Sixth Street Specialty Lending Inc. (TSLX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.42	$0.43	+2.4%	—	$51.4M	—
Q1 26	$0.5	$0.42	-16.0%	—	-$17.4M	—
Q4 25	$0.5	$0.62	+24.0%	—	$40.8M	—
Q3 25	$0.52	$0.53	+1.9%	—	$57.3M	—
Q2 25	$0.53	$0.56	+5.7%	—	$71.2M	—
Q1 25	$0.55	$0.62	+12.7%	—	$47.2M	—
Q4 24	$0.57	$0.62	+8.8%	—	$65.3M	—
Q3 24	$0.57	$0.59	+3.5%	—	$59.2M	—
Q2 24	$0.58	$0.58	0.0%	—	$65.2M	—
Q1 24	$0.59	$0.59	0.0%	—	$63.3M	—
Q4 23	$0.59	$0.62	+5.1%	—	$65.7M	—
Q3 23	$0.57	$0.6	+5.3%	—	$78.6M	—
Q2 23	$0.55	$0.59	+7.3%	—	$65.1M	—
Q1 23	$0.54	$0.55	+1.9%	—	$64M	—
Q4 22	$0.57	$0.64	+12.3%	—	$58.2M	—
Q3 22	$0.49	$0.47	-4.1%	—	$42.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.81	—	—	$216.6M	—
FY24	—	$2.03	—	—	$253M	—
FY23	—	$2.61	—	—	$273.4M	—
FY22	—	$1.38	—	—	$136.5M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$154M	$128.9M	$141.4M	$180.4M	$198.4M	$225.9M	$136.5M	$273.4M	$253M	$216.6M
YoY change	+82.7%	-16.3%	+9.71%	+27.6%	+9.94%	+13.9%	-39.6%	+100.3%	-7.47%	-14.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	154M	128.9M	141.4M	180.4M	198.4M	225.9M	136.5M	273.4M	253M	216.6M
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	13.2M	10.7M	12.8M	13M	12.9M	13.6M	13.4M	13.4M	13.9M	14.9M
Operating expenses	14.8M	14.4M	19M	22.1M	14.5M	11.8M	25.3M	49.6M	59.9M	40.3M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	139.2M	114.4M	122.4M	158.3M	183.9M	214.1M	111.2M	223.8M	193.1M	176.3M
Income tax	2.2M	2.8M	3.4M	3.8M	5.8M	2.3M	3.2M	1.8M	6.6M	5.7M
Net income	137M	111.6M	119M	154.6M	178.1M	211.8M	108.1M	222M	186.6M	170.5M
Net margin	88.9%	86.6%	84.2%	85.7%	89.8%	93.8%	79.2%	81.2%	73.7%	78.7%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	2.34	1.86	1.82	2.34	2.65	2.93	1.38	2.61	2.03	1.81
Diluted EPS	2.34	1.86	1.82	2.34	2.65	2.79	1.38	2.61	2.03	1.81

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	78.6M	65.7M	63.3M	65.2M	59.2M	65.3M	47.2M	71.2M	57.3M	40.8M	-17.4M	51.4M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.5M	3.8M	3.3M	3.7M	3.5M	3.5M	3.5M	4.1M	3.7M	3.5M	3.4M	4.4M
Operating expenses	13.3M	14.5M	14.9M	16.5M	16.4M	11.9M	8.9M	10.9M	11M	9.5M	7.4M	8.9M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	65.3M	51.2M	48.4M	48.6M	42.8M	53.3M	38.3M	60.3M	46.3M	31.4M	-24.8M	42.5M
Income tax	461K	32K	850K	1.2M	2.2M	2.3M	1.4M	1.3M	1.7M	1.4M	1.2M	2M
Net income	64.8M	51.2M	47.5M	47.4M	40.7M	51M	37M	59M	44.6M	30M	-26M	40.5M
Net margin	82.5%	77.9%	75.1%	72.7%	68.6%	78.1%	78.2%	82.8%	77.9%	73.3%	149.5%	78.7%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.74	—	0.53	0.51	0.44	—	0.39	0.63	0.47	—	-0.27	0.43
Diluted EPS	0.74	—	0.53	0.51	0.44	—	0.39	0.63	0.47	—	-0.27	0.43

