Sixth Street Specialty Lending Inc (TSLX) 2024 Q4 法說會逐字稿

Good morning, and welcome to Sixth Street Specialty Lending, Inc's fourth-quarter and fiscal year ended December 31, 2024, earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded, Friday, February 14, 2025.

早安，歡迎參加 Sixth Street Specialty Lending, Inc 截至 2024 年 12 月 31 日的第四季和財政年度收益電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 2 月 14 日星期五錄製。

I would now like to hand the conference over to Ms. Cami VanHorn, Head of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係主管卡米·範霍恩女士。請繼續。

Thank you. 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 statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

謝謝。在我們開始今天的電話會議之前，我想提醒我們的聽眾，電話會議中的言論可能包含前瞻性陳述。本次電話會議中除歷史事實陳述以外的其他陳述可能構成前瞻性陳述，並不保證未來的績效或結果，並涉及許多風險和不確定性。

Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Sixth Street Specialty Lending, Inc's filings with the Securities and Exchange Commission.

由於多種因素，包括 Sixth Street Specialty Lending, Inc 不時向美國證券交易委員會提交的文件中所述的因素，實際結果可能與前瞻性陳述中的結果有重大差異。

The company assumes no obligation to update any such forward-looking statements. Yesterday, after the market closed, we issued our earnings press release for the fourth quarter and fiscal year ended December 31, 2024, and posted a presentation to the Investor Resources section of our website, www.sixthstreetspecialtylending.com.

該公司不承擔更新任何此類前瞻性陳述的義務。昨天，市場收盤後，我們發布了截至 2024 年 12 月 31 日的第四季度和財年收益新聞稿，並在我們網站 www.sixthstreetspecialtylending.com 的投資者資源部分發布了一份簡報。

The presentation should be reviewed in conjunction with our Form 10-K filed yesterday with the SEC. Sixth Street Specialty Lending, Inc's earnings release is also available on our website under the Investor Resources section. Unless noted otherwise, all performance figures mentioned in today's prepared remarks are as of and for the fourth quarter and fiscal year ended December 31, 2024.

該演示文稿應與我們昨天向美國證券交易委員會提交的10-K表格一起進行審查。Sixth Street Specialty Lending, Inc 的收益報告也可在我們網站的「投資者資源」部分查閱。除非另有說明，今天的準備好的評論中提到的所有業績數據均截至 2024 年 12 月 31 日的第四季度和財政年度。

And I will now turn the call over to Joshua Easterly, Chief Executive Officer of Sixth Street Specialty Lending Inc.

現在我將電話轉給 Sixth Street Specialty Lending Inc. 的執行長 Joshua Easterly。

Thank you, Cami. Good morning, everyone. Thank you for joining us. With us today is our President, Bo Stanley; and our CFO, Ian Simmonds. For our call, I will review our full year and fourth quarter highlights and pass it over to Bo to discuss activity in the portfolio. Ian will review our financial performance in more detail, and I will conclude with final remarks before opening the call to Q&A.

謝謝你，卡米。大家早安。感謝您加入我們。今天和我們在一起的是我們的總統博·斯坦利 (Bo Stanley)；以及我們的財務長 Ian Simmonds。在我們的電話會議上，我將回顧我們全年和第四季度的亮點，並將其交給 Bo 來討論投資組合的活動。伊恩將更詳細地回顧我們的財務業績，我將在開始問答環節之前做最後的總結。

After the market closed yesterday, we reported strong fourth quarter results with adjusted net investment income of $0.61 per share or an annualized operating return on equity of 14.2% and adjusted net income of $0.54 per share on an annualized return on equity of 12.5%. As presented in our financial statements, our Q4 net investment income and net income per share, inclusive of the unwind of the noncash accrued capital gains of incentive fee expense or $0.01 per share higher than the adjusted figures.

在昨天市場收盤後，我們報告了強勁的第四季度業績，調整後淨投資收益為每股 0.61 美元，年化營業股本回報率為 14.2%，調整後淨收入為每股 0.54 美元，年化股本回報率為 12.5%。正如我們的財務報表所示，我們的第四季淨投資收益和每股淨收益（包括激勵費用非現金應計資本收益的抵銷）比調整後的數字高出每股 0.01 美元。

In Q4, we earned $0.15 per share of activity-based fees, including dividend income, representing the highest amount in seven quarters. We continue to build net asset value per share from $17.12 as of September 30, to $17.16 as of December 31. Additionally, our base dividend remains well covered with adjusted net investment income of $0.61 per share, exceeding our base quarterly dividend by $0.15 per share or 33%.

第四季度，我們每股活動費用為 0.15 美元，包括股息收入，為七季以來的最高水準。我們繼續將每股淨資產價值從 9 月 30 日的 17.12 美元提高到 12 月 31 日的 17.16 美元。此外，我們的基本股息仍然充足，調整後的淨投資收益為每股 0.61 美元，比基本季度股息高出每股 0.15 美元，即 33%。

For the full year 2024, we generated adjusted net investment income per share of $2.33, representing an operating return on equity of 13.8% and full year adjusted net income per share of $1.97 or return on equity of 11.6%. As we've always said return on equity on net income is a measure that matters. On that basis, we generated nearly 12% for 2024. This remains well above our estimated 9% cost of capital and significantly above the Q3 LTM average return on equity for the BDC sector of approximately 9.1%.

2024 年全年，我們實現每股調整後淨投資收益 2.33 美元，相當於營業股本回報率 13.8%，全年調整後每股淨收益 1.97 美元，相當於股本回報率 11.6%。正如我們一直所說，淨收入的股本報酬率是一項重要的衡量標準。在此基礎上，我們預計 2024 年的營收將成長近 12%。這仍遠高於我們估計的 9% 資本成本，並顯著高於 BDC 產業第三季 LTM 平均股本回報率（約 9.1%）。

Further, we delivered an increase of 70 basis points on net asset value per share from $17.04 as of December 31, 2023, to $17.16 as of December 31, 2024.

此外，我們的每股淨資產價值從 2023 年 12 月 31 日的 17.04 美元增加了 70 個基點至 2024 年 12 月 31 日的 17.16 美元。

Looking back at 2024, all results were driven by a number of factors, including a shift in interest rates, additional activity-based fees, credit headwinds and movement in new investment spreads. We'll highlight the impact from each of these components, starting with the tailwinds. First and most obvious, interest rates remained higher for longer, providing an earnings boost for the sector. 12 months ago, the forward curve indicated interest rates of approximately 3.6% today. This compares to a 3-year SOFR swap rate today of approximately 4% or 40 basis points difference.

回顧 2024 年，所有結果都受到多種因素的驅動，包括利率變化、基於活動的額外費用、信貸阻力和新投資利差的變動。我們將重點放在每個因素的影響，從順風因素開始。首先，最明顯的是，利率長期維持在高位，為該行業帶來了獲利成長。 12個月前，遠期曲線顯示今天的利率約為3.6%。相較之下，目前 3 年期 SOFR 掉期利率相差約 4% 或 40 個基點。

Higher base interest rates for LTM operating ROEs for the sector through Q3 of 12.3% and 13.9% for TSLX, well above the long-term sector average of 8.9%. For TSLX, the rate environment in 2024 contributed approximately $0.03 per share of net income above our guidance. In addition to slightly uplift from rates. We earned $0.44 per share of gross activity-based fee income, including dividend and other income in 2024, representing the highest amount since 2021.

截至第三季度，該產業的 LTM 營業 ROE 基準利率較高，為 12.3%，TSLX 為 13.9%，遠高於長期產業平均 8.9%。對於 TSLX 而言，2024 年的利率環境貢獻了每股淨收入約 0.03 美元，高於我們的預期。此外利率也略有調高。2024 年，我們的每股總活動費用收入（包括股息和其他收入）為 0.44 美元，創下 2021 年以來的最高水準。

A significant portion of the income came in the fourth quarter as we experienced a resurgence of repayment activity in our portfolio. This resulted in a $0.15 per share of activity-based fee income for the quarter above our trailing 3-year SOFR average of $0.09 per share. This fee income is a product of our in-depth underwriting and selective investment approach as we carefully structured investment include call protection and other features that create value for shareholders.

由於我們的投資組合中還款活動的復甦，很大一部分收入來自於第四季。這導致本季度的基於活動的費用收入為每股 0.15 美元，高於過去 3 年 SOFR 平均值每股 0.09 美元。此費用收入是我們深入承保和精選投資方法的產物，因為我們精心構建的投資包括贖回保護和其他為股東創造價值的功能。

In 2024, activity-based fee income contributed approximately $0.15 per share of net investment income above our guidance.

2024 年，基於活動的費用收入貢獻了每股淨投資收入約 0.15 美元，高於我們的預期。

Now pivoting to the headwinds. Consistent with our message for the last couple of years, we expected credit to weaken on the margin in tails emerge. Over the last 12 months, we experienced idiosyncratic credit deterioration across two portfolio companies. Astra Acquisition Corp and Lithium Technologies, both of which we added to nonaccrual during the year. And the lost interest income from these two investments after being placed on nonaccrual status resulted in a $0.07 per share negative impact to net investment income in 2024 relative to our forecast.

現在轉向逆風。與我們過去幾年傳遞的訊息一致，我們預期信貸在尾部出現邊際減弱。在過去的 12 個月中，我們投資組合中的兩家公司經歷了特殊的信用惡化。Astra Acquisition Corp 和 Lithium Technologies，這兩家公司均於今年納入不提列資產。而這兩項投資在被置於非應計狀態後產生的利息收入損失，導致 2024 年淨投資收入每股產生 0.07 美元的負面影響（相對於我們的預測）。

Even with the lower fair value on these investments, we continue to grow net asset value year-over-year by 70 basis points. This compares to a decline of approximately 160 basis points on average for the BDC peer group through Q3 2024 compared to Q4 2023. For the same period, net asset value per share for TSLX increased 50 basis points, representing roughly 210 basis points of outperformance.

