Sixth Street Specialty Lending, Inc.

Formerly TPG Specialty Lending, this business development company was renamed in 2020 after its manager, Sixth Street, split away from TPG. It lends directly to middle-market companies, the kind with roughly $10 million to $250 million of annual earnings that are too big for a bank branch and too small for the public bond market. Most of its money goes into first-lien senior secured loans, which sit at the top of the repayment stack and are backed by the borrower's assets, a defensive posture that has carried it through credit cycles. Interest income funds a steady dividend, the reason most shareholders hold it. Sixth Street, a large credit-focused investment firm, runs the portfolio and sources deals across its wider platform. The trade-off is exposure to private borrowers whose health is hard for outsiders to judge.

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