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6 SIXTH STREET SPECIALTY LENDING EARNINGS PRESENTATION Quarter Ended June 30 , 2026 SIXTH STREET SPECIALTY LENDING
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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 16.98 16.24 16.24 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 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 24.50 24.97 25.39 $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 $43.73 $43.46 $43.88 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 Q4'25 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 6/30/2026. Please see notes at the end of this presentation for additional important information. NYSE Market Capitalization $3.5 Billion $16.24 $1.6 Billion TSLXTicker Exchange Net Asset Value Per Share Total Assets Baa2 (stable) / BBB- (positive) / BBB (positive) / BBB+ (stable)Moody’s / S&P / Fitch / KBRA1
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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 Diversified, Scaled Senior Floating Rate-focused Portfolio • Core focus: middle-market loans to US based companies – Target EBITDA: $10 million to $250 million – Portfolio weighted average EBITDA: $137.1 million1; median $56.5 million1 • Target hold size: $30 million to $100 million • 1042 portfolio companies; average investment size of $30.9mm2; largest investment represents 2.4% of total investments • 89.1% secured, 88.3% 1st lien; 96.1% floating rate Leading Platform With Proprietary, Directly Originated Deal Flow • Externally managed by Sixth Street (+$135bn AUM)3 • Direct, primary originations sourced through coverage of companies, financial sponsors, and intermediaries • 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-accruals: 1.3% of portfolio at fair value Drive ROE • Q2 2026 annualized Net Income (NI) ROE: 10.5%4 • Q2 2026 annualized Net Investment Income (NII) ROE: 10.6%4 Strong Liquidity, Funding And Capital Position • ~$1.1 billion5 of undrawn on revolving credit facility against $221 million6 of unfunded commitments (available per underlying loan agreements) • Average remaining life of investments funded with debt of ~2.4 years7 vs. weighted average maturity on liabilities of ~3.8 years5,8 • Quarter-end leverage of 1.27x and 1.17x net of cash; target leverage range of 0.90x – 1.25x, well below the regulatory limit of 2.00x Note: As of 6/30/26. 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 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Investment Income Per Share $0.54 $0.54 $0.53 $0.42 $0.43 Net Income (Loss) Per Share $0.63 $0.47 $0.32 ($0.27) $0.43 (+) Incentive fees on net capital gains (Not Payable) Per Share $0.02 ($0.01) ($0.02) ($0.00) ($0.00) Adjusted Net Investment Income Per Share1 $0.56 $0.53 $0.52 $0.42 $0.43 Adjusted Net Income (Loss) Per Share1 $0.64 $0.46 $0.30 ($0.27) $0.43 Net Asset Value Per Share (Ending Shares) $17.17 $17.14 $16.98 $16.24 $16.24 Adjusted Net Asset Value Per Share (Ending Shares)2 $17.12 $17.11 $16.97 $16.24 $16.24 Distributions Per Share (Record Date) $0.52 $0.51 $0.49 $0.47 $0.42 Net Assets $1,617,646 $1,619,707 $1,607,721 $1,542,673 $1,548,554 Total Debt (Outstanding Principal) $1,757,117 $1,858,673 $1,763,915 $1,827,432 $1,966,020 Debt to Equity at Quarter-end 1.09x 1.15x 1.10x 1.18x 1.27x Average Debt to Equity3 1.20x 1.10x 1.17x 1.14x 1.24x Annualized ROE on Net Investment Income4 12.7% 12.5% 12.5% 9.9% 10.6% Annualized ROE on Net Income4 14.7% 11.0% 7.4% (6.5%) 10.5% Annualized ROE on Adjusted Net Investment Income1,4 13.1% 12.3% 12.0% 9.9% 10.6% Annualized ROE on Adjusted Net Income1,4 15.1% 10.8% 7.0% (6.5%) 10.5% 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 6/30/26. 