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    Sixth Street Specialty Lending Inc (TSLX)

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    Sixth Street Specialty Lending, Inc. (TSLX) is a specialty finance company that focuses on lending to middle-market companies in the United States. The company primarily generates income through direct originations of senior secured loans, mezzanine and unsecured loans, and investments in corporate bonds and equity securities. TSLX's revenue is mainly derived from interest income, with additional income from dividends, capital gains, and fees.

    1. Investment Activity - Generates revenue primarily in the form of interest income from investments, including senior secured loans, mezzanine and unsecured loans, and corporate bonds and equity securities. Also earns income from dividends, capital gains, and various loan origination and other fees.
    NamePositionExternal RolesShort Bio

    David Stiepleman

    ExecutiveBoard

    Vice President

    Co-Founder, Co-President, Co-Chief Operating Officer of Sixth Street; Board Member of Sixth Street Lending Partners; Strategic Advisor at Westbound Equity Partners; Advisory Council Member at Mt. Tamalpais College

    David Stiepleman has served as Vice President at TSLX since 2011 and was elected as a director in September 2019. With over 25 years of experience in corporate law and executive leadership, he has significantly contributed to legal and operational strategies at TSLX and in his external roles.

    Jennifer Gordon

    ExecutiveBoard

    Director

    Partner and Chief Compliance Officer of Sixth Street; Co-Chief Operating Officer of Sixth Street; Board member of Sixth Street Lending Partners

    Jennifer Gordon is a Director at TSLX since January 2019 and has served as Vice President since 2015, providing extensive regulatory and operational expertise. Prior to her roles at TSLX, she held significant positions at Goldman Sachs and White & Case, which have contributed to her strong leadership in the financial services sector.

    Joshua Easterly

    ExecutiveBoard

    Chief Executive Officer

    Co-Founder, Partner, Co-President, Co-Chief Investment Officer of Sixth Street; CEO, Trustee, Chairman of the Board of Sixth Street Lending Partners

    CEO of TSLX since January 2018 and Chairman of the Board since March 2011. Previously served as Vice President and Co-CEO at TSLX.

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    Alan Waxman

    Executive

    Vice President

    Alan Waxman has served as Vice President at TSLX since 2011. He plays a key role in the investment decision-making process at TSLX while also holding significant leadership roles externally.

    Anton Brett

    Executive

    Chief Compliance Officer and Secretary

    Managing Director at Sixth Street

    Anton Brett has been the Chief Compliance Officer and Secretary at TSLX since 2022. He also serves as a Managing Director at Sixth Street and has held key legal and compliance roles at other firms.

    Craig Hamrah

    Executive

    Vice President

    Craig Hamrah is Vice President of TSLX since 2016 and also serves as Senior Credit Underwriter and Partner. He brings over three decades of experience from prior positions at Royal Bank of Scotland and Emigrant Business Credit Corp.

    Ian Simmonds

    Executive

    Chief Financial Officer (CFO)

    Ian Simmonds has served as the Chief Financial Officer of TSLX since 2015, managing the company's financial operations. Previously, he held prominent roles in investment banking and asset management, including positions at Bank of America Merrill Lynch and Principal Global Investors.

    Joshua Peck

    Executive

    Vice President

    Partner and General Counsel at Sixth Street; Board Member of Legal Aid at Work; Advisory Council Member of the Law Firm Antiracism Alliance

    Joshua Peck has been serving as Vice President at TSLX since 2022 and plays a key role in managing legal and compliance matters. He also serves as Partner and General Counsel at Sixth Street, and was previously an Associate at Weil, Gotshal & Manges LLP before joining Sixth Street in 2015.

    Michael Fishman

    Executive

    Vice President

    Partner at Sixth Street

    Michael Fishman serves as Vice President at TSLX since 2017 and has also held a board role as Director since April 2011. He previously served as CEO from April 2011 to December 2013 and as Co-CEO from December 2013 to December 2017.

    Michael Graf

    Executive

    Deputy Chief Financial Officer and Principal Accounting Officer

    Managing Director at Sixth Street

    Michael Graf has served as the Deputy Chief Financial Officer and Principal Accounting Officer at TSLX since 2015. Previously, he was the Controller at TSLX since 2013 and also serves as a Managing Director at Sixth Street.

    Robert (Bo) Stanley

    Executive

    President of TSLX

    Robert (Bo) Stanley has been serving as President of TSLX since 2016 and has a strong background in transaction origination from his previous roles at Wells Fargo Capital Finance (2000-2011).

    Steven Pluss

    Executive

    Vice President

    Steven Pluss has been the Vice President of TSLX since 2014. He is also the Co-Founding Partner and Chief Risk Officer of Sixth Street since 2013.

    Hurley Doddy

    Board

    Director

    Trustee of Sixth Street Lending Partners

    Hurley Doddy was elected as a Director of TSLX in January 2019 with his term expiring in 2026. He also serves as a Trustee of Sixth Street Lending Partners since 2022 and has significant experience in finance, including his role as CEO of Emerging Capital Partners.

