Exhibit 99.1

 

 

 

Second Quarter 2018 Earnings Results

 

 

 

 

TPG Specialty Lending, Inc. Reports Second Quarter NII Per Share of $0.56 and NAV Per Share of $16.36; Declares a Second Quarter Supplemental Dividend Per Share of $0.08 and a Third Quarter Base Dividend Per Share of $0.39; Board Approves Reduction in Minimum Asset Coverage Ratio

NEW YORK—August 1, 2018— TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $36.3 million, or $0.56 per share, and net income of $33.6 million, or $0.52 per share, for the second quarter ended June 30, 2018. Net asset value per share was $16.36 at June 30, 2018 as compared to $16.27 at March 31, 2018.

Annualized return on average equity (ROE) for the second quarter 2018 were 13.8% and 12.7% on a net investment income and a net income basis, respectively.

The Company announced that its Board of Directors has declared a third quarter 2018 base dividend of $0.39 per share for stockholders of record as of September 14, 2018, payable on October 15, 2018. The Company’s Board of Directors also declared a second quarter supplemental dividend of $0.08 per share for stockholders of record as of August 31, 2018, payable on September 28, 2018.

The Company’s Board of Directors previously declared a first quarter supplemental dividend of $0.06 per share and a second quarter base dividend of $0.39 per share, payable to stockholders of record as of May 31, 2018 and June 15, 2018, respectively, which were paid on June 29, 2018 and July 13, 2018, respectively.

The Company announced that its Board of Directors has approved the reduction of the Company’s minimum asset coverage ratio to 150%, effective August 1, 2019, as permitted under Section 61(a)(2) of the Investment Company Act of 1940 Act, as amended by the Small Business Credit Availability Act, following an extensive review of the Company’s plan with respect to increased leverage flexibility. The Company also announced it will seek stockholder approval for the application of the lower minimum asset coverage ratio at a special meeting of stockholders, so that the Company may increase its leverage limitation under the 1940 Act sooner than August 1, 2019. The date of the special meeting has not yet been determined. If the proposal is approved by the Company’s stockholders at the special meeting, the application of the 150% minimum asset coverage ratio would be effective as of the day after the special meeting. Once the 150% minimum asset coverage ratio is in effect (either after a special meeting or on August 1, 2019), TSL Advisers, LLC (“the Adviser”) intends to waive a portion of the Management Fee payable under the Company’s Investment Advisory Agreement by reducing the Management Fee on assets financed with leverage in excess of 1.0x debt to equity. Pursuant to the waiver, the Adviser intends to waive the portion of the Management Fee in excess of an annual rate of 1.0% (0.250% per quarter) on the average value of the Company's gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the average value of the Company's net asset value at the end of the two most recently completed calendar quarters. Upon the effectiveness of the lower minimum asset coverage ratio requirement, the Company’s revised financial policy is to increase its target debt to equity range from 0.75x-0.85x to 0.90x-1.25x.

 

Net Investment Income

Q2 2018 ($MM):

$36.3

Q2 2018 (per share):

$0.56

 

Net Income

Q2 2018 ($MM):

$33.6

Q2 2018 (per share):

$0.52

 

NAV

Q2 2018 ($MM):

$1,062

Q2 2018 (per share):

$16.36

Q2 2018 (per share, PF):

$16.28

 

Annualized ROE

Q2 2018 (NII):

13.8%

Q2 2018 (NI):

12.7%

 

 

Dividend (per share)

Q2 2018 (Supp.):

$0.08

Q2 2018 (Base):

$0.39

Q3 2018 (Base):

$0.39

 

 

Q2 YTD 2018 (Supp.):

$0.14

Q2 YTD 2018 (Base):

$0.78

 

 

 

1


The following information was filed by Tpg Specialty Lending, Inc. (TSLX) on Wednesday, August 1, 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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