The company operates with a tight liquidity profile, maintaining minimal cash balances often below $7 million while sustaining a debt-to-equity ratio that has consistently hovered between 1.07x and 1.19x.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 63.73B | 2.94M | 10.93M | 8.79M | 14.74M | 5.09M | 28.91M | 25.69M | 17.05M | 23.36M | 17.04M | 20.86M | 40.22M | 22.7M | 179.21M | 147.9M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 0 | 3.42B | 3.57B | 3.34B | 2.82B | 2.55B | 2.31B | 2.26B | 1.71B | 1.7B | 1.66B | 1.49B | 1.26B | 1.02B | 653.94M | 184.35M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 36.68M | 47.92M | 56.51M | 135.92M | 65.86M | 63.5M | 41.64M | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 3.39T | 3.42B | 3.58B | 3.34B | 2.84B | 2.55B | 2.34B | 2.28B | 1.73B | 1.72B | 1.68B | 1.51B | 1.3B | 1.04B | 833.15M | 332.25M |
| Asset Turnover | 0.11x | 0.11x | 0.10x | 0.11x | 0.07x | 0.10x | 0.10x | 0.10x | 0.10x | 0.09x | 0.10x | 0.07x | 0.08x | 0.07x | 0.06x | 0.02x |
| Asset Growth % | 96884.47% | -4.48% | 7.13% | 17.87% | 11.17% | 9.12% | 2.53% | 31.82% | 0.59% | 2.67% | 11.22% | 15.56% | 25.46% | 24.73% | 150.76% | - |
| Total Current Liabilities | 0 | 26.3M | 28.6M | 26.21M | 24.71M | 53.24M | 27.73M | 25.93M | 25.5M | 23.49M | 23.29M | 25.56M | 50M | 16.78M | 13.02M | 650K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 30.93M | 27.73M | 25.93M | 25.5M | 23.49M | 23.29M | 25.56M | 50M | 16.78M | 13.02M | 650K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | - | 0.11x | 0.38x | 0.34x | 0.60x | 0.10x | 1.04x | 0.99x | 0.67x | 0.99x | 0.73x | 0.82x | 0.80x | 1.35x | 13.76x | 227.54x |
| Quick Ratio | - | 0.11x | 0.38x | 0.34x | 0.60x | 0.10x | 1.04x | 0.99x | 0.67x | 0.99x | 0.73x | 0.82x | 0.80x | 1.35x | 13.76x | 227.54x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.85T | 1.79B | 1.95B | 1.82B | 1.47B | 1.22B | 1.15B | 1.14B | 641.62M | 727.47M | 700.03M | 660.27M | 418.33M | 447.67M | 340.33M | 158.51M |
| Long-Term Debt | 0 | 1.74B | 1.9B | 1.78B | 1.44B | 1.19B | 1.11B | 1.09B | 608.01M | 703.43M | 680.71M | 642.42M | 395.86M | 432.27M | 331.84M | 155M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.85T | 1.81B | 1.97B | 1.85B | 1.5B | 1.28B | 1.18B | 1.16B | 667.12M | 750.95M | 723.32M | 685.83M | 468.33M | 464.45M | 353.35M | 159.16M |
| Total Debt | 0 | 1.74B | 1.9B | 1.78B | 1.44B | 1.19B | 1.11B | 1.09B | 608.01M | 703.43M | 680.71M | 642.42M | 395.86M | 432.27M | 331.84M | 155M |
| Net Debt | -29.18B | 1.74B | 1.9B | 1.78B | 1.43B | 1.18B | 1.11B | 1.09B | 604.74M | 699.91M | 675.84M | 639.99M | 393.45M | 428.8M | 170.01M | 11.31M |
| Debt / Equity | 0.00x | 1.08x | 1.18x | 1.19x | 1.07x | 0.93x | 0.96x | 0.98x | 0.57x | 0.73x | 0.71x | 0.78x | 0.47x | 0.75x | 0.69x | 0.90x |
| Debt / EBITDA | 0.00x | 7.55x | 9.84x | 7.95x | 12.96x | 5.54x | 6.04x | 6.91x | 4.97x | 6.15x | 4.89x | 9.87x | 4.59x | 6.43x | 8.37x | 190.65x |
| Net Debt / EBITDA | -151.61x | 7.54x | 9.82x | 7.95x | 12.87x | 5.53x | 6.03x | 6.88x | 4.94x | 6.12x | 4.85x | 9.84x | 4.56x | 6.38x | 4.29x | 13.91x |
| Interest Coverage | 2.46x | 2.19x | 1.81x | 2.32x | 2.20x | 5.30x | 4.96x | 3.95x | 3.35x | 4.85x | 6.60x | 4.09x | 7.66x | 9.37x | 12.12x | 2.03x |
| Total Equity | 1.54T | 1.61B | 1.61B | 1.5B | 1.34B | 1.28B | 1.16B | 1.12B | 1.06B | 969.28M | 952.21M | 820.74M | 835.4M | 574.7M | 479.8M | 173.09M |
| Equity Growth % | 96242.4% | 0.01% | 7.43% | 11.54% | 5.15% | 9.86% | 3.75% | 5.28% | 9.69% | 1.79% | 16.02% | -1.76% | 45.36% | 19.78% | 177.2% | - |
| Book Value per Share | 16288.56 | 16.98 | 17.47 | 17.58 | 17.16 | 16.42 | 17.28 | 16.94 | 16.25 | 16.16 | 16.25 | 15.20 | 16.54 | 16.59 | 13.85 | 5.00 |
| Total Shareholders' Equity | 1.54T | 1.61B | 1.61B | 1.5B | 1.34B | 1.28B | 1.16B | 1.12B | 1.06B | 969.28M | 952.21M | 820.74M | 835.4M | 574.7M | 479.8M | 173.09M |
| Common Stock | 957M | 954K | 943K | 885K | 821K | 761K | 680K | 666K | 655K | 603K | 598K | 542K | 538K | 370K | 316K | 2K |
| Retained Earnings | 0 | 81.64M | 97.71M | 100.78M | 56.46M | 90.1M | 139.25M | 110.72M | 71.99M | 63.52M | 2.54M | 8.5M | 20.07M | 0 | 1.58M | 0 |
| Treasury Stock | 0 | -10.46M | -10.46M | -10.46M | -10.46M | -4.29M | -4.29M | -1.36M | -1.36M | -1.36M | -1.36M | -30K | -1K | -1K | -1K | -1K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Leverage and valuation subjectivity
According to historical balance sheet data, TSLX has maintained a relatively stable equity base of approximately $1.6 billion over the last ten quarters, despite significant fluctuations in total assets and debt levels that suggest a cyclical approach to managing the company's overall investment portfolio size.
The consistency in equity suggests that management has avoided significant dilution while navigating credit cycles, though the oscillation in total assets indicates a reactive rather than proactive growth strategy. Investors should monitor whether this stability in equity is a result of disciplined capital retention or a lack of attractive deployment opportunities in the current environment.
As reported in recent financial filings, TSLX's debt-to-equity ratio has consistently hovered between 1.07x and 1.19x, indicating that the company operates near the upper end of its target leverage range to maximize returns on its senior secured loan portfolio while managing regulatory constraints.
This leverage profile appears strategic, designed to amplify interest income from floating-rate assets, yet it leaves little room for error if credit quality deteriorates. The reliance on debt to fund the portfolio warrants further investigation into the maturity profile of these liabilities and the potential for refinancing risk in a volatile interest rate environment.
Based on the provided quarterly data, TSLX maintains minimal cash balances, often falling below $7 million, which suggests a highly efficient but potentially vulnerable liquidity position that relies heavily on the rapid recycling of capital from loan repayments and interest income to meet ongoing obligations.
The extremely low current ratios observed in several periods indicate that the company operates with almost no margin for error regarding short-term cash requirements. This liquidity profile implies that any disruption in the timing of borrower payments could force the company to draw on credit facilities, potentially impacting net interest margins.
As indicated by the absence of goodwill and the reliance on internal fair value assessments for its loan portfolio, TSLX's balance sheet is highly sensitive to management's subjective valuation of Level 3 assets, which may mask underlying credit deterioration not yet reflected in the reported net asset value.
Because the company lacks tangible collateral in the traditional sense, the reported NAV is essentially a reflection of management's internal credit models. Investors should be cautious, as any shift in the valuation methodology or a sustained increase in non-accruals could lead to a rapid and non-linear adjustment to the company's book value.
Quick answers to the most common questions about buying TSLX stock.
As of 2025, Sixth Street Specialty Lending, Inc. (TSLX) had total assets of $3.42B including $2.9M in current assets.
Sixth Street Specialty Lending, Inc. (TSLX) carries total debt of $1.74B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sixth Street Specialty Lending, Inc. (TSLX) has total shareholders' equity (book value) of $1.61B ($16.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sixth Street Specialty Lending, Inc. (TSLX) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.