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Sixth Street Specialty Lending (TSLX) Financials

Sixth Street Specialty Lending logo
$17.25 -0.63 (-3.52%)
As of 11:10 AM Eastern
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Annual Income Statements for Sixth Street Specialty Lending

Annual Income Statements for Sixth Street Specialty Lending

This table shows Sixth Street Specialty Lending's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -89 212 108 222 187 171
Consolidated Net Income / (Loss)		 -89 218 134 233 136 171
Net Income / (Loss) Continuing Operations		 -89 218 134 233 136 171
Total Pre-Tax Income 		153 143 169 233 136 170
Total Revenue		 0.74 393 462 481 347 403
Net Interest Income / (Expense)		 0.00 370 451 403 435 429
Total Interest Income		 0.00 409 451 403 435 429
Investment Securities Interest Income		 - 409 451 403 435 429
Total Interest Expense		 0.00 39 0.00 0.00 0.00 0.00
Total Non-Interest Income		 0.74 22 10 77 -88 -26
Other Service Charges		 - 0.19 0.43 15 -44 22
Net Realized & Unrealized Capital Gains on Investments		 0.74 29 15 62 -44 -47
Other Non-Interest Income		 - -6.64 -4.79 - - 0.00
Total Non-Interest Expense		 84 234 272 248 210 233
Other Operating Expenses		 45 233 281 199 224 233
Income Tax Expense		 5.76 2.29 3.18 - - -0.52
Basic Earnings per Share		 $2.65 $2.93 $1.38 $2.61 $2.03 $1.81
Weighted Average Basic Shares Outstanding		 67.21M 72.17M 78.20M 85.13M 92.04M 94.10M
Diluted Earnings per Share		 $2.65 $2.79 $1.38 $2.61 $2.03 $1.81
Weighted Average Diluted Shares Outstanding		 67.21M 77.70M 78.20M 85.13M 92.04M 94.10M
Weighted Average Basic & Diluted Shares Outstanding		 - - 81.39M 87.83M 93.66M 94.71M

Quarterly Income Statements for Sixth Street Specialty Lending

This table shows Sixth Street Specialty Lending's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 65 51 48 47 41 52 37 59 45 30 -26
Consolidated Net Income / (Loss)		 65 51 39 47 34 51 39 59 37 47 -33
Net Income / (Loss) Continuing Operations		 65 51 39 47 34 52 39 59 37 47 -33
Total Pre-Tax Income 		65 61 39 47 34 53 39 59 37 46 -33
Total Revenue		 114 59 90 106 100 82 97 144 86 83 3.88
Net Interest Income / (Expense)		 104 64 105 107 109 108 113 102 95 124 84
Total Interest Income		 104 64 105 107 109 108 113 102 95 124 84
Investment Securities Interest Income		 104 64 105 107 109 108 113 102 95 124 84
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 9.87 -5.03 -16 -0.39 -9.33 -25 -16 42 -8.98 -41 -80
Other Service Charges		 0.27 0.35 -6.27 5.84 -6.89 0.44 3.87 7.91 -2.84 24 -5.94
Net Realized & Unrealized Capital Gains on Investments		 9.60 -5.38 -9.46 -6.22 -2.44 -26 -19 34 -6.14 -66 -74
Total Non-Interest Expense		 59 20 51 69 66 45 58 90 49 32 37
Other Operating Expenses		 64 11 56 67 56 65 47 64 50 68 45
Other Special Charges		 -5.47 8.86 -4.73 1.64 10 -21 11 26 -0.76 - -8.40
Nonoperating Income / (Expense), net		 10 13 -0.11 9.56 -0.07 16 -0.28 5.71 -0.37 - -0.09
Basic Earnings per Share		 $0.74 $0.59 $0.53 $0.51 $0.44 $0.55 $0.39 $0.63 $0.47 $0.32 ($0.27)
Weighted Average Basic Shares Outstanding		 87.25M 85.13M 89.03M 92.73M 93.02M 92.04M 93.67M 93.97M 94.25M 94.10M 94.71M
Diluted Earnings per Share		 $0.74 $0.59 $0.53 $0.51 $0.44 $0.55 $0.39 $0.63 $0.47 $0.32 ($0.27)
Weighted Average Diluted Shares Outstanding		 87.25M 85.13M 89.03M 92.73M 93.02M 92.04M 93.67M 93.97M 94.25M 94.10M 94.71M
Weighted Average Basic & Diluted Shares Outstanding		 87.55M 87.83M 92.72M 93.02M 93.32M 93.66M 93.96M 94.24M 94.49M 94.71M 95.02M