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 June 30, 2025 September 30, 2025 December 30, 2025 March 31, 2026 June 30, 2026 Investments at Fair Value $3,294,905 $3,376,311 $3,347,317 $3,313,441 $3,302,132 Number of Portfolio Companies 109 145 143 143 137 Average Investment Size in Our Portfolio Companies $30,228 $23,285 $23,408 $23,171 $24,103 Number of Portfolio Companies (Excluding Structured Credit Investments) 109 108 107 107 104 Average Investment Size in Our Portfolio Companies (Excluding Structured Credit Investments) $30,228 $30,342 $30,369 $30,090 $30,907 Asset Class: First-Lien Debt Investments 92% 89% 89% 89% 88% Second-Lien Debt Investments <1% <1% <1% 1% <1% Structured Credit Investments - 3% 3% 3% 3% Mezzanine Debt Investments 2% 2% 2% 2% 2% Equity and Other Investments 5% 5% 5% 5% 5% Joint Venture - - - <1% 2% Interest Rate Type1: % Floating Rate 96.5% 96.3% 96.3% 96.3% 96.1% % Fixed Rate 3.5% 3.7% 3.7% 3.7% 3.9% Yields at Fair Value unless Otherwise Noted: Weighted Average Total Yield of Debt and Income Producing Securities at Amortized Cost2 12.0% 11.7% 11.3% 11.2% 11.2% Weighted Average Total Yield of Debt and Income Producing Securities2 11.7% 11.4% 11.1% 11.1% 11.1% Weighted Average Spread Over Reference Rate of All Floating Rate Investments 7.3% 7.2% 7.1% 7.1% 7.0% Weighted Average Interest Rate of Debt and Income Producing Securities 11.2% 10.9% 10.6% 10.6% 10.7% Fair Value as a Percentage of Principal (Debt) 98.3% 98.0% 98.0% 97.8% 97.5% Fair Value as a Percentage of Call Price (Debt) 94.1% 93.7% 94.2% 94.1% 93.6% Investment Activity at Par: New Investment Commitments $297,698 $387,656 $242,444 $338,086 $114,640 Net Funded Investment Activity ($179,994) $48,957 ($38,177) $21,760 ($55,387) New Investment Commitments at Par3: Number of New Investment Commitments in New Portfolio Companies 5 4 5 3 2 Average New Investment Commitment Amount in New Portfolio Companies $48,717 $50,560 $44,500 $98,500 $50,893 Weighted Average Term of New Investment Commitments in New Portfolio Companies (In Years) 5.7 5.7 5.3 6.3 5.0 Weighted Average Interest Rate of New Investment Commitments 10.7% 10.5% 10.7% 9.6% 10.4% Weighted Average Spread Over Reference Rate of New Floating Rate Investment Commitments 6.7% 7.0% 6.9% 6.1% 6.9% Note: As of 6/30/26. 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 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Assets Investments at Fair Value $3,294,905 $3,376,311 $3,347,317 $3,313,441 $3,302,132 Cash and Cash Equivalents $39,169 $83,159 $19,662 $29,178 $193,555 Interest Receivable $24,741 $31,193 $34,132 $34,547 $36,955 Prepaid Expenses and Other Assets $57,033 $18,597 $20,544 $15,983 $10,549 Total Assets $3,415,848 $3,509,261 $3,421,655 $3,393,149 $3,543,191 Liabilities Debt1 $1,726,557 $1,834,285 $1,743,234 $1,803,391 $1,924,967 Management Fees Payable to Affiliate $12,620 $12,797 $12,794 $12,275 $12,490 Incentive fees on net investment income payable to affiliate $11,089 $10,527 $10,336 $8,451 $8,672 Incentive fees on net capital gains accrued to affiliate $2,822 $1,768 $0 $0 $0 Payables to Affiliate $5,360 $2,987 $3,166 $2,808 $3,357 Other Liabilities $39,754 $27,190 $44,404 $23,551 $45,151 Total Liabilities $1,798,202 $1,889,554 $1,813,934 $1,850,476 $1,994,637 Total Net Assets $1,617,646 $1,619,707 $1,607,721 $1,542,673 $1,548,554 Total Liabilities and Net Assets $3,415,848 $3,509,261 $3,421,655 $3,393,149 $3,543,191 Net Asset Value per Share $17.17 $17.14 $16.98 $16.24 $16.24 Adjusted Net Asset Value per Share2 $17.12 $17.11 $16.97 $16.24 $16.24 Debt to Equity at Quarter End 1.09x 1.15x 1.10x 1.18x 1.27x Average Debt to Equity3 1.20x 1.10x 1.17x 1.14x 1.24x Note: As of 6/30/26. 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 – Q2’26 ($0.02) ($0.42) ($0.04) ($0.02) $0.43 $0.06 $0.01$16.24 $16.23 $16.24 3/31/26 NAV Q2'26 Net Investment Income Q2'26 Reversal of Net Unrealized Gains from Paydowns & Sales Q2'26 Base Dividend NAV Before Other Items Q2'26 Net Unrealized Losses on Investments Attributable to Changes in Spreads Q2'26 Net Unrealized Gains on Investments Attributable to Movement in Market Multiples Q2'26 Net Realized Gains on Investments Q2'26 Other Changes Primarily from Net Unrealized Losses on Investments 6/30/26 NAV Note: Per share data was derived using the Q2 2026 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.
