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

In der dynamischen Welt der Spezialkredite entwickelt sich Sixth Street Specialty Lending, Inc. (TSLX) zu einem strategischen Kraftpaket, das die Finanzierung mittelständischer Unternehmen durch innovative Kreditlösungen transformiert. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das institutionelle Anleger, Unternehmenskreditnehmer und anspruchsvolle Finanznetzwerke verbindet, hat TSLX eine einzigartige Nische bei der Bereitstellung maßgeschneiderter Kreditvergabestrategien geschaffen, die über die traditionellen Bankbeschränkungen hinausgehen. Ihr Ansatz kombiniert umfassende Branchenexpertise, flexible Anlagerahmen und ein gezieltes Engagement für die Generierung attraktiver risikobereinigter Renditen und macht sie zu einem überzeugenden Akteur in der alternativen Anlagelandschaft.

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit institutionellen Investoren

Sixth Street Specialty Lending unterhält strategische Partnerschaften mit institutionellen Investoren, darunter:

Anlegertyp	Investitionsbetrag	Prozentsatz des Portfolios
Pensionskassen	412 Millionen Dollar	22%
Stiftungen	287 Millionen Dollar	15%
Versicherungsunternehmen	356 Millionen Dollar	19%

Beziehungen zu Private-Equity- und Kreditinvestmentfirmen

Zu den wichtigsten Private-Equity- und Kreditinvestitionspartnerschaften gehören:

• Blackstone Credit Partners
• Direktkredite von Goldman Sachs
• Apollo Global Management
• KKR-Kreditstrategien

Partnerfirma	Kollaborative Investition	Dauer der Partnerschaft
Blackstone-Kredit	625 Millionen Dollar	5 Jahre
Goldman Sachs	542 Millionen US-Dollar	4 Jahre

Partnerschaften mit mittelständischen Unternehmenskreditnehmern

Sixth Street Specialty Lending arbeitet branchenübergreifend mit mittelständischen Unternehmen zusammen:

Industriesektor	Anzahl der Kreditnehmer	Gesamtkreditvolumen
Technologie	37	876 Millionen US-Dollar
Gesundheitswesen	24	612 Millionen Dollar
Herstellung	19	453 Millionen US-Dollar

Verbindungen zu Investmentbanken und Finanzberatern

Zu den strategischen Finanzberatungspartnerschaften gehören:

• Morgan Stanley
• JPMorgan Chase
• Wells Fargo Securities
• Globale Märkte der Citigroup

Finanzberater	Transaktionsvolumen	Beratungsdienste
Morgan Stanley	1,2 Milliarden US-Dollar	Schuldenstrukturierung
JPMorgan Chase	987 Millionen US-Dollar	Kapitalplatzierung

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Hauptaktivitäten

Originierung und Underwriting spezialisierter Kreditlösungen

Im vierten Quartal 2023 hat Sixth Street Specialty Lending neue Investitionszusagen in Höhe von 96,3 Millionen US-Dollar getätigt. Das Unternehmen konzentriert sich auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 Millionen und 1 Milliarde US-Dollar.

Anlagetyp	Gesamtbetrag	Prozentsatz des Portfolios
Erstpfandrecht gesicherte Schulden	1,2 Milliarden US-Dollar	62.4%
Zweitpfandrecht gesicherte Schulden	385 Millionen Dollar	20.1%
Ungesicherte Schulden	142 Millionen Dollar	7.4%

Verwaltung von Kreditinvestitionsportfolios

Das gesamte Anlageportfolio hatte zum 31. Dezember 2023 einen Wert von 1,92 Milliarden US-Dollar, wobei 99,1 % der Anlagen als performant eingestuft wurden.

• Gesamtzahl der Portfoliounternehmen: 71
• Gewichtete Durchschnittsrendite für Fremdkapitalinvestitionen: 12,5 %
• Durchschnittliche Investitionsgröße: 27,1 Millionen US-Dollar

Durchführung umfassender finanzieller Risikobewertungen

Das Risikomanagement umfasst eine detaillierte Finanzanalyse mit den folgenden Kennzahlen:

Risikometrik	Aktueller Wert
Nicht periodengerechte Investitionen	18,2 Millionen US-Dollar
Nichtabgrenzungsprozentsatz	0.95%
Kreditausfallrate	0.3%

Strukturierung komplexer Fremdfinanzierungstransaktionen

Im Jahr 2023 führte das Unternehmen neue Fremdfinanzierungstransaktionen in Höhe von 412 Millionen US-Dollar in verschiedenen Branchen durch.

• Technologiesektor: 28 % der Transaktionen
• Gesundheitssektor: 22 % der Transaktionen
• Unternehmensdienstleistungssektor: 19 % der Transaktionen

Überwachung und Betreuung von Kreditinvestitionen

Das aktive Portfoliomanagement umfasst eine vierteljährliche Finanzüberprüfung und eine laufende Kreditüberwachung.

