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S I X T H S T R E E T S P E C I A L T Y L E N D I N G Quarter Ended September 30, 2025 EARNINGS PRESENTATION
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G 2 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. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Such factors include, but are not limited to the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in filings we make with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. Opinions expressed are current opinions as of the date of this Presentation. We have based the forward-looking statements included in this Presentation on information available to us on the date of this Presentation, and we assume no obligation to update any such forward-looking statements. Should TSLX’s estimates, projections and assumptions or these other uncertainties and factors materialize in ways that TSLX did not expect, actual results could differ materially from the forward-looking statements in this Presentation. Information throughout the Presentation provided by sources other than TSLX (including information relating to portfolio companies) has not been independently verified and, accordingly, TSLX makes no representation or warranty in respect of this information. The following slides contain summaries of certain financial and statistical information about TSLX. The information contained in this Presentation is summary information that is intended to be considered in the context of our Securities and Exchange Commission filings and other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this Presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of TSLX, or information about the market, as indicative of TSLX’s future results. This Presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy any securities of TSLX.
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 14.71 14.88 14.92 15.12 15.19 15.27 15.29 15.35 15.52 15.51 15.70 15.66 15.53 15.60 15.84 15.62 15.15 15.11 15.55 15.78 15.95 16.04 16.15 16.09 16.09 16.27 16.36 16.47 16.25 16.34 16.68 16.72 16.83 15.57 16.08 16.87 17.16 16.47 16.85 17.18 16.84 16.88 16.27 16.36 16.48 16.59 16.74 16.97 17.04 17.17 17.19 17.12 17.16 17.04 17.17 17.14 0.50 0.50 0.50 1.75 1.75 1.75 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 0.00 0.06 0.22 0.54 0.90 1.23 1.61 2.01 2.39 2.79 3.17 3.55 3.93 4.32 4.71 5.10 5.49 5.88 6.27 6.66 7.05 7.44 7.87 8.35 8.80 9.22 9.67 10.14 10.58 11.09 11.49 11.92 12.39 12.84 13.00 13.66 14.17 14.63 15.10 15.53 16.01 16.53 16.98 17.81 18.26 18.81 19.31 19.83 20.36 20.90 21.42 21.94 22.45 22.98 23.50 24.01 $14.71 $14.94 $15.14 $15.66 $16.09 $16.50 $16.90 $17.36 $17.91 $18.30 $18.87 $19.21 $19.46 $19.92 $20.55 $20.72 $20.64 $20.99 $21.82 $22.44 $23.00 $23.48 $24.02 $24.44 $24.89 $25.49 $26.03 $26.61 $26.83 $27.43 $28.17 $28.64 $29.22 $28.41 $29.58 $31.03 $31.83 $32.85 $33.70 $34.46 $35.10 $35.66 $35.50 $36.42 $36.99 $37.65 $38.30 $39.05 $39.65 $40.32 $40.86 $41.31 $41.86 $42.27 $42.92 $43.40 Q4'11 Q4'12 Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 NAV per Share Cumulative Special Dividends per Share Cumulative Base & Supplemental Dividends per Share 3 OVERVIEW Specialty Lending Company Focused on Providing Financing Solutions Note: Market capitalization and financial data as of 9/30/2025. Please see notes at the end of this presentation for additional important information. NYSE Market Capitalization $3.5 Billion $17.14 ($17.111) $2.2 Billion TSLXTicker Exchange Net Asset Value Per Share Total Assets Baa2 (stable) / BBB- (stable) / BBB (positive) / BBB+ (stable)Moody’s / S&P / Fitch / KBRA2
