Exhibit 99.1

 

 

k

first Quarter 2021 Earnings Results

 

Sixth Street Specialty Lending, Inc. Reports First Quarter Adjusted Net Investment Income Per Share of $0.53 and NAV Per Share of $16.47; Declares a Second Quarter Base Dividend Per Share of $0.41 and a First Quarter Supplemental Dividend Per Share of $0.06

NEW YORK—May 4, 2021— Sixth Street Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported adjusted net investment income of $0.53 per share and adjusted net income of $0.88 per share for the first quarter ended March 31, 2021. These results correspond to an annualized return on equity (ROE) on adjusted net investment income and adjusted net income of 13.3% and 22.1%, respectively.

Both adjusted net investment income per share and adjusted net income per share exclude approximately $0.07 per share of capital gains incentive fee expenses that were accrued, but not paid or payable, 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. Including the impact of the accrued capital gains incentive fee expenses, the Company’s net investment income and net income for the quarter ended March 31, 2021 were $32.3 million, or $0.46 per share, and $56.7 million, or $0.81 per share, respectively. The Company’s strong net investment income in the first quarter continued to be a function of robust net interest margin attributable to its floating rate liability structure in a low-rate environment, in conjunction with the LIBOR floors on its debt investments. Net investment income was also supported by higher interest and dividend income from an increase in the average size of the portfolio, as well as fee income from portfolio prepayment activity.

Reported net asset value (NAV) per share was $16.47 at March 31, 2021 as compared to $17.16 or a pro forma NAV per share of $15.86 at December 31, 2020 (which accounts for the impact of the $1.25 per share special dividend and $0.05 per share fourth quarter 2020 supplemental dividend). The drivers of this quarter’s NAV per share growth were the accretion from the Company’s follow-on equity raise, the continued overearning of the Company’s base quarterly dividend, net realized and unrealized gains related to portfolio-company specific events, and net 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 second quarter 2021 base dividend of $0.41 per share to shareholders of record as of June 15, 2021, payable on July 15, 2021, and a first quarter supplemental dividend of $0.06 per share to shareholders of record as of May 28, 2021, payable on June 30, 2021. Adjusted for the impact of the supplemental dividend related to this quarter’s earnings, the Company’s Q1 pro forma NAV per share was $16.41.

In February 2021, the Company issued a total of 4,000,000 shares of common stock at $21.30 per share. Net of underwriting fees and offering costs, the Company received total cash proceeds of $84.9 million. Subsequent to the offering, the Company issued an additional 49,689 shares in March 2021 pursuant to the overallotment option granted to underwriters and received, net of underwriting fees, total cash proceeds of $1.0 million.

 

 

 

Net Investment Income Per Share

Q1 2021 (adjusted):

            $0.53

Q1 2021:

            $0.46

 

Net Income Per Share

Q1 2021 (adjusted):

       $0.88

Q1 2021:

      $0.81

 

Annualized ROE

Q1 2021 (Adj NII):

13.3%

Q1 2021 (Adj NI):

22.1%

Q1 2021 (NII):

11.7%

Q1 2021 (NI):

20.5%

 

NAV

Q1 2021 ($MM):

$1,185.3

Q1 2021 (per share)

$16.47

Q1 2021 (per share, PF):

$16.41

 

Dividends Declared (per share)

Q1 2021 (Base):

$0.41

LTM Q1’21 (Base):

$1.64

LTM Q1’21 (Supp/Special):

$1.40

LTM Q1’21 (Total):

$3.04

 

 

 

1

 


 

 

 

Portfolio and Investment Activity

 

 

 

 

For the quarter ended March 31, 2021, new investment commitments totaled $145.4 million. This compares to $526.0 million for the quarter ended December 31, 2020.

For the quarter ended March 31, 2021, the principal amount of new investments funded was $130.4 million in two new portfolio companies and six existing portfolio companies. For this period, the Company had $85.1 million aggregate principal amount in exits and repayments. For the quarter ended December 31, 2020, the principal amount of new investments funded was $449.8 million in ten new portfolio companies and ten existing portfolio companies. For that period, the Company had $265.7 million aggregate principal amount in exits and repayments.

