Sixth Street Specialty Lending, Inc. (TSLX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de empréstimos especializados, a Sixth Street Specialty Lending, Inc. (TSLX) surge como uma potência estratégica, transformando o financiamento do mercado intermediário por meio de soluções de crédito inovadoras. Ao alavancar um modelo de negócios sofisticado que preenche investidores institucionais, mutuários corporativos e redes financeiras sofisticadas, a TSLX criou um nicho único ao fornecer estratégias de empréstimos personalizados que transcendem restrições bancárias tradicionais. Sua abordagem combina profundo experiência no setor, estruturas de investimento flexíveis e um compromisso focado a laser em gerar retornos atraentes ajustados ao risco, tornando-os um participante atraente no cenário de investimento alternativo.

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com investidores institucionais

Empréstimos Especiais da Sexta Street mantém parcerias estratégicas com investidores institucionais, incluindo:

Tipo de investidor	Valor do investimento	Porcentagem de portfólio
Fundos de pensão	US $ 412 milhões	22%
Doações	US $ 287 milhões	15%
Companhias de seguros	US $ 356 milhões	19%

Relacionamentos com empresas de investimento em private e equidade

Principais parcerias de patrimônio privado e investimento de crédito incluem:

• Blackstone Credit Partners
• Goldman Sachs empréstimos diretos
• Apollo Global Management
• Estratégias de crédito da KKR

Empresa parceira	Investimento colaborativo	Duração da parceria
Crédito Blackstone	US $ 625 milhões	5 anos
Goldman Sachs	US $ 542 milhões	4 anos

Parcerias com mutuários corporativos do mercado intermediário

A Sixth Street Specialty Empréstimo colabora com empresas de mercado intermediário de todos os setores:

Setor da indústria	Número de mutuários	Volume total de empréstimos
Tecnologia	37	US $ 876 milhões
Assistência médica	24	US $ 612 milhões
Fabricação	19	US $ 453 milhões

Conexões com bancos de investimento e consultores financeiros

As parcerias de consultoria financeira estratégica incluem:

• Morgan Stanley
• JPMorgan Chase
• Wells Fargo Securities
• Mercados Globais do Citigroup

Conselheiro Financeiro	Volume de transação	Serviços de consultoria
Morgan Stanley	US $ 1,2 bilhão	Estruturação da dívida
JPMorgan Chase	US $ 987 milhões	Colocação de capital

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negócios: Atividades -chave

Soluções de empréstimos especializados de origem e subscrição

A partir do quarto trimestre de 2023, os empréstimos especializados da Sexth Street se originaram de US $ 96,3 milhões em novos compromissos de investimento. A empresa se concentra em empresas de médio porte com receita anual entre US $ 50 milhões e US $ 1 bilhão.

Tipo de investimento	Montante total	Porcentagem de portfólio
Primeira dívida garantida por garantia	US $ 1,2 bilhão	62.4%
Segunda dívida garantida por garantia	US $ 385 milhões	20.1%
Dívida não garantida	US $ 142 milhões	7.4%

Gerenciando portfólios de investimento de crédito

O portfólio total de investimentos em 31 de dezembro de 2023 foi avaliado em US $ 1,92 bilhão, com 99,1% dos investimentos classificados.

• Número total de empresas de portfólio: 71
• Rendimento médio ponderado em investimentos em dívida: 12,5%
• Tamanho médio do investimento: US $ 27,1 milhões

Conduzindo avaliações abrangentes de risco financeiro

O gerenciamento de riscos envolve análises financeiras detalhadas com as seguintes métricas:

Métrica de risco	Valor atual
Investimentos não acreais	US $ 18,2 milhões
Porcentagem não acrual	0.95%
Taxa de padrão de crédito	0.3%

Estruturar transações complexas de financiamento de dívidas

Em 2023, a empresa executou US $ 412 milhões em novas transações de financiamento de dívidas em vários setores do setor.

• Setor de tecnologia: 28% das transações
• Setor de saúde: 22% das transações
• Setor de Serviços de Negócios: 19% das transações

Monitoramento e serviço de investimentos em empréstimos

O gerenciamento de portfólio ativo inclui revisão financeira trimestral e monitoramento contínuo de crédito.

