TSLX - Earnings call transcript Q1 2020 | Sixth Street Specialty Lending, Inc.

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Operator

Good morning, and welcome to TPG Specialty Lending, Inc.'s March 31, 2020 Quarterly Earnings Conference Call.

Before we begin today's call,

I would like to remind our listeners that remarks made during the call may contain forward-looking statements. Statements other than the statements of historical facts made during this call constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as result of a number of factors, including those described from time to time in TPG Specialty Lending, Inc.'s filings with the Securities and Exchange Commission. obligation any no forward-looking assumes company to such update statements. The

section. and company the also quarter earnings XXXX, Unless TPG www.tpgspecialtylending.com. to The of market in Specialty quarter its after yesterday noted, be remarks the with section issued Lending, available Investor ended is a Resources the closed, XX, presentation first on [Operator Yesterday XXXX. filed SEC. release under prepared the March the ended website, the figures with Investor the and the performance earnings Resources otherwise its company's all today's of XX-Q presentation first for mentioned press March reviewed website company's should posted conjunction Inc.'s release Form XX, Instructions] for in the as are

the I Inc. Lending, over will TPG Easterly, to of Officer Chief turn call now Executive Specialty Josh

Joshua Easterly

and my today you. our President, everyone, With Thank morning, Good Stanley; me CFO, thank you us. partner and joining our for Ian is and Bo Simmonds.

all foremost, TSLX gratitude care and Sixth this organization ones of at and all We our responders want health first time. First business essential to serving and for our broader to are communities you the loved level particularly express hope your and professionals, and Street workers challenging healthy. that our safe us during

working our in full members in with Street protect people, one have our our at serve our allows platform our team environment, early in which the to capacity and we of top Post-implementation of Sixth well-being broader of turn best this to health In all been business priorities March, moment. has of continuity shareholders' and been us capital. be and plan our nearly operating global

is of to maintaining to this essential and has collaboration the that new externally organization level environment, Our of communication, business. success both and our internally high quickly a adapted

transparency We public real-time balance hope updates stakeholders. and preliminary proactively our on months, results. past dialogue letters have consistent financial sheet ongoing to with helpful with maintain them issued the be Over business, culture an our few our and to and and you we found stakeholders with our

While next strength, no leading and the a taken one economic to we phase position entering could have the few of the downturn, nature over from events we actions are we years. of this timing past given believe the have sudden predicted

discuss risk As in and management Bo position will today. what a more liquidity, and capital and believe have be planning robust Ian to in our each framework detail, that resulted forward portfolio we we and funding defensive later

market behalf sure decisions make of with to things But we In daily building are our these shareholders. on in the to sheet, allocation with capital we part discipline roll benefit we of We those a constraints, is our provide of environment. focus which management sound will liquidity stakeholders. understanding I'm and capital clear believe a our will valuable only have us earnings always done differently. us that insights XXXX, hindsight, able of positions the would unraveled, immediate shifted following as our days risk out this weeks forward and our in balance and

XX% per annualized per with of With we yesterday, to market share loss earnings first context, equity are which turn an we a net that reported results to first on $X.XX. me quarter on return the closed XX. and consistent which the let investment results, After net quarter of April our provided income $X.XX, corresponds of preliminary share

of quarter our impact we on portfolio. this unrealized was loss the valuation credit the losses of net Our spreads by widening as driven reflected

and includes portfolio tightened we have LCD for fair the second my incorporating security all will first follows practice valuation expect something requirements the under for this well. retracing markets of XX% is securities our valuation for lien therefore, that as by XXX of for spreads and and in which points, XX% lien BDC 'XX in of lien. basis doing XX, act, widening QX March of Since BDCs the mind first and Note XX spread be and peers spreads lien which respectively, second

this from the losses to these all would pushing holds losses the absent permanent equal. periods, expect related future credit QX losses reversals an over to Assuming unrealized we into spread earnings unrealized time, else widening, effectively see of holding

impact asset approximately per share $X.X $XX.XX. payable special value that in of aggregate dividend net $XX.XX. our QX QX, of supplemental of quarter the includes In share at $XX.XX, from asset previously the per dividends Inclusive was were end X.X% forma value declined declared in net impact pro by the to which the QX,

the our more scores the business. portfolio this mentioned, at quarter's valuation and driver process for management the value through spread of for walk bridge the but share the reiterate primary detail, like of importance drivers will to Ian asset risk our impact other from losses the unrealized As the of in credit of widening arriving in tool portfolio. on per I'd the our decline $X.XX given was of mark

our investments. we the shared spread by in valuation quarterly into detail As in market all incorporating letters, of begins framework our valuation movements recent of our

average overlays next the factors as such each life over valuation and applicable step or adjustments for investment existence sector, a floor, respective reflecting to underperformance. LIBOR The expected as other of the the additional weighted bar-specific

approximately most relative broadly of the end, in the average our weighted market, of each remaining impact the first approximate Let average shorter mitigating life of movement spread portfolio. contractual was weighted five-year years. the portfolio's more weighted our average and to remaining short contractual life At of quarter And syndicated loan market life at compared factor X.X the XX% is me significant walk these detail. through the

and our debt underwrite loan with payment the average per and limitations have of approximately covenant-light, actual restricted a covenants basis, indebtedness XX% broadly making in as is even investments agreement By greater contrast, the we underlying the XX% volume our The payment life of market two shorter. effect such of flexibility loan financial of syndicated along agreements, on restricted agreements. weighted of into investments loan indebtedness approximately other features control and effective our

in visibility given Note this that quarter maturity factors namely our either contractual All expectations, of and X% approximately with X.X life, was Ferrellgas consistent resulting weighted post portfolio and a weighted fully at life of Ferrell our than our March quarter, or on end. quarter very shorter had remaining XX, expected that years Nektar these combined end. a average life post contractual Nektar were payoff average repaid portfolio both short

in mitigated investments, overall value mix. the end, the that our each to market less Therefore, we At XX% portfolios by On spreads of quarter spread of to incorporating to in overall credit of loan the fair sector the adjustments applied decline our sectors sensitive sector were approximately this portfolio. of our market.

floor have of LIBOR we for our averaged XX Finally, quarter X.X% to syndicated which of debt floors broadly the across market. compared points basis end approximately investments, XX.X% at a

