Q3 25 EPS
$0.53
BEAT +1.83%
Est. $0.52
Q3 25 Revenue
$109.4M
BEAT +0.71%
Est. $108.7M
vs S&P Since Q3 25
-32.2%
TRAILING MARKET
TSLX -23.8% vs S&P +8.4%
Market Reaction
Did TSLX Beat Earnings? Q3 2025 Results
Sixth Street Specialty Lending posted a modest beat across the board in its third quarter of 2025, with adjusted earnings per share of $0.53 edging past the $0.52 consensus estimate by 1.83%, while revenue of $109.44 million cleared forecasts by 0.71… Read more Sixth Street Specialty Lending posted a modest beat across the board in its third quarter of 2025, with adjusted earnings per share of $0.53 edging past the $0.52 consensus estimate by 1.83%, while revenue of $109.44 million cleared forecasts by 0.71% and surged 29.6% from a year ago. The primary driver behind the quarter's shape was the lower interest rate environment, which compressed the weighted average yield on debt investments to 11.4% from 13.1% in Q3 2024 and pulled total investment income down to $109.44 million from $119.22 million a year earlier; that headwind was meaningfully cushioned, however, by a corresponding drop in net expenses to $57.39 million from $63.60 million, as falling reference rates reduced borrowing costs alongside yield. Origination remained active, with $387.70 million in new commitments and $351.80 million in fundings, while NAV per share held essentially steady at $17.14. The Board declared a Q4 base dividend of $0.46 per share alongside a $0.03 supplemental distribution for Q3, keeping total trailing twelve-month dividends at $2.05 per share.
Key Takeaways
- • Lower reference interest rates reduced both investment income and borrowing costs
- • Higher activity-based fee income partially offset declining interest income
- • Robust origination activity with $387.7 million in new investment commitments
- • Portfolio composition heavily weighted toward first-lien floating rate debt providing income stability
- • Low non-accrual rate at 0.6% of portfolio at fair value
TSLX YoY Financials
Q3 2025 vs Q3 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% |