Sixth Street Specialty Lending (TSLX) Fixed Income Presentation summary

Overview and organization

• Operates as a specialty lender focused on providing financing solutions, with $3.4 billion in total assets and a $1.7 billion market capitalization as of March 31, 2026.

• Part of a $130+ billion platform, leveraging 300+ investment professionals and 73 direct lending specialists.

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

• Investment strategy emphasizes thematic, cross-platform verticals and disciplined sector selection.

• Maintains a diversified portfolio across industries and borrowers, with 79% of debt portfolio in new vintages since March 2022.

Track record

• Originated $55.2 billion in investments with a realized average gross unlevered IRR of 17% on fully exited investments.

• Achieved annualized net asset value growth above base dividends of 2.7% since inception.

• Outperformed BDC peers with a 12.8% ROE on net income and 162% economic return since IPO.

• Maintained net realized losses of only 6 basis points annualized since inception.

• Consistent annual returns, with economic return ranging from 7.6% to 19.7% since IPO.

Liquidity and funding profile

• Total liquidity of $1.2 billion, with $1.2 billion in available liquidity and $277 million undrawn revolver capacity.

• 91% of assets funded by unsecured debt and equity; 85% of debt is unsecured.

• Weighted average remaining debt maturity of 4.1 years; 96.3% of debt portfolio is floating rate.

• Asset coverage for unsecured notes at 2.1x; 71% of funding from unsecured debt.

• Strong and consistent base dividend coverage averaging 123% over the last five years.