# EDGAR Filing Document

**Accession Number:** 0001508655
**File Stem:** 0001564590-23-002037
**Filing Date:** 2023-2
**Character Count:** 63742
**Document Hash:** 4f787d5639c45b1632a7e7be86a55f58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001564590-23-002037.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001564590-23-002037

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sixth Street Specialty Lending, Inc.
- **CENTRAL INDEX KEY:** 0001508655
- **IRS NUMBER:** 273380000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36364
- **FILM NUMBER:** 23639917

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVENUE, SUITE 1500
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 469-621-3001

**MAIL ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVENUE, SUITE 1500
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TPG Specialty Lending, Inc.
- **DATE OF NAME CHANGE:** 20101222

?xml version="1.0" encoding="utf-8"? tslx-8ka_20230216.htm

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K/A

#### (Amendment No. 1)

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 16, 2023

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## Sixth Street Specialty Lending, Inc.

#### (Exact name of registrant as specified in charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36364** | **27-3380000** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

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| | |
|:---|:---|
| **2100 McKinney Avenue, Suite 1500**<br> **Dallas, TX** | **75201** |
| **(Address of Principal Executive Offices)** | **(zip code)** |

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#### Registrant's telephone number, including area code: (469) 621-3001

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.01 per share** | **TSLX** | **The New York Stock Exchange** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### EXPLANATORY NOTE
This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by the registrant on February 16, 2023 (the "Original Form 8-K"). This amended Current Report fixes a technical error with the link to Exhibit 99.1, Press Release, dated February 16, 2023. The information disclosed in the Original Form 8-K and press release is unchanged.

#### Item 2.02 – Results of Operations and Financial Condition
On February 16, 2023, the registrant issued a press release announcing its financial results for the quarter ended December 31, 2022. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

#### Item 7.01 – Regulation FD Disclosure
On February 16, 2023, the registrant issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a first quarter 2023 base dividend per share of $0.46 to shareholders of record as of March 15, 2023, payable on March 31, 2023, a fourth quarter 2022 supplemental dividend per share of $0.09 to shareholders of record as of February 28, 2023, payable on March 20, 2023.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

#### Item 9.01 – Financial Statements and Exhibits
(d) Exhibits:

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [<u>Press Release, dated February 16, 2023</u>](tslx-ex991_6.htm) |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | SIXTH STREET SPECIALTY LENDING, INC.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | SIXTH STREET SPECIALTY LENDING, INC.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Date: February 16, 2023 | By: | /s/ Ian Simmonds |
|  |  | Ian Simmonds |
|  |  | Chief Financial Officer |

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## Exhibit 99.1

#### Exhibit 99.1
![](g1dcxvcur2tx000001.jpg)

## full year and fourth Quarter 2022 Earnings Results
**Sixth Street Specialty Lending, Inc. Reports Full Year and Fourth Quarter 2022 Earnings Results; Declares a $0.01 Per Share Increase in First Quarter Base Dividend Per Share to $0.46, and a Fourth Quarter Supplemental Dividend of $0.09 Per Share**

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| | | |
|:---|:---|:---|
| NEW YORK—February 16, 2023— Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $2.13 per share and net income of $1.38 per share, for the year ended December 31, 2022. For the quarter ended December 31, 2022 net investment income and net income per share were $0.65 and $0.57, respectively. The Company's net investment income in the fourth quarter was driven by higher fees from elevated repayment activity, as well as a robust level of interest income from the strength in the core earnings power of the portfolio. Return on equity (ROE) for the full year 2022 was 12.7% and 8.3% on a net investment income and a net income basis, respectively. Annualized ROE for the fourth quarter 2022 was 15.9% and 14.0% on a net investment income and a net income basis, respectively. | **Net Investment Income Per Share** | **Net Investment Income Per Share** |
| NEW YORK—February 16, 2023— Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $2.13 per share and net income of $1.38 per share, for the year ended December 31, 2022. For the quarter ended December 31, 2022 net investment income and net income per share were $0.65 and $0.57, respectively. The Company's net investment income in the fourth quarter was driven by higher fees from elevated repayment activity, as well as a robust level of interest income from the strength in the core earnings power of the portfolio. Return on equity (ROE) for the full year 2022 was 12.7% and 8.3% on a net investment income and a net income basis, respectively. Annualized ROE for the fourth quarter 2022 was 15.9% and 14.0% on a net investment income and a net income basis, respectively. | **2022:**<br> **Q4 2022:** | **$2.13**<br> **$0.65** |
| NEW YORK—February 16, 2023— Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $2.13 per share and net income of $1.38 per share, for the year ended December 31, 2022. For the quarter ended December 31, 2022 net investment income and net income per share were $0.65 and $0.57, respectively. The Company's net investment income in the fourth quarter was driven by higher fees from elevated repayment activity, as well as a robust level of interest income from the strength in the core earnings power of the portfolio. Return on equity (ROE) for the full year 2022 was 12.7% and 8.3% on a net investment income and a net income basis, respectively. Annualized ROE for the fourth quarter 2022 was 15.9% and 14.0% on a net investment income and a net income basis, respectively. | **2022 (adjusted):**<br> **Q4 2022 (adjusted):** | **$2.01**<br> **$0.64** |

