Sixth Street Specialty Lending Inc (TSLX) 2025 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Sixth Street Specialty Lending Inc, first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 Sixth Street Specialty Lending Inc 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'll like to hand a conference over to your first speaker today, Cammy VanHor, Head of Investor Relations. Please go ahead.

我想將會議交給今天的第一位發言人，投資者關係主管 Cammy VanHor。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. 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 filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements.

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。由於多種因素，包括第六街專業貸款公司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。該公司不承擔更新任何此類前瞻性陳述的義務。

Yesterday, after the market closed, we issued our earnings press release for the first quarter at March 31, 2025, and posted a presentation to the Investor Resources section of our website, www.sixthstreetspecialtylending.com. The presentation should be reviewed in conjunction with our Form 10-Q filed yesterday with the SEC.

昨天股市收盤後，我們發布了截至2025年3月31日第一季的獲利新聞稿，並在我們網站www.sixthstreetspecialtylending.com的「投資者資源」版塊發布了一份簡報。請結合我們昨天向美國證券交易委員會提交的10-Q表格，閱讀該簡報。

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 first quarter ended March 31, 2025. As a reminder, this call is being recorded for replay purposes.

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 2025 年 3 月 31 日的第一季。提醒一下，本次通話將會被錄音以便重播。

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

現在我將把電話轉給第六街專業貸款公司 (Sixth Street Specialty Lending, Inc.) 的執行長 Joshua Easterly。

Good morning, everyone, and thank you for joining us. With me today are President, Bo Stanley; and our CFO, Ian Simmonds. For our call today, I will review our first 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 up the call to Q&A. In addition to today's earnings call and public filings, we also published a letter to our stakeholders.

大家早安，感謝大家的收看。今天與我一起的有總裁 Bo Stanley 和我們的財務長 Ian Simmonds。在今天的電話會議上，我將回顧第一季的亮點，並將其交給 Bo 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。除了今天的收益電話會議和公開文件外，我們還發布了一封給利害關係人的信。

We may currently be in one of the most pivotal periods for the US and global markets since the global financial crisis. We believe we are operating under a new world order and it's our job as investors to embrace this reality and proactively position our business based on probabilistic assessments to navigate the evolving environment. We encourage and welcome your feedback. While we recognize that the world has changed since March 31, we believe our business remains well protected on the asset side with limited direct exposure to tariffs and well positioned on the liability side.

我們目前可能正處於全球金融危機以來美國和全球市場最關鍵的時期之一。我們相信，我們正處於一個新的世界秩序之下，作為投資者，我們的職責就是接受這一現實，並根據機率評估主動定位我們的業務，以應對不斷變化的環境。我們鼓勵並歡迎您的回饋。雖然我們認識到自 3 月 31 日以來世界已經發生了變化，但我們相信我們的業務在資產方面仍然受到良好保護，直接受到關稅的影響有限，在負債方面處於有利地位。

We already said a mouthful on these topics in our letter so I'll limit my opening remarks today to briefly covering our first quarter results and framing how we think about the future earnings potential of our business. After market closed yesterday, we reported first quarter adjusted net investment income of $0.58 per share or an annualized return on equity of 13.5% and adjusted net income of $0.36 per share or an annualized return on equity of 8.3%.

我們已經在信中詳細討論了這些主題，因此，今天的開場白我將僅限於簡要介紹我們的第一季度業績，並闡述我們如何看待我們業務的未來盈利潛力。昨日收盤後，我們公佈第一季調整後淨投資收益為每股 0.58 美元，年化股本回報率為 13.5%，調整後淨收益為每股 0.36 美元，年化股本回報率為 8.3%。

As presented in our financial statements, our Q1 net investment income and net income per share, inclusive of the unwind of noncash accrued capital gains incentive fee expense was $0.62 and $0.39, respectively. Of the $0.22 per share difference between net investment income and net income, only $0.05 per share was credit related. This was primarily markdowns on our existing nonaccrual loans, and therefore, there was no impact on net investment income.

正如我們的財務報表所示，我們的第一季淨投資收益和每股淨收益（包括非現金應計資本收益激勵費用的取消）分別為 0.62 美元和 0.39 美元。淨投資收益和淨收益之間的每股 0.22 美元差額中，只有每股 0.05 美元與信貸有關。這主要是對我們現有的非應計貸款的減值，因此對淨投資收益沒有影響。

The remaining $0.17 per share was in two buckets. In the first bucket, which we characterize as geography related, there was $0.11 per share prior period unrealized gains that moved out of last quarter's net income and into this quarter's net investment income primarily related to investment realizations. In the second bucket, characterized as market related, there was $0.06 per share impact from widening credit spreads, which assuming no credit losses will be reversed as investments are paid off or reach maturity.

剩餘的每股 0.17 美元分為兩部分。在第一個桶中，我們將其描述為與地理位置相關的，前期未實現收益為每股 0.11 美元，這些收益從上個季度的淨收入中轉出，轉入本季度的淨投資收益，主要與投資實現有關。在第二個類別中，與市場相關，信貸利差擴大對每股產生了 0.06 美元的影響，假設沒有信貸損失，那麼隨著投資償還或到期，這一影響將被逆轉。

Looking ahead, we estimate that the quarterly earnings power of the business, assuming a base case of no additional nonaccrual investments and no spread impact on investment valuations is approximately $0.50 per share. This includes interest income generated by the in-the-ground portfolio today plus limited activity-based fee income. This translates to a return of equity approximately 11.7% above the floor of the calendar year 2025 guidance we provided on our last earnings call of 11.5% to 12.5%.

展望未來，我們估計，假設沒有額外的非應計投資且利差對投資估值沒有影響，該業務的季度獲利能力約為每股 0.50 美元。這包括目前地下投資組合產生的利息收入加上有限的基於活動的費用收入。這意味著股本回報率比我們在上次收益電話會議上提供的 2025 日曆年指引底線 11.5% 至 12.5% 高出約 11.7%。

Given increases in repayment activity, there's potential upside to that figure if activity-based fees return to our average prior to the start of the rate hiking cycle. We believe our asset quality today supports this forward's earnings profile, which we anticipate will differentiate returns from the public BDC sector for three important reasons. First, we've continued to be a very disciplined capital allocator. Our portfolio yields are meaningfully higher than the sector average with a weighted average yield at amortized cost of 12.5% in Q4 compared to 11.6% for our peers.

鑑於還款活動的增加，如果基於活動的費用在升息週期開始之前恢復到平均水平，那麼該數字就有潛在的上漲空間。我們相信，我們目前的資產品質支持這一遠期獲利狀況，我們預計其收益將因三個重要原因而與公共 BDC 部門有所區別。首先，我們繼續是一個非常自律的資本配置者。我們的投資組合收益率明顯高於行業平均水平，第四季度的加權平均攤銷成本收益率為 12.5%，而同行為 11.6%。

We also have a significant small of our portfolio invested in loans with spreads below 550 basis points, which Bo will discuss later. We believe our disciplined approach will allow us to outperform as the sector experiences a more significant decline in portfolio yields. This leads to the second point, which is that our patience and discipline over the past several quarters, combined with increased repayment activity have provided us with significant capacity to invest in what we expect to be a more interesting investment environment. As we have seen in the past, periods of heightened volatility often present the most attractive investment opportunities. We are well positioned with the level of capital and significant amount of liquidity we have for the period ahead.