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 4 HIGHLIGHTS Broadly Distributed, Scaled Senior Floating Rate-focused Portfolio • Core focus on investing in middle-market loans to US based companies – Target EBITDA: $10 million to $250 million – Portfolio weighted average EBITDA of $113.3 million1 and median EBITDA of $46.4 million1 • Target investment hold size of $30 million to $100 million • Diversified portfolio of investments in 1082 portfolio companies with an average investment size of $30.3 million2; largest investment represents 2.3% of total investments • Portfolio of 90.1% secured, 89.2% first-lien debt investments; 96.3% floating rate debt investments Leading Platform With Proprietary, Directly Originated Deal Flow • External adviser is part of Sixth Street, a global investment firm with over $115 billion3 of assets under management • Direct, primary originations sourced through coverage of companies, financial sponsors, and intermediaries • Sourcing from non-intermediated channels accounts for approximately 99% of originations • Sponsor coverage focused on sector-based themes Disciplined Investment Strategy, Underwriting Process, And Active Asset Management • Focus on investing at the top of the capital structure and protecting that position • Weighted average of 1.8 financial covenants per credit agreement • Effective voting control on 78% of debt investments • Non-accrual investments representing 0.6% of the portfolio at fair value Drive ROE • Q3 2025 annualized ROE from Net Income4 of 11.0%; Q3 2025 annualized ROE from Adjusted Net Income4 of 10.8% • Q3 2025 annualized ROE from Net Investment Income4 of 12.5%; Q2 2025 annualized ROE from Adjusted Net Investment Income4 of 12.3% Strong Liquidity, Funding And Capital Position • Approximately $1,047 million5 of undrawn capacity on revolving credit facility against $174 million6 of unfunded portfolio commitments available to be drawn based on contractual requirements in underlying loan agreements • Average remaining life of investments funded with debt of approximately 2.6 years7 compared to a weighted average maturity on our liabilities of approximately 3.7 years8 • Leverage at quarter end of 1.15x; within the target leverage range of 0.90x – 1.25x, and well below the regulatory limit of 2.00x Note: As of 9/30/25. Please see notes at the end of this presentation for additional important information.
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 5 FINANCIAL HIGHLIGHTS 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) Per Share $0.44 $0.55 $0.39 $0.63 $0.47 (+) Incentive fees on net capital gains (Not Payable) Per Share ($0.02) ($0.01) ($0.04) $0.02 ($0.01) Adjusted Net Investment Income Per Share1 $0.57 $0.61 $0.58 $0.56 $0.53 Adjusted Net Income (Loss) Per Share1 $0.41 $0.54 $0.36 $0.64 $0.46 Net Asset Value Per Share (Ending Shares) $17.12 $17.16 $17.04 $17.17 $17.14 Adjusted Net Asset Value Per Share (Ending Shares)2 $17.07 $17.09 $16.98 $17.12 $17.11 Distributions Per Share (Record Date) $0.52 $0.51 $0.53 $0.52 $0.51 Net Assets $1,597,181 $1,607,529 $1,601,283 $1,617,646 $1,619,707 Total Debt (Outstanding Principal) $1,907,480 $1,954,058 $1,889,155 $1,757,117 $1,858,673 Debt to Equity at Quarter-end 1.19x 1.22x 1.18x 1.09x 1.15x Average Debt to Equity3 1.14x 1.23x 1.19x 1.20x 1.10x Annualized ROE on Net Investment Income4 13.7% 14.4% 14.4% 12.7% 12.5% Annualized ROE on Net Income4 10.2% 12.8% 9.2% 14.7% 11.0% Annualized ROE on Adjusted Net Investment Income1,4 13.2% 14.2% 13.5% 13.1% 12.3% Annualized ROE on Adjusted Net Income1,4 9.6% 12.5% 8.3% 15.1% 10.8% 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 Note: As of 9/30/25. Quarterly figures may not sum to annual figures due to rounding. Please see notes at the end of this presentation for additional important information.
