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Earnings Presentation Quarter Ended September 30, 2026 Sixth Street Highly Confidential
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2 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. Disclaimer and Forward-Looking Statement
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3 $14.71 $16.19 $14.71 $44.25 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 Note: Market capitalization and financial data as of 9/30/2026. Please see notes at the end of this presentation for additional important information. Company overview Long-term track record of value creation for shareholders Ticker TSLX Exchange NYSE Market Capitalization $1.7 Billion Net Asset Value Per Share $16.19 ($16.181) Total Assets $3.5 Billion Moody’s / S&P / Fitch / KBRA 2 Baa2 (stable) / BBB- (positive) / BBB (positive) / BBB+ (stable) Total economic return since Q4’11: +$29.5 4 per share (+201%) 3
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4 Note: As of 9/30/26. Please see notes at the end of this presentation for additional important information. 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: $136 million1; median $55 million1 • Target hold size: $30 million to $100 million • 1032 portfolio companies; average investment size of $32.2mm2; largest investment represents 2.4% of total investments • 87.7% secured, 86.9% 1st lien; 97.6% floating rate Leading Platform With Proprietary, Directly Originated Deal Flow • Externally managed by Sixth Street (+$140bn 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 75% of debt investments • Non-accruals: 1.1% of portfolio at fair value Drive ROE • Q3 2026 annualized Net Income (NI) ROE4: 8.9%; 8.9% (Adjusted NI) • Q3 2026 annualized Net Investment Income (NII) ROE4: 10.7%; 10.7% (Adjusted NII) Strong Liquidity, Funding And Capital Position • ~$0.8 billion5 of undrawn on revolving credit facility against $219 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 ~4.0 years5,8 • Quarter-end leverage of 1.25x; target leverage range of 0.90x – 1.25x, well below the regulatory limit of 2.00x
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5 Financial Highlights Note: As of 9/30/26. Quarterly figures may not sum to annual figures due to rounding. Please see notes at the end of this pre sentation for additional important information. Sixth Street Highly Confidential Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Investment Income Per Share $0.54 $0.53 $0.42 $0.43 $0.44 Net Income (Loss) Per Share $0.47 $0.32 ($0.27) $0.43 $0.36 (+) Incentive fees on net capital gains (Not Payable) Per Share ($0.01) ($0.02) -- -- -- Adjusted Net Investment Income Per Share1 $0.53 $0.52 $0.42 $0.43 $0.44 Adjusted Net Income (Loss) Per Share1 $0.46 $0.30 ($0.27) $0.43 $0.36 Net Asset Value Per Share (Ending Shares) $17.14 $16.98 $16.24 $16.24 $16.19 Adjusted Net Asset Value Per Share (Ending Shares)2 $17.11 $16.97 $16.24 $16.24 $16.18 Distributions Per Share (Record Date) $0.51 $0.49 $0.47 $0.42 $0.42 Net Assets $1,619,707 $1,607,721 $1,542,673 $1,548,554 $1,549,290 Total Debt (Outstanding Principal) $1,858,673 $1,763,915 $1,827,432 $1,966,020 $1,940,467 Debt to Equity at Quarter-end 1.15x 1.10x 1.18x 1.27x 1.25x Average Debt to Equity3 1.10x 1.17x 1.14x 1.24x 1.24x Annualized ROE on Net Investment Income4 12.5% 12.5% 9.9% 10.6% 10.7% Annualized ROE on Net Income4 11.0% 7.4% (6.5%) 10.5% 8.9% Annualized ROE on Adjusted Net Investment Income1,4 12.3% 12.0% 9.9% 10.6% 10.7% Annualized ROE on Adjusted Net Income1,4 10.8% 7.0% (6.5%) 10.5% 8.9% 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
