Sixth Street Specialty Lending, Inc. · NYSE:TSLX
Sixth Street Specialty Lending — Q4 2025 Earnings Presentation
64 slides from Sixth Street Specialty Lending's earnings presentation, March 2026
Slide 1: Sixth Street Specialty Lending Equity Investor Presentation
SIXTH STREET SPECIALTY LENDING SIXTH STREET SPECIALTY LENDING, INC Equity Investor Presentation March 2025
Slide 2: Disclaimer and Forward-Looking Statement
DISCLAIMER AND FORWARD-LOOKING STATEMENT General Disclaimer The information contained in this presentation (the ʺPresentationʺ) is preliminary, may not be complete and may be changed. By acceptance hereof, you agree that the information contained herein may not be used, reproduced or distributed to
Slide 3: Agenda: Overview & Organization
AGENDA 1. Overview & Organization 3 SIXTH STREET SPECIALTY LENDING
Slide 4: 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 NAV per Share 1
Slide 5: Sixth Street Fund Architecture
SIXTH STREET FUND ARCHITECTURE 1 Overview & Organization TAO: Sixth Street Highly Flexible, Thematically Focused, Cross-Platform Investing Vehicle Sports & Live Direct Asset Based Real Estate Opportunities Growth Public Markets Entertainment Lending Finance US Middle Market Control Convex Commercial
Slide 6: Sixth Street Thematic Investing Architecture
SIXTH STREET THEMATIC INVESTING ARCHITECTURE 1 Overview & Organization Fundamental US & European Healthcare & Growth Energy Opportunistic Insurance Real Estate Strategies Direct Lending Life Sciences Software & Sports, Media & Credit Market Financial & Asset Based Consumer & Digital Infrastructure &
Slide 7: SLX Senior Leadership
SLX SENIOR LEADERSHIP 1 Overview & Organization JOSHUA EASTERLY* BO STANLEY MIKE GRIFFIN Chairman of SLX & SSLP CEO of SLX & SSLP Partner Co‐Founding Partner, Co‐President Partner Co-Head of Direct Lending and Co-CIO of Sixth Street Co-Head of Direct Lending 14 years at Sixth Street 16 years at Sixt
Slide 8: Differentiated Solutions Provider
DIFFERENTIATED SOLUTIONS PROVIDER 1 Overview & Organization Our Competitive Advantages Our Track Record Highlights Part of $125+ billion1 Sixth Street Approximately $53.3 billion of platform with proprietary deal flow investments originated with a realized and significant resources including average
Slide 9: BDC Sector Themes
BDC SECTOR THEMES CENTRAL THEMES Idiosyncratic Capital Raising Dividend Access to Capital Dispersion in Credit and Deployment Coverage Markets ROE Headwinds EMERGING THEMES Rebalancing of the Exposure to AI and Shrinking portfolio yields Importance of capital Differentiated supply and demand of ente
Slide 10: Agenda: Track Record
AGENDA 2. Track Record 10 SIXTH STREET SPECIALTY LENDING
Slide 11: Track Record of Strong Performance
TRACK RECORD OF STRONG PERFORMANCE 2 Track Record RETURN ON EQUITY 2 (NI) OPERATING RETURN ON EQUITY 2 (NII) TSLX BDC Peers (Mean) BDC Peers Top Quartile¹ TSLX BDC Peers (Mean) BDC Peers Top Quartile¹ LTM Since TSLX IPO LTM Since TSLX IPO outperformance 13.2% 12.7% 13.5% 10.3% 10.2% 10.3% 10.8% 8.9%
Slide 12: TSLX Annual Returns Since IPO
TSLX ANNUAL RETURNS SINCE IPO 2 Track Record 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 2024 2025 Net Income / Sh
Slide 13: Industry vs TSLX Unit Economics
