Sixth Street Specialty Lending Inc (NYSE: TSLX) is a business development company (BDC) that originates and holds loans and other credit investments primarily in U.S. middle-market companies. It earns income through interest payments and fees on its debt investments, structured to generate current income with favorable risk-adjusted returns. The company is externally managed by Sixth Street Specialty Lending Advisers, LLC, an affiliate of Sixth Street Partners, LLC, which manages over $125 billion in assets under management as of December 31, 2025. Since beginning investment activities in July 2011 through December 31, 2025, TSLX has originated approximately $53.3 billion in aggregate principal amount of investments, retaining approximately $11.8 billion on its balance sheet. As of December 31, 2025, the portfolio included investments in 143 portfolio companies across 19 industries, with an average investment size of approximately $30.4 million excluding structured credit investments. Internet Services was the largest industry exposure at 18.3% of the total portfolio by fair value as of December 31, 2025.

Revenue model

TSLX earns revenue primarily through interest income and fees on originated loans and credit investments held on its balance sheet. The external adviser receives a base Management Fee plus performance-based Incentive Fees under the Investment Advisory Agreement. TSLX qualifies as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code, requiring it to distribute substantially all taxable income to shareholders.

Products and services

Direct lending and credit investments targeting U.S. middle-market companies, including first and second lien loans, structured credit investments (including collateralized loan obligations), and other debt instruments. Portfolio companies use capital for organic growth, acquisitions, market or product expansion, and recapitalizations including restructurings.

Customers and end markets

U.S. middle-market companies across 19 industries as of December 31, 2025. The largest single industry exposure was Internet Services at 18.3% of total portfolio by fair value. Portfolio companies include investments in structured credit vehicles. The largest single investment represented 2.4% of the total portfolio by fair value as of December 31, 2025.

Value-chain role

Direct lender and credit investment originator. TSLX occupies the capital provider role in the middle-market lending value chain, originating loans directly rather than purchasing them in secondary markets.

Geographic exposure

Primarily U.S. middle-market loan originations, with some investments in foreign companies disclosed as a risk factor. The parent platform Sixth Street also operates a European middle-market lending platform separately.

Source: SEC 10-K, filed 2026-02-12

Industry: UNKNOWN Peers: AssetMark Financial Holdings, Inc. Blackstone Inc Virtus Investment Partners Inc Oaktree Specialty Lending Corp GCM Grosvenor Inc Goldman Sachs BDC Inc Hercules Capital Inc New Mountain Finance Corp Ridgepost Capital Inc Victory Capital Holdings Inc