As our impact risk discussed, us our the these our investment since in reflecting risks of place incorporate guide of framework us that process. it We portfolio, value and also fair process, a been floors valuation on help opportunities same have degree, widening to allow and on allows overall a management has help that our decision-making the in which the which us to mitigate, spread us market to believe we investments, inception. signals is regarding

quarter's this highlights. to back Moving

quarter declared payable XX, the dividend July our June per second $X.XX Yesterday, of shareholders to XX. share of of as base Board record

the quarter, no mechanics our net accordance Given in QX the with the framework, to dividend in NAV dividend share special in related on over was asset was asset supplemental $X.XX than our this current existing dividend of earnings. the the and inclusive any determined of or value for dividend. limiter decline which supplemental This supplemental by decline declared value net impact allows formula, per quarter, no preceding more of

operating and $X.XX to our did base at do the variety we $X.XX per a level portfolio because cash of determined beginning which world it as shift dividend, base by power do as new testing can increased this As it we a past sometimes at the dividend of this have relates share across unpredictably in quarterly this our this scenarios. levels we earnings We March. of liability ongoing that economic stress to from year,

of that no change medium in articulated near previously framework. a our dividend core Therefore, supported a to And strong level the we our by have be have we portfolio base dividend the term. confidence lease of plans type currently can to

walk like call the to I'd turn that, activities. over portfolio to our to through Bo With

Bo Stanley

Thanks, Josh.

the to in declines since both across liquidate quality meet resulted leveraged significant XXXX drove and credits and the price the the in markets This significant funds price the steepest In order of Given duration XXXX, since assets daily financial crisis. has rapid surplus shutdown, monthly supply economic requests. the low-quality to March looked market higher retail surrounding halt. was downturn loan and market as March low visibility markets, middle activity to there volatility during a M&A in liquid decline loan come in redemption loan

was across three XX% the commitments light the million in companies. our to fundings January as activity turbulence. which with new four fundings investments, existing new and backdrop, prior this were portfolio the Against three quarter, and comprise this $XXX expected, QX completed of of two $XX Of originations million of market

a opportunistic trading that $XX. market a in is $XX price secondary we The other now of small new investment was that made around late Vertafore, at purchase March

volatility secondary have return view. and there believe where we be we experienced markets XXXX with the will companies Similar the market respect and late differentiated risk to we to early in XXXX, outsized opportunities sectors to a

of the we liquid period, price markets as we and a following and You may XXXX, average weighted certain million debt the they as that to them at holdings in in recall out pull high XXs purchased rotated par. portfolio $XXX of back had loans approximately the secondary our XXXX in

inflect. of given period, provide set economic the in strategy XXXX, downturn economy origination and liquid horizons. impact opportunity companies parts pandemic direct as XXXX of think the amount for nature both teams different be from will be of U.S. will investments this and rolls term this the full us variant believe the speeds will longer We Different our time there and opportunistic and we destruction the to significant capital through in at need capital management COVID-XX ultimately to for

issuers. to BDC leveraged our of capital deploy on the into limited our is for And only open new have market Based ability peers observations, most investments. loan currently select

strong liquidity our the periods shareholders to position Street create with ahead. attractive we adjusted significant our optimistic returns are about and Sixth ability the very across in capital combined powder our platform, Given dry risk for highly our

of $XXX across partial two million $XXX quarter. were million There This fundings, QX paydowns activity. portfolio quarter's repayments four for this our in realizations. net and full combined resulted to with the Moving of

for QX our recognition lien loan of price the Associates in FILO blended our Forever ABL a of the our for loan term of repayments of and at Our XX Sears contractual at included $XXX.X, a DIP economics. for price majority first Curriculum ABL with our loan along $XXX,

Activity-related income for dividend base of these repayments supported quarter. overearning our the this

of repayment of fair full As Josh end, the mentioned, $XXX.X $XX to March value compared quarter post million $XXX.X Ferrellgas at at principal of in mark price our a received we investment XX. a value

investment at million in repaid $XX value par. Our was principal Nektar

as points Quarter-over-quarter, target COVID-XX. our basis of This points this to weighted LIBOR from to interest points at by X XX in to decreased impact the was by stem decrease the and X.X%, central near average rates related total LIBOR Approximately from yield the the quarter. X.XX%. the XX on XX banks help debt to X-month amortized rates points of prior basis quarter X.XX% income-producing cost decreased quarter, the from approximately basis to lowered during and X.XX% movement X-month X.XX% basis the XX a of was securities financial

yield impact downward was exited of to this points XX primarily portfolio driven versus investments. by quarter's remaining new The

investments investments weighted Forever XX. amortized was supported quarter's of total by due this this by at weighted cost was effective new relatively XX.X% exited yield offset yield robust spread, at average to XX.X% on on While average higher

XX, Forever and been cost exited Excluding on yield would have amortized investments X.X%.

XX.X% given I review our retail the take retail repayment Sears basis on the XX% due portfolio well a to at Cents, exposures. some products Lot generally XX from exposure to and our decreased energy to Save fair to deemed time full performing Staples represented essential by of March of Forever in XX nature value as were ABL and this A therefore, on of a of and portfolio's partial our the a ABL exposure X.X% wanted Quarter-over-quarter, ABL provide, and paydown businesses they as retail environment. XX. are

forward were be operating on Marcus to X.X% the exacerbated the is of underwriting our has Challenging challenging represents shutdown. well will our on XX, been scenarios base which continues operating by process we position. secured face going Neiman portfolio to and principal receive in economic environment, contemplated that interest current and case our March continue

portfolio the X.X% our March As was for value energy, end XX. at on of exposure at limited quarter fair to

representing It's Resources, volumes loan Verdad position significantly with first X.X% lien hedged XX% company energy of through of an and hedged largest the total a value exposure. Our and fair approximately upstream reserve-based portfolio collateral our was energy XXXX at value. production

position, represented our than fair Our at loan. secured was representing the working Energy second on loan downside protection of the X.X% capital energy end only Alloys Resources by nonaccrual we an is X.X% which largest collateral, of typical more investment quarter status. Mississippi at the asset-based services energy portfolio believe portfolio value provides

company its the made scheduled elected it recognizing payment, quarter, While during interest regularly to instead it the apply cash we principle to as loan the income. of

Resources $X.XX to X.X% investment or our Mississippi approximately income share For in per contributed reference, net XXXX.