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| | | |
|:---|:---|:---|
| Both net investment income per share and net income per share for the year include approximately $0.11 per share unwind of previously accrued capital gains incentive fees in 2022, which is a non-cash reversal. Excluding the impact of the unwind of capital gains incentive fee expenses for the year, the Company's adjusted net investment income and adjusted net income for the year ended December 31, 2022 were $2.01 per share $1.27 per share, respectively. For the quarter ended December 31, 2022, adjusted net investment income per share was $0.64 and adjusted net income per share was $0.56. Return on equity (ROE) for the full year 2022 was 12.0% and 7.6% on an adjusted net investment income and an adjusted net income basis, respectively. Annualized ROE for the fourth quarter 2022 was 15.5% and 13.6% on an adjusted net investment income and an adjusted net income basis, respectively. | **Net Income Per Share** | **Net Income Per Share** |
| Both net investment income per share and net income per share for the year include approximately $0.11 per share unwind of previously accrued capital gains incentive fees in 2022, which is a non-cash reversal. Excluding the impact of the unwind of capital gains incentive fee expenses for the year, the Company's adjusted net investment income and adjusted net income for the year ended December 31, 2022 were $2.01 per share $1.27 per share, respectively. For the quarter ended December 31, 2022, adjusted net investment income per share was $0.64 and adjusted net income per share was $0.56. Return on equity (ROE) for the full year 2022 was 12.0% and 7.6% on an adjusted net investment income and an adjusted net income basis, respectively. Annualized ROE for the fourth quarter 2022 was 15.5% and 13.6% on an adjusted net investment income and an adjusted net income basis, respectively. | **2022:**<br> **Q4 2022:** | **$1.38**<br> **$0.57** |
| Both net investment income per share and net income per share for the year include approximately $0.11 per share unwind of previously accrued capital gains incentive fees in 2022, which is a non-cash reversal. Excluding the impact of the unwind of capital gains incentive fee expenses for the year, the Company's adjusted net investment income and adjusted net income for the year ended December 31, 2022 were $2.01 per share $1.27 per share, respectively. For the quarter ended December 31, 2022, adjusted net investment income per share was $0.64 and adjusted net income per share was $0.56. Return on equity (ROE) for the full year 2022 was 12.0% and 7.6% on an adjusted net investment income and an adjusted net income basis, respectively. Annualized ROE for the fourth quarter 2022 was 15.5% and 13.6% on an adjusted net investment income and an adjusted net income basis, respectively. | **2022 (adjusted):**<br> **Q4 2022 (adjusted):** | **$1.27**<br> **$0.56** |

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| | | |
|:---|:---|:---|
| Reported net asset value (NAV) per share was $16.48 at December 31, 2022 as compared to $16.36 at September 30, 2022. The Company announced that its Board of Directors has increased its quarterly base dividend, raising this figure by $0.01 per share to $0.46 per share to shareholders of record as of March 15, and payable on March 31. The Board also announced a fourth quarter supplemental dividend of $0.09 per share to shareholders of record as of February 28, 2023, payable on March 20, 2023. Giving effect to the impact of the supplemental dividend, the Company's fourth quarter adjusted NAV per share was $16.39 as compared to adjusted NAV per share of $16.73 at December 31, 2021. The primary driver of this year's NAV per share decline was from unrealized losses as the Company incorporated the impact of wider credit market spreads on the valuation of its portfolio. | **Return On Equity** | **Return On Equity** |
| Reported net asset value (NAV) per share was $16.48 at December 31, 2022 as compared to $16.36 at September 30, 2022. The Company announced that its Board of Directors has increased its quarterly base dividend, raising this figure by $0.01 per share to $0.46 per share to shareholders of record as of March 15, and payable on March 31. The Board also announced a fourth quarter supplemental dividend of $0.09 per share to shareholders of record as of February 28, 2023, payable on March 20, 2023. Giving effect to the impact of the supplemental dividend, the Company's fourth quarter adjusted NAV per share was $16.39 as compared to adjusted NAV per share of $16.73 at December 31, 2021. The primary driver of this year's NAV per share decline was from unrealized losses as the Company incorporated the impact of wider credit market spreads on the valuation of its portfolio. | **2022 (NII):**<br> **Q4 2022 (NII):** | **12.7%**<br> **15.9%** |
| Reported net asset value (NAV) per share was $16.48 at December 31, 2022 as compared to $16.36 at September 30, 2022. The Company announced that its Board of Directors has increased its quarterly base dividend, raising this figure by $0.01 per share to $0.46 per share to shareholders of record as of March 15, and payable on March 31. The Board also announced a fourth quarter supplemental dividend of $0.09 per share to shareholders of record as of February 28, 2023, payable on March 20, 2023. Giving effect to the impact of the supplemental dividend, the Company's fourth quarter adjusted NAV per share was $16.39 as compared to adjusted NAV per share of $16.73 at December 31, 2021. The primary driver of this year's NAV per share decline was from unrealized losses as the Company incorporated the impact of wider credit market spreads on the valuation of its portfolio. | **2022 (NI):**<br> **Q4 2022 (NI):** | **8.3%**<br> **14.0%** |
| Reported net asset value (NAV) per share was $16.48 at December 31, 2022 as compared to $16.36 at September 30, 2022. The Company announced that its Board of Directors has increased its quarterly base dividend, raising this figure by $0.01 per share to $0.46 per share to shareholders of record as of March 15, and payable on March 31. The Board also announced a fourth quarter supplemental dividend of $0.09 per share to shareholders of record as of February 28, 2023, payable on March 20, 2023. Giving effect to the impact of the supplemental dividend, the Company's fourth quarter adjusted NAV per share was $16.39 as compared to adjusted NAV per share of $16.73 at December 31, 2021. The primary driver of this year's NAV per share decline was from unrealized losses as the Company incorporated the impact of wider credit market spreads on the valuation of its portfolio. | **2022 (Adj. NII):**<br> **Q4 2022 (Adj. NII):** | **12.0%**<br> **15.5%** |
| Reported net asset value (NAV) per share was $16.48 at December 31, 2022 as compared to $16.36 at September 30, 2022. The Company announced that its Board of Directors has increased its quarterly base dividend, raising this figure by $0.01 per share to $0.46 per share to shareholders of record as of March 15, and payable on March 31. The Board also announced a fourth quarter supplemental dividend of $0.09 per share to shareholders of record as of February 28, 2023, payable on March 20, 2023. Giving effect to the impact of the supplemental dividend, the Company's fourth quarter adjusted NAV per share was $16.39 as compared to adjusted NAV per share of $16.73 at December 31, 2021. The primary driver of this year's NAV per share decline was from unrealized losses as the Company incorporated the impact of wider credit market spreads on the valuation of its portfolio. | **2022 (Adj. NI):**<br> **Q4 2022 (Adj. NI):** | **7.6%**<br> **13.6%** |