我們的投資組合中還有相當一部分投資於利差低於 550 個基點的貸款，Bo 稍後會討論這一點。我們相信，隨著該行業的投資組合收益率出現更大幅度的下降，我們嚴謹的方法將使我們表現出色。這就引出了第二點，即我們過去幾季的耐心和紀律，加上償還活動的增加，為我們提供了強大的投資能力，讓我們能夠投資於我們預期的更有趣的投資環境。正如我們過去所見，波動加劇的時期往往帶來最具吸引力的投資機會。憑藉著充足的資本和大量的流動性，我們為未來一段時間做好了準備。

And finally, we believe our returns will continue to be differentiated given our track record of lower credit losses relative to the sector. Yesterday, our Board approved a base quarterly dividend of $0.46 per share to shareholders of record as of June 16, payable on June 30. Our Board also declared a supplemental dividend of $0.06 per share relating to our Q1 earnings to shareholders of record as of May 30, payable on June 20. Our net asset value per share adjusted for the impact of the supplemental dividend that was declared yesterday is $16.98. We estimate that our spillover income per share is approximately $1.31.

最後，鑑於我們相對於同行業而言信貸損失較低的記錄，我們相信我們的回報將繼續呈現差異化。昨天，我們的董事會批准向 6 月 16 日登記在冊的股東派發每股 0.46 美元的基本季度股息，股息將於 6 月 30 日支付。我們的董事會還宣布，根據我們第一季的收益，向截至 5 月 30 日登記在冊的股東派發每股 0.06 美元的補充股息，股息將於 6 月 20 日支付。經昨日宣布的補充股利影響調整後，我們的每股淨資產價值為16.98美元。我們估計每股溢出收益約為1.31美元。

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

現在，我將把主題交給 Bo 來討論本季的投資活動。

Thanks, Josh. I'd like to start by sharing some perspectives on the market, beginning with a look at the underlying supply and demand dynamics that have shaped the current investment environment. Specifically, as it relates to the US direct lending market and focusing on BDCs as a proxy for direct lending vehicles, the supply and demand dynamics over the past several years have been characterized by an imbalance with the supply of capital outpacing demand.

謝謝，喬希。我想先分享一些市場觀點，先來看看影響當前投資環境的潛在供需動態。具體而言，由於它與美國直接貸款市場有關，並且重點關注 BDC 作為直接貸款工具的代理，過去幾年的供需動態一直呈現不平衡的特點，即資本供應超過需求。

This has largely been fueled by the growth of the retail investor-oriented perpetual non-traded BDC structure, which accounted for roughly 80% of asset growth within the BDC sector in 2024. This inflow of capital has exerted downward pressure on new investment spreads, leading to instances of suboptimal capital allocation.

這在很大程度上是由面向散戶投資者的永久性非交易 BDC 結構的成長所推動的，該結構佔 2024 年 BDC 領域資產成長的約 80%。資本流入對新投資利差產生了下行壓力，導致資本配置不最佳化的情況。

We anticipate that the current uncertainty and volatility will moderate the supply and demand imbalance by slowing inflows into the non-traded vehicles and shifting the pendulum towards direct lending from the broadly syndicated loan market. While these factors may contribute to a more balanced supply and demand environment over time, we continue to believe that a meaningful resurgence in M&A activity remains a longer-term prospect.

我們預計，當前的不確定性和波動性將減緩非交易工具的資金流入，並將鐘擺轉向廣泛銀團貸款市場的直接貸款，從而緩和供需失衡。雖然這些因素可能隨著時間的推移促成更平衡的供需環境，但我們仍然相信，併購活動的有意義復甦仍是一個長期前景。

However, our through-the-cycle business model and diverse originations channel enable us to deploy capital into attractive investments across market cycles. In Q1, we provided total commitments of $154 million and total fundings of $137 million across six new portfolio companies and upsizes to four existing investments.

然而，我們的跨週期業務模式和多樣化的發起管道使我們能夠在整個市場週期中將資本部署到有吸引力的投資中。在第一季度，我們向 6 家新的投資組合公司提供了總計 1.54 億美元的投資承諾和總計 1.37 億美元的融資，並對 4 家現有投資進行了擴大。

We experienced $270 million of repayments from seven full and four partial investment realizations, resulting in $133 million of net repayment activity. As Josh highlighted, market dynamics have changed significantly since Q1. That said, our new investments during the quarter underscore our firm commitment to remaining highly selective and disciplined in our capital allocation in all market environments.

我們經歷了七次全額投資實現和四次部分投資實現，償還金額達 2.7 億美元，淨償還金額達 1.33 億美元。正如 Josh 所強調的，自第一季以來，市場動態發生了重大變化。也就是說，我們在本季的新投資強調了我們堅定地致力於在所有市場環境中保持高度選擇性和紀律性的資本配置。

This is demonstrated in two ways, including lower levels of new investments funded during the quarter relative to our longer-term average and the percentage of our new investments that were thematically driven non-sponsor deals. On this first point, new investment spreads remained historically tight through the first quarter.

這體現在兩個方面，包括本季新投資的融資水準相對於我們的長期平均水準較低，以及我們的新投資中主題驅動的非贊助商交易的百分比。就第一點而言，第一季新投資利差仍處於歷史低點。

We are an investor-first firm, which means we prioritize shareholder returns and will not put capital to work for the sake of growing assets. And second is our ability to originate opportunities in the non-sponsored channel where we're able to differentiate our capital to an appropriate risk-adjusted return for our business.

我們是一家以投資者為先的公司，這意味著我們優先考慮股東回報，不會為了增加資產而投入資本。其次，我們有能力在非贊助管道中創造機會，透過這種管道，我們能夠將我們的資本差異化，為我們的業務帶來適當的風險調整回報。

In Q1, 84% of new fundings were originated outside the sponsor channel. This includes new investments in our retail ABL theme, our energy portfolio and an investment driven by long-standing relationships within the Sixth Street platform with a founder. I'll spend a moment highlighting our largest investment during the quarter, Bourque Logistics, which is a provider of logistics software and services for the rail and trucking industry.

第一季度，84%的新融資來自贊助商管道之外。這包括對我們的零售 ABL 主題、能源組合的新投資以及由第六街平台與創始人的長期關係推動的投資。我將花一點時間重點介紹我們本季最大的投資，Bourque Logistics，它是一家為鐵路和卡車運輸行業提供物流軟體和服務的供應商。

It is a founder-owned business where our direct-to-company relationship led to an investment opportunity. As agent and sole lender, Sixth Street structured a bespoke solution that enabled the company to execute on its growth initiatives. This flexible approach reflects our ability to meet specific needs of our borrower while ensuring we earn appropriate risk-adjusted return. On a blended basis across our securities, the weighted average yield at amortized cost for this investment was 13.9%. Our investment in Arrowhead Pharmaceuticals is another example of our differentiated investment capabilities.

這是一家創辦人擁有的企業，我們與公司的直接關係帶來了投資機會。作為代理商和唯一貸款人，Sixth Street 建立了客製化解決方案，使該公司能夠執行其成長計劃。這種靈活的方法反映了我們滿足借款人特定需求的能力，同時確保我們獲得適當的風險調整回報。以我們所有證券的混合基礎計算，該投資的攤銷成本加權平均收益率為 13.9%。我們對 Arrowhead Pharmaceuticals 的投資是我們差異化投資能力的另一個例子。

As a reminder from our last earnings call, we expected to receive a prepayment fee in Q1 driven by the previously announced agreement with Sarepta Therapeutics. Arrowhead repaid a portion of the loan, and we received a prepayment fee, which contributed $0.05 per share to net investment income in Q1. This resulted in a reversal of a portion of the unrealized gain on the balance sheet of December 31 as the impact moved out of last quarter's net income into net investment income this quarter.

