Sixth Street Specialty Lending, Inc. Financial Ratios — TSLX

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	4,165.7	5,904.19	810.77	428.73	2,249.15	331.87	174.05	168	141.74	183.52	145.88	279.38	186.28	188.16
Return on Assets (%)	- -	6.8	7.16	7.26	4.52	8.61	6.57	6.9	7.71	7.71	8.66	4.01	7.18	5.39	4.87
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	15.38	91.3	96.31	89.31	77.16	90.39	88.82	86.57	87.76	92.7	94.78	81.5	81.87	76.34	81.38
Profit Margin (%)	15.38	91.2	96.02	88.13	75.38	88.94	86.62	84.19	85.68	89.79	93.77	79.16	81.21	73.75	78.73
Net Income to Common Margin (%)	15.38	91.2	96.02	88.13	75.38	88.94	86.62	84.19	85.68	89.79	93.77	79.16	81.21	73.75	78.73
Effective Tax Rate (%)	- -	0.12	0.3	1.33	2.31	1.6	2.48	2.76	2.37	3.13	1.07	2.86	0.81	3.39	3.26
Dvd Payout Ratio (%)	- -	27.7	36.42	61.83	122.8	58.6	84.85	80.58	63.44	73.24	104.8	133.94	70.45	90.43	99.89
Sustainable Growth Rate (%)	- -	3,011.78	3,753.81	309.45	-97.76	931.07	50.29	33.79	61.43	37.93	-8.81	-49.52	82.55	17.82	0.21

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	155	332	432	396	642	681	703	608	1,094	1,110	1,186	1,442	1,780	1,901	1,743
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	155	332	432	396	642	681	703	608	1,094	1,110	1,186	1,442	1,780	1,901	1,743
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	0.23	0.04	1.58	0.6	0.19	3.73	4.2	4.88	5.98	3.56	2.02	3.04	2.75	2.41
Long-Term Debt/Equity (%)	89.55	69.16	75.22	47.39	78.27	71.49	72.57	57.19	97.78	95.61	92.95	107.47	118.97	118.26	108.43
Long-Term Debt/Capital (%)	100	99.43	99.91	95.05	98.61	99.54	91.65	89.33	90.76	88.81	92.88	96.18	94.6	95.07	95.48
Long-Term Debt/Total Assets (%)	46.65	39.83	41.6	30.36	42.64	40.63	40.89	35.14	47.98	47.48	46.47	50.82	53.24	53.07	50.95
Total Debt/Equity (%)	89.55	69.16	75.22	47.39	78.27	71.49	72.57	57.19	97.78	95.61	92.95	107.47	118.97	118.26	108.43
Total Debt/Capital (%)	100	99.43	99.91	95.05	98.61	99.54	91.65	89.33	90.76	88.81	92.88	96.18	94.6	95.07	95.48
Total Debt/Total Assets (%)	46.65	39.83	41.6	30.36	42.64	40.63	40.89	35.14	47.98	47.48	46.47	50.82	53.24	53.07	50.95
Net Debt to Equity	-83.01	-33.73	-0.6	-0.29	-0.3	-0.51	-0.36	-0.31	-0.43	-0.21	-0.12	-0.76	-0.08	-0.31	-0.18
Net Debt/Capital (%)	-1,270.49	-94.13	-0.81	-0.58	-0.37	-0.72	-0.46	-0.48	-0.4	-0.2	-0.12	-0.69	-0.06	-0.25	-0.16
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	0.23	0.04	1.58	0.6	0.19	3.73	4.2	4.88	5.98	3.56	2.02	3.04	2.75	2.41
Long-Term Debt/Equity (%)	89.55	69.16	75.22	47.39	78.27	71.49	72.57	57.19	97.78	95.61	92.95	107.47	118.97	118.26	108.43
Long-Term Debt/Capital (%)	100	99.43	99.91	95.05	98.61	99.54	91.65	89.33	90.76	88.81	92.88	96.18	94.6	95.07	95.48
Long-Term Debt/Total Assets (%)	46.65	39.83	41.6	30.36	42.64	40.63	40.89	35.14	47.98	47.48	46.47	50.82	53.24	53.07	50.95
Total Debt/Equity (%)	89.55	69.16	75.22	47.39	78.27	71.49	72.57	57.19	97.78	95.61	92.95	107.47	118.97	118.26	108.43
Total Debt/Capital (%)	100	99.43	99.91	95.05	98.61	99.54	91.65	89.33	90.76	88.81	92.88	96.18	94.6	95.07	95.48
Total Debt/Total Assets (%)	46.65	39.83	41.6	30.36	42.64	40.63	40.89	35.14	47.98	47.48	46.47	50.82	53.24	53.07	50.95
CFO/Total Liabilities	-114.43	-121.72	-62.36	-31.78	-27.85	-5.78	10.97	17.87	-32.54	12.32	0.19	-15.02	-12.82	-2.3	22.14
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.02	0.05	0.07	1.18	0.83	1	1.08	1.2	0.88	0.88	0.93	0.63	0.72	0.7	0.77

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

- -

Raw Materials

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Work In Process

- -

Finished Goods

- -

Other Inventory

- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	850	876	1,094	1,188	1,183	1,419	1,395	1,688	1,392	1,839	1,960	2,044
- Cash & Cash Equivalents	144	162	3	2	2	5	4	3	5	2	2	10	1	5	3
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	155	332	432	396	642	681	703	608	1,094	1,110	1,186	1,442	1,780	1,901	1,743
Enterprise Value	11	170	429	1,243	1,516	1,770	1,888	1,788	2,508	2,502	2,872	2,824	3,618	3,857	3,784
Total Capital	155	334	433	416	651	684	768	681	1,206	1,250	1,277	1,499	1,882	2,000	1,826
Total Debt/Capital (%)	100	99.43	99.91	95.05	98.61	99.54	91.65	89.33	90.76	88.81	92.88	96.18	94.6	95.07	95.48
Total Debt / EV	13.71	1.95	1.01	0.32	0.42	0.38	0.37	0.34	0.44	0.44	0.41	0.51	0.49	0.49	0.46
EV/Sales	2.14	3.92	6.15	12.88	17.98	11.49	14.65	12.65	13.9	12.62	12.72	20.69	13.23	15.24	17.47
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	22.91	15	- -	17.25	1,171.47	- -	- -	- -	9.42
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	22.91	15	- -	17.25	1,171.47	- -	- -	- -	9.42
Diluted Market Cap	- -	- -	- -	850	876	1,094	1,188	1,183	1,419	1,623	1,817	1,392	1,839	1,960	2,044
Diluted Enterprise Value	11	170	429	1,243	1,516	1,770	1,888	1,788	2,508	2,731	3,002	2,824	3,618	3,857	3,784
EV per Share	0.33	4.91	12.38	24.61	28.07	30.21	31.47	27.33	37.96	37.23	39.8	36.11	42.5	41.9	40.21
TTM Sales	5	43	70	97	84	154	129	141	180	198	226	136	273	253	217
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-182	-430	-290	-149	-191	-42	82	119	-378	145	2	-225	-237	-45	402
TTM Free Cash Flow to Firm	-182	-430	-290	-149	-191	-42	82	119	-378	145	2	-225	-237	-45	402