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 6 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 Investment Size in Our Portfolio Companies $29,922 $30,331 $29,670 $30,228 $23,285 Number of Portfolio Companies (Excluding Structured Credit Investments) 112 115 115 109 108 Average Investment Size in Our Portfolio Companies (Excluding Structured Credit Investments) $30,679 $30,582 $29,670 $30,228 $30,342 Asset Class: First-Lien Debt Investments 93% 94% 93% 92% 89% Second-Lien Debt Investments <1% <1% <1% <1% <1% Structured Credit Investments <1% <1% - - 3% Mezzanine Debt Investments 1% 1% 2% 2% 2% Equity and Other Investments 5% 4% 5% 5% 5% Interest Rate Type1: % Floating Rate 98.8% 97.2% 97.0% 96.5% 96.3% % Fixed Rate 1.2% 2.8% 3.0% 3.5% 3.7% Yields at Fair Value unless Otherwise Noted: Weighted Average Total Yield of Debt and Income Producing Securities at Amortized Cost2 13.4% 12.5% 12.3% 12.0% 11.7% Weighted Average Total Yield of Debt and Income Producing Securities2 13.1% 12.3% 12.1% 11.7% 11.4% Weighted Average Spread Over Reference Rate of All Floating Rate Investments 8.0% 7.7% 7.5% 7.3% 7.2% Weighted Average Interest Rate of Debt and Income Producing Securities 12.5% 11.8% 11.5% 11.2% 10.9% Fair Value as a Percentage of Principal (Debt) 98.0% 97.8% 97.1% 98.3% 98.0% Fair Value as a Percentage of Call Price (Debt) 94.2% 93.6% 92.7% 94.1% 93.7% Investment Activity at Par: New Investment Commitments $269,304 $479,037 $154,378 $297,698 $387,656 Net Funded Investment Activity $98,886 $18,807 ($132,892) ($179,994) $48,957 New Investment Commitments at Par3: Number of New Investment Commitments in New Portfolio Companies 8 9 6 5 4 Average New Investment Commitment Amount in New Portfolio Companies $30,179 $48,371 $21,382 $48,717 $50,560 Weighted Average Term of New Investment Commitments in New Portfolio Companies (In Years) 6.3 6.1 5.2 5.7 5.7 Weighted Average Interest Rate of New Investment Commitments 12.0% 10.9% 11.3% 10.7% 10.5% Weighted Average Spread Over Reference Rate of New Floating Rate Investment Commitments 6.8% 6.4% 7.0% 6.7% 7.0% Note: As of 9/30/25. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information.
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 7 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 $3,294,905 $3,376,311 Cash and Cash Equivalents $29,727 $27,328 $47,269 $39,169 $83,159 Interest Receivable $34,756 $30,518 $31,159 $24,741 $31,193 Prepaid Expenses and Other Assets $24,306 $5,967 $8,040 $57,033 $18,597 Total Assets $3,529,864 $3,582,225 $3,498,500 $3,415,848 $3,509,261 Liabilities Debt1 $1,870,445 $1,901,142 $1,844,837 $1,726,557 $1,834,285 Management Fees Payable to Affiliate $12,699 $12,953 $12,674 $12,620 $12,797 Incentive fees on net investment income payable to affiliate $11,175 $12,013 $11,516 $11,089 $10,527 Incentive fees on net capital gains accrued to affiliate $6,022 $5,071 $1,385 $2,822 $1,768 Payables to Affiliate $5,619 $3,635 $2,701 $5,360 $2,987 Other Liabilities $26,723 $39,882 $24,104 $39,754 $27,190 Total Liabilities $1,932,683 $1,974,696 $1,897,217 $1,798,202 $1,889,554 Total Net Assets $1,597,181 $1,607,529 $1,601,283 $1,617,646 $1,619,707 Total Liabilities and Net Assets $3,529,864 $3,582,225 $3,498,500 $3,415,848 $3,509,261 Net Asset Value per Share $17.12 $17.16 $17.04 $17.17 $17.14 Adjusted Net Asset Value per Share2 $17.07 $17.09 $16.98 $17.12 $17.11 Debt to Equity at Quarter End 1.19x 1.22x 1.18x 1.09x 1.15x Average Debt to Equity3 1.14x 1.23x 1.19x 1.20x 1.10x Note: As of 9/30/25. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information.