INDUSTRY VS TSLX UNIT ECONOMICS 2 Track Record Unit Economics (Since TSLX IPO) BDC Peers TSLX Return on Assets: All-in Yield (on Assets) 10.2% 13.4% Higher return on assets Cost of Funds2 (5.7%) (5.9%) Debt/Equity 0.96x 0.90x Net Interest Income Return (on Equity)1 14.5% 20.1% Management Fees3 (3.0%
Slide 14: BDC Peer Net Income Return on Equity Dispersion
BDC PEER NET INCOME RETURN ON EQUITY DISPERSION 2 Track Record Net Income ROE1 Range <0% 0-5% 5-8% 8-11% 11%+ 100% 10% 90% 16% 14% 35% 80% 14% 52% 70% 29% 42% 60% 77% 25% 50% 40% 45% 16% 25% 42% 26% 30% 20% 23% 17% 19% 16% 10% 21% 13% 10% 7% 3% 3% 0% 2020 2021 2022 2023 2024 2025 Peak dispersion dri
Slide 15: Returns vs Industry
RETURNS VS INDUSTRY 2 Track Record Since TSLX IPO Total Return Since TSLX IPO Total Return Since TSLX IPO Out/(Under)performance ~3.7x ~1.0x ~4.5x ~4.7x 357.3% 351.2% 95.8% 79.6% 75.8% TSLX TSLX BDC Peers S&P 500 High Yield Leveraged Loans Historical Total Returns 2025 3-Year 5-Year Since TSLX IPO T
Slide 16: 3-Year Cumulative Change in NAV Per Share
3-YEAR CUMULATIVE CHANGE IN NAV PER SHARE 2 Track Record Q4’22 – Q4’25 20.0% 11.3% 10.0% 8.3% 4.2% 3.8% 3.8% 3.0% 2.3% 0.9% 0.6% 0.3% 0.0% -0.4%-0.4%-0.8%-1.1%-1.2% Median: -3.5% -3.3%-3.7%-4.0%-4.3% -6.1% -10.0% -7.2%-8.0% -8.6%-9.2%-9.4% -11.6% -13.5% -16.1%-17.0% -20.0% -30.0% -40.0% -37.6% -45.3
Slide 17: Agenda: Capital Allocation & Dividend Policy
AGENDA 3. Capital Allocation & Dividend Policy 17 SIXTH STREET SPECIALTY LENDING
Slide 18: Access to Equity Markets
ACCESS TO EQUITY MARKETS 3 Capital Allocation & Dividend Policy 1.60x TSLX BDC Peers SLX Average: 1.20x 1.40x 1.20x 1.00x 0.80x BDC Peers Average: 0.91x 0.60x 0.40x 0.20x Mar '14 Mar '15 Mar '16 Feb '17 Feb '18 Feb '19 Feb '20 Feb '21 Jan '22 Jan '23 Jan '24 Jan '25 Dec '25 Canceled undrawn pre-IPO
Slide 19: Dividend Level Considerations
DIVIDEND LEVEL CONSIDERATIONS 3 Capital Allocation & Dividend Policy “Looking ahead to 2026, we continue to focus on the evolution of the interest rate environment and new issue investment spreads and their combined impact on normalized earnings. As a core tenet of our dividend framework, we establi
Slide 20: SLX Historical Dividend Coverage
SLX HISTORICAL DIVIDEND COVERAGE 3 Capital Allocation & Dividend Policy 49 1.00 0.90 Sequential Quarters of Stable or Increasing 0.80 Base Dividends per Share 0.70 $0.63 $0.64 $0.60 $0.62 $0.61 $0.59 $0.58 $0.58 $0.58 0.60 $0.57 $0.56 $0.55 $0.55 $0.53 $0.53 $0.52 $0.49 0.50 $0.45 $0.47 $0.09 $0.08
Slide 21: Dividend Coverage
DIVIDEND COVERAGE 3 Capital Allocation & Dividend Policy Net Investment Income Net Investment Income (plus Realized Gains / Losses) Net Income (includes Realized and Unrealized Gains / Losses) 190% 162% 156% 150% 149% 145% 144% 136% 133% 133% 133% 132% 132% 132% 128% 131% 128% 128% 127% 126% 126% 12
Slide 22: Dividend Level Considerations
DIVIDEND LEVEL CONSIDERATIONS 3 Capital Allocation & Dividend Policy Variable Supplemental Dividend Framework 1 50% Over-Earning (NII per share less base dividend per share) Variable Supplemental Dividend NAV Constraint Test (no more than $0.15 per share decline in NAV over current and 2 preceding q
Slide 23: Book Value Per Share and Dividends Paid Per Share
Q4'11 $14.71 $0.00 $14.71 Q1'12 $14.88 $0.06 $14.94 Q2'12 $14.92 $0.22 $15.14 Q3'12 $15.12 $0.54 $15.66 Q4'12 $15.19 $0.90 $16.09 Q1'13 $15.27 $1.23 $16.50 Note: As of 12/31/2025. Q2'13 $15.29 $1.61 $16.90 Q3'13 $15.35 $2.01 $17.36 Q4'13 $15.52 $2.39 $17.91 Q1'14 $15.51 $2.79 $18.30 Q2'14 $15.70 $3.
