Logo

TSLX

Sixth Street Specialty Lending, Inc.

TSLX

Sixth Street Specialty Lending, Inc. • NYSE
$21.82 ▲ 0.79% (+0.17)
Market Cap $2.06 B
52w High $25.17
52w Low $18.58
Dividend Yield 1.90%
P/E 10.64
Volume 155.01K
Outstanding Shares 94.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $81.142M ▼ $10.952M ▼ $44.6M ▼ 54.965% ▲ $0.47 ▼ $46.306M ▼
Q2-2025 $112.463M ▲ $37.785M ▲ $59.003M ▲ 52.464% ▲ $0.63 ▲ $86.799M ▲
Q1-2025 $74.413M ▼ $8.933M ▼ $36.955M ▼ 49.662% ▼ $0.39 ▼ $38.305M ▼
Q4-2024 $93.805M ▲ $11.944M ▼ $50.991M ▲ 54.359% ▲ $0.54 ▲ $53.314M ▲
Q3-2024 $84.449M $16.431M $40.655M 48.141% $0.44 $42.809M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $83.159M ▲ $3.509B ▲ $1.89B ▲ $1.62B ▲
Q2-2025 $39.169M ▲ $3.416B ▼ $1.798B ▼ $1.618B ▲
Q1-2025 $4.556M ▼ $3.498B ▼ $1.897B ▼ $1.601B ▼
Q4-2024 $4.966M ▼ $3.582B ▲ $1.975B ▲ $1.608B ▲
Q3-2024 $6.53M $3.53B $1.933B $1.597B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $44.6M ▼ $-15.631M ▼ $0 ▼ $59.621M ▲ $43.99M ▲ $-15.631M ▼
Q2-2025 $59.003M ▲ $27.674M ▼ $165.525M ▲ $-201.299M ▼ $-8.1M ▼ $27.674M ▼
Q1-2025 $36.955M ▼ $41.777M ▼ $108.142M ▲ $-129.978M ▼ $19.941M ▲ $41.777M ▼
Q4-2024 $50.991M ▲ $62.297M ▲ $-93.022M ▲ $28.326M ▼ $-2.399M ▲ $62.297M ▲
Q3-2024 $40.655M $39.992M $-114.487M $69.573M $-4.922M $39.992M

Five-Year Company Overview

Income Statement

Income Statement The company’s revenue has grown steadily over the past several years, showing that it has been able to find more lending opportunities and put capital to work. Profitability has been consistently positive, though earnings per share have moved around from year to year, reflecting shifts in deal activity, fee income, and credit costs. Recent results show higher revenue than a few years ago but not necessarily record earnings per share, which suggests competitive pressure on spreads and some normalization from unusually strong periods. Overall, this is a lender that has maintained healthy earnings through cycles, but with some year‑to‑year volatility that is typical for a specialty finance business.

Balance Sheet

Balance Sheet The balance sheet has expanded over time, with both assets and equity growing, which points to a larger, more established lending platform. Debt levels have also increased, meaning the firm is using more leverage to support its portfolio, which is common for this type of company but does raise sensitivity to funding markets and credit quality. Equity has kept pace reasonably well, indicating that growth has not been purely debt‑funded. Overall, the balance sheet looks like that of a scaled business development company: meaningfully levered, but supported by a sizable equity base and diversified investment book.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, which is important for a lender that depends on interest and fees from its investments. Free cash flow closely tracks operating cash flow because the business is not capital‑intensive and needs very little in the way of physical investment. This pattern suggests the company converts its lending activity into cash reliably, with limited drain from ongoing capital spending. The main cash‑flow risks remain tied to credit performance and funding conditions, not to heavy investment needs.

Competitive Edge

Competitive Edge TSLX operates in a crowded direct lending market but has carved out a differentiated spot by focusing on more complex, often non‑sponsored borrowers that many rivals avoid. Its close connection to the broader Sixth Street platform gives it access to deep industry expertise, proprietary deal flow, and strong underwriting resources, which together form a meaningful competitive moat. The firm has a track record of disciplined credit selection with low problem loans by industry standards, supporting its reputation as a high‑quality lender. The main challenge is that more capital has rushed into private credit, putting pressure on pricing, so maintaining these advantages and careful risk management is critical.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional research and development and more about strategy, data, and structuring expertise. TSLX leverages the broader Sixth Street platform’s data and sector insights to originate and underwrite complex, tailored financing solutions rather than plain‑vanilla loans. Its focus on thematic investing, bespoke capital structures, and non‑sponsored borrowers shows a willingness to do harder, more analytical work in exchange for better terms. While there is limited public detail on proprietary technology, the edge appears to come from human capital, analytical depth, and creative deal design, rather than large in‑house technology R&D programs.

Summary

TSLX looks like a scaled, specialized lender with steadily growing revenue, consistent profitability, and a balance sheet that has expanded alongside its opportunity set. Its business model is built around complex, often under‑served borrowers and is reinforced by a strong relationship with the larger Sixth Street investment platform. Cash generation has been stable, and the company has a history of disciplined credit management, though earnings can fluctuate with deal activity and market conditions. Key watchpoints include competition in direct lending, the impact of higher leverage in a downturn, and execution through leadership transitions. Overall, it presents as a mature, niche‑focused financing platform with clear strengths and the usual credit‑cycle and market risks that come with this type of business.

NEWS

November 4, 2025 · 5:10 PM UTC

Sixth Street Specialty Lending, Inc. Provides a Letter to Stakeholders in Conjunction with its Third Quarter Earnings Results

Read more

November 4, 2025 · 4:55 PM UTC

Sixth Street Specialty Lending, Inc. Appoints Robert Stanley as Co-Chief Executive Officer, Expands its Board of Directors and Elects Robert Stanley to the Board

Read more

November 4, 2025 · 4:45 PM UTC

Sixth Street Specialty Lending, Inc. Reports Third Quarter 2025 Earnings Results; Declares a Fourth Quarter Base Dividend Per Share of $0.46, and a Third Quarter Supplemental Dividend Per Share of $0.03

Read more

October 3, 2025 · 4:05 PM UTC

Sixth Street Specialty Lending, Inc. Schedules Earnings Release and Conference Call to Discuss its Third Quarter Ended September 30, 2025 Financial Results

Read more