LOWBuilt-inLoan_portfolio
18.3%
Internet Services
“10-K Item 1: 'The largest industry in our portfolio as of December 31, 2025 was Internet Services, which represented...18.3% of the total portfolio based on fair value.'”
TSLX · Concentration risk · 10-K extracted
Sixth Street Specialty Lending, (TSLX) concentration risks
Updated
The most significant concentration Sixth Street Specialty Lending, discloses is Internet Services at 18.3%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Sixth Street Specialty Lending,’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is narrow in scope: a single industry-level portfolio exposure is the only concentration disclosed in the filing. The Internet Services sector was the largest industry in the portfolio as of December 31, 2025, representing 18.3% of the total portfolio based on fair value — a low-share, structural concentration for a business development company whose mandate centers on lending to middle-market companies. The structural character reflects that sector allocation in a direct-lending portfolio is an active underwriting choice rather than dependence on a single borrower or counterparty; the Internet Services label encompasses a range of software, SaaS, and digital-infrastructure companies rather than a single-name position. At a low-share by disclosed size, this concentration is the largest disclosed single-sector position but does not indicate that the portfolio is dominated by any one industry. The primary risk channel is a credit cycle event specific to Internet Services businesses — such as a repricing of growth-stage software companies, a contraction in venture-backed refinancing activity, or margin compression from slowing subscriber growth — which could increase default rates within that portion of the portfolio without an equivalent offset from sectors not subject to the same pressures. No geographic, borrower-level, or other industry concentrations are disclosed alongside this sector exposure. The overall profile therefore appears well-distributed at the sector level, with Internet Services representing the peak individual sector allocation at a size that warrants monitoring but does not dominate the portfolio's risk profile.
For the engine’s reasoning on TSLX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Asset Management
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AAMI | Acadian Asset Management Inc. | 1 | 2 | 1 | 4 |
| APAM | Artisan Partners Asset Manageme | 0 | 1 | 2 | 3 |
| AMP | Ameriprise Financial, Inc. | 0 | 1 | 0 | 1 |
| AB | AllianceBernstein Holding L.P. | 0 | 0 | 1 | 1 |
| TSLX● | Sixth Street Specialty Lending, | 0 | 0 | 1 | 1 |
| AMG | Affiliated Managers Group, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.