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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 6/30/26. 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 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Investment Income: Interest From Investments – Interest and Dividend Income1 $97,161 $95,228 $95,489 $87,845 $88,477 Interest From Investments – Other Fees2 $10,243 $6,817 $10,881 $3,362 $5,403 Total Interest From Investments $107,403 $102,044 $106,370 $91,207 $93,880 Other Income3 $7,612 $7,400 $1,877 $2,190 $3,964 Total Investment Income $115,015 $109,444 $108,247 $93,397 $97,844 Expenses: Interest $33,647 $31,385 $31,554 $28,258 $30,085 Management Fees $12,918 $13,081 $13,094 $12,593 $12,960 Incentive Fees on Net Investment Income $11,089 $10,527 $10,336 $8,451 $8,672 Incentive Fees on Net Capital Gains (Not Payable) $1,438 ($1,054) ($1,768) $0 $0 Other Operating Expenses $4,089 $3,735 $3,530 $3,366 $4,412 Total Expenses $63,181 $57,674 $56,746 $52,668 $56,129 Management Fees Waived ($297) ($284) ($300) ($317) ($470) Net Expenses $62,884 $57,390 $56,446 $52,351 $55,659 Net Investment Income Before Income Taxes $52,131 $52,054 $51,801 $41,046 $42,185 Income Taxes, Including Excise Taxes $1,291 $1,374 $1,304 $1,204 $1,301 Net Investment Income $50,840 $50,680 $50,497 $39,842 $40,884 Net Unrealized and Realized Gains $8,163 ($6,080) ($20,538) ($65,867) ($376) Net Income (Loss) $59,003 $44,600 $29,960 ($26,025) $40,508 (+) Incentive fees on net capital gains (Not Payable) $1,438 ($1,054) ($1,768) $0 $0 Adjusted Net Investment Income4 $52,278 $49,626 $48,729 $39,842 $40,884 Adjusted Net Income (Loss)4 $60,440 $43,546 $28,192 ($26,025) $40,508 Per Share: Net Investment Income $0.54 $0.54 $0.53 $0.42 $0.43 Net Income (Loss) $0.63 $0.47 $0.32 ($0.27) $0.43 Adjusted Net Investment Income4 $0.56 $0.53 $0.52 $0.42 $0.43 Adjusted Net Income (Loss)4 $0.64 $0.46 $0.30 ($0.27) $0.43 Distributions (Record Date) $0.52 $0.51 $0.49 $0.47 $0.42 Weighted Average Shares Outstanding for the Period 93,971,164 94,245,993 94,497,933 94,709,407 95,021,455 Shares Outstanding at End of Period 94,240,348 94,493,925 94,705,150 95,019,600 95,343,139
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S I X T H S T R E E T S P E C I A L T Y L E N D I N G S I X T H S T R E E T S P E C I A L T Y L E N D I N G 10 PORTFOLIO HIGHLIGHTS – FUNDING ACTIVITY Q2’26 Commitments and Net Funding Investment Activity 1 ($ Millions) 2020 2021 2022 2023 2024 2025 YTD 2026 Investment Commitments2 $1,185 $1,389 $1,084 $959 $1,243 $1,082 $453 Investment Fundings $939 $1,117 $864 $808 $839 $894 $271 Investments Sold or Repaid ($941) ($1,005) ($654) ($469) ($794) ($1,196) ($305) Net Funded Investment Activity ($2) $112 $210 $339 $45 ($302) ($34) Note: As of 6/30/26. Please see notes at the end of this presentation for additional important information. • New investment commitments and fundings totaled $114.6 million and $136.7 million, respectively. The fundings were distributed across 2 new investments and capital called by Structured Credit Partners JV, LLC • Paydowns and sales totaled $192.1 million distributed across 4 investment realizations, 5 partial realizations and 3 structured credit investments • Net repayment activity was $55.4 million 80 130 53 139 163 137 13577 265 325 240 164 209 137 332 65 274 152 189 352 450 656 212 278 324 197 0 200 400 600 800 1,000 1,200 2020 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Investment Funding Activity by Year $ Millions by Fair Value Commitments less than fundings due to SCP commitment being accounted for in Q1
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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 6/30/2026. Numbers may not sum due to rounding. 92% 89% 89% 89% 88% <1% 1% 1% 1% 1%3% 3% 3% 3% 2% 2% 2% 2% 2% 5% 5% 5% 5% 5% <1% 2% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 First Lien Second Lien Structured Credit Mezzanine Equity & Other Joint Venture 91% 72% 97% 89% 73% 8% 28% 1% 3% 11% 27% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 First Lien Second Lien Structured Credit Mezzanine Equity & Other Joint Venture $ Millions by Par Value $ Millions by Fair Value $209 $3,295$352 $3,376$197 $3,347$135 $3,313$137 $3,302
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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 6/30/2026. Numbers may not sum due to rounding. Top 10 Borrower Diversification Industry Diversification 19.0% 12.7% 11.3% 8.9%8.1% 8.0% 7.9% 3.2% 3.1% 2.9% 14.9% Internet Services Retail and consumer products Business Services Hotel, Gaming and Leisure Healthcare Transportation Human Resource Support Services Education Oil, Gas and Consumable Fuels Pharmaceuticals Other 2.4% 2.3%2.2%2.2% 2.1% 2.0% 2.0% 2.0% 1.9% 1.9% 79% EDB Parent, LLC ExtraHop Networks, Inc. Ranger Intermediate II, LLC Payscale Holdings Inc. Blazing Star Parent, LLC RainFocus, LLC Cordance Operations, LLC Elysium BidCo Limited Velocity Clinical Research, Inc Bayshore Intermediate #2, L.P. 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 6/30/26. Please see notes at the end of this presentation for additional important information. 12.3% 12.0% 11.7% 11.3% 11.2% 11.2% 11.5% 11.2% 10.9% 10.6% 10.6% 10.7% 7.5% 7.3% 7.2% 7.1% 7.1% 7.0% 6.4% 6.3% 6.3% 6.0% 5.5% 5.6% 4.3% 4.3% 4.0% 3.7% 3.7% 3.7% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 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 $300 $416 $1,086 2026 2027 2028 2029 2030 2031 Undrawn Revolving Credit Facility Drawn Revolving Credit Facility Unsecured Debt 14 LIQUIDITY MANAGEMENT STRONG ACCESS TO CAPITAL MARKETS AND WELL CONSTRUCTED BALANCE SHEET WITH ~69%1 OF DEBT WITH MATURITY > 3 YEARS STAGGERED, LONG -TERM DEBT MATURITIES 1 As of June 30, 2026 / $ Millions Note: As of 6/30/26, unless noted otherwise. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information. *$300 million unsecured notes with a August 1, 2026 maturity date were repaid post-quarter end Revolving Credit Facility 1 Size: $1.525 Billion Committed; Uncommitted Accordion Feature Can Increase Total Size to $2.3 Billion Admin Agent: Truist Bank Number of Lenders: 19 Revolving Period / Maturity Date: May 1, 2030 / May 1, 2031 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 $157.3 Million as of June 30, 2026. Restricted Cash Related to Interest Rate Swaps Totaled $36.3 Million 1 Unsecured Notes* Size: $300 Million $300 Million $350 Million $300 Million $300 Million Maturity: August 1, 2026 August 14, 2028 March 1, 2029 August 15, 2030 August 15, 2031 Coupon: 2.500% 6.950% 6.125% 5.625% 5.650% Coupon Swap Pricing3: SOFR + 2.17% SOFR + 2.99% SOFR + 2.44% SOFR + 1.53% SOFR + 1.85% Implied Spread over Treasury4: 225 bps 295 bps 240 bps 150 bps 180 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 6/30/26, 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. *$300 million unsecured notes with a August 1, 2026 maturity date were repaid post-quarter end CAPITAL & LIQUIDITY $221 $300 Available Unfunded Commitments August 2026 Unsecured Notes* $1,244 Liquidity Near-term Obligations LIQUIDITY VS. NEAR -TERM OBLIGATIONS As of June 30, 2026 / $ Millions 1,2 87% of assets funded by unsecured debt and equity Weighted average remaining time to maturity of debt of ~3.8 years1,5 Weighted average remaining life of investments funded by debt of ~2.4 years4 Available liquidity 5.6x1,3 greater than unfunded investment commitments ROBUST BALANCE SHEET ($ in Millions) $1,549 $1,550 $416 $1,086 $157 Balance Sheet as of June 30, 2026 Cash Undrawn Revolver Capacity1 Unsecured Notes* Equity Secured Revolver Debt funding composition 100%6 floating rate 96.1% floating rate debt portfolio composition 15 Total Liquidity: $1.2BN1,2 3
