marchmeena29 My Rating History Sixth Street Lending's investment portfolio as of March 31, 2024 consisted primarily of First Lien investments that accounted for 92% of the business development company's portfolio, representing a 1 percentage point increase compared to the prior quarter. In terms of new investment fundings, 95% of new investments were once again made in First Liens, showing no deviation from second quarter origination levels. As a First Lien-centric BDC, I will compare Sixth Street Lending t ...

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Financial Data and Key Metrics - Net asset value per share pro forma for the impact of the supplemental dividend was $17.11, with spillover income per share estimated at $1.06 [4] - Total commitments in Q1 were $264 million, with total fundings of $163 million across 9 new portfolio companies and upsizes to 5 existing investments [7] - Net funding activity was $54 million after $109 million of repayments [7] - Weighted average revenue and EBITDA of core portfolio companies were $275.5 million and $92.5 million, respectively [9] - Net asset value per share grew by 5.6% since the start of the rate hiking cycle, reaching $17.17 at quarter-end [10] - Total investment income for Q1 was $117.8 million, down 1.5% compared to $119.5 million in the prior quarter [12] - Adjusted net investment income per share was $0.58, with an annualized return on equity of 13.6% [95] - Total investments were $3.4 billion, up 3% from the prior quarter [101] Business Line Data and Key Metrics - 95% of total fundings in Q1 were in new investments, with 5% supporting upsizes to existing portfolio companies [7] - The weighted average rating of the portfolio improved to 1.15 from 1.16 last quarter [9] - 95% of fundings in Q1 were in first lien loans, bringing total first lien exposure to 92% across the portfolio [104] - New Q1 investments in Lane 1 had a weighted average yield at amortized cost of 11.3%, compared to 14.0% for Lane 2 assets [100] Market Data and Key Metrics - Fitch Ratings revised the company's outlook from stable to positive, with a BBB flat rating [5] - The company participated in several cross-platform deals, including the $4.4 billion acquisition of Alteryx [38] - The weighted average yield on debt and income-producing securities decreased slightly from 14.2% to 14.0% [106] Company Strategy and Industry Competition - The company emphasized its omnichannel sourcing capabilities and the value proposition of private credit [6] - The company is rotating out of the structured credit portfolio to crystallize returns and will opportunistically return to this theme [8] - The company highlighted its ability to access additional equity capital to generate attractive risk-adjusted returns [11] - The company amended its $1.7 billion secured credit facility, extending the final maturity on $1.5 billion of commitments through April 2029 [11] - The company is focused on maintaining a weighted average duration on liabilities that exceeds the weighted average life of assets funded by debt [42] - The company is selective in sector exposure, avoiding cyclical businesses and leaning into specific sector themes [90] Management Commentary on Operating Environment and Future Outlook - The company noted the increase in demand for financing solutions in public and private debt markets [32] - The company expects M&A activity to strengthen due to better financing costs and more parity between buyers and sellers [121] - The company remains optimistic about the ability of private credit portfolios to withstand macroeconomic headwinds [89] - The company anticipates the current environment will drive a dispersion between operating and GAAP earnings [88] - The company expects portfolio churn to increase with higher activity levels, driving additional economics [149] Other Important Information - The company declared a supplemental dividend of $0.06 per share and a base quarterly dividend of $0.46 per share [3][35] - The company added one new company to nonaccrual status, resulting in two portfolio companies on nonaccrual across the entire portfolio [107] - The company completed several capital markets transactions, including a bond offering, an equity raise, and a revolving credit facility extension [108] Q&A Session Summary Question: Trajectory of adjusted NII and impact of tighter spreads [46] - Adjusted NII stepped down $2.5 million sequentially, driven by a 5 basis point decline in base rates and tighter spreads [115] - The company remains comfortable with its guidance on adjusted NII for the year [47] Question: Competition and its impact on spreads and structure [157] - Competition has increased, primarily manifesting in compressed spreads, but the company remains selective to ensure it over-earns its cost of capital [33] - The weighted average number of covenants per credit agreement is 1.8%, consistent over time [157] Question: M&A activity and its impact on the portfolio [21] - The company expects M&A activity to strengthen, driven by better financing costs and more parity between buyers and sellers [121] - The company is seeing more opportunities in larger companies with bigger capital structures [126] Question: Portfolio churn and net portfolio growth [66] - The company expects portfolio churn to increase, driven by higher activity levels, but net portfolio growth may remain stable [67] - The company is focused on maintaining a stable balance sheet, with potential for slight growth [67] Question: Capital structure and liquidity [68] - The company has ample liquidity, with $764 million available after adjusting for unfunded commitments [139] - The company is not planning to issue additional bonds unless it can grow assets through an equity raise [82] Question: Opportunity set and complex investments [135] - The company is seeing opportunities in larger companies with complicated capital structures, such as Equinox [122] - The company expects more opportunities in good companies with bad balance sheets due to the higher-for-longer rate environment [151]

Exhibit 99.1 K FIRST QUARTER 2024 EARNINGS RESULTS Sixth Street Specialty Lending, Inc. Reports First Quarter Results; Declares a Second Quarter Base Dividend Per Share of $0.46, and a First Quarter Supplemental Dividend Per Share of $0.06. NEW YORK — May 1, 2024 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.59 per share and net income of $0.53 per share for the first quarter ended March 31, 2024. These results correspond to an annualized re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36364 Sixth Street Specialty Lending, Inc. (Exact name of registrant as specified in its charter) Delaware 27-3380000 (State or ot ...

