Financial Data and Key Metrics Changes - Adjusted net investment income per share for Q2 2022 was $0.42, with an annualized return on equity of 9.9% [10] - Adjusted net loss per share was $0.30, primarily due to unrealized losses from wider market spreads [11] - Net asset value per share decreased by approximately 3.4% from $16.84 to $16.27, driven by unrealized losses of $0.66 per share [17][60] - Total investments at quarter-end were $2.5 billion, slightly up from the previous quarter [53] Business Line Data and Key Metrics Changes - 93% of total investment income was generated through interest and dividend income, compared to 85% in 2021 and 79% in 2020 [14] - The weighted average yield on debt and income-producing securities at amortized cost increased to 10.9% from 10.3% quarter-over-quarter [47] - The company had $379 million of commitments and $325 million of fundings across 8 new investments and upsizes during the quarter [36] Market Data and Key Metrics Changes - The company noted a pause in repayments in the latter half of the quarter, with $212 million of paydowns across 6 full and 1 partial investment realization [42] - The repayment activity was in line with historical averages, with 65% occurring in April [44] Company Strategy and Development Direction - The company is focused on maintaining a defensive portfolio, with 90% of its investments in first lien loans [30] - The strategy includes a differentiated approach to underwriting, emphasizing businesses with variable cost structures and strong recurring revenue [28] - The company anticipates increased deal flow in the second half of 2022 while remaining selective in investment opportunities [35] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the potential for rising rates to lead to a default cycle, particularly in a stagflationary environment [92] - The overall health of borrowers remains strong, despite rising costs and inflationary pressures [23] - The company expects to exceed the top end of its target return on equity for the full year 2022 due to positive asset sensitivity [68] Other Important Information - The Board approved a third quarter base dividend of $0.42 per share, an increase of $0.01 from the previous quarter [24] - The company has significant liquidity, with $1.2 billion of undrawn capacity on its revolving credit facility [56] Q&A Session Summary Question: About the new BDC Sixth Street has on file - Management indicated that the new BDC has a completely different investment strategy than Sixth Street Specialty Lending, with limited overlap [74][75] Question: Thoughts on a peer lowering its base fee - Management noted that the peer has a history of performance issues and that their yield is lower compared to Sixth Street's [76][82] Question: Fee income expectations in a rising rate environment - Management clarified that their portfolio is spread-sensitive rather than rate-sensitive, and they expect M&A activity to increase over time [85][90] Question: Expectations for defaults in the current environment - Management acknowledged that defaults are likely to increase but expressed confidence in the defensive positioning of their portfolio [92][96] Question: Risks in certain verticals - Management highlighted low-margin businesses with commodity inputs as more at risk in the current environment [106] Question: CLO investments compared to traditional debt investments - Management explained that CLO investments offer greater loss-taking ability and are a more efficient use of capital compared to private loans [111] Question: Impact of valuation changes - Management stated that the majority of valuation changes were driven by spread movements rather than performance-based markdowns [113][115]

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Delaware 27-3380000 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2100 McKinney A ...

S I X T H S T R E E T S P E C I A L T Y L E N D I N G Quarter Ended March 31, 2022 EARNINGS PRESENTATION DISCLAIMER AND FORWARD-LOOKING STATEMENT References in this presentation ("Presentation") to "TSLX," "we," "us," "our" and "the Company" refer to Sixth Street Specialty Lending, Inc. This Presentation includes forward-looking statements about TSLX that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, esti ...

