Sixth Street Specialty Lending (TSLX)
Direct lender to U.S. middle-market companies through the Sixth Street platform.
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Provides primarily senior-secured loans to U.S. middle-market companies to generate current income. As an externally managed BDC, it operates through Sixth Street's direct-lending platform and reports a single Investment Activity segment.
Originates senior-secured loans for U.S. middle-market companies, with a mandate focused on current income. Direct lending is its main activity, while the mandate also allows mezzanine and unsecured loans, corporate bonds, and equity securities.
The company is a business development company, externally managed by Sixth Street Specialty Lending Advisers through the Sixth Street direct-lending platform. It reports one Investment Activity segment, and interest income is its primary revenue source, supplemented by potential dividends, gains, origination fees, and other fees.
Its BDC status and RIC tax treatment shape the operating model. Management fees are calculated from gross assets, including investment borrowings, and can be payable when an investment's value declines.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Feb 17, 2026 | Wells Fargo | Reiterate | Rating: —Target: — | Target: $20 |
| Oct 1, 2025 | JP Morgan | Downgrade | ||
| Nov 6, 2024 | Ladenburg Thalmann | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $193.6M · Total debt $1.92B · Total assets $3.54B · Shareholders' equity $1.55B
- Revenue
- $119.0M
- Operating income
- $42.2M
- Net income
- $40.5M
HistoryDividendAnnual yield
| Institutions | 54.78% | 52.23M shares | |
|---|---|---|---|
| 250 holders · as of Jun 30, 2026 | |||
| Insiders | 0.52% | 493.6K shares | |
| 9 holders · as of May 29, 2026 | |||
| Other | 44.70% | 42.62M shares | |
| remainder | |||
95.34M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
STRS OhioInstitution | 6.32% | 6.03M | as of Jun 30, 2026 |
Sixth Street Partners Management Company, L.P.Institution | 2.85% | 2.71M | as of Jun 30, 2026 |
Sound Income Strategies, LLCInstitution | 2.84% | 2.71M | as of Jun 30, 2026 |
Progeny 3, Inc.Institution | 2.60% | 2.48M | as of Jun 30, 2026 |
UBS Group AGInstitution | 2.49% | 2.37M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 11, 2026 | Ross Anthony Bruck | officer: Vice President | +8,000 | $17.76 |
| Mar 6, 2026 | P. Emery Covington | director | +7,500 | $18.35 |
| Mar 5, 2026 | Alan Waxman | officer: Vice President | +100,000 | $18.46 |
| Mar 6, 2026 | Alan Waxman | officer: Vice President | +200,000 | $18.42 |
| Mar 2, 2026 | David Stiepleman | director, officer: Vice President | +20,200 | $17.65 |
- Ares Capital
Large U.S. direct lender for senior secured middle-market loans
- Blue Owl Capital
Direct lender to U.S. middle-market companies with senior loans
- Blackstone Secured Lending Fund
First-lien direct lender to private U.S. middle-market companies
- FS KKR Capital
Customized credit provider to private U.S. middle-market companies
- Golub Capital BDC
Sponsor-finance BDC focused on first-lien middle-market loans
- Carlyle Secured Lending
Direct originator of secured debt for U.S. middle-market companies
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Sixth Street Specialty Lending | $18.35 | −0.05% | $1.71B | 19.0 | 10.3 | 5.0 | −13.0% |
| Ares Capital | $19.36 | +0.08% | $13.96B | 14.4 | 10.0 | 6.0 | +32.6% |
| Blue Owl Capital | $11.14 | 0.00% | $5.55B | 20.0 | 8.7 | 3.9 | −20.8% |
| Blackstone Secured Lending Fund | $24.89 | +0.60% | $5.81B | 19.6 | 9.4 | 5.5 | +25.9% |
| FS KKR Capital | $11.31 | +0.09% | $3.20B | — | 7.2 | 3.4 | +11.5% |
| Golub Capital BDC | $12.53 | +0.04% | $3.27B | 22.8 | 9.7 | 4.6 | −14.2% |
| Carlyle Secured Lending | $11.47 | 0.00% | $800.6M | 22.6 | 8.0 | 3.4 | −3.7% |
| Median | 20.0 | 9.0 | 4.3 | +3.9% |