Annual Cash Flow Statements for Sixth Street Specialty Lending

This table details how cash moves in and out of Sixth Street Specialty Lending's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.87 2.69 9.68 -0.45 2.13 -7.67
Net Cash From Operating Activities		 145 2.45 -225 -237 -45 402
Net Cash From Continuing Operating Activities		 145 2.45 -225 -237 -45 402
Net Income / (Loss) Continuing Operations		 178 212 108 222 187 171
Consolidated Net Income / (Loss)		 178 212 108 222 187 171
Amortization Expense		 -20 -21 -13 -11 -13 -18
Non-Cash Adjustments to Reconcile Net Income		 -31 -191 -251 -472 -237 236
Changes in Operating Assets and Liabilities, net		 18 2.75 -68 25 18 13
Net Cash From Investing Activities		 0.00 0.00 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 -146 0.24 234 236 48 -409
Net Cash From Continuing Financing Activities		 -146 0.24 234 236 48 -409
Issuance of Debt		 1,114 1,617 1,330 1,546 1,785 1,336
Issuance of Common Equity		 0.00 86 0.00 89 93 0.00
Repayment of Debt		 -1,123 -1,473 -940 -1,233 -1,653 -1,568
Payment of Dividends		 -130 -222 -145 -156 -169 -170
Other Financing Activities, Net		 -4.27 -7.95 -4.30 -9.42 -8.81 -7.32
Cash Interest Paid		 34 29 56 119 140 119
Cash Income Taxes Paid		 3.98 3.87 1.67 2.44 2.28 5.78

Quarterly Cash Flow Statements for Sixth Street Specialty Lending

This table details how cash moves in and out of Sixth Street Specialty Lending's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 4.03 -4.68 11 -1.24 -4.92 -2.40 20 -8.10 44 -63 9.52
Net Cash From Operating Activities		 37 -87 -66 125 -74 -31 150 193 -16 74 -23
Net Cash From Continuing Operating Activities		 37 -87 -66 125 -74 -31 150 193 -16 74 -23
Net Income / (Loss) Continuing Operations		 65 51 48 47 41 51 37 59 45 30 -26
Consolidated Net Income / (Loss)		 65 51 48 47 41 51 37 59 45 30 -26
Amortization Expense		 -3.48 -3.00 -1.86 -4.43 -2.42 -3.87 -4.27 -5.76 -4.35 -3.68 -2.42
Non-Cash Adjustments to Reconcile Net Income		 -19 -162 -99 71 -109 -99 119 149 -77 41 28
Changes in Operating Assets and Liabilities, net		 -5.30 27 -12 12 -3.71 21 -2.16 -8.56 21 7.23 -23
Net Cash From Investing Activities		 - - 0.00 - - - 0.00 - - - 0.00
Net Cash From Continuing Investing Activities		 - - 0.00 - - - 0.00 - - - 0.00
Net Cash From Financing Activities		 -33 82 76 -127 70 28 -130 -201 60 -138 33
Net Cash From Continuing Financing Activities		 -33 82 76 -127 70 28 -130 -201 60 -138 33
Issuance of Debt		 478 318 622 234 251 678 530 210 374 223 310
Repayment of Debt		 -467 -196 -579 -326 -139 -609 -610 -368 -272 -318 -238
Payment of Dividends		 -39 -41 -43 -42 -43 -41 -43 -43 -43 -42 -39
Other Financing Activities, Net		 -4.32 -0.01 -5.03 -3.74 -0.03 - -7.30 -0.01 - - 0.00
Cash Interest Paid		 32 31 38 30 48 24 45 16 46 12 44
Cash Income Taxes Paid		 0.01 0.01 2.30 0.10 -0.13 0.00 4.50 0.11 0.24 0.93 4.60