即使這些投資的公允價值較低，我們的淨資產價值仍比去年同期成長 70 個基點。相比之下，2024 年第三季與 2023 年第四季相比，BDC 同業平均下降了約 160 個基點。同期，TSLX 的每股淨資產價值增加了 50 個基點，表現優異約 210 個基點。

And finally, new investment spreads moved tighter throughout the year, driven by the significant amount of capital raised in the direct renew space combined with muted M&A volume. This is the supply and imbalance that we've talked about on several of our previous earnings calls.

最後，由於直接續約領域籌集的資金大量增加，而併購交易量低迷，新的投資利差全年收窄。這就是我們在之前的幾次財報電話會議上討論過的供應和不平衡問題。

To illustrate the movement of spreads in 2024, we'll compare Q4 2023 and the Q3 2024, given we are still early in the fourth quarter reported cycle. As of Q4 2023 the weighted average spread on first lien performing assets in our portfolio and for public BDCs was 8.3% and 6.4%, respectively. This compares to a weighted average spread as of Q3 2024 of 8% and 6.1%, respectively, representing a decline of 30 basis points for TSLX and the public BDC sector.

為了說明 2024 年利差的變動情況，我們將比較 2023 年第四季和 2024 年第三季度，因為我們仍處於第四季度報告週期的早期階段。截至 2023 年第四季度，我們投資組合中和公共 BDC 的首筆留置權資產的加權平均利差分別為 8.3% 和 6.4%。相較之下，截至 2024 年第三季的加權平均利差分別為 8% 和 6.1%，TSLX 和公共 BDC 部門的利差下降了 30 個基點。

As the market moved tighter to 2024, the impact of tighter spreads on new deals lowered our net investment income by approximately $0.07 per share compared to our forecast for the year. That being said, we continue to put on new deals at wider spreads relative sector as evidenced by our weighted average spread on new deals in Q3 2024 being approximately 150 basis points wider than the average for public BDC peers.

隨著市場向 2024 年趨緊，新交易利差收緊的影響使我們的淨投資收益與今年的預測相比下降了約 0.07 美元/股。話雖如此，我們仍繼續以相對於行業更大的利差進行新交易，這一點可以從 2024 年第三季度新交易的加權平均利差比公共 BDC 同行的平均水平高出約 150 個基點看出。

Although there were puts and takes, we met our guidance on an operating income basis for the year. Looking ahead to 2025, we believe the earnings potential for BDCs is largely tied to portfolio spreads. To put it simply, the deals you do today will ultimately be the driver of returns in the future. As an illustrative example, we've calculated the estimated return on equity, assuming our entire portfolio had a weighted average spread equal to the weighted average spread we earned on new investments in the fourth quarter of 6.4%.

儘管有些利弊，但我們還是實現了當年的營業收入預期。展望 2025 年，我們認為 BDC 的獲利潛力很大程度上與投資組合利差有關。簡而言之，您今天達成的交易最終將成為未來回報的驅動力。作為一個說明性範例，我們計算了預期的股本報酬率，假設我們整個投資組合的加權平均利差等於我們在第四季新投資中獲得的加權平均利差 6.4%。

Based on our balance sheet as of year-end, the three-year SOFR swap rate of 4%, 1.5% OID over a three-year average life and consistent with our union economics over the last year. A weighted average of 640 basis points implies a return on equity of 9% and 10%, assuming 0 basis points to 50 basis points of credit losses on assets.

根據我們截至年底的資產負債表，三年期 SOFR 掉期利率為 4%，三年平均期限為 1.5% OID，與我們去年的工會經濟狀況一致。640 個基點的加權平均值意味著股本回報率為 9% 和 10%，假設資產信用損失為 0 至 50 個基點。

We can compare this to earnings potential for the sector by using the weighted average spread of new first liens in the third quarter of 529 basis points for public BDCs. To simplify the analysis will assume management incentive fees, leverage cost of funds and our operating expenses are based on the Q3 LTM average for the sector. Using the three-month SOFR swap rate of 4%, 1.5% OID over a three-year average life and the long-term annualized return net loss rates according to Clipwater Direct lending Index of 102 basis points, a weighted average portfolio spread at 529 basis points generates approximately 5% return on equity for the sector.

我們可以透過使用第三季公共 BDC 的新第一留置權的加權平均利差 529 個基點，將其與該行業的獲利潛力進行比較。為了簡化分析，我們假設管理激勵費、資金槓桿成本和我們的營運費用均基於該行業第三季的 LTM 平均值。使用 4% 的三個月 SOFR 掉期利率、三年平均期限的 1.5% OID 和根據 Clipwater 直接貸款指數的 102 個基點的長期年化回報淨損失率，529 個基點的加權平均投資組合利差為該行業產生約 5% 的股本回報率。

It is important to note that these return estimates assume a three-year swap rate of 4%. if base rates move lower, ROEs will move lower, two, given the asset sensitivity and some liability sensitivity for the BDC space. As we have said in the past, today's front book is tomorrow's back book. This was the big theme we highlighted during our Q2 earnings call six months ago and remains top of mind when we make our investments. To be clear, the analysis is for illustrative purposes only. If our entire portfolio will call away, our return on equity in the term would be boost given the impact of embedded call protection and amortization of upfront fees.

值得注意的是，這些回報估計假設三年期掉期利率為 4%。如果基準利率下降，ROE 也會下降，其次，考慮到 BDC 領域的資產敏感性和一些負債敏感性。正如我們過去所說的那樣，今天的頭本書就是明天的尾本書。這是我們六個月前在第二季財報電話會議上強調的重要主題，並且仍然是我們進行投資時首要考慮的問題。需要明確的是，該分析僅用於說明目的。如果我們的整個投資組合都能贖回，那麼考慮到嵌入式贖回保護和預付費用攤銷的影響，我們期內的股本回報率將會提高。

While it may feel like the value proposition for direct lending is eroding on the margin given spread levels in the market today. We set up our business with a differentiated sourcing channels to deliver a sustainable return profile for our shareholders.

儘管考慮到當今市場的利差水平，直接貸款的價值主張似乎正在侵蝕利潤。我們透過差異化的採購管道建立我們的業務，為股東提供可持續的回報。

We continue over earning our cost of capital even in a more competitive power spread environment and believe this will be a key contributor to the dispersion in returns to the sector in the future. Yesterday, our Board approved a base quarterly dividend of $0.46 per share to shareholders of record as of March 14, payable on March 31.

即使在更具競爭力的電價環境下，我們的資本成本仍繼續超過我們的收益，並相信這將是未來該行業回報分散的關鍵因素。昨天，我們的董事會批准向 3 月 14 日登記在冊的股東派發每股 0.46 美元的基本季度股息，將於 3 月 31 日支付。

Our Board also declared a supplemental dividend of $0.07 per share related to our Q4 earnings to shareholders of record as of February 28, payable on March 20. Our year-end net asset value per share adjusted for the impact of the supplemental dividend that was declared yesterday of $17.09, and we estimate that our staller income is approximately $1.23 per share.

董事會還宣布根據第四季度收益向 2 月 28 日登記在冊的股東派發每股 0.07 美元的補充股息，股息將於 3 月 20 日支付。我們的每股年終淨值已根據昨天宣布的 17.09 美元的補充股息的影響進行調整，我們估計我們的攤銷收入約為每股 1.23 美元。

With that, I'll now pass it over to Bo to discuss this quarter's investment activity.

說完這些，我現在將話題交給 Bo 來討論本季的投資活動。

Thanks, Josh. I'd like to start by laying on some additional thoughts on the direct lending environment and more specifically, how we are positioned for the opportunity that we are anticipating in 2025. 2024 was another year of lower M&A volumes as interest rates remain elevated and valuation gaps persisted between buyers and sellers in the market. While a setup for 2025 is not entirely different from that of 2024, we are optimistic about the higher activity levels this year for a few reasons.

謝謝，喬希。首先，我想談談對直接貸款環境的一些額外想法，更具體地說，我們如何把握 2025 年預期的機會。雖然 2025 年的安排與 2024 年並無太大不同，但出於一些原因，我們對今年更高的活動水平持樂觀態度。

First, valuation gaps have narrowed after multiples reached trough in 2023 and from the peak prices paid for businesses in 2021. The reality is that if a buyer paid an excess multiple a few years ago and multiples have since contracted, that implies additional growth in the businesses required before they can earn back their money, let alone a reasonable return. Achieving that growth generally takes time and companies that have had yet another year to go back into earnings.

首先，在本益比於 2023 年觸底且企業估值於 2021 年達到高峰之後，估值差距已經縮小。現實情況是，如果買家幾年前支付了過高的倍數，而此後倍數已經收縮，這意味著他們需要在業務上實現額外增長，才能夠賺回他們的錢，更不用說合理的回報了。要實現這種成長通常需要時間，而且公司還需要一年的時間才能重新開始獲利。

Second, in a more stable macroeconomic backdrop. Compared to 2024, interest rates have stabilized to what we may now consider the new normal while inflationary pressures have largely subsided, at least for the time being. While still higher for longer, we believe that the normalization of rates, while still we'll bring more buyers back into the market in 2025.

二是宏觀經濟情勢更加穩定。與 2024 年相比，利率已穩定到我們現在認為的新常態，而通膨壓力已基本消退，至少目前是如此。儘管利率仍會在較長時間內維持高位，但我們相信利率會正常化，到 2025 年，我們仍將吸引更多買家重返市場。

Lastly, pressure has continued to build in the system with sponsors sitting on record amounts of dry powder. Each of these factors will take time to fully materialize, but they set a promising stage for increased activity levels this year. Amidst the slower M&A backdrop in 2024, we had an extremely productive year of putting capital to work in differentiated investment opportunities. In Q4, we provided total commitments of $479 million and total fundings of $324 million across nine new portfolio companies and upside at the seven existing investments.