quarter basis of at positioned We portfolio with our and XX% credit to believe end. on be fair comprised defensively portfolio value overall approximately portfolio composition our lien stats. first to on Moving loans of our continues a

have X.X% and we discussed. on basis, excludes our on based end and the to markets limited at just investments of that a fair retail ABL exposure classify value portfolio continue We we cyclical which energy

portfolio services XX% risk. financial industry the portfolio's at software are are regulatory value, services We'd health no direct health XX% information top at financial were BXB fair integrated our at and by to to bank and risk. limited portfolio primarily payments underlying approximately of care companies Our XX% reimbursement with exposures fair our services at the and with portfolio that care primarily business like financial value companies respectively. reiterate providers technology And businesses leverage followed of portfolio

core on our based financial of average At times. quarter XX/XX/XXXX results past Given that shape over our good we portfolio our the our the and of the portfolio this net years profile our credit borrowers, was point the efforts attachment portfolio into feel in few in derisking headed end was companies, downturn. across X.X

was dollar Our ratio X.X our leverage X.X was interest And times. times. coverage average last average

the borrowers full covenants. an when there expect do But activity Until debt to amendment to we To engagement not provide COVID-XX we lifted, strong with will additional shutdown in order with on our in level date, flexibility increase with what defaults ongoing any do certainty our on obligations based our will on service on of borrowers, pinpoint expect term. the near the our cannot be impact borrowers. have certain visibility of a is we in

identify as portfolio and long-standing have environment. construction solution underwriting providers the We to meantime, period manage conservative the dialogue to continue in In we of risk frequent as well and with challenging our practice executives C-suite positioned cycle standards high be proactively us the navigate late believe have well to ahead.

over like With that, Ian. turn it I'd to to

Ian Simmonds

with you, Thank I'll of overview Bo. our balance sheet. begin an

be of which billion outstanding or will during paid the was billion net Given $X.XX amount principal value at portfolio net repayment this from were on the $X.XX marks of activity that our $XXX total and $X.XX share, impact debt fair quarter, to investments to million, per Total per decreased of QX. valuation $XX.XX billion. is and $X.XX share assets special prior dividends aggregate

our end, credit ratio Our in thresholds down At times, ratio from financial meaningful average all we X.XX one over the cushions was ending quarter facility. quarter. prior covenant debt-to-equity X.XX was times x, our under debt-to-equity revolving had and

available cash and operations limited issuers, are fund RIC corporate from results, as to Before investments. recent to credits the of turning specifically liquidity that shared liquidity, make unlike ability from Note think to typical and together our freely position. and would To letter, of given I to distribution accessible liquidity review have profile committed flow strength like our the our about our cash that our requirements. a create capital funding in concept sum we operations reiterate BDCs

undrawn of based portfolio $X unfunded available drawn commitments against facility be At the quarter contractual in only end, revolving to of million our capacity on requirements loan company $XX credit underlying had on billion we agreement.

billion As repayment X.XX today, drawn. we've million our times. commitments approximately $X.XX to of with activity of given liquidity quarter-to-date, $XX portfolio is unfunded an the our And experienced net company leverage stands estimated at available be

five-year context liabilities the maturities the in and liquidity periods and a debt maintain informed months, on future do obligations. environments. through this of our service extending every our to funding We about operating funding to by unsecured credit our a This variety ability our the flexible of diverse facility XX maturity profile. across objective think markets accessing also to We in of our XX staggered our revolving creating has

January, in commitments unsecured upsized credit reminder, the added and our the $XX a we of extended As revolving million our and to opportunistically XXXX notes. maturity facility existing

our position. we very a As liquidity about result, good feel funding and

of average to compared our debt with X.X commitments was approximately remaining and funding our weighted our XX% a mix years. end, funded approximately investments secured approximately of X.X on unsecured quarter remaining life years comprised was debt, XX% the debt and of At maturity average

Our earliest two at million. more XXXX away small is than and years debt August relatively maturity in $XXX.X

where of financial On capital and the shocks of been our our we our needs capital could preserve allocation expected volatility. specifically liquidity to capital our in long portfolio. impact across periods and potential scenarios flexibility have preparing for potential side, view designed policy We exogenous our losses

range X.XX and and of Our with the us ample times absorb times our limit provides current two target leverage times of set below well leverage of X.X cushion approximately regulatory potential opportunities leverage our dividend as times, our to sustainability is to our to is on losses of portfolio dividend Likewise, the earnings for centered as via on across base attractive core operating the our framework shareholders. varying power of scenarios. well investment capitalize X.XX

an stock March, our of This approximately were triggered price at XXbX-X of program, average totaling our under purchases shares $XX.XX. XXX,XXX

visibility the greater net liquidity events took impact we on to asset volatility, of our we the temporarily decision valuation macro borrowers. net lag of until the suspend uncertain needs current in timing portfolio Given value our on purchases and our the of have significant of the portfolio, asset market existing reported of the value and

opportunities approval of with shareholders preserving consistent environment. financial as stock our reauthorized our objectives upon XXbX-X is accretive for the release allocating our our in results, Board flexibility to and decision of volatile operating our capital well capital our as Yesterday, program. repurchase This

our slide eight to the presentation materials. quarter. for NAV the Turning is bridge

we absent valuation these to investments related reversal As quarter widening the by respective of far on over credit driver see Josh losses losses unrealized as $X.XX the spread impact credit NAV unrealized portfolio our of time Again, most our was this would losses, their approach these mentioned, maturities. with losses the to of share. of of a unrealized per significant permanent movement expect

Walking gains through investment $X.XX per movement a to income dividend on related the to rate per net a during the NAV movements the to gains on share. reversed we recognized this balance this reduction forward of from There the rate sheet other $X.XX securities against fixed swaps was There quarter's due realizations of net investment quarter. income. base net we drivers quarter, our were mark-to-market investment $X.XX $X.XX share LIBOR in added into and NAV share of per the curve per as net gains unrealized on share the interest

the pro declared stock were the forma share investments per dividends our $XX.XX. the impact quarter per in at in QX, of there that primarily losses of in net Other Mississippi per quarter's during aggregate share this investment previously to NAV. an a Note we realized $X.XX and resulted impact $X.XX This special was made share in Resources. to payable was end our NAV $X.XX from due impact per share was changes NAV unrealized to and Inclusive in positive March. that

million million, income income to $XX.X LIBOR on prior relatively stable down this to consist $X.X debt in $XX.X million of decrease Breaking to from quarter was the quarter. quarter interest which $XX.X this compared down, from in was and slide prior million, the the primarily dividend Total in million investment prior Moving fees, elevated and $X.X fees unscheduled $X.X compared across Other nine. quarter. income was amortization of the prepayment paydowns the upfront at million fees to our due effective accelerated statement portfolio.