Financial Data and Key Metrics Changes - The adjusted net investment income per share for Q1 2022 was $0.49, corresponding to an annualized return on equity of 11.6% [9] - The adjusted net income per share was $0.56, corresponding to an annualized return on equity of 13.2% [9] - The net asset value per share at quarter end was $16.88, an increase of $0.15 or 1% from the previous quarter [16] - Total investments decreased slightly to $2.5 billion due to net repayment activities [40] - The average debt to equity ratio decreased from 0.99 times to 0.95 times [41] Business Line Data and Key Metrics Changes - The company committed $79.3 million and funded $52.8 million in Q1, primarily in the software services sector [26] - The weighted average yield on debt and income-producing securities increased to 10.3% from 10.2% quarter-over-quarter [36] - The weighted average revenue and EBITDA of core portfolio companies were $117 million and $31 million, respectively [38] Market Data and Key Metrics Changes - The S&P 500 and US High Yield Index ended Q1 down 4.5% and 4.6%, respectively, marking their worst quarter since Q1 2020 [21] - New issue loan volumes in the middle market were down 51% from a year ago [22] - The weighted average cost of debt outstanding remained relatively flat due to the mechanics of swap contracts [14] Company Strategy and Development Direction - The company is focused on investing in high-quality businesses and maintaining liquidity amid rising interest rates and inflation [12][15] - The company aims to provide differentiated capital solutions in a competitive direct lending landscape [35] - The company received a ratings upgrade from Fitch, reflecting strong performance and sector-leading returns [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by inflation, rising interest rates, and geopolitical factors but expressed confidence in the portfolio's strength [12][15] - The company anticipates that rising interest rates will benefit its asset sensitivity, allowing for potential ROE accretion [44] - Management remains optimistic about future opportunities in the private lending market despite current volatility [56][57] Other Important Information - The Board approved a base quarterly dividend of $0.41 per share and a supplemental dividend of $0.04 per share [17] - The company has ample liquidity with $1.2 billion of unfunded revolver capacity against $147 million of unfunded commitments [41] Q&A Session Summary Question: Interest rates and private lending market reaction - Management discussed the impact of rising interest rates on spreads and the potential for the private lending market to react differently than in the past [61][62] Question: Expectations for convertible debt settlement - The company elected to settle the convertible debt primarily in stock, which is expected to be slightly accretive to net asset value [66][67] Question: Competition in the lending market - Management noted that while competition has not yet decreased, there are signs of potential shifts in the market due to recent economic changes [75][76] Question: Opportunities in growth equity - Management acknowledged ongoing opportunities in growth equity but emphasized the need for careful selection based on appropriateness for the company's balance sheet [85][86] Question: Market activity and repayment expectations - Management indicated that while repayment activity may normalize, it is not highly sensitive to interest rate changes, and they expect continued repayment activity [102][111]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission File Number 001-36364 Sixth Street Specialty Lending, Inc. FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. (Exact name of registrant as specified in its charter) For the quarterly period ended March 31, 2022 Delaware 27-3380000 (State or ...

Sixth Street Specialty Lending Inc. (NYSE:TSLX) Q4 2021 Earnings Conference Call February 18, 2021 8:30 AM ET Company Participants Joshua Easterly - Chairman, Chief Executive Officer Bo Stanley - President Ian Simmonds - Chief Financial Officer Cami VanHorn - Head of Investor Relations Conference Call Participants Finian O’Shea - Wells Fargo Securities Kevin Fultz - JMP Securities Melissa Wedel - JP Morgan Kenneth Lee - RBC Capital Markets Ryan Lynch - KBW Robert Dodd - Raymond James Operator Good morning ...

S I X T H S T R E E T S P E C I A L T Y L E N D I N G Quarter Ended December 31, 2021 EARNINGS PRESENTATION DISCLAIMER AND FORWARD-LOOKING STATEMENT References in this presentation ("Presentation") to "TSLX," "we," "us," "our" and "the Company" refer to Sixth Street Specialty Lending, Inc. This Presentation includes forward-looking statements about TSLX that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, e ...