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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 August 4, 2026 September 15, 2026 September 30, 2026 $0.42 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, 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 Total Dividends Paid Since IPO $24.85 Total Dividends Paid Since Inception $27.64 $0.40 less than sum of slide 5 bc dividend paid 1/30/14 (pre IPO)
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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 17 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; K BRA affirmed 6/18/2026 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 cumul ative 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 6/30/26, excludes 33 structured credit investments with a total fair value of $87.8 million 3. AUM is presented as of 6/30/26, unless otherwise noted. AUM includes the net asset value, plus outstanding leverage and asset -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 6/30/26 and additional fundraising commitments and fund, vehicle and account liquidations through 6/30/26 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 cumul ative 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 $432 million of total unfunded commitments as of 6/30/26 excluding $211 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 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 (47% of investments) and the remaining (shorter-dated) investments (53% of investments) are currently funded by debt financing. Investments for purposes of this analys is exclude unfunded commitments, and equity capital is defined as 6/30/26 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 $27.9M at 6/30/25, $26.2 M at 9/30/25, $24.4M at 12/31/25, $22.7M at 3/31/26 and $29.0M at 6/30/26. Fair value hedge on interest rate swaps related to the 2026, 2028, 2029, 2030 and 2031 notes total $4.9M at 6/30/25, $8.8M at 9/30/25, $10.3M at 12/31/25, $4.7M at 3/31/26 and ($3.8M) at 6/30/26 2. Reflects NAV per share adjusted for the supplemental dividend per sha/re 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 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. Par value; excludes amortization, excess cash flow sweeps, PIK, FX movements, and intra -quarter revolver borrowings that are rep aid by quarter-end 2. New investments are net of sell -downs
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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 18 FOOTNOTES Slide 14: Liquidity Management 1. 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. 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 SOF R+1.65%. If the Borrowing Base is greater than or equal to 2.0x the Combined 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 liabil ities with its investment portfolio, which consists of predominately 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 in terest rate swaps related to the notes to match 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%; the effective interest rate (excluding OID) on the 2030 notes is SOFR plus 1.525%; and the effective interes t rate (excluding OID) on the 2031 notes is SOFR plus 1.847% 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. 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. 2. Represents total undrawn capacity on revolving credit facility and unrestricted cash 3. Reflects $432 million of total unfunded commitments as of 6/30/26 excluding $211 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 (47% of investments) and the remaining (shorter-dated) investments (53% of investments) are currently funded by debt financing. Investments for purposes of this analys is exclude unfunded commitments, and equity capital is defined as 6/30/26 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 floati ng 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