As of March 31, 2021 and December 31, 2020, the Company had investments in 68 and 70 portfolio companies, respectively, with an aggregate fair value of $2,382.7 million and $2,298.9 million, respectively. As of March 31, 2021, the average investment size in each portfolio company was $35.0 million based on fair value.

As of March 31, 2021, the Company’s portfolio based on fair value consisted of 94.9% first-lien debt investments, 0.2% second-lien debt investments, 0.6% mezzanine investments, and 4.3% equity and other investments. As of December 31, 2020, the Company’s portfolio based on fair value consisted of 95.6% first-lien debt investments, 0.2% second-lien debt investments, 0.5% mezzanine investments, and 3.7% equity and other investments.

As of March 31, 2021 and December 31, 2020 approximately 95.1% and 95.8% of the portfolio was invested in secured debt, respectively.

As of March 31, 2021, 99.0% of debt investments based on fair value in the portfolio bore interest at floating rates (when including investment specific hedges), with 99.2% of these subject to LIBOR floors. The Company’s credit facilities also bear interest at floating rates. In connection with the Company’s Convertible Notes and other Notes, which bear interest at fixed rates, the Company has entered into fixed-to-floating interest rate swaps in order to align the nature of the interest rates of its liabilities with its investment portfolio.

As of March 31, 2021 and December 31, 2020, the weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 9.8% and 10.0%, respectively, and the weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 10.1% and 10.2% for the quarter ended March 31, 2021 and December 31, 2020, respectively.

As of March 31, 2021, 0.02% of the portfolio at fair value was on non-accrual status, as compared to 0.9% at December 31, 2020. No new portfolio companies were added to non-accrual during the quarter.

 

 

1.

Calculation includes income earning debt investments only.

 

Origination Activity

Commitments:

$145.4MM

Fundings:

$130.4MM

Net Fundings:

$45.3MM

 

 

Average Investment Size

$35.0MM
(1.5% of the portfolio at fair value)

 

 

First Lien Debt Investments (% FV)

94.9%

 

Secured Debt Investments (% FV)

95.1%

 

 

Floating Rate Debt Investments1

(% FV)

99.0%

 

Weighted Average Yield of Debt and Incoming-Producing Securities

Yield at Fair Value:

9.8%

Yield at Amortized Cost:

10.1%

 

 

 

 

 

 

 

 

 

2

 


 

 

 

Results of Operations for the Three Months Ended march 31, 2021

 

 

Total Investment Income

 

For the three months ended March 31, 2021 and 2020, investment income remained relatively flat at $66.2 million and $66.3 million, respectively.

 

Net Expenses

 

Net expenses totaled $33.4 million and $31.6 million for the three months ended March 31, 2021 and 2020, respectively. The increase in expenses was primarily driven by accrued capital gains incentive fees related to cumulative unrealized capital gains in excess of cumulative net realized capital gains less cumulative unrealized losses and capital gains incentive fees paid inception-to-date. This was partially offset by lower interest expense resulting from a decrease in the average interest rate on debt outstanding.

 

Debt and Capital Resources

 

As of March 31, 2021, the Company had $20.0 million in cash and cash equivalents (including $16.3 million of restricted cash), total principal value of debt outstanding of $1,095.7 million, and $1,329.6 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations. The Company’s weighted average interest rate on debt outstanding was 2.3% for both the three-month periods ended March 31, 2021 and December 31, 2020. At March 31, 2021, the Company’s debt to equity ratio was 0.92x, compared to 0.95x at December 31, 2020. Average debt to equity was 0.93x for the three-month period ended March 31, 2021, compared to 0.87x for the three-month period ended December 31, 2020.

 

1.

Pro-forma for the payment of the special dividend with record date in Q1 2021, quarter end leverage is 1.00x

2.

Daily average debt outstanding during the quarter divided by the daily average net assets during the quarter. Daily average net assets is calculated by starting with the prior quarter end net asset value and adjusting for capital activity during the quarter (adding common stock offerings / DRIP contributions).

Total Investment Income

$66.2MM

 

 

 

Net Expenses

$33.4MM

 

 

 

 

 

Total Principal Debt Outstanding

$1,095.7MM

 

Debt-to-Equity Ratio

Q1 2021 Quarter End1:

0.92x

Q1 2021 Average2:

0.93x

 

 

 

 

 

 

3

 


 

 

 

LIQUIDITY AND FUNDING PROFILE

 

Liquidity

The following tables summarize the Company’s liquidity at March 31, 2021 and changes to unfunded commitments since December 31, 2020.

