# EDGAR Filing Document

**Accession Number:** 0001508655
**File Stem:** 0000950170-25-100212
**Filing Date:** 2025-7
**Character Count:** 153852
**Document Hash:** 73fb45e1b98f7256132ca3308c9288ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100212.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950170-25-100212

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250730

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sixth Street Specialty Lending, Inc.
- **CENTRAL INDEX KEY:** 0001508655

**ORGANIZATION NAME:**
- **EIN:** 273380000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36364
- **FILM NUMBER:** 251166986

**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='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM** 8-K

------

**CURRENT REPORT**

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

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 30, 2025

------

Sixth Street Specialty Lending, Inc.

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

------

---

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

---

---

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

---

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

------

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:**

---

| | | |
|:---|:---|:---|
| **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 |

---

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. ☐

------

**Item 2.02 – Results of Operations and Financial Condition**

On July 30, 2025, Sixth Street Specialty Lending, Inc. (the "Company") issued a press release announcing its financial results for the second quarter ended June 30, 2025. 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 July 30, 2025, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a third quarter 2025 base dividend per share of $0.46 to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter 2025 supplemental dividend per share of $0.05 to shareholders of record as of August 29, 2025, payable on September 19, 2025.

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:

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [<u>Press Release, dated July 30, 2025</u>](tslx-ex99_1.htm) |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL |

---

------

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.

---

| | | |
|:---|:---|:---|
|  | 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: July 30, 2025 | By: | /s/ Ian Simmonds |
|  |  | Ian Simmonds |
|  |  | Chief Financial Officer |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img52863034_0.jpg](img52863034_0.jpg)

# **k** 

# **second QUARTER 2025 EARNINGS RESULTS** 
**Sixth Street Specialty Lending, Inc. Reports Second Quarter Results; Declares a Third Quarter Base Dividend Per Share of $0.46, and a Second Quarter Supplemental Dividend Per Share of $0.05.**

---

| | | |
|:---|:---|:---|
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | **Net Investment Income Per Share** | **Net Investment Income Per Share** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025**: | **$0.54** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (adjusted):** | **$0.56** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. |  |  |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | **Net Income Per Share** | **Net Income Per Share** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025:** | **$0.63** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (adjusted):** | **$0.64** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. |  |  |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | **Return on Equity** | **Return on Equity** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (NII):** | **12.7%** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (NI):** | **14.7%** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (Adj. NII):** | **13.1%** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (Adj. NI):** | **15.1%** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. |  |  |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | **NAV** | **NAV** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 ($MM):** | **$1617.6** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (per share):** | **$17.17** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (per share, adj):**  | **$17.12** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. |  |  |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | **Dividends Declared (per share)** | **Dividends Declared (per share)** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**Q2 2025 (Base):** | **$0.46** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**LTM Q2 2025 (Base):** | **$1.84** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**LTM Q2 2025 (Supplemental):**  | **$0.23** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. | &nbsp;&nbsp;**LTM Q2 2025 (Total):**  | **$2.07** |
| NEW YORK — July 30, 2025 — Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the "Company") today reported net investment income of $0.54 per share and net income of $0.63 per share for the second quarter ended June 30, 2025. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 12.7% and 14.7%, respectively.<br>Both net investment income per share and net income per share include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Excluding the impact of the accrued capital gains incentive fee expenses, the Company's adjusted net investment income and adjusted net income for the quarter ended June 30, 2025, were $52.3 million, or $0.56 per share, and $60.4 million, or $0.64 per share, respectively. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.1% and 15.1%, respectively.<br>Reported net asset value (NAV) per share was $17.17 at June 30, 2025 as compared to NAV per share of $17.04 or an adjusted NAV per share of $16.98 at March 31, 2025 (which accounts for the impact of the $0.06 per share first quarter 2025 supplemental dividend). The main drivers of this quarter's NAV per share growth were the continued overearning of the Company's base quarterly dividend and net unrealized gains from investments.<br>The Company announced that its Board of Directors has declared a third quarter 2025 base dividend of $0.46 per share to shareholders of record as of September 15, 2025, payable on September 30, 2025, and a second quarter supplemental dividend of $0.05 per share to shareholders of record as of August 29, 2025, payable on September 19, 2025. Adjusted for the impact of the supplemental dividend related to this quarter's earnings, the Company's Q2 adjusted NAV per share was $17.12. |  |  |

