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
$2.11B
P/E (TTM)
11.0
0
Dividend Yield
9.2%
52W High
$25.17
52W Low
$18.58
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
Q3 2025 Data
Revenue
$81.14M-25.57%
4-Quarter Trend
EPS
$0.47+6.82%
4-Quarter Trend
FCF
-$15.63M-139.08%
4-Quarter Trend
2025 Q3 Earnings Highlights
Key Highlights
NAV Stable, Operations Up Net assets from operations rose to $140.6 M for nine months; NAV per share stable at $17.14.
Expense Ratio Improvement Noted Net expense ratio improved to 15.00% due to Adviser fee waivers; NII was $159.5 M nine months.
First-Lien Debt Dominates Portfolio First-lien debt comprises 89.2% of fair value portfolio as of September 30, 2025; total assets $3.51 B.
Risk Factors
Significant Realized Investment Losses Nine months realized investment losses totaled $(36.6) M, a sharp negative swing compared to prior year period.
Interest Rate Sensitivity Exposure Hypothetical 100 basis point rate decrease results in $12.2 M annualized net interest income decrease.
Non-Accrual Investments Present $20.3 M in non-accrual investments represent 0.6% of total fair value portfolio as of September 30, 2025.
Economic Uncertainty Persists Continued global market uncertainty, inflation, and regulatory shifts pose ongoing risks to portfolio performance.
Outlook
Strong Liquidity Position Maintained $1.0 B availability on Revolving Credit Facility provides sufficient liquidity for near-term investing activities.
Leverage Compliance Maintained Asset coverage ratio of 187.5% maintains compliance well above the 150% minimum requirement under the 1940 Act.
Investment Focus Unchanged Strategy remains focused on direct origination of senior secured loans in middle-market companies.
Peer Comparison
Revenue (TTM)
GRAB$3.23B
$859.70M
GCMG$552.96M
Gross Margin (Latest Quarter)
GCMG100.0%
BUR83.9%
70.6%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| GRAB | $17.37B | 146.5 | 1.9% | 18.8% |
| GCMG | $2.19B | 18.5 | -179.9% | 70.2% |
| WT | $2.13B | 22.3 | 23.6% | 66.1% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-12.8%
Growth Under Pressure
4Q Net Income CAGR
-4.4%
Stable Profitability
Cash Flow Stability
75%
Volatile Cash Flow
Research & Insights
Next earnings:Feb 12, 2026
EPS:$0.51
|Revenue:$107.11M
Reports
All Years
Form 10-Q - Q3 2025
Period End: Sep 30, 2025|Filed: Nov 4, 2025|Revenue: $81.14M-25.6%|EPS: $0.47+6.8%MissForm 10-Q - Q2 2025
Period End: Jun 30, 2025|Filed: Jul 30, 2025|Revenue: $112.46M-0.6%|EPS: $0.63+23.5%BeatForm 10-Q - Q1 2025
Period End: Mar 31, 2025|Filed: Apr 30, 2025|Revenue: $113.79M+2.8%|EPS: $0.39-26.4%MissForm 10-K - FY 2024
Period End: Dec 31, 2024|Filed: Feb 13, 2025|Revenue: $359.74M-2.7%|EPS: $2.03-22.2%BeatForm 10-Q - Q3 2024
Period End: Sep 30, 2024|Filed: Nov 5, 2024|Revenue: $109.02M-4.7%|EPS: $0.44-40.5%MissForm 10-Q - Q2 2024
Period End: Jun 30, 2024|Filed: Jul 31, 2024|Revenue: $113.11M+10.3%|EPS: $0.51-19.0%MissForm 10-Q - Q1 2024
Period End: Mar 31, 2024|Filed: May 1, 2024|Revenue: $110.64M+16.1%|EPS: $0.53-18.5%MissForm 10-K - FY 2023
Period End: Dec 31, 2023|Filed: Feb 15, 2024|Revenue: $421.10M+97.6%|EPS: $2.61+89.1%Beat