TSLX (Sixth Street Specialty Lending) Scaled Net Operating Assets: 0.98 (As of Mar. 2026)


TSLX Sixth Street Specialty Lending Inc TSLX
53 GF Score
Price $16.89
GF Value $12.56
Valuation Significantly Overvalued
! 6 Warning Signs
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What is Sixth Street Specialty Lending Scaled Net Operating Assets?

Sixth Street Specialty Lending TSLX +4.26% 53 Scaled Net Operating Assets is 0.98 as of Mar. 2026. GuruFocus rates TSLX with a GF Score™ of 53/100 and a GF Value™ of $12.56 (Significantly Overvalued). The stock has 6 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Sixth Street Specialty Lending's operating assets for the quarter that ended in Mar. 2026 was $3,392.0 Mil. Sixth Street Specialty Lending's operating liabilities for the quarter that ended in Mar. 2026 was $47.1 Mil. Sixth Street Specialty Lending's Total Assets for the quarter that ended in Dec. 2025 was $3,421.7 Mil. Therefore, Sixth Street Specialty Lending's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.98.

TSLX
53GF Score
Sixth Street Specialty Lending Inc TSLX
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Sixth Street Specialty Lending Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Sixth Street Specialty Lending's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(3418.72-70.7)/3582.225
=0.93

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=3421.655 - 2.935
=3418.72

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1813.934 - 1743.234 - 0
=70.7

Sixth Street Specialty Lending's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(3392.043-47.085)/3421.655
=0.98

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=3393.149 - 1.106
=3392.043

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=1850.476 - 1803.391 - 0
=47.085

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.98 mean?
Sixth Street Specialty Lending (TSLX) has a Scaled Net Operating Assets of 0.98 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Sixth Street Specialty Lending and its competitors.
Is Sixth Street Specialty Lending's Scaled Net Operating Assets too high?
Sixth Street Specialty Lending's current Scaled Net Operating Assets is 0.98. Overall, Sixth Street Specialty Lending has a GF Score™ of 53/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sixth Street Specialty Lending's Scaled Net Operating Assets compare to BDJ and BCAT?
Sixth Street Specialty Lending's Scaled Net Operating Assets of 0.98 can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Asset Management company?
A good Scaled Net Operating Assets depends on the Asset Management industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Sixth Street Specialty Lending and its competitors. Sixth Street Specialty Lending's current Scaled Net Operating Assets is 0.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sixth Street Specialty Lending stock overvalued right now?
Based on GuruFocus' analysis, Sixth Street Specialty Lending (TSLX) is currently considered Significantly Overvalued. The stock's GF Value™ is $12.56, compared to a current price of $16.89 — trading 34.5% above its estimated fair value. The current Scaled Net Operating Assets is 0.98. Sixth Street Specialty Lending's overall GF Score™ is 53/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Sixth Street Specialty Lending (TSLX), the current Scaled Net Operating Assets is 0.98 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Sixth Street Specialty Lending (TSLX) Overvalued in 2026?

Based on GuruFocus' analysis, Sixth Street Specialty Lending stock appears to be overvalued. The current stock price of $16.89 is trading 34.5% above its estimated GF Value™ of $12.56. GuruFocus considers Sixth Street Specialty Lending to be Significantly Overvalued.

Key valuation signals for TSLX:

  • Scaled Net Operating Assets: 0.98
  • GF Value™: $12.56 vs. price of $16.89 (34.5% above fair value)
  • GF Score™: 53/100 with 6 warning signs

No single metric tells the full story. See the TSLX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Sixth Street Specialty Lending Business Description

Other Exchanges 1T6:Germany
Address 2100 McKinney Avenue, Suite 1500, Dallas, TX, USA, 75201
Sixth Street Specialty Lending Inc is a specialty finance company focused on providing flexible, fully committed financing solutions to middle market companies located in the United States of America. The company partners with other companies across a variety of industries and provides creative solutions with complex business models that may have limited access to capital. The company seeks to generate current income in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities.
53GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$16.89
Price
$12.56
GF Value