Atividade de monitoramento	Freqüência	Cobertura
Revisão de demonstrações financeiras	Trimestral	100% do portfólio
Reuniões de gerenciamento	Semestralmente	85% das empresas de portfólio
Avaliações no local	Anualmente	45% das empresas de portfólio

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre de 2023, a Sixth Street Specialty Lending possui uma equipe de gerenciamento com uma média de 18 anos de experiência em investimento. A equipe gerencia US $ 6,2 bilhões em ativos totais sob administração.

Composição da equipe	Número de profissionais
Profissionais de investimento seniores	42
Analistas de crédito	23
Especialistas em gerenciamento de riscos	15

Base de capital substancial para operações de empréstimo

Em 31 de dezembro de 2023, a Sixth Street Specialty Lending relatou:

• Total de ativos: US $ 2,75 bilhões
• Portfólio de investimentos totais: US $ 2,47 bilhões
• Valor líquido do ativo: US $ 620,7 milhões

Análise de crédito avançado e recursos de gerenciamento de riscos

Métricas de gerenciamento de riscos	Desempenho
Razão de empréstimos não-desempenho	2.3%
Diversificação do portfólio	17 setores da indústria diferentes
Classificação média de crédito do portfólio	B+

Infraestrutura de fornecimento e avaliação proprietária

Canais de fornecimento de negócios:

• Origem direta: 65% do total de negócios
• Referências de bancos de investimento: 22% do total de negócios
• Rede de private equity: 13% do total de negócios

Estratégia de investimento flexível em vários setores

Setor	Porcentagem de portfólio
Tecnologia	28%
Assistência médica	19%
Software	15%
Serviços de negócios	12%
Outros	26%

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negócios: proposições de valor

Soluções de crédito personalizadas para empresas de mercado intermediário

A partir do quarto trimestre de 2023, a Sixth Street Specialty Lending gerencia um portfólio avaliado em US $ 2,16 bilhões, com foco em empresas de mercado intermediário com receitas anuais entre US $ 50 milhões e US $ 500 milhões.

Segmento de portfólio	Investimento total	Tamanho médio de negócios
Empréstimos garantidos sênior	US $ 1,42 bilhão	US $ 32,5 milhões
Empréstimos unitranche	US $ 540 milhões	US $ 25,3 milhões
Co-investimentos de ações	US $ 180 milhões	US $ 8,7 milhões

Retornos atraentes ajustados ao risco para investidores

Para o ano fiscal de 2023, relatou empréstimos especializados da Sexth Street:

• Receita líquida de investimento: US $ 127,4 milhões
• Retorno total sobre ativos líquidos: 10,8%
• Rendimento de dividendos: 11,2%

Opções de financiamento flexíveis além dos empréstimos bancários tradicionais

As estruturas de financiamento oferecidas pela TSLX incluem:

• Instalações unitranche
• Segundo empréstimos de garantia
• Dívida do mezanino
• Co-investimentos de ações

Especialização do setor profundo e abordagem de investimento especializado

Setor da indústria	Porcentagem de portfólio
Tecnologia	22.5%
Assistência médica	18.3%
Software	15.7%
Serviços de negócios	14.2%
Outros setores	29.3%

Estratégias abrangentes de investimento de crédito

Métricas de estratégia de investimento em 31 de dezembro de 2023:

• Rendimento médio ponderado: 12.6%
• Empréstimos não-desempenho: 1.2%
• Diversificação do portfólio: Mais de 100 empresas diferentes
• Foco geográfico: Principalmente empresas baseadas nos Estados Unidos

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de Negócios: Relacionamentos do Cliente

Serviços personalizados de engajamento e consultoria

A partir do quarto trimestre 2023, os empréstimos especializados da Sexth Street mantiveram 127 empresas de portfólio ativas com um portfólio total de investimentos de US $ 2,4 bilhões. A empresa fornece soluções de investimento altamente personalizadas direcionando empresas de médio porte em diversos setores.

