Sixth Street Specialty Lending (TSLX) Investor presentation summary

Overview and organization

• Focuses on providing specialty lending solutions with $3.4B in total assets and $2.1B market capitalization as of 12/31/2025.

• Operates as part of a $125B+ platform with 300+ investment professionals and 78 direct lending specialists.

• Senior leadership team averages over 250 years of collective experience; recent leadership transition announced for 2026.

• Portfolio is 96% floating rate, 89% first lien, and 99% directly originated, emphasizing defensive features and call protection.

• Maintains a diversified investment approach across industries and borrowers, with top 10 investments representing 21% of fair value.

Track record

• Originated $53.3B in investments with a realized average gross unlevered IRR of 17% on fully exited investments.

• Achieved 13.2% average annual ROE on net income and 164% economic return since IPO, outperforming BDC peers.

• NAV per share increased from $14.71 to $21.12 (pre-supplemental/special dividends) since inception.

• Total return since IPO is 357.3%, significantly exceeding BDC peers (95.8%) and S&P 500 (351.2%).

• Outperformance attributed to lower losses, asset selectivity, and disciplined underwriting.

Capital allocation & dividend policy

• Maintains disciplined access to equity markets, with average price-to-book of 1.20x since IPO.

• Base dividend yield stands at 10.8%, with supplemental dividends paid in 31 of 35 quarters since 2017.

• 49 consecutive quarters of stable or increasing base dividends; average base dividend coverage of 125% over last 5 years.

• Formulaic supplemental dividend framework maximizes distributions while preserving/increasing NAV per share.

• Dividend policy is designed to be durable across economic cycles, reflecting portfolio earnings power.