Sixth Street Specialty Lending, Inc. · NYSE:TSLX
Sixth Street Specialty Lending — Q1 2026 Earnings Presentation
19 slides from Sixth Street Specialty Lending's earnings presentation, May 6, 2026
Slide 1: Sixth Street Specialty Lending Earnings Presentation
SIXTH STREET SPECIALTY LENDING EARNINGS PRESENTATION Quarter Ended March 31, 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 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: middle-market loans to US based companies – Target EBITDA: $10 million to $250 million Diversified, – Portfolio weighted average EBITDA: $126.8 million1; median $53.5 million1 Scaled Senior Floating • Target hold size: $30 million to $100 million Rate-focused Portfolio • 107
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 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Investment Income Per Share $0.62 $0.54 $0.54 $0.53 $0.42 Net Income (Loss)
Slide 6: Portfolio Highlights – Selected Metrics
PORTFOLIO HIGHLIGHTS – SELECTED METRICS DOLLAR AMOUNTS IN THOUSANDS March 31, 2025 June 30, 2025 September 30, 2025 December 30, 2025 March 31, 2026 Investments at Fair Value $3,412,032 $3,294,905 $3,376,311 $3,347,317 $3,313,441 Number of Portfolio Companies 115 109 145 143 143 Average Investment S
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 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Assets Investments at Fair Value $3,412,032 $3,294,905 $3,376,311 $3,34
Slide 8: Net Asset Value Bridge – Q1'26
NET ASSET VALUE BRIDGE – Q1’26 $0.42 ($0.07) $16.98 $16.97 ($0.46) $16.86 ($0.01) ($0.40) $16.24 ($0.18) $0.04 ($0.08) 12/31/2025 Q4'25 Supplemental 12/31/25 Q1'26 Q1'26 Q1'26 NAV Q1'26 Q1'26 Q1'26 Q1'26 3/31/26 1 Dividend Adjusted NAV Net Reversal of Net Base Dividend Before Net Unrealized Net Unre
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 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Investment I
Slide 10: Portfolio Highlights – Funding Activity
PORTFOLIO HIGHLIGHTS – FUNDING ACTIVITY Q1’26 Commitments and Net Funding • New investment commitments and fundings totaled $338.1 million and $134.8 million, respectively. The fundings were distributed across 2 new portfolio companies, upsizes to 4 existing investments and an initial investment in
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 $137 $20
Slide 12: Portfolio Highlights – Diversification Across Borrowers & Industries
PORTFOLIO HIGHLIGHTS – DIVERSIFICATION ACROSS BORROWERS & INDUSTRIES Top 10 Borrower Diversification Industry Diversification Bcto Ace Purchaser Inc EDB Parent, LLC Internet Services Retail and consumer products ExtraHop Networks, Inc. Ranger Intermediate II, LLC 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 $1.1 Million as of March 31, 2026. Restricted Cash Related to Interest Rate Swaps Totaled $28.1 Million 1 Revolving Credit Facility Unsecured Notes $1.525 Billion Committed; Uncommitted Accordion Size: $300 Million $300 Million
Slide 15: Strong Liquidity and Funding Profile
STRONG LIQUIDITY AND FUNDING PROFILE CAPITAL & LIQUIDITY ROBUST BALANCE SHEET LIQUIDITY VS. NEAR-TERM OBLIGATIONS ($ in Millions) As of March 31, 2026 / $ Millions Near-term Obligations $1 Cash $926 Total Liquidity: Undrawn Revolver $925 $0.9BN1,2 Capacity1 $249 $577 Secured Revolver Liquidity 1,2 A
Slide 16: Last 3 Years Distribution Information
LAST 3 YEARS DISTRIBUTION INFORMATION Date Declared Record Date Payment Date Amount Per Share 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 27, 2026 March 20, 2026 $0.01 November 4, 2025 December 15
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 6/4/2025 Slide 4: Highlights 1. Represents our core portfolio, which excludes structured credit investments and certain investments
Slide 18: Footnotes
FOOTNOTES Slide 14: Liquidity Management 1. Adjusted for RCF 17th amendment and extension closed May 1, 2026. As part of the transaction, $150 million of remaining non-extending commitments with a maturity of April 23, 2027 and a revolving period ending April 24, 2026 was terminated. The amount avai
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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