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• It's like a publicly traded **private equity firm** (e.g., KKR or Apollo) that primarily provides flexible loans and capital to mid-sized businesses, rather than buying them outright.
• Think of it as a specialized lender and investor for mid-sized businesses, similar to the private credit division of a major financial institution like **Blackstone** or **Goldman Sachs**.
• It operates like **Goldman Sachs'** investment banking division, but exclusively focused on providing tailored loans and investments for mid-sized companies.

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• Senior Secured Loans: Providing capital secured by borrower assets, including first-lien, second-lien, and unitranche structures.
• Unsecured Loans: Offering financing to companies without requiring specific collateral.
• Mezzanine Debt: Supplying hybrid debt-equity financing, typically subordinated to senior debt.
• Corporate Bond Investments: Investing in debt securities issued by various corporations.
• Equity Investments: Making direct investments in common equity, structured equity, and other equity securities of companies.
• Structured Products: Investing in complex financial instruments whose value is linked to underlying assets or indices.

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Major Customers of Sixth Street Specialty Lending (TSLX)

Sixth Street Specialty Lending (TSLX) is a business development company (BDC) that provides financing and lending solutions to other companies. Its major customers are middle market companies located principally in the United States.

TSLX invests in companies with enterprise values generally between $50 million and $1 billion or more, and EBITDA between $10 million and $250 million. These companies operate across diverse sectors including business services, software & technology, healthcare, energy, consumer & retail, manufacturing, industrials, royalty related businesses, education, and specialty finance.

As a BDC, TSLX provides capital to a broad portfolio of private middle market companies. The specific names of these customer companies are not publicly disclosed in the provided information as they are generally private entities and not public companies with tradable symbols.

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Bo Stanley, Chief Executive Officer

Bo Stanley became the sole Chief Executive Officer of Sixth Street Specialty Lending (TSLX) on December 31, 2025, after serving as Co-Chief Executive Officer since November 4, 2025, and previously as President of the company. He is also a Partner of Sixth Street, Co-Head of Sixth Street Direct Lending, and Co-Head of Sixth Street Growth. Mr. Stanley joined Sixth Street in 2011 as one of the original team members. Prior to joining Sixth Street, he held multiple roles at Wells Fargo Capital Finance, providing specialized financing to companies. He has worked with Joshua Easterly for 25 years, since their time together at Wells Fargo Capital Finance.

Ian Simmonds, Chief Financial Officer

Ian Simmonds serves as the Chief Financial Officer of Sixth Street Specialty Lending and is a Partner of Sixth Street. From 2005 to 2015, he was a Managing Director in the Financial Institutions Group at Bank of America Merrill Lynch's Global Investment Bank. Earlier, from 2000 to 2003, Mr. Simmonds was a Managing Director at Principal Global Investors, the asset management unit of The Principal Financial Group, based in Singapore.

Alan Waxman, Co-Founding Partner and Chief Executive Officer of Sixth Street

Alan Waxman is a Co-Founding Partner and the Chief Executive Officer of Sixth Street, the external manager of TSLX, which he co-founded in 2009. Before co-founding Sixth Street, Mr. Waxman was a Partner at Goldman Sachs, where he served as Chief Investment Officer of its largest proprietary investing business. At Goldman Sachs, he founded and led private capital investing franchises including growth capital solutions, direct lending, and alternative energy infrastructure. He started his career at Goldman Sachs in 1998. The investment philosophy of Sixth Street's founding partner group began over 20 years ago while building businesses at Goldman Sachs to invest capital across various markets and capital structures.

Michael Graf, Deputy Chief Financial Officer and Principal Accounting Officer

Michael Graf is the Vice President, Principal Accounting Officer, and Deputy Chief Financial Officer of Sixth Street Specialty Lending. He has held the position of Controller for the company since 2013 and for Sixth Street Specialty Lending since June 2022. Prior to this, Mr. Graf was a Vice President in Alternative Investments at U.S. Bancorp Fund Services, LLC from 2010 to 2013. He also worked as an Accounting Manager at GSC Group, Inc., a private investment firm, from 2006 to 2010, and in public accounting at KPMG from 2004 to 2006. Mr. Graf is a Certified Public Accountant.

Steven Pluss, Co-Founding Partner of Sixth Street and Chief Risk Officer

Steven Pluss is a Co-Founding Partner of Sixth Street and has served as the Chief Risk Officer of Sixth Street since 2013. He was also the Chief Financial Officer of Sixth Street from 2013 to 2016. Before joining Sixth Street, Mr. Pluss was a Managing Director and co-head of the Goldman Sachs Specialty Lending Group at Goldman, Sachs & Co., where he worked from 2004 to 2013. From 1999 to 2004, he was a Partner, Founder, and Managing Member of RTV Ventures, a special situations lending joint venture with Goldman, Sachs & Co.

