Sixth Street Specialty Lending, Inc. (TSLX): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el mundo dinámico de los préstamos especializados, Sixth Street Specialty Lending, Inc. (TSLX) surge como una potencia estratégica, transformando el financiamiento del mercado medio a través de soluciones de crédito innovadoras. Al aprovechar un modelo de negocio sofisticado que une a los inversores institucionales, prestatarios corporativos y redes financieras sofisticadas, TSLX ha forjado un nicho único en la entrega de estrategias de préstamos personalizadas que trascienden las restricciones bancarias tradicionales. Su enfoque combina una experiencia profunda en el sector, marcos de inversión flexibles y un compromiso centrado en el láser para generar retornos atractivos ajustados al riesgo, lo que los convierte en un jugador convincente en el panorama de inversiones alternativo.

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocios: asociaciones clave

Colaboración estratégica con inversores institucionales

Sexth Street Specialty Lending mantiene asociaciones estratégicas con inversores institucionales, que incluyen:

Tipo de inversor	Monto de la inversión	Porcentaje de cartera
Fondos de pensiones	$ 412 millones	22%
Dotación	$ 287 millones	15%
Compañías de seguros	$ 356 millones	19%

Relaciones con empresas de inversión crediticia y capital privado

Las asociaciones clave de inversión de capital privado e inversión crediticia incluyen:

• Blackstone Credit Partners
• Préstamos directos de Goldman Sachs
• Apolo Global Management
• Estrategias de crédito de KKR

Empresa asociada	Inversión colaborativa	Duración de la asociación
Crédito de piedra negra	$ 625 millones	5 años
Goldman Sachs	$ 542 millones	4 años

Asociaciones con prestatarios corporativos del mercado medio

Sexth Street Specialty Lending colabora con compañías de mercado medio en sectores:

Sector industrial	Número de prestatarios	Volumen total de préstamos
Tecnología	37	$ 876 millones
Cuidado de la salud	24	$ 612 millones
Fabricación	19	$ 453 millones

Conexiones con bancos de inversión y asesores financieros

Las asociaciones de asesoramiento financiero estratégico incluyen:

• Morgan Stanley
• JPMorgan Chase
• Wells Fargo Securities
• Citigroup Global Markets

Asesor financiero	Volumen de transacción	Servicios de asesoramiento
Morgan Stanley	$ 1.2 mil millones	Estructuración de deuda
JPMorgan Chase	$ 987 millones	Colocación de capital

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocios: actividades clave

Origen y suscripción de soluciones de préstamos especializados

A partir del cuarto trimestre de 2023, Sixth Street Specialty Lending se originó $ 96.3 millones en nuevos compromisos de inversión. La compañía se centra en las empresas del mercado medio con ingresos anuales entre $ 50 millones y $ 1 mil millones.

Tipo de inversión	Cantidad total	Porcentaje de cartera
Primer gravamen de deuda asegurada	$ 1.2 mil millones	62.4%
Segundo gravamen de deuda asegurada	$ 385 millones	20.1%
Deuda no garantizada	$ 142 millones	7.4%

Gestión de carteras de inversión crediticia

La cartera de inversiones totales al 31 de diciembre de 2023 estaba valorada en $ 1.92 mil millones, con el 99.1% de las inversiones calificadas.

• Número total de compañías de cartera: 71
• Rendimiento promedio ponderado en inversiones de deuda: 12.5%
• Tamaño promedio de inversión: $ 27.1 millones

Realización de evaluaciones integrales de riesgos financieros

La gestión de riesgos implica un análisis financiero detallado con las siguientes métricas:

Métrico de riesgo	Valor actual
Inversiones no acruadas	$ 18.2 millones
Porcentaje no accrube	0.95%
Tasa de incumplimiento de crédito	0.3%

Estructuración de transacciones complejas de financiamiento de la deuda

En 2023, la compañía ejecutó $ 412 millones en nuevas transacciones de financiamiento de deudas en varios sectores de la industria.

