Sixth Street Specialty Lending (TSLX) investor relations material

Overview and organization

• Operates as a specialty lender with $3.5 billion in total assets and a $1.6 billion market cap as of June 30, 2026.

• Part of a $135+ billion platform, leveraging 300+ investment professionals and 75 direct lending specialists.

• Senior leadership team averages over 250 years of collective experience.

• Maintains a diversified investment approach across multiple sectors and geographies.

• Focuses on US and European direct lending, with 88% first lien and 96% floating rate portfolio composition.

Track record

• Originated approximately $56 billion in investments with a realized average gross unlevered IRR of 17% on fully exited investments.

• Achieved a 12.8% average annual ROE on net income and 165% economic return since IPO.

• Outperformed BDC peers and major indices, with a 284.4% total return since IPO.

• Net realized losses have been minimal at 6 basis points annualized since inception.

• Annual returns have remained strong and resilient through various economic cycles.

Capital allocation & dividend policy

• Maintains disciplined access to equity markets, with 98.5% of trading days above book value since IPO.

• Implements a formulaic variable supplemental dividend framework, paying $1.90 per share in supplemental dividends since 2017.

• Base dividend yield stands at 10.3%, with base dividend coverage averaging 123% over the last five years.

• Dividend policy is designed to reflect earnings power across economic cycles.

• NAV per share has increased from $14.71 at IPO to $16.24 as of Q2 2026, with cumulative dividends paid per share reaching $23.49.