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 8 NET ASSET VALUE BRIDGE – Q3’25 ($0.05) ($0.08) ($0.46) ($0.01) ($0.03) $0.53 $0.01 $0.01 $0.01$17.17 $17.12 $17.13 $17.14 $17.11 6/30/2025 Q2'25 Supplemental Dividend (Paid in Q3'25) 6/30/25 Adjusted NAV Q3'25 Adjusted Net Investment Income Q3'25 Reversal of Accrued Capital Gains Incentive Fee (Not Payable) Q32'25 Reversal of Net Unrealized Gains from Paydowns & Sales Q3'25 Base Dividend NAV Before Other Items Q3'25 Net Unrealized Gains on Investments Attributable to Changes in Spreads Q3'25 Net Realized Gains on Investments Q3'25 Other Changes Primarily from Net Unrealized Losses on Investments 9/30/25 NAV Q3'25 Declared Supplemental Dividend 9/30/25 Adjusted NAV Note: Per share data was derived using the Q3 2025 weighted average shares outstanding except for DRIP, dividends, beginning NAV & ending NAV. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information. 1 2
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 9 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 Note: As of 9/30/25. Quarterly figures may not sum to annual figures due to rounding. Please see notes at the end of this presentation for additional important information. For Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Investment Income: Interest From Investments – Interest and Dividend Income1 $110,947 $113,786 $98,853 $97,161 $95,228 Interest From Investments – Other Fees2 $4,323 $5,127 $14,035 $10,243 $6,817 Total Interest From Investments $115,271 $118,913 $112,888 $107,403 $102,044 Other Income3 $3,953 $4,792 $3,460 $7,612 $7,400 Total Investment Income $119,223 $123,704 $116,349 $115,015 $109,444 Expenses: Interest $38,492 $37,386 $32,971 $33,647 $31,385 Management Fees $13,029 $13,395 $13,083 $12,918 $13,081 Incentive Fees on Net Investment Income $11,175 $12,013 $11,516 $11,089 $10,527 Incentive Fees on Net Capital Gains (Not Payable) ($2,245) ($951) ($3,686) $1,438 ($1,054) Other Operating Expenses $3,477 $3,547 $3,546 $4,089 $3,735 Total Expenses $63,929 $65,391 $57,430 $63,181 $57,674 Management Fees Waived ($330) ($442) ($409) ($297) ($284) Net Expenses $63,599 $64,949 $57,021 $62,884 $57,390 Net Investment Income Before Income Taxes $55,624 $58,756 $59,328 $52,131 $52,054 Income Taxes, Including Excise Taxes $698 $1,171 $1,350 $1,291 $1,374 Net Investment Income $54,926 $57,585 $57,978 $50,840 $50,680 Net Unrealized and Realized Gains ($14,271) ($6,593) ($21,023) $8,163 ($6,080) Net Income $40,655 $50,992 $36,955 $59,003 $44,600 (+) Incentive fees on net capital gains (Not Payable) ($2,245) ($951) ($3,686) $1,438 ($1,054) Adjusted Net Investment Income4 $52,682 $56,663 $54,292 $52,278 $49,626 Adjusted Net Income (Loss)4 $38,411 $50,041 $33,269 $60,440 $43,546 Per Share: Net Investment Income $0.59 $0.62 $0.62 $0.54 $0.54 Net Income (Loss) $0.44 $0.55 $0.39 $0.63 $0.47 Adjusted Net Investment Income4 $0.57 $0.61 $0.58 $0.56 $0.53 Adjusted Net Income (Loss)4 $0.41 $0.54 $0.36 $0.64 $0.46 Distributions (Record Date) $0.52 $0.51 $0.53 $0.52 $0.51 Weighted Average Shares Outstanding for the Period 93,024,154 93,324,765 93,669,671 93,971,164 94,245,993 Shares Outstanding at End of Period 93,317,621 93,661,436 93,964,358 94,240,348 94,493,925
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 10 PORTFOLIO HIGHLIGHTS – FUNDING ACTIVITY Q3’25 Commitments and Net Funding $105 $835 $79 $379 $385 $241 $176 $260 $206 $316 $264 $231 $269 $479 $154 $298 $388 $65 $656 $53 $325 $274 $212 $139 $240 $152 $278 $163 $164 $189 $324 $137 $209 $352 ($218) $129 ($92) $113 $259 ($70) $88 $126 ($7) $107 $54 ($127) $99 $19 ($133) ($180) $49 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Investment Commitments Investment Fundings Investment Net Fundings Annual Portfolio Funds Roll 3 ($ Millions) 2022 2023 2024 YTD 2025 Investment Commitments $1,084 $959 $1,243 $840 Investment Fundings $864 $808 $839 $697 Investments Sold or Repaid ($654) ($469) ($794) ($961) Net Funded Investment Activity $210 $339 $45 ($264) 1 2 Note: As of 9/30/25. Please see notes at the end of this presentation for additional important information. • 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 existing portfolio companies • Paydowns and sales totaled $302.8 million distributed across 9 full realizations and 1 partial realization • Net funding activity was $49.0 million $ Millions by Fair Value