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| | | |
|:---|:---|:---|
| Post-quarter end, the Company satisfied the maturity of its $150 million January 2023 unsecured notes through utilization of undrawn capacity on its revolving credit facility. The settlement marginally decreased the Company's weighted average cost of debt and had no impact on leverage. | **Net Asset Value** | **Net Asset Value** |
| Post-quarter end, the Company satisfied the maturity of its $150 million January 2023 unsecured notes through utilization of undrawn capacity on its revolving credit facility. The settlement marginally decreased the Company's weighted average cost of debt and had no impact on leverage. | **Q4 2022 ($MM):** | **$1341.6** |
| Post-quarter end, the Company satisfied the maturity of its $150 million January 2023 unsecured notes through utilization of undrawn capacity on its revolving credit facility. The settlement marginally decreased the Company's weighted average cost of debt and had no impact on leverage. | **Q4 2022 (per share):** | **$16.48** |
| Post-quarter end, the Company satisfied the maturity of its $150 million January 2023 unsecured notes through utilization of undrawn capacity on its revolving credit facility. The settlement marginally decreased the Company's weighted average cost of debt and had no impact on leverage. | **Q4 2022 (per share, adj.):**  | **$16.39** |

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| | |
|:---|:---|
|  **Dividends (per share)** | **Dividends (per share)** |
|  **Q4 2022 (Base):** | **$0.45** |
|  **2022 (Base):** | **$1.69** |
|  **2022 (Supp/Special):**  | **$0.13** |
|  **2022 (Total):**  | **$1.82** |

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![](g1dcxvcur2tx000001.jpg)

#### Portfolio and Investment Activity

#### Full Year

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| | | |
|:---|:---|:---|
| For the year ended December 31, 2022, new investment commitments totaled $1,084.2 million. This compares to $1,389.1 million for the year ended December 31, 2021.<br> For the year ended December 31, 2022, the principal amount of new investments funded was $864.0 million in 24 new portfolio companies, 22 existing portfolio companies and 41 structured credit investments. For this period, the Company had $653.8 million aggregate principal amount in exits and repayments. | **2022 Origination Activity** | **2022 Origination Activity** |
| For the year ended December 31, 2022, new investment commitments totaled $1,084.2 million. This compares to $1,389.1 million for the year ended December 31, 2021.<br> For the year ended December 31, 2022, the principal amount of new investments funded was $864.0 million in 24 new portfolio companies, 22 existing portfolio companies and 41 structured credit investments. For this period, the Company had $653.8 million aggregate principal amount in exits and repayments. | **Commitments:** | **$1,084.2MM** |
| For the year ended December 31, 2022, new investment commitments totaled $1,084.2 million. This compares to $1,389.1 million for the year ended December 31, 2021.<br> For the year ended December 31, 2022, the principal amount of new investments funded was $864.0 million in 24 new portfolio companies, 22 existing portfolio companies and 41 structured credit investments. For this period, the Company had $653.8 million aggregate principal amount in exits and repayments. | **Fundings:** | **$864.0MM** |
| For the year ended December 31, 2022, new investment commitments totaled $1,084.2 million. This compares to $1,389.1 million for the year ended December 31, 2021.<br> For the year ended December 31, 2022, the principal amount of new investments funded was $864.0 million in 24 new portfolio companies, 22 existing portfolio companies and 41 structured credit investments. For this period, the Company had $653.8 million aggregate principal amount in exits and repayments. | **Net Fundings:** | **$210.2MM** |

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| | | |
|:---|:---|:---|
| For the year ended December 31, 2021, the principal amount of new investments funded was $1,117.4 million in 25 new portfolio companies and 26 existing portfolio companies. For this period, the Company had $1,004.5 million aggregate principal amount in exits and repayments.<br> **Fourth Quarter**<br> For the quarter ended December 31, 2022, new investment commitments totaled $241.4 million. This compares to $384.6 million for the quarter ended September 30, 2022. | **Q4 2022 Origination Activity** | **Q4 2022 Origination Activity** |
| For the year ended December 31, 2021, the principal amount of new investments funded was $1,117.4 million in 25 new portfolio companies and 26 existing portfolio companies. For this period, the Company had $1,004.5 million aggregate principal amount in exits and repayments.<br> **Fourth Quarter**<br> For the quarter ended December 31, 2022, new investment commitments totaled $241.4 million. This compares to $384.6 million for the quarter ended September 30, 2022. | **Commitments:** | **$241.4MM** |
| For the year ended December 31, 2021, the principal amount of new investments funded was $1,117.4 million in 25 new portfolio companies and 26 existing portfolio companies. For this period, the Company had $1,004.5 million aggregate principal amount in exits and repayments.<br> **Fourth Quarter**<br> For the quarter ended December 31, 2022, new investment commitments totaled $241.4 million. This compares to $384.6 million for the quarter ended September 30, 2022. | **Fundings:** | **$211.9MM** |
| For the year ended December 31, 2021, the principal amount of new investments funded was $1,117.4 million in 25 new portfolio companies and 26 existing portfolio companies. For this period, the Company had $1,004.5 million aggregate principal amount in exits and repayments.<br> **Fourth Quarter**<br> For the quarter ended December 31, 2022, new investment commitments totaled $241.4 million. This compares to $384.6 million for the quarter ended September 30, 2022. | **Net Repayments:** | **$69.7MM** |

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|:---|:---|
| For the quarter ended December 31, 2022, the principal amount of new investments funded was $211.9 million across 7 new portfolio companies, 5 existing portfolio companies and 1 structured credit position. For this period, the Company had $281.6 million aggregate principal amount in exits and repayments. For the quarter ended September 30, 2022, the principal amount of new investments funded was $274.4 million across 7 new portfolio companies, 6 existing portfolio companies and 18 structured credit investments. For this period, the Company had $15.8 million aggregate principal amount in exits and repayments. | **Average Investment Size<sup>1</sup>** |
| For the quarter ended December 31, 2022, the principal amount of new investments funded was $211.9 million across 7 new portfolio companies, 5 existing portfolio companies and 1 structured credit position. For this period, the Company had $281.6 million aggregate principal amount in exits and repayments. For the quarter ended September 30, 2022, the principal amount of new investments funded was $274.4 million across 7 new portfolio companies, 6 existing portfolio companies and 18 structured credit investments. For this period, the Company had $15.8 million aggregate principal amount in exits and repayments. | **$35.1MM<br>*(1.3% of the portfolio at fair value)*** |

