Sixth Street Specialty Lending, Inc. · NYSE:TSLX
Sixth Street Specialty Lending — Q2 2026 Earnings Presentation
19 slides from Sixth Street Specialty Lending's earnings presentation, Aug 5, 2026
Slide 1: Sixth Street Specialty Lending Earnings Presentation
SIXTH STREET SPECIALTY LENDING EARNINGS PRESENTATION Quarter Ended June 30, 2026
Slide 2: Disclaimer and Forward-Looking Statement
DISCLAIMER AND FORWARD-LOOKING STATEMENT References in this presentation (“Presentation”) to “TSLX,” “we,” “us,” “our” and “the Company” refer to Sixth Street Specialty Lending, Inc. This Presentation includes forward-looking statements about TSLX that involve substantial risks and uncertainties. Th
Slide 3: Overview
14.71 0.00 $14.71 Q4'11 14.88 0.06 $14.94 14.92 0.22 $15.14 15.12 0.54 $15.66 15.19 0.90 $16.09 Q4'12 15.27 1.23 $16.50 15.29 1.61 $16.90 15.35 2.01 $17.36 OVERVIEW 15.52 2.39 $17.91 Q4'13 15.51 2.79 $18.30 15.70 3.17 $18.87 15.66 3.55 $19.21 15.53 3.93 $19.46 Q4'14 15.60 4.32 $19.92 15.84 4.71 $20.
Slide 4: Highlights
HIGHLIGHTS • Core focus: middle-market loans to US based companies – Target EBITDA: $10 million to $250 million Diversified, – Portfolio weighted average EBITDA: $137.1 million1; median $56.5 million1 Scaled Senior Floating • Target hold size: $30 million to $100 million Rate-focused Portfolio • 104
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS DOLLAR AMOUNTS IN THOUSANDS Except Per Share Data; Per Share Data is Based on Weighted Average Shares Outstanding During the Period, Except as Otherwise Noted Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Investment Income Per Share $0.54 $0.54 $0.53 $0.42 $0.43 Net Income (Loss)
Slide 6: Portfolio Highlights – Selected Metrics
PORTFOLIO HIGHLIGHTS – SELECTED METRICS DOLLAR AMOUNTS IN THOUSANDS June 30, 2025 September 30, 2025 December 30, 2025 March 31, 2026 June 30, 2026 Investments at Fair Value $3,294,905 $3,376,311 $3,347,317 $3,313,441 $3,302,132 Number of Portfolio Companies 109 145 143 143 137 Average Investment Si
Slide 7: Quarterly Statements of Financial Condition
QUARTERLY STATEMENTS OF FINANCIAL CONDITION DOLLAR AMOUNTS IN THOUSANDS Except Per Share Data; Per Share Data is Based on Ending Shares Outstanding June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Assets Investments at Fair Value $3,294,905 $3,376,311 $3,347,317 $3,313
Slide 8: Net Asset Value Bridge – Q2'26
NET ASSET VALUE BRIDGE – Q2’26 $0.43 ($0.02) ($0.42) $16.24 $16.23 $0.06 $0.01 $16.24 ($0.04) ($0.02) 3/31/26 Q2'26 Q2'26 Q2'26 NAV Q2'26 Q2'26 Q2'26 Q2'26 6/30/26 NAV Net Reversal of Net Base Dividend Before Net Unrealized Net Unrealized Net Realized Gains on Other Changes Primarily NAV Investment
Slide 9: Operating Results Detail
OPERATING RESULTS DETAIL DOLLAR AMOUNTS IN THOUSANDS Except Per Share Data; Per Share Data is Based on Weighted Average Shares Outstanding During the Period, Except as Otherwise Noted For Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Investment In
Slide 10: Portfolio Highlights – Funding Activity
PORTFOLIO HIGHLIGHTS – FUNDING ACTIVITY Q2’26 Commitments and Net Funding • New investment commitments and fundings totaled $114.6 million and $136.7 million, respectively. The fundings were distributed across 2 new investments and capital called by Structured Credit Partners JV, LLC • Paydowns and
Slide 11: Portfolio Highlights – Asset Mix
PORTFOLIO HIGHLIGHTS – ASSET MIX New Investment Fundings End of Period Investments $ Millions by Par Value $ Millions by Fair Value First Lien Second Lien First Lien Second Lien Structured Credit Mezzanine Structured Credit Mezzanine Equity & Other Joint Venture Equity & Other Joint Venture $209 $35
Slide 12: Portfolio Highlights – Diversification Across Borrowers & Industries
PORTFOLIO HIGHLIGHTS – DIVERSIFICATION ACROSS BORROWERS & INDUSTRIES Top 10 Borrower Diversification Industry Diversification EDB Parent, LLC ExtraHop Networks, Inc. Internet Services Retail and consumer products Ranger Intermediate II, LLC Payscale Holdings Inc. Business Services Hotel, Gaming and
Slide 13: Portfolio Highlights – Net Interest Margin Analysis
PORTFOLIO HIGHLIGHTS – NET INTEREST MARGIN ANALYSIS Net Interest Margin 1 Weighted Average Total Yield on Debt and Income Producing Securities at Amortized Cost Weighted Average Interest Rate of Debt and Income Producing Securities at Fair Value Weighted Average Spread Over Reference Rate of All Flo
Slide 14: Liquidity Management
LIQUIDITY MANAGEMENT CASH AND CASH EQUIVALENTS Unrestricted Cash Totaled $157.3 Million as of June 30, 2026. Restricted Cash Related to Interest Rate Swaps Totaled $36.3 Million 1 Revolving Credit Facility Unsecured Notes* $1.525 Billion Committed; Uncommitted Accordion Size: $300 Million $300 Milli
Slide 15: Strong Liquidity and Funding Profile
STRONG LIQUIDITY AND FUNDING PROFILE CAPITAL & LIQUIDITY ROBUST BALANCE SHEET LIQUIDITY VS. NEAR-TERM OBLIGATIONS ($ in Millions) As of June 30, 2026 / $ Millions $157 Cash $1,244 Near-term Obligations Total Liquidity: $1,086 Undrawn Revolver $1.2BN1,2 Capacity1 $300 $221 $416 Secured Revolver Liqui
Slide 16: Last 3 Years Distribution Information
LAST 3 YEARS DISTRIBUTION INFORMATION Date Declared Record Date Payment Date Amount Per Share August 4, 2026 September 15, 2026 September 30, 2026 $0.42 May 5, 2026 June 15, 2026 June 30, 2026 $0.42 February 12, 2026 March 16, 2026 March 31, 2026 $0.46 February 12, 2026 (Q4’25 Supplemental) February
Slide 17: Footnotes
FOOTNOTES Slide 3: Overview 1. Moody’s rating affirmed 2/14/2025; S&P rating outlook changed to positive on 12/11/2025; Fitch rating affirmed on 4/9/2026; KBRA affirmed 6/18/2026 Slide 4: Highlights 1. Represents our core portfolio, which excludes structured credit investments and certain investment
Slide 18: Footnotes
FOOTNOTES Slide 14: Liquidity Management 1. The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements. 2. Interest rate on the facility is a formula-based calculation. If the Bor
Slide 19: Contact Us
CONTACT US: TSLX Investor Relations IRTSLX@sixthstreet.com (469) 621-2033 VISIT US: www.sixthstreetspecialtylending.com 19 SIXTH STREET SPECIALTY LENDING
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