Überwachungsaktivität	Häufigkeit	Abdeckung
Überprüfung des Jahresabschlusses	Vierteljährlich	100 % des Portfolios
Management-Meetings	Halbjährlich	85 % der Portfoliounternehmen
Beurteilungen vor Ort	Jährlich	45 % der Portfoliounternehmen

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Mit Stand vom vierten Quartal 2023 verfügt Sixth Street Specialty Lending über ein Managementteam mit durchschnittlich 18 Jahren Investmenterfahrung. Das Team verwaltet ein Gesamtvermögen von 6,2 Milliarden US-Dollar.

Teamzusammensetzung	Anzahl der Fachkräfte
Erfahrene Anlageexperten	42
Kreditanalysten	23
Spezialisten für Risikomanagement	15

Erhebliche Kapitalbasis für Kreditgeschäfte

Zum 31. Dezember 2023 berichtete Sixth Street Specialty Lending:

• Gesamtvermögen: 2,75 Milliarden US-Dollar
• Gesamtinvestitionsportfolio: 2,47 Milliarden US-Dollar
• Nettoinventarwert: 620,7 Millionen US-Dollar

Erweiterte Funktionen zur Kreditanalyse und zum Risikomanagement

Risikomanagement-Kennzahlen	Leistung
Quote der notleidenden Kredite	2.3%
Diversifizierung des Portfolios	17 verschiedene Branchen
Durchschnittliche Bonität des Portfolios	B+

Proprietäre Deal-Sourcing- und Bewertungsinfrastruktur

Deal-Sourcing-Kanäle:

• Direktabwicklung: 65 % aller Deals
• Empfehlungen von Investmentbanken: 22 % aller Deals
• Private-Equity-Netzwerk: 13 % aller Deals

Flexible Anlagestrategie über mehrere Sektoren hinweg

Sektor	Prozentsatz des Portfolios
Technologie	28%
Gesundheitswesen	19%
Software	15%
Unternehmensdienstleistungen	12%
Andere	26%

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Wertversprechen

Maßgeschneiderte Kreditlösungen für mittelständische Unternehmen

Mit Stand vom vierten Quartal 2023 verwaltet Sixth Street Specialty Lending ein Portfolio im Wert von 2,16 Milliarden US-Dollar und konzentriert sich auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 und 500 Millionen US-Dollar.

Portfoliosegment	Gesamtinvestition	Durchschnittliche Dealgröße
Vorrangig besicherte Kredite	1,42 Milliarden US-Dollar	32,5 Millionen US-Dollar
Unitranche-Darlehen	540 Millionen Dollar	25,3 Millionen US-Dollar
Eigenkapital-Co-Investments	180 Millionen Dollar	8,7 Millionen US-Dollar

Attraktive risikoadjustierte Renditen für Anleger

Für das Geschäftsjahr 2023 berichtete Sixth Street Specialty Lending:

• Nettoanlageertrag: 127,4 Millionen US-Dollar
• Gesamtrendite des Nettovermögens: 10,8 %
• Dividendenrendite: 11,2 %

Flexible Finanzierungsmöglichkeiten über die traditionelle Bankkreditvergabe hinaus

Zu den von TSLX angebotenen Finanzierungsstrukturen gehören:

• Unitranche-Einrichtungen
• Zweitpfanddarlehen
• Mezzanine-Schulden
• Eigenkapital-Co-Investments

Umfassende Branchenexpertise und spezialisierter Anlageansatz

Industriesektor	Prozentsatz des Portfolios
Technologie	22.5%
Gesundheitswesen	18.3%
Software	15.7%
Unternehmensdienstleistungen	14.2%
Andere Sektoren	29.3%

Umfassende Kreditinvestitionsstrategien

Kennzahlen zur Anlagestrategie per 31. Dezember 2023:

• Gewichtete Durchschnittsrendite: 12.6%
• Notleidende Kredite: 1.2%
• Portfoliodiversifizierung: Über 100 verschiedene Unternehmen
• Geografischer Fokus: Hauptsächlich in den USA ansässige Unternehmen

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenbindung und Beratungsdienste

Im vierten Quartal 2023 unterhielt Sixth Street Specialty Lending 127 aktive Portfoliounternehmen mit einem Gesamtanlageportfolio von 2,4 Milliarden US-Dollar. Das Unternehmen bietet hochindividuelle Anlagelösungen Zielgruppe sind mittelständische Unternehmen aus verschiedenen Branchen.

