NYSE$TSLX

Sixth Street Specialty Lending Inc · Q3 2021 earnings

Q3 2021 earnings · · Investor relations

Briefing

Reported adjusted net investment income of $0.55 per share and adjusted net income of $0.80 per share.

Sixth Street Specialty Lending, Inc. reported an adjusted net investment income of $0.55 per share and an adjusted net income of $0.80 per share for the third quarter ended September 30, 2021. The net asset value (NAV) per share was $17.18 at September 30, 2021, compared to $16.85 at June 30, 2021.

  • Adjusted net investment income per share was $0.55.
  • Adjusted net income per share was $0.80.
  • NAV per share was $17.18 at September 30, 2021.
  • The Board of Directors declared a fourth quarter 2021 base dividend of $0.41 per share.

Headline financials

Total Revenue

$71.2M

No prior period
EPS (adj)

$0.55

No prior period
Yield at Fair Value

9.9%

No prior period
First Lien Debt Investments (% FV)

92.5%

No prior period
Net Income

$55M

No prior period
Operating Income

$36.6M

No prior period
Cash & Equivalents

$18.3M

No prior period
Total Assets

$2.44B

No prior period

Revenue & EPS history

Sixth Street · Revenue · Quarterly

$71.2M

Q3 2021
Beat estimate in 5 of 15 quarters(33%)
ActualEstimate

Forward guidance

The Company believes that given the strength in the earnings power of its portfolio, the ongoing cadence of supplemental and special dividends, and expectations for operating in its targeted debt-to-equity range, reinvesting in its existing portfolio at prices starting below 1.05x book would be highly ROE-accretive with a short payback period compared to any dilution in net asset value per share.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q3 2021

Historical avgQ3 2021

+0.9%

Avg return

Earnings day

-1.1%

Avg return

5 days after

-0.5%

Avg return

30 days after

68%

13 / 19 earnings

Positive

+4.6%

Q3 2023

Best reaction

-4.4%

Q4 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+2.8%-11.3%-11.8%
Q4 2025-4.4%-4.3%-11.5%
Q3 2025-1.4%-6.4%-1.6%
Q1 2025-0.6%-0.9%+11.5%
Q4 2024+2.2%+2.9%-3.0%
Q3 2024+1.0%+1.3%+7.2%
Q2 2024-0.8%-5.0%+1.1%
Q1 2024-3.7%-3.0%+1.5%
Q4 2023+1.9%+1.6%-2.8%
Q3 2023+4.6%+2.9%+6.3%
Q2 2023+4.5%+2.5%+1.4%
Q1 2023+0.4%-2.6%+4.3%
Q4 2022+3.2%+0.3%-9.4%
Q3 2022+0.2%+1.2%+3.2%
Q2 2022-0.5%-0.6%-2.8%
Q1 2022+1.7%-0.2%-3.7%
Q4 2021+1.7%+0.0%-4.0%
Q3 2021+0.3%+1.5%+0.4%
Q4 2020+3.1%-0.1%+3.6%

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