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 11 LATE CYCLE-MINDED CAPITAL STRUCTURE SELECTION New Investment Fundings End of Period Investments PORTFOLIO HIGHLIGHTS – ASSET MIX Note: As of 9/30/2025. Numbers may not sum due to rounding. 93% 94% 93% 92% 89% 1% 1% <1% <1% 1% <1% <1% 3% 1% 1% 2% 2% 2%5% 4% 5% 5% 5% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 First Lien Second Lien Structured Credit Mezzanine Equity & Other 100% 98% 75% 91% 72% 14% 8% 28% 10% 2% 2% 1% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 First Lien Second Lien Structured Credit Mezzanine Equity & Other $ Millions by Par Value $ Millions by Fair Value $189 $3,441$324 $3,518$137 $3,412$209 $3,295$352 $3,376
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 12 DIVERSITY ACROSS BORROWER AND INDUSTRY CONCENTRATIONS PORTFOLIO HIGHLIGHTS – DIVERSIFICATION ACROSS BORROWERS & INDUSTRIES Note: Note: By fair value of investments as of 9/30/2025. Numbers may not sum due to rounding. Top 10 Borrower Diversification Industry Diversification 18.0% 13.4% 11.5% 9.7% 8.7% 8.1% 5.6% 3.4% 3.2% 2.8% 15.6% Internet Services Business Services Retail and consumer products Human Resource Support Services Healthcare Hotel, Gaming and Leisure Transportation Financial Services Education Pharmaceuticals Other 2.3%2.3%2.2%2.1% 2.1% 2.0% 2.0% 1.9% 1.9% 1.9% 79% Bcto Ace Purchaser Inc ExtraHop Networks, Inc. EDB Parent, LLC Galileo Parent, Inc. Payscale Holdings Inc. Blazing Star Parent, LLC IRGSE Holding Corp. #2 Artisan Bidco Cordance Operations, LLC ASG II, LLC Remainder of Portfolio
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 13 PORTFOLIO HIGHLIGHTS – NET INTEREST MARGIN ANALYSIS TOTAL YIELD HAS REMAINED ELEVATED DESPITE LOWER BASE RATES…THE BENEFIT OF DIRECT ORIGINATIONS AND THE ABILITY TO CAPTURE WIDER SPREADS THROUGH DISCIPLINED CAPITAL ALLOCATION Net Interest Margin 1 2 Note: As of 9/30/25. Please see notes at the end of this presentation for additional important information. 13.9% 13.4% 12.5% 12.3% 12.0% 11.7%13.3% 12.5% 11.8% 11.5% 11.2% 10.9% 8.0% 8.0% 7.7% 7.5% 7.3% 7.2% 7.7% 7.7% 7.0% 6.4% 6.3% 6.3% 5.3% 4.6% 4.3% 4.3% 4.3% 4.0% 0.00% 3.00% 6.00% 9.00% 12.00% 15.00% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 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 Rate Investments at Fair Value Average Stated Interest Rate on Debt Outstanding 3 Month Term Secured Overnight Financing Rate ("SOFR")
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G $300 $300 $350 $300 $55 $554 $94 $953 2025 2026 2027 2028 2029 2030 Undrawn Revolving Credit Facility Drawn Revolving Credit Facility Unsecured Debt 14 LIQUIDITY MANAGEMENT STRONG ACCESS TO CAPITAL MARKETS AND WELL CONSTRUCTED BALANCE SHEET WITH ~74%1 OF DEBT WITH MATURITY > 3 YEARS STAGGERED, LONG -TERM DEBT MATURITIES 1 As of September 30, 2025 / $ Millions Note: As of 9/30/25, unless noted otherwise. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information. - - - $300 $55 $94 - - - $300 - - $350 - - Unsecured Notes: Drawn: Undrawn: $300 $554 $953 Revolving Credit Facility 1 Size: $1.675 Billion Committed; Uncommitted Accordion Feature Can Increase Total Size to $2.0 Billion Admin Agent: Truist Bank Number of Lenders: 19 Revolving Period / Maturity Date: March 2, 2029 / March 4, 2030 Interest Rate2: SOFR + 177.5 bps / SOFR + 165.0 bps / SOFR + 152.5 bps Undrawn Fee: 32.5 bps 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 Unsecured Notes Size: $300 Million $300 Million $350 Million $300 Million Maturity: August 1, 2026 August 14, 2028 March 1, 2029 August 15, 2030 Coupon: 2.500% 6.950% 6.125% 5.625% Coupon Swap Pricing3: SOFR + 2.17% SOFR + 2.99% SOFR + 2.44% SOFR + 1.53% Implied Spread over Treasury4: 225 bps 295 bps 240 bps 150 bps