提醒一下我們上次的收益電話會議，我們預計第一季將收到一筆預付費用，這得益於先前宣布的與 Sarepta Therapeutics 達成的協議。Arrowhead 償還了部分貸款，我們收到了一筆預付費，這為第一季的淨投資收入貢獻了每股 0.05 美元。這導致 12 月 31 日資產負債表上部分未實現收益被逆轉，因為影響從上個季度的淨收入轉移到了本季的淨投資收益。

From an overall perspective, 89% of total fundings this quarter were into new investments with 11% supporting upsizes to existing portfolio companies. This quarter's fundings contributed to our diversified exposure to select industries with six new investments across six different industries.

從整體來看，本季總融資額的 89% 用於新投資，11% 用於支持現有投資組合公司的擴大。本季的融資促進了我們對特定行業的多元化投資，我們在六個不同行業進行了六項新投資。

In terms of asset mix, we remain focused on investing at the top of the capital structure with total first-lien exposure of 93% across the entire portfolio. As part of our new investment in Bourque Logistics, we structured the investment to include a first-lien term loan and senior secured notes along with a small equity portion. All other new investments in Q1 were first-lien, consistent with our long-term approach.

在資產組合方面，我們仍專注於投資資本結構的頂端，整個投資組合的優先留置權總曝險為 93%。作為我們對 Bourque Logistics 的新投資的一部分，我們將投資結構調整為包括第一留置權定期貸款和優先擔保票據以及一小部分股權。第一季的所有其他新投資均為優先留置權，這與我們的長期方針一致。

Moving on to repayment activity. Q1 was the second consecutive quarter of elevated churn related to the new to pay off period we experienced beginning in early 2022. LTM portfolio churn through Q1 was 28% based on the beginning of period investment at fair value, which is the highest level in nine quarters. The increase in repayment activity contributed the highest level of activity-based fee income, excluding other income we've had since Q4 2021, totaling $0.16 per share in Q1 relative to our three year historical average of $0.05 per share.

繼續進行還款活動。第一季是客戶流失率連續第二季上升，這與我們從 2022 年初開始經歷的新的回報期有關。根據期初投資的公允價值，第一季的 LTM 投資組合流失率為 28%，這是九個季度以來的最高水準。還款活動的增加貢獻了最高水準的基於活動的費用收入（不包括我們自 2021 年第四季度以來的其他收入），第一季總計每股 0.16 美元，而我們三年的歷史平均為每股 0.05 美元。

The biggest driver of this increase in Q1 was the Arrowhead prepayment fee, as previously mentioned. Five of our six full payoffs are driven by refinancings. Of the five, four were refinanced by other direct lenders at spreads ranging from 450 basis points to 550 basis points and did not present an appropriate return profile for our shareholders.

如前所述，第一季成長的最大驅動力是 Arrowhead 預付費。我們的六次全額還款中有五次是透過再融資推動的。在這五筆貸款中，有四筆由其他直接貸款人以 450 個基點至 550 個基點的利差進行再融資，並沒有為我們的股東帶來適當的回報。

The other was refinanced in the broadly syndicated loan market at a spread of 325 basis points. As we have reiterated, we will continue to pass on participating in deals where the economics do not align with where BDCs of any format sit on the cost curve. To highlight the differentiated nature of our portfolio, only 5.4% of our portfolio by fair value is 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.

另一筆貸款在廣泛銀團貸款市場以 325 個基點的利差進行再融資。正如我們重申的那樣，我們將繼續放棄參與那些經濟狀況與任何形式的 BDC 成本曲線不符的交易。為了凸顯我們投資組合的差異化，以公允價值計算，我們投資組合中僅有 5.4% 為利差低於 550 個基點的優先擔保貸款。此外，以公允價值計算，我們投資組合中利差低於 500 個基點的不到 1%。

Outside of the five refinancings, we had additional payoff in Q1, which was in our energy portfolio. In February, Mach Natural Resources repaid its outstanding term loan. After a hold period of 1.2 years, we received call protection on the payoff and generated an unlevered IRR and MOM of approximately 16% and 1.2x, respectively, for SLX shareholders. Our dedicated energy team and expertise in this sector continue to be a differentiator for our business, demonstrated by our weighted average unlevered IRR and MOM on realized investments of 22% and 1.2x, respectively.

除了五次再融資之外，我們在第一季還獲得了額外的收益，這來自我們的能源投資組合。2 月份，Mach Natural Resources 償還了未償還的定期貸款。持有期為 1.2 年後，我們獲得了收益的贖回保護，並為 SLX 股東分別產生了約 16% 和 1.2 倍的無槓桿 IRR 和 MOM。我們專業的能源團隊和在該領域的專業知識繼續成為我們業務的差異化因素，這體現在我們的已實現投資的加權平均無槓桿 IRR 和 MOM 分別為 22% 和 1.2 倍。

Moving on to our portfolio yields. Our weighted average yield on debt and income-producing securities at amortized cost decreased slightly quarter-over-quarter from 12.5% to 12.3%. The decline reflects approximately 15 basis points from the decline in reference rates and 5 basis points from the spread compression on new investments.

繼續討論我們的投資組合收益率。我們的債務和收益性證券的攤銷成本加權平均收益率較上季略有下降，從 12.5% 降至 12.3%。這一下降反映了參考利率下降約 15 個基點以及新投資利差壓縮 5 個基點。

The weighted average spread over reference rate of new investment commitments in Q1 was 700 basis points, which compares to the spread of 541 basis points on new issue first-lien loans for the public BDC peers in Q4. Our ability to earn wider spreads is largely driven by 84% of our new fundings in Q1 falling into what we call our Lane 2 and Lane 3 buckets characterized by non-sponsor originated investments. In Q1, this included our investments in Hudson's Bay Company, Northwind Midstream and Bourque Logistics.

第一季新投資承諾的參考利率加權平均利差為 700 個基點，而第四季度公共 BDC 同業新發行的優先留置權貸款的利差為 541 個基點。我們能夠獲得更大的利差，很大程度上是由於我們第一季 84% 的新資金落入了我們所謂的第 2 道和第 3 道，其特點是非發起人發起的投資。在第一季度，我們投資了哈德遜灣公司、Northwind Midstream 和 Bourque Logistics。

Moving on to our portfolio composition and key credit stats. Across our core borrowers for whom these metrics are relevant, we continue to have conservative weighted average attach and detach points of 0.5 times and 5.1 times respectively. And our weighted average interest coverage remains constant at 2.1x. As of Q1 2025, the weighted average revenue and EBITDA of our portfolio companies was $383 million and $112 million, respectively. Median revenue and EBITDA was $139 million and $52 million.

繼續討論我們的投資組合組成和關鍵信用統計數據。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 0.5 倍和 5.1 倍。我們的加權平均利息覆蓋率維持在2.1倍不變。截至2025年第一季度，我們投資組合公司的加權平均收入和EBITDA分別為3.83億美元和1.12億美元。平均收入和 EBITDA 分別為 1.39 億美元和 5,200 萬美元。

Finally, the performance rating of our portfolio continues to be strong with a weighted average rating of 1.11 on the scale of one to five with one being the strongest. Nonaccruals represent 1.2% of our portfolio at fair value with no new investments added to nonaccrual status in Q1.

最後，我們投資組合的績效評級持續保持強勁，在一到五的範圍內，加權平均評級為 1.11，一為最強。非應計項目占我們投資組合的 1.2%（以公允價值計算），第一季沒有新的投資被加入非應計狀態。

Before passing it over to Ian, I'd like to address the potential impact of the recent tariff announcements on our portfolio companies. While the situation continues to evolve and uncertainty across the broader economic landscape remains elevated, we believe there is limited direct risk from these tariff policies on our portfolio.

