Sixth Street Specialty Lending
Sixth Street Specialty Lending (NYSE: TSLX) is a publicly traded Business Development Company that provides fully committed senior secured, mezzanine, and equity financing of $15MM-$350MM to U.S. middle-market companies, primarily those backed by private equity sponsors, operating within the broader Sixth Street platform.
- Company typePublic
- Founded2011
- HeadquartersSan Francisco, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Sixth Street Specialty Lending does
Sixth Street Specialty Lending, Inc. (NYSE: TSLX) is a specialty finance company structured as a Business Development Company (BDC) under the Investment Company Act of 1940, founded in 2011 and headquartered in San Francisco with offices across the U.S., London, Luxembourg, Hong Kong, and Singapore. The company provides flexible, fully committed financing solutions to U.S. middle-market companies with enterprise values of $50MM-$1B+ and EBITDA of $10-$250MM, primarily those backed by private equity sponsors, with transaction sizes of $15-$350MM. Its investment portfolio of $3.31 billion across 143 portfolio companies in 19 industries as of March 31, 2026 spans senior secured loans (first lien, second lien, unitranche), mezzanine debt, non-control structured equity, and common equity.
The business operates as part of the broader Sixth Street platform, a global investment firm founded in 2009 managing over $130 billion in AUM, which provides deal-flow and sourcing connectivity beyond TSLX's own capital base. Revenue is generated primarily through interest income from a predominantly floating-rate loan portfolio, supplemented by realized and unrealized gains/losses on investments and management/fee income; FY2025 total investment income was $449.1 million. The company maintains an active capital-markets posture, having executed seven public debt and equity offerings since May 2023 totaling over $1.4 billion, and in February 2026 launched Structured Credit Partners JV, LLC with Carlyle Group, committing $200 million to a fee-free CLO equity structure targeting mid-teens returns. Governance is provided by an externally advised structure managed by Sixth Street Specialty Lending Advisers, LLC, with leadership transitioning in late 2025 as Robert 'Bo' Stanley became sole CEO and Joshua Easterly moved to Chairman of the Board.
Sixth Street Specialty Lending firmographics
Firmographics- Name
- Sixth Street Specialty Lending
- Legal name
- Sixth Street Specialty Lending, Inc.
- Website
- https://sixthstreetspecialtylending.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Sixth Street Specialty Lending (NYSE: TSLX) is a publicly traded Business Development Company that provides fully committed senior secured, mezzanine, and equity financing of $15MM-$350MM to U.S. middle-market companies, primarily those backed by private equity sponsors, operating within the broader Sixth Street platform.
- Ownership category
- akta.pro rank
Sixth Street Specialty Lending industry classification
Industry- Product category
- Specialty Finance / Middle-Market Lending
- NAICS
- Nondepository Credit Intermediation (5222)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- BDC / Public Vehicle Venture Debt Providers (FSANAIAC)
- akta.pro secondary industries
- Middle-Market Lending (FSANADAI), Mezzanine / Subordinated Debt (FSANADAC), Private Credit / Direct Lending (FSAAAHAG)
Keywords
Where Sixth Street Specialty Lending is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices11 records
Markets served
Sixth Street Specialty Lending business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Others
Revenue model
- Interest Income from Loan Portfolio: As a Business Development Company (BDC), TSLX primarily earns interest income from its floating rate loan portfolio invested in middle-market companies. The company reports total investment income of $449.1 million (2025) from this portfolio.
- Investment Gains/Losses: Realized and unrealized gains/losses from the investment portfolio. The company reported net realized losses of $48.9 million in 2025 compared to gains of $8.6 million in 2024.
- Fee Income: Management fees and other fee income from investment advisory services.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Sixth Street Specialty Lending product offering
Product offeringCore offering
Sixth Street Specialty Lending is a Business Development Company (BDC) that originates and holds senior secured loans (first lien, second lien, unitranche), mezzanine debt, non-control structured equity, and common equity in U.S. middle-market companies. The company provides flexible, fully committed financing of $15-$350 million per transaction with no market flex language or syndication risk, targeting companies with $50MM-$1B+ enterprise value and $10-$250MM EBITDA for uses including organic growth, acquisitions, recapitalizations, and refinancings.
Product overview
Sixth Street Specialty Lending, Inc. (TSLX) is a specialty finance company structured as a Business Development Company (BDC) under the Investment Company Act of 1940. The company operates as a single, unified financial services platform providing flexible, fully committed financing solutions to middle-market companies in the U.S. with transaction sizes ranging from $15-$350 million. The core offering consists of multiple investment products across the capital structure spectrum: Senior Secured Loans (first lien, second lien, and unitranche), Mezzanine Debt, Non-control Structured Equity, and Common Equity. The company focuses on co-investment opportunities alongside private equity sponsors. In early 2026, the company launched Structured Credit Partners JV, LLC, a joint venture with Carlyle Group for CLO equity investments. The company is managed by Sixth Street Specialty Lending Advisers, LLC, an SEC-registered investment adviser.
Differentiator
Problem solved
Functional benefit
Products and services
- Senior Secured Loans (First Lien, Second Lien, Unitranche) First lien, second lien, and unitranche financing solutions provided to U.S. middle-market companies with $50MM-$1B+ enterprise value and $10-$250MM EBITDA, forming the core of TSLX's investment portfolio with fully committed transaction sizes of $15-$350MM.
- Mezzanine Debt Subordinated debt financing positioned between senior secured debt and equity in the capital structure, offering higher yields with moderate risk for middle-market borrowers seeking flexible capital structures.
- Non-control Structured Equity Equity investments made without seeking controlling positions in portfolio companies, offering upside participation with aligned interests for middle-market borrowers and sponsors.