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|:---|:---|
| As of December 31, 2022 and September 30, 2022, the Company had investments in 78<sup>1</sup> and 75<sup>2</sup> portfolio companies, respectively, with an aggregate fair value of $2,787.9 million and $2,806.1 million, respectively. As of December 31, 2022, the average investment size in each portfolio company was $35.1<sup>1</sup> million based on fair value. | **First Lien Debt Investments (% FV)** |
| As of December 31, 2022 and September 30, 2022, the Company had investments in 78<sup>1</sup> and 75<sup>2</sup> portfolio companies, respectively, with an aggregate fair value of $2,787.9 million and $2,806.1 million, respectively. As of December 31, 2022, the average investment size in each portfolio company was $35.1<sup>1</sup> million based on fair value. | **90.3%** |

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|:---|:---|
| As of December 31, 2022, the Company's portfolio based on fair value consisted of 90.3% first-lien debt investments, 1.5% second-lien debt investments, 1.8% structured credit investments, 0.4% mezzanine debt investments, and 6.0% equity and other investments. As of September 30, 2022, the Company's portfolio based on fair value consisted of 90.4% first-lien debt investments, 1.5% second-lien debt investments, 1.8% structured credit investments, 0.4% mezzanine investments, and 5.9% equity and other investments.  | **Floating Rate Debt Investments<sup>3</sup>** <br> **(% FV)** |
| As of December 31, 2022, the Company's portfolio based on fair value consisted of 90.3% first-lien debt investments, 1.5% second-lien debt investments, 1.8% structured credit investments, 0.4% mezzanine debt investments, and 6.0% equity and other investments. As of September 30, 2022, the Company's portfolio based on fair value consisted of 90.4% first-lien debt investments, 1.5% second-lien debt investments, 1.8% structured credit investments, 0.4% mezzanine investments, and 5.9% equity and other investments.  | **98.9%** |

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| | | |
|:---|:---|:---|
| As of December 31, 2022, 98.9% of debt investments based on fair value in the portfolio bore interest at floating rates, with 100.0% of these subject to reference rate floors. The Company's credit facilities also bear interest at floating rates. In connection with the Company's Unsecured Notes, which bear interest at fixed rates, the Company has entered into fixed-to-floating interest rate swaps in order to align the nature of the interest rates of its liabilities with its investment portfolio.<br> For the period ended December 31, 2022 and September 30, 2022, the weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 13.5% and 12.3%, respectively, and the weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 13.4% and 12.2%, respectively.<br> As of December 31, 2022, non-accrual investments represented less than 0.01% of the portfolio at fair value.  | **Weighted Average Yield of Debt and Incoming-Producing Securities** | **Weighted Average Yield of Debt and Incoming-Producing Securities** |
| As of December 31, 2022, 98.9% of debt investments based on fair value in the portfolio bore interest at floating rates, with 100.0% of these subject to reference rate floors. The Company's credit facilities also bear interest at floating rates. In connection with the Company's Unsecured Notes, which bear interest at fixed rates, the Company has entered into fixed-to-floating interest rate swaps in order to align the nature of the interest rates of its liabilities with its investment portfolio.<br> For the period ended December 31, 2022 and September 30, 2022, the weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 13.5% and 12.3%, respectively, and the weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 13.4% and 12.2%, respectively.<br> As of December 31, 2022, non-accrual investments represented less than 0.01% of the portfolio at fair value.  | **Yield at Fair Value:** | **13.5%** |
| As of December 31, 2022, 98.9% of debt investments based on fair value in the portfolio bore interest at floating rates, with 100.0% of these subject to reference rate floors. The Company's credit facilities also bear interest at floating rates. In connection with the Company's Unsecured Notes, which bear interest at fixed rates, the Company has entered into fixed-to-floating interest rate swaps in order to align the nature of the interest rates of its liabilities with its investment portfolio.<br> For the period ended December 31, 2022 and September 30, 2022, the weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 13.5% and 12.3%, respectively, and the weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 13.4% and 12.2%, respectively.<br> As of December 31, 2022, non-accrual investments represented less than 0.01% of the portfolio at fair value.  | **Yield at Amortized Cost:** | **13.4%** |
| As of December 31, 2022, 98.9% of debt investments based on fair value in the portfolio bore interest at floating rates, with 100.0% of these subject to reference rate floors. The Company's credit facilities also bear interest at floating rates. In connection with the Company's Unsecured Notes, which bear interest at fixed rates, the Company has entered into fixed-to-floating interest rate swaps in order to align the nature of the interest rates of its liabilities with its investment portfolio.<br> For the period ended December 31, 2022 and September 30, 2022, the weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 13.5% and 12.3%, respectively, and the weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 13.4% and 12.2%, respectively.<br> As of December 31, 2022, non-accrual investments represented less than 0.01% of the portfolio at fair value.  | &nbsp;&nbsp; <br>1. As of December 31, 2022, excludes 43 structured credit investments with a total fair value of $51.4 million. <br> 2. As of September 30, 2022, excludes 43 structured credit investments with a total fair value of $52.0 million. <br> 3. Calculation includes income earning debt investments only. | &nbsp;&nbsp; <br>1. As of December 31, 2022, excludes 43 structured credit investments with a total fair value of $51.4 million. <br> 2. As of September 30, 2022, excludes 43 structured credit investments with a total fair value of $52.0 million. <br> 3. Calculation includes income earning debt investments only. |

---

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![](g1dcxvcur2tx000001.jpg)