debt from $X.X million interest prior lower a the This primarily compared income driven activity outstanding. mentioned. in effective million slightly the to $X.X million our on $XX.X from $XX.X prepayment quarter was quarter-over-quarter LIBOR to primarily expense expenses was Bo by quarter. lower this Other decreased to Net due

Given one point lag we consistent cost in swaps, reset decline outstanding quarter the cost in approximate LIBOR of QX, even during the Therefore, this average benefit the of LIBOR the QX, decline in date funding lag our and debt QX timing on rate quarter this an our XXXX. approximate weighted to outstanding during would our timing interest meaningful was XX leverage basis constant. the on on movement debt our more holding LIBOR to given mix expect with and see

which to expansion we see would expected QX asset yields we apply floors, below interest average weighted QX cost debt If today, our of the and to our net margin LIBOR were is on overlay expect a outstanding, spot our on over holding else debt of reset Further, to margin approximately our XX points expect we we equal. of would from as basis points net effective all if from of basis QX. today, interest XXX QX, average expansion outstanding were the LIBOR

exposures liabilities low combination an protection We end, interest our quarter in meaningful of obligations, our into of underwriting LIBOR we and assets management our believe rate assets debt. we of debt will policy liabilities floors issuance the risk XXX% interest floating with were be what the expect earnings given environment. extended rate fixed-rate matching our at rate our At rate is interest to implemented downside effectively our practice on provide in swaps

of LIBOR a else And year As LIBOR curve, fallen estimated from expansion $X.XX based on three-month net has of per our floor an all we share. below average interest equal, margin today, portfolio. the current LIBOR approximately of now the expect would

share of ROEs. current last me $XX.XX. our $X.XX target investment with a based our ROE forma $X.XX which XXXX of our full XX%, to we Let XXXX pro on QX of implied year NAV income call up communicated February, year per to a in On XX% wrap net thinking on

which higher likely economic In to will spread low interest result uncertainty a expect rate, environment. the in near term, persist, credit we

allow would and us support through which we expect to dividend As a sheet income. our leverage spread-related interest and moderate, maintain balance result, driver will ROEs to the of our repayments

we generate nature, risk think outsized for in longer to term prospective economic destruction As of the returns be set will unprecedented given opportunity COVID. us mentioned, the Bo

would these year full per In share be updated previously end we to lower range. expect to investment the closer light communicated our income of of our views, XXXX net

With concluding turn for like Josh back remarks. it to that, to I'd

Joshua Easterly

Thank you, Ian.

few broader Street to businesses. May X, moving On housekeeping Partners, Sixth agreement our as our items I'd to wrap platform, there independent completed previously like Q&A, Before on. are to a with TPG operate unaffiliated up announced

As you been has Street know, it's Sixth already business for so as autonomously us. operating usual been

Street in has Sixth under platforms we world. and base, investment nine management positioned with assets capital flexible over of billion serve than more are we and same platform's today prudent around stakeholders' manner locations $XX and creative diversified XX our our our same XXX operate team the members last strategy partner been the in the believe hallmark partners, long-term continue process. years. With will same to and investment the same decision-making for over to Again, that's the Street LPs in group Sixth the capital well

the sourcing, the by our led our dedicated management be and will continue platform benefit Sixth since on operational same to the inception. And personnel. Street that from have they stakeholders continue will underwriting same to TSLX Likewise, capabilities

changing platform, the Specialty from As our name Specialty of evolution Inc. part Lending Street Lending, TPG to will of we Sixth be our

in on to is TSLX. York we our to legal New will expected will change announcement. upon Stock completed continue be an official The symbol Our which process make Exchange the ticker for be June, name

to we held approval will be shareholders. months. shareholder authority shares effective be dilute under net our Consistent we past will issue with years, seeking that the have be below and Moving special on of asset annual shareholders no the May to XX. value To to clear, on for XX upcoming plans equity our issue existing three TSLX upcoming the and meeting

we concerns. questions to all believe allocation present responsibility tools seriously all behalf for as This We stewards and we that responsibility make take our please financial shareholders shareholders' our secure our a with any decisions to in on capital stakeholders. creation volatility. we urge value However, of us flexibility available out with or our to reach capital, of it's market is

months. of behalf everyone stakeholders on thank on would team, all we past the Finally, engagement our of to for like few over their our

As create confidence been our and long-term to collectively value we have and this these uncertain times, stakeholders in our historical we by disruption. humbled economic ability navigate in

Our view underlying market is the widening that gap COVID-XX the is asset full the of fundamentals underestimating real economic long-term of current disruption between prices given the and economy.

risk-adjusted being we be returns that but are time. there for patient we our we'll opportunities to that high have and confident that to at prudent capital be shareholders, will the the significantly ensure We're appropriate generate deploy

With for like your continued thank to Operator, for today. that, time for line and your I'd open please questions. you interest

Operator

Our JPMorgan. Instructions] Shane of comes Rick question first from [Operator

Rick Shane

be everybody stage we're to emerging out, for I thanks we seem that of It's way There taking guys, the we from. liquidity and Hey my play to questions going that hope about as it's we to well. this going out the think in together. all When sort tied think is play stages. three initially was

the I as be the real the to we is and impact? And right going The second how longer-term between are phase key buffers the short-term behave where transition slowdown think is now. sponsors

a your cards you're I'm And plays now, maturity conversations you of we'll behaviors on around of within specifically couple with out talk the finally, significant move and speak the then And this Nektar you into near-term risk of of credits, maturities in Therapeutics. have seeing. you types and the curious, right within specifically but companies. those what defaults. maturities portfolios I sponsors and table, could to year, about, can't MedeAnalytics sort know if what necessarily conversations

Joshua Easterly

control I suburbs. schedule lawnmowing And are I hopefully, in the family safe. you Rick, in can't advance and apologize Sure. the your

So apologize. the if you in noise the I background, hear

so off early it's previous you end, So on actually after quarter Nektar, don't paid paid in end. if our at April. to caught prepared remarks, mean, I it, I quarter off in know

sponsors very the for Mede, company well. to had Mede We the it's business. proactively On obviously, sell is well. best end time performing is And after extended quarter view, that the as that the not performing company maturity

And to relates on Bo, to of given so it business. one near-term maturities, as those those performance cash fully the the in we add two paid X? and one And extended anything is

Bo Stanley

MedeAnalytics, well. has mean, business leverage actually actually in nice we're I pre-COVID. this HCIT seen started add. at benefits nothing we No, that really business performing to some The It's that market. is position. a And process

there. So we extended the maturity

Joshua Easterly

On regular being on dialogues transparent having it's about a and with for sponsors. us, both on having look, the and basis, weekly basis. a of all time generally, management We're constructive a teams dialogues most those

to We to KPIs to think which be measuring and portfolio and XX-week a tools cash is and try DPOs them our measuring DSOs happen operate asked have how and and our we've companies giving to of partner all what think of to most liquidity. environment, flow portfolio cash about with asked in provide about can and them this

have been very dialogues. those so constructive And

some about where be will I to they are the companies the put add, to in the And constructive Bo, challenges there will operating the needs constructive. to people have very, capital in point, if road and been very more be today conversations the Mike? if expect the can future. the At anything date, dialogues. capital we And rubber face, those transparent it's business, the hit and think to have easier or

Bo Stanley

No.

