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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sixth Street Specialty Lending
Sixth Street Specialty Lending (TSLX) investor relations material
Sixth Street Specialty Lending Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 NII was $41.6M, or $0.44/share, and net income was $34.4M, or $0.36/share; NAV was $16.19/share and quarter-end debt-to-equity was 1.25x.
Total investment income fell to $99.0M from $109.4M YoY, primarily reflecting lower reference rates; NAV declined from $16.24/share at Q2-end.
Portfolio fair value was $3.393B across 133 companies; Q3 fundings exceeded paydowns and sales by $87M.
Financial highlights
Q3 total investment income was $99.0M versus $97.8M in Q2 and $109.4M a year earlier; net expenses were $56.2M versus $55.7M in Q2 and $57.4M YoY.
NII was $41.6M versus $50.7M YoY; 9M NII was $122.3M versus $159.5M.
Net income was $34.4M versus $44.6M YoY; Q3 adjusted NII and adjusted net income were $0.44/share and $0.36/share.
NAV was $16.19/share before the supplemental dividend and $16.18/share adjusted for it; NII contributed $0.44/share against a $0.42 base dividend, while realized losses reduced NAV by $0.10/share.
9M net realized and unrealized losses were $73.4M, including $48.2M realized losses and $25.2M net unrealized losses.
Outlook and guidance
FY annualized ROE guidance remained 10%-10.5%, assuming portfolio turnover below 20%; Q4 repayments and activity-based fees are key variables.
Management expects the rate path, asset sensitivity and one-quarter lag in borrower rate resets to support Q4 core earnings and dividend coverage.
Q4 pipeline was good, with middle- and upper-middle-market opportunities; expected payoffs may create deployment capacity without an equity raise.
Easing election uncertainty may support deal activity, with a greater potential tailwind in Q1-Q2 2027 than late 2026 as transactions take time.
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Latest events from Sixth Street Specialty Lending
- Consistent outperformance, robust liquidity, and disciplined credit strategy drive strong returns.TSLX
Fixed Income presentation - Consistent outperformance, strong dividends, and disciplined risk management drive sector leadership.TSLXEquity Investor presentation
- Q2 2026 saw stable earnings, strong liquidity, and higher leverage amid slower new investments.TSLXQ2 2026
- Consistent outperformance, strong liquidity, and disciplined credit drive robust returns.TSLXFixed Income Presentation
- Director share ownership corrected; Easterly to retire; no 5%+ shareholders identified.TSLXProxy filing
- Director share ownership corrected; no 5% holders; board change with Easterly's retirement.TSLXProxy filing
- Q1 2026 saw NAV per share fall to $16.24, with $0.42 NII per share and robust liquidity.TSLXQ1 2026
- Q2 2024 net investment income reached $55.1M, with NAV/share at $17.19 and strong portfolio yield.TSLXQ2 2024
- 2024 saw strong adjusted net investment income, NAV growth, and robust portfolio activity.TSLXQ4 2024
Next Sixth Street Specialty Lending earnings date
Q4 202612 Feb, 2027
Sixth Street Specialty Lending
Next Sixth Street Specialty Lending earnings date
Q4 202612 Feb, 2027
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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.