#### Results of Operations for the full year and Three Months Ended december 31, 2022

#### Full Year

---

| | | |
|:---|:---|:---|
| For the years ended December 31, 2022 and 2021, investment income totaled $309.3 million and $278.6 million, respectively. The increase in investment income was primarily the result of higher interest from investments driven by increased all-in yields. <br> Net expenses totaled $140.4 million and $135.8 million for the years ended December 31, 2022 and 2021, respectively. The increase in net expenses was primarily due to the upward movement in reference rates which increased the Company's weighted average interest rate on average debt outstanding. | **2022** | **2022** |
| For the years ended December 31, 2022 and 2021, investment income totaled $309.3 million and $278.6 million, respectively. The increase in investment income was primarily the result of higher interest from investments driven by increased all-in yields. <br> Net expenses totaled $140.4 million and $135.8 million for the years ended December 31, 2022 and 2021, respectively. The increase in net expenses was primarily due to the upward movement in reference rates which increased the Company's weighted average interest rate on average debt outstanding. | **Investment Income:** | **$309.3MM** |
| For the years ended December 31, 2022 and 2021, investment income totaled $309.3 million and $278.6 million, respectively. The increase in investment income was primarily the result of higher interest from investments driven by increased all-in yields. <br> Net expenses totaled $140.4 million and $135.8 million for the years ended December 31, 2022 and 2021, respectively. The increase in net expenses was primarily due to the upward movement in reference rates which increased the Company's weighted average interest rate on average debt outstanding. | **Net Expenses:** | **$140.4MM** |
| For the years ended December 31, 2022 and 2021, investment income totaled $309.3 million and $278.6 million, respectively. The increase in investment income was primarily the result of higher interest from investments driven by increased all-in yields. <br> Net expenses totaled $140.4 million and $135.8 million for the years ended December 31, 2022 and 2021, respectively. The increase in net expenses was primarily due to the upward movement in reference rates which increased the Company's weighted average interest rate on average debt outstanding. |  |  |

---

#### Fourth Quarter

---

| | | |
|:---|:---|:---|
| For the three months ended December 31, 2022 and 2021, total investment income was $100.1 million and $78.3 million, respectively. The increase in total investment income was primarily the result of higher interest from investments driven by increased all-in yields.  | **Q4 2022** | **Q4 2022** |
| For the three months ended December 31, 2022 and 2021, total investment income was $100.1 million and $78.3 million, respectively. The increase in total investment income was primarily the result of higher interest from investments driven by increased all-in yields.  | **Investment Income:** | **$100.1MM** |
| For the three months ended December 31, 2022 and 2021, total investment income was $100.1 million and $78.3 million, respectively. The increase in total investment income was primarily the result of higher interest from investments driven by increased all-in yields.  | **Net Expenses:** | **$46.4MM** |

---

---

| | |
|:---|:---|
| Net expenses totaled $46.4 million and $32.5 million for the three months ended December 31, 2022 and 2021, respectively. The increase in expenses was primarily driven by higher interest expense resulting from an increase in the average debt outstanding and higher incentive fees due to an increase in pre-incentive fee net investment income. | **Total Principal Debt Outstanding** |
| Net expenses totaled $46.4 million and $32.5 million for the three months ended December 31, 2022 and 2021, respectively. The increase in expenses was primarily driven by higher interest expense resulting from an increase in the average debt outstanding and higher incentive fees due to an increase in pre-incentive fee net investment income. | **$1,516.8MM** |
| Net expenses totaled $46.4 million and $32.5 million for the three months ended December 31, 2022 and 2021, respectively. The increase in expenses was primarily driven by higher interest expense resulting from an increase in the average debt outstanding and higher incentive fees due to an increase in pre-incentive fee net investment income. |  |
| Net expenses totaled $46.4 million and $32.5 million for the three months ended December 31, 2022 and 2021, respectively. The increase in expenses was primarily driven by higher interest expense resulting from an increase in the average debt outstanding and higher incentive fees due to an increase in pre-incentive fee net investment income. |  |

---

#### Debt and Capital Resources

---

| | | |
|:---|:---|:---|
| As of December 31, 2022, the Company had $25.6 million in cash and cash equivalents (including $15.4 million of restricted cash), total principal value of debt outstanding of $1,516.8 million, and $865.7 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. At year end, aggregate commitments under the Company's revolving credit facility were $1.585 billion, in accordance with the accordion feature.<br> The Company's weighted average interest rate on debt outstanding was 5.6% and 4.3% for the three months ended December 31, 2022 and September 30, 2022, respectively. At December 31, 2022, the Company's debt to equity ratio was 1.13x, compared to 1.16x at September 30, 2022. Average debt to equity was 1.14x and 1.15x during the three months ended December 31, 2022 and September 30, 2022, respectively. | **Debt-to-Equity Ratio** | **Debt-to-Equity Ratio** |
| As of December 31, 2022, the Company had $25.6 million in cash and cash equivalents (including $15.4 million of restricted cash), total principal value of debt outstanding of $1,516.8 million, and $865.7 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. At year end, aggregate commitments under the Company's revolving credit facility were $1.585 billion, in accordance with the accordion feature.<br> The Company's weighted average interest rate on debt outstanding was 5.6% and 4.3% for the three months ended December 31, 2022 and September 30, 2022, respectively. At December 31, 2022, the Company's debt to equity ratio was 1.13x, compared to 1.16x at September 30, 2022. Average debt to equity was 1.14x and 1.15x during the three months ended December 31, 2022 and September 30, 2022, respectively. | **Q4 2022 Quarter End:** | **1.13x** |
| As of December 31, 2022, the Company had $25.6 million in cash and cash equivalents (including $15.4 million of restricted cash), total principal value of debt outstanding of $1,516.8 million, and $865.7 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. At year end, aggregate commitments under the Company's revolving credit facility were $1.585 billion, in accordance with the accordion feature.<br> The Company's weighted average interest rate on debt outstanding was 5.6% and 4.3% for the three months ended December 31, 2022 and September 30, 2022, respectively. At December 31, 2022, the Company's debt to equity ratio was 1.13x, compared to 1.16x at September 30, 2022. Average debt to equity was 1.14x and 1.15x during the three months ended December 31, 2022 and September 30, 2022, respectively. | **2022 Average<sup>1</sup>:** | **1.03x** |
| As of December 31, 2022, the Company had $25.6 million in cash and cash equivalents (including $15.4 million of restricted cash), total principal value of debt outstanding of $1,516.8 million, and $865.7 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. At year end, aggregate commitments under the Company's revolving credit facility were $1.585 billion, in accordance with the accordion feature.<br> The Company's weighted average interest rate on debt outstanding was 5.6% and 4.3% for the three months ended December 31, 2022 and September 30, 2022, respectively. At December 31, 2022, the Company's debt to equity ratio was 1.13x, compared to 1.16x at September 30, 2022. Average debt to equity was 1.14x and 1.15x during the three months ended December 31, 2022 and September 30, 2022, respectively. | **Q4 2022 Average<sup>1</sup>:** | **1.14x** |
| As of December 31, 2022, the Company had $25.6 million in cash and cash equivalents (including $15.4 million of restricted cash), total principal value of debt outstanding of $1,516.8 million, and $865.7 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. At year end, aggregate commitments under the Company's revolving credit facility were $1.585 billion, in accordance with the accordion feature.<br> The Company's weighted average interest rate on debt outstanding was 5.6% and 4.3% for the three months ended December 31, 2022 and September 30, 2022, respectively. At December 31, 2022, the Company's debt to equity ratio was 1.13x, compared to 1.16x at September 30, 2022. Average debt to equity was 1.14x and 1.15x during the three months ended December 31, 2022 and September 30, 2022, respectively. | 1.&nbsp;&nbsp;&nbsp;&nbsp; Daily average debt outstanding during the quarter divided by the daily average net assets during the quarter. Daily average net assets is calculated by starting with the prior quarter end net asset value and adjusting for capital activity during the quarter (adding common stock offerings / DRIP contributions)**.** | 1.&nbsp;&nbsp;&nbsp;&nbsp; Daily average debt outstanding during the quarter divided by the daily average net assets during the quarter. Daily average net assets is calculated by starting with the prior quarter end net asset value and adjusting for capital activity during the quarter (adding common stock offerings / DRIP contributions)**.** |