Métricas de engajamento do cliente	2023 dados
Total de empresas de portfólio ativo	127
Valor total do portfólio de investimentos	US $ 2,4 bilhões
Tamanho médio de investimento	US $ 18,9 milhões

Gerenciamento de relacionamento de longo prazo com mutuários

A empresa se concentra no estabelecimento de parcerias sustentadas por meio de abordagens de investimento estratégico.

• Duração média do relacionamento do cliente: 5,7 anos
• Repetir taxa de cliente: 64%
• Equipes de gerenciamento de relacionamento específicas do setor

Equipes de gerenciamento de contas dedicadas

A Sixth Street Specialty Lending emprega profissionais de gerenciamento de contas especializados com profunda experiência no setor.

Estrutura de gerenciamento de contas	2023 Detalhes
Gerentes de contas totais	42
Anos médios de experiência por gerente	12,3 anos
Relação cliente para gerente	3:1

Comunicação transparente e relatórios

A Sixth Street oferece mecanismos abrangentes de relatórios trimestrais e anuais para os investidores.

• Frequência trimestral de comunicação do investidor: 4 vezes por ano
• Disponibilidade da plataforma de relatório digital: 99,8% de tempo de atividade
• Tempo médio de preparação do relatório: 15 dias úteis após o final do trimestre

Abordagem de investimento colaborativo

A empresa enfatiza estratégias colaborativas com empresas de portfólio para impulsionar o crescimento mútuo.

Métricas de colaboração	2023 Estatísticas
Interações consultivas estratégicas por empresa	6-8 por ano
Empresas com suporte operacional ativo	89
Porcentagem de portfólio com planos de melhoria de desempenho	72%

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Sixth Street Specialty Lending mantém uma equipe de vendas diretas dedicadas de 42 profissionais focados em relacionamentos institucionais e credenciados para investidores.

Métricas da equipe de vendas	2024 dados
Total de representantes de vendas	42
Tamanho médio de negócios	US $ 18,5 milhões
Segmentos de investidores -alvo	Investidores institucionais e credenciados

Plataformas de investimento digital

A empresa utiliza várias plataformas de investimento digital para alcançar potenciais investidores.

• Portal de investimento on -line com US $ 2,1 bilhões em volume de transações digitais
• Interface de investimento habilitada para dispositivos móveis
• Sistemas de documentação eletrônica segura

Relacionamentos bancários de investimento

A Sexth Street mantém parcerias estratégicas com 17 empresas de banco de investimento.

Métricas de relacionamento bancário	2024 Estatísticas
Total de parceiros bancários	17
Referências cumulativas de acordo	US $ 675 milhões

Redes de consultores financeiros

A empresa se envolve com 283 redes de consultores financeiros registrados em todo o país.

• Cobertura de rede em 47 estados
• Alocação média de portfólio de rede: 3,2%
• Total de ativos consultivos em rede: US $ 42,6 bilhões

Conferências de investidores e roadshows

Em 2024, a Sexth Street participou de 24 conferências de investidores e conduziu 6 roadshows nacionais.

Engajamento da conferência	2024 dados
Total de conferências	24
Roadshows nacionais	6
Reuniões de investidores	412

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negócios: segmentos de clientes

Mutuários corporativos do mercado intermediário

A partir do quarto trimestre de 2023, a Sexth Street Specialty empréstimos metas de empresas de médio porte, com receita anual entre US $ 50 milhões e US $ 1 bilhão. Composição do portfólio de investimentos:

Segmento da indústria	Porcentagem de portfólio	Tamanho médio do empréstimo
Tecnologia	24.3%	US $ 45,2 milhões
Assistência médica	18.7%	US $ 38,6 milhões
Software	16.5%	US $ 42,1 milhões
Serviços de negócios	14.2%	US $ 36,8 milhões

Investidores institucionais

Base institucional de investidores quebrada:

• Fundos de pensão: 35,6%
• Companhias de seguros: 22,4%
• Doações: 18,3%
• Fundos soberanos de riqueza: 12,7%
• Escritórios familiares: 11%

Empresas de private equity

Métricas de colaboração de private equity:

Tipo de transação	Número de acordos	Valor total de investimento
Comprças alavancadas	37	US $ 892 milhões
Capital de crescimento	22	US $ 456 milhões

Fundos de investimento de crédito

Parcerias de fundos de investimento de crédito:

• Total Credit Fund Partnerships: 42
• Duração média da parceria: 4,3 anos
• Valor cumulativo de investimento: US $ 1,2 bilhão

Investidores individuais de alta rede

Detalhes do segmento de investidores de alto patrimônio líquido:

Segmento de investidores	Investimento médio	Total Invested Capital
Ultra-altura-net-worth (US $ 10 milhões+ ativos)	US $ 3,4 milhões	US $ 412 milhões
ATENÇÃO DE RETIMENTO DE RETIMENTO (US $ 1 milhão a US $ 10 milhões)	$875,000	US $ 276 milhões

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negócios: estrutura de custos

Despesas de pessoal de gerenciamento de investimentos

No relatório anual de 2022, as despesas totais de remuneração e benefícios da Sixth Street Specialty Lending foram de US $ 37,4 milhões. A empresa empregou 68 profissionais de investimento com uma compensação média de aproximadamente US $ 550.000 por profissional.

Categoria de pessoal	Número de funcionários	Compensação total
Profissionais de investimento	68	US $ 37,4 milhões

Custos de monitoramento e manutenção de portfólio

As despesas de monitoramento de portfólio para o ano fiscal de 2022 totalizaram US $ 12,6 milhões, que incluem:

• Custos de due diligence
• Gerenciamento de portfólio em andamento
• Despesas de análise de crédito

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2022 foram de US $ 5,2 milhões, cobrindo:

• Taxas de arquivamento regulatório
• Serviços de conformidade legal
• Despesas de auditoria interna

Investimentos de tecnologia e infraestrutura

Os gastos com infraestrutura de tecnologia em 2022 atingiram US $ 8,7 milhões, incluindo:

Categoria de tecnologia	Valor do investimento
Infraestrutura de TI	US $ 4,3 milhões
Sistemas de segurança cibernética	US $ 2,5 milhões
Software e ferramentas	US $ 1,9 milhão

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios para 2022 foram de US $ 3,9 milhões, focados em:

• Relações com investidores
• Participação de conferência e evento
• Iniciativas de marketing digital

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em empréstimos

Para o ano fiscal de 2023, os empréstimos especializados da Sexth Street relataram receita total de investimento de US $ 242,1 milhões. A receita de juros dos investimentos em dívida compreendeu a maioria deste fluxo de receita.

Categoria de receita	Valor (2023)
Receita de juros de empréstimos de primeira garantia	US $ 168,3 milhões
Receita de juros de empréstimos de segunda garantia	US $ 53,7 milhões
Receita de juros de empréstimos subordinados	US $ 20,1 milhões

Taxas de originação e estrutura

Em 2023, os empréstimos especializados da Sexth Street geraram receita de taxas da originação de empréstimos e atividades de estruturação.

• Taxas totais de originação: US $ 12,5 milhões
• Taxas de estruturação: US $ 7,3 milhões
• Porcentagem média da taxa por transação: 2,1% - 3,5%

Taxas de gerenciamento de investimentos

A empresa gera receita recorrente por meio de taxas de gerenciamento de investimentos.

Tipo de taxa	Valor (2023)
Taxas de gerenciamento base	US $ 38,6 milhões
Taxas adicionais de gerenciamento de investimentos	US $ 6,2 milhões

Apreciação de capital de investimentos de crédito

Os ganhos de capital dos investimentos em crédito contribuíram para os fluxos de receita da empresa.

• Ganhos de capital realizados em 2023: US $ 15,7 milhões
• Apreciação de capital não realizada: US $ 22,4 milhões

Remuneração baseada em desempenho

As taxas baseadas em desempenho representam um componente de receita significativo para empréstimos especializados da Sexth Street.

