NEW YORK—February 12, 2026— Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $2.23 per share and net income of $1.81 per share, for the year ended December 31, 2025. For the quarter ended December 31, 2025 net investment income and net income per share were $0.53 and $0.32, respectively. The Company’s net investment income for Q4 continues to reflect the impact from the elevated interest rate environment combined with strong activity-based fee income. Return on equity (ROE) for the full year 2025 was 13.1% and 10.6% on a net investment income and a net income basis, respectively. Annualized ROE for the fourth quarter 2025 was 12.5% and 7.4% on a net investment income and a net income basis, respectively.

Both net investment income per share and net income per share for the year include approximately $0.05 per share of unwind of previously accrued capital gains incentive fee expenses. Excluding the impact of the accrued capital gains incentive fee expenses, the Company’s adjusted net investment income and adjusted net income for the year ended December 31, 2025 were $2.18 per share and $1.76 per share, respectively. For the quarter ended December 31, 2025, adjusted net investment income per share was $0.52 and adjusted net income per share was $0.30. Return on equity (ROE) for the full year 2025 was 12.7% and 10.3% on an adjusted net investment income and an adjusted net income basis, respectively. Annualized ROE for the fourth quarter 2025 was 12.0% and 7.0% on an adjusted net investment income and an adjusted net income basis, respectively.

Reported net asset value (NAV) per share was $16.98 at December 31, 2025 as compared to $17.14 at September 30, 2025. The Company’s base dividend remained well covered with adjusted net investment income of $0.52 per share exceeding the base quarterly dividend by $0.06 per share. The Company announced that its Board of Directors has declared a first quarter 2026 base dividend of $0.46 per share to shareholders of record as of March 16, 2026 and payable on March 31, 2026. The Board also announced a fourth quarter supplemental dividend of $0.01 per share to shareholders of record as of February 27, 2026, payable on March 20, 2026. The primary drivers of this year’s change in NAV were the over-earning of the base dividend through net investment income, offset by the reversal of net unrealized gains from investment realizations during the year and portfolio company specific events. The Company’s economic return for 2025, calculated as change in net asset value plus dividends paid in the year, was 10.9%.

During Q4, affiliates of Sixth Street, including TSLX, formed Structured Credit Partners JV, LLC (“SCP”), a joint venture between TSLX, Sixth Street Lending Partners and two BDCs managed by Carlyle Group Inc. (“Carlyle”). SCP is focused on investing in broadly syndicated first lien senior secured loans, financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt managed by affiliates of Sixth Street or Carlyle on a no fee basis. TSLX’s total commitment to the joint venture is $200 million. As of December 31, 2025, SCP had not commenced operations and no capital had been contributed to SCP.

Net Investment Income Per Share

2025:

Q4 2025:

$2.23

$0.53

2025 (adjusted):

Q4 2025 (adjusted):

$2.18

$0.52

Net Income Per Share

2025:

Q4 2025:

$1.81

$0.32

2025 (adjusted):

Q4 2025 (adjusted):

$1.76

$0.30

Return on Equity

2025 (NII):

Q4 2025 (NII):

13.1%

12.5%

2025 (NI):

Q4 2025 (NI):

10.6%

7.4%

2025 (Adj. NII):

Q4 2025 (Adj. NII):

12.7%

12.0%

2025 (Adj. NI):

Q4 2025 (Adj. NI):

10.3%

7.0%

NAV

Q4 2025 ($MM):

$1,607.7

Q4 2025 (per share):

$16.98

Q4 2025 (per share, adj):

$16.97

Dividends Declared (per share)

Q4 2025 (Base):

$0.46

2025 (Base):

$1.84

2025 (Supplemental):

$0.21

2025 (Total):

$2.05

For the year ended December 31, 2025, new investment commitments totaled $1,082.2 million. This compares to $1,242.9 million for the year ended December 31, 2024.

For the year ended December 31, 2025, the principal amount of new investments funded was $894.0 million in 20 new portfolio companies, 16 existing portfolio companies and several structured credit investments. For this period, the Company had $1,196.1 million aggregate principal amount in exits and repayments.

For the year ended December 31, 2024, the principal amount of new investments funded was $838.9 million in 34 new portfolio companies and 21 existing portfolio companies. For this period, the Company had $793.7 million aggregate principal amount in exits and repayments.

Fourth Quarter

For the quarter ended December 31, 2025, new investment commitments totaled $242.4 million. This compares to $387.7 million for the quarter ended September 30, 2025.

