Exhibit 99.1

 

 

 

full year and fourth Quarter 2020 Earnings Results

 

Sixth Street Specialty Lending, Inc. Reports Full Year and Fourth Quarter 2020 Earnings Results; Declares a Special Dividend Per Share of $1.25, a First Quarter Base Dividend Per Share of $0.41, and a Fourth Quarter Supplemental Dividend Per Share of $0.05

 

 

NEW YORK—February 17, 2021— Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $147.0 million, or $2.19 per share, and net income of $178.1 million, or $2.65 per share, for the year ended December 31, 2020. For the quarter ended December 31, 2020, net investment income was $32.8 million, or $0.48 per share, and net income was $53.5 million or $0.79 per share. Both these amounts include approximately $0.02 per share of capital gains incentive fee expenses that were accrued, but not paid, related to cumulative unrealized capital gains in excess of cumulative net realized capital gains less any cumulative unrealized losses and capital gains incentive fees paid inception to date. Excluding the impact of the accrued capital gains-related incentive fee expenses, the Company’s net investment income per share and net income per share for the quarter ended December 31, 2020 were $0.50 and $0.81, respectively.

Return on equity (ROE) for the full year 2020 was 13.0% and 15.8% on a net investment income and a net income basis, respectively. Annualized ROE for the fourth quarter 2020 was 11.5% and 18.7% on a net investment income and a net income basis, respectively.

Reported net asset value (NAV) per share was $17.16 at December 31, 2020 as compared to reported NAV per share of $16.87 at September 30, 2020. The drivers of this quarter’s NAV per share growth were the Company’s continued overearning of its base quarterly dividend, net realized and unrealized gains related to portfolio-company specific events, and 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 (the “Board”) has declared a special cash dividend per share of $1.25 that will be payable on April 8, 2021 to shareholders of record as of March 25, 2021.The Company’s Board has also declared a first quarter 2021 base dividend of $0.41 per share to shareholders of record as of March 15, 2021, payable on April 15, 2021. In addition, the Board declared a Q4 2020 supplemental dividend of $0.05 per share to shareholders of record as of February 26, 2021, payable on March 31, 2021.

On February 3, 2021, the Company issued $300.0 million aggregate principal amount of unsecured notes that mature on August 1, 2026 (the “2026 Notes”) at a spread to Treasury of 225 basis points. The Company used the net proceeds of the 2026 Notes to repay outstanding indebtedness under the Revolving Credit Facility. In connection with the issuance of the 2026 Notes, the Company entered into an interest rate swap to continue to align the interest rates of its liabilities with its investment portfolio, which consists of predominantly floating rate loans.

On February 5, 2021, the Company completed an amendment to its Revolving Credit Facility, which increased the aggregate commitments under the facility from $1.335 billion to $1.485 billion, increased the accordion to allow for commitments of up to $2.00 billion from $1.75 billion, and extended the stated maturity date to February 4, 2026 for $1.390 billion of commitments. Other key terms of the Revolving Credit Facility remain unchanged.

 

Net Investment Income

2020 ($MM):

Q4 2020 ($MM):

$147.0

$32.8

2020 (per share)

Q4 2020 (per share):

$2.19

$0.48

 

Net Income

2020 ($MM):

Q4 2020 ($MM):

$178.1

$53.5

2020 (per share)

Q4 2020 (per share):

$2.65

$0.79

 

ROE

2020 (NII):

Q4 2020 (NII, annualized):

13.0%

11.5%

2020 (NI):

Q4 2020 (NI, annualized):

15.8%

18.7%

 

NAV

Q4 2020 ($MM):

$1,161.3

Q4 2020 (per share)

$17.16

Q4 2020 (per share, PF):

$15.86

 

Dividends Declared (per share)

Q4 2020 (Base):

$0.41

2020 (Base):

$1.64

2020 (Supp/Special):

$0.66

2020 (Total):

$2.30

 

 

 

1

 


The following information was filed by Tpg Specialty Lending, Inc. (TSLX) on Wednesday, February 17, 2021 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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