最後，由於贊助商持有創紀錄數量的資金，系統內的壓力不斷增加。上述每個因素都需要一定的時間才能完全實現，但它們為今年的活動水準提升奠定了良好的基礎。在 2024 年併購放緩的背景下，我們度過了極其富有成效的一年，將資本投入差異化投資機會。在第四季度，我們為 9 家新的投資組合公司提供了總計 4.79 億美元的承諾資金和總計 3.24 億美元的融資，並對 7 家現有的投資進行了上行拓展。

In terms of commitments, Q4 was our busiest quarter in three years since Q4 of 2021. For the full year 2024, we provided $1.2 billion of commitments and closed on $839 million of fundings representing an increase from the 2023 levels of $959 million and $808 million, respectively. In 2024, we stayed active in the market by leveraging our omnichannel sourcing capabilities across the Sixth Street platform. This, including being a valuable solution provider in both the sponsor and non-sponsor channels.

就承諾而言，自 2021 年第四季以來，第四季是我們三年來最繁忙的季度。就 2024 年全年而言，我們提供了 12 億美元的承諾，並完成了 8.39 億美元的融資，比 2023 年的 9.59 億美元和 8.08 億美元分別增加。2024 年，我們利用第六街平台的全通路採購能力，在市場上保持活躍。這包括成為贊助商和非贊助商管道中有價值的解決方案提供者。

In the sponsor finance market, our thematic investment allows us to provide speed and certainty in the sectors we like and know well, thereby positioning us as a differentiated source of capital in what has become the most competitive segment of the direct lending market. As for the nonsponsored businesses, the breadth of Sixth Street's platform provides us with the ability to originate credits away from the regular way sponsor finance business.

在贊助商融資市場中，我們的主題投資使我們能夠在我們喜歡和熟悉的領域提供速度和確定性，從而使我們成為直接貸款市場中競爭最激烈的領域的差異化資本來源。對於非贊助業務，第六街平台的廣度為我們提供了從常規贊助​​商融資業務中獲取信貸的能力。

In 2024, 37% of total fundings were to non-sponsored businesses. It is generally in this less traveled theme of the market where we earn incremental spread while maintaining an appropriate risk return for our shareholders. Given our access to a wide top of the funnel across multiple origination channels, our investment pipeline is not solely linked to M&A volume but rather stems from long-standing relationships, sector expertise and flexible capital approach.

2024 年，總融資金額的 37% 流向了非贊助企業。通常，在這個較少人涉足的市場主題中，我們可以賺取增量利差，同時為股東維持適當的風險報酬。鑑於我們能夠透過多種發起管道獲得廣泛的管道頂端，我們的投資管道不僅與併購量相關，還源於長期的關係、行業專業知識和靈活的資本方式。

To highlight a differentiated investment in Q4, also our largest funding for the quarter we closed on a new investment to TRP Energy. This was structured as a new term loan facility that recapitalized the business in connection with an asset exchange. As part of the transaction, TRP refinanced its existing term loan engine by Sixth Street, resulting in approximately $0.07 per share from the combination of prepayment fees and dividend income.

為了突顯第四季的差異化投資，這也是我們本季最大的一筆融資，我們完成了對 TRP Energy 的新投資。該計劃被建構為一種新的定期貸款工具，透過資產交換對業務進行資本重組。作為交易的一部分，TRP 透過 Sixth Street 對其現有的定期貸款引擎進行再融資，從預付費用和股息收入中獲利約 0.07 美元/股。

This investment allows us to stay invested alongside a trusted management team through a new deal with call protection. We believe this investment underscores the power of the Sixth Street platform and creating unique investment opportunities.

這項投資使我們能夠透過具有看漲保護的新協議與值得信賴的管理團隊一起繼續投資。我們相信這項投資彰顯了第六街平台的實力並創造了獨特的投資機會。

To touch on another nonsponsor investment we made in 2024. Arrowhead Pharmaceuticals was in the press in Q4 announcing a large-scale global licensing and collaboration agreement with Sarepta Therapeutics. After receiving HSR approval last week, the transaction will be effective in Q1, and we anticipate a repayment of a portion of our loan in accordance with agreed upon prepayment terms.

談談我們在 2024 年進行的另一項非贊助商投資。Arrowhead Pharmaceuticals 在第四季度向媒體宣布與 Sarepta Therapeutics 達成大規模全球許可和合作協議。在上週獲得 HSR 批准後，該交易將於第一季生效，我們預計將根據商定的預付款條款償還部分貸款。

Based on these terms, we expect to earn $0.07 per share of estimated activity-based fees in Q1 of 2025. Similar to our investment in TRP Inergy, this opportunity was a direct result of deep expertise across the Sixth Street platform. We have an established and a core competency in specific themes within the health care sector over a number of years, which has positively benefited our shareholders, demonstrated by an asset-level weighted average IRR and MOM of 14.7% and 1.4x on fully realized health care investments in the SLX portfolio.

根據這些條款，我們預計 2025 年第一季每股收益為 0.07 美元。與我們對 TRP Inergy 的投資類似，此機會直接源自於 Sixth Street 平台的深厚專業知識。多年來，我們在醫療保健領域的特定主題上建立了核心競爭力，這為我們的股東帶來了積極利益，SLX 投資組合中完全實現的醫療保健投資的資產水平加權平均 IRR 和 MOM 分別為 14.7% 和 1.4 倍。

Both of these examples highlight the differentiated portfolio we have created. This is further demonstrated by the examining the overlap of investments in the TSLX portfolio with other BDCs and comparing that to an investment overlap across the BDC sector. As of Q3 2024, TSLX at approximately 25% less portfolio overlap compared to the overlap on average for the sector. Pivoting to funding trends in Q4, 98% of our new investments were in first lien loans, reinforcing our long-term focus on investing at the top of the capital structure.

這兩個例子都凸顯了我們所創造的差異化投資組合。透過檢查 TSLX 投資組合與其他 BDC 的投資重疊情況，並將其與 BDC 產業的投資重疊情況進行比較，進一步證明了這一點。截至 2024 年第三季度，TSLX 的投資組合重疊度與該產業的平均重疊度相比降低了約 25%。從第四季的融資趨勢來看，我們 98% 的新投資都來自第一留置權貸款，這強化了我們長期專注於投資資本結構頂端的理念。

All nine new investments were across platform deals where we leverage the size of Sixth Street's capital base to lead and participate in transactions that presented attractive risk-adjusted return opportunities. This contributed to Sixth Street aided in 88% of the deals funded in TSLX in the fourth quarter. In today's crowded marketplace of direct lenders, we believe our skilled capital base serves as a competitive advantage as we are able to lead transactions ultimately allowing us to drive shareholder returns. Moving on to repayment activity, as Josh highlighted earlier, we experienced a significant pickup in payoffs during the fourth quarter to finish off the year.

所有九項新投資均為跨平台交易，我們利用第六街的資本基礎規模來主導和參與具有吸引力的風險調整回報機會的交易。這有助於第六街在第四季度協助 TSLX 完成 88% 的交易。在當今擁擠的直接貸款市場中，我們相信我們熟練的資本基礎是一種競爭優勢，因為我們能夠引領交易，最終使我們能夠推動股東回報。談到還款活動，正如喬希之前強調的那樣，我們在第四季度經歷了還款額的大幅增加，從而結束了這一年。

Total repayments in Q4 were $305 million. For the full year, repayments totaled $794 million, reflecting a 69% increase over 2023 and resulting in net funding activity of $45 million for 2024. To characterize the repayment activity we experienced during the fourth quarter, we saw a mix between payoffs related to M&A and refinancings. Two of our payoffs driven by M&A, TRP Energy and Kyriba resulted in the repayment of our existing investment, followed by the opportunity to continue lending to the business through a new money term loan.

第四季總還款額為 3.05 億美元。全年還款總額為 7.94 億美元，比 2023 年成長 69%，導致 2024 年的淨融資活動達到 4,500 萬美元。為了描述我們在第四季度經歷的還款活動，我們看到了與併購和再融資相關的還款混合。我們的兩筆由併購、TRP Energy 和 Kyriba 推動的收益使我們償還了現有投資，隨後有機會透過新的定期貸款繼續向企業提供貸款。

In terms of repayments driven by refinancings, we continue to pass on deals getting done at spreads that do not present an appropriate return profile for our shareholders. From a portfolio yield perspective, our weighted average yield on debt and income producing securities at amortized costs decreased quarter-over-quarter from 13.4% to 12.5%. Half of this decline of 46 basis points was from lower interest rates and the rest was a mix between yields on new fundings and spread step-downs on an existing investment.

在再融資驅動的償還方面，我們繼續轉嫁以利差完成的交易，這些交易不能為我們的股東帶來適當的回報。從投資組合收益率來看，我們的債務和收益證券的攤銷成本加權平均收益率環比下降，從 13.4% 下降至 12.5%。46 個基點的下降中，一半是由於利率下降，其餘則是新融資收益率和現有投資利差下降所造成的。

In today's tighter spread environment, we have continued to participate in investment opportunities that we estimate will earn a return that is greater than our cost of capital. This is illustrated by only 5.1% of our portfolio by fair value in senior secured loans with spreads below 550 basis points. Further, less than 1% of our portfolio by fair value carries a spread below 500 basis points. We highlight this for the reasons we have outlined in the previous earnings call regarding the importance of earning our cost of capital.