For the quarter ended December 31, 2025, the principal amount of new investments funded was $196.7 million across five new portfolio companies and four upsizes to existing portfolio companies. For this period, the Company had $234.9 million aggregate principal amount in exits and repayments. For the quarter ended September 30, 2025, the principal amount of new investments funded was $351.8 million across four new portfolio companies, five upsizes to existing portfolio companies and several structured credit investments. For this period, the Company had $302.8 million aggregate principal amount in exits and repayments.

As of December 31, 2025 and September 30, 2025, the Company had investments in 1431 and 1452 portfolio companies, respectively, with an aggregate fair value of $3,347.3 million and $3,376.3 million, respectively. As of December 31, 2025, the average investment size in each portfolio company was $23.41 million based on fair value.

As of December 31, 2025, our portfolio based on fair value consisted of 89.2% first-lien debt investments, 0.9% second-lien debt investments, 1.8% mezzanine debt investments, 5.2% equity and other investments and 2.9% structured credit investments. As of September 30, 2025, the Company’s portfolio based on fair value consisted of 89.2% first-lien debt investments, 0.9% second-lien debt investments, 1.8% mezzanine debt investments, 5.2% equity investments and 2.9% structured credit investments.

As of December 31, 2025, 96.3% of debt investments3 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.

For the period ended December 31, 2025 and September 30, 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 11.1% and 11.4%, 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 11.3% and 11.7%, respectively.

One new investment, representing 0.01% of the portfolio by fair value, was added to non-accrual status during the quarter. As of December 31, 2025, non-accrual investments represented 0.6% of the portfolio at fair value.

2025 Origination Activity

Commitments:

$1,082.2MM

Fundings:

$894.0MM

Net Repayments:

$302.1MM

Q4 2025 Origination Activity

Commitments:

$242.4MM

Fundings:

$196.7MM

Net Repayments:

$38.2MM

Average Investment Size1

$23.4MM

(0.7% of the portfolio at fair value)

First Lien Debt Investments (% FV)

89.2%

Floating Rate Debt Investments3

(% FV)

96.3%

Weighted Average Yield of Debt and Incoming-Producing Securities

Yield at Fair Value:

11.1%

Yield at Amortized Cost:

11.3%

Full Year

2025

For the years ended December 31, 2025 and 2024, investment income totaled $449.1 million and $482.5 million, respectively. The decrease in investment income was primarily the result of a decrease in reference rates for the year ended December 31, 2025 compared to 2024.

Net expenses totaled $233.7 million and $258.6 million for the years ended December 31, 2025 and 2024, respectively. The decrease in net expenses was primarily due to a decrease in the average interest rate on our debt outstanding. The average interest rate on our debt outstanding decreased from 7.5% for the year ended December 31, 2024 to 6.2% for the year ended December 31, 2025 due to a change in SOFR rates and the mix of our debt financing sources.

Investment Income:

$449.1MM

Net Expenses:

$233.7MM

Fourth Quarter

Q4 2025

For the three months ended December 31, 2025 and 2024, total investment income was $108.2 million and $123.7 million, respectively. The decrease in total investment income was primarily from a decrease in total interest from investments and other income.

Net expenses totaled $56.4 million and $64.9 million for the three months ended December 31, 2025 and 2024, respectively. The decrease in expenses was primarily driven a decrease in the average interest rate on our debt outstanding.

Investment Income:

$108.2MM

Net Expenses:

$56.4MM

Debt and Capital Resources

As of December 31, 2025, the Company had $19.7 million in cash and cash equivalents (including $16.7 million of restricted cash), total principal value of debt outstanding of $1,763.9 million, and $1,139.3 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. At year end, aggregate commitments under the Company’s revolving credit facility were $1,675 million, in accordance with the accordion feature.

The Company’s weighted average interest rate on debt outstanding was 6.0% and 6.3% for the three months ended December 31, 2025 and September 30, 2025, respectively. At December 31, 2025, the Company’s debt to equity ratio was 1.10x, compared to 1.15x at September 30, 2025. Average debt to equity was 1.17x and 1.10x during the three months ended December 31, 2025 and September 30, 2025, respectively.

