Sixth Street Specialty Lending (TSLX) Company Report

Sixth Street Specialty Lending (TSLX) reported Q4 2025 adjusted net investment income of $0.52 per share and adjusted net income of $0.30 per share, with a year-end net asset value per share of $16.98.
For the full year 2025, TSLX generated adjusted net investment income per share of $2.18, achieving an operating return on equity of 12.7% and an economic return of 10.9%.
The company declared a base quarterly dividend of $0.46 per share and a supplemental dividend of $0.01 per share for Q4 2025.
TSLX announced the formation of Structured Credit Partners (SCP), a joint venture with The Carlyle Group, committing $200 million to invest in broadly syndicated loan CLOs.
For full year 2026, TSLX expects a return on equity on net investment income of 11%-11.5%, translating to an adjusted net investment income per share range of $1.87-$1.95.

Feb 13, 2026, 1:30 PM

Transcript

Sixth Street Specialty Lending Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

TSLX

Earnings

Guidance Update

New Projects/Investments

Sixth Street Specialty Lending reported Q4 2025 adjusted net investment income of $0.52 per share, covering its base dividend of $0.46 per share by 113%. For the full year 2025, adjusted net investment income per share reached $2.18, contributing to a 10.9% economic return.
In Q4 2025, the company committed $242 million and funded $197 million, with 97% of new investments in first lien loans. Full year 2025 repayments totaled $1.2 billion, the highest since inception, while non-accruals remained low at 0.6% of the portfolio by fair value.
The company established a joint venture with a $200 million commitment to invest in CLOs, anticipating mid-teen returns. For 2026, Sixth Street Specialty Lending targets a return on equity on net investment income of 11%-11.5%, projecting adjusted net investment income per share between $1.87 and $1.95. Approximately 40% of the portfolio's fair value is in enterprise software exposure.

Feb 13, 2026, 1:30 PM

Transcript

Sixth Street Specialty Lending Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Announces New JV

TSLX

Earnings

Guidance Update

New Projects/Investments

Sixth Street Specialty Lending reported Q4 2025 adjusted net investment income of $0.52 per share and full-year 2025 adjusted net investment income of $2.18 per share. The company delivered a 10.9% economic return for the full year 2025, marking its tenth consecutive year of double-digit economic returns.
For full year 2026, the company expects to target a return on equity on net investment income of 11%-11.5%, corresponding to an adjusted net investment income per share range of $1.87-$1.95.
In Q4 2025, TSLX provided $242 million in commitments and $197 million in fundings, with 97% of investments in first lien loans. Total repayments for full year 2025 reached $1.2 billion, the highest since inception, and non-accruals remained at 0.6% by fair value as of December 31. The ending debt-to-equity ratio was 1.1x.
TSLX announced the formation of Structured Credit Partners (SCP), a joint venture with Carlyle Group BDCs, to invest equity into newly issued, broadly syndicated loan CLOs. TSLX's total commitment to the JV is $200 million, and it is expected to generate returns in the mid-teens on capital invested.

Feb 13, 2026, 1:30 PM

Transcript

Sixth Street Specialty Lending Reports Strong 2025 Results, Exceeding Guidance

TSLX

Earnings

Dividends

Guidance Update

Sixth Street Specialty Lending (TSLX) reported Adjusted Net Investment Income of $2.18 per share and Return on Equity on Adjusted Net Investment Income of 12.7% for 2025, both exceeding the top end of their guidance range.
As of December 31, 2025, the company's Net Asset Value per share was $16.98, and it distributed dividends of $1.99 per share for the year.
The Debt-to-Equity ratio stood at 1.10x at the end of Q4 2025, falling within the target leverage range of 0.90x – 1.25x.
TSLX recorded its highest funding of investments since 2021 with $894.0 million and its highest repayment year since inception with ($302.1 million) in net repayments during 2025.

Feb 13, 2026, 1:30 PM

Presentation

Sixth Street Specialty Lending, Inc. Reports Full Year and Fourth Quarter 2025 Earnings Results

TSLX

Earnings

Dividends

Sixth Street Specialty Lending, Inc. reported net investment income per share of $0.53 and net income per share of $0.32 for Q4 2025, with full-year 2025 figures of $2.23 and $1.81 respectively. The Net Asset Value (NAV) per share was $16.98 as of December 31, 2025.
The company declared a first quarter 2026 base dividend of $0.46 per share and a fourth quarter supplemental dividend of $0.01 per share. The full-year 2025 Return on Equity on a net investment income basis was 13.1%.
For the full year 2025, new investment commitments totaled $1,082.2 million, with $894.0 million in new investments funded. The debt to equity ratio stood at 1.10x at December 31, 2025.

Feb 12, 2026, 9:05 PM

8-K

TSLX Reports Q3 2025 Financial Results and Strong Portfolio Metrics

TSLX

Earnings

New Projects/Investments

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

Presentation

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

Transcript

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

Morningstar

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

8-K

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

Press Release