Sixth Street Specialty Lending ( NYSE: TSLX ) turned in better-than-expected Q4 results Thursday as the business development company's elevated repayment activity as well as strong core earnings power from its portfolio drove higher net investment income.
Q4 net investment income per share of $0.65, topping the average analyst estimate of $0.57, climbed from $0.47 in Q3 and from $0.63 in the year-ago quarter.
Total investment income of $100.1M, exceeding the $94.1M consensus, rose from $78.3M a year earlier, mostly reflecting higher interest from investments driven by increased all-in yields.
Net asset value per share stood at $16.48 at Dec. 31, 2022, up from $16.36 at Sept. 30, 2022.
New investment commitments totaled $241.4M compared with $384.6M in the prior quarter. The principal amount of new investments funded was $211.9M across seven new portfolio companies, five existing portfolio companies and one structured credit position.
TSLX edged higher by 1.7% in after-hours trading.
Conference call on Feb. 17 at 8:30 a.m. ET.
Earlier, Sixth Street Specialty Lending NII of $0.65 beats by $0.07, total investment income of $100.1M beats by $6.02M .
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Sixth Street Specialty Lending posts Q4 earnings beat on elevated repayment activity