Slide 24: Agenda: Principles and Investment Strategy
AGENDA 4. Principles and Investment Strategy 24 SIXTH STREET SPECIALTY LENDING
Slide 25: Differentiated Platform Expertise
DIFFERENTIATED PLATFORM EXPERTISE 5 Principles and Investment Strategy DIFFERENTIATED MAINTAIN A LOW PLATFORM DISCIPLINED SECTOR FOCUSED RISK VOLATILITY EXPERTISE AND APPROACH MANAGEMENT PORTFOLIO CAPABILITIES • Source away from Wall • Late cycle-minded sector • Cover the downside • Avoid risks that
Slide 26: Sourcing and Underwriting Overview
SOURCING AND UNDERWRITING OVERVIEW 4 Principles and Investment Strategy Sourcing Underwriting Asset Management Process: Process: Process: • Credit originators / team • Quick Look memo • Performing Loans – Monthly review of operating performance • Weekly pipeline conference calls • Prepare Investment
Slide 27: Differentiated Platform Expertise and Capabilities
DIFFERENTIATED PLATFORM EXPERTISE AND CAPABILITIES 4 Principles and Investment Strategy Sourcing Voting Control TSLX Portfolio Construction Intermediary/ Market Relationship No Voting 1% Control 25% $20-105 Predominantly, million floating rate, first position size lien / senior secured US and Target
Slide 28: Net Interest Margin Analysis
NET INTEREST MARGIN ANALYSIS 4 Principles and Investment Strategy 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 Floating
Slide 29: Disciplined Sector Approach
DISCIPLINED SECTOR APPROACH 4 Principles and Investment Strategy GOOD BUSINESSES WITH CHALLENGED BUSINESS GOOD BUSINESSES WITH 1 2 3 GOOD CAPITAL STRUCTURE MODELS WITH GOOD ASSETS CHALLENGING CAPITAL STRUCTURE Note: Reflects current and fully realized investments; selected to represent a variety of
Slide 30: Low Cyclical Exposure
Q1'13 626 31% 31% Q2'13 787 25% 25% Q3'13 22% 889 26% Q4'13 22% 1,016 26% Q1'14 19% 1,196 28% Q2'14 20% 1,129 24% Q3'14 18% 28% 1,233 Q4'14 12% 20% 1,264 $ Millions by Fair Value Q1'15 10% 18% 1,331 Q2'15 8% 17% 1,398 Investments at Fair Value Q3'15 7% 16% 1,396 Q4'15 7% 10% 1,486 Q1'16 7% 9% 1,564
Slide 31: Diversification Across Borrowers & Industries
DIVERSIFICATION ACROSS BORROWERS & INDUSTRIES 4 Principles and Investment Strategy 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 Res
Slide 32: Portfolio Diversification Across Borrowers
Q1'13 626 70% Q2'13 787 61% Q3'13 889 57% Q4'13 1,016 54% Q1'14 1,196 50% Q2'14 1,129 50% Q3'14 1,233 49% Q4'14 1,264 48% $ Millions by Fair Value Q1'15 1,331 47% Q2'15 44% 1,398 Q3'15 43% 1,396 Q4'15 41% 1,486 Q1'16 39% 1,564 Q2'16 38% 1,611 Q3'16 36% 1,644 Q4'16 36% 1,657 Q1'17 38% 1,580 Q2'17 40%
Slide 33: Asset Vintage Diversity
ASSET VINTAGE DIVERSITY 4 Principles and Investment Strategy Fair Value by Vintage Debt Investments by Maturity $ Millions by Fair Value $ Millions by Fair Value 22% 23% $744 25% $711 $789 22% 17% $693 16% 18% $534 $508 $569 15% 12% 13% $484 $378 $409 5% $165 4% 2% 2% 2% $98 $78 $75 $79 1% $36 NA NA
Slide 34: High Quality Portfolio
HIGH QUALITY PORTFOLIO 4 Principles and Investment Strategy SLX Weighted Average Portfolio Performance Rating SLX % of Investments on Non-Accrual By Fair Value % of Portfolio Rated 1 or 2 By Fair Value By Amortized Cost 98% 97% 98% 99% 99% 3.7% 3.7% 2.1% 2.0% 2.1% 1.10 1.11 1.10 1.12 1.13 1.4% 1.2%
Slide 35: Agenda: Sector Observations
AGENDA 5. Sector Observations 35 SIXTH STREET SPECIALTY LENDING
Slide 36: Illustrative Interest Coverage Throughout Cycles