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G STRONG LIQUIDITY AND FUNDING PROFILE Note: As of 9/30/25, unless noted otherwise. Numbers may not sum to 100% due to rounding. Please see notes at the end of this presentation for additional important information. CAPITAL & LIQUIDITY $174 Available Unfunded Commitments $1,110 Liquidity Near-term Obligations LIQUIDITY VS. NEAR -TERM OBLIGATIONS As of September 30, 2025 / $ Millions 1,2 3 82% of assets funded by unsecured debt and equity Weighted average remaining time to maturity of debt of ~3.7 years1,5 Weighted average remaining life of investments funded by debt of ~2.6 years4 Available liquidity 6.4x1,3 greater than unfunded investment commitments ROBUST BALANCE SHEET ($ in Millions) $1,620 $1,250 $609 $ 1,047 $63 Balance Sheet as of September 30, 2025 Cash Undrawn Revolver Capacity1 Unsecured Notes Equity Secured Revolver Debt funding composition 100%6 floating rate 96.3% floating rate debt portfolio composition 15 Total Liquidity: $1.1BN1,2
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G 16 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, 2025 (Q2’25 Supplemental) August 29, 2025 September 19, 2025 $0.05 April 30, 2025 June 16, 2025 June 30, 2025 $0.46 April 30, 2025 (Q1’25 Supplemental) May 30, 2025 June 20, 2025 $0.06 February 13, 2025 March 14, 2025 March 31, 2025 $0.46 February 13, 2025 (Q4’24 Supplemental) February 28, 2025 March 20, 2025 $0.07 November 5, 2024 December 16, 2024 December 31, 2024 $0.46 November 5, 2024 (Q3’24 Supplemental) November 29, 2024 December 20, 2024 $0.05 July 31, 2024 September 16, 2024 September 30, 2024 $0.46 July 31, 2024 (Q2’24 Supplemental) August 30, 2024 September 20, 2024 $0.06 May 1, 2024 June 14, 2024 June 28, 2024 $0.46 May 1, 2024 (Q1’24 Supplemental) May 31, 2024 June 20, 2024 $0.06 February 15, 2024 March 15, 2024 March 28, 2024 $0.46 February 15, 2024 (Q4’23 Supplemental) February 29, 2024 March 20, 2024 $0.08 November 2, 2023 December 15, 2023 December 29, 2023 $0.46 November 2, 2023 (Q3’23 Supplemental) November 30, 2023 December 20, 2023 $0.07 August 3, 2023 September 15, 2023 September 29, 2023 $0.46 August 3, 2023 (Q2’23 Supplemental) August 31, 2023 September 20, 2023 $0.06 May 8, 2023 June 15, 2023 June 30, 2023 $0.46 May 8, 2023 (Q1’23 Supplemental) May 31, 2023 June 20, 2023 $0.04 February 16, 2023 March 15, 2023 March 31, 2023 $0.46 February 16, 2023 (Q4’22 Supplemental) February 28, 2023 March 20, 2023 $0.09 Total Dividends Paid Since IPO $23.47 Total Dividends Paid Since Inception $26.26
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 17 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 5: Financial Highlights 1. 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 losses and capital gains incentive fees paid inception to date 2. Reflects NAV per share adjusted for the supplemental dividend per share related to that quarter’s earnings 3. Daily average debt outstanding during the quarter/year divided by average net assets during the quarter. Average net assets i s calculated by starting with the prior quarter/year end net asset value and adjusting for capital activity during the quarter/year (adding common stock offerings / DRIP contributions) 4. Quarterly Return on Equity is calculated using the prior period’s ending net asset value per share. Note that Return on Equit y on adjusted net investment income and adjusted net income exclude the impact of the capital gains incentive fee expense that has been accrued, but not paid or payable, related to cumulative unrealized capital gains in excess of cumulative net realized capital gains less any cumulative unrealized losses and capital gains incentive fees paid inception to date Slide 6: Portfolio Highlights – Selected Metrics 1. Calculation includes income earning debt investments only 2. Total yield on investments is calculated based on the interest rate and the accretion of