Exhibit 99.1

 

 

Full Year and Fourth Quarter 2018 Earnings Results

 

 

 

TPG Specialty Lending, Inc. Reports Full Year and Fourth Quarter 2018 Earnings Results; Declares a Fourth Quarter Supplemental Dividend Per Share of $0.12 and a First Quarter Base Dividend Per Share of $0.39

NEW YORK—February 20, 2019— TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $143.9 million, or $2.25 per share, and net income of $119.0 million, or $1.86 per share, for the year ended December 31, 2018. For the quarter ended December 31, 2018, net investment income was $44.1 million, or $0.67 per share, and net income was $14.2 million, or $0.22 per share. Reported net asset value per share was $16.25 at December 31, 2018 as compared to $16.47 at September 30, 2018.

The difference between this quarter’s net investment income per share and net income per share was primarily driven by $0.23 per share of unrealized losses from the impact of widening credit spreads on the valuation of the Company’s portfolio and $0.29 per share of reversal of net unrealized gains from full investment realizations. This was partially offset by unrealized mark-to-market gains of $0.10 per share related to the Company’s interest rate swaps resulting from a flattening of the forward LIBOR curve during the quarter.

Return on equity (ROE) for the full year 2018 was 14.0% and 11.6% on a net investment income and a net income basis, respectively. Annualized ROE for the fourth quarter 2018 was 16.4% and 5.3% on a net investment income and a net income basis, respectively.

The Company announced that its Board of Directors has declared a first quarter 2019 base dividend of $0.39 per share for stockholders of record as of March 15, 2019, payable on April 15, 2019. The Company’s Board of Directors also declared a fourth quarter supplemental dividend of $0.12 per share for stockholders of record as of February 28, 2019, payable on March 29, 2019.

The Company’s Board of Directors also approved an extension of its stock repurchase plan (“Company 10b5-1 Plan”) to acquire up to $50 million in the aggregate of TSLX’s common stock at prices just below TSLX’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. Unless extended or terminated by its Board of Directors, the Company expects that the stock repurchase plan will be in effect through the earlier of August 31, 2019, or such time as the approved $50 million repurchase amount has been fully utilized, subject to certain conditions. Under the Company 10b5-1 Plan, no shares were repurchased during the fiscal year ended December 31, 2018.

In February 2019, the Company entered into an amendment to the Revolving Credit Facility. Under the terms of the amendment, aggregate commitments under the facility were increased to $1.17 billion, the accordion was increased to allow for commitments of up to $1.50 billion, and the stated maturity date has been extended to February 2024. Other key terms of the Revolving Credit Facility remain unchanged.  

 

Net Investment Income

2018 ($MM):

4Q18 ($MM):

$143.9

$44.1

2018 (per share):

4Q18 (per share):

$2.25

$0.67

 

Net Income

2018 ($MM):

4Q18 ($MM):

$119.0

$14.2

2018 (per share):

4Q18 (per share):

$1.86

$0.22

 

NAV

4Q18 ($MM):

$1,063.2

4Q18 (per share):

$16.25

4Q18 (per share, PF):

$16.13

 

ROE

2018 (NII):

4Q18 (NII, annualized):

14.0%

16.4%

2018 (NI):

4Q18 (NI, annualized):

11.6%

5.3%

 

 

Dividend (per share)

4Q18 (Supp.):

$0.12

1Q19 (Base):

$0.39

2018 (Base):

2018 (Supp.):

2018 (Total):

$1.56

$0.31

$1.87

 

 

1


The following information was filed by Tpg Specialty Lending, Inc. (TSLX) on Wednesday, February 20, 2019 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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