TSLX

MKT CAP:$2B

Sixth Street Specialty Lending, Inc.

Market Cap

$2B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$19.20-$2.46 (-11.36%)

Apr 22, 2026

Company Details

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 e...

CEO

Robert J. Stanley

IPO Date

Mar 21, 2014

Website

www.sixthstreetspecialtylending.com

Key Metrics TTM

Revenue

$360M

+0.1% YoY

Net Income

$171M

EPS (Diluted)

$1.81

Free Cash Flow

$180M

Revenue / Share

$3.80

Gross Margin

72.8%

Operating Margin

53.5%

Net Margin

47.3%

FCF Margin

50.0%

P/S

4.9x

P/E

10.4x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 12, 2026

$360M+0.1%EPS $1.81

Q4 2025

Feb 12, 2026

$92M-1.7%EPS $0.32

Q3 2025

Nov 4, 2025

$81M-3.9%EPS $0.47

Q2 2025

Jul 30, 2025

$112M+23.3%EPS $0.63

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$54M	$44M	$41M
Q2 22	$2M	-$8M	-$13M
Q3 22	$57M	$42M	$35M
Q4 22	$74M	$58M	$48M
Q1 23	$85M	$64M	$53M
Q2 23	$89M	$65M	$54M
Q3 23	$104M	$79M	$65M
Q4 23	$111M	$89M	$89M
Q1 24	$90M	$63M	$48M
Q2 24	$91M	$65M	$49M
Q3 24	$84M	$59M	$43M
Q4 24	$94M	$65M	$53M
Q1 25	$74M	$47M	$38M
Q2 25	$112M	$87M	$49M
Q3 25	$81M	$57M	$46M
Q4 25	$92M	$71M	$59M

Valuation

Quarter	P/S	P/E
Q1 22	7.1x	9.1x
Q2 22	9.8x	14.3x
Q3 22	10.4x	17.1x
Q4 22	9.5x	16.4x
Q1 23	8.2x	14.8x
Q2 23	5.8x	9.5x
Q3 23	5.1x	8.2x
Q4 23	4.6x	8.0x
Q1 24	4.5x	8.2x
Q2 24	4.5x	8.4x
Q3 24	4.7x	9.5x
Q4 24	4.9x	9.5x
Q1 25	5.2x	10.1x
Q2 25	4.9x	9.5x
Q3 25	4.9x	9.3x
Q4 25	4.9x	10.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$6M	-$6M
Q2 22	$21M	$21M
Q3 22	$31M	$31M
Q4 22	$27M	$27M
Q1 23	$40M	$40M
Q2 23	$43M	$43M
Q3 23	$41M	$41M
Q4 23	$67M	$67M
Q1 24	$30M	$30M
Q2 24	$55M	$55M
Q3 24	$40M	$40M
Q4 24	$62M	$62M
Q1 25	$42M	$42M
Q2 25	$28M	$28M
Q3 25	$58M	$58M
Q4 25	$52M	$52M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-22.4%	+2.6%
Q2 22	-96.6%	+14.7%
Q3 22	-16.6%	+67.9%
Q4 22	+30.2%	+93.6%
Q1 23	+56.7%	+144.8%
Q2 23	+3541.2%	+131.5%
Q3 23	+82.1%	+73.3%
Q4 23	+50.7%	-13.5%
Q1 24	+6.8%	+34.3%
Q2 24	+2.2%	+20.8%
Q3 24	-18.5%	+8.7%
Q4 24	-15.7%	+81.1%
Q1 25	-17.6%	-13.8%
Q2 25	+23.3%	+48.3%
Q3 25	-3.9%	-16.3%
Q4 25	-1.7%	-18.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$3M
Q2 22	$3M
Q3 22	$3M
Q4 22	$3M
Q1 23	$3M
Q2 23	$3M
Q3 23	$4M
Q4 23	$4M
Q1 24	$3M
Q2 24	$4M
Q3 24	$3M
Q4 24	$4M
Q1 25	$4M
Q2 25	$4M
Q3 25	$4M
Q4 25	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4M	$0	$4M
Q2 22	$6M	$0	$6M
Q3 22	$15M	$0	$15M
Q4 22	$10M	$0	$10M
Q1 23	$10M	$0	$10M
Q2 23	$11M	$0	$11M
Q3 23	$3M	$0	$3M
Q4 23	$1M	$0	$1M
Q1 24	$7M	$0	$7M
Q2 24	$5M	$0	$5M
Q3 24	$7M	$0	$7M
Q4 24	$5M	$0	$5M
Q1 25	$5M	$0	$5M
Q2 25	$39M	$0	$39M
Q3 25	$83M	$0	$83M
Q4 25	$20M	$0	$20M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	82M	+1.3%	+5.4%
Q2 22	82M	+0.4%	+2.0%
Q3 22	79M	-2.9%	-1.3%
Q4 22	81M	+2.4%	+1.1%
Q1 23	81M	+0.0%	-0.2%
Q2 23	84M	+3.5%	+2.9%
Q3 23	87M	+3.6%	+9.8%
Q4 23	88M	+0.7%	+7.9%
Q1 24	89M	+1.4%	+9.4%
Q2 24	93M	+4.2%	+10.1%
Q3 24	93M	+0.3%	+6.6%
Q4 24	94M	+0.7%	+6.6%
Q1 25	94M	+0.0%	+5.2%
Q2 25	94M	+0.3%	+1.3%
Q3 25	94M	+0.3%	+1.3%
Q4 25	95M	+0.5%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$107.9K	500
Q2 22	$4.9K	500
Q3 22	$113.8K	500
Q4 22	$147.7K	500
Q1 23	$169.1K	500
Q2 23	$178.5K	500
Q3 23	$207.2K	500
Q4 23	$222.5K	500
Q1 24	$180.5K	500
Q2 24	$182.5K	500
Q3 24	$168.9K	500
Q4 24	$187.6K	500
Q1 25	$148.8K	500
Q2 25	$224.9K	500
Q3 25	$162.3K	500
Q4 25	$184.4K	500

Revenue / Employee