Part I [Business](index=4&type=section&id=ITEM%201.%20Business) Sixth Street Specialty Lending, Inc. is a BDC focused on originating senior secured loans to U.S. middle-market companies, externally managed by Sixth Street - TSLX is a specialty finance company and BDC focused on lending to U.S. middle-market companies, having originated approximately **$20.1 billion** in investments since its inception in July 2011[17](index=17&type=chunk) Portfolio Composition by Investment Type (as of Dec 31, 2021) | Investment Type | Percentage of Portfolio (by Fair Value) | | :--- | :--- | | First-Lien Debt | 91.2% | | Second-Lien Debt | 1.7% | | Mezzanine Debt | 0.7% | | Equity and Other | 6.4% | - As of December 31, 2021, **98.9%** of the company's debt investments bore interest at floating rates (including hedges), with **99.4%** of these having interest rate floors, providing a hedge against inflation[19](index=19&type=chunk) - The company is externally managed by Sixth Street Specialty Lending Advisers, LLC, which is part of the Sixth Street global investment platform with approximately **$60 billion** of assets under management[24](index=24&type=chunk) - The company has an SEC exemptive order allowing it to co-invest with affiliates, which is particularly useful for larger capital commitments and providing "one-stop" financing solutions[26](index=26&type=chunk)[27](index=27&type=chunk) Management and Incentive Fees | Fee Type | Calculation Basis | | :--- | :--- | | **Management Fee** | 1.5% annually on average gross assets. A waiver reduces the fee to 1.0% on assets financed with leverage over 1.0x debt-to-equity | | **Incentive Fee (Income)** | 17.5% of pre-incentive fee net investment income over a 1.5% quarterly hurdle rate, with a catch-up provision | | **Incentive Fee (Capital Gains)** | 17.5% of cumulative realized capital gains over cumulative realized and unrealized capital losses | [Risk Factors](index=29&type=section&id=ITEM%201A.%20Risk%20Factors) The company faces significant risks from its BDC structure, economic conditions, illiquid portfolio investments, and securities market volatility - **Business & Structure Risks:** The company is dependent on key management personnel from its Adviser, Sixth Street, and their affiliates. It is also subject to significant BDC regulations that affect capital raising and operations, and its use of leverage magnifies potential gains and losses[152](index=152&type=chunk)[157](index=157&type=chunk) - **Economic Risks:** The COVID-19 pandemic and general economic downturns could impair portfolio companies' ability to operate and repay debt, harming the company's operating results. Market volatility and uncertainty about financial stability also pose significant threats[153](index=153&type=chunk)[229](index=229&type=chunk)[242](index=242&type=chunk) - **Portfolio Investment Risks:** Investments are primarily in risky, highly speculative, and illiquid securities of middle-market companies. The lack of a ready market for these investments complicates valuation and may adversely affect the business if positions need to be sold quickly[155](index=155&type=chunk)[244](index=244&type=chunk)[255](index=255&type=chunk) - **Securities Risks:** The market price of the company's common stock (TSLX) may fluctuate significantly and has historically traded at a discount to its net asset value (NAV). Stockholders may also experience dilution from the conversion of the 2022 Convertible Notes or if they opt out of the dividend reinvestment plan[156](index=156&type=chunk)[313](index=313&type=chunk)[315](index=315&type=chunk)[319](index=319&type=chunk) - **LIBOR Transition Risk:** The planned phase-out of LIBOR creates uncertainty for the interest rates on the company's floating-rate investments and its own indebtedness. This may require renegotiating credit agreements and could adversely affect returns and borrowing costs[218](index=218&type=chunk)[219](index=219&type=chunk)[223](index=223&type=chunk) [Unresolved Staff Comments](index=81&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the Securities and Exchange Commission - As of the report date, there are no unresolved comments from the SEC staff[336](index=336&type=chunk) [Properties](index=81&type=section&id=ITEM%202.%20Properties) The company does not own any real estate; its principal executive office is located in Dallas, Texas - The company's principal executive office is in Dallas, TX, and it does not own any real estate[337](index=337&type=chunk) [Legal Proceedings](index=81&type=section&id=ITEM%203.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any material legal proceedings being threatened against it - There are no material pending or threatened legal proceedings against the company[338](index=338&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=82&type=section&id=ITEM%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) TSLX common stock trades on the NYSE, historically fluctuating relative to NAV, with senior securities maintaining strong asset coverage above regulatory requirements - The company's common stock (TSLX) is traded on the NYSE and has historically traded at prices both above and below its net asset value per share[342](index=342&type=chunk) Senior Securities Outstanding (as of Dec 31, 2021) | Class | Total Amount Outstanding (in millions) | Asset Coverage Per Unit ($) | | :--- | :--- | :--- | | Revolving Credit Facilities | $316.4 | $2,053.6 | | Convertible Senior Notes due 2022 | $100.0 | $2,053.6 | | 2023 Notes | $150.0 | $2,053.6 | | 2024 Notes | $346.4 | $2,053.6 | | 2026 Notes | $298.1 | $2,053.6 | [Selected Financial Data](index=84&type=section&id=ITEM%206.