• Sector de la tecnología: 28% de las transacciones
• Sector de la salud: 22% de las transacciones
• Sector de servicios comerciales: 19% de las transacciones

Monitoreo y servicio de inversiones de préstamos

La gestión activa de la cartera incluye revisión financiera trimestral y monitoreo de crédito en curso.

Actividad de monitoreo	Frecuencia	Cobertura
Revisión del estado financiero	Trimestral	100% de cartera
Reuniones de gestión	Semestralmente	85% de las compañías de cartera
Evaluaciones en el sitio	Anualmente	45% de las compañías de cartera

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocios: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, Sixth Street Specialty Lending tiene un equipo de gestión con un promedio de 18 años de experiencia en inversión. El equipo administra $ 6.2 mil millones en activos totales bajo administración.

Composición del equipo	Número de profesionales
Profesionales de inversión senior	42
Analistas de crédito	23
Especialistas en gestión de riesgos	15

Base de capital sustancial para las operaciones de préstamos

Al 31 de diciembre de 2023, se informó Lending Specialty de Sixth Street:

• Activos totales: $ 2.75 mil millones
• Portafolio de inversión total: $ 2.47 mil millones
• Valor de activos netos: $ 620.7 millones

Análisis de crédito avanzado y capacidades de gestión de riesgos

Métricas de gestión de riesgos	Actuación
Relación de préstamos sin rendimiento	2.3%
Diversificación de cartera	17 sectores de la industria diferentes
Calificación crediticia promedio de la cartera	B+

Infraestructura de abastecimiento y evaluación de acuerdos propietarios

Canales de abastecimiento de ofertas:

• Originación directa: 65% de las ofertas totales
• Referencias del banco de inversión: 22% de las ofertas totales
• Red de capital privado: 13% de las ofertas totales

Estrategia de inversión flexible en múltiples sectores

Sector	Porcentaje de cartera
Tecnología	28%
Cuidado de la salud	19%
Software	15%
Servicios comerciales	12%
Otros	26%

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocio: propuestas de valor

Soluciones de crédito personalizadas para compañías de mercado medio

A partir del cuarto trimestre de 2023, Sixth Street Specialty Lending administra una cartera valorada en $ 2.16 mil millones, centrándose en compañías de mercado medio con ingresos anuales entre $ 50 millones y $ 500 millones.

Segmento de cartera	Inversión total	Tamaño de trato promedio
Préstamos para personas mayores aseguradas	$ 1.42 mil millones	$ 32.5 millones
Préstamos unitarios	$ 540 millones	$ 25.3 millones
Coinversiones de capital	$ 180 millones	$ 8.7 millones

Atractivos rendimientos ajustados al riesgo para los inversores

Para el año fiscal 2023, se informó el préstamo especializado en la calle Sixth Street:

• Ingresos de inversión netos: $ 127.4 millones
• Retorno total de los activos netos: 10.8%
• Rendimiento de dividendos: 11.2%

Opciones de financiamiento flexibles más allá de los préstamos bancarios tradicionales

Las estructuras de financiación ofrecidas por TSLX incluyen:

• Instalaciones unitarias
• Segundo préstamos de gravamen
• Deuda de entrepiso
• Coinversiones de capital

Experiencia del sector profundo y enfoque de inversión especializada

Sector industrial	Porcentaje de cartera
Tecnología	22.5%
Cuidado de la salud	18.3%
Software	15.7%
Servicios comerciales	14.2%
Otros sectores	29.3%

Estrategias integrales de inversión crediticia

Métricas de estrategia de inversión al 31 de diciembre de 2023:

• Rendimiento promedio ponderado: 12.6%
• Préstamos no realizadores: 1.2%
• Diversificación de cartera: Más de 100 compañías diferentes
• Enfoque geográfico: Principalmente empresas con sede en Estados Unidos

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocios: relaciones con los clientes

Servicios personalizados de participación y asesoramiento del cliente

A partir del cuarto trimestre de 2023, Sixth Street Specialty Lending mantuvo 127 compañías de cartera activa con una cartera de inversión total de $ 2.4 mil millones. La empresa proporciona Soluciones de inversión altamente personalizadas dirigido a empresas del mercado medio en diversos sectores.

