Sixth Street Specialty Lending, Inc. · NYSE:TSLX
Sixth Street Specialty Lending — Q3 2025 Earnings Presentation
19 slides from Sixth Street Specialty Lending's earnings presentation, Nov 5, 2025
Slide 1: Sixth Street Specialty Lending Earnings Presentation
SIXTH STREET SPECIALTY LENDING EARNINGS PRESENTATION Quarter Ended September 30, 2025
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 OVERVIEW 15.35 2.01 $17.36 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 on investing in middle-market loans to US based companies – Target EBITDA: $10 million to $250 million Broadly Distributed, – Portfolio weighted average EBITDA of $113.3 million1 and median EBITDA of $46.4 million1 Scaled Senior Floating • Target investment hold size of $30 m
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 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Investment Income Per Share $0.59 $0.62 $0.62 $0.54 $0.54 Net Income (Loss)
Slide 6: Portfolio Highlights – Selected Metrics
PORTFOLIO HIGHLIGHTS – SELECTED METRICS DOLLAR AMOUNTS IN THOUSANDS September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Investments at Fair Value $3,441,075 $3,518,412 $3,412,032 $3,294,905 $3,376,311 Number of Portfolio Companies 115 116 115 109 145 Average Investme
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 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Assets Investments at Fair Value $3,441,075 $3,518,412 $3,412,032 $
Slide 8: Net Asset Value Bridge – Q3'25
NET ASSET VALUE BRIDGE – Q3’25 $0.01 $0.53 ($0.08) ($0.46) $17.17 $17.12 $17.13 $0.01 $0.01 $17.14 $17.11 ($0.05) ($0.01) ($0.03) 6/30/2025 Q2'25 6/30/25 Q3'25 Q3'25 Q32'25 Q3'25 NAV Q3'25 Q3'25 Q3'25 9/30/25 Q3'25 9/30/25 1 2 Supplemental Adjusted NAV Adjusted Net Reversal of Reversal of Net Base D
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 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Investme
Slide 10: Portfolio Highlights – Funding Activity
PORTFOLIO HIGHLIGHTS – FUNDING ACTIVITY Q3’25 Commitments and Net Funding • New investment commitments and fundings totaled $387.7 million and $351.8 million, respectively. The fundings were distributed across 41 new portfolio companies (including 37 structured credit investments) and 5 upsizes to e
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 Structured Credit First Lien Second Lien Structured Credit Mezzanine Equity & Other Mezzanine Equity & Other $189 $324 $137 $209 $352 $3,441 $3,5
Slide 12: Portfolio Highlights – Diversification Across Borrowers & Industries
PORTFOLIO HIGHLIGHTS – DIVERSIFICATION ACROSS BORROWERS & INDUSTRIES Top 10 Borrower Diversification Industry Diversification Bcto Ace Purchaser Inc ExtraHop Networks, Inc. Internet Services Business Services EDB Parent, LLC Galileo Parent, Inc. Retail and consumer products Human Resource Support Se
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 $63.0 Million as of September 30, 2025. Restricted Cash Related to Interest Rate Swaps Totaled $20.1 Million 1 Revolving Credit Facility Unsecured Notes $1.675 Billion Committed; Uncommitted Accordion Size: $300 Million $300 Mi
Slide 15: Strong Liquidity and Funding Profile
STRONG LIQUIDITY AND FUNDING PROFILE CAPITAL & LIQUIDITY ROBUST BALANCE SHEET LIQUIDITY VS. NEAR-TERM OBLIGATIONS ($ in Millions) As of September 30, 2025 / $ Millions Near-term Obligations $63 Cash $1,110 Total Liquidity: $ 1,047 Undrawn Revolver $1.1BN1,2 Capacity1 $174 $609 Secured Revolver Liqui
Slide 16: Last 3 Years Distribution Information
LAST 3 YEARS DISTRIBUTION INFORMATION Date Declared Record Date Payment Date Amount Per Share November 4, 2025 December 15, 2025 December 31, 2025 $0.46 November 4, 2025 (Q3’25 Supplemental) November 28, 2025 December 19, 2025 $0.03 July 30, 2025 September 15, 2025 September 30, 2025 $0.46 July 30,
Slide 17: Footnotes
FOOTNOTES Slide 3: Overview 1. Reflects NAV per share adjusted for the supplemental dividend per share related to Q3 2025 earnings 2. Moody’s rating upgraded 2/14/2025; S&P rating affirmed on 1/16/2025; Fitch rating affirmed on 4/14/2025; KBRA rating affirmed 6/4/2025 Slide 4: Highlights 1. Represen
Slide 18: Footnotes
FOOTNOTES Slide 14: Liquidity Management 1. Includes $150 million of remaining non-extending commitments with a maturity of April 23, 2027 and a revolving period ending April 24, 2026. The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facilit
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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