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	1.2B	1.2B	1.4B	1.4B	1.7B	1.4B	1.8B	2B	2B	1.7B
Enterprise value	1.8B	1.9B	1.8B	2.5B	2.5B	2.9B	2.8B	3.6B	3.9B	3.8B	3.5B
Shares outstanding	58.6M	60M	65.4M	66.1M	67.2M	72.2M	78.2M	85.1M	92M	94.1M	94.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	7.99	10.6	9.94	9.18	7.83	7.97	12.9	8.28	10.5	12	19.3
P/S	7.11	9.22	8.37	7.86	7.03	7.47	10.2	6.73	7.75	9.44	4.23
P/B	1.15	1.23	1.11	1.27	1.2	1.32	1.04	1.23	1.22	1.27	1.12
EV/Sales	11.5	14.7	12.6	13.9	12.6	12.7	20.7	13.2	15.2	17.5	8.56
Earnings yield	12.5%	9.4%	10.1%	10.9%	12.8%	12.5%	7.76%	12.1%	9.52%	8.34%	5.18%
FCF yield	-3.82%	6.94%	10.1%	-26.7%	10.4%	0.15%	-16.1%	-12.9%	-2.32%	19.6%	8.58%
PEG	—	—	—	—	—	—	—	—	—	—	-0.61

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	73.9%
Net margin	88.9%	86.6%	84.2%	85.7%	89.8%	93.8%	79.2%	81.2%	73.7%	78.7%	21.8%
ROE	14.4%	11.5%	11.2%	13.8%	15.3%	16.6%	8.05%	14.8%	11.6%	10.6%	5.63%
ROA	—	—	—	—	—	—	—	—	5.21%	4.98%	5.54%
Return on tangible assets	—	—	—	—	—	—	—	—	5.21%	4.98%	2.51%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	9.83
Debt / equity	0.71	0.73	0.57	0.98	0.96	0.93	1.07	1.19	1.18	1.08	1.24
Debt / assets	—	—	—	—	—	—	—	—	0.53	0.51	0.54
Effective tax rate	1.6%	2.48%	2.76%	2.37%	3.13%	1.07%	2.86%	0.81%	3.39%	3.26%	6.64%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.63	2.15	2.16	2.73	2.95	3.13	1.75	3.21	2.75	2.3	4.32
EPS (basic)	2.34	1.86	1.82	2.34	2.65	2.93	1.38	2.61	2.03	1.81	1.81
EPS (diluted)	2.34	1.86	1.82	2.34	2.65	2.79	1.38	2.61	2.03	1.81	0.94
Book value per share	16.3	16.2	16.3	16.9	17.3	17.7	17.2	17.6	17.5	17.1	16.2
FCF per share	-0.71	1.37	1.82	-5.72	2.16	0.03	-2.87	-2.78	-0.49	4.27	1.09
Cash per share	0.08	0.06	0.05	0.07	0.04	0.02	0.13	0.01	0.05	0.03	1.61

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	58.6%	84.8%	80.6%	63.4%	73.2%	104.8%	133.9%	70.5%	90.4%	99.9%	201.1%
Dividend yield	7.34%	7.97%	8.11%	6.91%	9.35%	13.1%	10.4%	8.51%	8.61%	8.33%	27.7%

Yield

27.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.42

ex-dividend Sep 15, 2026

Payout ratio

201%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.42
Jun 15, 2026	$0.42
Mar 16, 2026	$0.46

