Steven Pluss
About Steven Pluss
Steven Pluss is Vice President of TSLX; he is a Co‑Founding Partner of Sixth Street and has served as Chief Risk Officer since 2013, and previously as Chief Financial Officer from 2013 to 2016 . His prior roles include Managing Director and co‑head of Goldman Sachs Specialty Lending Group (2004–2013), and Founder/Managing Member of RTV Ventures (1999–2004) . Education: B.B.A., Texas A&M University; M.B.A., Southern Methodist University . Birth year: 1962; term of office: since 2014 (indefinite) . TSLX is externally managed; executives, including Pluss, are employees of the Adviser and do not receive direct compensation from TSLX—variable economics for executives are tied to Adviser profits, which include TSLX’s management and incentive fees based on net investment income and realized capital gains .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sixth Street | Chief Risk Officer | Since 2013 | Senior risk leadership at the platform . |
| Sixth Street | Chief Financial Officer | 2013–2016 | Finance leadership across lending platform . |
| Goldman Sachs Specialty Lending Group | Managing Director, co‑head | 2004–2013 | Led specialty lending origination/underwriting . |
| RTV Ventures (JV with Goldman Sachs) | Founder & Managing Member | 1999–2004 | Special situations lending JV leadership . |
| TSLX | Vice President | Since 2014 (indefinite term) | Executive officer capacity at externally managed BDC . |
External Roles
No external public company board roles or committee positions for Mr. Pluss are disclosed in the proxy biographies .
Fixed Compensation
- TSLX states “None of our executive officers receives direct compensation from us”; executives are employed by the Adviser (Sixth Street Specialty Lending Advisers, LLC) and may receive salaries/bonuses from the Adviser; TSLX reimburses only an allocable portion of compensation for CFO/CCO and other professionals providing administrative services under the Administration Agreement .
- TSLX has no equity compensation plans and does not grant options; therefore, no company equity awards, RSUs/PSUs, or option grants are disclosed for executive officers, including Mr. Pluss .
Performance Compensation
The economic alignment for executives employed by the Adviser is through Adviser profits, which include TSLX’s management and incentive fees. Key incentive mechanics:
| Metric | Target/Hurdle | Payout Rate | Notes |
|---|---|---|---|
| Pre‑Incentive Fee Net Investment Income (NII) | 1.5% quarterly hurdle (of prior‑quarter net assets); catch‑up achieved at 1.82% quarterly (7.28% annualized) | 17.5% of pre‑Incentive Fee NII above hurdle after catch‑up | Quarterly component paid in arrears; excludes realized/unrealized gains/losses . |
| Realized Capital Gains (net of realized losses and unrealized losses) | N/A (cumulative since inception) | 17.5% (post‑April 1, 2014) | Annual capital gains incentive fee; net of prior capital gains fees; accrual possible on unrealized gains for accounting . |
Aggregate realized incentive fees (context for Adviser profit pool):
| Fiscal Year | Incentive Fees Realized ($) |
|---|---|
| 2023 | $42.6 million . |
Implication: As a Sixth Street partner/CRO, Mr. Pluss’s variable economics are likely sensitive to TSLX’s NII generation above the hurdle and realized capital gains, given Adviser profit sharing described by the company, though individual payout formulas for executives are not disclosed by TSLX .
Equity Ownership & Alignment
- Individual share ownership for Mr. Pluss is not itemized in the security ownership tables; he is an executive officer but not listed individually among Named Executive Officers who are not directors .
- Group ownership and pledged‑share context:
| As‑of Date | All Directors & Officers as a Group (persons) | Shares Beneficially Owned | % of Outstanding |
|---|---|---|---|
| March 28, 2024 | 18 | 3,005,076 | 3.3% . |
| March 31, 2025 | 18 | 3,029,209 | 3.22% . |
- Pledging policy: Directors/officers and Adviser employees may not hold securities in margin accounts or pledge as collateral; exceptions may be granted by Sixth Street Legal & Compliance if the person demonstrates capacity to repay without resort to pledged securities .
- Pledging disclosures: Several named individuals (Easterly, Fishman, Stiepleman, Stanley) have pledged shares; additionally, “other executive officers” (not individually named) collectively had 64,609 pledged shares as of March 31, 2025—no attribution to Mr. Pluss is disclosed .
Employment Terms
| Term | Detail |
|---|---|
| Position | Vice President of TSLX; Co‑Founding Partner and Chief Risk Officer at Sixth Street; CFO 2013–2016 . |
| Term of office | Since 2014; indefinite term . |
| Employer | Sixth Street Specialty Lending Advisers, LLC (external manager); executives are employees of the Adviser or affiliates . |
| Compensation source | Paid by Adviser; TSLX does not directly compensate executive officers . |
| Severance/Change‑of‑Control | No executive‑specific severance or change‑of‑control economics disclosed by TSLX for executives; compensation plans are maintained by the Adviser . |
| Equity plans | None; TSLX reports no equity compensation plans and does not grant options . |
| Hedging/Pledging policy | Short sales and transactions in publicly traded options prohibited; hedging via exchange funds strongly discouraged and requires approval; margin accounts and pledging prohibited with limited exception approval framework . |
Investment Implications
- Pay‑for‑performance linkage is indirect: Mr. Pluss’s compensation is set/paid by the Adviser and not disclosed by TSLX; however, Adviser profits—and thus executive economics—are driven by TSLX’s NII above a quarterly hurdle and realized capital gains, aligning executive incentives to consistent income generation and prudent realization of gains .
- Limited insider selling pressure from company grants: TSLX has no equity compensation plans and does not grant options/RSUs/PSUs, reducing supply overhang or vest‑driven selling dynamics for executives; any share ownership/liquidity is unrelated to company equity grants .
- Pledging risk is policy‑constrained: Margin/pledging is prohibited absent exceptions; while certain directors and other executives have pledged shares, the proxy does not attribute any pledged shares to Mr. Pluss individually, lowering immediate pledging‑related risk signals for him specifically .
- Retention outlook: Indefinite term since 2014 and senior platform roles (CRO) suggest institutional continuity; absence of company‑level severance/change‑of‑control arrangements implies retention is governed by Adviser employment terms rather than TSLX corporate contracts .
- Governance structure considerations: External management and fee structure (including catch‑up over NII hurdle) can create periods where incentive fees are paid despite quarter losses from capital marks; investors should monitor NII sustainability and realized gains policy as these influence Adviser profits and, by extension, executive economics .