Sixth Street Specialty Lending, Inc. TSLX
Our investment objective is to generate current income by targeting investments with favorable "risk-adjusted returns," which are
expected returns that are adjusted based on the levels of risk associated with the investments. Since we began our investment activities in July 2011, through December 31, 2025, we have originated approximately $53.3 billion aggregate principal amount of investments and retained approximately $11.8 billion aggregate principal amount of these investments on our balance sheet prior to any subsequent exits and repayments. We seek to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Total operating expenses | — | $260.0M | $240.5M | $140.8M | $136.0M | $117.3M | — |
| Interest expense | — | — | $133.7M | $63.0M | $38.8M | $39.4M | — |
| Pre-tax income | — | $224.0M | $198.8M | $168.9M | $142.7M | $152.8M | — |
| Income tax | — | $3.9M | $2.4M | $2.6M | $384.0K | $5.8M | — |
| Net income | $170.5M | $186.6M | $222.0M | $108.1M | $211.8M | $178.1M | — |
| EPS, basic | 1.81 | 2.03 | 2.61 | 1.38 | 2.93 | 2.65 | — |
| EPS, diluted | 1.81 | 2.03 | 2.61 | 1.38 | 2.79 | 2.65 | — |
| Shares, diluted (wtd. avg.) | $94.1M | $92.0M | $85.1M | $78.2M | $77.7M | $67.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $19.7M | $27.3M | $25.2M | $25.6M | $16.0M | — | — |
| Total assets | $3.42B | $3.58B | $3.34B | $2.84B | $2.55B | — | — |
| Long-term debt | $1.74B | $1.90B | $1.78B | $1.44B | $1.19B | — | — |
| Total liabilities | $1.81B | $1.97B | $1.85B | $1.50B | $1.28B | — | — |
| Retained earnings | $81.6M | $97.7M | $100.8M | $56.5M | $90.1M | — | — |
| Total equity | $1.61B | $1.61B | $1.50B | $1.34B | $1.28B | $1.16B | $1.12B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $401.6M | -$45.5M | -$236.8M | -$224.5M | $2.5M | $145.1M | — |
| Financing cash flow | -$409.2M | $47.6M | $236.3M | $234.2M | $241.0K | -$145.9M | — |
| Dividends paid | $170.3M | $168.7M | $156.4M | $144.7M | $221.9M | $130.4M | — |
| Buybacks | — | — | $6.2M | $6.2M | — | $2.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-048664.