Sixth Street Specialty Lending, Inc.
NYSE•TSLX
CEO: Mr. Joshua William Easterly
Sector: Financial Services
Industry: Asset Management
Listing Date: 2014-03-21
Sixth Street Specialty Lending, Inc. (NYSE: TSLX) is a business development company. The fund provides senior secured loans (first-lien, second-lien, and unitranche), unsecured loans, mezzanine debt, and investments in corporate bonds and equity securities and structured products, non-control structured equity, and common equity with a focus on co-investments for organic growth, acquisitions, market or product expansion, restructuring initiatives, recapitalizations, and refinancing. The fund invests in business services, software & technology, healthcare, energy, consumer & retail, manufacturing, industrials, royalty related businesses, education, and specialty finance. It seeks to finance and lending to middle market companies principally located in the United States. The fund invests in companies with enterprise value between $50 million and $1 billion or more and EBITDA between $10 million and $250 million. The transaction size is between $15 million and $350 million. The fund invests across the spectrum of the capital structure and can arrange syndicated transactions of up to $500 million and hold sizeable positions within its credits.
Contact Information
2100 McKinney Avenue, Suite 1500, Dallas, TX, 75201, United States
469-621-3001
Market Cap
$1.72B
P/E (TTM)
10.1
0
Dividend Yield
10.9%
52W High
$25.17
52W Low
$16.99
52W Range
Rank44Top 53.8%
3.7
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025
Financial Dashboard
Q4 2025 Data
Revenue
$92.19M+0.00%
4-Quarter Trend
EPS
$0.32+0.00%
4-Quarter Trend
FCF
$52.42M+0.00%
4-Quarter Trend
2025 Annual Earnings Highlights
Key Highlights
Asset Coverage Ratio Improved Asset coverage ratio increased to 191.5% as of December 31, 2025, up from 182.5% last year, showing strong capital cushion.
Non-Accruals Significantly Reduced Non-accrual investments fair value dropped to 0.6% of total portfolio, down from 1.4% in 2024, indicating improved credit quality.
Interest Expense Decreased Total interest expense fell to $129.6M in 2025, down from $154.2M in 2024, reflecting lower average debt rates and mix changes.
NAV Per Share Slight Decline Net Asset Value per share decreased slightly to $16.98 USD at year-end 2025 from $17.16 USD in 2024.
Risk Factors
Adviser Personnel Dependency Risk Success relies heavily on senior Investment Team members; their departure could materially disrupt operations and investment execution.
Floating Rate Debt Exposure Majority of debt investments bear floating rates, increasing borrowing costs if general interest rates rise, impacting net income.
Subjective Investment Valuation Majority of investments are Level 3, valued using unobservable inputs, creating inherent uncertainty in fair value determination.
Regulatory Constraints Limit Flexibility BDC regulations restrict capital raising and business nature changes, potentially creating competitive disadvantages against less regulated peers.
Outlook
Leverage Maintained Within Limits Intend to manage leverage within the 150% asset coverage limitation to fund investments and cover unfunded commitments near term.
Co-Invest Exemptive Order Utility Ability to co-invest with Sixth Street affiliates captures larger commitments, providing "one-stop" financing opportunities previously unavailable.
Focus on Direct Origination Strategy remains focused on direct origination of loans to U.S. middle-market companies for attractive risk-adjusted returns.
Portfolio Monitoring Continues Adviser regularly assesses risk profiles quarterly, grading investments on a 1 to 5 scale to ensure early intervention on concerns.
Peer Comparison
Revenue (TTM)
$3.37B
$912.39M
$819.49M
Gross Margin (Latest Quarter)
93.8%
91.0%
85.2%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| GRAB | $14.90B | 57.4 | 4.1% | 17.1% |
| SII | $3.75B | 47.8 | 20.7% | 0.0% |
| WT | $2.02B | 17.8 | 26.5% | 63.2% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
7.4%
Steady Growth
4Q Net Income CAGR
-6.8%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow
Deep Research
Next earnings:Apr 28, 2026
EPS:-
|Revenue:-
Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
Cash Flow Statement
Ratios
% Chg.
Income Statement | LTM |
|---|
No Data