Exhibit 99.1

TPG Specialty Lending, Inc. Announces Quarter Ended March 31, 2018 Financial Results; Board Declares Quarterly Base Dividend of $0.39 Per Share for the Second Fiscal Quarter of 2018 and a Quarterly Supplemental Dividend of $0.06 Per Share

 

NEW YORK—(BUSINESS WIRE)—May 3, 2018— TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $31.2 million, or $0.51 per share, for the quarter ended March 31, 2018. Net asset value per share was $16.27 at March 31, 2018 as compared to $16.09 at December 31, 2017. The Company’s Board of Directors previously declared a fourth quarter supplemental dividend of $0.03 per share and a first quarter base dividend of $0.39 per share, payable to stockholders of record as of February 28, 2018 and March 15, 2018, respectively, that was paid on March 30, 2018 and April 13, 2018, respectively.

The Company announced that its Board of Directors has declared a second quarter 2018 base dividend of $0.39 per share for stockholders of record as of June 15, 2018, payable on July 13, 2018. The Company’s Board of Directors also declared a first quarter supplemental dividend of $0.06 per share for stockholders of record as of May 31, 2018, payable on June 29, 2018.

 

NII & NI

 

$31.2MM / $33.8MM

 

 

 

NII / Share & NI / Share

 

$0.51 / $0.56

 

 

 

ANNUALIZED ROE (NII & NI)

 

12.7% / 13.8%

 

 

 

NAV / Share & PF NAV / Share

 

$16.27 / $16.21

 

 

 

Base Dividend & Supplemental Dividend

 

$0.39 / $0.06

 

FINANCIAL HIGHLIGHTS:

(amounts in millions, except per share amounts)

  

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

March 31, 2018

 

 

 

December 31, 2017

 

 

 

March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at Fair Value

 

$

 

1,909.3

 

 

 

$

 

1,693.7

 

 

 

$

 

1,580.3

 

 

Total Assets

 

$

 

1,930.1

 

 

 

$

 

1,720.2

 

 

 

$

 

1,606.9

 

 

Net Asset Value Per Share

 

$

 

16.27

 

 

 

$

16.09

 

 

 

$

16.04

 

 

Supplemental Dividend Per Share

 

$

 

0.06

 

 

 

$

 

0.03

 

 

 

$

 

0.04

 

 

Pro Forma Net Asset Value Per Share (1)

 

$

 

16.21

 

 

 

$

16.06

 

 

 

$

 

16.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Income

 

$

57.8

 

 

 

$

48.8

 

 

 

$

 

50.9

 

 

Net Investment Income

 

$

31.2

 

 

 

$

26.9

 

 

 

$

28.5

 

 

Net Income

 

$

33.8

 

 

 

$

26.7

 

 

 

$

28.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income Per Share

 

$

0.51

 

 

 

$

0.45

 

 

 

$

0.48

 

 

Net Realized and Unrealized Gains (and Losses) Per Share

 

$

 

0.05

 

 

 

($

 

0.01

 

)

 

($

0.01

 

)

Net Income Per Share

 

$

0.56

 

 

 

$

0.44

 

 

 

$

0.47

 

 

Annualized Return on Equity (Net Investment Income)(2)

 

 

 

12.7

 

%

 

 

 

11.1

 

%

 

 

 

12.0

 

%

Annualized Return on Equity (Net Income)(2)

 

 

13.8

 

%

 

 

 

11.0

 

%

 

 

11.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Yield of Debt and Income Producing Securities at Fair Value

 

 

11.1

 

%

 

 

10.7

 

%

 

 

10.3

 

%

Weighted Average Yield of Debt and Income Producing Securities at Amortized Cost

 

 

11.2

 

%

 

 

10.8

 

%

 

 

10.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage of Debt Investment Commitments at Floating Rates (3)

 

 

 

100.0

 

%

 

 

 

100.0

 

%

 

 

 

100.0

 

%

 

(1)

(2)

 

 

(3)

Pro Forma Net Asset Value Per Share gives effect to the supplemental dividend declared related to earnings in the applicable period.

Return on equity is calculated using weighted average equity. Weighted average equity is calculated by starting with NAV at the beginning of the period, adjusting daily for equity issuances and adjusting on the last day of the period for that quarter’s net income and dividends payable.

Includes one or more fixed rate investments for which the Company entered into an interest rate swap agreement to swap to floating rate.


The following information was filed by Tpg Specialty Lending, Inc. (TSLX) on Thursday, May 3, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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