ILLUSTRATIVE INTEREST COVERAGE THROUGHOUT CYCLES 5 Sector Observations Illustrative Interest Coverage Illustrative Interest Coverage Debt to Equity Debt to Equity 300.91% 0.90x 0.95x 1.00x 1.05x 1.10x 1.25x 300.91% 0.90x 0.95x 1.00x 1.05x 1.10x 1.25x 10.0% 2.60x 2.58x 2.56x 2.54x 2.52x 2.47x 5.50% 3
Slide 37: Illustrative ROE Throughout Cycles
ILLUSTRATIVE ROE THROUGHOUT CYCLES 5 Sector Observations Illustrative ROE Illustrative Interest ROE Coverage Debt to Equity DebtDebt to Equity to Equity 11.04% 0.90x 0.95x 1.00x 1.05x 1.10x 1.25x 11.04% 0.90x 0.95x 1.00x 1.05x 1.10x 1.25x 10.0% 6.4% 6.6% 6.7% 6.8% 7.0% 7.4% 5.50% 11.0% 11.2% 11.4% 1
Slide 38: BDC Sector Price-to-Book
BDC SECTOR PRICE-TO-BOOK 5 Sector Observations Price-to-Book vs. ROE on Net Income (Since TSLX IPO) Average Price-to-Book1 1.3x Annualized ROE (on NI): • TSLX: 13.2% • BDC Peers Mean: 7.7% 1.2x TSLX • BDC Peers Median: 6.7% BDC 11 1.1x BDC 6 BDC 20 1.0x BDC 1 BDC 9 BDC 8 BDC 12 BDC 26 BDC 22 BDC 28
Slide 39: Price-to-Earnings (NII 2026E)
PRICE-TO-EARNINGS (NII 2026E) 5 Sector Observations Price-to-Earnings2 Historical NI as % of NII1: 40.0x • TSLX: 99% • BDC Peers Median: 86% 36.0x 34.5x 32.0x 28.0x 24.0x 20.0x 16.0x BDC Peers Mean: 9.4x BDC Peers Median: 8.8x 12.0x 11.0x 11.1x 10.6x 10.4x 10.0x 9.6x 9.6x 9.5x 9.4x 9.3x 9.1x 9.0x 8.
Slide 40: Adjusted Price-to-Earnings (2026E)
ADJUSTED PRICE-TO-EARNINGS (2026E) 5 Sector Observations Adjusted Price-to-Earnings1 35.0x 29.6x 30.0x 25.0x 20.0x 17.9x 15.6x 15.3x 15.2x 15.0x 13.5x 13.0x BDC Peers Mean: 10.6x 11.9x 11.9x 11.8x 11.4x BDC Peers Median: 9.6x 11.1x 11.0x 10.8x 11.1x 9.7x 9.5x 9.2x 9.1x 9.1x 10.0x 8.8x 8.7x 8.0x 7.9x
Slide 41: Agenda: Appendix
AGENDA 6. Appendix 41 SIXTH STREET SPECIALTY LENDING
Slide 42: 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 43: 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 $300 Mill
Slide 44: A Disciplined Approach to Liquidity & Capital Management
A DISCIPLINED APPROACH TO LIQUIDITY & CAPITAL MANAGEMENT ($ in Millions) Revolving Credit Facility Renewal Unsecured Bonds Issued Convertible Notes Issued Equity Issued DRIP Equity $36 $25 1.60x $94 $90 $23 $21 $130 $300 $350 1.40x $300 $22 $78 $10 $300 1.20x $16 $10 $300 $50 1.00x P / NAV $75 $9 $2
Slide 45: TSLX Valuation Process: Internal, External & Board Level Review
TSLX VALUATION PROCESS: INTERNAL, EXTERNAL & BOARD LEVEL REVIEW 25+ people 15+ people 100+ people 100+ people 100+ people 11 people Complete Initial Preliminary Final Valuation Audit Committee Board of Portfolio Review of Draft of Valuation Committee Meeting Directors Reviews Valuation Valuation Com
Slide 46: Thorough Origination, Underwriting and Negotiation Process
THOROUGH ORIGINATION, UNDERWRITING AND NEGOTIATION PROCESS ORIGINATION UNDERWRITING & APPROVAL NEGOTIATION & CLOSING Input / Output Process Bottleneck Make Decision Simultaneous Process Pre-cmt. Create Expense checklist Start Ledger for Out-of- Pocket Expenses Issue Commitment Legal & Final KYC Proc
Slide 47: 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 48: 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 49: 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 50: 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 51: 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 52: Our Drivers of ROE
OUR DRIVERS OF ROE Illustrative Unit Economics / Return on Equity Return on Assets: Return on Assets Weighted Average Interest Rate of Portfolio 10.6% Amortization of upfront fees1 0.9% Total Yield on Debt and Income Producing Securities 11.5% Impact of Additional fees2 0.7% Prudent Use of Leverage
