In a large skillet over medium-high heat, crumble and brown the ground beef alongside the onions and red peppers. Cook until the beef is well-seared and the peppers are tender. Make sure to drain the rendered fat completely.

Turn the heat down to medium-low. Stir in the chili sauce, beef broth, dark brown sugar, balsamic vinegar, Dijon, and onion powder. Let the mixture bubble gently for 8–10 minutes, allowing the sauce to reduce into a thick, glossy glaze that clings to the beef.

While the meat simmers, set your oven to the broiler setting. Arrange the Texas toast on a baking sheet and toast one side until it’s lightly crisped and golden.

Flip the bread over and place a slice of cheese on the untoasted side. Return it to the broiler for about 45 seconds—just enough to get the cheese tacky and starting to melt.

Spoon a generous helping of the sloppy joe mixture onto each cheesy toast slice. Top with a second slice of cheese. Slide the tray back under the broiler for 1–2 minutes until the top cheese layer is bubbly and carries a few golden-brown spots.