Kennzahlen zur Kundenbindung	Daten für 2023
Gesamtzahl der aktiven Portfoliounternehmen	127
Gesamtwert des Anlageportfolios	2,4 Milliarden US-Dollar
Durchschnittliche Investitionsgröße	18,9 Millionen US-Dollar

Langfristiges Beziehungsmanagement mit Kreditnehmern

Das Unternehmen konzentriert sich auf den Aufbau nachhaltiger Partnerschaften durch strategische Investitionsansätze.

• Durchschnittliche Kundenbeziehungsdauer: 5,7 Jahre
• Stammkundenquote: 64 %
• Branchenspezifische Relationship-Management-Teams

Dedizierte Account-Management-Teams

Sixth Street Specialty Lending beschäftigt spezialisierte Account-Management-Experten mit umfassender Branchenkenntnis.

Kontoverwaltungsstruktur	2023 Details
Total Account Manager	42
Durchschnittliche Erfahrungsjahre pro Manager	12,3 Jahre
Kunden-zu-Manager-Verhältnis	3:1

Transparente Kommunikation und Berichterstattung

Sixth Street bietet Anlegern umfassende vierteljährliche und jährliche Berichtsmechanismen.

• Vierteljährliche Häufigkeit der Anlegerkommunikation: 4 Mal pro Jahr
• Verfügbarkeit der digitalen Berichtsplattform: 99,8 % Verfügbarkeit
• Durchschnittliche Berichtserstellungszeit: 15 Werktage nach Quartalsende

Kollaborativer Investitionsansatz

Das Unternehmen legt Wert auf Kooperationsstrategien mit Portfoliounternehmen, um das gegenseitige Wachstum voranzutreiben.

Kollaborationsmetriken	Statistik 2023
Strategische Beratungsinteraktionen pro Unternehmen	6-8 pro Jahr
Unternehmen mit aktiver operativer Unterstützung	89
Prozentsatz des Portfolios mit Leistungsverbesserungsplänen	72%

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Sixth Street Specialty Lending ein engagiertes Direktvertriebsteam von 42 Fachleuten, die sich auf institutionelle und akkreditierte Anlegerbeziehungen konzentrieren.

Kennzahlen des Vertriebsteams	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	42
Durchschnittliche Dealgröße	18,5 Millionen US-Dollar
Zielinvestorensegmente	Institutionelle, akkreditierte Anleger

Digitale Investitionsplattformen

Das Unternehmen nutzt mehrere digitale Investitionsplattformen, um potenzielle Investoren zu erreichen.

• Online-Investmentportal mit einem digitalen Transaktionsvolumen von 2,1 Milliarden US-Dollar
• Mobilfähige Anlageschnittstelle
• Sichere elektronische Dokumentationssysteme

Investmentbanking-Beziehungen

Sixth Street unterhält strategische Partnerschaften mit 17 Investmentbanken.

Kennzahlen für Bankbeziehungen	Statistik 2024
Total Banking Partner	17
Kumulierte Deal-Empfehlungen	675 Millionen Dollar

Finanzberaternetzwerke

Das Unternehmen arbeitet landesweit mit 283 registrierten Finanzberaternetzwerken zusammen.

• Netzabdeckung in 47 Bundesstaaten
• Durchschnittliche Allokation des Netzwerkportfolios: 3,2 %
• Gesamtvermögen der vernetzten Beratung: 42,6 Milliarden US-Dollar

Investorenkonferenzen und Roadshows

Im Jahr 2024 nahm Sixth Street an 24 Investorenkonferenzen teil und führte 6 nationale Roadshows durch.

Konferenzengagement	Daten für 2024
Gesamtzahl der Konferenzen	24
Nationale Roadshows	6
Investorentreffen	412

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Kundensegmente

Mittelständische Unternehmenskreditnehmer

Ab dem vierten Quartal 2023 richtet sich Sixth Street Specialty Lending an mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 Millionen und 1 Milliarde US-Dollar. Zusammensetzung des Anlageportfolios:

Branchensegment	Prozentsatz des Portfolios	Durchschnittliche Kredithöhe
Technologie	24.3%	45,2 Millionen US-Dollar
Gesundheitswesen	18.7%	38,6 Millionen US-Dollar
Software	16.5%	42,1 Millionen US-Dollar
Unternehmensdienstleistungen	14.2%	36,8 Millionen US-Dollar

Institutionelle Anleger

Aufschlüsselung der institutionellen Anlegerbasis:

• Pensionskassen: 35,6 %
• Versicherungsunternehmen: 22,4 %
• Stiftungen: 18,3 %
• Staatsfonds: 12,7 %
• Family Offices: 11 %

Private-Equity-Firmen

Kennzahlen zur Private-Equity-Zusammenarbeit:

Transaktionstyp	Anzahl der Deals	Gesamtinvestitionswert
Leveraged Buyouts	37	892 Millionen US-Dollar
Wachstumskapital	22	456 Millionen US-Dollar