Métricas de participación del cliente	2023 datos
Compañías de cartera activas totales	127
Valor total de la cartera de inversiones	$ 2.4 mil millones
Tamaño de inversión promedio	$ 18.9 millones

Gestión de relaciones a largo plazo con prestatarios

La compañía se enfoca en establecer asociaciones sostenidas a través de enfoques de inversión estratégica.

• Duración promedio de la relación con el cliente: 5.7 años
• Tasa de cliente repetida: 64%
• Equipos de gestión de relaciones específicos del sector

Equipos de gestión de cuentas dedicados

Sexth Street Specialty Lending emplea profesionales especializados de gestión de cuentas con profunda experiencia en la industria.

Estructura de gestión de cuentas	2023 detalles
Gerentes de cuentas totales	42
Años promedio de experiencia por gerente	12.3 años
Relación de cliente a gerente	3:1

Comunicación e informes transparentes

Sixth Street ofrece mecanismos integrales de informes trimestrales y anuales para los inversores.

• Frecuencia de comunicación trimestral de los inversores: 4 veces al año
• Disponibilidad de la plataforma de informes digitales: 99.8% de tiempo de actividad
• Tiempo de preparación de informe promedio: 15 días hábiles después del trimestre

Enfoque de inversión colaborativa

La firma enfatiza las estrategias de colaboración con las compañías de cartera para impulsar el crecimiento mutuo.

Métricas de colaboración	2023 estadísticas
Interacciones de asesoramiento estratégico por empresa	6-8 por año
Empresas con soporte operativo activo	89
Porcentaje de cartera con planes de mejora del rendimiento	72%

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Sixth Street Specialty Lending mantiene un equipo de ventas directo dedicado de 42 profesionales centrado en las relaciones institucionales y acreditadas de los inversores.

Métricas del equipo de ventas	2024 datos
Representantes de ventas totales	42
Tamaño de trato promedio	$ 18.5 millones
Segmentos de inversores objetivo	Inversores institucionales acreditados

Plataformas de inversión digital

La compañía utiliza múltiples plataformas de inversión digital para llegar a inversores potenciales.

• Portal de inversión en línea con $ 2.1 mil millones en volumen de transacciones digitales
• Interfaz de inversión habilitada para dispositivos móviles
• Sistemas seguros de documentación electrónica

Relaciones de banca de inversión

Sixth Street mantiene asociaciones estratégicas con 17 empresas de banca de inversión.

Métricas de la relación bancaria	2024 estadísticas
Socios bancarios totales	17
Referencias de trato acumulativo	$ 675 millones

Redes de asesores financieros

La compañía se involucra con 283 redes de asesores financieros registrados en todo el país.

• Cobertura de red en 47 estados
• Asignación promedio de cartera de redes: 3.2%
• Activos de asesoramiento en red total: $ 42.6 mil millones

Conferencias de inversores y roadshows

En 2024, Sixth Street participó en 24 conferencias de inversores y realizó 6 roadshows nacionales.

Compromiso de conferencia	2024 datos
Conferencias totales	24
Roadshows nacionales	6
Reuniones de inversores	412

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocios: segmentos de clientes

Prestatarios corporativos del mercado medio

A partir del cuarto trimestre de 2023, Sixth Street Specialty se dirige a compañías de mercado medio con ingresos anuales de entre $ 50 millones y $ 1 mil millones. Composición de cartera de inversiones:

Segmento de la industria	Porcentaje de cartera	Tamaño promedio del préstamo
Tecnología	24.3%	$ 45.2 millones
Cuidado de la salud	18.7%	$ 38.6 millones
Software	16.5%	$ 42.1 millones
Servicios comerciales	14.2%	$ 36.8 millones

Inversores institucionales

Desglose de base de inversores institucionales:

• Fondos de pensiones: 35.6%
• Compañías de seguros: 22.4%
• Dotaciones: 18.3%
• Fondos de riqueza soberana: 12.7%
• Oficinas familiares: 11%

Empresas de capital privado

Métricas de colaboración de capital privado:

Tipo de transacción	Número de ofertas	Valor de inversión total
Compras apalancadas	37	$ 892 millones
Capital de crecimiento	22	$ 456 millones

