Company Analysis

Sixth Street Specialty Lending, TSLX

A comprehensive view of key metrics, scores, and financial health for Sixth Street Specialty Lending,

Overview of Sixth Street Specialty Lending, Inc.

TSLX NYQ

Financial Services Asset Management Framework: Asset Management & Capital Markets Small Cap

Sixth Street Specialty Lending, Inc. (TSLX), is a Small Cap company, in the Asset Management industry, last closed at $16.90, about 140.7% undervalued vs fair value, -27.5% 1Y return, ranked 574/1037 in sector.

Metrics P/E 12.0× Rev Growth -14.4% ROE 10.6% Gross Margin 121.2% Div Yield 8.30%

USD 16.90

-0.24%

(Delayed)

• Vol 90d: 31.6%

Market Cap

$1.63B

Enterprise Value

$3.37B

Overall Score

View breakdown

Overall

Growth

Weak

Profitability

Good

Health

Fair

Efficiency

Good

Valuation

Fair

Growth

Weak

Profitability

Good

Health

Fair

Efficiency

Good

Valuation

Fair

Completeness: 82%

Confidence: 87%

Updated: Mar 8

Top Beats

No strong beats yet

Quick Facts

Website https://www.sixthstreetspecial...

HQ Dallas, TX

Fiscal year Dec 31

Next Events

Dividend Jun 30 Ex-div: Jun 15

Earnings Jul 29 Estimated

Fair Value Snapshot

Bear Base Bull

$31

$41

$56

Current: $16.90 +141% vs base

Engine Room Money Flow™

Small Cap

Asset Management & Capital Markets - Where revenue goes and how value is created

Flow Steps

Total Revenue

$216.6M

-14.4%%

Operating Income (FRE Proxy)

$192.9M

-0.1%%

EBITDA

$230.8M

19.5%%

Net Income

$170.5M

-8.6%%

Money Flow Bridge

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Flow Direction: Money moves from left to right

Components: Breakdown shows composition of each stage

Industry-Specific: Asset Management & Capital Markets

Data Quality Notes

Note: 'Operating Income (FRE Proxy)' approximates Fee-Related Earnings (FRE), the industry-standard non-GAAP metric for asset managers. True FRE excludes performance fees and carried interest, which are not separately disclosed in standard financial statements.
Note: Owner Pocket percentages are relative to Net Income (not FCF), as distributions are earnings-driven for asset management companies.

Quality & Reliability Indicators

Operating Margin (FRE Proxy)

89.1%

Excellent

Operating Income / Revenue — proxy for Fee-Related Earnings margin

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Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Combined dividends, buybacks, and debt reduction

$168.7M

90.4% of Net Income

Where It Leaks

Cash Flow Health critical

Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.

Active Leaks

0/1

Improving

High Impact

Critical

Dividend/Buyback Overreach

Current: 200.0%

Allocation Leak

Scores based on quantitative metrics and qualitative factors

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Fee Revenue Quality

Moderate

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Client Retention & Revenue Stickiness

Moderate

Compensation Discipline

Moderate

Capital Efficiency

Moderate

Earnings Quality & Cash Conversion

Strong

Balance Sheet Strength

Developing

Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Asset Managers, Capital Markets & Exchanges vs Industry Peers 100% Coverage

Click axes to expand details. Marker shows current allocation.

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Growth

43th percentile vs peers

Key Signals

Revenue CAGR 3Y 16.6% 63p EPS Growth YoY -10.6% 36p Rev Growth YoY -14.4% 30p EPS CAGR 3Y 9.5% 60p

Strengths

FCF Margin in top 20% of peers (1.85, 89th percentile)
Debt/Assets in top 20% of peers (50.9%, 83th percentile)
Consistently strong margins across 3 metrics
Conservative leverage compared to industry peers

Risks

No significant risks identified for this axis.

Profitability

69th percentile vs peers

Key Signals

Strengths

Risks

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Safety

53th percentile vs peers

Key Signals

Strengths

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Two Futures

Scenario-based fair value ranges for Sixth Street Specialty Lending,.

WACC X.X%

X%XX%

Rev CAGR 5Y X.X%

-XX%XX%

Op Margin XX.X%

-XX%XX%

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Bear

- - -

- upside

Base

$40.67

- - -

+140.7% vs current

Snapshot base estimate

Bull

- - -

- upside

Fair Value Range Current: $-

$- $- $-

Sixth Street Specialty Lending, TSLX

Overview of Sixth Street Specialty Lending, Inc.

Quick Facts

Next Events

Fair Value Snapshot

Flow Steps

Money Flow Bridge

Data Quality Notes

Quality & Reliability Indicators

Operating Margin (FRE Proxy)

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Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Dividend/Buyback Overreach

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Fee Revenue Quality

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Client Retention & Revenue Stickiness

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Compensation Discipline

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Capital Efficiency

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Earnings Quality & Cash Conversion

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Balance Sheet Strength

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Growth

Profitability

Safety

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