 

Revolving Credit Facility

 

Unfunded Commitment Activity

Revolver Capacity

$1,485

 

Unfunded Commitments (See Note 8 in 12/31/20 10-K)

$193

Drawn on Revolver

($155)

 

Extinguished Unfunded Commitments

($21)

Unrestricted Cash Balance

$4

 

New Unfunded Commitments

$16

Total Liquidity (Pre-Unfunded Commitments)

$1,334

 

Net Drawdown of Unfunded Commitments

($26)

Available Unfunded Commitments1

($93)

 

Total Unfunded Commitments

$162

Total Liquidity (Burdened for Unfunded Commitments)

$1,241

 

Unavailable Unfunded Commitments1

($69)

 

 

 

Available Unfunded Commitments1

$93

1.

Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

Note: May not sum due to rounding.

 

Funding Profile

At March 31, 2021, the Company’s funding mix was comprised of 86% unsecured and 14% secured debt. As illustrated below, the Company’s nearest debt maturity is in August 2022 at $143 million, and the weighted average remaining life of investments funded with debt was ~2.4 years, compared to a weighted average remaining maturity on debt of ~4.3 years.

*Includes $95 million of non-extending commitments with a maturity of January 31, 2025 and a revolving period ending January 31, 2024. Note that in April 2021, $70 million of these commitments were extended to a maturity date of February 4, 2026 and a revolving period ending February 4, 2025.

1.

Net of Deferred Financing Costs and Interest Rate Fair Value Hedging. Deferred Financing Costs total $21.4M at 3/31/20, $19.7M at 6/30/20, $18.4M at 9/30/20, $17.2M at 12/31/20 and $23.7M at 3/31/21. Fair value hedge on interest rate swaps related to the 2024 and 2026 notes total $17.0M at 3/31/20, $19.3M at 6/30/20, $18.1M at 9/30/20, $16.8M at 12/31/20 and $2.2M at 3/31/21.

2.

Weighted by amortized cost of debt investments. Investments are financed by debt and permanent equity capital.  This analysis assumes longer-dated investments are currently funded by permanent equity capital (51% of investments) and the remaining (shorter-dated) investments (49% of investments) are currently funded by debt financing. Investments for purposes of this analysis exclude unfunded commitments, and permanent equity capital is defined as 3/31/21 net assets.

3.

Weighted by gross commitment amount.

Note: Numbers may not sum due to rounding.

4

 


 

 

Conference Call and Webcast

 

Conference Call Information:

A conference call to discuss the Company’s financial results will be held live at 8:30 a.m. Eastern Time on May 5, 2021. Please visit TSLX’s webcast link located on the Events & Presentations page of the Investor Resources section of TSLX’s website http://www.sixthstreetspecialtylending.com for a slide presentation that complements the Earnings Conference Call. Please visit the website to test your connection before the webcast.

Participants are also invited to access the conference call by dialing one of the following numbers:

Domestic: (877) 359-9508

International: +1 (253) 237-1122

Conference ID: 9277414

All callers will need to enter the Conference ID followed by the # sign and reference “Sixth Street Specialty Lending” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.

 

Replay Information:

An archived replay will be available from approximately 12:00 p.m. Eastern Time on May 5 through May 12 via a webcast link located on the Investor Resources section of TSLX’s website, and via the dial-in numbers listed below:

Domestic: (855) 859-2056

International: +1 (404) 537-3406

Conference ID: 9277414

5

 


 

 

Financial Highlights

 

(Amounts in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

 

 

December 31, 2020

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at Fair Value

 

$

 

2,382.7

 

 

 

$

 

2,298.9

 

 

 

$

 

2,045.6

 

 

Total Assets

 

$

 

2,417.9

 

 

 

$

 

2,338.6

 

 

 

$

 

2,081.7

 

 

Net Asset Value Per Share

 

$

 

16.47

 

 

 

$

17.16

 

 

 

$

15.57

 

 

Supplemental Dividend Per Share

 

