Sixth Street Specialty Lending
20 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Suppliers
Truist Bank (Revolving Credit Facility)
depends on · $1,675.0We also have the ability to borrow in certain foreign currencies under the second amended and restated senior secured revolving credit agreement, as amended, with Truist Bank (as a successor by merger to SunTrust Bank), as administrative agent, and certain lenders, which we refer to as the Revolving Credit Facility.Risk factors (Item 1A)
Partners and platforms
Carlyle Group Inc. (Structured Credit Partners JV)
$600.0 million of aggregate capital commitmentsnamed as a riskSCP will be initially capitalized with $600.0 million of aggregate capital commitments from Sixth Street Specialty Lending, Inc., Sixth Street Lending Partners, Carlyle Secured Lending, Inc. and Carlyle Credit Solutions, Inc., as members of SCP, with all members of SCP having equal voting control.Business (Item 1)
Also named by BAX
Goldman Sachs & Co. LLC (Company 10b5-1 Plan)
up to $50 millionWe have entered into an agreement with Goldman Sachs & Co. LLC, which we refer to as the Company 10b5-1 Plan, in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act, under which Goldman Sachs & Co. LLC, as agent for us, will buy up to $50 million of our common stock in the aggregate during the period ending on the earlier of the date on which all the capital committed to the plan has been exhausted or May 31, 2026.Risk factors (Item 1A)
Sixth Street Partners, LLC
depends onnamed as a riskWe are dependent upon management personnel of the Adviser, Sixth Street and their affiliates for our future success.Risk factors (Item 1A)
Other companies
Internet Services industry
concentrated in · 18.3% of the total portfolio based on fair valueThe largest industry in our portfolio as of December 31, 2025 was Internet Services, which represented, as a percentage of our portfolio, 18.3% of the total portfolio based on fair value.Business (Item 1)
Places
Commodities and inputs
Floating-rate debt investments
exposed to its price · 96.3% of our debt investmentsnamed as a riskAs of December 31, 2025, 96.3% of our debt investments based on fair value in our portfolio bore interest at floating rates, with 100.0% of these subject to interest rate floors.Market risk (Item 7A)
SOFR
exposed to its pricenamed as a riskU.S. dollar borrowings under our Revolving Credit Facility bear interest at a rate derived from SOFR.Risk factors (Item 1A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
EURIBOR
exposed to its pricenamed as a riskThe majority of our debt investments are based on floating rates, such as Euro Interbank Offer Rate (“EURIBOR”), Term Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), the Federal Funds Rate or the Prime Rate.Risk factors (Item 1A)
Regulators
SEC co-investment exemptive order
subject toOn May 6, 2025, we, the Adviser and certain of our affiliates were granted an exemptive order from the SEC that allows us to co-invest, subject to certain conditions, with certain of our affiliates (including affiliates of Sixth Street) in middle-market loan origination activities for companies domiciled in the United States.Business (Item 1)
Laws and programs
Investment Company Act of 1940 (BDC regulation)
subject to · 191.5%named as a riskAs of December 31, 2025 and December 31, 2024, our asset coverage was 191.5% and 182.5%, respectively.Business (Item 1)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Small Business Credit Availability Act (SBCAA)
subject to · 150%named as a riskAs a result and subject to certain additional disclosure requirements, as of October 9, 2018, our minimum asset coverage ratio was reduced from 200% to 150%.Risk factors (Item 1A)
U.S. federal excise tax
subject to · $5.3 millionnamed as a riskAs of December 31, 2025 and December 31, 2024, we elected to retain approximately $114.7 million and $116.2 million of taxable income and capital gains, respectively, in order to provide us with additional liquidity and we recorded an expense of $5.3 million and $3.8 million, respectively, for U.S. federal excise tax as a result.Risk factors (Item 1A)
Dodd-Frank Act
subject tonamed as a riskThe market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.Risk factors (Item 1A)
Also named by AFL, AN, BGC, CNX, CPAY, EPD, EQT, FITB and 14 more
Subchapter M of the Internal Revenue Code (RIC status)
subject tonamed as a riskWe will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code, including as a result of our failure to satisfy the RIC distribution requirements.Risk factors (Item 1A)
SEC Rule 18f-4
subject tonamed as a riskFinally, Rule 18f-4 constrains our ability to use swaps and other derivatives.Risk factors (Item 1A)
U.S. tariffs on China, Canada and Mexico
subject tonamed as a riskMost recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico.Risk factors (Item 1A)
CFTC Rule 4.5
subject tonamed as a riskIf we were unable to satisfy the conditions of CFTC Rule 4.5 in the future, our Adviser may be subject to registration with the CFTC as a CPO, unless it can rely on a different exclusion, exemption or no-action relief.Risk factors (Item 1A)
Also named by GSBD
Technology
Software sector
concentrated innamed as a riskFor example, although we classify the industries of our portfolio companies by end-market (such as healthcare, and business services) and not by the products or services (such as software) directed to those end-markets, many of our portfolio companies principally provide software products or services, which exposes us to downturns in that sector.Risk factors (Item 1A)