在當今利差收緊的環境下，我們繼續參與那些預期收益將高於資本成本的投資機會。以公允價值計算，我們投資組合中僅有 5.1% 的優先擔保貸款的利差低於 550 個基點，就說明了這一點。此外，以公允價值計算，我們投資組合中不到 1% 的利差低於 500 個基點。我們強調這一點，是因為我們在上次收益電話會議上已經概述了賺取資本成本的重要性。

Moving on to the portfolio composition and credit stats. Across our core borrowers for whom these metrics are relevant, we continue to have conservative weighted average attach and detach points of 0.6 times and 5.1 times, respectively and their weighted average interest coverage remains consistent at 2.1x.

繼續討論投資組合構成和信用統計。對於與這些指標相關的核心借款人，我們繼續保持保守的加權平均附加​​點和分離點，分別為 0.6 倍和 5.1 倍，其加權平均利息覆蓋率保持在 2.1 倍不變。

As a reminder, interest rate coverage assumes that we apply reference rates at the end of the quarter to run rate borrower EBITDA. As of Q4 2024, the weighted average revenue and EBITDA for our core portfolio companies was $336 million and $110 million, respectively. Median revenue and EBITDA was $147 million and $53 million.

提醒一下，利率覆蓋假設我們採用季度末的參考利率來計算借款人的 EBITDA。截至 2024 年第四季度，我們核心投資組合公司的加權平均收入和 EBITDA 分別為 3.36 億美元和 1.1 億美元。平均收入和 EBITDA 分別為 1.47 億美元和 5,300 萬美元。

Finally, the performance leading of our portfolio continues to be strong with a weighted average rating of 1.10 on a scale of 1 to 5, with 1 being the strongest represent an improvement from last quarter's rating of 1.14, driven by growth in the portfolio from new investments and the repayment of a two late investment during the quarter. Nonaccruals represent 1.4% of the portfolio fair value with no new investments added to nonaccrual status in Q4.

最後，我們投資組合的業績持續保持強勁，加權平均評級為 1.10（評級範圍為 1 到 5），其中 1 為最高，較上一季的 1.14 評級有所提高，這得益於新投資帶來的投資組合增長以及本季度償還兩筆逾期投資。非應計項目佔投資組合公允價值的 1.4%，第四季沒有新的投資被加入非應計狀態。

With that, I'd like to turn it over to my partner, Ian, to cover our financial performance in more detail.

接下來，我想讓我的合夥人伊恩 (Ian) 更詳細地介紹我們的財務表現。

Thank you, Bo. We finished the year with a strong quarter from an earnings and investment activity perspective. In Q4, we generated net investment income per share of $0.62 resulting in full year net investment income per share of $2.39. Our Q4 net income per share was $0.55, resulting in full year net income per share of $2.03. We experienced an unwind of $0.06 per share of capital gains incentive fees in 2024, resulting in adjusted net investment income and adjusted net income per share for the year of $2.33 and $1.97, respectively.

謝謝你，博。從獲利和投資活動的角度來看，我們以強勁的業績結束了這一財年。第四季度，我們產生的每股淨投資收益為 0.62 美元，全年每股淨投資收益為 2.39 美元。我們第四季每股淨收入為 0.55 美元，全年每股淨收入為 2.03 美元。 2024 年，我們的每股資本利得激勵費減少了 0.06 美元，導致當年調整後的淨投資收益和調整後的每股淨收益分別為 2.33 美元和 1.97 美元。

At year-end, we had total investments of $3.5 billion total principal debt outstanding of $1.9 billion and net assets of $1.6 billion or $17.16 per share, which is prior to the impact of the supplemental dividend that was declared yesterday. Our ending debt-to-equity ratio was 1.22x, up slightly from 1.19x in the prior quarter our average debt-to-equity ratio also increased from 1.14x to 1.23x quarter-over-quarter.

截至年底，我們的總投資為 35 億美元，未償還本金債務總額為 19 億美元，淨資產為 16 億美元，即每股 17.16 美元，這是昨天宣布的補充股息的影響之前的數據。我們的期末負債權益比為 1.22 倍，略高於上一季的 1.19 倍，我們的平均負債權益比也從上一季的 1.14 倍增加到 1.23 倍。

For full year 2024, our average debt-to-equity ratio was 1.19x down slightly from 1.2 times in 2023. In terms of our balance sheet positioning at year-end, we had $674 million of available revolver capacity against $205 million of unfunded portfolio company commitments eligible to be drawn. As discussed on last quarter's call, we satisfied the maturity of our 2024 unsecured notes during the fourth quarter through utilization of undrawn capacity on our revolving credit facility.

2024 年全年，我們的平均負債權益比率為 1.19 倍，略低於 2023 年的 1.2 倍。就我們年末資產負債表狀況而言，我們擁有 6.74 億美元的可用循環信貸額度，而可供提取的未撥備投資組合公司承諾額為 2.05 億美元。正如上個季度的電話會議上所討論的那樣，我們在第四季度通過利用循環信貸額度的未提取額度滿足了 2024 年無擔保票據的到期日。

Following that repayment, our nearest maturity does not occur until August of 2026. Consistent with our ongoing messaging of being an annual issuer, we anticipate accessing the unsecured market in calendar year 2025 to extend our debt maturity ladder and maintain our target funding mix.

此次還款之後，我們最近的到期日要到 2026 年 8 月。與我們作為年度發行人的持續宣傳一致，我們預計將在 2025 日曆年進入無擔保市場，以延長我們的債務期限並維持我們的目標融資組合。

Last month, we kicked off the annual process of amending and extending our revolving credit facility. While the current maturity on the facility is not until 2029, we have historically extended the maturity on an annual basis, driven by our asset liability matching principle of maintaining a weighted average duration on our liabilities, that meaningfully exceeds the weighted average life of the assets funded by debt.

上個月，我們啟動了修改和延長循環信貸安排的年度流程。雖然該貸款目前要到 2029 年才到期，但我們歷來都會每年延長其到期日，這是根據我們的資產負債匹配原則，即維持負債的加權平均期限，這大大超過了債務融資資產的加權平均期限。

We anticipate marginally lowering the drawn spread and undrawn fee on the facility upon closing of the amendment in Q1. Moving to our presentation materials. Slide 10 contains this quarter's NAV bridge. Walking through the main drivers of NAV growth, we added $0.61 per share from adjusted net investment income against our base dividend of $0.46 per share. The impact of tightening credit spreads on the valuation of our portfolio had a positive $0.08 per share impact to net asset value.

我們預計在第一季修訂結束後，該貸款的提取利差和未提取費用將略有降低。轉到我們的演示材料。幻燈片 10 包含本季的 NAV 橋。透過資產淨值成長的主要驅動力，我們從調整後的淨投資收益中增加了每股 0.61 美元，而基本股息為每股 0.46 美元。信用利差收緊對我們投資組合估值的影響對淨資產價值產生了每股 0.08 美元的正面影響。

There was a $0.07 per share decline in NAV from net unrealized losses driven by portfolio company-specific events. Other changes included $0.12 per share reduction to NAV as we reversed net unrealized gains on the balance sheet, primarily related to investment realizations in TRP Energy and Kyriba. And finally, there was a $0.05 per share uplift from net realized gains on investments, largely from our equity investment in (inaudible) oil and gas.

由於投資組合公司特定事件導致的淨未實現損失，資產淨值每股下降 0.07 美元。其他變化包括每股淨資產價值減少 0.12 美元，因為我們扭轉了資產負債表上的淨未實現收益，這主要與 TRP Energy 和 Kyriba 的投資實現有關。最後，投資淨實現收益每股上漲 0.05 美元，這主要來自於我們對（聽不清楚）石油和天然氣的股權投資。

Pivoting to our operating results detail on Slide 12. We generated a record level of total investment income of $123.7 million, up 4% compared to $119.2 million in the prior quarter. Walking through the components of income, interest and dividend income was $113.8 million, up from $110.9 million in the prior quarter, driven by net funding activity.

轉向投影片 12 上的我們的經營成果細節。我們創造了創紀錄的總投資收益 1.237 億美元，較上一季的 1.192 億美元成長 4%。從收入組成部分來看，利息和股息收入為 1.138 億美元，高於上一季的 1.109 億美元，這主要得益於淨融資活動的推動。

Other fees representing prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns were also higher at $5.1 million compared to $4.3 million in Q3, driven by the activity-based fees earned on repayments that Bo highlighted earlier. Other income was $4.8 million, up from $4 million in the prior quarter.

其他費用（代表預付費用和未安排還款的預付費用的加速攤銷）也高於第三季的 510 萬美元，這主要是由於 Bo 先前強調的還款活動所產生的費用。其他收入為 480 萬美元，高於上一季的 400 萬美元。

Net expenses, excluding the impact of the noncash accrual related to capital gains incentive fees were $65.9 million, up slightly from $65.8 million in the prior quarter. Our weighted average interest rate on average debt outstanding decreased approximately 70 basis points from 7.7% to 7%. This was largely driven by the decline in reference rates coupled with a funding mix shift following the repayment of 2024 unsecured notes in the fourth quarter.

不包括與資本利得激勵費相關的非現金應計費用的影響的淨支出為 6,590 萬美元，略高於上一季的 6,580 萬美元。我們未償還平均債務的加權平均利率從 7.7% 下降約 70 個基點至 7%。這主要是由於參考利率下降，以及第四季度償還 2024 年無擔保票據後融資組合變化所致。

As a reminder, our liability structure is entirely floating rate, which means our cost of debt will move in the same direction as interest rates. Before passing it back to Josh, I wanted to provide a framework for how we are thinking about guidance for this year. We anticipate the key variables in 2025 to be similar to those in 2024, including the movement of interest rates and new issue investment spreads, which will impact the amount of interest income and activity-based fees we expect to earn.