Sixth Street Specialty Lending, Inc. (NYSE:TSLX) Q4 2023 Earnings Conference Call February 16, 2024 8:30 AM ET Company Participants Cami VanHorn - Head of Investor Relations Joshua Easterly - Chief Executive Officer Bo Stanley - President Ian Simmonds - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Thalmann Brian McKenna - Citizens JMP Finian O'Shea - Wells Fargo Kenneth Lee - RBC Capital Markets Melissa Wedel - JPMorgan Erik Zwick - Hovde Group Robert Dodd - Raymond James ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-36364 Sixth Street Specialty Lending, Inc. (Exact Name of Registrant as Specified in Its Charter) | Delaware | | --- | (State or other jurisdiction of incorporation or organizati ...

Financial Data and Key Metrics Changes - For Q3 2023, the adjusted net investment income per share was $0.60, corresponding to an annualized return on equity of 14.4%, while the adjusted net income per share was $0.77, corresponding to an annualized return on equity of 18.5% [48][69] - The net asset value per share increased to $16.97, up $0.23 or 1.4% from the previous quarter [10][63] - Total investments reached $3.1 billion, with total principal debt outstanding at $1.7 billion and net assets at $1.5 billion [63] Business Line Data and Key Metrics Changes - The portfolio's weighted average yield on debt income-producing securities increased from 14.1% to 14.3% due to higher interest rates [61] - New investment opportunities represented 97% of total fundings for the quarter, with only 3% supporting upsizes to existing portfolio companies [58] - The company had $206 million of commitments and $152 million of fundings across eight new and two upsizes to existing portfolio companies [26] Market Data and Key Metrics Changes - The total amount of outstanding in the leveraged loan index declined by $23 billion or 1.6% over the last 12 months, marking the first year of year-over-year decline since the global financial crisis [23] - Approximately one-third of CLOs are now out of their investment period, expected to increase to about 40% by year-end [12] Company Strategy and Development Direction - The company is focused on capital deployment in a higher-for-longer interest rate environment, emphasizing disciplined capital allocation and asset selection [20][21] - There is an expectation of a structural shift towards direct lending, with opportunities arising from the $130 billion of leverage loans maturing by the end of 2025 [24] - The company aims to differentiate returns for shareholders through strong asset selection and portfolio management capabilities [21] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are signs of consumer weakening, the portfolio remains insulated from consumer discretionary trends due to its B2B focus [29] - The company anticipates that the lagged impact of higher rates may lead to increased defaults and losses in the next 12 to 15 months [52][105] - Management expressed confidence in the ability to navigate the current economic challenges and maintain strong performance [72] Other Important Information - The company declared a base quarterly dividend of $0.46 per share and a supplemental dividend of $0.07 per share related to Q3 earnings [53] - Non-accruals were minimal at 0.7% of the portfolio at fair value, with no new portfolio companies added to non-accrual status from the prior quarter [31] Q&A Session Summary Question: State of the Union on Sponsor Side - Management indicated that sponsors continue to support their businesses despite some signs of weakening in consumer demand [44][75] Question: Impact of Higher Rates on Credit Differentiation - Management expects differentiation in shareholder experience based on credit losses to manifest in the next 12 to 15 months, with private credit likely outperforming broadly syndicated credit [105][106] Question: Interest Coverage and Portfolio Upsizing - Interest coverage across the portfolio is about two times, with a slight decline noted [98] - The low upsizing activity was attributed to an anemic M&A market rather than pressure on companies [100] Question: Quality of Deals Refinanced from Broadly Syndicated Loan Market - Management clarified that not all deals moving to private credit are adverse selections, as different sponsors have varying needs for capital [129] Question: Recovery of Spread Tightening - Management estimated that the portfolio is about two-thirds of the way through recovering from spread widening experienced in 2022 [117]

References in this presentation ("Presentation") to "TSLX," "we," "us," "our" and "the Company" refer to Sixth Street Specialty Lending, Inc. 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission File Number 001-36364 Sixth Street Specialty Lending, Inc. (Exact name of registrant as specified in its charter) Delaware 27-3380000 (State ...