Sixth Street Specialty Lending (TSLX) Proxy filing summary

Executive summary

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

• The board supports this proposal to enhance financial flexibility, access capital during market volatility, and pursue attractive investment opportunities.

• The company has a strong track record of outperformance versus peers and benchmarks, with high total returns and return on equity since IPO.

• Issuing shares below NAV is intended only when it is accretive to shareholder value, with analysis frameworks provided for dilution, ROE accretion, and payback periods.

Voting matters and shareholder proposals

• The sole proposal is to authorize the board to sell or issue common stock below NAV, subject to a 25% issuance cap per offering.

• Shareholders are urged to vote in favor to provide the company with capital flexibility and competitive positioning.

• Voting can be conducted online, by phone, or by mail, with instructions provided.

Board of directors and corporate governance

• The board has not previously exercised the authority to issue shares below NAV, reflecting a disciplined approach to capital allocation.

• Follow-on equity offerings have been relatively small compared to sector peers, demonstrating alignment with shareholder interests.