提醒一下，我們的負債結構完全是浮動利率，這意味著我們的債務成本將與利率同向變動。在將其交還給喬希之前，我想提供一個關於我們如何思考今年指導的框架。我們預計 2025 年的關鍵變數將與 2024 年相似，包括利率變動和新發行投資利差，這將影響我們預期賺取的利息收入和基於活動的費用金額。

Based on our model, which incorporates the forward curve and assumes spreads on new deals and leverage remain consistent with the fourth quarter, we expect to target a return on equity on net investment income for 2025 of 11.5% to 12.5%. The lower end of this range reflects muted activity-based fees, while the upper end reflects a more normalized level of activity-based fees.

根據我們的模型，該模型結合了遠期曲線並假設新交易的利差和槓桿率與第四季度保持一致，我們預計 2025 年淨投資收益的股本回報率將達到 11.5% 至 12.5%。此範圍的下限反映了基於​​活動的費用的降低，而上限反映了基於​​活動的費用的更正常化的水平。

Using our year-end book value per share of $17.9 which is adjusted to include the impact of our Q4 supplemental dividend. This corresponds to a range of $1.97 to $2.14 for full year 2025 adjusted net investment income per share. As a reminder, our base dividend is $1.84 per share on an annual basis, which we believe remains well protected.

使用我們年末每股帳面價值 17.9 美元，該價值已調整為包括我們第四季度補充股息的影響。這相當於 2025 年全年調整後每股淨投資收益在 1.97 美元至 2.14 美元之間。提醒一下，我們的基本股息為每年每股 1.84 美元，我們相信這一數字仍然能夠得到很好的保護。

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

最後，我將把發言時間交還給喬希 (Josh)，請他作最後總結。

Thank you, Ian. I started the call by sharing my thoughts on the unit economics of the sector, and we'll wrap up today by (inaudible) on that topic. Competition in direct lending market is fierce and spreads on new issue loans were historical tights. Last year, the combination of interest rates and existing portfolio spreads on older investments contributed to above average operating earnings for the sector.

謝謝你，伊恩。我在電話會議開始時分享了我對該行業單位經濟學的看法，今天我們將以（聽不清楚）結束關於這個主題的討論。直接貸款市場競爭激烈，新發放貸款利差處於歷史低點。去年，利率和舊投資的現有投資組合利差共同推動該產業的營業利潤高於平均值。

As we anticipated, credit was a headwind to earnings in 2024 for the sector. This year, we expect largely to offset in terms of tailwinds and headwinds to the sector. As back books converted to front book, we will see portfolios as potential challenge earnings. The math we illustrated earlier highlights that capital has been misallocated at least as it relates to return on equity and where firms in the sector sit on the cost curve.

正如我們預期的那樣，信貸將對 2024 年該行業的盈利造成阻力。今年，我們預計該行業的順風和逆風將在很大程度上抵消。隨著後期帳簿轉換為前端帳簿，我們將看到投資組合成為潛在的挑戰收益。我們先前說明的數學運算強調了資本被錯誤配置，至少在與股本回報率以及該行業公司在成本曲線上的位置有關時是如此。

We expect this to become evident in 2025 as weighted average portfolio spreads converge to prevailing spreads in the market today. On a positive note, we believe the majority of credit issues to be known and therefore, we expect credit improve from here. We share these views because we care about maintaining the value proposition for the sector.

我們預計，隨著加權平均投資組合利差收斂至當今市場普遍的利差，這一點將在 2025 年變得明顯。從積極的一面來看，我們相信大多數信貸問題已經為人所知，因此我們預計信貸問題將從現在開始改善。我們認同這些觀點，因為我們關心維護該產業的價值主張。

Ultimately, we are a long sector and it's important that other direct lenders understand their cost of capital and price risk appropriately. We're dedicated to upholding our standards to ensure that our sector remains a desired place for both equity and debt investors. We look forward to working hard to deliver for all our stakeholders throughout 2025 and beyond.

最終，我們是一個長期領域，讓其他直接貸款人適當地了解其資本成本和價格風險非常重要。我們致力於堅持我們的標準，以確保我們的行業仍然是股權和債務投資者所嚮往的領域。我們期待在 2025 年及以後努力為所有利害關係人提供服務。

With that, thank you for your time today. Operator, please open the line for questions.

感謝您今天抽出時間。接線員，請打開電話線以回答問題。

Finian O'Shea, Wells Fargo Securities.

富國證券的 Finian O’Shea。

Hey everyone, good morning. I want to ask about the origination outlook sounds better and tie it to a name you mentioned. I couldn't find, it may be a new commitment, but TRP Energy, it sounded like the type of cap Solutions deal that delevers the first lien and recaps it. Correct me if I'm wrong there. But is that the source of a lot of the new opportunity you're feeling? And what kind of spreads or returns do you get from that opportunity? Thanks.

大家好，早安。我想問一下起源的前景聽起來更好，並將其與您提到的名稱聯繫起來。我找不到，這可能是一個新的承諾，但 TRP Energy 聽起來像是那種解除第一留置權並重新進行上限解決方案交易。如果我錯了請糾正我。但這就是您所感受到的許多新機會的來源嗎？您從這個機會中得到什麼樣的利差或回報？謝謝。

So TRP was not that type of transaction. TRP was a first lien financing, obviously, in a space that we have expertise in, and that is kind of, I would say, off the run and energy. On that, we feel really good about the risk return. We are seeing the capital solutions stuff. I think that comes -- that will be prevalent in 2025 origination, but that was not TRP. I'm not sure there was any in -- I guess, I don't think there's any in that book today. I think we have a couple in our pipeline that would -- or at least 2 that have closed actually in Q1 that are kind of -- continue to be more after on capital solutions oriented. And those range from obviously, in the top end of the range, somewhere between SOFR 600 up to SOFR 850. But TRP was not one of them.

所以 TRP 不是那種類型的交易。顯然，TRP 是我們擁有專業知識的領域中的優先留置權融資，而且我想說，這是一種逃離和活力的融資。對此，我們對風險回報感到非常滿意。我們正在看到資本解決方案。我認為這將在 2025 年流行，但這不是 TRP。我不確定是否有任何內容——我猜，我認為今天那本書裡沒有內容。我認為我們有幾個項目正在進行中 — — 或至少有兩個項目已經在第一季完成 — — 這些項目將繼續更多地以資本解決方案為導向。顯然，這些利率範圍的上限在 SOFR 600 到 SOFR 850 之間。但TRP不是其中之一。

Very good. And a follow-up I want to ask about IRG. I think you've been working on that one for a while. We took a touch of a mark this quarter. So any update you could give us on that.

非常好。接下來我想問一下有關 IRG 的問題。我想你已經研究這個問題有一段時間了。本季度，我們受到了一些影響。所以您能否就此事向我們提供任何最新消息？

Thanks. Yeah. We're working on getting those assets sold. They own super valuable, the portfolio of company-owned super valuable assets, we think in land in Palm Beach or West Palm Beach. We hope to have a resolution there in the next quarter or two quarters on that.

謝謝。是的。我們正在努力出售這些資產。他們擁有超級有價值的資產，公司擁有的超級價值資產組合，我們認為是棕櫚灘或西棕櫚灘的土地。我們希望在下個季度或兩個季度內對此做出解決方案。

Okay, thanks so much.

好的，非常感謝。

Brian McKenna, Citizens JMP.

布萊恩·麥肯納 (Brian McKenna)，公民 JMP。

Thanks. Good morning, everyone. So it was great to see such strong results in the quarter despite the 100 basis point decline in base rates into year-end. And then looking at page five of the deck, you've really delivered impressive results and strong ROEs on just about every kind of operating environment over the past decade. So the question is, why does your model work so well in any and all backdrops?

謝謝。大家早安。儘管年底基準利率下降了 100 個基點，但本季的業績仍然非常強勁，這令人欣慰。然後看一下簡報的第五頁，過去十年來，你們在幾乎所有類型的營運環境中都取得了令人印象深刻的業績和強勁的淨資產回報率。所以問題是，為什麼你的模型在任何背景下都能表現得如此出色？

Yeah, thanks Brian. Thanks for the question. Yeah, I mean, look, we worked really hard to be right on credit. And so when you look at our historical loss rates over time. They've been well significantly below the sector loss rates and the asset returns in the industry. So that -- it starts with loss rates, it starts with being an investor first.

是的，謝謝 Brian。謝謝你的提問。是的，我的意思是，你看，我們確實非常努力地確保信譽。因此，當您查看我們一段時間內的歷史損失率時。它們遠低於該行業的損失率和資產回報率。所以 — — 這要從損失率開始，首先要從投資人開始。

Second is, I think we have a bigger top of the funnel, which is historically, a lot of our competitors have focused early on the sponsor model or response origination channel. That origination channel is the most competitive where you have -- are kind of the most whippy on spreads. And so I think it's a function of having a bigger top of the funnel where we're able to find off the run opportunities that offer better asset level returns and then minimizing credit losses.

第二，我認為我們擁有更大的漏斗頂部，從歷史上看，我們的許多競爭對手早期都專注於贊助商模式或回應發起管道。這個發起管道是最具競爭力的，其利差也是最不穩定的。因此，我認為這是一種擁有更大漏斗頂部的功能，在這裡我們能夠找到提供更好資產水準回報的機會，然後將信貸損失降至最低。

And so when you look at the unit economics of the space, you can see it --

所以當你觀察這個領域的單位經濟學時，你會發現--

Give me one second. So the unit economics of the space have historically been, I think our weighted average return on assets have been a couple of hundred basis points higher on the portfolio and then credit losses have been -- if you look at [SOFR] has been about 2.2% on equity, and we've been half that.