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$78.6M	$65.7M	$63.3M	$65.2M	$59.2M	$65.3M	$47.2M	$71.2M	$57.3M	$40.8M	-$17.4M	$51.4M
YoY change	+86.8%	+12.9%	-1%	+0.04%	-24.6%	-0.67%	-25.4%	+9.31%	-3.35%	-37.4%	-136.9%	-27.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.9M	3.5M	3.3M	4.8M	2.5M	1.6M	10.2M	1.2M	5M	2.9M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	—	—	—	—	—	—	3.6B	3.4B
Accounts payable	23.3M	23.5M	25.5M	25.9M	27.7M	30.9M	0	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	680.7M	703.4M	608M	1.1B	1.1B	1.2B	1.4B	1.8B	1.9B	1.7B
Total liabilities	—	—	—	—	—	—	—	—	2B	1.8B
Shareholders' equity	952.2M	969.3M	1.1B	1.1B	1.2B	1.3B	1.3B	1.5B	1.6B	1.6B
Total debt	680.7M	703.4M	608M	1.1B	1.1B	1.2B	1.4B	1.8B	1.9B	1.7B
Net debt	675.8M	699.9M	604.7M	1.1B	1.1B	1.2B	1.4B	1.8B	1.9B	1.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3M	1.2M	6.8M	5.1M	6.5M	5M	4.6M	3.9M	63M	2.9M	1.1M	153.5M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	3.5B	3.4B	3.5B	3.6B	3.5B	3.4B	3.5B	3.4B	3.4B	3.5B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	1.6B	1.8B	1.8B	1.7B	1.9B	1.9B	1.8B	1.7B	1.8B	1.7B	1.8B	1.9B
Total liabilities	—	—	—	1.8B	1.9B	2B	1.9B	1.8B	1.9B	1.8B	1.9B	2B
Shareholders' equity	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.5B	1.5B
Total debt	1.6B	1.8B	1.8B	1.7B	1.9B	1.9B	1.8B	1.7B	1.8B	1.7B	1.8B	1.9B
Net debt	1.6B	1.8B	1.8B	1.7B	1.9B	1.9B	1.8B	1.7B	1.8B	1.7B	1.8B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	137M	111.6M	119M	154.6M	178.1M	211.8M	108.1M	222M	186.6M	170.5M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-4.2M	6.6M	1.5M	8.8M	25.9M	-26.9M	-60.8M	21.9M	14.5M	25.1M
Operating cash flow	111M	86.3M	95.9M	145.1M	174.6M	154.2M	21.4M	214.4M	158.8M	401.6M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	-80.3M	-94.7M	-95.9M	-98.1M	-130.4M	-221.9M	-144.7M	-156.4M	-168.7M	-170.3M
Share repurchases	-1.3M	0	0	0	-2.9M	0	-6.2M	0	0	—
Financing cash flow	43.2M	-77.8M	-107.5M	389.4M	-141.7M	8.2M	238.5M	245.8M	56.4M	-401.9M
Net change in cash	154.3M	8.5M	-11.6M	534.4M	33M	162.4M	259.9M	460.1M	215.3M	-349K
Free cash flow	-41.8M	82.4M	119.2M	-378M	145.1M	2.5M	-224.5M	-236.8M	-45.5M	401.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	44.6M	30M	-26M	40.5M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	-19M	14.3M	-21.3M	15.4M
Operating cash flow	—	—	—	—	—	—	—	—	-15.6M	74.1M	-23.4M	68.3M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	-42.5M	-41.9M	-39M	-34.1M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-466.6M	-195.6M	-578.8M	-326.3M	-139M	-608.9M	-609.5M	-368.3M	59.6M	-137.6M	32.9M	104.6M
Net change in cash	-466.6M	-195.6M	-578.8M	-326.3M	-139M	-608.9M	-609.5M	-368.3M	44M	-63.5M	9.5M	173M
Free cash flow	—	—	—	—	—	—	—	—	-15.6M	74.1M	-23.4M	68.3M

Sixth Street Specialty Lending Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement