[SCHEDULE 13G] Caris Life Sciences, Inc. SEC Filing

Rhea-AI Filing Summary

On 28 Jul 2025, TSSP Sub-Fund HoldCo, LLC and its managing member Alan Waxman jointly filed a Schedule 13G disclosing passive ownership in Caris Life Sciences, Inc. ("CAI") as of 30 Jun 2025.

• TSSP Sub-Fund HoldCo: 23,166,128 shares (8.3 % of the 277,932,779 outstanding).
• Alan Waxman: deemed beneficial owner of 24,385,399 shares (8.8 %) through control of HoldCo and related Sixth Street vehicles.
• Shares are distributed across five entities including Barnett Equity Holdings, Sixth Street Specialty Lending Inc. and related investment LLCs.

Both filers report zero sole and shared voting/dispositive power over the respective share counts; ownership is reported under Rule 13d-1(c) as a passive investment. No additional transactions, changes in control, or certifications were disclosed.

Positive

• Sixth Street-affiliated investors now hold an 8.8 % passive stake in CAI, adding a prominent institutional backer to the shareholder base.

Negative

• None.

Insights

Financial Analyst

TL;DR: Sixth Street affiliates reveal ~9 % passive stake in CAI; material for ownership mix but no control intent signaled.

The Schedule 13G indicates that Sixth Street–managed entities, via TSSP Sub-Fund HoldCo, accumulated 23.2 m CAI shares, while managing member Alan Waxman is deemed to control 24.4 m shares. At 8.3-8.8 % of outstanding stock, this represents a significant minority holding that must be reported but remains below activism thresholds. Because the filing is on Form 13G (not 13D), it signals no current intent to influence management, suggesting a passive, possibly credit-linked or crossover equity position typical of Sixth Street. From a valuation standpoint, new institutional support can tighten the float and may improve liquidity. However, absent any transactional detail or future plans, the disclosure is largely informational; fundamental outlook for CAI is unchanged.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CARIS LIFE SCIENCES, INC.

(Name of Issuer)

Common Stock, par value $0.001 per share ("Common Stock").

(Title of Class of Securities)

141252107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 141252107

1

Names of Reporting Persons

TSSP Sub-Fund HoldCo, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 23,166,128.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 23,166,128.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,166,128.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.3 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 141252107

1

Names of Reporting Persons

Alan Waxman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 24,385,399.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 24,385,399.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,385,399.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CARIS LIFE SCIENCES, INC.
(b)	Address of issuer's principal executive offices: 750 W. John Carpenter Freeway, Suite 800, Irving, TX 75039
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed jointly by TSSP Sub-Fund HoldCo, LLC ("Sub-Fund Holdco") and Alan Waxman ("Mr. Waxman" and each a "Reporting Person" and, together, the "Reporting Persons"), pursuant to an Agreement of Joint Filing incorporated by reference herein in accordance with Rule 13d-1(k)(1) under the Act.
(b)	Address or principal business office or, if none, residence: The principal business address of Sub-Fund HoldCo is as follows: c/o Sixth Street Partners, LLC 2100 McKinney Avenue Suite 1500 Dallas, TX 75201 The principal business address of Mr. Waxman is as follows: 1 Letterman Drive, Building B, Suite B6-100 San Francisco, CA 94129
(c)	Citizenship: Sub-Fund HoldCo is organized under the laws of the State of Delaware. Mr. Waxman is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.001 per share ("Common Stock").
(e)	CUSIP No.: 141252107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of June 30, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the Common Stock listed on such Reporting Person's cover page. Calculation of the percentage of Common Stock beneficially owned as of June 30, 2025 is based on 277,932,779 shares of Common Stock outstanding as disclosed in the Issuer's Prospectus filed on Form 424B4 filed with the Securities and Exchange Commission on June 20, 2025. As of June 30, 2025, 5,687,176 shares of Common Stock are held directly by Barnett Equity Holdings, LLC, 1,219,271 shares of Common Stock are held directly by Sixth Street Specialty Lending Inc., 3,881,988 shares of Common Stock are held directly by TOP III Barnett Investments, LLC, 10,103,175 shares of Common Stock are held directly by Barnett Equity Holdings II, LLC and 3,493,789 shares of Common Stock are held directly by TAO Barnett Investments, LLC. TAO SPV GP, LLC, a Delaware limited liability company, is the managing member of each of (i) Barnett Equity Holdings, LLC; (ii) Barnett Equity Holdings II LLC; and (iii) TAO Barnett Investments, LLC. Empire SPV GP, LLC, a Delaware limited liability company, is the managing member of TOP III Barnett Investments, LLC. Sub-Fund HoldCo is the sole member of each of TAO SPV GP, LLC and Empire SPV GP, LLC. Sixth Street Specialty Lending, Inc. is managed by Sixth Street Specialty Lending Advisers, LLC, a Delaware limited liability company. TSSP Holdco Management, LLC, a Delaware limited liability company ("Holdco Management"), manages Sixth Street Specialty Lending Advisers Holdings, LLC, a Delaware limited liability company. The business and affairs of Sixth Street Specialty Lending Advisers, LLC are managed by Sixth Street Specialty Lending Advisers Holdings, LLC, the sole member of Sixth Street Specialty Lending Advisers, LLC. Sub-Fund HoldCo is managed by its sole member, whose managing member is Mr. Waxman. Holdco Management is managed by a board of directors, which is currently comprised of Mr. Waxman. Mr. Waxman is the CEO of Holdco Management. Each Reporting Person disclaims beneficial ownership of the securities held directly by Barnett Equity Holdings, LLC, Sixth Street Specialty Lending Inc, TOP III Barnett Investments, LLC, Barnett Equity Holdings II, LLC and TAO Barnett Investments, LLC. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any Reporting Person is the beneficial owner of the Common Stock referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(b)	Percent of class: See each cover page hereof.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See each cover page hereof.
	(ii) Shared power to vote or to direct the vote: See each cover page hereof.
	(iii) Sole power to dispose or to direct the disposition of: See each cover page hereof.
	(iv) Shared power to dispose or to direct the disposition of: See each cover page hereof.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

TSSP Sub-Fund HoldCo, LLC

Signature:	/s/ Joshua Peck
Name/Title:	Joshua Peck, Vice President
Date:	07/28/2025

Alan Waxman

Signature:	/s/ Joshua Peck
Name/Title:	Joshua Peck, on behalf of Alan Waxman (*)
Date:	07/28/2025

Comments accompanying signature: Joshua Peck is signing on behalf of Mr. Waxman pursuant to an authorization and designation letter dated December 31, 2024, filed herewith.

Exhibit Information

Exhibit 1 - Agreement of Joint Filing Exhibit 2 - Authorization and Designation Letter, dated December 31, 2024, by Alan Waxman (filed herewith)

FAQ

Who filed the Schedule 13G for Caris Life Sciences (CAI)?

TSSP Sub-Fund HoldCo, LLC and its managing member Alan Waxman filed jointly.

How many CAI shares do the reporting persons own?

HoldCo reports 23,166,128 shares; Alan Waxman is deemed to own 24,385,399 shares.

What percentage of Caris Life Sciences’ outstanding stock is represented?

HoldCo owns 8.3 %; Alan Waxman controls 8.8 % of the 277,932,779 shares outstanding.

Is the stake considered passive or activist?

The filing is on Schedule 13G under Rule 13d-1(c), indicating a passive investment.

Under which CUSIP number was the filing made?

The filing references CUSIP 141252107.

When is the ownership date relevant to the filing?

Ownership is reported as of 30 June 2025.