I on really think transparency, point the we that. encourage

issues relationships arise to allows transparency solution with borrowers our with as be our including in We and providers any environment us this have one. good that sponsors. And

and frequent our transparent us. are conversations being those are very relationships like of all with we that So feel

Joshua Easterly

Look note. or our QX, the risk derisking the obviously, couple but were to little at the significantly. at we of are had, kind the at were delayed, other borrowers our things end portfolio delevering A of of we of a end numbers

So KPIs up. were generally

and X.X. dollar the went was to quarter from X.X times previous The point X.X. average attachment or XXXX between XXXX Leverage last

And seen was so interest you've coverage up.

was much portfolio performing the across in overall, portfolio QX, the so quite frankly, of portfolio pre-COVID. And the well pretty

degrees to to of think be up freedom, going portfolio fortunately, so And there's there more nature the given COVID. and performance the you of are the I

and will relatively business degrees, typically all Obviously, the asset-light COVID given positioned and of is position the all but well with like feel cash to high models the models. services businesses the felt, violence flow robust different portfolio free it pretty we be if businesses its impact, will business and

Rick Shane

very you Thank Great. guys. much

Operator

comes Lee with Capital Our next from question Kenneth Markets. RBC

Kenneth Lee

good my questions for taking morning. thanks Hi, and

whether specifically debt more seeing versus specific this there expand Just wondering your Wondering just if factors you? you any could were driving for for further outlook upon amendments potentially defaults.

Joshua Easterly

our great our Look, portfolio for about we've that a typically Yes. we're the think is lender. constructed that control shareholders I thing

very covenants. payments, And we issuers provide liability do which with two without for management and opportunity restricted baskets have tight have working don't We regarding to financial indebtedness us. the trades

so be And with be going and protect and a conversations position to in to companies have to we're providers solution risk.

our so positive And quite a it's the think they a they debt to loan to manage some us frankly, basket a enhance dialogue, amount do incurrence actually we small life, think us it position. the keeps given allows expect as us But portfolio PPP relief weighted things shorter thing, to to have to to optionality because don't to covenants. incur I as you risk and effectively average can a have on to meeting come of it financial many give risk decent

So to I quarter there was related amendments two think pre end, three think COVID. I only to

how docs But our like I typical the are cadence eight constructed. that's given generally, there were think in a and quarter

in also constantly our to constructive will add Fish, structure us we're that benefit allow be and solution expect loan I anything would stakeholders our Bo that will I teams. place. to of management dialogue providers in there? and or so given our And think ultimately agreements with And sponsors the

Bo Stanley

No.

relatively All well years. pretty we're loan all the been and over muted said. that, our the these to to was given about the reevaluate times we've to these guardrails past be table that often activity the providers are importance levels think back of backdrop. been tight to get solution beginning us of but documentation well risk, And seeing portfolio companies. have as talking to few And I of

Kenneth Lee

one end It looks lower depending And And Great. could granted, be wondering realize target leverage I move of to end term, the ratios targeting helpful. over the you closer to ratios around would valuation closer leverage on that of if that are follow-up, but target near the investment may. range. that like I Very just the changes, the lower range?

Joshua Easterly

Yes.

Ian it. and So let I'll about speak

So right of the on pressed now, debt-to-equity asset is X.XX. kind That's values.

inwardly from in much and bunch range, credit whole whole given into leveraged private going are a the competitive be friendly for competitive market, of capital of are people flexibility think or markets, or less issuers loan from less we capital we focused high-yield environment, so our from of market the the constrained. less to liquidity kind what bunch more expand to a that have And a lender actually is target competitive

a capital be have think in kind as we from both I we could find well returns a are we perspective to and risk-adjusted perspective, so forward. And as good a, positioned liquidity of create going

The these actual the times. book other in is say thing would I existing

book, widened, expansion our net combination given our being basis go-forward moments and liability have the our tends not a margin floors stay actually of and these a place discussed. spreads and hedges to amount And tend interest the of decent on as existing have in credit given

is book existing positioned the so margin interest a And well pretty perspective. net from

return to and smart our We go-forward liquidity have decisions on capital basis. make some of economic capital for a ton to shareholders drive a allocation

we're so we're played as with with it's how pretty happy happy And pretty out.

around we unfunded billion up, commitments Given $X that a to of little color $X liquidity. just color have of it billion

$XX about have commitments. contractual We million of unfunded

We term like have we're in coverage. XX August of is think I $XXX.X XXXX. only maturity So nearest times a million the

$X liquidity for that's have amount be $XXX over basically small maturity, and years we very of so billion And commitments going unfunded plus and to away. in million two against

So opportunity Ian, from in I I capital from really pretty add liquidity standpoint, to perspective, there good And and a good anything an shape. is there? we're, mean, feel,

Ian Simmonds

that Josh. all we got it, ourselves we've putting position about feels ourselves a captured you think and I in options, giving it It's to stage. like where just have

Kenneth Lee

stays everyone Great, safe. and again very Thanks helpful.

Operator

Wells comes question Our with next Finian O'Shea Fargo.