在交給伊恩之前，我想先談談最近的關稅公告對我們投資組合公司可能產生的影響。儘管情況持續變化，整體經濟情勢的不確定性仍然較高，但我們認為這些關稅政策對我們的投資組合造成的直接風險有限。

The majority of our exposure is across software and services economies, which we believe will experience limited direct risk from these policy shifts. While we maintain a small exposure to our energy sector, which we expect will have derivative impact, our commodity price exposure is typically hedged on the front end of the curve, mitigating short-term price volatility.

我們大部分的投資集中在軟體和服務業經濟體，我們認為這些政策轉變對它們造成的直接風險有限。雖然我們對能源產業保持著少量的投資，預計這將產生衍生性商品影響，但我們的大宗商品價格風險敞口通常在曲線前端進行對沖，從而減輕短期價格波動。

To date, the back end of the curve has not moved materially. We believe the potential derivative impacts on the real economy growth and valuations are the bigger risk. However, these impacts are likely to take a number of quarters to flow through and hence, are more difficult to quantify at this stage. That being said, we feel good about where we sit in the capital structure of our borrowers at an average loan-to-value across our portfolio of 41%.

到目前為止，曲線的後端尚未發生實質變化。我們認為，衍生性商品對實體經濟成長和估值的潛在影響是更大的風險。然而，這些影響可能需要幾個季度才能顯現，因此現階段更難以量化。話雖如此，我們對借款人的資本結構感到滿意，我們的投資組合的平均貸款價值比為 41%。

To assess potential risk, we completed a comprehensive name-by-name care-related analysis of our entire portfolio. Excluding our retail ABL investments, this review identified 3 out of 115 portfolio companies that could be directly affected. These investments represent 2% of our overall portfolio by fair value. And based on our current understanding, we anticipate only a mild impact on their top line and EBITDA performance.

為了評估潛在風險，我們對整個投資組合進行了全面的逐一護理相關分析。不包括我們的零售 ABL 投資，本次審查發現 115 家投資組合公司中有 3 家可能受到直接影響。這些投資以公允價值計算占我們整體投資組合的 2%。根據我們目前的了解，我們預計這只會對他們的營業收入和 EBITDA 業績產生輕微影響。

Regarding our retail ABL portfolio, which comprises 3.4% of our portfolio at fair value at quarter end, we acknowledge the potential for the impact on these consumer and retail businesses through higher cost of goods, lower margins and demand destruction. However, our investment thesis on these companies remains intact as it's predicated on the value of the underlying collateral, not the cash flow-related performance of the businesses themselves.

關於我們的零售 ABL 投資組合（按季末的公允價值計算占我們投資組合的 3.4%），我們承認這些消費者和零售業務可能會因商品成本上升、利潤率下降和需求破壞而受到影響。然而，我們對這些公司的投資論點保持不變，因為它是基於基礎抵押品的價值，而不是企業本身的現金流量相關表現。

We will continue to maintain close communications with management teams and sponsors during this period of heightened uncertainty to understand their strategies for navigating these potential headwinds. We will continue to monitor the situation closely, but remain confident in our underwriting standards and asset selections.

在此高度不確定的時期，我們將繼續與管理團隊和贊助商保持密切溝通，以了解他們應對這些潛在不利因素的策略。我們將繼續密切關注情況，但對我們的承保標準和資產選擇仍然充滿信心。

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

接下來，我想將時間交給我的合夥人伊恩 (Ian)，讓他更詳細地介紹財務表現。

Thank you, Bo. For Q1, we generated adjusted net investment income per share of $0.58 and adjusted net income per share of $0.36. Total investments were $3.4 billion, down slightly from $3.5 billion in the prior quarter as a result of net repayment activity. Total principal debt outstanding at quarter end was $1.9 billion and net assets were $1.6 billion or $17.04 per share prior to the impact of the supplemental dividend that was declared yesterday.

謝謝你，博。第一季度，我們調整後每股淨投資收益為0.58美元，調整後每股淨收益為0.36美元。總投資額為34億美元，較上一季的35億美元略有下降，主要歸因於淨還款活動。季度末未償還本金債務總額為 19 億美元，在昨天宣布的補充股息影響之前，淨資產為 16 億美元或每股 17.04 美元。

Josh noted the strength of our balance sheet positioning earlier today, reflecting what has been a busy start to the year as we completed two capital market transactions during the first quarter. In February, we issued $300 million of long five -year notes at a spread of treasuries plus 150 basis points, which at the time matched the tightest spread level for BDC in the five -year part of the curve.

喬希今天早些時候指出了我們資產負債表定位的強勁，這反映出今年開局很繁忙，因為我們在第一季完成了兩筆資本市場交易。今年 2 月，我們發行了 3 億美元的五年期長期債券，利差為國債殖利率加上 150 個基點，當時這一利差水準與 BDC 五年期債券曲線的最窄利差水準相符。

As we do with all our issuances, we swapped these fixed rate notes to floating at a spread of SOFR plus 152.5 basis points. While the execution level stands out in its own right and particularly so in the face of widening BDC credit spreads that we have seen since mid-February, this issuance illustrates execution on our underlying philosophy of proactively managing our liquidity needs and our commitment to enhancing the depth of our investor base with each issuance.

就像我們對所有發行債券所做的一樣，我們將這些固定利率票據換成了浮動利率票據，利率差為 SOFR 加 152.5 個基點。雖然執行程度本身就很突出，尤其是在 2 月中旬以來我們看到 BDC 信用利差不斷擴大的情況下，但這次發行體現了我們積極管理流動性需求的基本理念的執行，以及我們致力於透過每次發行來增強投資者基礎深度的承諾。

In March, we further enhanced our debt maturity profile by closing an amendment to our revolving credit facility. With the ongoing support of our bank group, we amended our $1.675 billion secured credit facility, including extending the final maturity of $1.525 billion of these commitments through March 2030.

3 月份，我們透過終止循環信貸安排的修訂，進一步改善了債務到期狀況。在我們銀行集團的持續支持下，我們修改了 16.75 億美元的擔保信貸額度，包括將其中 15.25 億美元承諾的最終到期日延長至 2030 年 3 月。

We are pleased with the outcome of this transaction as we successfully converted a legacy non-extending lender to extending status, marginally decreased the drawn spread through the introduction of a new pricing grid and lowered the undrawn fee on the facility.

我們對此交易的結果感到滿意，因為我們成功地將一家傳統的非延期貸款機構轉變為延期貸款機構，透過引入新的定價表略微降低了提取利差，並降低了該設施的未提取費用。

The combination of the February bond issuance and the closing of the amendment to our credit facility extended the weighted average maturity on our liabilities to 4.2 years, which compares to an average remaining life of investments funded by debt of approximately 2.3 years. This element is important to our asset liability matching principle of maintaining a weighted average duration on our liabilities that meaningfully exceeds the weighted average life of our assets funded by debt.

2 月債券發行和信貸安排修訂的結束使我們負債的加權平均期限延長至 4.2 年，而債務融資投資的平均剩餘期限約為 2.3 年。此因素對於我們的資產負債匹配原則至關重要，即維持負債的加權平均期限顯著超過債務融資資產的加權平均期限。

Following both these transactions, we believe our balance sheet is in excellent shape. As of March 31, we had approximately $1 billion of unfunded revolver capacity against $175 million of unfunded portfolio company commitments eligible to be drawn.

經過這兩筆交易後，我們相信我們的資產負債表狀況良好。截至 3 月 31 日，我們擁有約 10 億美元的未撥付循環信貸額度，而可供提取的未撥付投資組合公司承諾額度為 1.75 億美元。

In terms of capital positioning, our ending debt-to-equity ratio from the balance sheet decreased quarter-over-quarter from 1.18 times to 1.15 times. The decrease was driven by the elevated repayment activity experienced in Q1. Further, we have no near-term maturities with our nearest maturity obligation not occurring until August 2026.

