TSLXMEDIUM SIGNALFINANCIAL10-K
TSLX shows significant portfolio turnover with multiple debt and equity investments being added and removed, while cash reserves declined by 28.1%.
The extensive changes in portfolio holdings suggest active portfolio management and potentially rotating out of certain positions while entering new investments across diverse sectors including healthcare, business services, and energy. The reduction in cash reserves may indicate deployment of capital into new investments or distributions to shareholders, though the magnitude warrants monitoring of liquidity position.
Comparing 2026-02-12 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS
The primary financial change shows cash and equivalents declining from $27.3M to $19.7M, representing a 28.1% decrease. This cash reduction, combined with the substantial portfolio turnover evidenced in the investment holdings, suggests active capital deployment and portfolio repositioning. For a business development company like TSLX, this level of cash decline may signal either strategic investment activity or potential liquidity management considerations that investors should monitor.
FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
$27.3M→$19.7M
Cash decreased 28.1% — monitor burn rate and upcoming capital needs.
LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-13
ADDED
First-lien loan (AUD 60,000 par, due 12/2026) Initial Acquisition Date 12/6/2021 Reference Rate and Spread B + 6.25% Interest Rate 10.73% 2024-12-31 0001508655 us-gaap:FairValueInputsLevel3Member tslx:MezzanineDebtInvestmentsMember 2025-12-31 0001508655 Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/2022 2025-01-01 2025-12-31 0001508655 Equity and Other Investments Healthcare Raptor US Buyer II Corp.
Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/2023 2024-12-31 0001508655 2023-01-01 2023-12-31 0001508655 Debt Investments Business Services Galileo Parent, Inc.
Investment First-lien revolving loan ($6,635 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42% 2025-01-01 2025-12-31 0001508655 Equity and Other Investments Business Services Newark FP Co-Invest, L.P.
Partnership (2,527,719 units) Initial Acquisition Date 11/8/2023 2025-01-01 2025-12-31 0001508655 Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp.
Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/2022 2024-01-01 2024-12-31 0001508655 2025-07-01 2025-09-30 0001508655 tslx:O2024Q2SupplementalDividendsMember 2024-05-01 0001508655 us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member tslx:EquityAndOtherInvestmentsMember 2024-12-31 0001508655 Debt Investments Retail and Consumer Products American Achievement, Corp.
Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.74% 2024-01-01 2024-12-31 0001508655 Debt Investments Financial Services Ibis Intermediate Co.
Investment First-lien loan ($1,185 par, due 5/2027) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 9.16% 2024-12-31 0001508655 tslx:EducationMember us-gaap:DebtSecuritiesMember 2024-12-31 0001508655 tslx:DelayedDrawAndRevolverMember tslx:HMPOmnimediaLLCMember 2025-12-31 0001508655 Debt Investments Education EMS Linq, Inc.
Investment First-lien loan ($326 par, due 5/2029) Initial Acquisition Date 05/02/2022 Reference Rate and Spread SOFR + 4.50% Interest Rate 9.19% 2024-01-01 2024-12-31 0001508655 Debt Investments Internet Services Bayshore Intermediate #2, L.P.
Investment First-lien loan ($42,190 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.19% (incl.
3.00% PIK) 2025-01-01 2025-12-31 0001508655 Other Investments Goldentree Loan Management US CLO Ltd, Series 2023 -17A Structured Credit ($3,000 par, due 1/2039) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 5.40% Interest Rate 9.28% 2025-12-31 0001508655 Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc.
REMOVED
First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08% 2024-01-01 2024-12-31 0001508655 tslx:DelayedDrawAndRevolverMember tslx:WranglerTopcoLlcMember 2024-12-31 0001508655 tslx:DelayedDrawMember tslx:BabylonFincoLimitedMember 2024-12-31 0001508655 us-gaap:InterestRateSwapMember tslx:TwoThousandTwentyEightNotesMember 2024-01-01 2024-12-31 0001508655 Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp.
First-lien revolving loan ($27,622 par, due 6/2024) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 15.03% 2023-01-01 2023-12-31 0001508655 tslx:TwoThousandTwentyNineNotesMember 2024-01-08 0001508655 tslx:InterestRateSwapFourMember 2023-01-01 2023-12-31 0001508655 2024-10-01 2024-12-31 0001508655 Debt Investments Human Resource Support Services HireVue, Inc.
First-lien loan ($54,113 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.25% Interest Rate 12.63% 2023-12-31 0001508655 Equity and Other Investments Financial Services Passport Labs, Inc.
17,534 Warrants Initial Acquisition Date 4/28/2021 2024-01-01 2024-12-31 0001508655 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001508655 Debt Investments Healthcare Merative L.P.
Investment First-lien loan ($70,103 par, due 6/2028) Initial Acquisition Date 06/30/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.58% 2024-12-31 0001508655 Debt Investments Automotive BestPass, Inc.
First-lien loan (44,800 par, due 5/2029) Initial Acquisition Date 5/26/2023 Reference Rate and SOFR + 5.75% Interest Rate 11.11% 2023-12-31 0001508655 Equity and Other Investments Internet Services Piano Software, Inc.
Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/2021 2023-12-31 0001508655 tslx:MezzanineDebtInvestmentsMember 2023-01-01 2023-12-31 0001508655 Equity and Other Investments Financial Services TradingScreen, Inc.
Class A Units (600,000 units) Initial Acquisition Date 5/14/2021 2024-12-31 0001508655 Debt Investments Healthcare Homecare Software Solutions, LLC First-lien loan ($65,000 par, due 10/2026) Initial Acquisition Date 10/6/2021 Reference Rate and Spread SOFR + 5.70% Interest Rate 11.06% 2023-12-31 0001508655 Debt Investments Business Services Mitnick Corporate Purchaser, Inc.
Partnership Units (121,329 units) Initial Acquisition Date 11/27/2023 2024-12-31 0001508655 Equity and Other Investments Education RMCF IV CIV XXXV, LP.
Partnership Interest (11.94% ownership) Initial Acquisition Date 6/8/2021 2024-12-31 0001508655 tslx:GalileoParentincMember tslx:RevolverMember 2024-12-31 0001508655 Debt Investments Financial Services Ibis Intermediate Co.
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