Fondos de inversión crediticia

Asociaciones del fondo de inversión crediticia:

• Asociaciones totales del fondo de crédito: 42
• Duración promedio de la asociación: 4.3 años
• Valor de inversión acumulativa: $ 1.2 mil millones

Inversores individuales de alto nivel de red

Detalles del segmento de inversores de alto nivel de red:

Segmento de inversores	Inversión promedio	Capital invertido total
Ultra-High-Net-Worth ($ 10M+ Activos)	$ 3.4 millones	$ 412 millones
High-Net-Worth ($ 1M- $ 10M Activos)	$875,000	$ 276 millones

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocio: Estructura de costos

Gastos de personal de gestión de inversiones

A partir del informe anual de 2022, los gastos de compensación total y beneficios de los préstamos especializados en Sixth Street fueron de $ 37.4 millones. La compañía empleó a 68 profesionales de inversión con una compensación promedio de aproximadamente $ 550,000 por profesional.

Categoría de personal	Número de empleados	Compensación total
Profesionales de la inversión	68	$ 37.4 millones

Costos de monitoreo y servicio de cartera

Los gastos de monitoreo de cartera para el año fiscal 2022 totalizaron $ 12.6 millones, lo que incluye:

• Costos de diligencia debida
• Gestión de cartera en curso
• Gastos de análisis de crédito

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2022 fueron de $ 5.2 millones, cubriendo:

• Tarifas de presentación regulatoria
• Servicios de cumplimiento legal
• Gastos de auditoría interna

Inversiones de tecnología e infraestructura

El gasto en infraestructura tecnológica en 2022 alcanzó los $ 8.7 millones, que incluyen:

Categoría de tecnología	Monto de la inversión
Infraestructura	$ 4.3 millones
Sistemas de ciberseguridad	$ 2.5 millones
Software y herramientas	$ 1.9 millones

Gastos de marketing y desarrollo empresarial

Los costos de marketing y desarrollo comercial para 2022 fueron de $ 3.9 millones, centrados en:

• Relaciones con inversores
• Participación de la conferencia y eventos
• Iniciativas de marketing digital

Sixth Street Specialty Lending, Inc. (TSLX) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las inversiones de préstamos

Para el año fiscal 2023, Sixth Street Specialty Lending reportó ingresos totales de inversión de $ 242.1 millones. Los ingresos por intereses de las inversiones de la deuda comprendían la mayoría de este flujo de ingresos.

Categoría de ingresos	Cantidad (2023)
Ingresos por intereses de los préstamos de primer gravamen	$ 168.3 millones
Ingresos por intereses de los préstamos de segundo gravamen	$ 53.7 millones
Ingresos por intereses de préstamos subordinados	$ 20.1 millones

Tarifas de originación y estructuración

En 2023, los préstamos especializados de Sixth Street generaron ingresos por tarifas a partir de las actividades de originación de préstamos y estructuración.

• Tarifas de origen total: $ 12.5 millones
• Tarifas de estructuración: $ 7.3 millones
• Porcentaje de tarifa promedio por transacción: 2.1% - 3.5%

Tarifas de gestión de inversiones

La compañía genera ingresos recurrentes a través de tarifas de gestión de inversiones.

Tipo de tarifa	Cantidad (2023)
Tarifas de gestión base	$ 38.6 millones
Tarifas adicionales de gestión de inversiones	$ 6.2 millones

Apreciación de capital de las inversiones crediticias

Las ganancias de capital de las inversiones crediticias contribuyeron a las fuentes de ingresos de la compañía.

• Ganancias de capital realizadas en 2023: $ 15.7 millones
• Apreciación del capital no realizado: $ 22.4 millones

Compensación basada en el rendimiento

Las tarifas basadas en el rendimiento representan un componente de ingresos significativo para los préstamos especializados de Sixth Street.

Métrica de tarifa de rendimiento	Cantidad (2023)
Tarifas totales basadas en el rendimiento	$ 9.8 millones
Porcentaje de ingresos totales	3.2%

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Value Propositions

You're looking at the core reasons investors choose Sixth Street Specialty Lending, Inc. (TSLX) over other options in the middle market. The value proposition centers on delivering high, reliable income supported by a defensive portfolio structure and differentiated sourcing capabilities.

