# Sixth Street Specialty Lending, Inc. (TSLX)

> Source: Nexqual · https://nexqual.com/TSLX · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Sixth Street Specialty Lending, Inc. (TSLX), nexqual.com/TSLX" · informational, not investment advice.

**Price:** USD 17.62 (+1.73% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 17.32 · day 17.47–17.7 · 52w 16.04–22.9 · market cap $1.68B · NYQ

## Key facts
- Valuation: P/E 18.9x (avg 10.3x at the last 3 fiscal year-ends), net debt $1.73B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $142K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.73 on a 1–5 scale) (11 analysts), mean target USD 19.77 (range 17.5–23).
- Total return with dividends: 1Y -15.4% vs S&P 500 +14.8%; 5Y +22.9% vs S&P 500 +79.1%.
- Next earnings: 2026-11-03, EPS estimate USD 0.44, revenue estimate $97.9M. All companies reporting that day: https://nexqual.com/earnings/2026-11-03
- Dividend: USD 1.68 a year (yield 9.70%), paid quarterly; latest ex-dividend date 2026-09-15; annual dividends grew 3.7% a year 2022–2025.
- Short interest: 4.22% of float (as of 2026-10-15), 7.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $212M | $108M | $222M | $187M | $171M | $89.0M |
| EPS (diluted) | $2.79 | $1.38 | $2.61 | $2.03 | $1.81 | — |
| Cash + short-term investments | $16.0M | $25.6M | $25.2M | $27.3M | $19.7M | — |
| Total debt | $1.19B | $1.44B | $1.78B | $1.90B | $1.74B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.9x · P/B 1.1x · Earnings yield 5.30% · Dividend yield (paid, TTM) 9.38% · Net debt $1.73B · EV $3.41B
P/E at fiscal year-ends: Dec 2025 12.0x, Dec 2024 10.5x, Dec 2023 8.3x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $142K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-11 | Bruck Ross Anthony | Vice President | 8,000 | $142K | 17.76 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.73 on a 1–5 scale), 11 analysts; mean target USD 19.77 (low 17.5, high 23).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | Keefe, Bruyette & Woods | Target raised | Outperform | $18.5 → $19.5 |
| 2026-07-02 | JP Morgan | Target lowered | Neutral | $17.5 → $16.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -15.4% | +22.9% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -15.5% | +4.2% |
| Volatility (annualized) | 26.4% | 19.7% |
| Max drawdown | -24.3% (Jan 2026→Jun 2026) | -27.6% (Mar 2022→Sep 2022) |

## Dividends
Annual dividend rate USD 1.68 per share, yield 9.70% at the current price. Paid over the last 12 months: USD 1.80 in 6 payments (quarterly).
Most recent ex-dividend date: Sep 15, 2026; payment date: Sep 30, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: cut 8.7% to USD 0.42 per payment from USD 0.46, starting with the Jun 15, 2026 ex-dividend date.
Payout ratio 203% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant) · 5-year average yield 5.75% · annual dividends grew 3.7% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-15 | USD 0.42 |
| 2026-06-15 | USD 0.42 |
| 2026-03-16 | USD 0.46 |
| 2026-02-27 | USD 0.01 |
| 2025-12-15 | USD 0.46 |
| 2025-11-28 | USD 0.03 |
| 2025-09-15 | USD 0.46 |
| 2025-08-29 | USD 0.05 |
Total by calendar year: 2022 USD 1.84 · 2023 USD 2.10 · 2024 USD 2.09 · 2025 USD 2.05.

## Short interest
3,867,534 shares sold short, 4.22% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 5,025,482 shares (-23.0%). Days to cover: 7.7 (short shares ÷ average daily volume).

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.52 +1.38% · PDI (PIMCO Dynamic Income Fund) USD 14.33 +1.63% · VCTR (Victory Capital Holdings, Inc. ) USD 113.81 +1.73% · AMG (Affiliated Managers Group, Inc.) USD 399.02 +1.47% · SEIC (SEI Investments Company) USD 104.73 +1.48% · IVZ (Invesco Ltd) USD 29.02 +1.19%

## More
Full page: https://nexqual.com/TSLX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TSLX in their own reports (relationship from TSLX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Carlyle Secured Lending, Inc. (CGBD) | 10-K 2026-02-24 | "In December 2025, we, together with Carlyle Credit Solutions, Inc. ("CARS"), an affiliated BDC, and certain affiliates of Sixth Street Partners, LLC, Sixth Street Lending Partners and Sixth Street Spe…" |

## Company outlook (8-K filed 2026-08-04)

- "Except as otherwise required by federal securities laws, the Company assumes no obligation to update any such forward-looking statements, whether as a result of new information, future developments or otherwise."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.44 | $0.43 | +1.6% | $97.9M | 11 |
| Next quarter (ends 2026-12-31) | $0.45 | $0.44 | +2.7% | $99.4M | 10 |
| Current fiscal year (ends 2026-12-31) | $1.74 | $1.72 | +1.2% | $388.7M | 11 |
| Next fiscal year (ends 2027-12-31) | $1.84 | $1.81 | +1.6% | $406.4M | 11 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.43 | $0.42 | Beat +2.4% | — |
| — | Quarter ended Mar 31, 2026 | $0.42 | $0.50 | Miss −16.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.62 | $0.50 | Beat +24.0% | — |
| — | Quarter ended Sep 30, 2025 | $0.53 | $0.52 | Beat +1.9% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | STRS OHIO: 6.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1508655/000082047826000015/0000820478-26-000015-index.htm |
| 2026-08-04 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1508655/000119312526332772/0001193125-26-332772-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1508655/000119312526332725/0001193125-26-332725-index.htm |
| 2026-07-08 | Schedule 13G | STRS OHIO: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1508655/000082047826000010/0000820478-26-000010-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.