Annual Balance Sheets for Sixth Street Specialty Lending

This table presents Sixth Street Specialty Lending's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,552 2,837 3,344 3,582 3,422
Cash and Due from Banks		 16 26 25 27 20
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00
Other Assets		 2,536 2,811 3,319 3,595 3,440
Total Liabilities & Shareholders' Equity		 2,552 2,837 3,344 3,582 3,422
Total Liabilities		 1,276 1,495 1,847 1,975 1,814
Long-Term Debt		 1,186 1,442 1,780 1,901 1,743
Other Long-Term Liabilities		 90 54 67 56 60
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,276 1,342 1,496 1,608 1,608
Total Preferred & Common Equity		 1,276 1,342 1,496 1,608 1,608
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,276 1,342 1,496 1,608 1,608
Common Stock		 1,190 1,296 1,406 1,520 1,537
Retained Earnings		 90 56 101 98 82
Treasury Stock		 -4.29 -10 -10 -10 -10

Quarterly Balance Sheets for Sixth Street Specialty Lending

This table presents Sixth Street Specialty Lending's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,860 2,973 3,141 3,174 3,452 3,387 3,530 3,499 3,416 3,509 3,393
Cash and Due from Banks		 30 26 26 30 36 35 30 47 39 83 29
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets		 2,829 2,947 3,115 3,144 3,416 3,352 3,500 3,451 152 3,465 3,402
Total Liabilities & Shareholders' Equity		 2,860 2,973 3,141 3,174 3,452 3,387 3,530 3,499 3,416 3,509 3,393
Total Liabilities		 1,532 1,617 1,681 1,688 1,870 1,788 1,933 1,897 1,798 1,890 1,850
Long-Term Debt		 1,457 1,563 1,623 1,623 1,804 1,713 1,870 1,845 1,727 1,834 1,803
Other Long-Term Liabilities		 75 54 54 65 66 75 62 52 72 43 39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,328 1,356 1,461 1,486 1,582 1,599 1,597 1,601 1,618 1,620 1,543
Total Preferred & Common Equity		 1,328 1,356 1,461 1,486 1,582 1,599 1,597 1,601 1,618 1,620 1,543
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,328 1,356 1,461 1,486 1,582 1,599 1,597 1,601 1,618 1,620 1,543
Common Stock		 1,291 1,301 1,396 1,402 1,493 1,511 1,517 1,527 1,533 1,538 1,542
Retained Earnings		 44 65 75 94 99 98 90 85 95 92 11
Treasury Stock		 -7.29 -10 -10 -10 -10 -10 -10 -10 -10 -10 -10

Annual Metrics And Ratios for Sixth Street Specialty Lending

This table displays calculated financial ratios and metrics derived from Sixth Street Specialty Lending's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 94,493,925.00
DEI Adjusted Shares Outstanding		 - - - - - 94,493,925.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 1.81
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.38 $2.61 $2.03 $1.81
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 78.20M 85.13M 92.04M 94.10M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.38 $2.61 $2.03 $1.81
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 78.20M 85.13M 92.04M 94.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 81.39M 87.83M 93.66M 94.71M
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for Sixth Street Specialty Lending