- Common Equity Direct equity investments in middle-market companies, typically alongside private equity sponsors or as co-investments, providing permanent capital across the capital structure.
- Structured Credit Partners JV, LLC A joint venture with Carlyle Group focused on CLO equity investments, with TSLX committing $200 million in a fee-free structure expected to generate mid-teens returns on capital invested.
Quantifiable outcome
- Dividend coverage at 113-115% of NII
- +2 more outcomes
Companies that use Sixth Street Specialty Lending
Customer profileNamed customers14 records
Segments2 records
Ideal customer profiles2 records
Sixth Street Specialty Lending technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Sixth Street Specialty Lending partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Carlyle GroupcoreSixth Street Specialty Lending announced a new joint venture called Structured Credit Partners with Carlyle Group, where TSLX committed $200 million to invest in CLO equity in a fee-free structure designed to be accretive to earnings with expected mid-teens returns on capital invested.
Scale indicators8 records
Recent moves6 records
Expansion highlights4 records
Sixth Street Specialty Lending competitors and assessment
Company assessmentDirect peers
- Ares Capital Corporation: Largest publicly traded BDC providing senior secured loans, mezzanine debt, and equity to U.S. middle-market companies. Operates with similar transaction sizes ($15-$350M+ range) and shares the same BDC regulatory structure as TSLX, making it the closest direct peer in scale and strategy.
- Main Street Capital: Publicly traded BDC focused on lower-middle-market companies with a similar direct origination model and diversified investment portfolio. Comparable transaction profile and middle-market focus, with similar income-oriented investor base.
- Golub Capital BDC: Publicly traded BDC focused on senior secured one-stop loans to middle-market companies backed by private equity sponsors. Comparable transaction sizes, sponsor-backed middle-market focus, and direct origination model.
- FS KKR Capital Corp: Publicly traded BDC sponsored by KKR and FS Investments, providing senior secured loans and subordinated debt to U.S. middle-market companies. Similar portfolio composition, scale, and BDC regulatory framework as TSLX.
- Oaktree Specialty Lending: Publicly traded BDC affiliated with Oaktree Capital, focused on providing senior secured loans to middle-market companies. Comparable direct origination approach and middle-market lending strategy with similar transaction size range.
- SLR Investment Corp: Publicly traded BDC providing senior secured loans to U.S. middle-market companies. Comparable direct origination platform, sponsor-backed lending focus, and BDC structure.
- Bain Capital Specialty Finance: Publicly traded BDC sponsored by Bain Capital Credit, providing senior secured loans to middle-market borrowers. Comparable middle-market direct lending focus and BDC regulatory structure.
- New Mountain Finance Corporation: Publicly traded BDC sponsored by New Mountain Finance Advisers, focused on senior secured loans to U.S. middle-market companies. Similar transaction sizes and sponsor-backed middle-market lending approach.
Emerging players
- Hercules Capital: Publicly traded specialty finance company providing senior secured loans to venture capital-backed technology and life sciences companies. Comparable BDC structure and direct lending model, though focused on earlier-stage companies rather than traditional middle-market.
Broad incumbents
- Blackstone Private Credit Fund: Private BDC managed by Blackstone Credit, providing senior secured loans to middle-market companies. Comparable middle-market lending focus but operates as a non-traded BDC with broader Blackstone platform backing.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Sixth Street Specialty Lending social profiles
Digital presenceSixth Street Specialty Lending financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sixth Street Specialty Lending leadership team
Management profileNumber of profiles
Profiles21 records
Sixth Street Specialty Lending subsidiaries and ownership
Company hierarchySubsidiaries1 record
Sixth Street Specialty Lending funding detail
Funding detailFunding overview
Funding rounds7 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sixth Street Specialty Lending M&A and investment
M&A and investmentM&A
Investments18 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sixth Street Specialty Lending
What does Sixth Street Specialty Lending do?
Sixth Street Specialty Lending is a Business Development Company (BDC) that originates and holds senior secured loans (first lien, second lien, unitranche), mezzanine debt, non-control structured equity, and common equity in U.S. middle-market companies. The company provides flexible, fully committed financing of $15-$350 million per transaction with no market flex language or syndication risk, targeting companies with $50MM-$1B+ enterprise value and $10-$250MM EBITDA for uses including organic growth, acquisitions, recapitalizations, and refinancings.
Is Sixth Street Specialty Lending a public or private company?
Sixth Street Specialty Lending is a public company. It is classified as public and is currently operating.
When was Sixth Street Specialty Lending founded?
Sixth Street Specialty Lending was founded in 2011. It employs 501 to 1,000 people.
Where is Sixth Street Specialty Lending based?
Sixth Street Specialty Lending is headquartered in San Francisco, United States, in the North America region.
How does Sixth Street Specialty Lending make money?
Three revenue lines are on record. Interest Income from Loan Portfolio is the primary driver. The others are investment Gains/Losses and fee Income.
Who are Sixth Street Specialty Lending's main competitors?
Direct peers on record are Ares Capital Corporation, Main Street Capital, Golub Capital BDC, FS KKR Capital Corp, Oaktree Specialty Lending, SLR Investment Corp, Bain Capital Specialty Finance and New Mountain Finance Corporation. Hercules Capital is listed as an emerging player. Blackstone Private Credit Fund is listed as a broad incumbent.
Does Sixth Street Specialty Lending have an API?
No public API is recorded for Sixth Street Specialty Lending.
What industry is Sixth Street Specialty Lending in?
Sixth Street Specialty Lending's product category is Specialty Finance / Middle-Market Lending. Its primary akta.pro industry code is FSANAIAC, BDC / Public Vehicle Venture Debt Providers, with a secondary code of FSANADAI, Middle-Market Lending. Its NAICS code is 5222 and its SIC code is 6159.