Sixth Street Specialty Lending (TSLX) Investor presentation summary

Overview and organization

• Focuses on specialty lending, providing financing solutions with a $2.1B market cap and $3.4B in total assets as of 12/31/2025.

• Operates as part of a $125B+ platform with 300+ investment professionals and 78 direct lending specialists.

• Senior leadership team averages over 250 years of collective experience; recent leadership transition announced.

• Portfolio is 89% first lien, 96% floating rate, and 79% of debt investments have call protection.

• 99% of investments are directly originated, with 64% to sponsor businesses and 36% to non-sponsor channels.

Track record

• Originated $53.3B in investments with a realized average gross unlevered IRR of 17% on fully exited investments.

• Achieved 13.2% average annual ROE on net income and 164% economic return since IPO, outperforming BDC peers.

• Maintained stable or increasing base dividends for 49 consecutive quarters, with 125% average coverage over five years.

• NAV per share has grown from $14.71 to $21.12 (pre-supplemental/special dividends) since inception.

• Demonstrated lower losses and higher asset selectivity compared to industry peers.

Liquidity and funding profile

• Total liquidity of $1.1B as of 12/31/2025, with $514M undrawn revolver capacity and $1.6B in unsecured notes.

• 71% of debt is unsecured, with asset coverage for unsecured notes at 2.3x.

• Weighted average remaining debt maturity is ~3.4 years; 96.3% of portfolio is floating rate.

• Strong relationships with 19 banks and over 200 unsecured note investors.

• Liquidity exceeds unfunded commitments by 5.7x, supporting disciplined capital management.