Analogy 1: Blackstone or KKR, but for corporate debt.

Analogy 2: A publicly traded bank, but focused solely on lending to mid-sized businesses.

• First-Lien Senior Secured Loans: These are loans with the highest repayment priority, typically secured by a borrower's assets.
• Unitranche Loans: A single debt facility combining both senior and subordinated debt components, simplifying the capital structure for borrowers.
• Second-Lien Senior Secured Loans: Loans secured by a borrower's assets but subordinate to first-lien debt in repayment priority.
• Mezzanine Debt: Subordinated debt, often unsecured, which typically includes an equity component such as warrants, offering higher risk and return potential.
• Equity Investments: Minority equity stakes, warrants, or other equity-linked securities, often made in conjunction with debt investments to enhance returns.

Sixth Street Specialty Lending (TSLX) Major Customers

• Sabre Corporation (NASDAQ: SABR)
• SiriusXM Holdings Inc. (NASDAQ: SIRI)
• Pactiv Evergreen Inc. (NASDAQ: PTVE)
• TTEC Holdings, Inc. (NASDAQ: TTEC)
• Sunoco LP (NYSE: SUN)
• Gray Television, Inc. (NYSE: GTN)
• W&T Offshore, Inc. (NYSE: WTI)

The major suppliers for Sixth Street Specialty Lending (TSLX) are:

• Sixth Street Advisers, LLC
• The Bank of New York Mellon Corporation (BK)
• Deloitte & Touche LLP

Joshua Easterly, Co-Chief Executive Officer and Chairman of the Board

Joshua Easterly was appointed Chief Executive Officer of TSLX in January 2018 and elected a director and Chairman in March 2011. He served as Co-Chief Executive Officer from December 2013 to December 2017 with Michael Fishman, and as a Vice President of TSLX since March 2011. Mr. Easterly is a Co-Founding Partner and Co-President of Sixth Street and the Co-Chief Investment Officer of the Adviser. From 2008 to 2010, he was a Managing Director at Goldman, Sachs & Co. in the Americas Special Situations Group. From 2006 to 2008, he was a Director, Management Committee Member, and Co-Head of the Goldman Sachs Specialty Lending Group. Prior to joining Goldman, Sachs & Co. in March 2006, he was Senior Vice President, Northeast Regional Originations Manager at Wells Fargo Capital Finance. His roles at Sixth Street, Goldman Sachs, and Wells Fargo indicate a pattern of managing companies and investing in private transactions, often in distressed and special situations which can involve private equity firms.

Robert "Bo" Stanley, Co-Chief Executive Officer and President

Robert "Bo" Stanley was appointed Co-Chief Executive Officer effective November 4, 2025, and is slated to become the sole CEO on December 31, 2025. He previously served as President of TSLX. Mr. Stanley is a Partner at Sixth Street, Co-Head of Sixth Street Direct Lending and Co-Head of Sixth Street Growth. Before joining Sixth Street in 2011, he was with Wells Fargo Capital Finance from 2000 to 2011, where he held various underwriting and origination roles, providing specialized financing. His leadership roles at Sixth Street, a global investment firm, demonstrate a pattern of managing companies backed by private equity strategies and direct lending.

Ian Simmonds, Chief Financial Officer and Managing Director

Ian Simmonds joined TSLX as Chief Financial Officer effective November 30, 2015. He is also a Managing Director of Sixth Street. From 2005 to 2015, Mr. Simmonds was a Managing Director in the Financial Institutions Group at Bank of America Merrill Lynch's Global Investment Bank. From 2000 to 2003, he was a Managing Director at Principal Global Investors, the asset management unit of The Principal Financial Group. Before that, he served as a Senior Vice President at Bankers Trust Australia from 1995 to 2000 and worked in public accounting at KPMG from 1989 to 1995. His experience at Principal Global Investors and Bankers Trust Australia demonstrates his involvement with asset management and financial services companies that may engage with various investment firms, including private equity.

Michael Graf, Deputy Chief Financial Officer, Principal Accounting Officer and Vice President

Michael Graf has been the Company's Controller since June 2022 and the Controller of Sixth Street Specialty Lending since 2013. From 2010 to 2013, Mr. Graf was a Vice President in Alternative Investments at U.S. Bancorp Fund Services, LLC. From 2006 to 2010, he was an Accounting Manager at GSC Group, Inc., which is a private investment firm. Prior to GSC Group Inc., he worked in public accounting at KPMG from 2004 to 2006. His previous role at GSC Group, Inc., a private investment firm, indicates experience with private equity-backed entities.

Michael Fishman, Vice President

Michael Fishman was appointed a Vice President of SSLP in June 2022. He previously served as Chief Executive Officer of Sixth Street Specialty Lending from April 2011 to December 2013 and as Co-Chief Executive Officer with Joshua Easterly from December 2013 to December 2017. Mr. Fishman is a Partner at Sixth Street. He has over 30 years of experience as an executive in corporate lending. Before joining Sixth Street, he was the Executive Vice President and National Director of Loan Originations for Wells Fargo Capital Finance. His extensive experience in corporate lending and his partnership at Sixth Street, a global investment firm, suggest involvement with private equity-backed companies.