在資本配置方面，我們資產負債表的期末負債權益比率較上季下降，從 1.18 倍下降至 1.15 倍。下降的原因是第一季還款活動增加。此外，我們沒有近期到期債務，最近的到期債務要到 2026 年 8 月。

As you may have seen through an 8-K filing in February, we entered an ATM program to expand our capital raising toolkit. We have not issued shares through the program to date and have no plans of doing so with capital coming back to us through repayments.

正如您可能在二月的 8-K 文件中看到的那樣，我們進入了 ATM 計劃來擴展我們的融資工具包。到目前為止，我們還沒有透過該計劃發行股票，也沒有計劃透過償還的方式將資本返還給我們。

We believe the ATM program is beneficial for shareholders given the cost of issuing equity in this format is lower relative to the follow-on offerings we have done in the past. Consistent with our disciplined approach to raising equity capital, we will look to utilize the ATM program when we have confidence that the new shares issued will be accretive to net asset value and return on equity. Pivoting to our presentation materials. Slide 8 contains this quarter's NAV bridge, which Josh walked through earlier.

我們認為 ATM 計劃對股東有利，因為以這種形式發行股票的成本相對於我們過去進行的後續發行而言較低。按照我們籌集股本的嚴謹方法，當我們確信新發行的股票將增加淨資產價值和股本回報率時，我們將考慮利用 ATM 計劃。轉向我們的簡報材料。第 8 張投影片包含本季的 NAV 橋，Josh 之前已經講過。

Moving on to our operating results detail on slide 9. We generated $116.3 million of total investment income for the quarter compared to $123.7 million in the prior quarter. Interest and dividend income was $98.9 million, down from prior quarter, primarily driven by the decline in interest rates.

繼續第 9 張投影片介紹我們的經營績效詳情。本季我們的總投資收益為 1.163 億美元，而上一季為 1.237 億美元。利息和股息收入為 9,890 萬美元，較上一季下降，主要原因是利率下降。

Other fees representing prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns were higher at $14 million compared to $5.1 million in Q4, driven by the Arrowhead prepayment fee, call protection and accelerated amortization of OID on other investment realizations.

其他費用（代表預付費用和因非計劃還款而產生的預付費用的加速攤銷）為 1,400 萬美元，而第四季度為 510 萬美元，這主要得益於 Arrowhead 預付費用、贖回保護和其他投資實現的 OID 加速攤銷。

Other income was $3.5 million compared to $4.8 million in the prior quarter. Net expenses, excluding the impact of the noncash reversal related to unwind of capital gains incentive fees was $60.7 million, down from $65.9 million in the prior quarter, primarily driven by the decline in base rates and a benefit from a lower weighted average cost of debt following the maturity of our 2024 notes in November and the subsequent issuance of our 2030 notes in February. This contributed to our weighted average interest rate on average debt outstanding decreasing approximately 60 basis points from 7% to 6.4%.

其他收入為 350 萬美元，而上一季為 480 萬美元。淨支出（不包括與解除資本收益激勵費用相關的非現金逆轉的影響）為 6070 萬美元，低於上一季的 6590 萬美元，主要由於基準利率下降以及 2024 年票據於 11 月到期並於 2 月發行 2030 年票據後加權平均債務成本降低所致。這導致我們未償還債務的加權平均利率下降約 60 個基點，從 7% 降至 6.4%。

Returning to our ROE metrics before handing it back to Josh, we're reaffirming our target return on equity on adjusted net investment income of 11.5% to 12.5% for the full year, consistent with the assessment of our earnings potential outlined earlier on this call. To the extent we see widening of credit spreads, we would expect some downward pressure on net income and potential diversion between net investment income and net income metrics, given the spread movement is incorporated into the discount rate we utilize in determining fair value of our investments each quarter. That impact would unwind as investments approach maturity or are repaid.

在將其交還給 Josh 之前，我們先回到我們的 ROE 指標，我們重申全年調整後淨投資收益的目標股本回報率為 11.5% 至 12.5%，這與本次電話會議早些時候概述的盈利潛力評估一致。如果我們看到信用利差擴大，我們預期淨收入將面臨一些下行壓力，且淨投資收入和淨收入指標之間可能會出現分歧，因為利差變動已納入我們每季確定投資公允價值時所使用的折現率。隨著投資接近到期或償還，這種影響將會消失。

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

說完這些，我會把話題交還給喬希，請他做總結發言。

Thank you, Ian. I'll keep my conclusion brief today and hopes that people will take the time to read our letter, which is available on the Investor Resources section of the Sixth Street Specialty Lending website. In closing, I'd like to encourage our shareholders to participate and vote for our upcoming annual and special meetings on May 22. Consistent with previous years, we're seeking shareholder approval to issue shares below net asset value effective for the upcoming 12 months. To be clear, to date, we have never issued shares below net asset value under prior shareholder authorization granted to us for each of the past eight years. We have no current plan to do so.

謝謝你，伊恩。今天我將簡短地結束我的結論，並希望人們能花時間閱讀我們的信，該信可在第六街專業貸款網站的投資者資源部分找到。最後，我想鼓勵我們的股東參加我們即將於 5 月 22 日舉行的年度和特別會議並投票。與往年一致，我們正在尋求股東批准在未來 12 個月內發行低於淨資產價值的股票。需要明確的是，迄今為止，在過去八年中，我們從未根據股東事先授權發行低於淨資產價值的股票。我們目前沒有這樣做的計劃。

We merely view this authorization as an important tool for value creation and financial flexibility in periods of market volatility. As evidenced by the last 11-plus years since our initial public offering, our bar for raising equity is high. We've only raised equity when trading above net asset value on a very disciplined basis. So we would only exercise the authorization to issue shares below net asset value if there were sufficient high risk-adjusted return opportunities that will ultimately be accretive to our shareholders through over earning our cost of capital and any associated dilution.

我們只是將此授權視為市場波動時期創造價值和實現財務靈活性的重要工具。從我們首次公開募股以來的 11 多年來看，我們的股權融資門檻很高。我們僅在交易價格高於淨資產價值時，以非常嚴格的方式籌集股本。因此，只有當有足夠的高風險調整回報機會，並最終透過超額賺取我們的資本成本和任何相關的稀釋來為我們的股東帶來收益時，我們才會行使以低於淨資產價值發行股票的授權。

If anyone has questions on this topic, please don't hesitate to reach out to us. We have also provided a presentation, which walks through the analysis in the Investor Resource section of our website. We hope you find the supplemental information helpful as a way of providing a clear rationale for providing the company with access to this important tool.

如果有人對此主題有疑問，請隨時與我們聯繫。我們還提供了一個演示文稿，其中詳細介紹了我們網站投資者資源部分的分析。我們希望您發現補充資訊很有幫助，因為它可以清楚地解釋為什麼公司可以使用這項重要工具。

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

感謝您今天抽出時間。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Finian O'Shea, Wells Fargo.

富國銀行的菲尼安‧奧謝 (Finian O’Shea)。

Hey everyone, good morning. So Josh, we enjoyed your shareholder letter and I wanted to ask about the downward pressure on spreads with the ongoing non-traded BDC fundraising headwind. Can you talk about your resilience to that and how far it goes? Just imagining that more capital is making its way into the complex non-sponsor and so forth styled origination opportunities?