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	-5.71	-4.59	-26.16	14.42	9.93	-3.75	11.19	741.21	-6.2	-7.77	-43.09	5.09
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	11	170	429	1,243	1,516	1,770	1,888	1,788	2,508	2,502	2,872	2,824	3,618	3,857	3,784
Low Price	- -	- -	- -	15.65	12.68	15.11	18.2	17	17.95	11.25	20.16	16.02	16.86	19.5	18.58
EV/Sales	2.14	3.92	6.15	12.88	17.98	11.49	14.65	12.65	13.9	12.62	12.72	20.69	13.23	15.24	17.47
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	9.99	13.78	7.99	10.64	9.94	9.18	7.83	7.97	12.88	8.28	10.51	11.99
Price/Earnings Average	- -	- -	- -	10.75	14.88	7.32	10.91	10.51	8.69	6.88	7.67	14.67	7.41	10.43	12.43
Price/Earnings High	- -	- -	- -	14.5	15.81	8.21	11.69	11.67	9.5	8.93	8.43	17.63	8.44	11.03	13.89
Price/Earnings Low	- -	- -	- -	9.29	10.77	6.46	9.78	9.34	7.67	4.25	6.87	11.59	6.46	9.62	10.25
Price/Book Value	- -	- -	- -	41.22	96.86	348.67	18.53	16.29	12.74	9.97	18.58	24.3	18.09	19.87	24.74
Price/Book Value Average	- -	- -	- -	44.36	104.56	319.51	18.99	17.22	12.07	8.76	17.88	27.67	16.18	19.72	25.66
Price/Book Value High	- -	- -	- -	59.82	111.13	358.38	20.34	19.13	13.19	11.37	19.65	33.26	18.42	20.85	28.67
Price/Book Value Low	- -	- -	- -	38.35	75.72	282.04	17.03	15.31	10.65	5.4	16.01	21.87	14.12	18.19	21.17
Price/Tangible Book Value	- -	- -	- -	1.02	1.07	1.15	1.23	1.11	1.27	1.2	1.32	1.04	1.23	1.22	1.27
Price/Tangible Book Value Average	- -	- -	- -	1.09	1.15	1.05	1.26	1.18	1.2	1.06	1.27	1.18	1.1	1.21	1.32
Price/Tangible Book Value High	- -	- -	- -	1.48	1.22	1.18	1.35	1.31	1.31	1.37	1.4	1.42	1.25	1.28	1.47
Price/Tangible Book Value Low	- -	- -	- -	0.95	0.83	0.93	1.13	1.05	1.06	0.65	1.14	0.93	0.96	1.12	1.09
Price/Sales	- -	- -	- -	8.8	10.39	7.11	9.22	8.37	7.86	7.03	7.47	10.2	6.73	7.75	9.44
Price/Sales Average	- -	- -	- -	9.47	11.21	6.51	9.45	8.85	7.45	6.18	7.19	11.61	6.02	7.69	9.79
Price/Sales High	- -	- -	- -	12.78	11.92	7.3	10.12	9.83	8.14	8.02	7.91	13.96	6.85	8.13	10.94
Price/Sales Low	- -	- -	- -	8.19	8.12	5.75	8.47	7.87	6.57	3.81	6.44	9.18	5.25	7.09	8.07
Price/Cash Flow	- -	- -	- -	-5.71	-4.59	-26.16	14.42	9.93	-3.75	9.61	688.44	-6.2	-7.77	-43.09	5.09
Price/Cash Flow Average	- -	- -	- -	-6.14	-4.95	-23.97	14.78	10.49	-3.56	8.45	662.48	-7.06	-6.95	-42.76	5.28
Price/Cash Flow High	- -	- -	- -	-8.28	-5.26	-26.88	15.83	11.66	-3.89	10.97	728.17	-8.48	-7.91	-45.22	5.9
Price/Cash Flow Low	- -	- -	- -	-5.31	-3.59	-21.16	13.25	9.33	-3.14	5.21	593.37	-5.58	-6.06	-39.45	4.35
Price/Free Cash Flow Average	- -	- -	- -	-6.14	-4.95	-23.97	14.78	10.49	-3.56	9.83	713.27	-7.06	-6.95	-42.76	5.28
Price/Free Cash Flow High	- -	- -	- -	-8.28	-5.26	-26.88	15.83	11.66	-3.89	12.76	783.99	-8.48	-7.91	-45.22	5.9
Price/Free Cash Flow Low	- -	- -	- -	-5.31	-3.59	-21.16	13.25	9.33	-3.14	6.06	638.86	-5.58	-6.06	-39.45	4.35
EV/Sales Average	2.14	3.92	6.15	13.55	18.8	10.9	14.88	13.12	13.49	11.76	12.44	22.1	12.52	15.18	17.82
EV/Sales High	2.14	3.92	6.15	16.85	19.51	11.69	15.55	14.11	14.18	13.61	13.15	24.44	13.36	15.63	18.97
EV/Sales Low	2.14	3.92	6.15	12.27	15.71	10.13	13.91	12.14	12.61	9.4	11.69	19.67	11.76	14.59	16.11
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	16.82	16.22	18.68	19.8	18.09	21.47	20.75	23.39	17.8	21.6	21.3	21.72
High Price	- -	- -	- -	24.41	18.61	19.2	21.74	21.24	22.23	23.67	24.74	24.36	22	22.35	25.17
Enterprise Value Average	11	170	429	1,308	1,586	1,679	1,917	1,855	2,434	2,334	2,809	3,016	3,424	3,841	3,860
Enterprise Value High	11	170	429	1,626	1,645	1,801	2,004	1,994	2,558	2,699	2,970	3,336	3,652	3,953	4,109
Enterprise Value Low	11	170	429	1,184	1,325	1,561	1,792	1,717	2,276	1,864	2,639	2,684	3,214	3,691	3,489