This table displays calculated financial ratios and metrics derived from Sixth Street Specialty Lending's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 94,493,925.00 94,705,150.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 94,493,925.00 94,705,150.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.49 -0.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 78.51% -85.31% -37.82% -5.52% -9.02% 39.99% 0.55% 34.83% -13.58% - -96.02%
EBITDA Growth		 68.69% -81.43% -23.97% -34.75% -47.72% -5.14% -35.03% 42.28% 5.47% - -202.28%
EBIT Growth		 69.42% -80.36% -23.42% -29.00% -46.63% -2.49% -27.12% 40.82% 10.80% - -184.88%
NOPAT Growth		 69.95% -55.58% -4.14% -29.61% -47.13% -22.90% -27.12% 40.82% 10.80% - -159.42%
Net Income Growth		 88.26% -62.25% -10.26% -10.72% -37.28% -0.33% -27.63% 24.48% 9.95% - -185.72%
EPS Growth		 72.09% 0.00% -18.46% -19.05% -40.54% -6.78% -26.42% 23.53% 6.82% - -169.23%
Operating Cash Flow Growth		 115.02% -260.01% 10.84% 210.78% -303.20% 64.63% 328.75% 54.23% 79.02% - -115.58%
Free Cash Flow Firm Growth		 90.23% 0.00% 84.99% 93.51% -22.64% 56.19% 92.63% 111.05% 115.69% - 470.92%
Invested Capital Growth		 11.62% 17.72% 16.01% 7.40% 11.54% 7.08% 1.76% 0.97% -0.39% - -2.90%
Revenue Q/Q Growth		 8.66% -48.41% 255.20% 3.69% 4.63% -20.62% 9.55% 59.16% -39.96% - -95.33%
EBITDA Q/Q Growth		 23.70% -31.41% -31.45% -18.48% -0.90% 24.47% -28.93% 98.76% -30.55% - -174.71%
EBIT Q/Q Growth		 23.57% -30.29% -31.83% -10.23% -7.12% 27.38% -24.88% 89.07% -29.90% - -164.62%
NOPAT Q/Q Growth		 24.78% -13.16% -42.92% -10.92% -6.27% 26.65% -23.20% 89.07% -29.90% - -150.19%
Net Income Q/Q Growth		 22.09% -21.07% -7.12% -0.25% -14.23% 25.43% -45.27% 111.41% -37.30% - -171.09%
EPS Q/Q Growth		 17.46% -20.27% -10.17% -3.77% -13.73% 25.00% -29.09% 61.54% -25.40% - -184.38%
Operating Cash Flow Q/Q Growth		 132.42% -336.95% 24.55% 291.14% -159.47% 58.76% 587.94% 28.87% -108.09% - -131.52%
Free Cash Flow Firm Q/Q Growth		 91.15% -65.74% -0.02% 54.42% -67.26% 40.79% 83.83% 166.59% 142.49% - -62.32%
Invested Capital Q/Q Growth		 0.81% 5.40% 3.35% -2.20% 4.70% 1.18% -1.78% -2.96% 3.28% - -0.15%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 45.38% 60.34% 35.02% 27.53% 26.08% 40.89% 26.52% 33.12% 38.31% - -917.91%
EBIT Margin		 48.43% 65.44% 36.97% 32.01% 28.41% 45.59% 31.26% 37.13% 43.35% - -855.35%
Profit (Net Income) Margin		 56.87% 87.00% 49.72% 47.83% 39.21% 61.95% 30.95% 41.11% 42.93% - -857.57%
Tax Burden Percent		 99.29% 83.90% 98.24% 97.48% 94.97% 95.64% 100.00% 100.00% 100.00% - 100.00%
Interest Burden Percent		 118.26% 158.46% 136.90% 153.31% 145.32% 142.08% 99.01% 110.71% 99.02% - 100.26%
Effective Tax Rate		 0.71% 0.97% 1.76% 2.52% 1.63% 2.19% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 11.79% 11.52% 2.97% 2.46% 2.06% 5.00% 3.49% 4.67% 5.07% - -54.56%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.44% 11.75% 3.73% 3.45% 2.72% 5.78% 3.47% 5.00% 5.05% - -55.11%
Return on Net Nonoperating Assets (RNNOA)		 13.62% 13.34% 4.28% 3.76% 3.09% 6.85% 3.98% 5.34% 5.82% - -63.95%
