Sixth Street Specialty Lending (TSLX) Company Report

For Q3 2025, TSLX reported Net Investment Income Per Share of $0.54 and Net Income Per Share of $0.47, with an annualized Return on Equity (ROE) from Net Investment Income of 12.5% and from Net Income of 11.0%.
The Net Asset Value (NAV) per share stood at $17.14 as of September 30, 2025.
The portfolio maintains a strong focus on senior floating-rate debt, with 89.2% in first-lien debt and 96.3% in floating-rate debt, and non-accrual investments representing a low 0.6% of the portfolio at fair value as of September 30, 2025.
TSLX demonstrated strong liquidity and capital management with a leverage ratio of 1.15x at quarter-end, within its target range. The company reported total liquidity of $1.1 billion, including $1.047 billion in undrawn revolving credit facility capacity, which is 6.4x greater than its unfunded investment commitments as of September 30, 2025.

Nov 5, 2025, 1:30 PM

TSLX Announces Q3 2025 Results and Leadership Transition

TSLX

Earnings

Management Change

Dividends

Josh will be stepping down from the CEO seat at the end of the year, and Bo Stanley has been named Co-CEO, effective immediately, also joining TSLX's board of directors.
For Q3 2025, TSLX reported adjusted net investment income of $0.53 per share and adjusted net income of $0.46 per share.
The board approved a base quarterly dividend of $0.46 per share and declared a supplemental dividend of $0.03 per share related to Q3 earnings.
Net asset value per share, adjusted for the supplemental dividend, is $17.11.
Total commitments in Q3 2025 were $388 million and total fundings were $352 million, including $100 million in BB-rated CLO liabilities. The weighted average total yield on debt and income-producing securities was 11.7% as of September 30.

Nov 5, 2025, 1:30 PM

Sixth Street Specialty Lending Reports Q3 2025 Earnings and Declares Dividends

TSLX

Earnings

Dividends

Sixth Street Specialty Lending (TSLX) reported Q3 2025 adjusted EPS of approximately $0.53 to $0.54 and revenue of about $109.4 million, which was down from $119.2 million in the prior year.
The company declared a fourth quarter base dividend of $0.46 per share and a third quarter supplemental dividend of $0.03 per share.
TSLX's stock has been down 7.15% in the last 3 months but is up 10.17% over the last 12 months, with a market capitalization of approximately $2.1 billion and a debt-to-equity ratio of 1.07.

Nov 5, 2025, 4:10 AM

Sixth Street Specialty Lending, Inc. Reports Q3 2025 Results and Announces CEO Transition

TSLX

Earnings

Dividends

CEO Change

Sixth Street Specialty Lending, Inc. reported net investment income of $0.54 per share and net income of $0.47 per share for the third quarter ended September 30, 2025.
The company declared a fourth quarter 2025 base dividend of $0.46 per share and a third quarter supplemental dividend of $0.03 per share.
Net asset value (NAV) per share was $17.14 as of September 30, 2025.
Joshua Easterly will resign as Chief Executive Officer, effective December 31, 2025, and Robert (Bo) Stanley has been appointed Co-Chief Executive Officer and to the Board, becoming sole CEO after December 31, 2025.
New investment commitments for the third quarter ended September 30, 2025, totaled $387.7 million, with the aggregate fair value of investments reaching $3,376.3 million as of September 30, 2025.

Nov 4, 2025, 9:09 PM

Sixth Street Completes Acquisition of Enstar

TSLX

M&A

Delisting/Listing Issues

Takeover Bid

Sixth Street completed its acquisition of Enstar Group Limited on July 2, 2025, for $338.00 in cash per ordinary share, representing a total equity value of $5.1 billion.
Following the acquisition, Enstar's ordinary shares will no longer be publicly listed, and the company will operate as a privately held, standalone entity.
Enstar intends to voluntarily withdraw its Series D and Series E depositary shares from listing on NASDAQ and registration with the SEC, with a Form 25 Notification of Delisting expected to be filed on or about July 14, 2025.

Jul 2, 2025, 12:41 PM

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

Earnings Transcripts

Quarterly earnings call transcripts for Sixth Street Specialty Lending.

Get instant answers from SEC filings, earnings calls & more

Get instant analysis when filings drop