Finian O'Shea

Good everybody. morning, everyone. Hi,

but it wanted on Just ask to to the Actually, to I question. follow on related issuance. was equity more last leverage,

you're your that the if opens can given of raising more I book liquidity think are from And change here holding it not, if position? Is what Does today. you the flow? more be should conditions accretively or of you that companies market one do few lack equity, back so. your deal again the officially good above position

Joshua Easterly

a kind very all never management the of there's tend business issue always between providing businesses, allocators So agency think people in exists there's principal where thought I raised asset of We've manager prudent but always this people the virgin been that of capital. and to actually that's think the as about capital. always the interest We've in the ourselves great look, we've question.

put we've operate to And that interest, continue capital for and way. us, our we'll before our always

times so we're you have are depressed at we today, And We're when asset sit look debt-to-equity on we prices. we X.XX think, at what's where relatively, overcapitalized.

normalize maturities through so losses that to And you spreads if for underlying tightening actually that rolling on we those investments. as or at unrealized some point, get

more a We have so liquidity. we're than and And levered. we ton actually less have capital of that

or lot we is raise frankly, because lot capital to of need a of there because capital, no need a don't So have and we liquidity. have quite capital raise desire to we we

we'll ROE book have we So the I which think an value from capital is, we are is when only a it's accretive always basis. we'll raise take position basis,

it's to to what have whole accretive hard a a that deploy in imagine opportunity investment bunch good we given ROE And we excess basis, an pretty think to from of set. capital be

the capital, the we or as liquidity to capital line quickly equity might that not position add, position is even sight how you and our close it is, and Ian, top that to raising comes set given do given capital into Bo? As equity raising investment have frankly, and view that our anything quite change we good have but of list. opportunity of think is it how on

Ian Simmonds

Yes.

just being that ROE was articulated we've important in to making thing past basis, accretive stay about to and that's the the us. and we with discipline sure NAV think I the an true on

Joshua Easterly

we've a business capital and of be I book where sponsors there's dilutive, middle raised ton middle equity the as opportunity liquidity but grown today, we be can be providers line and be and capital, of would capital. see might so look, raise deleveraging that clear to liquidity So sight and any market that the evolves as market massively given to I capital might it's the we and we have that would the we equity had we

a So process. I as don't near-term see that

Finian O'Shea

helpful. And one more I just Very can. if

You that grapple if first leverage. of potentially lot going that Would perhaps out you a talked to remind mechanics issue typically trigger of first Is forward? with from consent a provide an would us on require diversion about that that And amendments. the out the lenders? And waterfall? specifically, your you having

Joshua Easterly

Zero.

typically So not.

our on dollar attachment think turns. turn last detach less is average In the in our I addition point four lien half is to first about the positions than a

And so we're big of capital lenders. rec typically the those structures control part

Bo, defaults. typically, an on have close is triggers to issue. there? and We anything not That's add diversion to being even payment

Bo Stanley

No, correct. Everything well said.

Finian O'Shea

so you Okay, guys thank much.

Operator

with York Chris Securities. from comes question JMP next Our

Chris York

Good my morning, taking and guys thanks for questions.

to form extension of your discount the or maybe, So supporting with net liquidation a repayment Josh secondary of value. orderly ABLs Bo, a we understand

but Now this orderly reasonable seems that markets, anything but environment support is in clearly, ordinary.

feel you bankruptcy could may approaching comfortable about question time still the is, strategy of retail there supporting be posed that collateral when your a So you abundance do be the inventory available? to an ABL at

Joshua Easterly

Yes.

So it's a great question.

you different the value to to second company. have to two your the of liquidity you of So is One of to have have underlying it have kind put vectors. the in is and the inventory

liquidating bunch on environment an closed into so Sears, whole that have been stores. there stores closed forced of and liquidity you worry liquidate or where for no our were example, had mandated were you of top which to And a a would would list was what have been

and was So the our off scenario assets were that those the paid was position have highest of when quarter that of forced kind book, they loan. look everything else you logistics series a to middle risk the of then XX that kind Save you repair sold was about businesses, are got in a of our Sears performing at essential one businesses Staples, when The the you're in Lot, they next our well. A talking Cents,

the repayment given not inventories probably turnover The of in actually, have increased. effective source secondary is

cash had. flow have have and and businesses And liquidity well free more than those ever are they performing

So next Neiman. that aside. kind small talking you're in are and the was put There's those is about. of two is that One really vector just relatively maurices

performing had been I what very very, well. maurices, on ton liquidity, is very, so And of would say

or probably or We in to there is today will, feel tomorrow. up, period called reasonable fall. where which the public. very for maurices and that overlevered balance We obviously, Neiman, On come ahead I time next this about think, malls the a good late open actually feel sheet, very early on we is back summer given sit

so that hard been we're fulcrum putting say that oversecured the will we business that in I to and I going fulcrum up the to lenders. putting we're first liquidation which liquidity is side, concern my being loan to talk be being is get in about. a and that it's that, it's think not non-ABL is it So the what reported that lien would capital and today the other in that group, But create will business for capital existing that term up face fulcrum sense a and was business to that

by concerned business that is the liquidity. frankly, quite my business. But So will being going That were we a concern is vector and is we'll be is with fine issue liquidity solved a expectation that the be is which my be that, there. about, that sense recapitalized debt will

being I news consistent think in [Indecipherable] the well. as

collateral. be And you're And to way we interest, claim there oversecured there any our bankruptcy will base. inventory you a for one, support collateral given then in new and liquidity will be or get in the don't admin is if get works an buy day that you you your so that collateral, degradation get will degradation expect

Chris York

maurices you And going with Neiman. I Perfect. was where and got That color is very helpful.

this the you you as On did you an assets? hard your JCP feel This of to ABL supported underwrote not loan down investment opposed value meaningfully. I was drove one when was what And enterprise retail topic do the there? mark so by noticed investment retail, write-down it why

Joshua Easterly

Yes.

it so bunch leaseholds. a was collateralized it an and wasn't fee actually, whole inventory So but loan. has a a loan, of JCPenney, it is simple It

We fee where it's expensive, it's think or a And level it's of may loan. it leaseholds trading. think and two so obviously, mark the has we value simple changed. but to we cheap the It's may

have traded does be quarter it a post it's a clear, little to But a it package. up bit. is collateral think I

be It inventory. happens not to

by actually a be the was it collateral. that's a value second or fee be inventory, ABL leaseholds by ABL, simple as existing the quite primarily will but it has the but think absorbed frankly, going absorbed and I line to existing

a And situation. that's little so different obviously,

Chris York

Okay.

about pretty good You there? feel mark the

Joshua Easterly

level mark. a two it's We Yes.