OID, exclusive of investments on non -accrual status 3. Excludes structured credit investments Slide 4: Highlights 1. Represents our core portfolio, which excludes structured credit investments and certain investments that fall outside of our typical borrower profile. EBITDA is defined as earnings before interest, tax, depreciation and amortization. This calculation may vary depending on the portfolio company. For example, as it relates to the software as a service (SaaS) busin esses, EBITDA is measured on a steady state basis 2. As of 9/30/25, excludes 37 structured credit investments with a total fair value of $99.3 million 3. AUM is presented as of 9/30/2025, unless otherwise noted. AUM includes the net asset value, plus outstanding leverage and ass et-based financing undrawn amounts, in respect of private investment funds, certain co -investment vehicles and accounts for which Sixth Street provides investment management or advisory services, as well as capital that such funds, vehicles and accounts have the right to call from investors pursuant to the terms of their capital commitments as of 9/30/25 and additional fundraising commitments and fund, vehicle and account liquidations through 9/30/25 4. Quarterly Return on Equity is calculated using the prior period’s ending net asset value per share. Note that Return on Equit y on adjusted net investment income and adjusted net income exclude the impact of the capital gains incentive fee expense that has been accrued, but not paid or payable, related to cumulative unrealized capital gains in excess of cumulative net realized capital gains less any cumulative unrealized losses and capital gains incentive fees paid inception to date 5. The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstan ding letters of credit and asset coverage requirements 6. Reflects $337 million of total unfunded commitments as of 9/30/25 excluding $1 63 million of unfunded commitments ineligible to be drawn as of such date due to limitations set forth in the agreements between the Company and the applicable portfolio company 7. Weighted by amortized cost of debt investments. Investments are financed by debt and equity capital. This analysis assumes l onger-dated investments are currently funded by equity capital (48% of investments) and the remaining (shorter-dated) investments (52% of investments) are currently funded by debt financing. Investments for purposes of this analys is exclude unfunded commitments, and equity capital is defined as 9/30/25 net assets 8. Weighted by gross commitment amount Slide 7: Quarterly Statements of Financial Condition 1. Net of Deferred Financing Costs and Interest Rate Fair Value Hedging. Deferred Financing Costs total $25.5M at 9/30/24, $23.8 M at 12/31/24, $29.6M at 3/31/25, $27.9M at 6/30/25 and $26.2M at 9/30/25. Fair value hedge on interest rate swaps related to the 2026, 2028, 2029 and 2030 notes total ($39.2M) at 6/30/24, ($6.3M) at 9/30/24, ($34.2M) at 12/31/24 , ($6.6M) at 3/31/25, $4.9M at 6/30/25 and $8.8M at 9/30/25 2. Reflects NAV per share adjusted for the supplemental dividend per share related to that quarter’s earnings 3. Daily average debt outstanding during the quarter/year divided by average net assets during the quarter. Average net assets i s calculated by starting with the prior quarter/year end net asset value and adjusting for capital activity during the quarter/year (adding common stock offerings / DRIP contributions) Slide 8: Net Asset Value Bridge – Q3’25 1. Reflects Q2 2025 NAV per share adjusted for the supplemental dividend per share of $0.05 related to Q2 2025 earnings and paid in Q3 2025 2. Reflects Q3 2025 NAV per share adjusted for the declared supplemental dividend per share of $0.03 related to Q3 2025 earnings and payable in Q4 2025 Slide 13: Portfolio Highlights – Net Interest Margin Analysis 1. Total yield on investments is calculated based on the interest rate and the accretion of OID, exclusive of investments on non -accrual status 2. Interest rate on