$

 

0.06

 

 

 

$

 

0.05

 

 

 

$

 

0.00

 

 

Special Dividend Per Share

 

$

 

0.00

 

 

 

$

1.25

 

 

 

$

 

0.50

 

 

Pro Forma Net Asset Value Per Share (1)

 

$

 

16.41

 

 

 

$

15.86

 

 

 

$

 

15.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Income

 

$

66.2

 

 

 

$

62.2

 

 

 

$

 

66.3

 

 

Net Investment Income

 

$

32.3

 

 

 

$

32.8

 

 

 

$

33.7

 

 

Net Income (Loss)

 

$

56.7

 

 

 

$

53.5

 

 

 

$

(53.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Investment Income Per Share(2)

 

$

0.53

 

 

 

$

0.50

 

 

 

$

0.51

 

 

Adjusted Net Income (Loss) Per Share(2)

 

$

 

0.88

 

 

 

$

 

0.81

 

 

 

$

(0.80)

 

 

Accrued Capital Gains Incentive Fee Expense

 

$

0.07

 

 

 

$

0.02

 

 

 

$

0.00

 

 

Net Investment Income Per Share

 

$

0.46

 

 

 

$

0.48

 

 

 

$

0.51

 

 

Net Income (Loss) Per Share

 

$

0.81

 

 

 

$

0.79

 

 

 

$

(0.80)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized Return on Equity (Adjusted Net Investment Income) (2) (3)

 

 

 

13.3

 

%

 

 

 

12.0

 

%

 

 

 

12.0

 

%

Annualized Return on Equity (Adjusted Net Income (Loss)) (2) (3)

 

 

22.1

 

%

 

 

 

19.2

 

%

 

 

(18.9)

 

%

Annualized Return on Equity (Net Investment Income)(3)

 

 

 

11.7

 

%

 

 

 

11.5

 

%

 

 

 

12.0

 

%

Annualized Return on Equity (Net Income (Loss))(3)

 

 

 

20.5

 

%

 

 

 

18.7

 

%

 

 

 

(18.9)

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Yield of Debt and Income Producing Securities at Fair Value

 

 

 

9.8

 

%

 

 

10.0

 

%

 

 

10.2

 

%

Weighted Average Yield of Debt and Income Producing Securities at Amortized Cost

 

 

10.1

 

%

 

 

10.2

 

%

 

 

9.9

 

%

Percentage of Debt Investment Commitments at Floating Rates (4)

 

 

 

99.0

 

%

 

 

 

99.1

 

%

 

 

 

99.4

 

%

 

 

1.

Pro forma net asset value per share gives effect to the supplemental dividend declared related to earnings or special dividend in the applicable period.

 

2.

Adjusted to exclude the capital gains incentive fee that was 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.

 

3.

Return on equity is calculated using prior period’s ending net asset value per share.

 

4.

Includes one or more fixed rate investments for which the Company entered into an interest rate swap agreement to swap to floating rate. Calculation includes income earning debt investments only.

6

 


 

 

Financial Statements and Tables

 

Sixth Street Specialty Lending, Inc.
Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $2,258,598 and $2,187,427, respectively)

 

$

2,329,835

 

 

$

2,249,302

 

Non-controlled, affiliated investments (amortized cost of $12,835 and $12,892, respectively)

 

 

14,917

 

 

 

12,892

 

Controlled, affiliated investments (amortized cost of $60,027 and $58,709, respectively)

 

 

37,994

 

 

 

36,676

 

Total investments at fair value (amortized cost of $2,331,460 and $2,259,028, respectively)

 

 

2,382,746

 

 

 

2,298,870

 

Cash and cash equivalents (restricted cash of $16,315 and $10,815, respectively)

 

 

19,992

 

 

 

13,274

 

Interest receivable

 

 

10,878

 

 

 

8,583

 

Prepaid expenses and other assets

 

 

4,294

 

 

 

17,866

 

Total Assets

 

$

2,417,910

 

 

$

2,338,593

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $23,730 and $17,246, respectively)

 

$

1,070,633

 

 

$

1,110,363

 

Management fees payable to affiliate

 

 

8,782

 

 

 

8,435

 

Incentive fees payable to affiliate

 

 

