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Sixth Street Specialty Lending
Sixth Street Specialty Lending (TSLX) investor relations material
Sixth Street Specialty Lending Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Leadership transition announced: Bo Stanley named Co-CEO, with Joshua Easterly stepping down as CEO at year-end but remaining Chairman and Co-CIO.
Focused on direct lending to U.S. middle-market companies, with 89.2% of the portfolio in first-lien debt and 96.3% in floating rate instruments as of September 30, 2025.
Portfolio consisted of 145 companies with a fair value of $3.38 billion and an average investment size of $30.3 million.
External adviser is part of a global investment firm with over $115 billion in assets under management.
Maintains a diversified, predominantly first-lien, floating rate debt portfolio.
Financial highlights
Q3 2025 net investment income per share was $0.54, with adjusted net investment income at $0.53 per share; net income per share was $0.47.
Total investment income for Q3 2025 was $109.4 million, down from $119.2 million in Q3 2024.
Net asset value per share at September 30, 2025, was $17.14; adjusted NAV per share after Q3 supplemental dividend was $17.11.
Annualized ROE on net investment income for Q3 2025 was 12.5%; annualized ROE on adjusted net investment income was 12.3%.
Declared a Q4 2025 base dividend of $0.46 per share and a Q3 supplemental dividend of $0.03 per share.
Outlook and guidance
Annualized ROE target range of 11.5%-12.5% reaffirmed; full-year adjusted NII per share expected at top end of $1.97-$2.14 range.
Management expects continued focus on direct origination and risk mitigation, with 76.4% of debt investments having call protection.
Market conditions remain uncertain due to inflation, interest rates, and geopolitical risks, but middle-market lending dynamics remain favorable.
Maintains a target leverage range of 0.90x–1.25x, with actual leverage at 1.15x.
Weighted average remaining life of investments funded with debt is 2.6 years, compared to a weighted average maturity on liabilities of 3.7 years.
Bo Stanley's focus as Co-CEO
SLX's strategy for higher spreads in tight market
Rationale for spillover income retention
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Next Sixth Street Specialty Lending earnings date
Q4 202513 Feb, 2026
Sixth Street Specialty Lending
Next Sixth Street Specialty Lending earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Sixth Street Specialty Lending, Inc. is a business development company principally engaged in lending and investing. The Company seeks to deliver attractive risk-adjusted returns by generating income from a portfolio of investments in middle market privately-held companies that the Company originates and manages, as well as investments in corporate credit, special situation loans and other credit investments. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation.
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