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6 Note: As of 9/30/26. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information. September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Investments at Fair Value $3,376,311 $3,347,317 $3,313,441 $3,302,132 $3,393,035 Number of Portfolio Companies 145 143 143 137 133 Average Investment Size in Our Portfolio Companies $23,285 $23,408 $23,171 $24,103 $25,512 Number of Portfolio Companies (Excluding Structured Credit Investments) 108 107 107 104 103 Average Investment Size in Our Portfolio Companies (Excluding Structured Credit Investments) $30,342 $30,369 $30,090 $30,907 $32,150 Asset Class: First-Lien Debt Investments 89% 89% 89% 88% 87% Second-Lien Debt Investments <1% <1% 1% <1% 1% Structured Credit Investments 3% 3% 3% 3% 2% Mezzanine Debt Investments 2% 2% 2% 2% 2% Equity and Other Investments 5% 5% 5% 5% 6% Joint Venture - - <1% 2% 2% Interest Rate Type 1: % Floating Rate 96.3% 96.3% 96.3% 96.1% 97.6% % Fixed Rate 3.7% 3.7% 3.7% 3.9% 2.4% Yields at Fair Value unless Otherwise Noted : Weighted Average Total Yield of Debt and Income Producing Securities at Amortized Cost 2 11.7% 11.3% 11.2% 11.2% 11.4% Weighted Average Total Yield of Debt and Income Producing Securities2 11.4% 11.1% 11.1% 11.1% 11.4% Weighted Average Spread Over Reference Rate of All Floating Rate Investments 7.2% 7.1% 7.1% 7.0% 6.9% Weighted Average Interest Rate of Debt and Income Producing Securities 10.9% 10.6% 10.6% 10.7% 10.9% Fair Value as a Percentage of Principal (Debt) 98.0% 98.0% 97.8% 97.5% 97.3% Fair Value as a Percentage of Call Price (Debt) 93.7% 94.2% 94.1% 93.6% 94.0% Investment Activity at Par: New Investment Commitments $387,656 $242,444 $338,086 $114,640 $241,701 Net Funded Investment Activity $48,957 ($38,177) $21,760 ($55,387) $87,074 New Investment Commitments at Par 3: Number of New Investment Commitments in New Portfolio Companies 4 5 3 2 4 Average New Investment Commitment Amount in New Portfolio Companies $50,560 $44,500 $98,500 $50,893 $48,668 Weighted Average Term of New Investment Commitments in New Portfolio Companies (In Years) 5.7 5.3 6.3 5.0 5.5 Weighted Average Interest Rate of New Investment Commitments 10.5% 10.7% 9.6% 10.4% 10.2% Weighted Average Spread Over Reference Rate of New Floating Rate Investment Commitments 7.0% 6.9% 6.1% 6.9% 6.0% Portfolio Highlights – Selected Metrics Dollar amounts in thousands
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7 Note: As of 9/30/26. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information. Quarterly Statements of Financial Condition Dollar amounts in thousands Except Per Share Data; Per Share Data is Based on Ending Shares Outstanding September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Assets Investments at Fair Value $3,376,311 $3,347,317 $3,313,441 $3,302,132 $3,393,035 Cash and Cash Equivalents $83,159 $19,662 $29,178 $193,555 $40,499 Interest Receivable $31,193 $34,132 $34,547 $36,955 $29,422 Prepaid Expenses and Other Assets $18,597 $20,544 $15,983 $10,549 $18,810 Total Assets $3,509,261 $3,421,655 $3,393,149 $3,543,191 $3,481,766 Liabilities Debt1 $1,834,285 $1,743,234 $1,803,391 $1,924,967 $1,871,877 Management Fees Payable to Affiliate $12,797 $12,794 $12,275 $12,490 $12,745 Incentive fees on net investment income payable to affiliate $10,527 $10,336 $8,451 $8,672 $8,825 Incentive fees on net capital gains accrued to affiliate $1,768 $0 $0 $0 $0 Payables to Affiliate $2,987 $3,166 $2,808 $3,357 $4,312 Other Liabilities $27,190 $44,404 $23,551 $45,151 $34,717 Total Liabilities $1,889,554 $1,813,934 $1,850,476 $1,994,637 $1,932,476 Total Net Assets $1,619,707 $1,607,721 $1,542,673 $1,548,554 $1,549,290 Total Liabilities and Net Assets $3,509,261 $3,421,655 $3,393,149 $3,543,191 $3,481,766 Net Asset Value per Share $17.14 $16.98 $16.24 $16.24 $16.19 Adjusted Net Asset Value per Share2 $17.11 $16.97 $16.24 $16.24 $16.18 Debt to Equity at Quarter End 1.15x 1.10x 1.18x 1.27x 1.25x Average Debt to Equity3 1.10x 1.17x 1.14x 1.24x 1.24x
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8 Note: Per share data was derived using the Q3 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. Net Asset Value Bridge – Q3’26 ($0.01) ($0.42) ($0.10) ($0.02) ($0.01) $0.44 $0.07$16.24 $16.25 $16.19 $16.18 6/30/26 NAV Q3'26 Net Investment Income Q3'26 Reversal of Net Unrealized Gains from Paydowns & Sales Q3'26 Base Dividend NAV Before Other Items Q3'26 Net Unrealized Gains on Investments Attributable to Changes in Spreads Q3'26 Net Realized Losses on Investments Q3'26 Other Changes Primarily from Net Unrealized Losses on Investments 9/30/26 NAV Q3'26 Declared Supplemental Dividend 9/30/26 Adjusted NAV
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9 Note: As of 9/30/26. Quarterly figures may not sum to annual figures due to rounding. Please see notes at the end of this presentation for additional important information. 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 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Investment Income: Interest From Investments – Interest and Dividend Income1 $95,228 $95,489 $87,845 $88,477 $89,705 Interest From Investments – Other Fees2 $6,817 $10,881 $3,362 $5,403 $6,671 Total Interest From Investments $102,044 $106,370 $91,207 $93,880 $96,375 Other Income3 $7,400 $1,877 $2,190 $3,964 $2,581 Total Investment Income $109,444 $108,247 $93,397 $97,844 $98,956 Expenses: Interest $31,385 $31,554 $28,258 $30,085 $30,489 Management Fees $13,081 $13,094 $12,593 $12,960 $13,268 Incentive Fees on Net Investment Income $10,527 $10,336 $8,451 $8,672 $8,825 Incentive Fees on Net Capital Gains (Not Payable) ($1,054) ($1,768) $0 $0 $0 Other Operating Expenses $3,735 $3,530 $3,366 $4,412 $4,093 Total Expenses $57,674 $56,746 $52,668 $56,129 $56,675 Management Fees Waived ($284) ($300) ($317) ($470) ($523) Net Expenses $57,390 $56,446 $52,351 $55,659 $56,152 Net Investment Income Before Income Taxes $52,054 $51,801 $41,046 $42,185 $42,804 Income Taxes, Including Excise Taxes $1,374 $1,304 $1,204 $1,301 $1,200 Net Investment Income $50,680 $50,497 $39,842 $40,884 $41,604 Net Unrealized and Realized Gains ($6,080) ($20,538) ($65,867) ($376) ($7,159) Net Income (Loss) $44,600 $29,960 ($26,025) $40,508 $34,445 (+) Incentive fees on net capital gains (Not Payable) ($1,054) ($1,768) $0 $0 $0 Adjusted Net Investment Income 4 $49,626 $48,729 $39,842 $40,884 $41,604 Adjusted Net Income (Loss) 4 $43,546 $28,192 ($26,025) $40,508 $34,445 Per Share: Net Investment Income $0.54 $0.53 $0.42 $0.43 $0.44 Net Income (Loss) $0.47 $0.32 ($0.27) $0.43 $0.36 Adjusted Net Investment Income 4 $0.53 $0.52 $0.42 $0.43 $0.44 Adjusted Net Income (Loss) 4 $0.46 $0.30 ($0.27) $0.43 $0.36 Distributions (Record Date) $0.51 $0.49 $0.47 $0.42 $0.42 Weighted Average Shares Outstanding for the Period 94,245,993 94,497,933 94,709,407 95,021,455 95,347,161 Shares Outstanding at End of Period 94,493,925 94,705,150 95,019,600 95,343,139 95,713,159
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10 Note: As of 9/30/26. Please see notes at the end of this presentation for additional important information. Portfolio Highlights – Funding Activity Q3’26 Commitments and Net Funding • Investment commitments and fundings totaled $242 million and $247 million, respectively. The fundings were distributed across 4 new investments, 5 upsizes to existing investments and capital called by SCP • Paydowns and sales totaled $160 million distributed across 5 investment realizations and 3 structured credit investments • Net funding activity was $87 million 80 130 53 139 163 137 13577 265 325 240 164 209 137 332 65 274 152 189 352 247 450 656 212 278 324 197 0 200 400 600 800 1,000 1,200 2020 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Commitments less than fundings due to SCP commitment being accounted for in Q1 Annual Portfolio Funds Roll 1 ($ Millions) 2020 2021 2022 2023 2024 2025 YTD 2026 Investment Commitments2 $1,185 $1,389 $1,084 $959 $1,243 $1,082 $694 Investment Fundings $939 $1,117 $864 $808 $839 $894 $518 Investments Sold or Repaid ($941) ($1,005) ($654) ($469) ($794) ($1,196) ($465) Net Funded Investment Activity ($2) $112 $210 $339 $45 ($302) $53 Investment Funding Activity by Year $ Millions by Fair Value
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11 Note: As of 9/30/2026. Numbers may not sum due to rounding. Portfolio Highlights – Asset Mix Late cycle-minded capital structure selection, focused on first lien investments 89% 89% 89% 88% 87% <1% <1% <1% <1% <1% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2%5% 5% 5% 5% 6% <1% 2% 2% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 First Lien Second Lien Structured Credit Mezzanine Equity & Other Joint Venture 72% 97% 89% 73% 79% 28% 3% 11% 11% 27% 10% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 First Lien Second Lien Structured Credit Mezzanine Equity & Other Joint Venture $352 $3,376$197 $3,347$135 $3,313$137 $3,302 New Investment Fundings End of Period Investments $ Millions by Par Value $ Millions by Fair Value $247 $3,393
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12 Portfolio Highlights – Diversification Across Borrowers & Industries The top 10 borrowers are 21% of the portfolio, with exposure diversified across end markets Sixth Street Highly Confidential Top 10 Borrower Diversification Industry Diversification 17.9% 13.4% 11.1% 10.8%8.6% 7.8% 7.7% 3.2% 3.0% 2.8% 13.7% Internet Services Business Services Retail and consumer products Healthcare Hotel, Gaming and Leisure Human Resource Support Services Transportation Oil, Gas and Consumable Fuels Education Pharmaceuticals Other 2.4% 2.4%2.2% 2.2% 2.2% 2.0% 2.0% 2.0% 1.9% 1.9% 78.9% Structured Credit Partners JV, LLC EDB Parent, LLC ExtraHop Networks, Inc. Payscale Holdings Inc. Ranger Intermediate II, LLC Blazing Star Parent, LLC RainFocus, LLC Leantaas Holdings, Inc. Cordance Operations, LLC Bayshore Intermediate #2, L.P. Remainder of Portfolio Note: By fair value of investments as of 9/30/2026. Numbers may not sum due to rounding.
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13 Note: As of 9/30/26. Please see notes at the end of this presentation for additional important information. Portfolio Highlights – Net Interest Margin Analysis Capturing wider spreads through direct origination and disciplined capital allocation 12.0% 11.7% 11.3% 11.2% 11.2% 11.4% 11.2% 10.9% 10.6% 10.6% 10.7% 10.9% 7.3% 7.2% 7.1% 7.1% 7.0% 6.9% 6.3% 6.3% 6.0% 5.5% 5.6% 5.7% 4.3% 4.0% 3.7% 3.7% 3.7% 4.1% 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 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") Net interest margin 1 2
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14 $300 $350 $300 $300 $690 $812 2026 2027 2028 2029 2030 2031 Unsecured Debt Drawn Revolving Credit Facility Undrawn Revolving Credit Facility Note: As of 9/30/26, unless noted otherwise. Numbers may not sum due to rounding. Please see notes at the end of this presentation for additional important information. Liquidity Management Strong access to capital markets and well constructed balance sheet Revolving Credit Facility 1 Size: $1.525 Billion Committed; Uncommitted Accordion Feature Can Increase Total Size to $2.5 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 1 Unsecured Notes Size: $300 Million $350 Million $300 Million $300 Million Maturity: August 14, 2028 March 1, 2029 August 15, 2030 August 15, 2031 Coupon: 6.950% 6.125% 5.625% 5.650% Coupon Swap Pricing3: SOFR + 2.99% SOFR + 2.44% SOFR + 1.53% SOFR + 1.85% Implied Spread over Treasury4: 295 bps 240 bps 150 bps 180 bps Staggered, long-term Debt Maturities As of September 30, 2026 / $ Millions Cash and Cash Equivalents Unrestricted Cash Totaled $5.1 Million as of September 30, 2026. Restricted Cash Related to Interest Rate Swaps Totaled $35.4 Million
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15 Note: $300 million of unsecured notes with an August 1, 2026 maturity were repaid during the quarter. As of 9/30/26, 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. Strong Liquidity and Funding Profile Ample liquidity and long-dated funding $219 Available Unfunded Commitments $817 Liquidity Near -term Obligations 1,2 64% unsecured funding mix Weighted average remaining time to maturity of debt of ~4.0 years 1,5 Weighted average remaining life of investments funded by debt of ~2.4 years 4 Available liquidity 3.7x 1,3 greater than unfunded investment commitments $1,549 $1,250 $690 $812 $5 Balance Sheet as of September 30, 2026 Cash Undrawn Revolver Capacity1 Unsecured Notes Equity Secured Revolver Debt funding composition 100% 6 floating rate 97.6% floating rate debt portfolio composition Total Liquidity: $0.8BN 1,2 3 Robust Balance Sheet $ Millions Liquidity vs Near Term Obligations As of September 30, 2026 / $ Millions