    Judy Slotkin

    Board

    Director

    Trustee of Sixth Street Lending Partners since 2022

    Judy Slotkin was elected as a Director of TSLX in September 2019 with a term expiring in 2025. She serves as Chair of the Audit Committee at TSLX and has an extensive financial background with prior roles at Bank of America, Everspan Financial Guaranty, and Citigroup.

    P. Emery Covington

    Board

    Class II Director

    P. Emery Covington is a Class II Director at TSLX since July 10, 2023, and serves on the Audit, Compensation, and Nominating and Corporate Governance Committees. She brings extensive leadership and credit risk management experience from her previous roles at Chemical Bank, Fleet Boston Financial, NewStar Financial, and Truist Bank.

    Richard Higginbotham

    Board

    Director

    Trustee of Sixth Street Lending Partners

    Richard Higginbotham has served as an independent Director at TSLX since March 2011 and holds key committee memberships including Audit, Compensation, and Chair of the Nominating and Corporate Governance Committee. He is also a trustee of Sixth Street Lending Partners since 2022, reflecting his extensive experience in the financial sector.

    Ronald Tanemura

    Board

    Director

    Trustee on the board of Sixth Street Lending Partners (since 2022); Director of Talcott Resolution Life Insurance Company (since 2021); Director of post-reorganization Lehman Brothers Holdings Inc. (since 2012)

    Ronald Tanemura has served as a Director at TSLX since March 2011, contributing extensive financial market expertise through key committee roles such as Audit, Compensation, and Governance. He also has a substantial background from prior leadership roles at major financial institutions.

    1. Given the Q1 decline in new investments relative to your long-term average and increased repayment activity, how do you plan to deploy capital more efficiently amid market volatility, and what safeguards are in place to maintain your return on equity targets?
    2. With 84% of your new fundings coming from non-sponsored deals, how are you recalibrating risk assessment to ensure that tighter investment spreads do not compromise asset quality in a volatile lending environment?
    3. In light of extending debt maturities and the observed drop in your weighted average yield, what contingency plans do you have if funding costs or liquidity pressures worsen further amid tightening credit conditions?
    4. Analysts have raised concerns about the potential for more frequent use of your ATM program; can you clarify whether this represents a shift from your historical disciplined capital raising approach, and how you plan to mitigate any dilution risk to shareholders?
    5. Your commentary on limited tariff exposure appears reassuring, yet how are you enhancing monitoring and management of potential risk rating migrations within your portfolio to guard against any latent credit quality deterioration?
    Program DetailsProgram 1
    Approval DateAugust 4, 2015 (initial), refreshed November 5, 2024
    End Date/DurationExtended beyond November 15, 2024
    Total additional amount$50 million
    Remaining authorization amount$50 million (as no shares were repurchased during the three months ended March 31, 2025)
    DetailsThe program allows for the repurchase of up to $50 million of common stock, with an agreement under the Company 10b5-1 Plan with Goldman Sachs & Co. LLC, allowing purchases until May 31, 2025.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Insight Hideaway Aggregator, L.P.

    2024

    Structured as a partnership interest investment (329,861 units) with an amortized cost of $3,299 and constant fair value across Q1–Q3, contributing a minor 0.2–0.3% of net assets.

    Clarience Technologies, LLC

    2024

    Acquired as Class A Units (333 units) at an amortized cost and fair value of $820, representing a modest 0.1% of net assets; the deal is structured as an equity-based investment with limited disclosed strategic rationale.

    TIBCO Software Inc.

    2022

    Executed via a dual-debt structure—a first-lien note ($13,000) at 6.50% fixed interest and a first-lien loan ($12,000) at SOFR + 4.50% (8.15%)—with both investments maturing in March 2029 and each representing 0.8% of net assets.

    Carlstar Group, LLC

    2022

    Completed as a first-lien loan with a par value of $34,000 maturing in July 2027, featuring a SOFR + 6.60% spread resulting in a 9.25% interest rate and accounting for 2.5% of net assets.

    ForeScout Technologies, Inc.

    2022

    Involves a new first-lien loan of $2,548 par (at LIBOR + 9.00% with 9.00% PIK, contributing 0.2% of net assets) alongside an existing investment from 2020 with a $6,349 par amount, reflecting structured credit investments in tech assets.

    Recent press releases and 8-K filings for TSLX.

    Sixth Street Specialty Lending approves sale of common stock below NAV
    $TSLX
    Proxy Vote Outcomes
    • On June 20, 2025, Sixth Street Specialty Lending reconvened a special meeting of stockholders to vote on issuing shares below NAV.
    • Stockholders approved a proposal allowing the Company to sell up to 25% of its outstanding common stock at a price below net asset value, subject to board approval and specified conditions.
    • Excluding 3,029,209 affiliated shares, the proposal passed with 41,029,590 votes for, 4,445,822 against, and 1,570,539 abstentions.
    Jun 20, 2025, 12:00 AM