大家好，早安。所以喬希，我們很喜歡你的股東信，我想問一下在持續的非交易 BDC 融資逆風的影響下利差的下行壓力。你能談談你對此的適應能力以及能夠達到什麼程度嗎？只是想像一下更多的資本正在進入複雜的非贊助商等風格的起源機會？

Hey, Fin, so I would -- I guess let me start with saying I have no idea what retail flows are. I would suspect, given the volatility in the market that retail flows have slowed. Time will tell. I think that the data is dated and I think there's good data post liberation day. Also, as you know, with those vehicles, they're called semi-liquid or for a reason, which is the problems of liquidity. So in times of volatility, if the analog is the non-traded REIT sector, they've been a sucking of liquidity out of the system, not a net flow, but time will tell. So that's one piece of it.

嘿，Fin，所以我會——我想先說我不知道零售流量是什麼。鑑於市場的波動性，我懷疑零售流量已經放緩。時間會證明一切。我認為這些數據已經過時了，而且我認為解放日之後的數據是好的。而且，如您所知，這些工具被稱為半流動性工具，或出於流動性問題的原因。因此，在波動時期，如果類比的是非交易房地產投資信託基金 (REIT) 部門，那麼它們就會從系統中吸收流動性，而不是淨流量，但時間會證明一切。這就是其中的一部分。

The second piece of it is, look, we manage -- the way we built our business is we've managed a relatively small amount of capital for the opportunity set. And we have a big top of the funnel, including the non-sponsor and more complex transactions. That has made our business more resilient to the spread tightening movement because we're just not purely in the sponsor business.

第二點是，你看，我們管理──我們建立業務的方式是，我們為機會集管理相對較少的資本。我們有一個很大的漏斗頂部，其中包括非贊助商和更複雜的交易。這使得我們的業務對利差收緊運動具有更強的抵禦能力，因為我們並非純粹從事贊助業務。

And then we've been really disciplined allocators of capital. And I think we deeply understand where we sit in the cost curve and our cost of equity. And so we're not going to allocate capital just to allocate capital and to grow assets and therefore, grow revenues. We believe that we have two basically important people in our ecosystem.

然後我們就成為了真正有紀律的資本配置者。我認為我們深刻地了解了我們在成本曲線中的位置以及我們的股權成本。因此，我們不會僅僅為了分配資本而分配資本，而是增加資產，進而增加收入。我們相信，我們的生態系統中有兩個至關重要的人。

First being the capital providers who provided capital to us and entrust that capital to earn an acceptable risk-adjusted return on capital and cost of equity. The second being our counterparty community. And we can't be a good lender and a good counterparty unless we have capital. So we need to do both well, and we plan to keep doing both well.

首先是資本提供者，他們向我們提供資本並委託該資本以獲得可接受的風險調整後的資本回報率和股權成本。第二個是我們的交易對手社群。如果我們沒有資本，我們就不可能成為一個好的貸款人和好的交易對手。所以我們需要把兩者都做好，而且我們計劃繼續把兩者都做好。

And the -- just to zero in like the top of the funnel, you haven't seen a material impact there from all the direct lending and private credit capital, which seems to be converging in style. Like is there just less that meet the standards in terms of spread and structure, for example, even if it's something that would more traditionally fall into your wheelhouse?

並且 — — 僅集中於漏斗頂部，您還沒有看到所有直接貸款和私人信貸資本產生實質性影響，它們似乎正在風格上趨同。例如，雖然傳統上它屬於你的職責範圍，但在傳播和結構方面是否符合標準的內容較少？

Well, again, maybe we're saying the same thing, maybe we're not. The top of the funnel -- the very, very top of the funnel has no impact. Now we quickly might decide that is not for us. The top of the funnel is really, I think -- the impact on the top of the funnel is broad-based, which is the M&A cycle, which is obviously, we've been very negative on that returning. And that is systematic across the industry.

好吧，再說一次，也許我們說的是同一件事，也許不是。漏斗的頂部－漏斗的最頂部沒有任何影響。現在我們可能很快就會決定這不適合我們。我認為，漏斗頂部的影響是廣泛的，即併購週期，顯然，我們對此的回報持非常消極的態度。這是整個產業的系統性現象。

But yeah, we decide more things are not for us early on. But because we have a big top of the funnel and other channels, we find places to put our shareholders' capital in a responsible way that generates the required returns. That's been the business model. That business model has worked out. We also think we're going into a world where there will be more opportunity for complexity.

但是的，我們很早就決定不再有更多東西適合我們。但由於我們擁有龐大的漏斗頂部和其他管道，因此我們會找到以負責任的方式投入股東資本的地方，以產生所需的回報。這就是商業模式。這種商業模式已經奏效。我們也認為，我們即將進入一個充滿更多複雜性的世界。

And we're excited about that given the macro. So I feel really confident on our ability to continue to earn returns across cycles. If you look at historically, we put this in the letter, and I don't think people get this, but like we've actually done better in moments like this than we've done better in kind of regular way markets. The market volatility has provided us a return -- an ability because how we manage our balance sheet and the top of the funnel and the culture of Sixth Street, we've been able to generate outsized returns. I think in like volatile years, we generate almost 200 basis points of excess returns compared to non-volatile years and our outperformance in the industry actually grow significantly.

考慮到宏觀因素，我們對此感到興奮。因此，我對我們在整個週期中持續獲得回報的能力充滿信心。如果你回顧歷史，我們會把這一點寫在信裡，我認為人們不會明白，但事實上，在這樣的時刻，我們做得比在常規市場中更好。市場波動為我們提供了回報——一種能力，因為我們管理資產負債表、漏斗頂部和第六街的文化，我們能夠產生超額的回報。我認為，在波動較大的年份，與非波動年份相比，我們產生了近 200 個基點的超額回報，而且我們在行業中的表現實際上顯著增長。

So we couldn't be more excited about the forward for our business. And I think from a design -- how we've designed the business and how we put shareholders and capital on that list and a priority and the capabilities we have given the market opportunity.

因此，我們對於我們業務的前景感到無比興奮。我認為從設計的角度來看——我們如何設計業務，如何將股東和資本放在優先位置，以及我們為市場機會提供的能力。

When you say like very negative on M&A returning, do you just mean a couple of quarters from what was supposed to be more like now? Or do you think more protracted? And anything you can unpack there for us?

當您說對併購報酬非常不樂觀時，您是指距離現在的預期還有幾個季度嗎？或者您認為會更持久？還有什麼東西您可以幫我們打開嗎？

Yes. So look, the industry has been beating the drum on M&A returning, partly to justify, I think, the amount of capital they raised. And we've been negative on that. The constraint is not the amount -- the issue is not that there isn't dry powder for private equity deals to get done. There's a ton of dry powder.

是的。所以，看起來，該行業一直在大力宣傳併購回歸，我認為部分原因是為了證明他們籌集的資金數量是合理的。我們對此一直持否定態度。限制因素不在於金額——問題並不在於沒有足夠的資金來完成私募股權交易。有一噸乾粉。

The problem is that people paid too much for assets between 2019 and 2022. And time -- those assets, nobody wants to sell those assets without an acceptable return because it's not in their economic interest. And so people need time and growth. There is a headwind to growth which we think will extend the time. So do I know -- do I think it's -- do I think there's going to be a whole bunch of non-investment-grade M&A in 2025?

問題在於，人們在 2019 年至 2022 年期間為資產支付了過高的價格。還有時間——這些資產，沒有人願意在沒有可接受的回報的情況下出售這些資產，因為這不符合他們的經濟利益。所以人們需要時間和成長。我們認為，成長面臨阻力，這會延長時間。所以我是否知道——我是否認為——我是否認為 2025 年會出現大量非投資級併購？

No. Do I think maybe in 2026? Possibly. But the uncertainty in the macro and the drawdown on growth expectations is going to make non-investment M&A harder.

不。我認為可能是在 2026 年嗎？有可能。但宏觀的不確定性和成長預期的下降將使非投資性併購變得更加困難。

Awesome. Thank you.