13,747

 

 

 

8,673

 

Dividends payable

 

 

119,409

 

 

 

27,728

 

Other payables to affiliate

 

 

2,971

 

 

 

2,632

 

Other liabilities

 

 

17,036

 

 

 

19,447

 

Total Liabilities

 

 

1,232,578

 

 

 

1,177,278

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares

   issued and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 72,266,042 and 67,980,253 shares issued, respectively; and 71,969,998 and 67,684,209 shares outstanding, respectively

 

 

723

 

 

 

680

 

Additional paid-in capital

 

 

1,115,370

 

 

 

1,025,676

 

Treasury stock at cost; 296,044 and 296,044 shares held, respectively

 

 

(4,291

)

 

 

(4,291

)

Distributable earnings

 

 

73,530

 

 

 

139,250

 

Total Net Assets

 

 

1,185,332

 

 

 

1,161,315

 

Total Liabilities and Net Assets

 

$

2,417,910

 

 

$

2,338,593

 

Net Asset Value Per Share

 

$

16.47

 

 

$

17.16

 

 

7

 


 

 

 

Sixth Street Specialty Lending, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

 

March 31, 2021

 

 

March 31, 2020

 

 

Income

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

61,765

 

 

$

60,766

 

 

Dividend income

 

 

507

 

 

 

432

 

 

Other income

 

 

2,277

 

 

 

2,787

 

 

Total investment income from non-controlled, non-affiliated investments

 

 

64,549

 

 

 

63,985

 

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

211

 

 

 

1,236

 

 

Dividend income

 

 

545

 

 

 

 

 

Other income

 

 

 

 

 

19

 

 

Total investment income from non-controlled, affiliated investments

 

 

756

 

 

 

1,255

 

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

936

 

 

 

1,027

 

 

Other income

 

 

1

 

 

 

3

 

 

Total investment income from controlled, affiliated investments

 

 

937

 

 

 

1,030

 

 

Total Investment Income

 

 

66,242

 

 

 

66,270

 

 

Expenses

 

 

 

 

 

 

 

 

 

Interest

 

 

8,953

 

 

 

12,910

 

 

Management fees

 

 

8,738

 

 

 

8,165

 

 

Incentive fees

 

 

12,326

 

 

 

7,140

 

 

Professional fees

 

 

1,395

 

 

 

1,645

 

 

Directors’ fees

 

 

194

 

 

 

228

 

 

Other general and administrative

 

 

1,866

 

 

 

1,510

 

 

Total expenses

 

 

33,472

 

 

 

31,598

 

 

Management and incentive fees waived

 

 

 

 

 

 

 

Net Expenses

 

 

33,472

 

 

 

31,598

 

 

Net Investment Income Before Income Taxes

 

 

32,770

 

 

 

34,672

 

 

Income taxes, including excise taxes

 

 

460

 

 

 

1,010

 

 

Net Investment Income

 

 

32,310

 

 

 

33,662

 

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

9,363

 

 

 

(92,759

)

 

Non-controlled, affiliated investments

 

 

2,082

 

 

 

(1,394

)

 

Controlled, affiliated investments

 

 

(1

)

 

 

(13,507

)

 

Translation of other assets and liabilities in foreign currencies

 

 

133

 

 

 

13,799

 

 

Interest rate swaps

 

 

(1,822

)

 

 

9,181

 

 

Total net change in unrealized gains (losses)

 

 

9,755

 

 

 

(84,680

)

 

Realized gains (losses):

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

14,619

 

 

 

75

 

 

Non-controlled, affiliated investments

 

 

(33

)

 

 

 

 

Controlled, affiliated investments

 

 

 

 

 

(2,097

)

 

Foreign currency transactions

 

 

1

 

 

 

(59

)

 

Total net realized gains (losses)

 

 

14,587

 

 

 

(2,081

)

 

Total Net Unrealized and Realized Gains (Losses)

 

 

24,342

 

 

 

(86,761

)

 

Increase (Decrease) in Net Assets Resulting from Operations

 

$

56,652

 

 

$

(53,099

)

 

Earnings (Loss) per common share—basic

 

$

0.81

 

 

$

(0.80

)

 

Weighted average shares of common stock outstanding—basic

 

 

69,691,162

 

 

 

66,656,280

 

 

Earnings (Loss) per common share—diluted

 

$

0.75

 

 

$

(0.80

)

 

Weighted average shares of common stock outstanding—diluted

 

 

77,356,492

 

 

 

66,656,280

 

 

8

 


 

 

 

The Company’s investment activity for quarter ended March 31, 2021 and 2020 is presented below (information presented herein is at par value unless otherwise indicated).

