Sixth Street Specialty Lending, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total investments at fair value increased to $3,441.1 million, up from $3,283.1 million at the end of 2023. The amortized cost of these investments also rose to $3,431.1 million from $3,251.0 million. Cash and cash equivalents, including restricted cash, grew to $29.7 million from $25.2 million.
The company’s total assets increased to $3,529.9 million, with total net assets rising to $1,597.2 million, compared to $1,496.4 million at the end of 2023. The net asset value per share increased to $17.12 from $17.04. However, the increase in net assets resulting from operations for the three months ended September 30, 2024, was $40.7 million, a decline from $64.8 million in the same period of 2023. For the nine months ended September 30, 2024, this figure was $135.6 million, down from $170.9 million year-over-year.
Investment income showed positive growth, with total investment income for the three months ended September 30, 2024, reaching $119.2 million, compared to $114.4 million in the prior year. For the nine months, total investment income was $358.8 million, up from $318.5 million. Net investment income for the three months was $54.9 million, an increase from $49.9 million, while for the nine months, it rose to $162.4 million from $141.7 million.
The company’s earnings per share for the three months ended September 30, 2024, was $0.44, down from $0.74 in the same period of 2023. For the nine months, earnings per share decreased to $1.48 from $2.03. The weighted average total yield of debt and income-producing securities at fair value decreased to 13.1% from 14.1% at the end of 2023.
In terms of strategic developments, the company issued 4 million shares of common stock in March 2024, netting $81.5 million, and an additional 600,000 shares in April for $11.9 million. The company also reported a total debt of $2,997.5 million as of September 30, 2024, with a significant portion of its investments in first-lien debt, which constituted 93.2% of its portfolio.
Overall, while Sixth Street Specialty Lending, Inc. experienced growth in total investments and income, it faced challenges in net asset increases and earnings per share compared to the previous fiscal period.
About Sixth Street Specialty Lending, Inc.
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