%20Selected%20Financial%20Data) In 2021, the company reported increased net assets from operations and total assets, with a slight NAV per share decrease and significantly higher dividends declared Selected Financial Data (2020 vs. 2021) | Metric (in millions, except per share) | 2021 | 2020 | | :--- | :--- | :--- | | Total Investment Income | $278.6 | $270.0 | | Net Investment Income | $142.4 | $147.0 | | Increase in Net Assets from Operations | $211.8 | $178.1 | | Earnings per common share—basic | $2.93 | $2.65 | | Total Assets | $2,551.9 | $2,338.6 | | Total Debt | $1,186.0 | $1,110.4 | | Total Net Assets | $1,275.8 | $1,161.3 | | Net Asset Value Per Share | $16.84 | $17.16 | | Dividends declared per share | $3.59 | $2.30 | - The total return based on net asset value was **19.1%** for 2021, an increase from **15.6%** in 2020[353](index=353&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=86&type=section&id=ITEM%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, TSLX experienced portfolio growth, increased total investment income, improved credit quality, and maintained strong liquidity and asset coverage Investment Activity (Year Ended Dec 31) | Activity (in millions) | 2021 | 2020 | | :--- | :--- | :--- | | New Investment Commitments | $1,117.4 | $1,184.7 | | Principal Amount Funded | $1,117.4 | $939.0 | | Principal Amount Sold/Repaid | $1,004.5 | $941.3 | Results of Operations Summary (Year Ended Dec 31) | Metric (in millions) | 2021 | 2020 | | :--- | :--- | :--- | | Total investment income | $278.6 | $270.0 | | Net expenses | $135.8 | $117.3 | | Net investment income | $142.4 | $147.0 | | Net realized gains (losses) | $28.9 | $(2.6) | | Net change in unrealized gains | $40.5 | $33.7 | | Net increase in net assets | $211.8 | $178.1 | - The portfolio's credit quality improved, with investments rated '1' (performing as agreed with no concerns) increasing to **89.8%** of the portfolio by fair value, up from **86.8%** in 2020. Non-accrual investments decreased to **0.0%** of the portfolio at fair value from **0.9%** in the prior year[405](index=405&type=chunk)[400](index=400&type=chunk) - As of December 31, 2021, the company had total debt of **$1.21 billion** and available liquidity of **$1.19 billion** under its Revolving Credit Facility, with an asset coverage ratio of **205.4%**[440](index=440&type=chunk)[441](index=441&type=chunk)[450](index=450&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=113&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages valuation, interest rate, and currency risks through active strategies, including hedging and natural offsets for its floating-rate assets and liabilities - The company's primary market risks are valuation risk for its illiquid portfolio, interest rate risk, and currency risk[519](index=519&type=chunk) - Interest rate risk is managed by maintaining a portfolio of primarily floating-rate assets (**98.9%** of debt investments) and using interest rate swaps to hedge fixed-rate liabilities[521](index=521&type=chunk)[523](index=523&type=chunk) Annualized Impact of Hypothetical Base Rate Changes on Net Income | Basis Point Change | Net Income Impact (in millions) | | :--- | :--- | | Up 300 basis points | $13.7 | | Up 200 basis points | $2.5 | | Up 100 basis points | $(7.2) | | Down 25 basis points | $2.7 | - Currency risk is primarily mitigated by borrowing in the same foreign currency as its investments, creating a natural hedge[526](index=526&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=115&type=section&id=ITEM%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements and KPMG's unqualified opinion, highlighting Level 3 investment valuation as a critical audit matter - The independent registered public accounting firm, KPMG LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of the company's internal control over financial reporting as of December 31, 2021[532](index=532&type=chunk) - The auditor identified the assessment of the fair value of Level 3 debt and equity investments as a critical audit matter due to the high degree of subjective judgment involved in evaluating the assumptions used, such as market yields and comparable multiples[539](index=539&type=chunk)[540](index=540&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31) | Account (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Total investments at fair value | $2,521,593 | $2,298,870 | | Total Assets | $2,551,857 | $2,338,593 | | Total Debt (net) | $1,185,964 | $1,110,363 | | Total Net Assets | $1,275,848 | $1,161,315 | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Total Investment Income | $278,593 | $270,037 | | Net Expenses | $135,850 | $117,273 | | Net Investment Income | $142,359 | $147,004 | | Increase in Net Assets from Operations | $211,780 | $178,108 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=174&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes in or disagreements with its accountants on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure - There were no disagreements with accountants on accounting and financial disclosure[752](index=752&type=chunk) [Controls and Procedures](index=174&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective, with KPMG attesting to the latter, and no material changes occurred - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[753](index=753&type=chunk) - Management assessed the company's internal control over financial reporting and concluded it was effective as of December 31, 2021. This assessment was audited and confirmed by KPMG LLP[754](index=754&type=chunk)[756](index=756&type=chunk) - No material changes in internal control over financial reporting occurred during the most recently completed fiscal quarter[757](index=757&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Related Transactions](index=175&type=section&id=ITEM%2010%2C%2011%2C%2012%2C%2013%2C%2014) Information for Items 10-14, covering governance, compensation, and related transactions, is incorporated by reference from the company's 2022 Proxy Statement - The information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the company's 2022 Proxy Statement[762](index=762&type=chunk)[764](index=764&type=chunk)[765](index=765&type=chunk)[766](index=766&type=chunk)[767](index=767&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=176&type=section&id=ITEM%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including governance documents, debt agreements, and management certifications - This section provides a list of all exhibits filed with the Form 10-K, including governance documents, debt indentures, and management agreements[771](index=771&type=chunk)[772](index=772&type=chunk)[773](index=773&type=chunk)

