Sixth Street Specialty Lending, Inc. · NYSE:TSLX
Sixth Street Specialty Lending — Q4 2025 Earnings Presentation
22 slides from Sixth Street Specialty Lending's earnings presentation, Feb 13, 2026
Slide 1: Sixth Street Specialty Lending Earnings Presentation
SIXTH STREET SPECIALTY LENDING EARNINGS PRESENTATION Quarter Ended December 31, 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: 2025 Annual Results - Snapshot
SLX 2025 ANNUAL RESULTS - SNAPSHOT Net Income Net Investment Income 2025 / 2025 Adj.1 $170.5 / $165.4 million $1.81 / $1.76 per share 2025 / 2025 Adj.1 $210.0 / $204.9 million $2.23 / $2.18 per share 2024 / 2024 Adj.1 $186.6 / $181.2 million $2.03 / $1.97 per share 2024 / 2024 Adj.1 $220.0 / $214.6
Slide 5: Delivering Through-the-Cycle Returns
DELIVERING THROUGH-THE-CYCLE RETURNS TSLX Annual Returns Since IPO ROE on Adj. Net Income Economic Return 19.7% 19.1% 15.4% 15.9% 16.2% 15.5% 14.7% 15.5% 16.1% 14.5% 11.9% 13.0% 10.8% 12.1% 11.6% 11.7% 11.6% 11.3% 10.9% 10.0% 10.3% 7.6% 7.6% 7.6% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 6: Highlights
HIGHLIGHTS • Core focus on investing in middle-market loans to US based companies – Target EBITDA: $10 million to $250 million Diversified, – Portfolio weighted average EBITDA of $127.3 million1 and median EBITDA of $48.0 million1 Scaled Senior Floating • Target investment hold size of $30 million t
Slide 7: 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 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Investment Income Per Share $0.62 $0.62 $0.54 $0.54 $0.53 Net Income (Loss)
Slide 8: Portfolio Highlights – Selected Metrics
PORTFOLIO HIGHLIGHTS – SELECTED METRICS DOLLAR AMOUNTS IN THOUSANDS December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 30, 2025 Investments at Fair Value $3,518,412 $3,412,032 $3,294,905 $3,376,311 $3,347,317 Number of Portfolio Companies 116 115 109 145 143 Average Investmen
Slide 9: 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 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Assets Investments at Fair Value $3,518,412 $3,412,032 $3,294,905 $3
Slide 10: Net Asset Value Bridge – Q4'25
NET ASSET VALUE BRIDGE – Q4’25 $0.02 $0.52 ($0.10) $17.14 ($0.46) $17.09 $17.11 $0.04 $16.98 $16.97 ($0.03) ($0.03) ($0.12) ($0.01) 9/30/2025 Q3'25 9/30/25 Q4'25 Q4'25 Q4'25 Q4'25 NAV Q4'25 Q4'25 Q4'25 12/31/25 Q4'25 12/31/25 1 2 Supplemental Adjusted NAV Adjusted Net Reversal of Reversal of Net Bas
Slide 11: Net Asset Value Bridge – 2025
NET ASSET VALUE BRIDGE – 2025 $0.05 ($0.32) $2.18 ($1.84) $17.16 $0.05 $0.12 $17.06 $0.04 $16.97 $17.09 ($0.29) $16.98 ($0.07) ($0.11) ($0.01) 12/31/2024 Q4'24 12/31/24 2025 2025 2025 2025 Q1'25 - Q3'25 NAV 2025 2025 2025 2025 12/31/25 Q4'25 12/31/25 1 NAV Supplemental Adjusted NAV Adjusted Net Accr
Slide 12: 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 Year Ended For Three Months Ended 2024 2025 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 In
Slide 13: Portfolio Highlights – Funding Activity
PORTFOLIO HIGHLIGHTS – FUNDING ACTIVITY Q4’25 Commitments and Net Funding • New investment commitments and fundings totaled $242.4 million and $196.7 million, respectively. The fundings were distributed across 5 new portfolio companies and 4 upsizes to existing portfolio companies • Paydowns and sal
Slide 14: 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 $324 $137 $209 $352 $197 $3,518 $3,4
Slide 15: 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 Payscale Holdings Inc. Retail and consumer products Human Resource Support
Slide 16: 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 17: Liquidity Management
LIQUIDITY MANAGEMENT CASH AND CASH EQUIVALENTS Unrestricted Cash Totaled $2.9 Million as of December 31, 2025. Restricted Cash Related to Interest Rate Swaps Totaled $16.7 Million 1 Revolving Credit Facility Unsecured Notes $1.675 Billion Committed; Uncommitted Accordion Size: $300 Million $300 Mill
Slide 18: Strong Liquidity and Funding Profile
STRONG LIQUIDITY AND FUNDING PROFILE CAPITAL & LIQUIDITY ROBUST BALANCE SHEET LIQUIDITY VS. NEAR-TERM OBLIGATIONS ($ in Millions) As of December 31, 2025 / $ Millions Near-term Obligations $1,142 $3 Cash Total Liquidity: $ 1,139 Undrawn Revolver $1.1BN1,2 Capacity1 $199 $514 Secured Revolver Liquidi
Slide 19: Last 3 Years Distribution Information
LAST 3 YEARS DISTRIBUTION INFORMATION Date Declared Record Date Payment Date Amount Per Share February 12, 2026 March 16, 2026 March 31, 2026 $0.46 February 12, 2026 (Q4’25 Supplemental) February 27, 2026 March 20, 2026 $0.01 November 4, 2025 December 15, 2025 December 31, 2025 $0.46 November 4, 202
Slide 20: Footnotes
FOOTNOTES Slide 3: Overview 1. Reflects NAV per share adjusted for the supplemental dividend per share related to Q4 2025 earnings 2. Moody’s rating upgraded 2/14/2025; S&P rating outlook changed to positive on 12/11/2025; Fitch rating affirmed on 4/14/2025; KBRA affirmed 6/4/2025 Slide 4: SLX 2025
Slide 21: Footnotes
FOOTNOTES Slide 10: Net Asset Value Bridge – Q4’25 1. Reflects Q3 2025 NAV per share adjusted for the supplemental dividend per share of $0.03 related to Q3 2025 earnings and paid in Q4 2025 2. Reflects Q4 2025 NAV per share adjusted for the declared supplemental dividend per share of $0.01 related
Slide 22: Contact Us
CONTACT US: TSLX Investor Relations IRTSLX@sixthstreet.com (469) 621-2033 VISIT US: www.sixthstreetspecialtylending.com 22 SIXTH STREET SPECIALTY LENDING
Sixth Street Specialty Lending — Q4 2025 Earnings Presentation on 6ix