Daily News: May 9, 2014

TPG Specialty Lending Q1 Income Up 64%


TPG Specialty Lending reported Q1/14 net income of $25.3 million was up 64% from $15.5 million a year earlier. TPG said investment income of $33.5 million was up from $20.8 million in Q1/13.

The company said in the three months ended March 31, 2014, originations totaled $369.6 million compared to $261.5 million for the three months ended December 31, 2013 and $92.5 million for the three months ended March 31, 2013.

As of March 31, 2014, TPG had investments in 30 portfolio companies with an aggregate fair value of $1,195.5 million. The company’s portfolio at fair value consisted of 82.4% first-lien debt investments, 17.0% second-lien debt investments, 0.4% mezzanine debt investments, and 0.2% equity investments.

For the three months ended March 31, 2014, we made new investment commitments of $314.6 million, $303.8 million in six new portfolio companies and $10.8 million in two existing portfolio companies.

To read the full TPG Specialty Lending news release, click here.