But a I Ian think quarter, little bit. up said little I a post little bit. a level it's think, a it's bit up mark. two

to have. And choose day, we rebuy to choose which we could so rebuy it every it every we

Chris York

Got Yes. it.

to talked any towards bit your in about little of in plan Bo any the has on capital set which I'm sector this impact But you alternatively, new then the very expansion created there. curious had has your allocation themes? invest? it themes And if helpful markets, secondary Okay. opportunity investable the environment a Or for

Joshua Easterly

we most liquidity enough was Yes. a look, so to couple the I think I that mean, we making a support our existing of our definitely were capital companies. liquid of for period frankly, and market weeks. Quite time had we interesting really getting spent sure portfolio

had we down. so our head And

My small as secondary We frankly, there. that situations, a that The which as we're market, provider in to the the going complicated plentiful world. there's guess post-COVID trade. in I but think did solution is time, patient being divergence and be big one theme be capital is the will themes over in create going quite lot to secondary opportunities probably a of a

put benign historically investment sets, about And in best The about to those skill that our XX% of created this we special in originations. gross that benign was have We've of $X.X of nonsponsor. and think in since ton of where to originations inception XX%. value. I our more XX% has the on since skill total That's at are of our that is originated post a billion we inception. set IRRs was financings. been XX% XX% is origination best in of and have investment investments our environment do at done perspective, kind And and kind set rescue-oriented

unrealized XX%. The were gross investments IRRs

where focused trying we focused for world not and or growing the focused so to market focused And sponsor our really share, a either value create on was drive finance of on we in were shareholders. much world on were

going perspective the companies understanding of power the it's where from an we business operating is to where been from what skill do do detail lies. kind world power both of and a the what the this a and earning business, sheet from both and we in underwriting from of really which and are kind the set environment from in the and And earnings forward balance for complicated devil very is our diverged what of probably our historical best economics have is massively their be unit

our And Sixth care and the very given the so set very, skill given of people feeling go-forward are with very On really every their very say situation crisis. economic off the about by people on amount pretty level matches destruction being the said, other platform personal a kind that opportunity of set. in of with go-forward loss set and set, opportunity up I upsetting was both that uncertainty we're amount That today world economic and capabilities well. And that set given we're opportunity Street our well. of excited health obviously, the and personal us, would well with it's their But to amount of lives and were level, health. the matches up

Chris York

What's helpful. coming to noticed a sight an abundance Last you. very back program Again question suspended thought it. process I you Ferrell to had you of Got is, Nektar of and there it appears because the liquidity, said buyback you especially temporarily your line intra-quarter. with

to that a you the buybacks. presumably, shouldn't maybe bucks couple hold for So million need cause

Joshua Easterly

Yes.

credit spreads So, obviously March. there spreads. it mean, Credit look, spreads, of credit like fluid were a I in very was was not bottom in

buyback program forward-looking. value. So we fair backward-looking, mark our book And is not the to

around and really moment, are bottom. off set know sure debt-to-equity, our And violent that move you a NAV. making capital, going spreads our make the sure of widening users get as to arms really wanted arms to didn't the new day, you frankly, around given historical we get being And the we of get be thoughtful it there's credit what we know our don't was every every in moment, where So around that the given net were our arms quite that spreads. value asset credit in

think our And the multivariable that making we have done regarding ended, to we the But hindsight I every I falling wish agencies the XXXX. always sure in is ratings. talking were quarter spreads, that. probably situation credit So given investment-grade rate protected wouldn't we a how in day, of

the in be we moment Ian, was anything best and a hindsight it will always to add XXXX, is did there? and so And what we lesson. thought

Ian Simmonds

Josh. all, captured You

Chris York

obviously, And it that for market a me. That's Great. are good allocator capital. the you knows of

Operator

next Our with question Ryan comes from KBW. Lynch

Ryan Lynch

do questions now, Thanks unknowable I halt. but a the I'd this you taking hear opportunity opinion. primary with guys to hope love is the first question your to has all to set. question for good My just my grinding issuance I mean are come well. Hey, going mean, market of kind has forward, morning. and right just

of Secondary market pretty kind snapped has back quickly.

you yourselves But as position as far time guys good to sit held seems the you seems a second may here long year, be there primary up the as for guys how about in as thinking about think market really waves that of capital? pretty of guys be are the kind when allocating a capital spikes year? do capital it for Do the for starts you Or deploy for to as remainder view of in fears be you you opportunities that there third dislocations and to the the going kind of are economy tracking how looking potential more market reopen. just of the to secondary remainder

Joshua Easterly

Yes.

opportunities. So we are have there surely

trades I own think there capital if below in stock value. book our i.e., are both the a lot opportunities, of structure,

and The halt good the given come we be to you a also be and you're exactly very liquidity, M&A we've I market has very, that when I slow. on done will that our think capital a think will work think investment. right.

so from The originations more that kind our levered think to good fits of oriented our news inception related. XX% of wasn't sponsor Again, I and was refinancing were special business and M&A.

if M&A, quite that's I the with very, to see so grow lines more and, well. And set M&A our massively think nature. will do up that very then frankly, quite opportunity in see But strategic set and you're skill you going frankly,

sponsored much it's from both to solving think are creation. capital I liquidity no portfolio private nonsponsored generally BDC that issues market CLO because market the from of liquidity inwardly to either I There's and people or or given well So be that going capital a the themselves. it's portfolio is focused don't fund portfolio companies going companies where from there's strategic think [Indecipherable] be on perspective their not where positioned or supply

rated our set. connected opportunity. there? The for going big our is but anything open and issuers It's kind Bo, M&A, of have to be there's it's do but probably to to market business, skill you add going I a issuers be to levered highly high-yield decent to core amount existing of more for not think

Bo Stanley

No. evolution we'll prepared remarks. mentioned Listen, I an opportunity I've set, in as think see of our the

complex in With the froze. the situations, high of unthawing providers back the situations, environments. to set volatility, bad and our sheets. those we good are matches, starting opportunities issuance opportunities positioned of mentioned, where that as of see We're pipeline companies, be well the balance special for new Those liquidity end are in to Josh type appearing,

Ryan Lynch

Okay. That sense. makes

to of kind the into through work depth BDC as we oncoming of guys seem outcomes the try optimal the set of I space of the BDCs that set and As asset credits. credits the the quality structure besides some the have get best and challenged liability platform and there well book. and size, really scale up Could of be look be just could the think these for the the differentiators up in to this be you one BDCs downturn,

So through with finalization in the about can your to and just the your confidence own credits both particularly scale existing new of find light opportunities, the then you challenging and your of work talk split portfolio, in TPG? of platform the in size

Joshua Easterly

Yes.