給我一秒鐘。因此，從歷史上看，該領域的單位經濟效益一直是這樣的，我認為我們的資產加權平均回報率在投資組合中高出幾百個基點，而信貸損失——如果你看看[SOFR]，它的股權回報率約為 2.2%，而我們的回報率只有這個數字的一半。

And so we've been I guess, historically since our IPO, 208 basis points higher on asset yields. Again, that's mostly because of a top of the funnel wider aperture and we've had significantly less credit losses since inception since our IPO compared to the space. So those are the two big drivers of our performance over time.

所以我想，從歷史上看，自從我們首次公開募股以來，資產收益率一直高出 208 個基點。再一次，這主要是因為漏斗頂部的孔徑更寬，而且自首次公開募股以來，與其他領域相比，我們的信貸損失明顯減少。因此，長期以來，這些都是我們業績的兩大驅動因素。

Okay. That's super helpful. And then just a bigger picture question here. I mean there's clearly a lot of capital being raised and deployed in private credit today. And then obviously, the public credit markets are also very active. So borrowers have a lot of different choices across the market. But from your seat, why do borrowers ultimately end up choosing Sixth Street as a lending partner?

好的。這非常有幫助。這裡有一個更大的問題。我的意思是，如今顯然有大量資金被籌集並部署在私人信貸中。顯然，公共信貸市場也非常活躍。因此借款人在整個市場上有很多不同的選擇。但從您的角度來看，為什麼借款人最終選擇第六街作為貸款合作夥伴？

Yeah. Great. So look, I think, again, we have top of the -- I think on the sponsor side, it's because -- and both are coming in suit because we travel in the same industries, we can provide certainty and speed and some flexibility and size that is really important for a sponsor who kind of value speed and certainty and five or one a handful of firms that can write $500 million-plus checks across the platform. And then on the non-sponsor side, we tend to have deep industry expertise and can provide those same kind of value, which is speed, size and certainty, but in less traffic areas.

是的。偉大的。所以，我認為，我們再次處於領先地位——我認為在贊助商方面，這是因為——兩家公司都處於同一行業，我們可以提供確定性和速度，以及一定的靈活性和規模，這對於重視速度和確定性的讚助商來說確實很重要，而且有五家或少數幾家公司可以在整個平台上開出 5 億美元以上的支票。在非贊助商方面，我們往往擁有深厚的行業專業知識，並能在交通較少的地區提供相同的價值，即速度、規模和確定性。

I think that's exactly right. thematic investing approach, especially in the sponsor universe allows us to get up the curve quickly, provide speed and certainty. They have confidence that we can deliver, and we have a lot of long-standing relationships outside of the sponsor community. We're really solutions providers for the sectors.

我認為這是完全正確的。主題投資方法，尤其是在贊助商領域，使我們能夠迅速掌握趨勢，提供速度和確定性。他們相信我們能夠實現目標，而且我們在贊助商社群之外也擁有許多長期的合作關係。我們確實是各行業的解決方案提供者。

Got it. Thank you, guys.

知道了。謝謝你們。

Mickey Schleien, Ladenburg.

米奇‧施萊恩，拉登堡。

Yes, good morning, everyone. Josh, you talked about the imbalance in the sponsored market, but we did finally see some stabilization of spreads. And I'm curious what your outlook is in terms of the ability for those spreads to remain stable over the next 12 months? Or do you expect more pressure to redevelop.

是的，大家早安。喬希，你談到了贊助市場的不平衡，但我們最終確實看到了價差的穩定性。我很好奇，對於未來 12 個月內利差能否保持穩定，您有何看法？或者您預計重建將面臨更多壓力。

Yeah. So Mickey, it's a right question. Look, I think what we tried to do at the beginning of our earnings call is to compare those spread levels and what those imply for return on equity for this space. And my hope is, and maybe this is a hope, my hope is that the market mechanism will work, which is the market will kind of wake up and say, Oh my God, what does that mean for return on equity as your front book converts to your back book? And that will be a mechanism to provide feedback for the space about how to price asset level returns. And so I'm not sure, quite frankly, at the bottom level, not what we're investing, but the bottom level of spreads on the sponsor space, it works given the cost curve and return on equity for the space.

是的。所以米奇，這是一個正確的問題。看起來，我認為我們在收益電話會議開始時嘗試做的是比較這些利差水平以及它們對該領域的股本回報率的含義。我的希望是，也許這只是一個希望，我希望市場機制能夠發揮作用，也就是市場會醒來並說，天哪，當你的前賬本轉換為後賬本時，這對股本回報率意味著什麼？這將成為一種為資產水準回報定價提供回饋的機制。因此，坦白說，我不確定底層，不是我們投資的是什麼，而是贊助商空間的底層利差，它是否能根據該空間的成本曲線和股本回報率發揮作用。

I think our mass sets determine equity is going to be somewhere, based on the cost curve based on the SOFR swap rate and based on losses somewhere between 5% and 7% compared to a cost of equity between 9% and 10%. And so hopefully, the market will kind of provide that feedback if capital is miss allocating. Now maybe the cost of equity is too high for the space, and that will adjust. But my hope is that there's a reinforcing market mechanism for the space that will at least provide some level of spreads.

我認為，我們的大眾集合將根據基於 SOFR 掉期利率的成本曲線，以及基於 5% 到 7% 之間的損失（相比 9% 到 10% 之間的股權成本）來確定股權所在的位置。因此，如果資本配置錯誤，希望市場能提供回饋。現在，股權成本可能對該領域來說太高了，並且會進行調整。但我希望有強化的市場機制，至少可以提供一定程度的利差。

That's really interesting and quite helpful. Just one follow-up question. The TSLX BDC is relatively small compared to your broad platform at Sixth Street. I'm curious whether you have interest in growing the BDC as the platform keeps expanding and growing on a relative basis?

這真的很有趣而且很有幫助。僅一個後續問題。與第六街的廣闊平台相比，TSLX BDC 相對較小。我很好奇，隨著平台相對不斷擴大和發展，您是否有興趣發展 BDC？

Yeah. Look, it's a great question, Mickey. It's an interesting way of how we built Six Street because I think it's look, the goal of Sixth Street is we want to be investors, and we're an investor first model. And so when you look at Six Street as a platform, we're about, I don't know, $100 billion of AUM, but that's across 8 to 10 strategies that we think we have raised constrained capital so we can invest across cycles, just like we do in the direct lending market.

是的。瞧，米奇，這是一個很好的問題。我們建立六街的方式很有趣，因為我認為六街的目標是我們想成為投資者，我們是投資者優先的模式。因此，當您將 Six Street 視為一個平台時，我們的資產管理規模約為 1000 億美元，但這涵蓋了 8 到 10 個策略，我們認為我們已經籌集了受限資本，因此我們可以跨週期投資，就像我們在直接貸款市場中所做的那樣。

And so we'll grow our direct lending business. And as people know, we have Sixth Street Specialty Lending Partners, which focuses on that larger cap investments. But we'll grow our direct lending business as we see there's opportunity where we can both provide an efficacious solution to our sponsors and provide an acceptable return on capital for our investors.

因此我們將擴大直接貸款業務。眾所周知，我們有第六街專業貸款合作夥伴，專注於大盤投資。但我們將擴大我們的直接貸款業務，因為我們看到有機會為我們的贊助商提供有效的解決方案，並為我們的投資者提供可接受的資本回報。

But the model is kind of built to be investor first because we believe as long as we can't really provide capital to sponsors or to issuers unless we're providing returns to our clients and that flywheel only exists if we're doing a good job for the people who provide us the capital and trust capital to us.

但該模型的建立在某種程度上是將投資者放在第一位的，因為我們相信，除非我們向客戶提供回報，否則我們就不能真正向發起人或發行人提供資本，而且只有當我們為那些為我們提供資本和信託資本的人做好工作時，飛輪才會存在。

Got it, thank you for that. Those are all my questions, thanks for your time.

明白了，謝謝你。這些就是我的所有問題，感謝您的時間。

Thank you. Have a good day.

謝謝。祝你有美好的一天。

Ken Lee, RBC Capital Markets.

加拿大皇家銀行資本市場部的 Ken Lee。

Hey, good morning. Thanks for taking my question. Really appreciate the commentary around the portfolio overlap. Just curious, would you attribute the less overlap mainly to the proportion of non-sponsored transactions that you have? Or part of it is also due to the size of the portfolio company. Just curious in terms of the contribution there. Thanks.

嘿，早安。感謝您回答我的問題。非常感謝有關投資組合重疊的評論。只是好奇，您是否認為重疊較少主要歸因於您擁有的非贊助交易的比例？或者部分原因也是由於投資組合公司的規模。只是對那裡的貢獻感到好奇。謝謝。

Yeah. I think directionally, it's probably the non-sponsored side. I think on the sponsor side, for sure, there's a little bit of that. But directionally, I think it's the non-sponsor side that contributes mostly to the lack of portfolio overlap compared to the rest of the space. If that's helpful.

是的。我認為從方向上看，可能是非贊助的一方。我認為從贊助商方面來說，肯定有一點這樣的情況。但從方向來看，我認為與其他領域相比，非贊助商方面是造成投資組合重疊不足的主要原因。如果有幫助的話。

Yes. That's helpful. That's helpful. And just one follow-up. You talked a lot about spreads on new investments, but just curious in terms of what you're seeing now, are you seeing any changes in terms of documentation in of loan terms. Just wanted to see whether those items have been impacted by the level of activity you're seeing there.

是的。這很有幫助。這很有幫助。僅剩一個後續行動。您談了很多關於新投資的利差問題，但我只是好奇，就您現在看到的情況而言，您是否看到貸款條款文件方面有任何變化。只是想看看這些項目是否受到了您在那裡看到的活動水平的影響。

No. I think typically, Bo can comment. I think typically, the document and underwriting standards outside of the spread has been pretty kind of consistent over the last 18 months.

