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Sixth Street Specialty Lending (TSLX) investor relations material
Sixth Street Specialty Lending Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Net investment income for Q2 2025 was $0.54 per share (adjusted $0.56), and net income was $0.63 per share (adjusted $0.64), with annualized ROE on adjusted net investment income at 13.1% and on adjusted net income at 15.1%.
NAV per share increased to $17.17 at June 30, 2025, up from $17.04 at March 31, 2025, driven by overearning and net unrealized gains.
Portfolio focused on U.S. middle-market, senior floating rate loans, with 92.4%–93.3% in first-lien debt and 96.5% floating rate composition.
Non-accrual investments improved to 0.6% of portfolio fair value, indicating strong credit quality.
Board declared a Q3 2025 base dividend of $0.46 per share and a Q2 2025 supplemental dividend of $0.05 per share.
Financial highlights
Total investment income for Q2 2025 was $115.0 million, down from $121.8 million in Q2 2024, mainly due to lower interest rates.
Net expenses for Q2 2025 were $62.9 million, down from $65.4 million year-over-year.
Net asset value per share was $17.17 at June 30, 2025.
Distributions per share for Q2 2025 were $0.52.
Weighted average yield of debt and income-producing securities at fair value was 11.7% for Q2 2025.
Outlook and guidance
Quarterly earnings power is expected to exceed the base dividend, assuming stable credit and leverage.
Management expects continued focus on direct origination of senior secured loans to middle-market companies.
Portfolio yield remains elevated despite lower base rates, supported by direct originations and wider spreads.
Full-year ROE based on adjusted net investment income is anticipated in the top half of the 11.5%–12.5% range, with potential to exceed if activity-based fees remain elevated.
Repayment activity is expected to stay elevated in the near term, supporting excess income.
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Next Sixth Street Specialty Lending earnings date
Q3 20255 Nov, 2025
Next Sixth Street Specialty Lending earnings date
Q3 20255 Nov, 2025
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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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