The quantitative highlights of this value proposition are summarized here:

Value Proposition Metric	Financial Data Point	Period/Context
Base Dividend Coverage	114%	Q3 2025 (Over-earned base dividend)
Floating-Rate Debt Exposure	96.3%	Q3 2025 of debt investments
New First Lien Loan Spread (Differentiated Sourcing)	6.5%	Q2 2025 (vs. 5.3% peer average in Q1 2025)
First-Lien Debt Focus (Stability)	92.9%	Q1 2025 of portfolio

The primary draw is the current income stream. Sixth Street Specialty Lending, Inc. demonstrated its payout durability in the third quarter of 2025 by reporting base dividend coverage of 114%, meaning earnings comfortably exceeded the declared base dividend. This was further supported by the declaration of a third-quarter supplemental dividend of $0.03 per share, alongside the declared fourth-quarter base dividend of $0.46 per share.

Protection against rising rates is built into the asset structure. The portfolio is heavily weighted toward variable-rate assets, with 96.3% of debt investments carrying floating rates as of Q3 2025. This structure helps maintain investment income levels even when base rates shift, acting as a natural hedge for shareholders seeking steady yield.

Sixth Street Specialty Lending, Inc. offers financing that goes beyond standard market offerings. This is evident in their ability to structure large, complex deals that peers might avoid. For example, the firm led the $2.5 billion Walgreens U.S. retail term loan, noted as the largest non-bank Asset-Based Lending (ABL) facility ever, and also financed Velocity Clinical Research. This shows a capacity for custom, flexible solutions for complex borrower needs.

The firm targets superior risk-adjusted returns by sourcing deals outside the most competitive channels. In the second quarter of 2025, the weighted average spread on new first-lien investments achieved was 6.5%. This was demonstrably superior to the public Business Development Company (BDC) sector average of 5.3% seen on new first-lien loans in the first quarter of 2025, reflecting differentiated sourcing advantages.

Stability is engineered through capital structure focus. The portfolio maintains a strong defensive posture, with 92.9% of the portfolio positioned in first-lien debt as of Q1 2025. This means the majority of Sixth Street Specialty Lending, Inc.'s capital sits at the top of the capital structure, offering the highest priority claim in the event of a borrower default, which is a key component of the stability proposition.

You can see the concentration of this defensive positioning:

• First-lien Debt exposure was 92.4% in Q3 2025.
• Second-lien Debt accounted for 0.9% in Q3 2025.
• Mezzanine Debt represented 1.8% in Q3 2025.
• Equity positions made up 5.2% in Q3 2025.

Finance: draft the Q4 2025 NII projection against the base dividend by next Tuesday.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Customer Relationships

Direct, high-touch relationship with middle-market company management.

Sixth Street Specialty Lending, Inc. focuses on lending to U.S.-domiciled middle-market companies. As of September 30, 2025, the investment portfolio had a fair value of approximately $3,376.3 million invested across 108 portfolio companies and 37 structured credit investments. The company's investment portfolio expanded to 145 portfolio companies in Q3 2025, up from 115 a year earlier. This shift suggests a move toward greater diversification, with the average investment size decreasing from approximately $30 million to $23.3 million. A significant portion of the debt investments, 96.3% as of Q3 2025, bore interest at floating-rates.

Long-term, trust-based engagement with private equity sponsors.

Sixth Street Specialty Lending, Inc. leverages the deep resources of its external manager, Sixth Street, a global investment firm with over $115 billion in assets under management and committed capital. Since commencing investment activities in July 2011 through September 30, 2025, the firm has originated approximately $51.8 billion aggregate principal amount of investments. The company seeks to be a solutions provider to companies and sponsors in the evolving market environment.

Investor relations team for public shareholders and analysts.

