The following is a summary of the Sixth Street Specialty Lending, Inc. (TSLX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sixth Street reported Q1 adjusted net investment income of $0.58 per share, an annualized return on equity of 13.6%, and adjusted net income of $0.52 per share, an annualized return on equity of 12.3%.

• The weighted average reference rate resets on debt and income-producing securities declined modestly by 5 basis points.

• Total investments increased by 3% from the previous quarter, totaling $3.4 billion.

• Prior to the impact of the supplemental dividend declared, the company's net asset value per share amounted to $17.17.

• A base quarterly dividend of $0.46 per share and a supplemental dividend of $0.06 per share were approved.

Business Progress:

• The company's improved funding mix and liquidity profile have been aided by the completion of a $350 million long 5-year bond offering.

• An equity raise and extension of a revolving credit facility were successfully completed.

• The final maturity on $1.5 billion of the $1.7 billion revolving credit facility commitments was extended until April 2029.

• Total commitments and total fundings for Q1 amounted to $264 million and $163 million respectively.

• The portfolio's performance rating improved to 1.15 from last quarter's rating of 1.16, reflecting growth from new investments.

• The company expects to see opportunities to deploy capital for restructuring companies due to potential long-term interest rate increases.

• Expectations for the near future include net portfolio growth and balance sheet stability, albeit not as significant as the growth witnessed over the past 18 months.

• The firm maintains a strong liquidity position of approximately $750 million.

More details: Sixth Street Specialty Lending IR

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