Return on Equity (ROE)		 25.41% 24.86% 7.25% 6.22% 5.14% 11.86% 7.47% 10.01% 10.89% - -118.50%
Cash Return on Invested Capital (CROIC)		 0.00% -10.26% -8.50% -1.31% -6.04% -2.97% 1.87% 3.21% 4.52% - 5.84%
Operating Return on Assets (OROA)		 11.60% 9.13% 2.97% 2.47% 2.05% 5.01% 3.43% 4.57% 4.99% - -76.82%
Return on Assets (ROA)		 13.62% 12.14% 3.99% 3.70% 2.83% 6.81% 3.39% 5.06% 4.94% - -77.01%
Return on Common Equity (ROCE)		 25.41% 24.86% 7.25% 6.22% 5.14% 11.86% 7.47% 10.01% 10.89% - -118.50%
Return on Equity Simple (ROE_SIMPLE)		 20.62% 0.00% 13.69% 13.19% 11.69% 0.00% 10.99% 11.59% 11.78% - 6.40%
Net Operating Profit after Tax (NOPAT)		 55 48 35 31 29 37 28 53 37 - -23
NOPAT Margin		 48.09% 80.95% 36.32% 31.20% 27.95% 44.58% 31.26% 37.13% 43.35% - -598.75%
Net Nonoperating Expense Percent (NNEP)		 -0.65% -0.22% -0.76% -0.99% -0.67% -0.78% 0.02% -0.33% 0.02% - 0.55%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 51.57% 34.56% 63.03% 67.99% 71.59% 54.41% 68.74% 62.87% 56.65% - 955.35%
Earnings before Interest and Taxes (EBIT)		 55 38 35 32 29 38 28 53 37 - -33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 52 35 33 27 27 34 24 48 33 - -36
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.06 1.12 1.16 1.24 1.20 1.24 1.31 1.38 1.33 - 1.13
Price to Tangible Book Value (P/TBV)		 1.06 1.12 1.16 1.24 1.20 1.24 1.31 1.38 1.33 - 1.13
Price to Revenue (P/Rev)		 2.19 3.89 7.10 7.85 7.89 5.22 5.50 5.35 5.32 - 5.63
Price to Earnings (P/E)		 5.67 7.55 8.45 9.39 10.15 10.51 11.74 11.76 11.10 - 16.19
Dividend Yield		 11.16% 10.97% 12.19% 12.04% 12.52% 11.97% 9.29% 8.74% 9.06% - 10.83%
Earnings Yield		 17.65% 13.24% 11.83% 10.65% 9.85% 9.52% 8.52% 8.50% 9.01% - 6.18%
Enterprise Value to Invested Capital (EV/IC)		 1.02 1.05 1.06 1.10 1.08 1.10 1.13 1.17 1.13 - 1.05
Enterprise Value to Revenue (EV/Rev)		 4.39 7.96 13.95 14.50 15.50 10.14 10.21 9.38 9.65 - 11.36
Enterprise Value to EBITDA (EV/EBITDA)		 9.30 19.83 19.89 21.97 26.45 31.80 35.87 31.99 31.40 - 43.01
Enterprise Value to EBIT (EV/EBIT)		 8.95 18.60 18.73 20.41 24.43 28.81 31.52 28.24 27.38 - 35.89
Enterprise Value to NOPAT (EV/NOPAT)		 11.84 18.80 18.06 19.65 23.39 29.41 31.52 28.24 27.38 - 35.82
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 384.15 0.00 0.00 22.91 16.50 13.16 - 15.40
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 61.05 36.77 24.99 - 17.74
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.09 1.19 1.14 1.07 1.17 1.18 1.15 1.07 1.13 - 1.17
Long-Term Debt to Equity		 1.09 1.19 1.14 1.07 1.17 1.18 1.15 1.07 1.13 - 1.17
Financial Leverage		 1.09 1.14 1.15 1.09 1.13 1.19 1.15 1.07 1.15 - 1.16
Leverage Ratio		 2.14 2.18 2.19 2.13 2.17 2.23 2.18 2.11 2.19 - 2.19
Compound Leverage Factor		 2.54 3.45 2.99 3.27 3.16 3.17 2.16 2.34 2.17 - 2.20
Debt to Total Capital		 52.21% 54.33% 53.28% 51.72% 53.94% 54.18% 53.53% 51.63% 53.11% - 53.90%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 52.21% 54.33% 53.28% 51.72% 53.94% 54.18% 53.53% 51.63% 53.11% - 53.90%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 47.79% 45.67% 46.72% 48.28% 46.06% 45.82% 46.47% 48.37% 46.89% - 46.10%
