Sixth Street Specialty Lending, Inc. (TSLX) Balance Sheet
TSLX balance sheet, 2025
December 31, 2025 · U.S. dollars$3.42B assets = $1.81B liabilities + $1.61B equity
Both columns are drawn to the same scale: what TSLX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TSLX financial health
Descriptive bands, not a rating. Fiscal 2025.
TSLX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.68B2016 | $3.42B2025 | +8.3%/yr | |
| Total liabilities | $723.3M2016 | $1.81B2025 | +10.8%/yr | |
| Shareholders’ equity | $952.2M2016 | $1.61B2025 | +6.0%/yr | |
| Cash & short-term investments | $4.9M2016 | $2.9M2025 | −5.5%/yr | |
| Total debt | $680.7M2016 | $1.74B2025 | +11.0%/yr | |
| Net cash (debt) | −$675.8M2016 | −$1.74B2025 | −$1.1B | |
| Working capital | $14.59B2016 | −$23.4M2025 | −$14.6B | |
| Book value per share | $16.252016 | $16.982025 | +0.5%/yr | |
| Current ratio | 627.462016 | 0.112025 | −627.35 | |
| Debt / equity | 0.712016 | 1.082025 | +0.37 | |
| Shares outstanding | 58.6M2016 | 94.7M2025 | +5.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TSLX assets
TSLX liabilities and equity
TSLX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TSLX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.9M | $5.0M | $1.2M | $2.74B | $1.6M | $2.5M | $4.8M | $3.3M | $3.5M | $4.9M |
| Cash & equivalents | $2.9M | $5.0M | $1.2M | $10.2M | $1.6M | $2.5M | $4.8M | $10.6M | $3.5M | $4.9M |
| Short-term investments | — | — | $24.0M | $2.72B | $2.52B | — | — | −$7.3M | $1.69T | $1.66T |
| Receivables | $34.1M | $30.5M | $28.0M | $18.8M | $10.8M | $8.6M | $13.1M | $8.8M | $6.8M | $9.7M |
| Inventory | $0 | $0 | $0 | $1 | $26.7M | $1 | $0 | −$1.73B | $11.70B | −$69,000 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $17.9M | $7.8M | $1.73B | $1.72B | $14.60B |
| Total current assets | $2.9M | $10.9M | $8.8M | $2.76B | $5.1M | $28.9M | $25.7M | $12.1M | $13.43B | $14.61B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $3.35B | $3.52B | $3.28B | $2.79B | $2.52B | $2.30B | $2.25B | $1.71B | $1.69B | $1.66B |
| Other non-current assets | $71.4M | $52.9M | $51.9M | $0 | $25.2M | $10.8M | $9.3M | $12.3M | $0 | $0 |
| Total assets | $3.42B | $3.58B | $3.34B | $2.84B | $2.55B | $2.34B | $2.28B | $1.73B | $1.72B | $1.68B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $13.8M | $30.9M | $27.7M | $25.9M | $25.5M | $23.5M | $23.3M |
| Short-term debt | $300.0M | — | $335.9M | $856.1M | $99.7M | $1.11B | $1.09B | $113.6M | $703.4M | $680.7M |
| Deferred revenue | — | — | — | — | −$68.7M | −$1.08B | −$1.07B | −$468.9M | −$679.9M | −$657.4M |
| Total current liabilities | $26.3M | $28.6M | $26.2M | $30.8M | $53.2M | $27.7M | $25.9M | $25.5M | $23.5M | $23.3M |
| Long-term debt | $0 | $0 | $0 | $1.44B | $0 | $0 | $1.09B | $608.0M | $703.4M | $680.7M |
| Other long-term liabilities | $1.79B | $1.95B | $1.82B | $53.6M | $1.22B | $1.15B | $41.2M | $0 | $0 | $0 |
| Total liabilities | $1.81B | $1.97B | $1.85B | $1.50B | $1.28B | $1.18B | $1.16B | $667.1M | $751.0M | $723.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $954,000 | $943,000 | $885,000 | $821,000 | $761,000 | $680,000 | $666,000 | $655,000 | $603,000 | $598,000 |
| Retained earnings (deficit) | $81.6M | $97.7M | $100.8M | $56.5M | $90.1M | $139.2M | $110.7M | $72.0M | −$5.0M | $2.5M |
