Sixth Street Specialty Lending (TSLX) Fixed Income presentation summary

Overview and organization

• Operates as a specialty lender with a $1.6 billion market cap and $3.5 billion in total assets, listed on NYSE with investment grade ratings from four agencies.

• 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.

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

• Maintains a diversified portfolio across industries and borrowers, with top 10 investments representing 21% of fair value.

Track record

• Originated $56 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 2.6% since inception.

• Outperformed BDC peers with a 12.8% ROE on net income and 165% economic return since IPO.

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

• Demonstrated consistent annual returns and dividend coverage through various economic cycles.

Liquidity and funding profile

• Total liquidity of $943 million as of June 30, 2026, with $559 million undrawn revolver capacity.

• 69% of debt is unsecured, with asset coverage for unsecured notes at 2.4x.

• Weighted average remaining debt maturity of 4.2 years and 96.1% floating rate debt portfolio.

• Maintains strong relationships with 19 banks and over 215 unsecured note investors.

• Base dividend coverage averaged 123% over the last five years, with consistent supplemental dividends.