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Sixth Street Specialty Lending, Inc.

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
www.sixthstreetspecialtylending.com
Market Cap
$2.11B
P/E (TTM)
11.0
0
Dividend Yield
9.2%
52W High
$25.17
52W Low
$18.58
52W Range
56%
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 Holdings LimitedGRAB
$3.23B
+20.2%
Enterprise Financial Services CorpEFSC
$859.70M
+6.4%
GCM Grosvenor Inc.GCMG
$552.96M
+18.8%

Gross Margin (Latest Quarter)

GCM Grosvenor Inc.GCMG
100.0%
+59.6pp
Burford Capital LimitedBUR
83.9%
-17.5pp
Sixth Street Specialty Lending, Inc.TSLX
70.6%
+0.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GRAB$17.37B146.51.9%18.8%
GCMG$2.19B18.5-179.9%70.2%
WT$2.13B22.323.6%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%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $112.46M-0.6%
    |
    EPS: $0.63+23.5%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 30, 2025|
    Revenue: $113.79M+2.8%
    |
    EPS: $0.39-26.4%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 13, 2025|
    Revenue: $359.74M-2.7%
    |
    EPS: $2.03-22.2%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 5, 2024|
    Revenue: $109.02M-4.7%
    |
    EPS: $0.44-40.5%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 31, 2024|
    Revenue: $113.11M+10.3%
    |
    EPS: $0.51-19.0%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 1, 2024|
    Revenue: $110.64M+16.1%
    |
    EPS: $0.53-18.5%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 15, 2024|
    Revenue: $421.10M+97.6%
    |
    EPS: $2.61+89.1%
    Beat