Debt to EBITDA		 4.76 10.29 9.97 10.29 13.19 15.65 16.99 14.07 14.75 - 22.07
Net Debt to EBITDA		 4.67 10.14 9.77 10.08 12.98 15.43 16.56 13.75 14.08 - 21.71
Long-Term Debt to EBITDA		 4.76 10.29 9.97 10.29 13.19 15.65 16.99 14.07 14.75 - 22.07
Debt to NOPAT		 6.05 9.75 9.05 9.20 11.67 14.48 14.93 12.42 12.86 - 18.38
Net Debt to NOPAT		 5.94 9.62 8.87 9.02 11.48 14.27 14.55 12.14 12.28 - 18.08
Long-Term Debt to NOPAT		 6.05 9.75 9.05 9.20 11.67 14.48 14.93 12.42 12.86 - 18.38
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -269 -446 -433 -197 -330 -195 -32 21 51 - 77
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.14 0.08 0.08 0.07 0.11 0.11 0.12 0.12 - 0.09
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,109 3,277 3,386 3,312 3,468 3,509 3,446 3,344 3,454 - 3,346
Invested Capital Turnover		 0.25 0.14 0.08 0.08 0.07 0.11 0.11 0.13 0.12 - 0.09
Increase / (Decrease) in Invested Capital		 324 493 467 228 359 232 60 32 -14 - -100
Enterprise Value (EV)		 3,173 3,432 3,599 3,658 3,750 3,861 3,894 3,925 3,905 - 3,515
Market Capitalization		 1,580 1,677 1,831 1,980 1,910 1,988 2,096 2,237 2,154 - 1,741
Book Value per Share		 $17.03 $17.09 $17.77 $17.25 $17.17 $17.23 $17.10 $17.22 $17.19 - $16.29
Tangible Book Value per Share		 $17.03 $17.09 $17.77 $17.25 $17.17 $17.23 $17.10 $17.22 $17.19 - $16.29
Total Capital		 3,109 3,277 3,386 3,312 3,468 3,509 3,446 3,344 3,454 - 3,346
Total Debt		 1,623 1,780 1,804 1,713 1,870 1,901 1,845 1,727 1,834 - 1,803
Total Long-Term Debt		 1,623 1,780 1,804 1,713 1,870 1,901 1,845 1,727 1,834 - 1,803
Net Debt		 1,593 1,755 1,768 1,678 1,841 1,874 1,798 1,687 1,751 - 1,774
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Expense (NNE)		 -10 -3.56 -13 -16 -12 -14 0.28 -5.71 0.37 - 10
Net Nonoperating Obligations (NNO)		 1,623 1,780 1,804 1,713 1,870 1,901 1,845 1,727 1,834 - 1,803
Total Depreciation and Amortization (D&A)		 -3.48 -3.00 -1.86 -4.43 -2.42 -3.87 -4.27 -5.76 -4.35 - -2.42
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.74 $0.59 $0.53 $0.51 $0.44 $0.55 $0.39 $0.63 $0.47 $0.32 ($0.27)
Adjusted Weighted Average Basic Shares Outstanding		 87.25M 85.13M 89.03M 92.73M 93.02M 92.04M 93.67M 93.97M 94.25M 94.10M 94.71M
Adjusted Diluted Earnings per Share		 $0.74 $0.59 $0.53 $0.51 $0.44 $0.55 $0.39 $0.63 $0.47 $0.32 ($0.27)
Adjusted Weighted Average Diluted Shares Outstanding		 87.25M 85.13M 89.03M 92.73M 93.02M 92.04M 93.67M 93.97M 94.25M 94.10M 94.71M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 87.55M 87.83M 92.72M 93.02M 93.32M 93.66M 93.96M 94.24M 94.49M 94.71M 95.02M
Normalized Net Operating Profit after Tax (NOPAT)		 49 56 30 33 39 17 27 55 26 - -29
Normalized NOPAT Margin		 43.32% 95.87% 31.46% 32.81% 37.72% 20.11% 30.45% 38.56% 29.73% - -750.51%
Pre Tax Income Margin		 57.28% 103.70% 50.61% 49.07% 41.28% 64.77% 30.95% 41.11% 42.93% - -857.57%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 47.45% 70.45% 74.45% 78.53% 90.33% 90.43% 95.83% 90.12% 88.56% - 168.41%
Augmented Payout Ratio		 47.45% 70.45% 74.45% 78.53% 90.33% 90.43% 95.83% 90.12% 88.56% - 168.41%