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16 Last 3 Years Distribution Information Date Declared Record Date Payment Date Amount Per Share November 3, 2026 December 15, 2026 December 31, 2026 $0.42 November 3, 2026 November 30, 2026 December 21, 2026 $0.01 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 Total Dividends Paid Since IPO $25.27 Total Dividends Paid Since Inception $28.06
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17 Footnotes Slide 3: Overview 1. Reflects NAV per share adjusted for the supplemental dividend per share related to Q3 2026 earnings 2. Moody’s rating affirmed 8/26/2026; S&P rating outlook changed to positive on 12/11/2025; Fitch rating affirmed on 4/9/2026; KBRA affirmed 6/18/2026 3. Calculated as change in net asset value per share plus dividends 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 depen ding on the portfolio company. For example, as it relates to the software as a service (SaaS) businesses, EBITDA is measured on a steady state basi s 2. As of 9/30/26, excludes 30 structured credit investments with a total fair value of $81.6 million 3. AUM is presented as of 9/30/26, 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 prov ides 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 9/30/26 and additional fundraising commitments and fund, vehicle and account liquidations through 9/30/26 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 cumulative net realized capital gains less any cumula tive 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 $377 million of total unfunded commitments as of 9/30/26 excluding $158 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 (45% of investments ) and the remaining (shorter-dated) investments (55% of investments) are currently funded by debt financing. Investments for purposes of this analysis exclude unfunded commitments, and equity capita l is defined as 9/30/26 net assets 8. Weighted by gross commitment amount 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 t o 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 c ommon 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 cumula tive 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 7: Quarterly Statements of Financial Condition 1. Net of Deferred Financing Costs and Interest Rate Fair Value Hedging. Deferred Financing Costs total $26.2M at 9/30/25, $24.4 M at 12/31/25, $22.7M at 3/31/26, $29.0M at 6/30/26 and $27.2M at 9/30/26. Fair value hedge on interest rate swaps related to the 2028, 2029 , 2030 and 2031 notes total $8.8M at 9/30/25, $10.3M at 12/31/25, $4.7M at 3/31/26, ($3.8M) at 6/30/26 and ($33.7M) at 9/30/26 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 c ommon stock offerings / DRIP contributions) 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 t o 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 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 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 Combined Debt Am ount (i.e. 1.6x total commitments), the applicable margin is SOFR+1.775%. If the Borrowing Base is greater 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 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 liabilities 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 interest rate swaps related to the notes to match the cur rent principal amount of notes outstanding. As a result of the swaps, 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 n otes is SOFR plus 1.525%; and the effective interest 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 $377 million of total unfunded commitments as of 9/30/26 excluding $158 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 (45% of investments ) and the remaining (shorter-dated) investments (55% of investments) are currently funded by debt financing. Investments for purposes of this analysis exclude unfunded commitments, and equity capita l is defined as 9/30/26 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 floating rate payments
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