不。我認為，通常情況下，Bo 可以發表評論。我認為，一般而言，在過去 18 個月中，利差以外的文件和承保標準一直相當一致。

Probably 18 months, they've been pretty consistent. You'll see some easier syncratic pop up where you see lack of discipline in documentation on those ones will pass outright. But for the most part, you've seen stabilization now.

大概 18 個月了，他們一直很穩定。您會看到一些更容易同步的彈出窗口，在這些窗口中您會看到文件中缺乏紀律，這些窗口將會直接通過。但就總體而言，現在已經看到了穩定。

Great, very helpful there. Thanks again.

太棒了，非常有幫助。再次感謝。

Melissa Wedel, JPMorgan.

摩根大通的梅麗莎·韋德爾。

Good morning. Thanks for taking my questions. Following up on something you mentioned before, earlier in the prepared remarks, you talked about some new deals being put on with call protections I'm just curious, has anything changed in terms of the typical structure on call protection? And is that characteristic of sort of most of the new investments you're putting on the balance sheet?

早安.感謝您回答我的問題。接下來是您之前提到的內容，在之前的準備好的評論中，您談到了一些帶有贖回保護的新交易，我只是好奇，贖回保護的典型結構有什麼變化嗎？這是否是您在資產負債表上列出的大多數新投資的特點呢？

No. No, actually, you kind of opened up something that just going to hit in closing remarks, but call protection is a percentage of fair value. So if you look at fair value divided by the call price is actually at its lowest level in the portfolio today. So and that's a function of, I think, a combination of newer vintage investments plus that we've been able to retain call protection.

不。不，實際上，您有點打開了一些東西，只是要在結束語中提到，但看漲保護是公允價值的一個百分比。因此，如果您看一下公允價值除以看漲價格，它實際上處於當今投資組合中的最低水平。所以，我認為，這是較新的經典投資與我們能夠保留看漲保護相結合的結果。

So that's at 93.6%. So our entire portfolio got called away, we would have a lot of embedded economics, and that embedded economics is at the highest level. So call protection has been pretty stable. I would say we're able to generate more call protection on the more off-the-run investments and the more non-sponsor. So generally, I think call protection on the sponsor stuff has been pretty stable and it does exist.

所以這個比例是 93.6%。因此，我們的整個投資組合都被撤走了，我們將會有許多嵌入式經濟學，而且嵌入式經濟學處於最高水準。因此，看漲保護一直非常穩定。我想說，我們能夠對更多非新股投資和非贊助商提供更多的贖回保障。所以總的來說，我認為贊助商的贖回保護一直很穩定，而且確實存在。

Okay. That's helpful. You also mentioned expertise and exposure in the health care space. Just curious, as you look across the portfolio, do you see any sort of reimbursement risk embedded in there? Thank you.

好的。這很有幫助。您也提到了醫療保健領域的專業知識和經驗。只是好奇，當你審視整個投資組合時，你是否看到其中有任何形式的報銷風險？謝謝。

So look, our health care exposure has been really health care tech in [tech] pharma. It has not been on the services side, which has been a difficult place for the space on the services side, given wage inflation and on services. So I think there was a reimbursement on pharma that was priced in the market a couple of years back. We don't expect more of that. But we have a pretty differentiated health care strategy in health care portfolio.

所以看起來，我們的醫療保健接觸實際上是製藥業中的醫療保健技術。服務業並非如此，考慮到薪資通膨和服務，服務業的處境一直很艱難。所以我認為幾年前藥品的報銷就已經在市場上定價了。我們對此沒有更多的期待。但我們在醫療保健組合中有一個相當差異化的醫療保健策略。

Thank you.

謝謝。

Robert Dodd, Raymond James.

羅伯特多德、雷蒙詹姆斯。

Hi everyone. Going back to the spread question. Because obviously, you pointed out, I mean there's a supply-demand mismatch and it has been for the last few years. So what's the probability you think that like spreads actually stay as tight if we see a rebound in activity? I mean some of the spread compression arguably makes sense on our spread per unit of leverage because leverage pay down on new deals as it quite came up.

大家好。回到傳播問題。因為很明顯，正如您所指出的，存在供需不匹配的情況，而且這種情況已經持續了幾年。那麼，如果我們看到經濟活動反彈，您認為類似利差實際上保持較小幅度的可能性有多大？我的意思是，一些利差壓縮對於我們單位槓桿的利差來說是有意義的，因為隨著新交易的出現，槓桿的回報會降低。

But is that trend going to reverse if we see an increase in activity? Are we going to see the last couple of years, there's been more A-grade companies in the mix, we see more B-grade and spreads move there. I mean I don't think spreads move just because investors want them too. But are there other dynamics if there is a meaningful somewhat meaningful rebounding activity in terms of quality of company mix, spread per unit leverage, anything like that kind of push the needle.

但如果我們看到活動增加，這種趨勢會逆轉嗎？我們是否會看到，過去幾年中，A 級公司增多，B 級公司增多，利差也隨之變化。我的意思是，我不認為利差會因為投資者希望而改變。但是，如果在公司組合品質、單位槓桿率利差等方面出現有意義的反彈活動，是否還有其他動力，任何類似的推動因素？

Yeah, I wasn't suggesting that my hope can drive spreads. What I was suggesting was that ultimately spreads is a function of supply and demand in equilibrium, right? And so on the supply capital side, my hope is that when people wake up and see -- and it's not hope, but how the market should work is that as people's front book converts into their back book and the market provides them a signaling function that is no longer meeting the return on equity, and it's a destroying shareholder value. that some of that supply at lower prices will be cut off. Like that's what should happen, right?

是的，我並不是說我的希望能夠推動利差。我的意思是，利差最終是供需均衡的函數，對嗎？因此，在供應資本方面，我希望當人們醒來時看到——這不是希望，而是市場應該如何運作，當人們的前賬簿轉換為他們的後賬簿時，市場為他們提供的信號功能不再滿足股本回報率，並且正在破壞股東價值。部分低價供應將會被切斷。就像那應該發生的那樣，對吧？

What should happen is that the market says, no, no, no, your cost of capital is a 9, you can't really allocate capital at 450 spreads. And no matter what you think about the risk-adjusted return and the stock should trade down at below book value, and that should be a signal to managers of the capital to cut supply off at lower levels.

應該發生的是，市場說，不，不，不，你的資本成本是 9，你實際上不能以 450 的利差分配資本。並且無論您如何看待風險調整後的回報，股票交易價格都應低於帳面價值，這應該是向資本管理者發出的一個信號，要求他們在較低水平上切斷供應。

So supply hopefully comes out of a market as there's more transparency in that conversion of front book to back book. On the demand side -- so that's the supply side. On the demand side, increased M&A and other demand for capital, but most of probably given increased M&A catches up to the supply of private credit, that should also move spreads up.

因此，隨著前端書籍到後端書籍的轉換更加透明，供應有望從市場中產生。在需求方面——這就是供應方面。在需求方面，併購和其他資本需求增加，但最有可能的是，由於併購增加趕上了私人信貸的供應，這也應該會推高利差。

And what's happened over the last 12 months is that you've had a lot of supply of capital move in the space. The incentives are for people to put capital to work. There hasn't been a real transparent signaling function about if that capital is being allocated appropriately because the back book hides it and then on the demand side, you've had low M&A that hasn't caught up. So that's kind of the basic supply and demand equilibrium framework for spreads.

過去 12 個月的情況是，大量資本供應在該領域流動。這些激勵措施是為了讓人們將資本投入運作。對於資本是否得到適當分配，並沒有一個真正透明的信號功能，因為後台賬簿隱藏了它，而在需求方面，你的併購活動一直很低，還沒有趕上來。這就是利差的基本供需平衡框架。

Understood. So presumably, you don't think that kind of imbalance can be corrected on any shortcut given that the guidance assumes spreads stay where they are? Is that fair? We think it might be a longer-term phenomenon for the market to self-correct there.

明白了。因此，鑑於指引假設利差保持不變，您大概認為這種不平衡現象無法透過任何捷徑來糾正？這樣公平嗎？我們認為這可能是市場自我修正的長期現象。

Well, I don't know. I mean it should self-correct. I'm not sure it's going to depend on how strong the market signals are and when, and when M&A comes back. I mean when you look at our specific guidance, I guess -- and this has come up now twice. I think the guidance I provided is a little bit of just us being conservative. We like to over-deliver on expectations. I guess that's kind of the credit mindset of the firm, which is, do no harm kind of over deliver. To give you a little perspective, I think 10 out 10 years, we beat the loan of a guidance framework. 9 out 10 years, we've been above the top half. And 7 out of 10 years, we've been above the top level of guidance.

嗯，我不知道。我的意思是它應該自我糾正。我不確定這是否取決於市場訊號的強度以及併購何時回歸。我的意思是，當你看到我們的具體指導時，我想——這已經出現了兩次。我認為我提供的指導有些保守。我們希望超額完成預期。我想，這就是該公司的一種信用理念，即不造成損害，超額交付。為了讓您有一個稍微的了解，我認為在 10 年內，我們都超過了指導框架的貸款。在過去的 10 年中，有 9 年我們都處於領先地位。在過去的 10 年中，有 7 年我們的業績都超過了最高預期水準。

So I think when you look at our guidance and implies actually low levels of M&A portfolio turnover, I think is in our guidance at somewhere between 15% and 20% versus 25% this year. So it implies a low level of which drives activity level fees. So I think our guidance is relatively conservative. I think what we did was say, hey, spreads like let's try to, again, with a framework of over-delivering this assumes spreads don't get better, less assume portfolio turnover gets a little bit worse. What does that mean? And that's what's spit out in guidance.