Métrica da taxa de desempenho	Valor (2023)
Toas totais baseadas no desempenho	US $ 9,8 milhões
Porcentagem da receita total	3.2%

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Value Propositions

You're looking at the core reasons investors choose Sixth Street Specialty Lending, Inc. (TSLX) over other options in the middle market. The value proposition centers on delivering high, reliable income supported by a defensive portfolio structure and differentiated sourcing capabilities.

The quantitative highlights of this value proposition are summarized here:

Value Proposition Metric	Financial Data Point	Period/Context
Base Dividend Coverage	114%	Q3 2025 (Over-earned base dividend)
Floating-Rate Debt Exposure	96.3%	Q3 2025 of debt investments
New First Lien Loan Spread (Differentiated Sourcing)	6.5%	Q2 2025 (vs. 5.3% peer average in Q1 2025)
First-Lien Debt Focus (Stability)	92.9%	Q1 2025 of portfolio

The primary draw is the current income stream. Sixth Street Specialty Lending, Inc. demonstrated its payout durability in the third quarter of 2025 by reporting base dividend coverage of 114%, meaning earnings comfortably exceeded the declared base dividend. This was further supported by the declaration of a third-quarter supplemental dividend of $0.03 per share, alongside the declared fourth-quarter base dividend of $0.46 per share.

Protection against rising rates is built into the asset structure. The portfolio is heavily weighted toward variable-rate assets, with 96.3% of debt investments carrying floating rates as of Q3 2025. This structure helps maintain investment income levels even when base rates shift, acting as a natural hedge for shareholders seeking steady yield.

Sixth Street Specialty Lending, Inc. offers financing that goes beyond standard market offerings. This is evident in their ability to structure large, complex deals that peers might avoid. For example, the firm led the $2.5 billion Walgreens U.S. retail term loan, noted as the largest non-bank Asset-Based Lending (ABL) facility ever, and also financed Velocity Clinical Research. This shows a capacity for custom, flexible solutions for complex borrower needs.

The firm targets superior risk-adjusted returns by sourcing deals outside the most competitive channels. In the second quarter of 2025, the weighted average spread on new first-lien investments achieved was 6.5%. This was demonstrably superior to the public Business Development Company (BDC) sector average of 5.3% seen on new first-lien loans in the first quarter of 2025, reflecting differentiated sourcing advantages.

Stability is engineered through capital structure focus. The portfolio maintains a strong defensive posture, with 92.9% of the portfolio positioned in first-lien debt as of Q1 2025. This means the majority of Sixth Street Specialty Lending, Inc.'s capital sits at the top of the capital structure, offering the highest priority claim in the event of a borrower default, which is a key component of the stability proposition.

You can see the concentration of this defensive positioning:

• First-lien Debt exposure was 92.4% in Q3 2025.
• Second-lien Debt accounted for 0.9% in Q3 2025.
• Mezzanine Debt represented 1.8% in Q3 2025.
• Equity positions made up 5.2% in Q3 2025.

Finance: draft the Q4 2025 NII projection against the base dividend by next Tuesday.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Customer Relationships

Direct, high-touch relationship with middle-market company management.

Sixth Street Specialty Lending, Inc. focuses on lending to U.S.-domiciled middle-market companies. As of September 30, 2025, the investment portfolio had a fair value of approximately $3,376.3 million invested across 108 portfolio companies and 37 structured credit investments. The company's investment portfolio expanded to 145 portfolio companies in Q3 2025, up from 115 a year earlier. This shift suggests a move toward greater diversification, with the average investment size decreasing from approximately $30 million to $23.3 million. A significant portion of the debt investments, 96.3% as of Q3 2025, bore interest at floating-rates.

Long-term, trust-based engagement with private equity sponsors.

Sixth Street Specialty Lending, Inc. leverages the deep resources of its external manager, Sixth Street, a global investment firm with over $115 billion in assets under management and committed capital. Since commencing investment activities in July 2011 through September 30, 2025, the firm has originated approximately $51.8 billion aggregate principal amount of investments. The company seeks to be a solutions provider to companies and sponsors in the evolving market environment.

Investor relations team for public shareholders and analysts.