---

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![](g1dcxvcur2tx000001.jpg)

#### LIQUIDITY AND FUNDING PROFILE

#### Liquidity
The following tables summarize the Company's liquidity at December 31, 2022 and changes to unfunded commitments since September 30, 2022.

$ Millions

---

| | | | |
|:---|:---|:---|:---|
| **Revolving Credit Facility** | **Revolving Credit Facility** | **Unfunded Commitment Activity** | **Unfunded Commitment Activity** |
| **Revolver Capacity**  | **$1585** | **Unfunded Commitments (See Note 8 in 9/30/22 10-Q)**  | **$394** |
| Drawn on Revolver  | ($719) | Extinguished Unfunded Commitments  | ($50) |
| Unrestricted Cash Balance  | $10 | New Unfunded Commitments  | $30 |
| **Total Liquidity (Pre-Unfunded Commitments)**  | **$876** | Net Drawdown of Unfunded Commitments  | ($38) |
| Available Unfunded Commitments<sup>1</sup>  | ($178) | **Total Unfunded Commitments**  | **$336** |
| **Total Liquidity (Burdened for Unfunded Commitments)**  | **$698** | Unavailable Unfunded Commitments<sup>1</sup> | ($158) |
|  |  | **Available Unfunded Commitments<sup>1</sup>** | **$178** |

---

1. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

Note: May not sum due to rounding.

#### Funding Profile
At December 31, 2022, the Company's funding mix was comprised of 53% unsecured and 47% secured debt. As illustrated below, the Company's weighted average remaining life of investments funded with debt was ~2.6 years, compared to a weighted average remaining maturity on debt of ~3.8 years\*\*\*. Post quarter-end, the Company satisfied the maturity of its $150 million January 2023 unsecured notes through utilization of undrawn capacity on its revolving credit facility.

![](g1dcxvcur2tx000005.jpg)

![](g1dcxvcur2tx000006.jpg)

\*Includes $25 million of non-extending commitments with a maturity of January 31, 2025 and a revolving period ending January 31, 2024 and $50 million of non-extending commitments with a maturity of February 4, 2026 and a revolving period ending February 4, 2025.

\*\*$150 million unsecured notes with a January 22, 2023 maturity date were repaid post-quarter end. \*\*\*Adjusted for the repayment of the January 2023 unsecured notes that were repaid on January 23, 2023.

1. Net of Deferred Financing Costs and Interest Rate Fair Value Hedging. Deferred Financing Costs total $19.1M at 12/31/21, $17.8M at 3/31/22, $20.6M at 6/30/22, $19.1M at 9/30/22 and $17.8M at 12/31/22. Fair value hedge on interest rate swaps related to the 2024 and 2026 notes total $2.5M at 9/30/21, ($5.9M) at 12/31/21, ($33.0M) at 3/31/22, ($41.1M) at 6/30/22, ($58.3M) at 9/30/22 and ($55.1M) at 12/31/22.

2. Weighted by amortized cost of debt investments. Investments are financed by debt and equity capital. This analysis assumes longer-dated investments are currently funded by equity capital (48% of investments) and the remaining (shorter-dated) investments (52% of investments) are currently funded by debt financing. Investments for purposes of this analysis exclude unfunded commitments, and equity capital is defined as 12/31/22 net assets.

3. Weighted by gross commitment amount.

Note: Numbers may not sum due to rounding.

------

![](g1dcxvcur2tx000001.jpg)

## Conference Call and Webcast

#### Conference Call Information:
A conference call to discuss the Company's financial results will be held at 8:30 a.m. Eastern Time on February 17, 2023. The conference call will be broadcast live in listen-only mode on the Investor Resources section of TSLX's website at https://sixthstreetspecialtylending.gcs-web.com/events-and-presentations. The Events & Presentations page of the Investor Resources section of TSLX's website also includes a slide presentation that complements the Earnings Conference Call. Please visit the website to test your connection before the webcast.

Research analysts who wish to participate in the conference call must first register at https://register.vevent.com/register/BI882d24f38fa541baa631789746d23403. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call.

#### Replay Information:
A recorded version will be available under the same webcast link (<u>https://sixthstreetspecialtylending.gcs-web.com/events-and-presentations</u>) following the conclusion of the conference call.

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![](g1dcxvcur2tx000001.jpg)

## Financial Highlights
*(Amounts in millions, except per share amounts)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Three Months Ended** | **Three Months Ended** |  |  |
|  |  |  | (unaudited) | (unaudited) |  |  |
|  | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
| Investments at Fair Value | $— | 2787.9 | $— | 2806.1 | $— | 2521.6 |
| Total Assets | $— | 2836.9 | $— | 2859.7 | $— | 2551.9 |
| Net Asset Value Per Share | $— | 16.48 | $— | 16.36 | $— | 16.84 |
| Supplemental Dividend Per Share | $— | 0.09 | $— | 0.00 | $— | 0.11 |
| Special Dividend Per Share | $— |  | $— |  | $— |  |
| Adjusted Net Asset Value Per Share <sup>(1)</sup> | $— | 16.39 | $— | 16.36 | $— | 16.73 |
| Investment Income | $— | 100.1 | $— | 77.8 | $— | 78.3 |
| Net Investment Income | $— | 52.6 | $— | 37.2 | $— | 46.2 |
| Net Income | $— | 46.3 | $— | 34.4 | $— | 41.8 |
| Accrued Capital Gains Incentive Fee Expense | $— | (1.1) | $— | (0.0) | $— | (0.0) |
| Adjusted Net Investment Income <sup>(2)</sup> | $— | 51.5 | $— | 37.2 | $— | 46.2 |
| Adjusted Net Income <sup>(2)</sup> | $— | 45.1 | $— | 34.4 | $— | 41.8 |
| Net Investment Income Per Share | $0.65 | 0.65 | $0.47 | 0.47 | $— | 0.63 |
| Net Income (Loss) Per Share | $— | 0.57 | $— | 0.43 | $— | 0.57 |
| Accrued Capital Gains Incentive Fee Expense Per Share | $— | (0.01) | $— | (0.00) | $— | (0.00) |
| Adjusted Net Investment Income Per Share <sup>(2)</sup> | $— | 0.64 | $— | 0.47 | $— | 0.63 |
| Adjusted Net Income (Loss) Per Share <sup>(2)</sup> | $— | 0.56 | $— | 0.43 | $— | 0.57 |
| Annualized Return on Equity (Net Investment Income) <sup>(3)</sup> |  | 15.9% |  | 11.5% |  | 14.6% |
| Annualized Return on Equity (Net Income) <sup>(3)</sup> |  | 14.0% |  | 10.7% |  | 13.2% |
| Annualized Return on Equity (Adjusted Net Investment Income) <sup>(2)(3)</sup> |  | 15.5% |  | 11.5% |  | 14.6% |
| Annualized Return on Equity (Adjusted Net Income) <sup>(2)(3)</sup> |  | 13.6% |  | 10.6% |  | 13.2% |
| Weighted Average Yield of Debt and Income Producing Securities at Fair Value |  | 13.5% |  | 12.3% |  | 10.0% |
| Weighted Average Yield of Debt and Income Producing Securities at Amortized Cost |  | 13.4% |  | 12.2% |  | 10.2% |
| Percentage of Debt Investment Commitments at Floating Rates <sup>(4)</sup> |  | 98.9% |  | 98.9% |  | 98.9% |

---

1. Adjusted net asset value per share gives effect to the supplemental dividend declared related to earnings or special dividend in the applicable period.

2. Adjusted to exclude the capital gains incentive fee that was accrued, but not paid, related to cumulative unrealized capital gains in excess of cumulative net realized capital gains less any cumulative unrealized losses and capital gains incentive fees paid inception to date.

3. Return on equity is calculated using prior period's ending net asset value per share.

4. Includes one or more fixed rate investments for which the Company entered into an interest rate swap agreement to swap to floating rate. Calculation includes income earning debt investments only.

------

![](g1dcxvcur2tx000001.jpg)

## Financial Statements and Tables

#### Sixth Street Specialty Lending, Inc. Consolidated Balance Sheets
*(Amounts in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| **Assets** |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, non-affiliated investments (amortized cost of $2,707,442 and $2,354,984, respectively) | $2717170 | $2434797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, affiliated investments (amortized cost of $0 and $12,666, respectively) |  | 27017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Controlled, affiliated investments (amortized cost of $67,284 and $64,362, respectively) | 70755 | 59779 |
| Total investments at fair value (amortized cost of $2,774,726 and $2,432,012, respectively) | 2787925 | 2521593 |
| Cash and cash equivalents (restricted cash of $15,437 and $14,399 respectively) | 25647 | 15967 |
| Interest receivable | 18846 | 10775 |
| Prepaid expenses and other assets | 4529 | 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $2836947 | $2551857 |
| **Liabilities** |  |  |
| Debt (net of deferred financing costs of $17,760 and $19,147, respectively) | $1441796 | $1185964 |
| Management fees payable to affiliate | 10526 | 9380 |
| Incentive fees on net investment income payable to affiliate | 10918 | 9789 |
| Incentive fees on net capital gains accrued to affiliate | 6064 | 14928 |
| Dividends payable |  | 30926 |
| Other payables to affiliate | 3265 | 3149 |
| Other liabilities | 22809 | 21873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 1495378 | 1276009 |
| Commitments and contingencies (Note 8) |  |  |
| **Net Assets** |  |  |
| Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares<br> &nbsp;&nbsp;&nbsp;&nbsp;issued and outstanding |  |  |
| Common stock, $0.01 par value; 400,000,000 shares authorized, 82,053,537<br> &nbsp;&nbsp;&nbsp;&nbsp;and 76,067,586 shares issued, respectively; and 81,389,287 and 75,771,542<br> &nbsp;&nbsp;&nbsp;&nbsp;shares outstanding, respectively | 821 | 761 |
| Additional paid-in capital | 1294751 | 1189275 |
| Treasury stock at cost; 664,250 and 296,044 shares held, respectively | (10459) | (4291) |
| Distributable earnings | 56456 | 90103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | 1341569 | 1275848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities and Net Assets** | $2836947 | $2551857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value Per Share** | $16.48 | $16.84 |

---

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![](g1dcxvcur2tx000001.jpg)