Slide 53: SCP Overview
SCP OVERVIEW • Structured Credit Partners JV, LLC (“SCP”) is a joint venture that will invest in broadly syndicated loans financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt 1. STRUCTURE • Each pool of loans will be 100% owned by SCP and managed respectivel
Slide 54: Simplified Organizational Structure
1 STRUCTURE SIMPLIFIED ORGANIZATIONAL STRUCTURE 50%/50% Economic and Governance Split Between Carlyle-Managed and Sixth Street-Managed BDCs1 Carlyle Secured Lending, Carlyle Credit Sixth Street Specialty Sixth Street Lending Inc. (CGBD) Solutions, Inc. Lending, Inc. (TSLX) Partners ($150mm) ($150mm)
Slide 55: Value to SLX Stakeholders
2 VALUE TO SLX STAKEHOLDERS VALUE PROPOSITION IMPACT TO SLX ROE Illustrative Unit Economics | Return on Equity CLOs owned by SCP are expected to generate 400–500+ bps of excess return versus market sourced, fee-bearing CLOs Existing Portfolio + Fully Ramped SCP Fully Ramped SCP Existing Mid-teens ex
Slide 56: Differentiated Structure
3 DIFFERENTIATED STRUCTURE Fee-Free Advantage: No fees at CLO or JV level provide SCP a substantial economic advantage NAV Protection: BDCs hold JV interests, to invest directly in BSLs financed with CLO debt, providing tools to maintain net asset value over the program life Strategic Control: Joint
Slide 57: Highly Seasoned Managers
4 HIGHLY SEASONED MANAGERS CARLYLE LIQUID CREDIT SIXTH STREET PUBLIC MARKETS • Having issued its first CLO in 1999, Carlyle has a • Sixth Street has a 16+ year liquid credit investing track demonstrated track record managing CLOs over multiple record with $60+ billion of capital deployed across liqu
Slide 58: Sixth Street Responsible Investment Overview
SIXTH STREET RESPONSIBLE INVESTMENT OVERVIEW WHAT WE BELIEVE RI AND ESG GOVERNANCE EMPLOYEE TRAINING • Our mission is to deliver • Senior oversight through • Sixth Street provides training compelling risk-adjusted ESG Oversight and other tools to its returns while conducting our Committee includes e
Slide 59: Differentiated Investor Transparency and Communication
DIFFERENTIATED INVESTOR TRANSPARENCY AND COMMUNICATION Letter to Stakeholders – Quarterly Debt & Equity Investor Presentations April 2025 Regional Banking Crisis – Valuation Principles – Covid-19 Pandemic – 2020 March 2023 August 2022 59 SIXTH STREET SPECIALTY LENDING
Slide 60: Footnotes
FOOTNOTES SIXTH STREET SPECIALTY LENDING
Slide 61: Footnotes
FOOTNOTES Slide 4: 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 5: Sixth Str
Slide 62: Footnotes
FOOTNOTES Slide 21: Dividend Coverage Note that net investment income has been adjusted to exclude the capital gains incentive fee expense that was accrued, but not paid, related to cumulative unrealized capital gains in excess of cumulative net realized capital gains less any cumulative unrealized
Slide 63: Footnotes
FOOTNOTES Slide 44: A Disciplined Approach to Liquidity & Capital Management 1. Equity issued includes the initial public offering of 7 million shares of common stock at $16.00 per share 2. Equity issued in 2021 and 2022 includes $43 million and $78 million, respectively, from the conversion of the
Slide 64: TSLX Investor Relations Contact
CONTACT US: TSLX Investor Relations IRTSLX@sixthstreet.com VISIT US: www.sixthstreetspecialtylending.com 64 SIXTH STREET SPECIALTY LENDING
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