Sixth Street Specialty Lending (TSLX) Corporate presentation summary

Special meeting and proposal overview

• A special meeting of stockholders is scheduled for May 21, 2026, to vote on authorizing the company to sell or issue shares below net asset value (NAV), with a limit of 25% of outstanding shares per offering.

• The board supports this proposal to provide access to capital markets, improve capital resources, and add financial flexibility, especially during periods of market volatility.

Market context and investment opportunities

• Historical periods of credit market dislocation (2015–2016, 2020) saw BDCs trading below NAV, creating attractive investment opportunities.

• Volatility and reduced capital availability can lower competition for investments, potentially enhancing returns.

Performance and capital allocation discipline

• Outperformed peers in net income return on equity, total economic return, and total returns since IPO.

• Delivered total returns since IPO that exceeded leveraged loans, high yield, BDC peers, and the S&P 500 by significant margins.

• Demonstrated ability to generate strong ROE, particularly during market volatility.

• Maintained disciplined capital allocation, with equity raises at a premium to peers and never issuing below NAV under prior authorizations.

• Follow-on offerings have been relatively small compared to sector peers, reflecting prudent capital management.