Shares Outstanding	52	52	52	54	54	60	60	65	67	68	76	81	88	94	95
Diluted Weighted Avg Shares	35	35	35	51	54	59	60	65	66	78	78	78	85	92	94
Basic Weighted Avg Shares	35	35	35	51	54	59	60	65	66	67	72	78	85	92	94
Revenue per Share	0.15	1.25	2.01	1.91	1.56	2.63	2.15	2.16	2.73	2.95	3.13	1.75	3.21	2.75	2.3
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.02	1.14	1.93	1.68	1.18	2.34	1.86	1.82	2.34	2.65	2.93	1.38	2.61	2.03	1.81
Basic EPS from Cont Ops	0.02	1.14	1.93	1.68	1.18	2.34	1.86	1.82	2.34	2.65	2.93	1.38	2.61	2.03	1.81
Diluted EPS, GAAP	0.02	1.14	1.93	1.68	1.18	2.34	1.86	1.82	2.34	2.28	2.73	1.38	2.61	2.03	1.81
Diluted EPS from Cont Ops	0.02	1.14	1.93	1.68	1.18	2.34	1.86	1.82	2.34	2.28	2.73	1.38	2.61	2.03	1.81
Dividend per Share	- -	0.32	0.7	1.04	1.45	1.37	1.58	1.47	1.48	1.94	3.08	1.85	1.84	1.83	1.81
Cash Flow per Share	-5.26	-12.42	-8.36	-2.95	-3.54	-0.71	1.37	1.82	-5.72	2.16	0.03	-2.87	-2.78	-0.49	4.27
Free Cash Flow per Basic Share	-5.26	-12.42	-8.36	-2.95	-3.54	-0.71	1.37	1.82	-5.72	2.16	0.03	-2.87	-2.78	-0.49	4.27
Cash & Equivalents per Share	4.15	4.67	0.1	0.05	0.05	0.08	0.06	0.05	0.07	0.04	0.02	0.13	0.01	0.05	0.03
Book Value per Share	- -	0.05	0.01	0.41	0.17	0.05	1.07	1.11	1.69	2.08	1.26	0.73	1.19	1.07	0.88
Tangible Book Value per Share	5	13.85	16.59	16.54	15.2	16.25	16.16	16.25	16.94	17.28	17.68	17.16	17.58	17.47	17.09

Sixth Street Specialty Lending, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)