Financial Performance - The Net Asset Value (NAV) per share increased to $17.18 in Q3 2021 [9], compared to $16.85 in Q2 2021 [15] - The Pro Forma NAV per share, accounting for supplemental and special dividends, was $16.61 at the end of Q3 2021 [9] - Adjusted Net Investment Income per share was $0.55 for Q3 2021 [15] - The company's leverage ratio (Debt to Equity) was 0.90x at the end of Q3 2021, which is at the low end of the target range of 0.90x to 1.25x [11] - Annualized Return on Equity (ROE) from Adjusted Net Income was 19.0% for Q3 2021 [11] - Total Net Assets increased to $1,251.845 million in Q3 2021 [15] Portfolio Composition - The investment portfolio is heavily weighted towards first-lien debt investments, representing 92.5% of the total portfolio [11] - Floating rate investments constitute 98.9% of the portfolio [11] - The portfolio is diversified across 67 portfolio companies, with an average investment size of $36 million [11] - New investment commitments for Q3 2021 totaled $105.351 million [17] Liquidity and Funding - The company has approximately $1.3 billion of undrawn capacity on its revolving credit facility [11] - The weighted average remaining life of investments funded with debt is approximately 2.1 years, while the weighted average maturity on liabilities is approximately 3.8 years [11]

Financial Data and Key Metrics Changes - The company reported adjusted net investment income of $0.55 per share and adjusted net income of $0.80 per share for Q3 2021, reflecting an annualized year-to-date return on equity of 12.9% for adjusted net investment income and 21.5% for adjusted net income [5][32] - The net asset value (NAV) per share increased to $17.18, a 2% increase from the prior quarter, surpassing the previous record high of $17.16 in Q4 2020 [10][11] - Total investments decreased to $2.4 billion from $2.6 billion in the prior quarter due to net repayment activity [32] Business Line Data and Key Metrics Changes - The company funded five investments totaling $105.4 million in commitments and $65.4 million in fundings during the quarter [21] - The weighted average yield on debt and producing securities at amortized cost increased from 10.1% to 10.2% quarter-over-quarter, with new investments yielding 11.7% compared to 9.5% on exited investments [27] - The portfolio's equity concentration increased from 6% to 7% on a fair value basis, primarily due to an increase in the fair value of existing equity positions [28] Market Data and Key Metrics Changes - The company noted a robust direct lending environment, with private debt AUM growing over threefold in the last decade, indicating a shift towards institutionalization in the asset class [18] - The repayment activity in Q3 was elevated, with six investments fully realized and one partially sold, totaling $284 million [26] Company Strategy and Development Direction - The company aims to expand borrower and sponsor relationships through a thematic investment approach and differentiated underwriting capabilities, despite strong competition in the direct lending market [20] - The company plans to continue focusing on sectors with strong tailwinds and resilient business models, selectively increasing junior capital exposure [29] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for Q4, expecting continued elevated repayment activity and a strong funding pipeline, with net investments projected between $150 million and $250 million by year-end [21][93] - The management team is cautiously optimistic about inflation, indicating that the portfolio is robust against inflationary pressures due to the pricing power of the companies financed [72] Other Important Information - The company declared a special cash dividend of $0.50 per share and a base quarterly dividend of $0.41 per share, along with a supplemental dividend of $0.07 per share based on Q3 adjusted net investment income [15][14] - The company has a strong liquidity position with over $1.3 billion of unfunded revolver capacity at quarter end [35] Q&A Session Summary Question: Investment activity during the quarter - The gross origination number was largely impacted by Biohaven, with a strong net origination expected in Q4 [62] Question: Elevated repayment activity - Management expects a balanced mix of repayment activity and new investments in Q4, with specific mention of a public repayment from Motus [64] Question: Views on inflation - Management believes the portfolio is robust against inflation, with companies having pricing power and high EBITDA margins [72] Question: Convertible notes early conversion - Early conversion triggers must be met prior to six months before maturity, and currently, no triggers are met [76] Question: Supplemental dividend policy - The supplemental dividend policy remains unchanged, calculated based on adjusted net investment income [102] Question: Portfolio mix going forward - The company will continue to focus on sectors with higher risk-adjusted returns and may expand into energy and software sub-verticals [114]