Exhibit 99.1

 

 

 

First Quarter 2019 Earnings Results

 

 

 

 

TPG Specialty Lending, Inc. Reports First Quarter Net Investment Income Per Share of $0.41 and NAV Per Share of $16.34; Declares a First Quarter Supplemental Dividend Per Share of $0.01 and a Second Quarter Base Dividend Per Share of $0.39

NEW YORK—May 2, 2019— TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $26.6 million, or $0.41 per share, and net income of $38.7 million, or $0.59 per share, for the first quarter ended March 31, 2019. Reported net asset value per share was $16.34 at March 31, 2019 as compared to $16.25 at December 31, 2018.

Annualized return on equity (ROE) for the first quarter 2019 was 10.0% and 14.5% on a net investment income and a net income basis, respectively. ROE for the trailing twelve month period ended March 31, 2019 was 11.7% on a net income basis.

The Company announced that its Board of Directors has declared a second quarter 2019 base dividend of $0.39 per share for stockholders of record as of June 14, 2019, payable on July 15, 2019. The Company’s Board of Directors also declared a first quarter 2019 supplemental dividend of $0.01 per share for stockholders of record as of May 31, 2019, payable on June 28, 2019.

Following the passing of the Small Business Credit Availability Act (the “SBCAA”) in March 2018, the Company believes that the long-term fundamental earnings power of its business and the sector has changed. In addition, the Company believes that the SBCAA provides significantly more financial flexibility and eases prior constraints, which allow for more degrees of freedom in the Company’s approach to its capital allocation framework. Consequently, the Company reviewed its existing stock repurchase plan to determine the appropriate adjustments to reflect the enhanced earnings power and greater financial flexibility of the business.  

As a result of this review, yesterday, the Company’s Board of Directors approved an amendment to its existing stock repurchase plan (“Company 10b5-1 Plan”), which the Company and its Board believe is in the best interest of its stockholders. Instead of repurchasing shares of the Company’s common stock on its behalf at market prices just below the Company’s most recently reported net asset value per share, the Company’s agent will do so at market prices just below 1.05x the most recently reported net asset value per share, less the amount of any supplemental dividend declared for that quarter but not yet reflected in the most recently reported net asset value per share. This corresponds to a market price of $17.15 based on Q1 2019 pro forma NAV per share of $16.33. The Board of Directors also approved the extension of the Company 10b5-1 Plan to November 30, 2019. Unless otherwise extended or terminated by its Board of Directors, the Company expects that the stock repurchase plan will be in effect through the earlier of November 30, 2019, or such time as the approved $50 million repurchase amount has been fully utilized, subject to certain conditions.

 

 

Net Investment Income

Q1 2019 ($MM):

$26.6

Q1 2019 (per share):

$0.41

 

Net Income

Q1 2019 ($MM):

$38.7

Q1 2019 (per share):

$0.59

 

NAV

Q1 2019 ($MM):

$1,074

Q1 2019 (per share):

$16.34

Q1 2019 (per share, PF):

$16.33

 

ROE

Q1 2019 Annualized (NII):

Q1 2019 Annualized (NI):

10.0%

14.5%

LTM Q1 2019 (NI):

11.7%

 

 

Dividend (per share)

Q1 2019 (Supp.):

$0.01

Q2 2019 (Base):

$0.39

LTM Q1 2019 (Supp.):

$0.26

LTM Q1 2019 (Base):

 

LTM Q1 2019 (Total):

$1.56

 

$1.82

 

 

 

1


The following information was filed by Tpg Specialty Lending, Inc. (TSLX) on Thursday, May 2, 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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