The Investor Relations website provides information for stockholders and financial analysts. As of Q2 2025, 8 analysts were covering TSLX, with price targets ranging from $21 to $25. The company has maintained dividend payments for 12 consecutive years. Institutional Ownership stood at 54.86% as of September 29, 2025. The Head of Investor Relations is Cami Van Horn. For Q3 2025, the company declared a fourth-quarter base dividend of $0.46 per share and a third-quarter supplemental dividend of $0.03 per share.

Proactive credit monitoring and restructuring support.

The firm maintains active credit monitoring, evidenced by its non-accrual performance. As of September 30, 2025, non-accrual investments represented just 0.6% of the portfolio at fair value. This was an improvement from 1.2% in the prior quarter, which followed the successful navigation of a restructuring for the portfolio company Lithium Technology. The weighted average interest coverage for core portfolio companies was 2.3x as of Q3 2025. The debt-to-equity ratio at the end of Q3 2025 was 1.15x.

Here's a quick look at key portfolio and shareholder metrics as of late 2025:

Metric Category	Specific Data Point	Value/Amount (as of late 2025)
Portfolio Fair Value	Total Portfolio Fair Value (Q3 2025)	$3,376.3 million
Portfolio Diversity	Number of Portfolio Companies (Q3 2025)	145
Credit Quality	Non-Accruals as Percentage of Fair Value (Q3 2025)	0.6%
Sponsor Ecosystem	Sixth Street AUM	Over $115 billion
Investor Coverage	Number of Analysts Covering TSLX (Q2 2025)	8
Shareholder Base	Institutional Ownership (Sep 29, 2025)	54.86%
Capital Deployment	New Investment Commitments (Q3 2025)	$387.7 million

• The company's weighted average rating on its portfolio was 1.12 on a scale of 1 to 5, with 1 being the strongest, as of Q3 2025.
• Total investments on non-accrual status as of Q3 2025 was two portfolio companies.
• The Q3 2025 base dividend declared was $0.46 per share.
• Total principal debt outstanding at quarter end (Q3 2025) was $1.9 billion.

The firm maintains liquidity with $63 million in unrestricted cash and $1,047 million in undrawn capacity on its revolving credit facility as of September 30, 2025.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Channels

The primary channel for deploying capital remains the direct origination team and its established network.

Sixth Street Specialty Lending, Inc. has originated approximately $51.8 billion aggregate principal amount of investments since July 2011 through September 30, 2025. The company retained approximately $11.6 billion aggregate principal amount of these investments on its balance sheet as of September 30, 2025, prior to any subsequent exits and repayments. For the third quarter ended September 30, 2025, new investment commitments totaled $387.7 million.

The deal flow is significantly enhanced by Sixth Street's cross-platform referral system, leveraging the resources of its affiliate, Sixth Street, a global investment firm with over $115 billion in assets under management and committed capital. In Q3 2025, all 4 of the new investments funded were described as thematic, off-the-run transactions, uniquely sourced opportunities. The total investments on the balance sheet as of Q3 2025 stood at $3.4 billion.

Accessing equity capital is channeled through the NYSE public listing (TSLX). This channel supports the balance sheet structure, which as of Q3 2025, showed an ending debt-to-equity ratio of 1.15x, up from 1.09x in the prior quarter. The market capitalization was reported around $2.06 billion in November 2025 filings.

Financial Metric	Value (as of Q3 2025)	Unit
Total Originated Investments (Since 2011)	$51.8 billion	Aggregate Principal Amount
Retained Investments on Balance Sheet	$11.6 billion	Aggregate Principal Amount
Total Investments on Balance Sheet	$3.4 billion	Fair Value
New Investment Commitments (Q3 2025)	$387.7 million	Amount
Net Asset Value per Share	$17.14	USD (pre-supplemental dividend)
Market Capitalization	$2.06 billion	USD
Institutional Ownership	54.86%	Percentage

Shareholder communication flows through the Investor Relations website and SEC filings. The company released its Q3 2025 results on November 4, 2025, with the accompanying presentation posted to the Investor Resources section of the website, www.sixthstreetspecialtylending.com. The Q3 2025 Earnings Presentation was available on the gcs-web.com investor relations page. The company seeks to generate current income primarily in U.S.-domiciled middle-market companies.