 

 

Three Months Ended

 

($ in millions)

 

March 31, 2021

 

 

March 31, 2020

 

New investment commitments:

 

 

 

 

 

 

 

 

Gross originations

 

$

381.6

 

 

$

247.9

 

Less: Syndications/sell downs

 

 

236.2

 

 

 

113.9

 

Total new investment commitments

 

$

145.4

 

 

$

134.0

 

Principal amount of investments funded:

 

 

 

 

 

 

 

 

First-lien

 

$

129.2

 

 

$

79.8

 

Second-lien

 

 

 

 

 

0.2

 

Mezzanine

 

 

 

 

 

0.3

 

Equity and other

 

 

1.2

 

 

 

 

Total

 

$

130.4

 

 

$

80.3

 

Principal amount of investments sold or repaid:

 

 

 

 

 

 

 

 

First-lien

 

$

81.1

 

 

$

211.9

 

Second-lien

 

 

 

 

 

 

Mezzanine

 

 

 

 

 

 

Equity and other

 

 

4.0

 

 

 

 

Total

 

$

85.1

 

 

$

211.9

 

Number of new investment commitments in

   new portfolio companies

 

 

2

 

 

 

3

 

Average new investment commitment amount in

   new portfolio companies

 

$

36.3

 

 

$

41.4

 

Weighted average term for new investment

   commitments in new portfolio companies

   (in years)

 

 

5.0

 

 

 

5.0

 

Percentage of new debt investment commitments

   at floating rates

 

 

100.0

%

 

 

100.0

%

Percentage of new debt investment commitments

   at fixed rates

 

 

 

 

 

 

Weighted average interest rate of new

   investment commitments

 

 

9.8

%

 

 

10.9

%

Weighted average spread over LIBOR of new

   floating rate investment commitments

 

 

9.6

%

 

 

9.3

%

Weighted average interest rate on investments

   fully sold or paid down

 

 

11.0

%

 

 

9.3

%

 

9

 


 

 

 

About Sixth Street Specialty Lending

Sixth Street Specialty Lending is a specialty finance company focused on lending to middle-market companies. The Company seeks to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine loans and investments in corporate bonds and equity securities. The Company has elected to be regulated as a business development company, or a BDC, under the Investment Company Act of 1940 and the rules and regulations promulgated thereunder. The Company is externally managed by Sixth Street Specialty Lending Advisers, LLC, an affiliate of Sixth Street and a Securities and Exchange Commission (“SEC”) registered investment adviser. The Company leverages the deep investment, sector, and operating resources of Sixth Street, a global investment firm with over $50 billion of assets under management. For more information, visit the Company’s website at www.sixthstreetspecialtylending.com.

 

About Sixth Street

Sixth Street is a global investment firm with over $50 billion in assets under management and committed capital. We operate nine diversified, collaborative investment platforms: TAO, Growth, Specialty Lending, Fundamental Strategies, Infrastructure, Opportunities, Insurance, Agriculture, and Credit Market Strategies. Our long-term oriented, highly flexible capital base and "One Team" cultural philosophy allow us to invest thematically across sectors, geographies, and asset classes. Founded in 2009, Sixth Street has more than 320 team members including over 145 investment professionals in nine locations around the world. For more information about Sixth Street, visit www.sixthstreet.com.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements,” which relate to future events or the Company’s future performance or financial condition, including expectations with respect to the Company’s portfolio companies. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update any such forward-looking statements.

 

 

Investors:

Lucy Lu, 212–601-4753
Sixth Street Specialty Lending
IRTSLX@sixthstreet.com

 

Media:

Patrick Clifford, 617-793-2004
Sixth Street
PClifford@sixthstreet.com

10

 

View differences made from one to another to evaluate Tpg Specialty Lending, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tpg Specialty Lending, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account