驚人的。謝謝。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

Thanks. Good morning, everyone. So Josh, you've been very clear in the last several quarters about how the firm has been focused on finding attractive risk-reward opportunities and making sure you're getting paid the right economics for the risk you're taking. The environment has clearly shifted here. But I'm curious, how are your teams able to price risk when there's a meaningful pickup in uncertainty and volatility? And then there's clearly been a healthy reset in valuations here. So where are you seeing the most attractive deployment opportunities today?

謝謝。大家早安。所以喬希，在過去的幾個季度裡，你已經非常清楚地說明了公司如何專注於尋找有吸引力的風險回報機會，並確保你獲得與你所承擔的風險相符的合理回報。這裡的環境明顯發生了變化。但我很好奇，當不確定性和波動性顯著增加時，您的團隊如何對風險進行定價？然後，這裡的估值顯然已經得到了健康的重新調整。那麼，您認為當今最具吸引力的部署機會在哪裡？

Yeah. Hey Brian, good morning. I appreciate the question. It's a really good question. Look, I think the way we're able to price risk, I don't think the private markets, at least what we're seeing today are doing a very good job of pricing risk, which is -- somebody showed me a slide this morning that said middle market spread haven't moved, but probably syndicated spreads have moved. And I don't know where the data came from, but that feels pretty consistent.

是的。嘿，布萊恩，早安。我很感謝你提出這個問題。這確實是一個好問題。看，我認為我們能夠對風險進行定價的方式，我不認為私人市場，至少我們今天看到的在對風險進行定價方面做得很好，也就是說 - 有人今天早上給我看了一張幻燈片，上面說中間市場利差沒有變動，但銀團利差可能已經變動了。我不知道數據來自哪裡，但感覺相當一致。

And that seems like a technical issue in the middle market, which is -- previous flows, people need to put the previous flows to work. But how we think about the world is we're deep fundamental investors. We look at where we sit on the cost curve, what's our required equity, the illiquidity premium that we need, which is I can't change my mind when I'm making an investment.

這似乎是中端市場的技術問題，即先前的流程，人們需要讓先前的流程發揮作用。但我們看待世界的方式是，我們是深度基本面投資者。我們會考慮我們在成本曲線上的位置、我們所需的股權是多少、我們需要的非流動性溢價，也就是說，當我進行投資時，我不能改變主意。

And we look at what we think that asset is worth and loan-to-value on that asset and what we think that asset is worth a kind of a normalized interest rate environment and a normalized growth environment. And so having kind of that deep fundamental view of the world and doing real work allows us to price risk in moments of volatility.

我們會考慮我們認為該資產的價值以及該資產的貸款價值比，以及我們認為該資產在正常化的利率環境和正常化的成長環境下的價值。因此，擁有這種對世界的深刻基本看法並進行實際工作使我們能夠在波動時刻對風險進行定價。

In addition to that, Sixth Street is a big place. We have $100 billion of assets under management. We have large platforms in ABLs, health care, sports media, telecom, energy, retail, consumer, growth, et cetera, et cetera. So we're able to see relative -- not only are we able to see the top of the funnel and a lot of different things, but we're able to see relative value across asset classes and what people are pricing in for growth and what discount rates are using, that's super helpful to keep a kind of steady head on our shoulder and be able to commit capital when other people don't.

除此之外，第六街也是一個很大的地方。我們管理著1000億美元的資產。我們在 ABL、醫療保健、運動媒體、電信、能源、零售、消費、成長等領域擁有大型平台。因此，我們不僅能夠看到相對情況——我們不僅能夠看到漏斗頂部和許多不同的東西，而且我們能夠看到跨資產類別的相對價值以及人們為增長而定價的情況​​和使用的折扣率，這對於我們保持頭腦清醒並能夠在其他人不投入資金時投入資金非常有幫助。

Okay. Great. That's helpful. And then you touched on this a little bit, but you look at TSLX and even the broader Sixth Street platform, I mean, you've really delivered impressive returns kind of through cycles, looking back over your history. And I think some of the market actually forget volatility is a great thing for your business.

好的。偉大的。這很有幫助。然後你稍微談到了這一點，但你看看 TSLX 甚至更廣泛的第六街平台，我的意思是，回顧你的歷史，你確實在各個週期中實現了令人印象深刻的回報。我認為一些市場實際上忘記了波動性對於你的業務來說是一件好事。

So can you just remind us again, why does TSLX and really the broader Sixth Street model work so well in all parts of the cycle? And then why do periods of volatility ultimately drive value for all your stakeholders longer term?

那麼，您能否再提醒我們一下，為什麼 TSLX 以及更廣泛的第六街模型在周期的各個部分都運行得如此良好？那麼為什麼波動期最終會為所有利害關係人帶來長期價值呢？

Yeah. So this is -- by the way, I was shocked when we look -- I wasn't shocked for us. I was shock at the industry. The industry has actually done a decent job, which is in moments of volatility, the industry returns are robust compared to moments of not volatility, which is they don't go down. I think they're basically flat to up 20 basis points, which is -- was a little bit shocking. And that's structural in the sense that the capital is decently permanent. So they're not a forced -- this is on the trading side.

是的。所以這是——順便說一句，當我們看到它時我感到很震驚——但我並不為我們感到震驚。我對這個行業感到震驚。該行業實際上做得不錯，在波動時刻，與非波動時刻相比，行業回報強勁，也就是說，回報不會下降。我認為它們基本上持平或上漲了 20 個基點，這有點令人震驚。從某種意義上來說，這是結構性的，因為首都是相當永久的。所以他們不是被迫的——這是交易方面的事情。

I think on the non-trade side, time will tell because there will be a liquidity pool. But the structure of the industry, which is that they have permanent capital and they're not that levered, so they don't get closed out the option and the financing is robust that they're able to withstand volatility. And so the industry itself and the capital structure of the industry and the permanency of the capital allows robustness.

我認為在非貿易方面，時間會證明一切，因為會有一個流動性池。但該行業的結構是，他們擁有永久資本，而且槓桿率不高，因此他們不會被排除在選擇之外，而且融資穩健，能夠抵禦波動。因此，產業本身、產業的資本結構、資本的永久性使其具有穩健性。

I think SLX, I think we actually have this idea of anti-fragility, which we actually do better when there's stress. I think that's because we manage -- we've done a good job of allocating capital, which means that we have capital to allocate in moments of volatility.

我認為 SLX，我認為我們實際上有這種反脆弱性的想法，當我們有壓力時我們實際上會做得更好。我認為這是因為我們管理得很好——我們在資本配置方面做得很好，這意味著我們在波動時刻有資本可以配置。

Not only are we not a forced seller, but we actually grow our investments during that time when the rest of the world is risk off. And that is a function of, A, being a good allocated capital; and B, understanding that we need to reserve for unfunded commitments. We need to reserve for investment capacity during those times, both capital and liquidity.

我們不僅沒有被迫出售，而且在世界其他地區避險的時期，我們實際上還增加了投資。這取決於兩個因素：A、良好的資本分配；B、了解我們需要為無資金承諾預留資金。我們需要為這些時期的投資能力進行儲備，包括資本和流動性。

And so that allows us to actually be on the front of our feet -- balls of our feet during those times and really capture that opportunity. So I was shocked when I look at the data for the industry and -- but it makes sense because the industry is never for -- should be never a forced seller given the primacy of the capital.

