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This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over 0 million in sales/repays during Q3 2017 offset by a record amount of new fundings of 9 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of

We believe this formulaic dividend framework allows us to maximize distributions to our shareholders, while preserving the stability of our NAV, a factor that we believe to be an important driver of shareholder economics over time.”Example from a previous quarter: “Turning to Slide 18 of the earnings presentation, we’ve laid out the calculation behind the

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over 0 million in sales/repays during Q3 2017 offset by a record amount of new fundings of 9 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over 0 million in sales/repays during Q3 2017 offset by a record amount of new fundings of 9 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over 0 million in sales/repays during Q3 2017 offset by a record amount of new fundings of 9 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of

We believe this formulaic dividend framework allows us to maximize distributions to our shareholders, while preserving the stability of our NAV, a factor that we believe to be an important driver of shareholder economics over time.”Example from a previous quarter: “Turning to Slide 18 of the earnings presentation, we’ve laid out the calculation behind the [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].04 per share variable supplemental dividend that was declared by our Board yesterday.In Q1, we had net investment income of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].477 per share against a base dividend of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].39 per share.50% of this over-earning rounded to the nearest cent is [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].04 per share.” For the quarter ended September 30, 2017, TSLX beat my best-case projections covering its dividend by 132% even after including excise tax.The company is focused on increasing returns to shareholders including investing in distressed retail ABL as “traditional brick and mortar retail gives way to the rise of e-commerce”.TSLX has started investing opportunistically in oil/energy but only first-lien “with attractive downside protective features in the form of significant hedged collateral value at current price levels”.

.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

.04 per share variable supplemental dividend that was declared by our Board yesterday.In Q1, we had net investment income of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].477 per share against a base dividend of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].39 per share.50% of this over-earning rounded to the nearest cent is [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].04 per share.” For the quarter ended September 30, 2017, TSLX beat my best-case projections covering its dividend by 132% even after including excise tax.The company is focused on increasing returns to shareholders including investing in distressed retail ABL as “traditional brick and mortar retail gives way to the rise of e-commerce”.TSLX has started investing opportunistically in oil/energy but only first-lien “with attractive downside protective features in the form of significant hedged collateral value at current price levels”.

.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of [[

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

||

This was discussed on a previous call and management mentioned “we're generally people who like to under-promise and over-deliver” and now “expects to see full-year results above the top end of that guidance range.” Typically, lower yield implies lower risk, but this is not always the case, especially when it comes to business development companies ("BDCs") especially for companies such as Oaktree Specialty Lending (NASDAQ: OCSL) as discussed in "OCSL: Positioning Portfolio For A Dividend Cut." Listed below are the BDCs with yields around 9% or below after taking into account semiannual and special dividends for Main Street Capital (MAIN), Golub Capital BDC (GBDC), Gladstone Investment (GAIN) and TSLX.

TSLX has selectively grown its portfolio using prudent amounts of leverage, onboarding higher-than-average credit quality first-lien investments at higher-than-market yields and providing better-than-average dividend coverage and returns to shareholders.

The company was expecting a higher level of repayments.

As shown in the table below, the company experienced over $330 million in sales/repays during Q3 2017 offset by a record amount of new fundings of $329 million as its excellent credit platform continues to outperform.

Our Board also declared a Q3 variable supplemental dividend of $0.06 per share to shareholders of record as of November 30, payable on December 29.

Since introducing our formulaic variable supplemental dividend approach earlier this year, we've declared a total of $0.19 per share across 3 supplemental dividends to our shareholders.” The Company’s Board of Directors also declared a quarterly variable supplemental dividend of $0.04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

]].04 per share for stockholders of record as of May 31, 2017, payable on June 30, 2017.

Source: Q3 2017 TSLX Earnings Call Slides Some of the primary reasons for historically higher returns include strong financial covenants and call protections that protect shareholders during higher amounts of prepayments (discussed earlier and below) and worst-case scenarios (discussed later).

“Aided by a strong direct originations platform, our core underwriting philosophy of structuring embedded economics into our portfolio to compensate for reinvestment risk continues to pay off in the current environment.

[[

We believe this formulaic dividend framework allows us to maximize distributions to our shareholders, while preserving the stability of our NAV, a factor that we believe to be an important driver of shareholder economics over time.”Example from a previous quarter: “Turning to Slide 18 of the earnings presentation, we’ve laid out the calculation behind the $0.04 per share variable supplemental dividend that was declared by our Board yesterday.

In Q1, we had net investment income of $0.477 per share against a base dividend of $0.39 per share.

50% of this over-earning rounded to the nearest cent is $0.04 per share.” For the quarter ended September 30, 2017, TSLX beat my best-case projections covering its dividend by 132% even after including excise tax.

The company is focused on increasing returns to shareholders including investing in distressed retail ABL as “traditional brick and mortar retail gives way to the rise of e-commerce”.

TSLX has started investing opportunistically in oil/energy but only first-lien “with attractive downside protective features in the form of significant hedged collateral value at current price levels”.

||

We believe this formulaic dividend framework allows us to maximize distributions to our shareholders, while preserving the stability of our NAV, a factor that we believe to be an important driver of shareholder economics over time.”Example from a previous quarter: “Turning to Slide 18 of the earnings presentation, we’ve laid out the calculation behind the $0.04 per share variable supplemental dividend that was declared by our Board yesterday.In Q1, we had net investment income of $0.477 per share against a base dividend of $0.39 per share.50% of this over-earning rounded to the nearest cent is $0.04 per share.” For the quarter ended September 30, 2017, TSLX beat my best-case projections covering its dividend by 132% even after including excise tax.The company is focused on increasing returns to shareholders including investing in distressed retail ABL as “traditional brick and mortar retail gives way to the rise of e-commerce”.TSLX has started investing opportunistically in oil/energy but only first-lien “with attractive downside protective features in the form of significant hedged collateral value at current price levels”.

]]


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