Financials Breakdown Chart

Key Financial Trends

Sixth Street Specialty Lending (NYSE: TSLX) showed a sharp deterioration in Q1 2026 compared with the strong results seen through much of 2025. Revenue fell to just $3.9 million from $83.0 million in Q4 2025, and the company posted a net loss of $33.2 million versus net income of $29.6 million in the prior quarter. That said, the quarter also reflected a meaningful balance sheet shift and continued access to financing.

Over the last four years, TSLX has generally generated strong quarterly earnings, but results have been volatile because investment gains and losses can swing sharply from quarter to quarter. Operating income was robust in 2024 and 2025, but Q1 2026 stood out as a weak quarter on both a profitability and cash flow basis.

  • Balance sheet equity remains solid: As of Q1 2026, total equity was $1.54 billion versus total liabilities of $1.85 billion, leaving the company with a substantial equity cushion.
  • Cash increased sequentially in Q1 2026: Cash and equivalents rose to $29.2 million from $9.5 million at year-end 2025.
  • Debt financing remains available: TSLX issued $310.3 million of debt in Q1 2026, showing continued funding access.
  • Dividend continued: The company paid $39.0 million in dividends in Q1 2026, indicating management is still returning capital to shareholders.
  • Longer-term earnings history is still strong: In most quarters from 2023 through 2025, TSLX produced solid profits, including $46.7 million in Q4 2025 and $59.0 million in Q2 2025.
  • Business model remains dependent on mark-to-market swings: The company’s non-interest income has been highly volatile, with large investment gains in some quarters and steep losses in others.
  • Share count has been fairly stable: Diluted shares outstanding have stayed near the low- to mid-90 million range, so recent earnings changes were driven more by performance than dilution.
  • Total assets slipped modestly: Assets declined to $3.39 billion in Q1 2026 from $3.51 billion in Q3 2025, but the company still maintains a large asset base.
  • Q1 2026 was a major earnings miss versus the prior quarter: Revenue dropped from $83.0 million in Q4 2025 to $3.9 million, and net income turned into a loss.
  • Operating cash flow turned negative: Net cash from operations was negative $23.4 million in Q1 2026, versus positive $74.1 million in Q4 2025.
  • Debt burden remains large: Long-term debt was still elevated at $1.80 billion, only modestly below the recent range.
  • Quarterly profitability has been volatile: TSLX has swung between strong profits and losses, which makes future results harder for retail investors to forecast.

Bottom line: TSLX still looks financially resilient from a balance sheet perspective, but Q1 2026 was clearly a soft quarter. The company’s leverage is manageable relative to equity, yet the sharp drop in revenue and negative operating cash flow are reminders that performance can be lumpy. Investors will likely want to see whether Q1 2026 was an isolated quarter or the start of a weaker trend.

06/03/26 11:31 AM ETAI Generated. May Contain Errors.

Sixth Street Specialty Lending Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sixth Street Specialty Lending's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Sixth Street Specialty Lending's net income appears to be on an upward trend, with a most recent value of $170.65 million in 2025, falling from -$89.39 million in 2020. The previous period was $135.94 million in 2024. Check out Sixth Street Specialty Lending's forecast to explore projected trends and price targets.

Over the last 5 years, Sixth Street Specialty Lending's total revenue changed from $739 thousand in 2020 to $402.93 million in 2025, a change of 54,423.8%.

Sixth Street Specialty Lending's total liabilities were at $1.81 billion at the end of 2025, a 8.1% decrease from 2024, and a 42.2% increase since 2021.

In the past 4 years, Sixth Street Specialty Lending's cash and equivalents has ranged from $15.97 million in 2021 to $27.33 million in 2024, and is currently $19.66 million as of their latest financial filing in 2025.


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Financial statements for NYSE:TSLX last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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