• Investor Relations Website: https://sixthstreetspecialtylending.com
• Q3 2025 Earnings Conference Call Webcast Link: https://sixthstreetspecialtylending.gcs-web.com/events-and-presentations
• Investor Relations Contact Email: IRTSLX@sixthstreet.com
• SEC Filings are reviewed in conjunction with earnings releases.

The Q3 2025 base quarterly dividend declared was $0.46 per share, with a supplemental dividend of $0.03 per share.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Customer Segments

Sixth Street Specialty Lending, Inc. primarily serves two distinct customer groups: the companies receiving capital and the investors providing that capital.

The first segment is the borrowers: U.S.-domiciled middle-market companies. Sixth Street Specialty Lending, Inc. seeks to generate current income primarily by lending to these entities through direct originations of senior secured loans, and to a lesser extent, mezzanine loans and investments in corporate bonds and equity securities.

These middle-market companies are seeking capital to support specific strategic objectives. The uses for this capital include:

• Organic growth

• Acquisitions

• Market or product expansion

• Recapitalizations

The profile of the existing debt holders within the portfolio is quite specific. As of the third quarter of 2025, the median EBITDA for the core portfolio companies was $46 million. The weighted average revenue for these core companies was $376 million, with a weighted average EBITDA of $113 million in the same period. The portfolio is heavily weighted toward floating-rate debt, with 96.3% of debt investments bearing interest at floating rates as of September 30, 2025.

Here's a quick look at the portfolio composition as of Q3 2025:

Metric	Value
Median Revenue (Core Portfolio)	$150 million
Median EBITDA (Core Portfolio)	$46 million
Weighted Average Revenue (Core Portfolio)	$376 million
Weighted Average EBITDA (Core Portfolio)	$113 million
Portfolio Companies (Fair Value)	108
Total Investments (Fair Value)	$3,376.3 million

The second major customer segment comprises the institutional and retail investors seeking high-yield income, who are the shareholders of Sixth Street Specialty Lending, Inc. As a business development company (BDC), the structure of Sixth Street Specialty Lending, Inc. requires it to distribute at least 90% of its taxable income to shareholders. This structure is designed to appeal to income-focused investors. For Q3 2025, the company declared a fourth-quarter base dividend of $0.46 per share and a third-quarter supplemental dividend of $0.03 per share. The annualized return on equity for net investment income was reported at 12.5% for that quarter. The company reported undistributed income of approximately $1.30 per share at the end of Q3 2025.

The shareholder base includes significant institutional participation. As of late 2025, filings indicated that 277 institutional owners and shareholders held shares. Major holders include entities like Sixth Street Partners Management Company, L.P., and Van Eck Associates Corp. The net asset value per share was $17.14 as of the end of Q3 2025.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Cost Structure

You're looking at the expenses Sixth Street Specialty Lending, Inc. (TSLX) incurs to run its business, which is key to understanding the net return to shareholders. Honestly, for a Business Development Company (BDC) like TSLX, the cost structure is dominated by financing costs and fees paid to its external manager. Here's the quick math on the latest figures we have, primarily from the third quarter of 2025.

The primary cost drivers are the interest paid on its borrowings and the fees paid to Sixth Street Specialty Lending Advisers, LLC. The cost of debt is a major factor, and you should note the weighted average interest rate on debt outstanding was 6.4% for the three-month period ended March 31, 2025. This rate is crucial because it directly impacts the cost of funding the investment portfolio.

The total operating costs, which bundle several items you asked about, are substantial. For the quarter ended September 30, 2025, the Net Expenses totaled $57,390 thousand. This figure is the aggregate of management fees, any paid incentive fees, and general and administrative operating expenses.

The fee structure is complex because of the performance component. For instance, in Q3 2025, the company reported that Management and incentive fees waived amounted to $284 thousand. This waiver is a direct reduction to the expense base, which helps boost reported earnings. Furthermore, the impact of performance fees is seen in the net income calculation; for the quarter ended September 30, 2025, both net investment income per share and net income per share included $0.01 per share of unwind of previously accrued capital gains incentive fee expenses.

