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

 


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