Instruments - Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and other investments	$ 62,651	$ 7,806
Total	3,099,151	808,801
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	2,686
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and other investments	62,651	7,806
Total	3,096,465	808,801
First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	2,850,885	800,995
First-lien Debt Investments \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	2,080
First-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	2,848,805	$ 800,995
Second-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	79,091
Second-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	79,091
Mezzanine Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	106,524
Mezzanine Debt Investments \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	606
Mezzanine Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	$ 105,918

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization Sixth Street Lending Partners (the “Company”) is a Delaware statutory trust formed on April 5, 2022 (“Inception”). The Company was formed primarily to lend to, and selectively invest in, upper middle-market companies in the United States. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is managed by Sixth Street Lending Partners Advisers, LLC (the “Adviser”). On May 12, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding, LLC, a Delaware limited liability company. On May 12, 2022, the Company formed a wholly-owned subsidiary, SSLP Lending, LLC, a Delaware limited liability company. On December 8, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding II, LLC, a Delaware limited liability company. On December 21, 2023, the Company formed a wholly-owned subsidiary, Sixth Street Lending Partners Sub, LLC, a Cayman Islands limited liability company. Sixth Street LP Holding, LLC has legally dissolved as of December 31, 2023. The Company is conducting a private offering (the “Private Offering”) of its Common Shares of beneficial interest (the “Common Shares”) to accredited investors, as defined in Regulation D under the Securities Act of 1933 (the “1933 Act”) in reliance on exemptions from the registration requirements of the 1933 Act. Common Shares will be offered for subscription continuously throughout an initial closing period and may be offered from time to time thereafter. Each investor in the Private Offering will make a capital commitment (a “Capital Commitment”) to purchase Common Shares of the Company pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase the Company’s Common Shares up to the amount of their respective Capital Commitments on an as-needed basis each time the Company delivers a notice to the investors. The Company completed its initial closing of Capital Commitments and commenced its loan origination and investment activities on August 31, 2022 (“Commencement of Operations”), the date of receipt of the initial drawdown from investors in the Private Offering. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. In the opinion of management all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented have been included. The results of operations for interim periods are not indicative of results to be expected for the full year. All intercompany balances and transactions have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. Fiscal Year End The Company’s fiscal year ends on December 31.

Commitments and Contingencies - Schedule of Commitments To Fund Investments In Current Portfolio Companies (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Revolver | Artisan Bidco, Inc

^[1],[2]

$ 358,502

$ 62,983

21,283

Revolver | Avalara, Inc.

Revolver | Disco Parent, Inc.

13,636

Revolver | Galileo Parent Inc

5,776

15,817

Revolver | Hirevue, Inc.

Revolver | Ping Identity Holding Corp.

14,113

Revolver | Wrangler TopCo, LLC

13,636

Revolver & Partnership Interest | Crewline Buyer, Inc.

9,576

Delayed Draw & Revolver | Alaska Bidco Oy

20,809

Delayed Draw & Revolver | BTRS Holdings, Inc.

231

Delayed Draw & Revolver | Coupa Holdings, LLC

16,689

25,915

Delayed Draw & Revolver | Edge Bidco BV

20,427

Delayed Draw & Revolver | Erling Lux Bidco SARL

1,060

Delayed Draw & Revolver | Fullsteam Operations LLC

3,184

5,618

Delayed Draw & Revolver | Hornetsecurity Holding GmbH

31,239

Delayed Draw & Revolver | Rapid Data GmbH Unternehmensberatung

2,113

2,041

Delayed Draw | Arrow Buyer, Inc.

6,255

Delayed Draw | Banyan Software Holdings, LLC

28,125

Delayed Draw | BCTO Bluebill Buyer, Inc.

20,073

Delayed Draw | Kangaroo Bidco AS

1,325

Delayed Draw | Laramie Energy, LLC

53,817

Delayed Draw | OutSystems Luxco SARL

27,439

Delayed Draw | SkyLark UK DebtCo

2,212

$ 2,137

Delayed Draw | SL Buyer Corp

28,192