#### Sixth Street Specialty Lending, Inc.
Consolidated Statements of Operations

*(Amounts in thousands, except share and per share amounts)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **December 31, 2020** |
| **Income** |  |  |  |
| Investment income from non-controlled, non-affiliated investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from investments | $292442 | $261782 | $237260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 2159 | 3426 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 9502 | 7751 | 22174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income from non-controlled, non-affiliated investments | 304103 | 272959 | 261250 |
| Investment income from non-controlled, affiliated investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from investments | 133 | 838 | 4606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | 740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income from non-controlled, affiliated investments | 133 | 1578 | 4974 |
| Investment income from controlled, affiliated investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from investments | 5064 | 4039 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 5 | 17 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income from controlled, affiliated investments | 5069 | 4056 | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 309305 | 278593 | 270037 |
| **Expenses** |  |  |  |
| Interest | 62991 | 38825 | 39402 |
| Management fees | 39900 | 37081 | 32105 |
| Incentive fees on net investment income | 33401 | 33062 | 31483 |
| Incentive fees on net capital gains | (8864) | 13507 | 1421 |
| Professional fees | 7192 | 6586 | 6775 |
| Directors' fees | 736 | 743 | 825 |
| Other general and administrative | 5427 | 6236 | 5262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 140783 | 136040 | 117273 |
| Management fees waived (Note 3) | (427) | (190) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 140356 | 135850 | 117273 |
| **Net Investment Income Before Income Taxes** | 168949 | 142743 | 152764 |
| Income taxes, including excise taxes | 2622 | 384 | 5760 |
| **Net Investment Income** | 166327 | 142359 | 147004 |
| **Unrealized and Realized Gains (Losses)** |  |  |  |
| Net change in unrealized gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, non-affiliated investments | (70085) | 17938 | 10304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, affiliated investments | (14350) | 14350 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled, affiliated investments | 8054 | 17450 | 18862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of other assets and liabilities in foreign currencies | 8721 | (591) | (5068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | (6748) | (6699) | 6812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax provision | (561) | (1902) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net change in unrealized gains (losses) | (74969) | 40546 | 33695 |
| Realized gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, non-affiliated investments | 1072 | 28849 | 25382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, affiliated investments | 13608 | (33) | 7854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled, affiliated investments | 55 |  | (36352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extinguishment of debt |  |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 2251 |  | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (291) | 59 | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net realized gains (losses) | 16695 | 28875 | (2591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Net Unrealized and Realized Gains (Losses)** | (58274) | 69421 | 31104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase in Net Assets Resulting from Operations** | $108053 | $211780 | $178108 |
| Earnings per common share—basic | $1.38 | $2.93 | $2.65 |
| Weighted average shares of common stock outstanding—basic | 78197826 | 72169488 | 67209078 |
| Earnings per common share—diluted | $1.38 | $2.79 | $2.65 |
| Weighted average shares of common stock outstanding—diluted | 78197826 | 77702258 | 67209078 |

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The Company's investment activity for the years ended December 31, 2022, 2021 and 2020 is presented below (information presented herein is at par value unless otherwise indicated).

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| ($ in millions) | **2022** | **2021** | **2020** |
| **New investment commitments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross originations | $4240.9 | $4269.9 | $3296.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Syndications/sell downs | 3156.7 | 3152.5 | 2112.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total new investment commitments | $1084.2 | $1117.4 | $1184.7 |
| **Principal amount of investments funded:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First-lien | $761.7 | $1022.1 | $909.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second-lien |  | 43.5 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine |  | 6.1 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity and other | 44.8 |  | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured credit | 57.5 | 45.7 | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $864.0 | $1117.4 | $939.0 |
| **Principal amount of investments sold or repaid:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First-lien | $645.4 | $962.6 | $922.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second-lien |  | 5.8 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mezzanine |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity and other | 4.3 | 31.7 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured credit | 4.1 | 4.4 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $653.8 | $1004.5 | $941.3 |
| **Number of new investment commitments in new portfolio**<br> **&nbsp;&nbsp;&nbsp;&nbsp;companies** | 65 | 25 | 31 |
| **Average new investment commitment amount in new portfolio**<br> **&nbsp;&nbsp;&nbsp;&nbsp;companies** | $14.6 | $47.5 | $30.9 |
| **Weighted average term for new investment commitments in new**<br> **&nbsp;&nbsp;&nbsp;&nbsp;portfolio companies (in years)** | 6.1 | 5.3 | 4.6 |
| **Percentage of new debt investment commitments at floating**<br> **&nbsp;&nbsp;&nbsp;&nbsp;rates <sup>(1)</sup>** | 98.9% | 99.5% | 98.8% |
| **Percentage of new debt investment commitments at fixed rates** | 1.1% | 0.5% | 1.2% |
| **Weighted average interest rate of new investment commitments** | 11.9% | 9.2% | 10.2% |
| **Weighted average spread over reference rate of new floating rate**<br> **&nbsp;&nbsp;&nbsp;&nbsp;investment commitments** | 7.8% | 9.0% | 10.0% |
| **Weighted average interest rate on investments sold or paid down** | 9.9% | 9.1% | 9.7% |

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1. Includes one fixed rate investment for the year ended December 31, 2020 and two fixed rate investments for the year ended December 31, 2019 for which we entered into interest rate swap agreements to swap to floating rates.

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#### About Sixth Street Specialty Lending
Sixth Street Specialty Lending is a specialty finance company focused on lending to middle-market companies. The Company seeks to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine loans and investments in corporate bonds and equity securities. The Company has elected to be regulated as a business development company, or a BDC, under the Investment Company Act of 1940 and the rules and regulations promulgated thereunder. The Company is externally managed by Sixth Street Specialty Lending Advisers, LLC, an affiliate of Sixth Street and a Securities and Exchange Commission ("SEC") registered investment adviser. The Company leverages the deep investment, sector, and operating resources of Sixth Street, a global investment firm with $65 billion in assets under management and committed capital. For more information, visit the Company's website at https://sixthstreetspecialtylending.com.

#### About Sixth Street
Sixth Street is a global investment firm with $65 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 400 team members including over 180 investment professionals around the world. For more information, visit https://sixthstreet.com or follow Sixth Street on LinkedIn.

#### Forward-Looking Statements
Statements included herein may constitute "forward-looking statements," which relate to future events or the Company's future performance or financial condition. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update any such forward-looking statements.

#### Non-GAAP Financial Measures
Adjusted net investment income and adjusted net income are each non-GAAP financial measures, which represent net investment income and net income, respectively, in each case less the impact of accrued capital gains incentive fee expenses. The Company believes that adjusted net investment income and adjusted net income provide useful information to investors regarding the fundamental earnings power of the business, and these figures are used by the Company to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

Investors:

Cami VanHorn, 469-621-2033

Sixth Street Specialty Lending

IRTSLX@sixthstreet.com

Media:

Patrick Clifford, 617-793-2004

Sixth Street

PClifford@sixthstreet.com