have like biggest So look, we world. platforms the of the private the credit one in

my of billion that So probably guess, $XX AUM, grow. will,

quite our a participant in from. and that, across We benefit frankly, dry TSLX going to providing for have powder companies solutions be we platform, the issuers a will of where ton active platform were

think of resources of our we see I at really that saw work, the ability that's appropriate think that in the pick for we have people. given ability for to I were platform, of And to scale our the example financing Airbnb, the the The but so the how and in the of involved opportunities. it good people we large BDC, the structure platform XXX a amount have the loan wasn't of company platform

somewhere The group, partner been I XX partners has and in for years. group. like now partner between think the XX Much us XX have we working of together

both as so about protect skill to LPs feel and the positioned our our relates and how the we're ability have, and and for for into. value and it shareholders could and our And to the investment we feel the coming not environment set I process, better brand and historical create we're I scale, situated

Ryan Lynch

are all my time you all are and safe. I hope questions. guys appreciate the Those

Operator

with Dodd James. comes Next from Robert Raymond question

Robert Dodd

been at can forward, Mine will, give already versus one. hurdle of When for in answered. deployment rate, allocation on Just have portfolio you the relative us any existing some companies? capital you reserving difference look for if capital mine the you going color new

may some where an if capital, if excess can a protecting Obviously, so potential those quickly, you the yield from materially company, put into higher the already the even follow-on higher come invested in. be where things portfolio might IRR but asset life be have yield it's the repaid stretch of versus existing if lower, is new, the investment you've IRR, got

going months mean, cost there's risk next IRR say, savings, year? how etc. is to the I the that balanced opportunity over, So existing versus new three versus next be

Joshua Easterly

Yes.

all, we first investments fair our all look, So of value. to mark of

think and I the sure so and question. on the think existing like I like where it I'm the that but is cost so it fair given And given sunk existing there relates at value, what to it think sunk understand the to hurdle investment to through rates is. we trying our it is, the But the investments, the I I'm cost was relates and your that as question you mark a that not the as differ much fly,

our loan, into in opportunity to going opportunity existing say here's how new we invest so invest And here's going we're capital. those to all the line in to to invest the of here's things that's cost we're should an loan. and mark here's up investment at opportunity like to And our allocate the where we should stock,

portfolio cost new not I'm allocate at don't there's lower I investments. versus we're capital a existing our going a not sure to company of different I'm to But making cost sure

fair you You existing your you creating value mark you're the might the do but mark the value, effectively return the at on investment of look that, when incremental investment. to it would

Robert Dodd

Okay, I appreciate that.

up Just well. a as later can resolve when we lot. Thanks on that, that

Operator

Ladenburg. with comes Schleien question next from Our Mickey

Mickey Schleien

sort the great of and morning segment. everyone. just question. Josh, had solid high-level good Yes, retail in a one has Obviously, your returns experience company

greatly you completely have for airlines see their very with we Now reasons and with of dislocated control. high-quality out assets. names But blue-chip in cases, some

back and visiting day there everybody are this when and And and else airplanes visiting companies call you will phone be and and a on getting clients. on I traveling

seem the that opportunities deals be about are there there really sector, would But if So I'm realize structured you're whether some would could BDC in which correctly. you're curious outsized there, thinking now. which the could investing that invest. it something generate IRRs not I

Joshua Easterly

I first has airline think through set of Look, policy. displaced that the Yes. all, short so the opportunity the from public term in been some with industry, challenge the of

And they've so a decent got programs. amount the existing policy through of support

thought that little the with we airlines illusionary. think challenge I so always a bit was And asset value is generally

for would time underlying needed be where where typically asset that where was oversupplied it environment if was value was asset given there time the that was to an was it and value. oversupplied, your bid you the there no there your it a was correlates Given

challenging makes leverage, think amount broadly. industry, permanent demand of given very, the airline it it kind think operating I of of I the think destruction So amount I the to given and invest very

be industry opportunities it's But the might you're where there's to at an things. going demand do future real in There to destruction. have looking

I think it internalized I took six would years have who longer. personal health. post back. X/XX actually relates fully is demand this people to for This come to expect their

vaccine. see might might with bit antiviral especially if You vaccine, come do the it a a little quicker you that see or you a see back a

the a airlines that challenging we're not several underlying you but effectively given lot think, not might the supply assets But devoted opportunities, the that resources very there's public today. airline airline I'm been find frankly, is the not I given of amount and much but to credits that I'm long demand to the I long quite the very industry, are as how tied happy of asset in destruction either noninvestable, is, values and what or not

affected. when travel back, models I big especially step the real be I especially models, industry, both the estate much estate, asset-heavy a you industry, Airbnb I long think which those tail the the there own will of is will very assets kind who and differentiates take the real are destruction think for be there from and people for I transportation think think demand

Mickey Schleien

about be do there I I'm education? university there online or clients. that Are universities, we haven't interesting? your for hearing opportunities products liquidity some developing Josh, thought actually just how feel I'm those across talking constraints imagine are And enormous about that of but you about system. that not profit the might about

Joshua Easterly

Yes.

clients, mean in first of most portfolio So of say all, our you customers? when company our LPs you or

Mickey Schleien

endowments The as partners.

Joshua Easterly

sheet. think find to trying going are our whoever Yes. think is, client to I Look, I assets want etc. balance to plans, or it to be be to or solution mean, for provider relates endowments always I good if the as There a we're it's their pension

of be plans under always for assets And so them if is pension meet their assets liabilities or a as we either clients. provider help do ton that going good endowments. a to such solution But can to our I think it as the education we're industry their pressure. relates find grow Where we

either that's for being see I or opportunity us. don't But universities providing I private think loans private to don't endowments. us set an

Ian Simmonds

I for a question. was credit hoping structured

Mickey Schleien

for today. Those time. and everyone are my Thanks healthy. questions your I hope safe all stays

Operator

I'm not showing any further questions time. this at

Joshua Easterly

and with Great. Memorial And out Thanks, Obviously, wishes. appreciate questions. the to enjoy people different so I health is reach Thank with be going free spend happiness. Mickey. friends Day but take people Very to and much any and this year, very feel hope and everybody's families wish well please the their with you only to time to be team ones they loved and their have safe time the moment much.

Operator

this gentlemen, presentation. and conclude does Ladies today's

have wonderful day. now may and You a disconnect

Sixth Street Specialty Lending (TSLX) 6 May 202020 Q1 Earnings call transcript