Sixth Street Specialty Lending
Direct lender to U.S. middle-market companies through the Sixth Street platform.
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Profile
Provides primarily senior-secured loans to U.S. middle-market companies to generate current income. As an externally managed BDC, it operates through Sixth Street's direct-lending platform and reports a single Investment Activity segment.
Originates senior-secured loans for U.S. middle-market companies, with a mandate focused on current income. Direct lending is its main activity, while the mandate also allows mezzanine and unsecured loans, corporate bonds, and equity securities.
The company is a business development company, externally managed by Sixth Street Specialty Lending Advisers through the Sixth Street direct-lending platform. It reports one Investment Activity segment, and interest income is its primary revenue source, supplemented by potential dividends, gains, origination fees, and other fees.
Its BDC status and RIC tax treatment shape the operating model. Management fees are calculated from gross assets, including investment borrowings, and can be payable when an investment's value declines.
Company facts
Categories
Key statistics
Year to date −13.4% · Average volume (30d) 471.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Feb 17, 2026 | Wells Fargo | Reiterate | Overweight | $20 | |
| Oct 1, 2025 | JP Morgan | Downgrade | Overweight | Neutral | |
| Nov 6, 2024 | Ladenburg Thalmann | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.42 | $0.43 | +1.8% | $95.3M | $97.8M | +2.6% | +0.39% |
| May 5, 2026Q1 FY26 | $0.49 | $0.42 | −14.3% | $103.1M | $93.4M | −9.4% | −8.62% |
| Feb 12, 2026Q4 FY25 | $0.50 | $0.52 | +4.0% | $104.4M | $108.2M | +3.7% | −4.42% |
| Nov 4, 2025Q3 FY25 | $0.52 | $0.53 | +1.9% | $107.1M | $81.1M | −24.2% | −2.11% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $74.4M | $112.5M | $81.1M | $92.2M | $52.4M | $119.0M | |
| Gross profit | $47.2M | $87.1M | $57.3M | $70.8M | $31.6M | $97.8M | |
| Operating income | $38.3M | $49.3M | $46.3M | $59.0M | −$6.7M | $42.2M | |
| Net income | $37.0M | $59.0M | $44.6M | $30.0M | −$26.0M | $40.5M | |
| Diluted EPS | $0.39 | $0.63 | $0.47 | $0.32 | −$0.27 | $0.43 | |
| Gross margin | 63.5% | 77.4% | 70.6% | 76.8% | 60.4% | 82.2% | |
| Operating margin | 51.5% | 43.8% | 57.1% | 64.0% | -12.7% | 35.4% |
Fiscal years (4-quarter sums)FY21 $266.3M · FY22 $187.2M · FY23 $388.7M · FY24 $359.7M · FY25 $360.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $193.6M · Total debt $1.92B · Total assets $3.54B · Shareholders' equity $1.55B
Dividends
Raised for 10 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.42 | cut from $0.46 |
| Mar 16, 2026 | Mar 16 | Mar 31 | $0.46 | |
| Feb 27, 2026 | Feb 27 | Mar 20 | $0.01 | special dividend |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.46 | |
| Nov 28, 2025 | Nov 28 | Dec 19 | $0.03 | special dividend |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.46 | |
| Aug 29, 2025 | Aug 29 | Sep 19 | $0.05 | special dividend |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.46 |
Ownership
Shares outstanding 95.02M · Float 91.12M · 95.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| STRS Ohio | 4.83M | 5.10% | 13G | Jul 8, 2026 |
| Sixth Street Partners Management Company, L.P. | 2.71M | 2.86% | 13F | Aug 14, 2026 |
| Sound Income Strategies, LLC | 2.71M | 2.85% | 13F | Jul 20, 2026 |
| Progeny 3, Inc. | 2.48M | 2.61% | 13F | Aug 14, 2026 |
| UBS Group AG | 2.37M | 2.50% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 11, 2026 | Ross Anthony Bruck | officer: Vice President | +8,000 | $17.76 |
| Mar 6, 2026 | P. Emery Covington | director | +7,500 | $18.35 |
| Mar 5, 2026 | Alan Waxman | officer: Vice President | +100,000 | $18.46 |
| Mar 6, 2026 | Alan Waxman | officer: Vice President | +200,000 | $18.42 |
| Mar 2, 2026 | David Stiepleman | director, officer: Vice President | +20,200 | $17.65 |
Peers
- Ares Capital
Large U.S. direct lender for senior secured middle-market loans
- Blue Owl Capital
Direct lender to U.S. middle-market companies with senior loans
- Blackstone Secured Lending Fund
First-lien direct lender to private U.S. middle-market companies
- FS KKR Capital
Customized credit provider to private U.S. middle-market companies
- Golub Capital BDC
Sponsor-finance BDC focused on first-lien middle-market loans
- Carlyle Secured Lending
Direct originator of secured debt for U.S. middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Carlyle Secured Lending | $11.78 | −0.17% | $818.7M | 23.1 | 8.5 | 3.4 | −3.7% |
| Median | 20.2 | 9.2 | 4.4 | +3.9% |