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The key risks to Sixth Street Specialty Lending (TSLX) are:

1. Credit Risk and Economic Downturns: As a business development company that provides loans to middle-market companies, TSLX is highly susceptible to economic downturns. Such conditions can impair its portfolio companies' ability to operate effectively and repay their debts, leading to potential losses for TSLX. Although the company primarily invests in first-lien debt, some exposures have "last out" features, increasing loss severity risk.
2. Interest Rate Risk: Fluctuations in interest rates pose a significant risk to TSLX's net investment income and dividend sustainability. A short-term contraction in federal fund rates, for instance, could pressure debt yields and net investment income, potentially leading to sector-wide dividend cuts and negative investor sentiment. While TSLX has a high percentage of floating-rate debt investments, significant changes in interest rates could still adversely affect its financial performance.
3. Competition and Market Squeeze: The market for middle-market lending is highly competitive and fragmented, with numerous participants vying for investment opportunities. This intense competition, coupled with muted merger and acquisition activity, can lead to spread compression on new loans and potentially lower yields, thereby impacting TSLX's profitability and its ability to secure high-quality investments.

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Sixth Street Specialty Lending Inc. (TSLX) operates within the U.S. private credit and middle-market direct lending markets.

The addressable market for private credit in the United States is substantial and has grown significantly. As of late 2025 and early 2026, the U.S. private credit market is approaching $1.3 trillion. This market expanded from $500 billion to $1.3 trillion over the last five years and is expected to continue its growth in 2026. Other estimates suggest the U.S. private credit market falls within a range of approximately $1.125 trillion to $1.575 trillion, representing about three-quarters of the global private credit market, which is estimated between $1.5 trillion and $2.1 trillion. As of June 2024, the U.S. private credit market was approximately $1.25 trillion.

Specifically for direct lending to middle-market companies, which is a core service for TSLX, the U.S. direct lending market reached approximately $1 trillion as of October 2025. This segment has seen considerable growth, increasing from around $400 billion in 2019. The U.S. middle-market direct lending market was estimated at $1.0 trillion as of March 31, 2022. Firms targeted by TSLX, with enterprise values between $50 million and $1 billion or more and EBITDA between $10 million and $250 million, align with the typical profile of U.S. middle-market companies.

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1. Expansion of Direct Lending Platforms: Sixth Street Specialty Lending aims to expand its direct lending platforms, including Sixth Street Specialty Lending and Sixth Street Lending Partners, to capture a larger share of the middle-market lending sector. This expansion is anticipated to increase deal flow and generate higher income.
2. Strategic Acquisitions and Investments: The company plans to pursue strategic acquisitions and investments to enhance its portfolio and enter new markets. Such initiatives are expected to provide access to new customer segments and diversify revenue streams.
3. Increased Structured Credit Investments: TSLX is strategically increasing its allocation to higher-risk, higher-yielding structured credit investments. This move is designed to boost income prospects and further diversify its investment portfolio.
4. Leveraging Market Dislocations: Sixth Street Specialty Lending is positioned to capitalize on market dislocations for new growth opportunities. The company anticipates stable credit spreads and is prepared to leverage these conditions.
5. Joint Venture with Carlyle Group: The launch of a joint venture with the Carlyle Group, known as Structured Credit Partners (SCP) JV, is expected to enhance investment opportunities. This joint venture will primarily focus on investing in broadly syndicated loan Collateralized Loan Obligations (CLOs).

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Share Repurchases

No information is available regarding specific dollar amounts of share repurchases made or authorized by Sixth Street Specialty Lending (TSLX) within the last 3-5 years. Insider purchases by officers and directors have been noted, but these do not represent company share repurchases.

Share Issuance

• Sixth Street Specialty Lending announced a public offering of 4,000,000 shares of its common stock on February 29, 2024, with an option for underwriters to purchase an additional 600,000 shares. The net proceeds were intended to repay outstanding debt under its revolving credit facility, with plans to re-borrow and make new investments.
• On May 11, 2023, TSLX priced a public offering of 4,500,000 shares of its common stock, generating gross proceeds of approximately $79.2 million. The company also granted underwriters an option to purchase up to an additional 675,000 shares.
• In 2024, the company raised equity capital through common stock issuance, resulting in net proceeds of $93.3 million.

Inbound Investments

No information is available regarding large strategic investments made in Sixth Street Specialty Lending by third parties or private equity firms within the last 3-5 years.

Outbound Investments

• As of December 31, 2025, Sixth Street Specialty Lending's investment portfolio had a fair value of approximately $3,346.3 million across 143 portfolio companies, including 36 structured credit investments.
• For the third quarter of 2025, total investment commitments were $388 million, with total fundings of $352 million, including $100 million in BB-rated CLO liabilities.
• The company's investment strategy primarily focuses on originating senior secured loans (89.2% first-lien debt as of September 30, 2025) and, to a lesser extent, mezzanine and unsecured loans, as well as investments in corporate bonds and equity securities, primarily for U.S.-domiciled middle-market companies.

Capital Expenditures

No information is available regarding capital expenditures for Sixth Street Specialty Lending within the last 3-5 years.