因此，我認為當您查看我們的指導意見時，它意味著實際上併購投資組合的周轉率較低，我認為我們的指導意見是在 15％ 到 20％ 之間，而今年是 25％。因此，這意味著活動水平費用處於低位。因此我認為我們的指導相對保守。我認為我們所做的就是說，嘿，利差就像讓我們再次嘗試，在超額交付的框架下，假設利差不會變得更好，更不用說假設投資組合週轉率會變得更糟。這意味著什麼？這就是指導中所闡明的內容。

But again, we have a track record where we're delivering. So I would not -- what I would not add to Robert, which I think you do because you're quick, that PhD makes you quick. But I think what you've done is, as you kind of said, hey, I'm looking at their guidance, what does that mean for the environment. You got to put our guidance in the historical context of our relationship with the Street.

但再次強調，我們有履行承諾的紀錄。所以我不會——我不會向羅伯特補充什麼，我認為你這樣做是因為你很敏捷，博士學位讓你變得敏捷。但我認為你所做的就像你說的，嘿，我正在看他們的指導，這對環境意味著什麼。你必須將我們的指導放在我們與華爾街關係的歷史背景中。

Understood. Thank you. And congrats on the quarter. Thanks a lot.

明白了。謝謝。並恭喜本季取得佳績。多謝。

Maxwell Fritscher, Truist.

馬克斯韋爾‧弗里舍 (Maxwell Fritscher)，Truist。

Yeah, thank you. Good morning. I'm on for Mark Hughes. I just wanted to get your view on how do you expect the mix of incumbent borrowers versus new borrowers to trend over 2025?

是的，謝謝。早安.我支持馬克·休斯。我只是想知道，您認為 2025 年現有借款人和新借款人的組合趨勢將如何？

I mean, we've historically put work in our existing portfolio and create new portfolio relationships. I think the number of portfolios relationships have increased significantly, but it's going to be a mix. I don't know if I have a specific view. We'll take what the -- I mean, obviously, we like to put money and work on our existing portfolio company where we can that the portfolio company you know, started in the portfolio company that's new to you, but it's going to be a mix and what the opportunity gives us. What the market gets us.

我的意思是，我們歷來致力於現有投資組合併建立新的投資組合關係。我認為投資組合關係的數量已大幅增加，但將會是混合體。我不知道我是否有一個具體的看法。我們會採取——我的意思是，顯然，我們喜歡把資金和精力投入到我們現有的投資組合公司中，我們可以把投資組合公司起步於對你來說很新的投資組合公司，但這將是一個混合體，也是我們能獲得的機會。市場為我們帶來了什麼。

Understood. And then the large sequential increase in the average new commitments in the new portfolio companies. What's driving that, I assume, is that just TRP energy?

明白了。然後，新投資組合公司的平均新承諾金額連續大幅增加。我認為，推動這過程的只是 TRP 能量嗎？

Let me come back to you a little quick. Let me just see if I understand your question. (multiple speakers)

讓我很快再回覆你。讓我看看我是否理解了你的問題。（多位發言者）

Yeah, give me one second. So I mean TRP was $54 million. So it's not that big of an outside. It's not that big of an outside. Most of them were between the median was probably 40%. So not that big.

是的，請給我一秒鐘。所以我的意思是 TRP 是 5400 萬美元。所以外面並不是那麼大。外面沒那麼大。其中大多數都在中位數之間，大概是 40%。所以不是那麼大。

Okay, thank you.

好的，謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Yeah, good morning. Thanks for taking my questions. Sixth Street made a few new partnership announcements over the course of the last few months, but the most recent one, the first citizens, equipment financing partnership. I'm just curious, does this partnership or any other partnerships that you could, I guess, potentially enter? Would this provide any deal flow that fits into TSLX's funnel?

是的，早安。感謝您回答我的問題。過去幾個月裡，第六街宣布了一些新的合作計劃，最近的一個是首個公民設備融資合作夥伴關係。我只是好奇，您是否有可能建立這種合作關係或任何其他合作關係？這是否會提供適合 TSLX 管道的任何交易流程？

Yes. We don't expect the First Citizens equipment leasing. That's really an equipment we've seen partnership with First Citizens. So we don't expect that to kind of fit into the corporate druclinding portfolio for TSLX.

是的。我們不期望 First Citizens 的設備租賃。這確實是我們與 First Citizens 合作的設備。因此，我們預計這不會適合 TSLX 的企業藥物組合。

But there will be partnerships, and there will be cross-platform opportunities that if they're appropriate for TSLX will most definitely they will get allocated appropriately.

但會有合作關係，也會有跨平台的機會，如果它們適合 TSLX，那麼它們肯定會得到適當的分配。

Got it. Thanks for that. And then just on the non-sponsor opportunities within the portfolio. I'm just curious how frequently you typically expand financing or provide add-on financing with existing borrowers in your portfolio that have come in through primarily the non-sponsored channel? Or are these kinds of more shorter-term payoff opportunities?

知道了。謝謝。然後只討論投資組合內的非贊助商機會。我只是好奇，您通常多久擴大融資一次，或向投資組合中主要透過非贊助管道進入的現有借款人提供附加融資？還是這些都是短期回報機會？

Yeah. They're actually a mix. Like if you look at TRP, TRP was an existing portfolio company that entered into basically an asset swap. And so we were able to expand that relationship. But that's on one side, where we're able to expand those relationships and the amount of capital that we deploy.

是的。它們實際上是混合體。例如如果你看看 TRP，TRP 是一家現有的投資組合公司，基本上就進行了資產互換。因此我們能夠擴大這種關係。但這是一方面，我們能夠擴大這些關係和部署的資本數量。

And then on the other side, there is some that's more transitory that our capital is a bridge or, for example, the retail ABL strategy. So it's really a mix of both. I would say, on the margin, now there's exceptions to the rule like TRP, but on the margin, they tend to be more transitory. These are opportunistic in nature.

另一方面，有些則更為暫時，我們的資本是一種橋樑，或例如零售 ABL 策略。因此這實際上是兩者的結合。我想說，在邊緣上，現在有像 TRP 這樣的規則例外，但在邊緣上，它們往往更具暫時性。這些都是機會主義的本質。

That's right.

這是正確的。

But our capital for that channel and that strategy is durable, and we want to be long-term investors.

但我們對該通路和該策略的資本是持久的，我們希望成為長期投資者。

Got it. That's very helpful. And then the last one is just I would ask how you guys are feeling from a capital standpoint, leverage has been pretty stable throughout last year, you guys are right at 1.2 times in the upper end of your target.

知道了。這非常有幫助。最後一個問題是，我想問一下，從資本的角度來看，你們的感受如何，去年全年槓桿率一直很穩定，你們的槓桿率正好處於目標上限的 1.2 倍。

The market seems to be signaling a pretty optimistic. Year for activity this year, how do you guys feel? And do you think this is an opportunistic time to potentially be raising more capital for shareholders just given your valuation and the outlook for the year? Or how do you guys think about maybe line of sight on repayments?

市場似乎發出了相當樂觀的訊號。今年的活動年，大家覺得怎麼樣？考慮到您的估值和今年的前景，您是否認為這是為股東籌集更多資本的機會時機？或者你們如何看待償還貸款的問題？

Yeah. So look, I would say given where spreads are, and I don't expect us to grow significantly and issue new capital. Obviously, the puts and takes on your new capital accretive to shareholders given the share price. But because that capital is permanent and you're not really going to return that capital unless you trade below book value, you have to believe you can invest that capital at accretive ROEs for a long period of time.

是的。所以，我想說，考慮到利差，我並不認為我們會大幅成長並發行新資本。顯然，考慮到股價，新資本的看跌和看漲都會為股東帶來增值。但因為該資本是永久性的，除非您的交易價格低於帳面價值，否則您實際上不會返還該資本，所以您必須相信您可以在很長一段時間內將該資本投資於增值的 ROE。

And I don't see us jumping in at spread levels that don't ultimately work for what we think the cost of capital is for this space. And so that may change and if that changes, we'll put capital work, we'll raise capital and put capital work. But our first North Star is that investors have entrusted us with their capital, and there is an implied return on equity for that capital and we're going to do everything we can to make sure we meet and beat those expectations as it relates to the return on equity on that capital.

而且我不認為我們會進入到與我們認為的該領域的資本成本最終不相符的利差水平。所以這種情況可能會改變，如果情況發生變化，我們將投入資本，籌集資本並投入資本。但我們的第一個北極星是投資者將他們的資本委託給我們，而該資本有一個隱含的股本回報率，我們將竭盡全力確保滿足並超越與該資本的股本回報率相關的預期。

It makes sense. Thank you very much. Those are great answers. Thanks for taking my question.

這是有道理的。非常感謝。這些都是很好的答案。感謝您回答我的問題。

Those are great answers, but there are answers. We look for us to have a long-term sustainable platform to serve our issuers, we got to meet the return on equity and meet investor expectations. And that is deeply important to Sixth Street and deeply important to me personally.

這些都是很好的答案，但還有答案。我們希望擁有一個長期可持續發展的平台來服務我們的發行人，我們必須滿足股本回報率並滿足投資者的期望。這對第六街和我個人來說都非常重要。

Thank you, and I would like to hand the conference back to Josh Easterly for his closing remarks.

謝謝大家，現在我想將會議交還給 Josh Easterly，請他作結語。

Great. Well, first of all, I appreciate all the questions. I hope people enjoy their holiday weekend. We're always around. We're always available. But thank you from the team and people again, I hope you enjoy the weekend.

偉大的。嗯，首先，我感謝大家提出的問題。我希望人們享受他們的假日週末。我們一直在你身邊。我們隨時為您服務。但再次代表團隊和大家向您表示感謝，希望您能享受一個週末。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。