Private Credit Portfolio Analysis | Sixth Street Lending Partners Reports Q1 2025 Results
- Editor
- May 2
- 2 min read
Whats New:
Sixth Street Lending Partners reported its Q1 2025 financial results, showing a decrease in total assets and long-term debt compared to the previous quarter. The fund's total assets decreased to $8.14 billion as of March 31, 2025, down from $8.51 billion at the end of 2024. However, the fund's net asset value per share increased to $29.02, up from $28.79 at the end of the previous quarter.
Portfolio Dynamics:
Total assets decreased to $8.14 billion as of March 31, 2025, compared to $8.51 billion at the end of 2024.
Investments owned at fair value increased slightly to $7.36 billion from $7.24 billion at the end of 2024.
Cash and cash equivalents decreased significantly to $703.8 million from $1.20 billion at the end of 2024.
Investment Activity:
Interest receivable increased to $74.28 million from $67.90 million at the end of 2024.
Prepaid expenses and other assets rose to $4.16 million from $3.25 million at the end of 2024.
The fund reported $812.81 million in purchases and originations of investments, net, during Q1 2025.
Capital Structure:
Long-term debt decreased to $3.84 billion from $4.29 billion at the end of 2024.
Stockholders' equity grew to $4.11 billion from $4.04 billion at the end of 2024.
The fund issued additional common stock, with the value increasing to $142 million from $140 million at the end of 2024.
Performance Profile:
Net asset value per share increased to $29.02 as of March 31, 2025, compared to $28.79 at the end of 2024.
Retained earnings grew to $145.78 million from $112.59 million at the end of 2024.
Additional paid-in capital increased to $3.97 billion from $3.92 billion at the end of 2024.
Risk & Quality:
Management fee payable increased to $9.72 million from $7.41 million at the end of 2024.
Incentive fees on net investment income payable to affiliate rose to $21.36 million from $16.23 million at the end of 2024.
Incentive fees on net capital gains accrued to affiliate decreased to $21.48 million from $24.55 million at the end of 2024.
The Wrap:
Sixth Street Lending Partners' Q1 2025 results show a mixed performance with a decrease in total assets and long-term debt, but an increase in net asset value per share. The fund's investment portfolio saw slight growth, while cash reserves decreased significantly. Despite the reduction in overall assets, the fund's equity position strengthened, and it continued to generate earnings. The increase in management and incentive fees payable suggests ongoing investment activity and performance, albeit with some fluctuations in capital gains.
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