| Treasury stock | — | — | — | −$10.5M | — | — | −$1.4M | −$1.4M | −$1.4M | −$1.4M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $139.2M | $110.7M | $1.06B | $127.0M | $54.0M |
| Total shareholders' equity | $1.61B | $1.61B | $1.50B | $1.34B | $1.28B | $1.16B | $1.12B | $1.06B | $969.3M | $952.2M |
| Key figures | ||||||||||
| Total debt | $1.74B | $1.90B | $1.78B | $2.30B | $1.19B | $1.11B | $1.09B | $721.6M | $703.4M | $680.7M |
| Net cash (debt) | −$1.74B | −$1.90B | −$1.78B | $444.9M | −$1.18B | −$1.11B | −$1.09B | −$718.3M | −$699.9M | −$675.8M |
| Working capital | −$23.4M | −$17.7M | −$17.4M | $2.73B | −$48.2M | $1.2M | −$239,000 | −$13.4M | $13.40B | $14.59B |
| Tangible book value | $1.61B | $1.61B | $1.50B | $1.34B | $1.28B | $1.16B | $1.12B | $1.06B | $969.3M | $952.2M |
| Book value per share | $16.98 | $17.47 | $17.58 | $17.16 | $16.42 | $17.28 | $16.94 | $16.25 | $16.16 | $16.25 |
| Shares outstanding | 94.7M | 92.0M | 85.1M | 78.2M | 77.7M | 67.2M | 66.1M | 65.4M | 60.0M | 58.6M |
| Current ratio | 0.11 | 0.38 | 0.34 | 89.74 | 0.10 | 1.04 | 0.99 | 0.47 | 571.65 | 627.46 |
| Quick ratio | 1.41 | 1.24 | 1.11 | 89.74 | 0.23 | 0.40 | 0.69 | 0.47 | 0.44 | 0.63 |
| Debt / equity | 1.08 | 1.18 | 1.19 | 1.71 | 0.93 | 0.96 | 0.98 | 0.68 | 0.73 | 0.71 |
| Equity / assets | 47.0% | 44.9% | 44.8% | 47.3% | 50.0% | 49.7% | 49.1% | 61.4% | 56.3% | 56.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $193.6M | $29.18B | $2.9M | $63.0M | $3.9M | $4.6M | $5.0M | $29.73B | $5.1M | $6.8M | $1.2M | $3.0M |
| Cash & equivalents | $193.6M | $29.18B | $2.9M | $63.0M | $3.9M | $4.6M | $5.0M | $6.5M | $5.1M | $6.8M | $1.2M | $3.0M |
| Short-term investments | — | — | — | — | — | — | — | $29.72B | −$15.5M | $3.38B | — | $3.11B |
| Receivables | $37.0M | $34.55B | $34.1M | $31.2M | $24.7M | $31.2M | $30.5M | $34.76B | $30.7M | $31.3M | $28.0M | $23.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $64.5M | $0 | $31.29B | $0 | $23.49B |
| Other current assets | $10.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.5M | $0 | $7.6M | $0 |
| Total current assets | $241.1M | $63.73B | $2.9M | $63.0M | $3.9M | $12.6M | $5.0M | $64.48B | $40.4M | $42.9M | $36.8M | $33.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $3.30B | $3.31B | $3.35B | $3.38B | $3.29B | $3.41B | $3.52B | $3.44B | $3.32B | $3.38B | $3.28B | $3.11B |
| Other non-current assets | $0 | $3.33T | $71.4M | $69.9M | $117.0M | $73.9M | $58.8M | $0 | $29.5M | $29.1M | $24.0M | $26.9M |
| Total assets | $3.54B | $3.39T | $3.42B | $3.51B | $3.42B | $3.50B | $3.58B | $3.53B | $3.39B | $3.45B | $3.34B | $3.17B |
| Liabilities | ||||||||||||
| Short-term debt | $300.0M | $300,000 | $300.0M | $300.0M | — | — | — | $347.5M | $342.0M | $338.5M | $335.9M | $330.8M |
| Total current liabilities | $300.0M | — | $26.3M | $26.3M | $29.1M | $26.9M | $33.7M | $381.6M | $378.8M | $373.9M | $372.6M | $369.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $1.90B | $1.87B | $1.71B | $1.80B | $1.78B | $0 |
| Other long-term liabilities | $1.69B | $1.85T | $1.79B | $1.86B | $1.77B | $1.87B | $73.6M | $0 | $75.0M | $65.7M | $67.1M | $1.69B |
| Total liabilities | $1.99B | $1.85T | $1.81B | $1.89B | $1.80B | $1.90B | $1.97B | $1.93B | $1.79B | $1.87B | $1.85B | $1.69B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $960,000 | $957.0M | $954,000 | $952,000 | $949,000 | $946,000 | $943,000 | $940,000 | $937,000 | $928,000 | $885,000 | $882,000 |
