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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, Joshua Easterly to step down as CEO at year-end but remain Chairman and Co-CIO, with no changes to investment or credit committee processes.
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 average investment size of $30.3 million.
External adviser is part of a global investment firm with over $115 billion in assets under management.
Emphasis on continuity, disciplined strategy, and investor-first culture as core to ongoing operations.
Financial highlights
Q3 2025 net investment income per share was $0.54, adjusted net investment income was $0.53 per share, and net income per share was $0.47.
Net asset value per share at quarter-end was $17.14, adjusted to $17.11 after the supplemental dividend.
Total investment income for Q3 2025 was $109.4 million, down from $119.2 million in Q3 2024.
Board declared a base dividend of $0.46 per share and a supplemental dividend of $0.03 per share for Q3 2025.
Net assets at quarter end were $1.6 billion, with total assets of $3.5 billion.
Outlook and guidance
Full-year adjusted NII per share expected at the top end of $1.97–$2.14 range, with potential upside from activity-based fees.
Maintains a target leverage range of 0.90x–1.25x, with actual leverage at 1.15x, well below the regulatory limit.
No broad-based recovery in M&A activity expected near term; spreads anticipated to remain tight due to capital oversupply.
Dividend coverage remains strong, with 114% coverage in Q3.
Market conditions remain uncertain due to inflation, interest rates, and geopolitical risks, but middle-market lending dynamics remain favorable.
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
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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