---

------

![img52863034_0.jpg](img52863034_0.jpg)

**Portfolio and Investment Activity**

---

| | | |
|:---|:---|:---|
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **Q2 2025 Origination Activity** | **Q2 2025 Origination Activity** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | &nbsp;&nbsp;**Commitments:** | **$297.7MM** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | &nbsp;&nbsp;**Fundings:** | **$208.6MM** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | &nbsp;&nbsp;**Net Payoffs:** | **$180.0MM** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. |  |  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **Average Investment Size** | **Average Investment Size** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **$30.2MM** | **$30.2MM** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | *(0.9% of the portfolio at fair value)* | *(0.9% of the portfolio at fair value)* |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. |  |  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. |  |  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **First Lien Debt Investments (% FV)** | **First Lien Debt Investments (% FV)** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **92.4%** | **92.4%** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. |  |  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. |  |  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **Floating Rate Debt Investments**<sup>1</sup>  | **Floating Rate Debt Investments**<sup>1</sup>  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **(% FV)** | **(% FV)** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **96.5%** | **96.5%** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. |  |  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | **Weighted Average Yield of Debt and Incoming-Producing Securities** | **Weighted Average Yield of Debt and Incoming-Producing Securities** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | &nbsp;&nbsp;**Yield at Fair Value:**  | **11.7%** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | &nbsp;&nbsp;**Yield at Amortized Cost:** | **12.0%** |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. |  |  |
| For the quarter ended June 30, 2025, new investment commitments totaled $297.7 million. This compares to $154.4 million for the quarter ended March 31, 2025.<br>For the quarter ended June 30, 2025, the principal amount of new investments funded was $208.6 million across thirteen new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $388.7 million aggregate principal amount in exits and repayments. For the quarter ended March 31, 2025, the principal amount of new investments funded was $136.8 million across six new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $269.6 million aggregate principal amount in exits and repayments.<br>As of June 30, 2025 and March 31, 2025, the Company had investments in 109 and 115 portfolio companies, respectively, with an aggregate fair value of $3,294.9 million and $3,412.0 million, respectively. As of June 30, 2025, the average investment size in each portfolio company was $30.2 million based on fair value.<br>As of June 30, 2025, the Company's portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments, and 5.1% equity investments. As of March 31, 2025, the Company's portfolio based on fair value consisted of 92.9% first-lien debt investments, 1.0% second-lien debt investments, 1.5% mezzanine debt investments, and 4.6% equity and other investments.<br>As of June 30, 2025, 96.5% of debt investments<sup>1</sup> 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>As of June 30, 2025 and March 31, 2025, 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 11.7% and 12.1%, 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 12.0% and 12.3% for the quarter ended June 30, 2025 and March 31, 2025, respectively.<br>As of June 30, 2025 and March 31, 2025, 0.6% and 1.2% of the portfolio at fair value was on non-accrual status, respectively. The decline was driven by the restructuring of Lithium Technologies during the quarter, which is now paying cash interest and therefore has been removed from non-accrual status. No new investments were added to non-accrual status during the quarter. | 1. Calculation includes income earning debt investments only. | 1. Calculation includes income earning debt investments only. |

---

------

![img52863034_0.jpg](img52863034_0.jpg)

**RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Total Investment Income** |  |  |
|  | **Total Investment Income** | **Total Investment Income** |
| For the three months ended June 30, 2025 and 2024, investment income was $115.0 million and $121.8 million, respectively. The decrease in investment income was largely the result of lower interest rates, partially offset by higher activity-based fee income. | **Total Investment Income** | **Total Investment Income** |
| For the three months ended June 30, 2025 and 2024, investment income was $115.0 million and $121.8 million, respectively. The decrease in investment income was largely the result of lower interest rates, partially offset by higher activity-based fee income. | <br>**$115.0MM** | <br>**$115.0MM** |
| **Net Expenses** |  |  |
|  | **Net Expenses** | **Net Expenses** |
| Net expenses totaled $62.9 million and $65.4 million for the three months ended June 30, 2025 and 2024, respectively. The decrease in net expenses was primarily due to the downward movement in reference rates which decreased the Company's weighted average interest rate on average debt outstanding. | **Net Expenses** | **Net Expenses** |
| Net expenses totaled $62.9 million and $65.4 million for the three months ended June 30, 2025 and 2024, respectively. The decrease in net expenses was primarily due to the downward movement in reference rates which decreased the Company's weighted average interest rate on average debt outstanding. | <br>**$62.9MM** | <br>**$62.9MM** |
| **Debt and Capital Resources** |  |  |
| As of June 30, 2025, the Company had $39.2 million in cash and cash equivalents (including $35.3 million of restricted cash), total principal value of debt outstanding of $1,757.1 million, and $1,148.2 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. The Company's weighted average interest rate on debt outstanding was 6.3% and 6.4% for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. At June 30, 2025, the Company's debt to equity ratio was 1.09x, compared to 1.18x at March 31, 2025. Average debt to equity was 1.20x for the three-month period ended June 30, 2025, compared to 1.19x for the three-month period ended March 31, 2025. | **Total Principal Debt Outstanding** | **Total Principal Debt Outstanding** |
| As of June 30, 2025, the Company had $39.2 million in cash and cash equivalents (including $35.3 million of restricted cash), total principal value of debt outstanding of $1,757.1 million, and $1,148.2 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. The Company's weighted average interest rate on debt outstanding was 6.3% and 6.4% for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. At June 30, 2025, the Company's debt to equity ratio was 1.09x, compared to 1.18x at March 31, 2025. Average debt to equity was 1.20x for the three-month period ended June 30, 2025, compared to 1.19x for the three-month period ended March 31, 2025. | **$1,757.1MM** | **$1,757.1MM** |
| As of June 30, 2025, the Company had $39.2 million in cash and cash equivalents (including $35.3 million of restricted cash), total principal value of debt outstanding of $1,757.1 million, and $1,148.2 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. The Company's weighted average interest rate on debt outstanding was 6.3% and 6.4% for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. At June 30, 2025, the Company's debt to equity ratio was 1.09x, compared to 1.18x at March 31, 2025. Average debt to equity was 1.20x for the three-month period ended June 30, 2025, compared to 1.19x for the three-month period ended March 31, 2025. |  |  |
| As of June 30, 2025, the Company had $39.2 million in cash and cash equivalents (including $35.3 million of restricted cash), total principal value of debt outstanding of $1,757.1 million, and $1,148.2 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. The Company's weighted average interest rate on debt outstanding was 6.3% and 6.4% for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. At June 30, 2025, the Company's debt to equity ratio was 1.09x, compared to 1.18x at March 31, 2025. Average debt to equity was 1.20x for the three-month period ended June 30, 2025, compared to 1.19x for the three-month period ended March 31, 2025. | **Debt-to-Equity Ratio** | **Debt-to-Equity Ratio** |
| As of June 30, 2025, the Company had $39.2 million in cash and cash equivalents (including $35.3 million of restricted cash), total principal value of debt outstanding of $1,757.1 million, and $1,148.2 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. The Company's weighted average interest rate on debt outstanding was 6.3% and 6.4% for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. At June 30, 2025, the Company's debt to equity ratio was 1.09x, compared to 1.18x at March 31, 2025. Average debt to equity was 1.20x for the three-month period ended June 30, 2025, compared to 1.19x for the three-month period ended March 31, 2025. | &nbsp;&nbsp;**Q2 2025 Quarter End:** | **1.09x** |
| As of June 30, 2025, the Company had $39.2 million in cash and cash equivalents (including $35.3 million of restricted cash), total principal value of debt outstanding of $1,757.1 million, and $1,148.2 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. The Company's weighted average interest rate on debt outstanding was 6.3% and 6.4% for the three-month periods ended June 30, 2025 and March 31, 2025, respectively. At June 30, 2025, the Company's debt to equity ratio was 1.09x, compared to 1.18x at March 31, 2025. Average debt to equity was 1.20x for the three-month period ended June 30, 2025, compared to 1.19x for the three-month period ended March 31, 2025. | &nbsp;&nbsp;**Q2 2025 Average**<sup>1</sup>**:** | **1.20x** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.Daily average debt outstanding during the quarter divided by the average net assets during the quarter. 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). |  |  |

---

------

![img52863034_0.jpg](img52863034_0.jpg)

**LIQUIDITY AND FUNDING PROFILE**

**Liquidity**

The following tables summarize the Company's liquidity at June 30, 2025 and changes to unfunded commitments since March 31, 2025.