| Retained earnings (deficit) | $11.7M | $11.1M | $81.6M | $91.7M | $95.2M | $85.0M | $97.7M | $90.5M | $98.2M | $99.0M | $100.8M | $94.2M |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $1.55B | $1.54T | $1.61B | $1.62B | $1.62B | $1.60B | $1.61B | $1.60B | $1.60B | $1.58B | $1.50B | $1.49B |
| Key figures | ||||||||||||
| Total debt | $1.92B | $1.80B | $1.74B | $1.83B | $1.73B | $1.84B | $1.90B | $1.87B | $1.71B | $1.80B | $1.78B | $1.62B |
| Net cash (debt) | −$1.73B | $27.37B | −$1.74B | −$1.77B | −$1.72B | −$1.84B | −$1.90B | $27.86B | −$1.71B | −$1.80B | −$1.78B | −$1.62B |
| Working capital | −$58.9M | — | −$23.4M | $36.7M | −$25.2M | −$14.3M | −$28.7M | $64.10B | −$338.4M | −$331.0M | −$335.8M | −$335.1M |
| Tangible book value | $1.55B | $1.54T | $1.61B | $1.62B | $1.62B | $1.60B | $1.61B | $1.60B | $1.60B | $1.58B | $1.50B | $1.49B |
| Book value per share | $16.30 | $16,288.56 | $16.98 | $17.19 | $17.21 | $17.09 | $17.37 | $17.17 | $17.24 | $17.77 | $17.04 | $17.03 |
| Shares outstanding | 95.0M | 94.7M | 94.7M | 94.2M | 94.0M | 93.7M | 92.5M | 93.0M | 92.7M | 89.0M | 87.8M | 87.3M |
| Current ratio | 0.80 | — | 0.11 | 2.40 | 0.13 | 0.47 | 0.15 | 168.98 | 0.11 | 0.11 | 0.10 | 0.09 |
| Quick ratio | 0.77 | — | 1.41 | 3.58 | 0.99 | 1.33 | 1.05 | 168.98 | 0.09 | 0.10 | 0.08 | 0.07 |
| Debt / equity | 1.24 | 0.00 | 1.08 | 1.13 | 1.07 | 1.15 | 1.18 | 1.17 | 1.07 | 1.14 | 1.19 | 1.09 |
| Equity / assets | 43.7% | 45.5% | 47.0% | 46.2% | 47.4% | 45.8% | 44.9% | 45.2% | 47.2% | 45.8% | 44.8% | 46.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
TSLX financial position
At the end of fiscal 2025 (December 31, 2025), Sixth Street Specialty Lending had total assets of $3.4 billion (down 4.5% from a year earlier), total liabilities of $1.8 billion and shareholders' equity of $1.6 billion. It held $2.9 million in cash and short-term investments against $1.7 billion of debt, net debt of $1.7 billion. Its current ratio was 0.11. In the latest quarter (ended June 30, 2026) total assets were $3.5 billion and equity $1.5 billion.
Related: TSLX income statement, TSLX cash flow statement, TSLX key metrics. See the TSLX stock overview for the latest quote and news.
TSLX balance sheet FAQ
What are Sixth Street Specialty Lending's total assets?
Sixth Street Specialty Lending reported total assets of $3.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.6 billion a year earlier.
How much debt does Sixth Street Specialty Lending have?
Sixth Street Specialty Lending had $1.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.08.
How much cash does Sixth Street Specialty Lending have?
Sixth Street Specialty Lending held $2.9 million in cash and short-term investments at the end of fiscal 2025; with $1.7 billion of debt that is net debt of $1.7 billion.
What is Sixth Street Specialty Lending's book value?
Sixth Street Specialty Lending's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $16.98 per share.
What is Sixth Street Specialty Lending's current ratio?
Sixth Street Specialty Lending had current assets of $2.9 million and current liabilities of $26.3 million, a current ratio of 0.11 (current liabilities exceed current assets).