Total Principal Debt Outstanding

$1,763.9MM

Debt-to-Equity Ratio

Q4 2025 Quarter End:

1.10x

2025 Average1:

1.17x

Q4 2025 Average1:

1.17x

Revolving Credit Facility1

Unfunded Commitment Activity

Revolver Capacity

$1,675

Unfunded Commitments (See Note 8 in 9/30/25 10-Q)

$337

Drawn on Revolver

($514)

Extinguished Unfunded Commitments

($17)

Unrestricted Cash Balance

$3

New Unfunded Commitments

$55

Issued Letters of Credit

($22)

Net Drawdown of Unfunded Commitments

($36)

Total Liquidity (Pre-Unfunded Commitments)

$1,142

Total Unfunded Commitments

$339

Available Unfunded Commitments2

($199)

Unavailable Unfunded Commitments2

($139)

Total Liquidity (Burdened for Unfunded Commitments)

$943

Available Unfunded Commitments2

$199

Three Months Ended

(unaudited)

December 31, 2025

September 30, 2025

December 31, 2024

Investments at Fair Value

$

3,347.3

$

3,376.3

$

3,518.4

Total Assets

$

3,421.7

$

3,509.3

$

3,582.2

Net Asset Value Per Share

$

16.98

$

17.14

$

17.16

Supplemental Dividend Per Share

$

0.01

$

0.03

$

0.07

Adjusted Net Asset Value Per Share (1)

$

16.97

$

17.11

$

17.09

Investment Income

$

108.2

$

109.4

$

123.7

Net Investment Income

$

50.4

$

50.7

$

57.6

Net Income

$

30.0

$

44.6

$

51

Accrued Capital Gains Incentive Fee Expense

$

(1.8

)

$

(1.1

)

$

(1.0

)

Adjusted Net Investment Income (2)

$

48.6

$

49.6

$

56.6

Adjusted Net Income (2)

$

28.2

$

43.5

$

50.0

Net Investment Income Per Share

$

0.53

$

0.54

$

0.62

Net Income Per Share

$

0.32

$

0.47

$

0.55

Accrued Capital Gains Incentive Fee Expense Per Share

$

(0.01

)

$

(0.01

)

$

(0.01

)

Adjusted Net Investment Income Per Share (2)

$

0.52

$

0.53

$

0.61

Adjusted Net Income Per Share (2)

$

0.30

$

0.46

$

0.54

Annualized Return on Equity (Net Investment Income) (3)

12.5

%

12.5

%

14.4

%

Annualized Return on Equity (Net Income) (3)

7.4

%

11.0

%

12.8

%

Annualized Return on Equity (Adjusted Net Investment Income) (2)(3)

12.0

%

12.3

%

14.2

%

Annualized Return on Equity (Adjusted Net Income) (2)(3)

7.0

%

10.8

%

12.5

%

Weighted Average Yield of Debt and Income Producing Securities at Fair Value

11.1

%

11.4

%

12.3

%

Weighted Average Yield of Debt and Income Producing Securities at Amortized Cost

11.3

%

11.7

%

12.5

%

Percentage of Debt Investment Commitments at Floating Rates

96.3

%

96.3

%

97.2

%

December 31,

December 31,

2025

2024

Assets

Investments at fair value

Non-controlled, non-affiliated investments (amortized cost of $3,244,762 and $3,450,644, respectively)

$

3,288,945

$

3,453,317

Controlled, affiliated investments (amortized cost of $78,520 and $88,509, respectively)

58,372

65,095

Total investments at fair value (amortized cost of $3,323,282 and $3,539,153, respectively)

3,347,317

3,518,412

Cash and cash equivalents (restricted cash of $16,727 and $22,362, respectively)

19,662

27,328

Interest receivable

34,132

30,518

Prepaid expenses and other assets

20,544

5,967

Total Assets

$

3,421,655

$

3,582,225

Liabilities

Debt (net of deferred financing costs of $24,411 and $23,837, respectively)

$

1,743,234

$

1,901,142

Management fees payable to affiliate

12,794

12,953

Incentive fees on net investment income payable to affiliate

10,336

12,013

Incentive fees on net capital gains accrued to affiliate

—

5,071

Other payables to affiliate

3,166

3,635

Other liabilities

44,404

39,882

Total Liabilities

1,813,934

1,974,696

Commitments and contingencies (Note 8)

Net Assets

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares
   issued and outstanding

—

—

Common stock, $0.01 par value; 400,000,000 shares authorized, 95,369,400
   and 94,325,686 shares issued, respectively; and 94,705,150 and 93,661,436
   shares outstanding, respectively

954

943

Additional paid-in capital

1,535,583

1,519,337

Treasury stock at cost; 664,250 and 664,250 shares held, respectively

(10,459

)

(10,459

)

Distributable earnings

81,643

97,708

Total Net Assets

1,607,721

1,607,529

Total Liabilities and Net Assets

$

3,421,655

$

3,582,225

Net Asset Value Per Share

$

16.98

$

17.16

Year Ended

Year Ended

Year Ended

December 31, 2025

December 31, 2024

December 31, 2023

Income

Investment income from non-controlled, non-affiliated investments:

Interest from investments

$

390,428

$

413,547

$

391,343

Paid-in-kind interest income

25,586

29,335

19,679

Dividend income

2,345

11,678

4,181

Other income

20,338

18,525

15,122

Total investment income from non-controlled, non-affiliated investments

438,697

473,085

430,325

Investment income from controlled, affiliated investments:

Interest from investments

10,347

9,428

7,756

Other income

11

13

6

Total investment income from controlled, affiliated investments

10,358

9,441

7,762

Total Investment Income

449,055

482,526

438,087

Expenses

Interest

129,557

154,145

133,731

Management fees

52,176

51,786

46,382

Incentive fees on net investment income

43,469

45,530

42,590

Incentive fees on net capital gains

(5,071

)

(5,375

)

4,382

Professional fees

8,308

7,546

7,323

Directors’ fees

962

877

806

Other general and administrative

5,631

5,522

5,280

Total expenses

235,032

260,031

240,494

Management and incentive fees waived (Note 3)

(1,291

)

(1,466

)

(1,171

)

Net Expenses

233,741

258,565

239,323

Net Investment Income Before Income Taxes

215,314

223,961

198,764

Income taxes, including excise taxes

5,319

3,944

2,365

Net Investment Income

209,995

220,017

196,399

Unrealized and Realized Gains (Losses)

Net change in unrealized gains (losses):

Non-controlled, non-affiliated investments

41,511

(47,625

)

40,571

Controlled, affiliated investments

3,266

(5,169

)

(21,717

)

Translation of other assets and liabilities in foreign currencies

(35,915

)

13,379

(6,393

)

Interest rate swaps

—

—

174

Income tax provision

520

(2,609

)

556

Total net change in unrealized gains (losses)

9,382

(42,024

)

13,191

Realized gains (losses):

Non-controlled, non-affiliated investments

(31,106

)

9,037

12,095

Non-controlled, affiliated investments

—

—

158

Controlled, affiliated investments

(16,309

)

—

—

Foreign currency transactions

(505

)

(464

)

180

Income tax provision

(940

)

—

—

Total net realized gains (losses)

(48,860

)

8,573

12,433

Total Net Unrealized and Realized Gains (Losses)

(39,478

)

(33,451

)

25,624

Increase (Decrease) in Net Assets Resulting from Operations

$

170,517

$

186,566

$

222,023

Earnings per common share—basic and diluted

$

1.81

$

2.03

$

2.61

Weighted average shares of common stock outstanding—basic and diluted

94,098,870

92,035,165

85,131,264

Year Ended

($ in millions)

December 31, 2025

December 31, 2024

December 31, 2023

New investment commitments:

Gross originations (1)

$

7,118.2

$

15,354.7

$

6,516.6

Less: Syndications/sell downs (1)

6,036.0

14,111.8

5,558.0

Total new investment commitments

$

1,082.2

$

1,242.9

$

958.6

Principal amount of investments funded:

First-lien

$

735.6

$

823.9

$

753.4

Second-lien

18.9

2.1

8.4

Mezzanine

13.0

1.1

32.2

Equity and other

11.6

10.8

12.8

Structured Credit

114.9

1.0

1.6

Total

$

894.0

$

838.9

$

808.4

Principal amount of investments sold or repaid:

First-lien

$

1,166.1

$

717.3

$

460.3

Second-lien

3.4

—

—

Mezzanine

—

4.9

—

Equity and other

7.9

13.6

6.0

Structured Credit

18.7

57.9

2.8

Total

$

1,196.1

$

793.7

$

469.1

Number of new investment commitments in
   new portfolio companies (2)

65

34

30

Average new investment commitment amount in
   new portfolio companies (2)

$

14.2

$

30.4

$

29.2

Weighted average term for new investment
   commitments in new portfolio companies
   (in years) (2)

6.4

6.2

6.0

Percentage of new debt investment commitments
   at floating rates

97.8

%

87.6

%

99.5

%

Percentage of new debt investment commitments
   at fixed rates

2.2

%

12.4

%

0.5

%

Weighted average interest rate of new
   investment commitments

10.8

%

10.9

%

12.9

%

Weighted average spread over reference rate of new
   floating rate investment commitments

7.1

%

6.4

%

7.6

%

Weighted average interest rate on investments
   fully sold or paid down

11.9

%

13.0

%

13.7

%