$ Millions

---

| | | | |
|:---|:---|:---|:---|
| **Revolving Credit Facility**<sup>1</sup> | **Revolving Credit Facility**<sup>1</sup> | **Unfunded Commitment Activity** | **Unfunded Commitment Activity** |
| **Revolver Capacity** | **$1675** | **Unfunded Commitments (See Note 8 in 3/31/25 10-Q)**  | **$323** |
| Drawn on Revolver  | ($507) | Extinguished Unfunded Commitments  | ($41) |
| Unrestricted Cash Balance  | $4 | New Unfunded Commitments  | $126 |
| Issued Letters of Credit | ($20) | Net Drawdown of Unfunded Commitments | ($67) |
| **Total Liquidity (Pre-Unfunded Commitments)**  | **$1152** | **Total Unfunded Commitments** | **$341** |
| Available Unfunded Commitments<sup>2</sup> | ($159) | Unavailable Unfunded Commitments<sup>2</sup> | ($182) |
| **Total Liquidity (Burdened for Unfunded Commitments)** | **$993** | **Available Unfunded Commitments**<sup>2</sup> | **$159** |

---

1. Includes $150 million of non-extending commitments with a maturity of April 23, 2027 and a revolving period ending April 24, 2026.

2. 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 June 30, 2025, the Company's funding mix was comprised of approximately 71% unsecured and 29% secured debt. As illustrated below, the Company's nearest debt maturity is in August 2026 at $300 million, and the weighted average remaining life of investments funded with debt was ~2.5 years, compared to a weighted average remaining maturity on debt of ~3.9 years<sup>2</sup>.

![img52863034_1.jpg](img52863034_1.jpg)

1. Includes $150 million of remaining non-extending commitments with a maturity of April 23, 2027 and a revolving period ending April 24, 2026. The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements

2. Weighted by gross commitment amount.

Note: Numbers may not sum due to rounding.

------

![img52863034_0.jpg](img52863034_0.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 July 31, 2025. 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-conf.media-server.com/register/BI73c5fa5d5e2f499687125b817183a9f2. 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 (https://sixthstreetspecialtylending.gcs-web.com/events-and-presentations) following the conclusion of the conference call.

------

![img52863034_0.jpg](img52863034_0.jpg)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Three Months Ended** | **Three Months Ended** |  |  |
|  |  |  | **(unaudited)** | **(unaudited)** |  |  |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **June 30, 2024** | **June 30, 2024** |
| Investments at Fair Value | $— | 3294.9 | $— | 3518.4 | $— | 3317.1 |
| Total Assets | $— | 3415.8 | $— | 3582.2 | $— | 3387.0 |
| Net Asset Value Per Share | $— | 17.17 | $— | 17.16 | $— | 17.19 |
| Supplemental Dividend Per Share | $— | 0.05 | $— | 0.07 | $— | 0.06 |
| Adjusted Net Asset Value Per Share <sup>(1)</sup> | $— | 17.12 | $— | 17.09 | $— | 17.13 |
| Investment Income | $— | 115.0 | $— | 123.7 | $— | 121.8 |
| Net Investment Income | $— | 50.8 | $— | 57.6 | $— | 55.1 |
| Net Income | $— | 59.0 | $— | 51.0 | $— | 47.4 |
| Accrued Capital Gains Incentive Fee Expense | $— | 1.4 | $— | (1.0) | $— | (1.3) |
| Adjusted Net Investment Income <sup>(2)</sup> | $— | 52.3 | $— | 56.6 | $— | 53.8 |
| Adjusted Net Income <sup>(2)</sup> | $— | 60.4 | $— | 50.0 | $— | 46.1 |
| Net Investment Income Per Share | $0.54 | 0.54 | $0.62 | 0.62 | $0.59 | 0.59 |
| Net Income Per Share | $0.63 | 0.63 | $0.55 | 0.55 | $0.51 | 0.51 |
| Accrued Capital Gains Incentive Fee Expense Per Share | $— | 0.02 | $— | (0.01) | $— | (0.01) |
| Adjusted Net Investment Income Per Share <sup>(2)</sup> | $— | 0.56 | $— | 0.61 | $— | 0.58 |
| Adjusted Net Income Per Share <sup>(2)</sup> | $— | 0.64 | $— | 0.54 | $— | 0.50 |
| Annualized Return on Equity (Net Investment Income) <sup>(3)</sup> |  | 12.7% |  | 14.4% |  | 13.9% |
| Annualized Return on Equity (Net Income) <sup>(3)</sup> |  | 14.7% |  | 12.8% |  | 11.9% |
| Annualized Return on Equity (Adjusted Net Investment Income) <sup>(2)(3)</sup> |  | 13.1% |  | 14.2% |  | 13.5% |
| Annualized Return on Equity (Adjusted Net Income) <sup>(2)(3)</sup> |  | 15.1% |  | 12.5% |  | 11.6% |
| Weighted Average Yield of Debt and Income Producing Securities at Fair Value |  | 11.7% |  | 12.3% |  | 13.8% |
| Weighted Average Yield of Debt and Income Producing Securities at Amortized Cost |  | 12.0% |  | 12.5% |  | 13.9% |
| Percentage of Debt Investment Commitments at Floating Rates |  | 96.5% |  | 97.2% |  | 99.6% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