debt outstanding includes the swap-adjusted interest expense related to our Unsecured Notes Slide 9: Operating Results Detail 1. Interest from investments – interest and dividend income includes accrued interest and dividend income, amortization of purchase discounts (premiums) and certain fees, and accelerated amortization of upfront fees from scheduled principal payments 2. Interest from investments – other fees includes prepayment fees and accelerated amortization of upfront fees from unscheduled pa ydowns 3. Other income includes amendment fees, syndication fees, interest on cash and cash equivalents and miscellaneous fees 4. 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 losses and capital gains incentive fees paid inception to date Slide 10: Portfolio Highlights – Funding Activity 1. New investments are net of sell -downs 2. Fundings exclude intra-quarter revolver borrowings that are repaid by quarter -end 3. Par value; excludes amortization, excess cash flow sweeps, PIK, FX movements, and intra -quarter revolver borrowings that are rep aid by quarter-end
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 18 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 bas e 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 Borrowing Base is less than 1.6x times the the Combined Debt Amount (i.e. 1.6x total commitments), the applicable margin is SOFR+1.775%. If the Borrowing Base is great than or equal to 1.6x and less than 2.0x the Combined Debt Amount ( i.e. 1.6x total commitments), the applicable margin is SOFR+1.65%. If the Borrowing Base is greater than or equal to 2.0x the Comb ined Debt Amount (i.e. 2.0x total commitments), the applicable margin is SOFR+1.525%. 3. In connection with the note offerings, the Company entered into interest rate swaps to align the interest rates of its liabilities with its investment portfolio, which consists of predomina tely floating rate loans. In connection with certain notes repurchases, the Company entered into additional interest rate swaps to reduce the notional exposure of its existing interest rate swaps related to the notes to ma tch the current principal amount of notes outstanding. As a result of the swaps, the effective interest rate (excluding OID) on the 2026 notes is SOFR plus 2.17%; the effective interest rate ( excluding OID) on the 2028 notes is SOFR plus 2.99%; the effective interest rate (excluding OID) on the 2029 notes is SOFR plus 2.44%; and the effective interest rate (excluding OID) on the 2030 notes is SOFR plus 1.525% 4. Reflects the implied spread over the applicable benchmark treasury rate at the time of each transaction close Slide 15: Strong Liquidity and Funding Profile 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 bas e under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements 2. Represents total undrawn capacity on revolving credit facility and unrestricted cash 3. Reflects $337 million of total unfunded commitments as of 9/30/25 excluding $163 million of unfunded commitments ineligible t o be drawn as of such date due to limitations set forth in the agreements between the Company and the applicable portfolio company 4. Weighted by amortized cost of debt investments. Investments are financed by debt and equity capital. This analysis assumes l onger-dated investments are currently funded by equity capital (48% of investments) and the remaining (shorter-dated) investments (52% of investments) are currently funded by debt financing. Investments for purposes of this analys is exclude unfunded commitments, and equity capital is defined as 9/30/25 net assets 5. Weighted by gross commitment amount 6. Unsecured Notes treated as floating rate due to interest rate swaps TSLX entered into to swap fixed notes payments for floating rate payments
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CONTACT US: TSLX Investor Relations IRTSLX@sixthstreet.com (469) 621-2033 VISIT US: www.sixthstreetspecialtylending.com S I X T H S T R E E T S P E C I A L T Y L E N D I N G 19