Q1 25 EPS
$0.58
BEAT +4.77%
Est. $0.55
Q1 25 Revenue
$116.3M
MISS 0.30%
Est. $116.7M
vs S&P Since Q1 25
-46.6%
TRAILING MARKET
TSLX -15.2% vs S&P +31.5%
Market Reaction
Did TSLX Beat Earnings? Q1 2025 Results
Sixth Street Specialty Lending posted a modest earnings beat in Q1 2025, reporting adjusted net investment income of $0.58 per share, ahead of the $0.55 consensus estimate by 4.77%, even as revenue of $116.35 million came in just 0.30% below expectat… Read more Sixth Street Specialty Lending posted a modest earnings beat in Q1 2025, reporting adjusted net investment income of $0.58 per share, ahead of the $0.55 consensus estimate by 4.77%, even as revenue of $116.35 million came in just 0.30% below expectations despite surging 28.9% year over year. The headline story, however, was a sharp decline in net income per share to $0.39, down from $0.55 in Q4 2024 and $0.53 in Q1 2024, driven by $21.86 million in net unrealized losses tied to widening credit spreads and $11.04 million in foreign currency translation losses on the portfolio. NAV per share slipped to $17.04 from $17.16 at year-end, reflecting the spread-related markdowns. On a brighter note, the company strengthened its balance sheet with a $300 million unsecured notes issuance and extended $1.52 billion in revolving credit commitments to March 2030, while the board declared a Q2 base dividend of $0.46 per share alongside a $0.06 supplemental dividend for Q1.
Key Takeaways
- • Lower reference rates reduced both investment income and interest expense, with net benefit to earnings
- • Higher activity-based fee income partially offset lower interest income
- • Widening credit spreads negatively impacted portfolio valuations by $0.06 per share
- • Reversal of unrealized gains from paydowns and sales reduced NAV by $0.13 per share
- • Net unrealized foreign currency translation losses of $11.0 million
- • Non-accrual rate remained low at 1.2% of portfolio at fair value
TSLX YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
TSLX Earnings Trends
TSLX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TSLX EPS Trend
Earnings per share: estimate vs actual
TSLX Revenue Trend
Quarterly revenue: estimate vs actual
TSLX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.50 | $0.42 | -15.15% | $93.4M | -9.64% |
| Q4 25 BEAT FY | $0.50 | $0.53 | +5.20% | $108.2M | +1.88% |
| FY Full Year | $2.17 | $2.23 | +2.70% | $449.1M | +1.32% |
| Q3 25 BEAT | $0.52 | $0.53 | +1.83% | $109.4M | +0.71% |
| Q2 25 BEAT | $0.53 | $0.56 | +6.12% | $115.0M | +4.16% |
| Q1 25 BEAT | $0.55 | $0.58 | +4.77% | $116.3M | -0.30% |