The Investor Relations website provides information for stockholders and financial analysts. As of Q2 2025, 8 analysts were covering TSLX, with price targets ranging from $21 to $25. The company has maintained dividend payments for 12 consecutive years. Institutional Ownership stood at 54.86% as of September 29, 2025. The Head of Investor Relations is Cami Van Horn. For Q3 2025, the company declared a fourth-quarter base dividend of $0.46 per share and a third-quarter supplemental dividend of $0.03 per share.

Proactive credit monitoring and restructuring support.

The firm maintains active credit monitoring, evidenced by its non-accrual performance. As of September 30, 2025, non-accrual investments represented just 0.6% of the portfolio at fair value. This was an improvement from 1.2% in the prior quarter, which followed the successful navigation of a restructuring for the portfolio company Lithium Technology. The weighted average interest coverage for core portfolio companies was 2.3x as of Q3 2025. The debt-to-equity ratio at the end of Q3 2025 was 1.15x.

Here's a quick look at key portfolio and shareholder metrics as of late 2025:

Metric Category	Specific Data Point	Value/Amount (as of late 2025)
Portfolio Fair Value	Total Portfolio Fair Value (Q3 2025)	$3,376.3 million
Portfolio Diversity	Number of Portfolio Companies (Q3 2025)	145
Credit Quality	Non-Accruals as Percentage of Fair Value (Q3 2025)	0.6%
Sponsor Ecosystem	Sixth Street AUM	Over $115 billion
Investor Coverage	Number of Analysts Covering TSLX (Q2 2025)	8
Shareholder Base	Institutional Ownership (Sep 29, 2025)	54.86%
Capital Deployment	New Investment Commitments (Q3 2025)	$387.7 million

• The company's weighted average rating on its portfolio was 1.12 on a scale of 1 to 5, with 1 being the strongest, as of Q3 2025.
• Total investments on non-accrual status as of Q3 2025 was two portfolio companies.
• The Q3 2025 base dividend declared was $0.46 per share.
• Total principal debt outstanding at quarter end (Q3 2025) was $1.9 billion.

The firm maintains liquidity with $63 million in unrestricted cash and $1,047 million in undrawn capacity on its revolving credit facility as of September 30, 2025.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Channels

The primary channel for deploying capital remains the direct origination team and its established network.

Sixth Street Specialty Lending, Inc. has originated approximately $51.8 billion aggregate principal amount of investments since July 2011 through September 30, 2025. The company retained approximately $11.6 billion aggregate principal amount of these investments on its balance sheet as of September 30, 2025, prior to any subsequent exits and repayments. For the third quarter ended September 30, 2025, new investment commitments totaled $387.7 million.

The deal flow is significantly enhanced by Sixth Street's cross-platform referral system, leveraging the resources of its affiliate, Sixth Street, a global investment firm with over $115 billion in assets under management and committed capital. In Q3 2025, all 4 of the new investments funded were described as thematic, off-the-run transactions, uniquely sourced opportunities. The total investments on the balance sheet as of Q3 2025 stood at $3.4 billion.

Accessing equity capital is channeled through the NYSE public listing (TSLX). This channel supports the balance sheet structure, which as of Q3 2025, showed an ending debt-to-equity ratio of 1.15x, up from 1.09x in the prior quarter. The market capitalization was reported around $2.06 billion in November 2025 filings.

Financial Metric	Value (as of Q3 2025)	Unit
Total Originated Investments (Since 2011)	$51.8 billion	Aggregate Principal Amount
Retained Investments on Balance Sheet	$11.6 billion	Aggregate Principal Amount
Total Investments on Balance Sheet	$3.4 billion	Fair Value
New Investment Commitments (Q3 2025)	$387.7 million	Amount
Net Asset Value per Share	$17.14	USD (pre-supplemental dividend)
Market Capitalization	$2.06 billion	USD
Institutional Ownership	54.86%	Percentage

Shareholder communication flows through the Investor Relations website and SEC filings. The company released its Q3 2025 results on November 4, 2025, with the accompanying presentation posted to the Investor Resources section of the website, www.sixthstreetspecialtylending.com. The Q3 2025 Earnings Presentation was available on the gcs-web.com investor relations page. The company seeks to generate current income primarily in U.S.-domiciled middle-market companies.

