Sixth Street Specialty Lending (TSLX) Operating Margin (2023 - 2026)
Sixth Street Specialty Lending (TSLX) posted Operating Margin of 43.95% for Q1 2026, down 5.79% sequentially from 46.65% in Q4 2025, and down 588.0% YoY from 9.01% in Q1 2025.
Sixth Street Specialty Lending (TSLX) Operating Margin (2023 - 2026) Analysis & Trends
Sixth Street Specialty Lending has reported Operating Margin for 4 years, with the latest figure at 43.95% in Q1 2026.
- Quarterly Operating Margin fell 588.0% year-over-year to 43.95% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 45.31% (down 159.0% YoY) and the FY2025 annual result came in at 46.76%, up 35.0% from the prior year.
- Operating Margin eased to 43.95% in Q1 2026 per TSLX's latest filing, from 46.65% in the prior quarter.
- Over five years, Operating Margin peaked at 49.83% in Q1 2025 and troughed at 43.69% in Q3 2023.
- A 4-year average of 45.58% and a median of 45.34% in 2023 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2025 and 2026: Operating Margin surged 537 bps in 2025, then sank 588 bps in 2026.
- Over 4 years, Operating Margin stood at 45.74% in 2023, then advanced by 2 bps to 46.55% in 2024, then rose by 0 bps to 46.65% in 2025, then dropped by 6 bps to 43.95% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 43.95%, 46.65%, and 46.31% for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 179.54 Bn | 165.67 Bn | - | 34.74% |
| 2 | Blackstone | 114.83 Bn | 112.32 Bn | - | - |
| 3 | Kkr | 97.26 Bn | -179.81 Bn | - | 35.61% |
| 4 | Brookfield | 93.07 Bn | 45.66 Bn | - | - |
| 5 | Brookfield Asset Management | 83.46 Bn | 81.96 Bn | - | - |
| 6 | Apollo Global Management | 78.41 Bn | 53.04 Bn | 10.54 Bn | 47.97% |
| 7 | State Street | 51.66 Bn | 51.66 Bn | - | - |
| 8 | Ameriprise Financial | 51.12 Bn | 40.07 Bn | 4.72 Bn | 24.36% |
| 9 | Raymond James Financial | 33.99 Bn | 20.74 Bn | - | - |
| 10 | Sixth Street Specialty Lending | 1.79 Bn | 1.59 Bn | 97.48 Mn | 43.11% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 43.11% |
| Mar 31, 2026 | 43.95% |
| Dec 31, 2025 | 46.65% |
| Sep 30, 2025 | 46.31% |
| Jun 30, 2025 | 44.20% |
| Mar 31, 2025 | 49.83% |
| Dec 31, 2024 | 46.55% |
| Sep 30, 2024 | 46.07% |
| Jun 30, 2024 | 45.27% |
| Mar 31, 2024 | 44.46% |
| Dec 31, 2023 | 45.74% |
| Sep 30, 2023 | 43.69% |
| Jun 30, 2023 | 45.34% |
| Mar 31, 2023 | 44.49% |