Sixth Street Specialty Lending, Inc. TSLX

NYSE

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.

Last close 17.21 2026-10-27
Market cap $1.64B 2026-06-30 share count
52-week range 16.04 - 22.89

Valuation FY2025 figures against the last close

P/S—
P/E9.5x
P/FCF4.1x
EV/EBITDA—
Dividend yield10.4%
Diluted EPS1.81

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 1.812.032.611.382.932.65—
EPS, diluted 1.812.032.611.382.792.65—
Shares, diluted (wtd. avg.) 94.1M92.0M85.1M78.2M77.7M67.2M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 100M 200M 300M Net income, FY2020: 178.1M Net income, FY2021: 211.8M Net income, FY2022: 108.1M Net income, FY2023: 222M Net income, FY2024: 186.6M Net income, FY2025: 170.5M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — —
Gross profit — — — — — — —
Net income — $178.1M $211.8M $108.1M $222.0M $186.6M $170.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Shareholder vote Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.