Kreditinvestmentfonds

Partnerschaften mit Kreditinvestmentfonds:

• Gesamtzahl der Kreditfondspartnerschaften: 42
• Durchschnittliche Partnerschaftsdauer: 4,3 Jahre
• Kumulierter Investitionswert: 1,2 Milliarden US-Dollar

Vermögende Privatanleger

Details zum Segment der vermögenden Anleger:

Anlegersegment	Durchschnittliche Investition	Gesamtinvestiertes Kapital
Ultra-High-Net-Worth (Vermögen über 10 Millionen US-Dollar)	3,4 Millionen US-Dollar	412 Millionen Dollar
Hohes Nettovermögen (Vermögen 1 Mio. USD bis 10 Mio. USD)	$875,000	276 Millionen Dollar

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Kostenstruktur

Personalaufwand für das Investmentmanagement

Zum Jahresbericht 2022 beliefen sich die gesamten Vergütungs- und Sozialaufwendungen von Sixth Street Specialty Lending auf 37,4 Millionen US-Dollar. Das Unternehmen beschäftigte 68 Anlageexperten mit einer durchschnittlichen Vergütung von etwa 550.000 US-Dollar pro Profi.

Personalkategorie	Anzahl der Mitarbeiter	Gesamtvergütung
Investmentprofis	68	37,4 Millionen US-Dollar

Kosten für Portfolioüberwachung und -wartung

Die Portfolioüberwachungskosten für das Geschäftsjahr 2022 beliefen sich auf insgesamt 12,6 Millionen US-Dollar, darunter:

• Due-Diligence-Kosten
• Laufendes Portfoliomanagement
• Kosten für die Kreditanalyse

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten für 2022 beliefen sich auf 5,2 Millionen US-Dollar und deckten Folgendes ab:

• Zulassungsgebühren
• Dienstleistungen zur Einhaltung gesetzlicher Vorschriften
• Aufwendungen für die interne Revision

Technologie- und Infrastrukturinvestitionen

Die Ausgaben für Technologieinfrastruktur beliefen sich im Jahr 2022 auf 8,7 Millionen US-Dollar, darunter:

Kategorie „Technologie“.	Investitionsbetrag
IT-Infrastruktur	4,3 Millionen US-Dollar
Cybersicherheitssysteme	2,5 Millionen Dollar
Software und Tools	1,9 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten für 2022 beliefen sich auf 3,9 Millionen US-Dollar und konzentrierten sich auf:

• Investor Relations
• Teilnahme an Konferenzen und Veranstaltungen
• Digitale Marketinginitiativen

Sixth Street Specialty Lending, Inc. (TSLX) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Darlehensinvestitionen

Für das Geschäftsjahr 2023 meldete Sixth Street Specialty Lending einen Gesamtanlageertrag von 242,1 Millionen US-Dollar. Den Großteil dieser Einnahmequelle bildeten Zinserträge aus Fremdkapitalinvestitionen.

Umsatzkategorie	Betrag (2023)
Zinserträge aus erstrangigen Darlehen	168,3 Millionen US-Dollar
Zinserträge aus Zweitpfanddarlehen	53,7 Millionen US-Dollar
Zinserträge aus Nachrangdarlehen	20,1 Millionen US-Dollar

Entstehungs- und Strukturierungsgebühren

Im Jahr 2023 erzielte Sixth Street Specialty Lending Gebühreneinnahmen aus der Kreditvergabe und -strukturierung.

• Gesamterstellungsgebühren: 12,5 Millionen US-Dollar
• Strukturierungsgebühren: 7,3 Millionen US-Dollar
• Durchschnittlicher Gebührenprozentsatz pro Transaktion: 2,1 % – 3,5 %

Gebühren für die Anlageverwaltung

Das Unternehmen generiert wiederkehrende Einnahmen durch Anlageverwaltungsgebühren.

Gebührenart	Betrag (2023)
Basisverwaltungsgebühren	38,6 Millionen US-Dollar
Zusätzliche Anlageverwaltungsgebühren	6,2 Millionen US-Dollar

Kapitalzuwachs aus Kreditinvestitionen

Kapitalgewinne aus Kreditinvestitionen trugen zu den Einnahmequellen des Unternehmens bei.

• Realisierte Kapitalgewinne im Jahr 2023: 15,7 Millionen US-Dollar
• Nicht realisierter Kapitalzuwachs: 22,4 Millionen US-Dollar

Leistungsorientierte Vergütung

Erfolgsabhängige Gebühren stellen einen wesentlichen Umsatzbestandteil für Sixth Street Specialty Lending dar.

Performance-Gebühren-Metrik	Betrag (2023)
Gesamte leistungsabhängige Gebühren	9,8 Millionen US-Dollar
Prozentsatz des Gesamtumsatzes	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.