Companies /Financial Services

Sixth Street Specialty Lending Inc

NYSE: TSLX Asset Management
$17.89
▲ $0.11 (+0.62%) today
Markets closed · 10:28am ET

Q2 2025 Earnings

Reported Jul 30, 2025, 4:05pm ET · SEC source
$0.56
Beat +6.12%
EPS · est. $0.53
$115.0M
Beat +4.16%
Revenue · est. $110.4M
−0.4%
Trailing market
TSLX vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Jul 30Jul 31report 4:05pm ETearnings−0.8%+2.6%
0+2%+4%Jul 30Jul 31earnings−0.8%+2.6%
TSLX +2.6%S&P 500 −0.8%
0+2%+4%Jul 30Jul 31report 4:05pm ETearnings−1.0%+2.6%
0+2%+4%Jul 30Jul 31earnings−1.0%+2.6%
TSLX +2.6%NASDAQ −1.0%
−2%0+2%+4%Jul 29Aug 7report 4:05pm ETearnings−0.7%+0.1%
−2%0+2%+4%Jul 29Aug 7earnings−0.7%+0.1%
TSLX +0.1%S&P 500 −0.7%
−3%0+3%Jul 29Aug 7report 4:05pm ETearnings−0.4%+0.1%
−3%0+3%Jul 29Aug 7earnings−0.4%+0.1%
TSLX +0.1%NASDAQ −0.4%
+2.62%
Day of report
−1.52%
Next session
−2.18%
One week
+0.95%
30 days

S&P 500 over the same 30 days: +1.30%.

Did TSLX Beat Earnings? Q2 2025 Results

Sixth Street Specialty Lending posted a solid beat in the second quarter of 2025, with adjusted net investment income of $0.56 per share clearing the $0.53 consensus estimate by 6.12%, while revenue of $115.02 million topped expectations by 4.16% and grew 26.1% year over year. The headline driver was a sharp swing in unrealized gains, as the business development company recorded $45.04 million in net unrealized gains compared to net unrealized losses of $9.49 million in the year-ago quarter, lifting net income to $59.00 million, or $0.63 per share. That improvement came despite total investment income declining to $115.02 million from $121.81 million a year ago, a compression largely attributed to lower reference rates pulling the portfolio's weighted average yield to 11.7% from 13.8%. Net asset value per share edged up to $17.17 from $17.04 at quarter-end March 2025, and non-accrual investments fell to 0.6% of portfolio fair value, while the board declared a $0.46 base dividend and a $0.05 supplemental dividend for the coming quarter.

Key Takeaways
  • Lower interest rates reduced investment income but also reduced net expenses on debt outstanding
  • Higher activity-based fee income partially offset interest rate declines
  • Net unrealized gains of $45.0 million from investments drove net income growth
  • Restructuring of Lithium Technologies reduced non-accrual investments from 1.2% to 0.6% of portfolio fair value
  • Continued overearning of base quarterly dividend supported NAV per share growth

TSLX YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$40.0M$80.0M$120.0M$91.2M$115.0MRevenue$47.4M$59.0MNet Income
$0$40.0M$80.0M$120.0MRevenueNet Income

Figures from SEC filings and company reports. Not investment advice.