Sixth Street Specialty Lending, Inc.
TSLX 6.5Price and target zones价格与目标区间
What the company does公司做什么
A business development company (BDC) lends to mid-size private companies and passes almost all the interest to shareholders as dividends, paying no corporate tax as long as it distributes most of its income. Sixth Street Specialty Lending is externally managed by Sixth Street and is known for careful underwriting.商业发展公司（BDC）把钱借给中型私营公司，并把几乎全部利息以股息形式发给股东；只要它把大部分收入分配出去，就不用交公司税。Sixth Street Specialty Lending由Sixth Street外部管理，以审慎的贷款审核著称。
Earns from营收来源 interest on mostly first-lien senior secured loans.以优先担保贷款为主的贷款利息。
Read the full description查看完整介绍
Sixth Street Specialty Lending, Inc. (NYSE: TSLX) is a business development company. The fund provides senior secured loans (first-lien, second-lien, and unitranche), unsecured loans, mezzanine debt, and investments in corporate bonds and equity securities and structured products, non-control structured equity, and common equity with a focus on co-investments for organic growth, acquisitions, market or product expansion, restructuring initiatives, recapitalizations, growth capital, buyout, and refinancing. The fund invests in business services, software & technology, healthcare, energy, consumer & retail, manufacturing, industrials, royalty related businesses, education, and specialty finance. The fund seeks to finance and lending to middle market companies principally located in the United States. The fund invests in companies with enterprise value between $50 million and $1000 million or more and EBITDA between $10 million and $250 million. The debt transaction size is between $15 million and $350 million. The fund invests across the spectrum of the capital structure and can arrange syndicated transactions of up to $500 million and hold sizeable positions within its credits.
What the company sells公司卖什么
Plus:此外： What it lends它放什么贷 — US middle-market companies with $10-250 million of earnings, average loan about $30 million. The book is 89% first-lien — the safest position, first to be repaid. Industries include business services, software, healthcare, and energy. At 31 March 2026, net asset value was $16.24 per share, down 4.3% on wider credit spreads and lower equity marks. The base dividend of $0.42 per share is exactly covered by income, a 9.8% base yield. It trades near book value息税前收益在$10-250 million之间的美国中间市场公司，平均单笔贷款约$30 million。其贷款组合89%为第一留置权——最安全的位置，最先获得偿还。行业包括商业服务、软件、医疗和能源。截至2026年3月31日，每股净资产值为$16.24，下降4.3%，原因是信用利差走阔和股权估值下调。每股$0.42的基础股息正好被收益覆盖，基础收益率9.8%。它的交易价格接近账面价值.
Company facts公司资料
- Industry行业
- Asset Management
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Best-in-class externally-managed BDC — non-accruals 0.6%, Moody's Baa2 (IG), ROE ~11.9%. But Q1'26 soft: NAV −4.3% to $16.24, NII missed, base dividend cut $0.46→$0.42 (~9.8%, ~1.0x covered). Now ~1.06x NAV — a premium to a falling NAV. Add $15.00-15.75. Trim $19+. Break: non-accruals >2.5%, 2nd cut, or NAV <$15.50. A2026-07-14
📋 同类最佳的外部管理型 BDC——非应计 0.6%，穆迪 Baa2（投资级），ROE ~11.9%。但 Q1'26 疲软：净资产值(NAV) −4.3% 至 $16.24，NII 不及预期，基础股息下调 $0.46→$0.42（~9.8%，~1.0x 覆盖）。现为 ~1.06x NAV——对下滑中的 NAV 给出溢价。加仓 $15.00-15.75。$19 以上减仓。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 7%
- Revenue growth营收增长
- -20%
- Dividend yield股息率
- 9.79%
Competitors竞争对手
Why customers stay客户为什么留下
Underwriting discipline. Tight loan terms, strong lender protections, and its parent's restructuring skill have produced some of the lowest credit losses in the sector.审核纪律。严格的贷款条款、强有力的贷方保护，加上其母公司的重组能力，带来了业内最低的信贷损失之一。
Related companies相关公司 🟠 BDC / credit
Rate cuts compress NII; spread widening erodes NAV. All four have now cut or broken base-dividend coverage — ARCC fell to 0.98x on 8/3.
MAIN is the quality anchor. ARCC no longer "fills the external slot" — it is a hold, not an add, and its 0.99x NAV is a premium to OBDC 0.77x / BXSL 0.90x / FSK 0.59x with none of the downside priced.