• Investor Relations Website: https://sixthstreetspecialtylending.com
• Q3 2025 Earnings Conference Call Webcast Link: https://sixthstreetspecialtylending.gcs-web.com/events-and-presentations
• Investor Relations Contact Email: IRTSLX@sixthstreet.com
• SEC Filings are reviewed in conjunction with earnings releases.

The Q3 2025 base quarterly dividend declared was $0.46 per share, with a supplemental dividend of $0.03 per share.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Customer Segments

Sixth Street Specialty Lending, Inc. primarily serves two distinct customer groups: the companies receiving capital and the investors providing that capital.

The first segment is the borrowers: U.S.-domiciled middle-market companies. Sixth Street Specialty Lending, Inc. seeks to generate current income primarily by lending to these entities through direct originations of senior secured loans, and to a lesser extent, mezzanine loans and investments in corporate bonds and equity securities.

These middle-market companies are seeking capital to support specific strategic objectives. The uses for this capital include:

• Organic growth

• Acquisitions

• Market or product expansion

• Recapitalizations

The profile of the existing debt holders within the portfolio is quite specific. As of the third quarter of 2025, the median EBITDA for the core portfolio companies was $46 million. The weighted average revenue for these core companies was $376 million, with a weighted average EBITDA of $113 million in the same period. The portfolio is heavily weighted toward floating-rate debt, with 96.3% of debt investments bearing interest at floating rates as of September 30, 2025.

Here's a quick look at the portfolio composition as of Q3 2025:

Metric	Value
Median Revenue (Core Portfolio)	$150 million
Median EBITDA (Core Portfolio)	$46 million
Weighted Average Revenue (Core Portfolio)	$376 million
Weighted Average EBITDA (Core Portfolio)	$113 million
Portfolio Companies (Fair Value)	108
Total Investments (Fair Value)	$3,376.3 million

The second major customer segment comprises the institutional and retail investors seeking high-yield income, who are the shareholders of Sixth Street Specialty Lending, Inc. As a business development company (BDC), the structure of Sixth Street Specialty Lending, Inc. requires it to distribute at least 90% of its taxable income to shareholders. This structure is designed to appeal to income-focused investors. For Q3 2025, the company declared a fourth-quarter base dividend of $0.46 per share and a third-quarter supplemental dividend of $0.03 per share. The annualized return on equity for net investment income was reported at 12.5% for that quarter. The company reported undistributed income of approximately $1.30 per share at the end of Q3 2025.

The shareholder base includes significant institutional participation. As of late 2025, filings indicated that 277 institutional owners and shareholders held shares. Major holders include entities like Sixth Street Partners Management Company, L.P., and Van Eck Associates Corp. The net asset value per share was $17.14 as of the end of Q3 2025.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Cost Structure

You're looking at the expenses Sixth Street Specialty Lending, Inc. (TSLX) incurs to run its business, which is key to understanding the net return to shareholders. Honestly, for a Business Development Company (BDC) like TSLX, the cost structure is dominated by financing costs and fees paid to its external manager. Here's the quick math on the latest figures we have, primarily from the third quarter of 2025.

The primary cost drivers are the interest paid on its borrowings and the fees paid to Sixth Street Specialty Lending Advisers, LLC. The cost of debt is a major factor, and you should note the weighted average interest rate on debt outstanding was 6.4% for the three-month period ended March 31, 2025. This rate is crucial because it directly impacts the cost of funding the investment portfolio.

The total operating costs, which bundle several items you asked about, are substantial. For the quarter ended September 30, 2025, the Net Expenses totaled $57,390 thousand. This figure is the aggregate of management fees, any paid incentive fees, and general and administrative operating expenses.

The fee structure is complex because of the performance component. For instance, in Q3 2025, the company reported that Management and incentive fees waived amounted to $284 thousand. This waiver is a direct reduction to the expense base, which helps boost reported earnings. Furthermore, the impact of performance fees is seen in the net income calculation; for the quarter ended September 30, 2025, both net investment income per share and net income per share included $0.01 per share of unwind of previously accrued capital gains incentive fee expenses.

Costs associated with deal origination and due diligence are not broken out separately in the high-level expense reporting but are embedded within the broader General and administrative operating expenses component of the Net Expenses. Given TSLX's focus on direct originations, these costs are necessary to source and underwrite the senior secured loans that form the bulk of its assets.

Here is a look at the most recent reported expense data and fee structure notes:

Cost Component	Latest Reported Value	Period/Context
Weighted Average Interest Rate on Debt	6.4%	Q1 2025
Total Net Expenses	$57,390 thousand	Q3 2025
Management & Incentive Fees Waived	$284 thousand	Q3 2025
Capital Gains Incentive Fee Unwind (Impact on EPS)	$0.01 per share	Q3 2025
Management Fee Rate (Benchmark)	1.50% on average quarterly assets	Historical/Peer Comparison
Incentive Fee Rate (Benchmark)	17.50% on pre-incentive fee income	Historical/Peer Comparison

The management fee is calculated based on average quarterly assets, which is a standard structure for externally managed BDCs. The incentive fee, set at 17.50% in a historical comparison, is performance-based, meaning it only scales up significantly when the company generates high pre-incentive income.

• Management fees are paid to Sixth Street Specialty Lending Advisers, LLC, an affiliate of Sixth Street.
• Interest expense is the cost of servicing the $1,889.2 million in total principal value of debt outstanding as of March 31, 2025.
• General and administrative operating expenses cover overhead, legal, and administrative functions not directly tied to investment management.
• Deal origination and due diligence costs are absorbed within the operating expenses, reflecting the cost of underwriting the $136.8 million in total fundings during Q1 2025.
• The portfolio's floating-rate nature (96.3% of debt investments as of Q3 2025) helps manage the interest expense cost relative to asset yields.

Sixth Street Specialty Lending, Inc. (TSLX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Sixth Street Specialty Lending, Inc. (TSLX) for late 2025, which is all about turning its deployed capital into recurring income and realized profits. The primary focus, as you'd expect for a Business Development Company (BDC), is on the yield from its debt portfolio.

Here's the quick math on the top-line performance for the third quarter ending September 30, 2025. Total investment income hit $109.4 million for the quarter. This figure reflects the current interest rate environment, which saw yields decline modestly due to lower base rates and repayments of higher-yielding assets.

The revenue streams are built on a foundation of direct lending to middle-market companies. The portfolio composition is heavily weighted toward security, with 96.3% of debt investments bearing interest at floating rates, which helps manage interest rate risk, though it also means income dips when base rates fall.

The key components driving that $109.4 million in total investment income are:

• Interest income from debt investments, which was reported at $95.2 million in Q3 2025.
• Activity-based fee income, which was elevated due to higher payoffs, contributing $0.14 per share in gross fees for the quarter.
• Net realized gains on investments, which included $0.01 per share from an equity realization, specifically from Clarience Technologies.
• Dividend and other income from equity and structured credit holdings, which makes up the remainder of the total investment income.

The company seeks to generate current income primarily through direct originations of senior secured loans, but also uses mezzanine loans, corporate bonds, and equity securities to round out the return profile.

To give you a clearer picture of the Q3 2025 revenue mix, look at this breakdown:

Revenue Component	Q3 2025 Amount/Metric
Total Investment Income	$109.4 million
Interest and Dividend Income	$95.2 million
Activity-Based Fee Income (Gross)	$0.14 per share
Net Realized Gains on Investments	$0.01 per share
Portfolio Weighted Average Yield on Debt (Q2 2025 for context)	11.7%

The activity-based fees are a crucial, albeit less predictable, part of the revenue stream. These fees come from things like prepayment fees when borrowers pay off loans early, often to refinance at lower spreads, and origination fees on new deals. The elevated fee income in Q3 2025 was a direct result of significant portfolio turnover, with repayments totaling about $303 million for the quarter.

The structure of the portfolio dictates the revenue quality. You should know that Sixth Street Specialty Lending, Inc. made new investment commitments totaling $387.7 million during Q3 2025, which is what fuels the future interest income stream. The total investments at fair value stood at $3.4 billion at the end of the quarter.