------

![img52863034_0.jpg](img52863034_0.jpg)

# **Financial Statements and Tables** 
**Sixth Street Specialty Lending, Inc.**<br>Consolidated Balance Sheets

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

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost of $3,161,381 and $3,450,644, respectively) | $3228407 | $3453317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled, affiliated investments (amortized cost of $94,279 and $88,509, respectively) | 66498 | 65095 |
| Total investments at fair value (amortized cost of $3,255,660 and $3,539,153, respectively) | 3294905 | 3518412 |
| Cash and cash equivalents (restricted cash of $35,256 and $22,362, respectively) | 39169 | 27328 |
| Interest receivable | 24741 | 30518 |
| Prepaid expenses and other assets | 57033 | 5967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $3415848 | $3582225 |
| **Liabilities** |  |  |
| Debt (net of deferred financing costs of $27,924 and $23,837, respectively) | $1726557 | $1901142 |
| Management fees payable to affiliate | 12620 | 12953 |
| Incentive fees on net investment income payable to affiliate | 11089 | 12013 |
| Incentive fees on net capital gains accrued to affiliate | 2822 | 5071 |
| Other payables to affiliate | 5360 | 3635 |
| Other liabilities | 39754 | 39882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1798202 | 1974696 |
| Commitments and contingencies (Note 8) |  |  |
| **Net Assets** |  |  |
| Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares<br> issued and outstanding |  |  |
| Common stock, $0.01 par value; 400,000,000 shares authorized, 94,904,598<br> and 94,325,686 shares issued, respectively; and 94,240,348 and 93,661,436<br> shares outstanding, respectively | 949 | 943 |
| Additional paid-in capital | 1531993 | 1519337 |
| Treasury stock at cost; 664,250 and 664,250 shares held, respectively | (10459) | (10459) |
| Distributable earnings | 95163 | 97708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 1617646 | 1607529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $3415848 | $3582225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Share** | $17.17 | $17.16 |

---

------

![img52863034_0.jpg](img52863034_0.jpg)

