Craig Hamrah
About Craig Hamrah
Craig Hamrah is Vice President of Sixth Street Specialty Lending, Inc. (TSLX), serving since 2016, and is Senior Credit Underwriter at the Adviser; he is also a Partner at Sixth Street. He holds a B.A. in Business Economics from Brown University (birth year 1968) . TSLX is externally managed; executive compensation is paid by the Adviser and not disclosed at the company level . Context for platform performance: the company declared total dividends of $2.08 per share for 2024, reflecting steady income generation central to the Adviser’s incentive structure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Silver Point Capital | Senior deal underwriter; oversaw private finance portfolio | Not disclosed | Led underwriting and portfolio oversight in private finance |
| Royal Bank of Scotland | Senior Vice President | 2004–2005 | Senior underwriting role in commercial finance |
| Emigrant Business Credit Corp (Emigrant Savings Bank subsidiary) | Executive Vice President | 1997–2004 | Executive leadership in asset-based/commercial credit |
| The CIT Group | Commercial and equipment finance divisions | Starting 1990 | Foundation in commercial and equipment finance underwriting |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sixth Street | Partner; Senior Credit Underwriter (at Adviser) | Not disclosed | Core origination/underwriting responsibilities across the platform |
Fixed Compensation
- TSLX has no employees; services are provided by individuals employed by the Adviser or its affiliates under the Investment Advisory and Administration Agreements .
- None of TSLX’s executive officers receives direct compensation from TSLX; the company reimburses the Adviser for an allocable portion of administrative personnel (e.g., CFO, CCO) based on time devoted, but not for Hamrah’s pay .
- TSLX does not have equity compensation plans and does not grant options .
Performance Compensation
- Executive pay at the Adviser is not disclosed; certain executives may participate in Adviser profits, which include fees paid under TSLX’s Investment Advisory Agreement .
- Adviser fee structure (key alignment levers for platform incentives):
| Item | Value |
|---|---|
| Base Management Fee | 1.5% annual rate on average gross assets (quarterly in arrears) |
| Leverage Waiver | Management Fee reduced to 1.0% on assets financed over 200% asset coverage (1.0x debt/equity); $1.5M waived in 2024 |
| NII Incentive Fee Hurdle | 1.5% quarterly hurdle (6% annualized) |
| Catch-up Threshold | 100% catch-up until 17.5% of total pre-incentive NII at 1.82% quarterly (7.28% annualized); then 17.5% on excess |
| Capital Gains Incentive Fee | 17.5% of cumulative realized capital gains, net of losses (accrued on unrealized gains) |
| Loss-Quarter Risk | Incentive Fee can be paid in quarters with realized/unrealized losses if NII exceeds the hurdle |
Equity Ownership & Alignment
- Total beneficial ownership (individual): 4,196 TSLX shares reported (Form 3 filed August 3, 2016; latest roster holdings maintained) .
- Shares outstanding as of March 31, 2025: 93,964,358; Hamrah’s stake ≈0.004% of outstanding shares (4,196/93,964,358) .
- Recent insider trading activity: no reported insider transactions by Hamrah over the past 18 months (site summary) .
- Hedging/pledging policy: directors/officers and Adviser employees are prohibited from short sales and publicly traded options; margin accounts and pledging are not permitted except by exception approved by Sixth Street Legal & Compliance . While specific pledging by Hamrah is not disclosed, TSLX notes pledges by certain officers in aggregate (64,609 shares among other executive officers) and individual pledges by certain directors .
Employment Terms
| Item | Details |
|---|---|
| TSLX Employment Start | Vice President since 2016; indefinite term |
| Employer | Employee of the Adviser; not an employee of TSLX |
| Contract term/renewal | Executive employment agreements (if any) are at Adviser level; not disclosed in TSLX filings |
| Severance / Change-of-Control | Not disclosed; TSLX executive compensation and employment terms are handled by Adviser |
| Clawback / Non-compete / Non-solicit | Not disclosed; TSLX insider trading policy governs trading, hedging, pledging approvals |
Investment Implications
- Pay-for-performance visibility: Individual compensation metrics (salary, bonus, equity awards, vesting, severance/COC) are not disclosed for Hamrah because TSLX is externally managed; alignment is primarily via Adviser-level fee structures tied to net investment income and realized capital gains, which incentivize income generation and disciplined credit underwriting .
- Insider selling pressure: No reported insider transactions by Hamrah in the past 18 months; his disclosed holdings are small (~0.004% of shares outstanding), suggesting limited direct selling impact from his activity .
- Pledging/hedging risk: Company policy prohibits short-term/speculative transactions and pledging absent approved exceptions; aggregate pledging by certain officers exists, but no Hamrah-specific pledge disclosure—monitor for any Form 4 updates that would elevate risk .
- Retention risk: Tenure since 2016 and partner status at Sixth Street suggest integration into the platform; however, with adviser-paid compensation and no company-level employment disclosures, retention levers and economics are opaque in public filings .
- Governance considerations: TSLX’s Compensation Committee focuses on advisory/administration agreement renewals and director pay; there is no say-on-pay vote for executives given the external management model—investor focus should remain on fee terms, dividend sustainability ($2.08 per share declared from 2024 earnings) and underwriting performance in the credit portfolio .