Core Viewpoint - Oaktree Specialty Lending (OCSL) has reduced its base dividend for 2025 and experienced a continued decline in net asset value (NAV), leading to its common shares trading at a significant discount to NAV [1] Group 1: Company Performance - OCSL's recent quarter shows a cut in its base dividend for 2025, indicating potential challenges in maintaining shareholder returns [1] - The net asset value (NAV) of OCSL has continued to dip, reflecting underlying issues in asset performance or market conditions [1] Group 2: Market Dynamics - The equity market is characterized by daily price fluctuations that can lead to substantial wealth creation or destruction over the long term [1] - Pacifica Yield is focused on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms, suggesting a strategic investment approach in the current market environment [1]

Core Viewpoint - FS Specialty Lending Fund (FSSL) has declared a monthly distribution of $0.1375 per share for March 2026, with an annualized distribution yield of 9.1% based on net asset value (NAV) and 13.8% based on market price as of February 27, 2026 [1][1][1] Fund Distribution Details - The distribution will be paid on March 31, 2026, with the ex-date and record date both set for March 24, 2026 [1][1] - The Fund has approximately $1.9 billion in assets under management and focuses on event-driven credit, special situations, private capital solutions, and other non-traditional credit opportunities [1][1][1] Performance Metrics - Year-to-date total return on NAV is estimated at 1.1%, while the return on market price is -13.3% through February 27, 2026 [1][1] - The Fund pays regular monthly cash distributions, which may be adjusted based on portfolio and market conditions [1][1]

S I X T H S T R E E T S P E C I A L T Y SIXTH STREET SPECIALTY LENDING, INC Fixed Income Presentation March 2026 L E N D I N G DISCLAIMER AND FORWARD-LOOKING STATEMENT General Disclaimer The information contained in this presentation (the ʺPresentationʺ) is preliminary, may not be complete and may be changed. By acceptance hereof, you agree that the information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent ...

Core Insights - The article discusses the investment positions held by the analyst in various companies, indicating a long position in TSLX, ARCC, BXSL, and OBDC, which suggests a positive outlook on these stocks [1]. Group 1 - The analyst has a beneficial long position in TSLX, ARCC, BXSL, and OBDC through stock ownership, options, or other derivatives [1].

Group 1 - Sixth Street Specialty Lending (TSLX) has experienced a sustained dip since September, attributed to weakness in total and net investment income due to recent Fed rate cuts and market fears [1] - The equity market is described as a powerful mechanism that can lead to significant wealth creation or destruction over the long term [1] - Pacifica Yield aims to focus on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

S I X T H S T R E E T S P E C I A L EARNINGS PRESENTATION Quarter Ended December 31, 2025 T Y L E N D I N G DISCLAIMER AND FORWARD-LOOKING STATEMENT References in this presentation ("Presentation") to "TSLX," "we," "us," "our" and "the Company" refer to Sixth Street Specialty Lending, Inc. OVERVIEW 14.71 14.88 14.92 15.12 15.19 15.27 15.29 15.35 15.52 15.51 15.70 15.66 15.53 15.60 15.84 15.62 15.15 15.11 15.55 15.78 15.95 16.04 16.15 16.09 16.09 16.27 16.36 16.47 16.25 16.34 16.68 16.72 16.83 15.57 16.08 16 ...

Financial Data and Key Metrics Changes - Adjusted Net Investment Income for Q1 2026 was $36.1 million, or $0.41 per share, up from $35.4 million or $0.40 per share in the prior quarter [4][19] - NAV per share decreased to $16.30 from $16.64 in the previous quarter due to unrealized depreciation on certain investments [19] - Adjusted total investment income decreased to $74.5 million from $76.9 million in the prior quarter, primarily due to lower interest income [19][20] Business Line Data and Key Metrics Changes - New funded investments totaled $314 million, up from $220 million in the prior quarter, reflecting a 42% sequential increase [6][16] - Non-accruals represented 3.1% of the total debt portfolio, stable sequentially and down nearly 85 basis points year-over-year [7][18] - The weighted average yield on debt investments was 9.3%, with first lien senior secured debt comprising 85% of the total portfolio [15][21] Market Data and Key Metrics Changes - Current trends in private credit show a bifurcation in the economy, with companies of scale having ample access to capital while struggling companies face limited access [9] - Spreads in private credit have bottomed out at SOFR +450-475 basis points, with expectations for stability in 2026 [10] - The median portfolio EBITDA increased from $150 million to $190 million sequentially, driven by new originations in larger companies [30] Company Strategy and Development Direction - The company remains focused on disciplined capital deployment into income-generating assets and reducing non-accruals to improve earnings power [5][6] - Oaktree is prioritizing loans to businesses with resilient models and defensible market positions, particularly in the software sector [10][12] - The company is monitoring the impact of AI on private credit and is cautious about potential disruptions in the software industry [11][38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding middle-market M&A activity improving over the year, despite current lower volumes [9] - The company is focused on maintaining strong alignment with shareholders while navigating an evolving credit landscape [8] - Concerns were raised about the long-term refinanceability of loans in the software sector due to potential AI disruptions [38][39] Other Important Information - The company ended the quarter with over $576 million in available liquidity, including $81 million in cash [21][22] - The joint ventures held $511 million of investments, generating ROEs of 12% in aggregate [22] Q&A Session Summary Question: Can you provide insight into the portion of the portfolio that is underperforming? - Management indicated that underperforming assets include non-accruals and positions trading below par, with most below-par loans being public positions [24][25] Question: What drove the increase in median portfolio EBITDA? - The increase was primarily driven by new originations funded in the fourth quarter, which were larger companies, contributing to a mix shift [30] Question: Can you discuss the unrealized appreciation and markdowns in the quarter? - Pluralsight was the largest driver of markdowns, accounting for about 38% of the total mark, with some smaller marks in other private positions [32] Question: How is the company characterizing top-line growth and EBITDA trends in the software sector? - Management noted that it is too early to see performance degradation in software names, but concerns exist regarding long-term refinanceability due to AI risks [36][38]

Core Viewpoint - FS Specialty Lending Fund announced a monthly distribution of $0.1375 per share for January 2026, with an annualized distribution yield of 9.1% based on net asset value and 11.7% based on market price as of December 31, 2025 [1][2]. Fund Overview - The Fund has approximately $1.9 billion in assets under management and focuses on event-driven credit, special situations, private capital solutions, and other non-traditional credit opportunities [2]. - The distribution schedule includes an ex-date and record date of January 23, 2026, with payment on January 30, 2026 [2]. Distribution Details - The Fund pays regular monthly cash distributions to common shareholders, which may be adjusted based on portfolio and market conditions [2]. - The current distribution rate reflects the Fund's strategy and market performance [2]. Company Background - Future Standard, the asset manager of the Fund, has over 30 years of experience and manages $86 billion in assets, focusing on private equity, credit, and real estate investments [5].