Exhibit 99.1

Second Quarter 2020 Earnings Results

 

Sixth Street Specialty Lending, Inc. Reports Second Quarter Net Investment Income Per Share of $0.59 and NAV Per Share of $16.08; Declares a Third Quarter Base Dividend Per Share of $0.41

 

 

 

NEW YORK—August 4, 2020— Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $39.5 million, or $0.59 per share, and net income of $95.9 million, or $1.43 per share, for the second quarter ended June 30, 2020. These results correspond to an annualized return on equity (ROE) on net investment income and net income of 15.6% and 38.0%, respectively, and an annualized year-to-date ROE on net investment income and net income of 13.1% and 7.6%, respectively. The Company’s net investment income this quarter was supported by elevated prepayment and other fee activity in the portfolio, and the Company’s strong net income this quarter was primarily driven by unrealized gains from the impact of credit spread tightening on the valuation of the Company’s portfolio.

Reported net asset value (NAV) per share was $16.08 at June 30, 2020 as compared to reported NAV per share of $15.57 at March 31, 2020, or adjusted NAV per share of $15.07 at March 31, 2020 (which accounts for the impact of the 50 cents aggregate special dividends per share that were paid during Q2). The leading driver of this quarter’s NAV per share growth was $0.72 per share of unrealized gains from the impact of credit spread tightening on the valuation of the Company’s investments.

The Company announced that its Board of Directors has declared a third quarter 2020 base dividend of $0.41 per share for shareholders of record as of September 15, 2020, payable on October 15, 2020. No supplemental dividends were declared relating to Q2 earnings as a result of the NAV test on the Company’s dividend framework, which specifies that no supplemental dividends are declared if pro forma NAV per share (adjusted for the impact of any supplemental dividends) over the current and preceding quarter declines by more than 15 cents per share. Any downward impact to NAV per share as a result of special dividends are added back for the purposes of this NAV test.

Based on the Company’s current outlook and assuming no material declines to NAV per share as a result of exogenous events (like the market volatility observed in March), the Company would expect to resume declaring supplemental dividends on over-earnings in Q3, provided that reported NAV per share at September 30, 2020 is greater than $14.92.

 

Net Investment Income

Q2 2020 ($MM):

$39.5

Q2 2020 (per share):

$0.59

 

Net Income

Q2 2020 ($MM):

$95.9

Q2 2020 (per share):

$1.43

 

NAV

Q2 2020 ($MM):

$1,083

Q2 2020 (per share):

$16.08

 

Dividend (per share)

Q2 2020 (Base):

$0.41

LTM Q2’20 (Base):

$1.60

LTM Q2’20 (Supp/Special):

$0.64

LTM Q2’20 (Total):

$2.24

 


1


The following information was filed by Tpg Specialty Lending, Inc. (TSLX) on Tuesday, August 4, 2020 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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