**Sixth Street Specialty Lending, Inc.**

Consolidated Statements of Operations

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Income** |  |  |  |  |
| Investment income from non-controlled, non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from investments | $98684 | $102707 | $202877 | $205114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest income | 5783 | 9435 | 11143 | 17543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 387 | 1815 | 1295 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 7609 | 5533 | 11068 | 9787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled, non-affiliated investments | 112463 | 119490 | 226383 | 235040 |
| Investment income from controlled, affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from investments | 2549 | 2320 | 4977 | 4551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 3 | 5 | 4 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled, affiliated investments | 2552 | 2325 | 4981 | 4559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 115015 | 121815 | 231364 | 239599 |
| **Expenses** |  |  |  |  |
| Interest | 33647 | 39234 | 66617 | 78266 |
| Management fees | 12918 | 12765 | 26001 | 25361 |
| Incentive fees on net investment income | 11089 | 11414 | 22606 | 22342 |
| Incentive fees on net capital gains | 1438 | (1335) | (2248) | (2179) |
| Professional fees | 2561 | 2115 | 4521 | 3866 |
| Directors' fees | 248 | 207 | 496 | 428 |
| Other general and administrative | 1280 | 1343 | 2617 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 63181 | 65743 | 120610 | 130711 |
| Management and incentive fees waived (Note 3) | (297) | (297) | (706) | (694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 62884 | 65446 | 119904 | 130017 |
| **Net Investment Income Before Income Taxes** | 52131 | 56369 | 111460 | 109582 |
| Income taxes, including excise taxes | 1291 | 1226 | 2642 | 2076 |
| **Net Investment Income** | 50840 | 55143 | 108818 | 107506 |
| **Unrealized and Realized Gains (Losses)** |  |  |  |  |
| Net change in unrealized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 73790 | (7852) | 64352 | (17166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled, affiliated investments | (2987) |  | (4366) | (2381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of other assets and liabilities in foreign currencies | (25764) | (1641) | (36807) | 3085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized gains (losses) | 45039 | (9493) | 23179 | (16462) |
| Realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (36803) | 1630 | (35688) | 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (73) | 121 | (352) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gains (losses) | (36876) | 1751 | (36040) | 3875 |
| &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)** | 8163 | (7742) | (12861) | (12587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets Resulting from Operations** | $59003 | $47401 | $95957 | $94919 |
| Earnings per common share—basic and diluted | $0.63 | $0.51 | $1.02 | $1.04 |
| Weighted average shares of common stock outstanding—basic and diluted | 93971164 | 92734320 | 93821251 | 90883350 |

---

------

![img52863034_0.jpg](img52863034_0.jpg)

The Company's investment activity for the quarter ended June 30, 2025 and 2025 presented below (information presented herein is at par value unless otherwise indicated).

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| ($ in millions) | **June 30, 2025** | **June 30, 2024** |
| **New investment commitments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross originations <sup>(1)</sup> | $604.1 | $1858.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Syndications/sell downs <sup>(1)</sup> | 306.4 | 1627.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total new investment commitments | $297.7 | $231.0 |
| **Principal amount of investments funded:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First-lien | $190.1 | $163.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second-lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and other | 2.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Credit | 16.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $208.6 | $163.6 |
| **Principal amount of investments sold or repaid:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First-lien | $365.9 | $265.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second-lien | 3.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mezzanine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity and other | 3.2 | 25.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Credit | 16.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $388.7 | $290.3 |
| **Number of new investment commitments in<br> new portfolio companies** | 13 | 8 |
| **Average new investment commitment amount in<br> new portfolio companies** | $20.0 | $21.2 |
| **Weighted average term for new investment<br> commitments in new portfolio companies<br> (in years)** | 6.2 | 6.1 |
| **Percentage of new debt investment commitments <br> at floating rates** | 99.7% | 100.0% |
| **Percentage of new debt investment commitments <br> at fixed rates** | 0.3% |  |
| **Weighted average interest rate of new<br> investment commitments** | 10.7% | 11.6% |
| **Weighted average spread over reference rate of new <br> floating rate investment commitments** | 6.7% | 6.6% |
| **Weighted average interest rate on investments<br> fully sold or paid down** | 12.2% | 13.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Includes affiliates of Sixth Street.

------

![img52863034_0.jpg](img52863034_0.jpg)

**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 over $115 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 over $115 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 690 team members including over 280 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," within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995, which relate to future events or the Company's future performance or financial condition. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction," "identified" or the negative versions of these words or other comparable words thereof. 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 SEC, which are accessible on the SEC's website at www.sec.gov. Except as otherwise required by federal securities laws, the Company assumes no obligation to update any such forward-looking statements, whether as a result of new information, future developments or otherwise.

**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 <br>Sixth Street Specialty Lending<br>IRTSLX@sixthstreet.com

Media:

Patrick Clifford, 617-793-2004<br>Sixth Street<br>PClifford@sixthstreet.com

------