The most significant risks include:

1. Market Pressures: TSLX operates in a highly competitive private credit market, leading to intense competition and spread compression on new investments. This, coupled with declining interest rates impacting its predominantly floating-rate debt portfolio, puts pressure on its investment yields and net investment income. Management has noted this heightened competition and muted merger and acquisition activity are driving sustained spread compression across the private credit landscape.
2. Credit Risk and Economic Downturn: As a lender to middle-market companies, TSLX is exposed to the risk that its portfolio companies may be unable to repay their loans, particularly during economic downturns or recessions. Such conditions could impair portfolio companies' operations, leading to increased defaults and negatively affecting TSLX's financial position and operating results. Although TSLX has demonstrated strong underwriting with a low non-accrual rate, the inherent risk of borrower default remains.
3. Leverage Risks: TSLX utilizes borrowed money (leverage) to finance its investments, which magnifies both potential gains and losses. While leverage can enhance returns, it also increases investment risk and could lead to significant financial challenges if market conditions deteriorate. As of Q3 2025, TSLX's debt-to-equity ratio was slightly above the broader Business Development Company (BDC) industry average.

Addressable Market Size (U.S.):

• Direct Lending Assets Under Management: Approximately $241 billion (as of end of 2023).
• Annual Deployment in New Direct Loans: Approximately $500 billion (in 2025).

Sixth Street Specialty Lending (TSLX) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Increased Mergers & Acquisitions (M&A) Activity: Management at Sixth Street Specialty Lending anticipates a gradual increase in M&A activity over the next six to seven quarters. This projected rise in M&A transactions is expected to create more opportunities for TSLX to originate new loans for various financing needs, directly contributing to the growth of its investment portfolio and, consequently, its interest income.
2. Disciplined Direct Originations and Capital Allocation: Sixth Street Specialty Lending emphasizes its strategy of direct originations and disciplined capital allocation to secure wider spreads on its investments. This approach is crucial for maintaining and growing its net interest margin, especially in competitive market conditions where loan spreads may be under pressure. By focusing on attractive yields, TSLX aims to drive revenue growth from its lending activities.
3. Growth in Net Investment Income (NII) through Portfolio Expansion and Stable Credit Quality: The company expects its quarterly earnings power to surpass its base dividend and foresees a stabilization in credit quality. This outlook suggests a continued increase in net investment income, which is primarily derived from interest generated by its debt investments. Expanding its investment portfolio through new commitments and effectively managing existing assets are central to achieving this NII growth.
4. Potential for Elevated Activity-Based Fee Income: Sixth Street Specialty Lending has observed elevated repayment activity contributing to higher activity-based fee income in recent quarters. Should this trend persist or if there is an increase in early loan payoffs and investment realizations, these fees could serve as an additional, albeit variable, driver of revenue.

Share Repurchases

• Sixth Street Specialty Lending (TSLX) has an ongoing stock repurchase program, initially authorized for up to $50 million, which has been continuously refreshed and extended, most recently as of November 15, 2023.
• In 2020, TSLX repurchased 206,964 shares for a total cost of $2.9 million at a weighted average price of $14.17 per share.
• In 2022, the company repurchased 368,206 shares for approximately $6.2 million at a weighted average price of $16.75 per share.

Share Issuance

• On March 4, 2024, TSLX offered 4,000,000 shares of its common stock, with underwriters having a 30-day option to purchase up to an additional 600,000 shares.
• The offering generated approximately $81.6 million in net proceeds to the company, based on a purchase price of $20.52 per share. If the underwriters' option is fully exercised, total proceeds before expenses would be approximately $94.4 million.
• The company operates a Dividend Reinvestment Plan (DRIP) that reinvests cash dividends into common stock, with shares issued at a 5% discount to the market price when applicable.

Inbound Investments

• There is no readily available information indicating large, direct equity investments made in Sixth Street Specialty Lending by third-party strategic partners or private equity firms within the last 3-5 years. Sixth Street Specialty Lending is externally managed by Sixth Street Specialty Lending Advisers, LLC, an affiliate of Sixth Street.
• The company benefits from its affiliation with the broader Sixth Street platform, which refers middle-market loan origination activities for U.S.-domiciled companies to TSLX, providing extensive investment resources and market expertise.

Outbound Investments

• Sixth Street Specialty Lending primarily focuses on generating current income through direct originations of senior secured loans to U.S.-domiciled middle-market companies.
• As of September 30, 2025, TSLX's investment portfolio had a fair value of approximately $3,376.3 million, distributed across 108 portfolio companies and 37 structured credit investments.
• Since July 2011 through June 30, 2025, the company originated approximately $48.1 billion in aggregate principal amount of investments.

Capital Expenditures

• Specific dollar values for capital expenditures for Sixth Street Specialty Lending are generally not a primary focus in their financial reporting, reflecting the nature of their business as a specialty finance company.
• As a business development company (BDC), TSLX's capital deployment is primarily directed towards its core investment activities of originating and investing in loans and securities of middle-market companies, rather than significant capital expenditures on physical assets.