Costs associated with deal origination and due diligence are not broken out separately in the high-level expense reporting but are embedded within the broader General and administrative operating expenses component of the Net Expenses. Given TSLX's focus on direct originations, these costs are necessary to source and underwrite the senior secured loans that form the bulk of its assets.

Here is a look at the most recent reported expense data and fee structure notes:

Cost Component	Latest Reported Value	Period/Context
Weighted Average Interest Rate on Debt	6.4%	Q1 2025
Total Net Expenses	$57,390 thousand	Q3 2025
Management & Incentive Fees Waived	$284 thousand	Q3 2025
Capital Gains Incentive Fee Unwind (Impact on EPS)	$0.01 per share	Q3 2025
Management Fee Rate (Benchmark)	1.50% on average quarterly assets	Historical/Peer Comparison
Incentive Fee Rate (Benchmark)	17.50% on pre-incentive fee income	Historical/Peer Comparison

The management fee is calculated based on average quarterly assets, which is a standard structure for externally managed BDCs. The incentive fee, set at 17.50% in a historical comparison, is performance-based, meaning it only scales up significantly when the company generates high pre-incentive income.

• Management fees are paid to Sixth Street Specialty Lending Advisers, LLC, an affiliate of Sixth Street.
• Interest expense is the cost of servicing the $1,889.2 million in total principal value of debt outstanding as of March 31, 2025.
• General and administrative operating expenses cover overhead, legal, and administrative functions not directly tied to investment management.
• Deal origination and due diligence costs are absorbed within the operating expenses, reflecting the cost of underwriting the $136.8 million in total fundings during Q1 2025.
• The portfolio's floating-rate nature (96.3% of debt investments as of Q3 2025) helps manage the interest expense cost relative to asset yields.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Sixth Street Specialty Lending, Inc. (TSLX) for late 2025, which is all about turning its deployed capital into recurring income and realized profits. The primary focus, as you'd expect for a Business Development Company (BDC), is on the yield from its debt portfolio.

Here's the quick math on the top-line performance for the third quarter ending September 30, 2025. Total investment income hit $109.4 million for the quarter. This figure reflects the current interest rate environment, which saw yields decline modestly due to lower base rates and repayments of higher-yielding assets.

The revenue streams are built on a foundation of direct lending to middle-market companies. The portfolio composition is heavily weighted toward security, with 96.3% of debt investments bearing interest at floating rates, which helps manage interest rate risk, though it also means income dips when base rates fall.

The key components driving that $109.4 million in total investment income are:

• Interest income from debt investments, which was reported at $95.2 million in Q3 2025.
• Activity-based fee income, which was elevated due to higher payoffs, contributing $0.14 per share in gross fees for the quarter.
• Net realized gains on investments, which included $0.01 per share from an equity realization, specifically from Clarience Technologies.
• Dividend and other income from equity and structured credit holdings, which makes up the remainder of the total investment income.

The company seeks to generate current income primarily through direct originations of senior secured loans, but also uses mezzanine loans, corporate bonds, and equity securities to round out the return profile.

To give you a clearer picture of the Q3 2025 revenue mix, look at this breakdown:

Revenue Component	Q3 2025 Amount/Metric
Total Investment Income	$109.4 million
Interest and Dividend Income	$95.2 million
Activity-Based Fee Income (Gross)	$0.14 per share
Net Realized Gains on Investments	$0.01 per share
Portfolio Weighted Average Yield on Debt (Q2 2025 for context)	11.7%

The activity-based fees are a crucial, albeit less predictable, part of the revenue stream. These fees come from things like prepayment fees when borrowers pay off loans early, often to refinance at lower spreads, and origination fees on new deals. The elevated fee income in Q3 2025 was a direct result of significant portfolio turnover, with repayments totaling about $303 million for the quarter.

The structure of the portfolio dictates the revenue quality. You should know that Sixth Street Specialty Lending, Inc. made new investment commitments totaling $387.7 million during Q3 2025, which is what fuels the future interest income stream. The total investments at fair value stood at $3.4 billion at the end of the quarter.