Sixth Street Lending Partners is a privately offered, externally managed BDC that lends directly to U.S.-domiciled upper middle-market companies, generally those with annual EBITDA above $75 million. The portfolio is predominantly first-lien senior secured, floating-rate loans originated by the Sixth Street direct lending team, with smaller positions in mezzanine and unsecured debt, equity and a broadly syndicated loan joint venture. The stated objective is current income through favorable risk-adjusted returns, with long-term capital appreciation as a secondary aim. Returns come mainly from interest and fee income, magnified by borrowings within the 150% asset coverage limit.