這樣，我們實際上就可以在那些時候用腳前部——腳掌前部，真正抓住那個機會。因此，當我看到該行業的數據時，我感到震驚——但這是有道理的，因為考慮到資本的首要地位，該行業永遠不應該被強制出售。

Again, the non-traded space will be interesting because there will be capital stop flowing and there will be, my guess is some type of liquidity pool of liquidity that happens, which is the analog being again the non-traded REIT space, capital came out of the system during that moment of volatility, capital did not come in for people to be aggressive as it relates to investment opportunities outside their capital structure or inside the capital structure.

再次，非交易領域將會很有趣，因為資本將停止流動，並且會出現某種類型的流動性池，我猜測這會發生，這類似於非交易房地產投資信託基金領域，在波動的時刻，資本從系統中流出，資本並沒有流入，因為人們會積極參與其資本結構之外或資本結構內部的投資機會。

Appreciate it, Josh. I'll leave it there and congrats on the strong quarter.

非常感謝，喬希。我就到此為止，並祝賀本季取得強勁成績。

Thanks.

謝謝。

Mickey Schleien, Ladenburg.

米奇‧施萊恩，拉登堡。

Yes, good morning, everyone. Josh, as usual, your prepared remarks were excellent and answered all of my top-down questions. So I just have one modeling question. In the first row of slide 9, which is your interest and dividend income, excluding fees, looks a little light relative to the 3% decline in the portfolio at cost and considering movements in spreads and SOFR. And that could be due to things like the cadence of investments or some sort of a reversal. Or was there something else in there that we should be aware of?

是的，大家早安。喬希，像往常一樣，你準備的發言非常精彩，回答了我自上而下提出的所有問題。所以我只有一個建模問題。在第 9 張投影片的第一行中，您的利息和股息收入（不包括費用）相對於投資組合成本的 3% 下降以及考慮到利差和 SOFR 的變動，看起來有些少。這可能是由於投資節奏或某種逆轉等因素造成的。或者其中有其他值得我們注意的事情？

I'll turn that to Ian, and we might have to come back to you. I don't -- I do not -- let's come back to you exactly on the -- there was -- sorry, in now 2000 -- that quarter '24, there was a large dividend income payment that is included -- that looks like not a nonrecurring spread item, right, Ian?

我會把這個問題轉給伊恩，然後我們可能還要再找你。我不——我不——讓我們確切地回到你這個問題上——有——抱歉，現在是 2000 年——那個 24 季度，有一筆大額股息收入包含在內——這看起來不像是一項非經常性利差項目，對吧，伊恩？

Yeah, that's right. So that probably creates a little bit of noise.

是的，沒錯。所以這可能會產生一點噪音。

That creates noise. The better way to look at it is a little bit of spread compression, a little portfolio shrinkage compared to September 30, 2024. But there was a onetime dividend payment related to an energy name, right, Ian?

這會產生噪音。更好的看法是，與 2024 年 9 月 30 日相比，利差略有壓縮，投資組合略有縮水。但是有一筆與能源名稱相關的一次性股息支付，對吧，伊恩？

Yes, that's right.

是的，沒錯。

You're always happy.

你總是很快樂。

Sorry?

對不起？

You're always happy, but I think I got you the answer. There was a onetime dividend payment. What was that payment sizable quarter 12/31 -- we'll come back to you with the exact number, but that's what -- there's a dividend payment, nonrecurring dividend payment of $5.1 million in the prior quarter. So apples-to-apples, it's pretty consistent with a little bit of yield compression and the portfolio shrinkage. If you look at dividend and interest and dividend income and you pro forma the 12/31/2024 line item of $113 million, minus $5 million. That would be more consistent with your modeling.

你總是很快樂，但我想我已經找到答案了。有一次性股息支付。12 月 31 日季度的巨額支付是多少 - 我們會向您提供確切的數字，但這就是 - 上一季的股息支付，非經常性股息支付為 510 萬美元。因此，從同類因素來看，這與收益率略有壓縮和投資組合縮水是相當一致的。如果您查看股息、利息和股息收入，並且您預計 2024 年 12 月 31 日的項目為 1.13 億美元，減去 500 萬美元。這將與您的建模更加一致。

Yeah. Dividend income went from $5.8 million in Q4 to $0.9 million in Q1.

是的。股息收入從第四季的 580 萬美元下降至第一季的 90 萬美元。

Okay, I appreciate that. Thank you. That's it for me.

好的，我很感激。謝謝。對我來說就是這樣。

Kenneth Lee, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Kenneth Lee。

Hey, good morning and thanks for taking my question. Just given the prepared remarks around some of the newer investments, including, I guess, one in the retail ABL side, could you further flesh out your outlook for Lane 2 and Lane 3 investments? Would it be fair to say that you're starting to see a lot more of these opportunities materializing right now? Or do we still have to wait a little bit more to see more stress across the sectors there? Thanks.

嘿，早上好，感謝您回答我的問題。鑑於您對一些較新的投資（包括零售 ABL 方面的投資）所準備的評論，您能否進一步充實您對 Lane 2 和 Lane 3 投資的展望？您現在是否可以開始看到更多這樣的機會正在實現？或者我們還需要再等一段時間才能看到各個產業面臨更大的壓力？謝謝。

I think -- so we've committed to one last quarter or this quarter that will fund here before year-end of size that we think is very interesting and it's public. The -- I think there will be a little bit more stress, a little bit more time. But we're kind of -- we're excited. We're starting to see stuff. Obviously, the broadly syndicated loan market is down.

我認為——所以我們承諾在上個季度或本季在年底之前提供一筆我們認為非常有趣的公開資金。我認為壓力會更大一些，時間也會更長。但我們有點——我們很興奮。我們開始看到一些東西。顯然，廣泛的銀團貸款市場正在下滑。

My guess is if you look at the data, I think that Moody's have revised their LME kind of stress, which is a distress signal in the broadly syndicated loan market up 2x, I think, or something like that. So I think those opportunities are coming our way.

我的猜測是，如果你看一下數據，你會發現穆迪已經修改了他們的 LME 壓力評級，我認為這是一個廣泛銀團貸款市場的求救信號，修改幅度是 2 倍，或者類似的。所以我認為這些機會正在向我們走來。

Great. Very helpful there. And just one follow-up, if I may. And this is just on the ATM equity program. And it sounds like the general approach towards any kind of potential capital raises is still very consistent with your previous approach.

偉大的。非常有幫助。如果可以的話，我還有一個後續問題。這只是 ATM 股權計劃。聽起來，對於任何潛在融資方式的整體做法仍然與您之前的做法非常一致。

But just wondering whether you could be raising capital a little bit more frequently than in the past because I believe that TSLX had very infrequently raised capital in the past. But I just wanted to see if the frequency could potentially change there. Thanks.

但我只是想知道您是否可以比過去更頻繁地籌集資金，因為我相信 TSLX 過去很少籌集資金。但我只是想看看頻率是否有可能在那裡改變。謝謝。

No change in how we raise capital, the frequency we raise capital, when we look through, I think Ian hit it perfectly, which is it has to be both accretive on an ROE basis as it relates to our cost of equity and on an asset value basis. And it is -- we're pretty -- I would say we were pretty stubborn about the ATM. But quite frankly, is better for shareholders because the cost is lower, but there is zero change in how we do it and zero lens and it needs to only really make sense for shareholders. Ian, anything to add there?

我們的融資方式、融資頻率沒有變化，當我們仔細觀察時，我認為伊恩完美地理解了這一點，即它必須在與我們的股權成本和資產價值相關的 ROE 基礎上實現增值。而且，我們非常——我想說，我們對 ATM 的態度非常固執。但坦白說，這對股東來說更好，因為成本較低，但我們的做法沒有任何改變，也沒有任何視角，而且它只需要對股東真正有意義。伊恩，還有什麼要補充的嗎？

I think that's spot on. I think we were very deliberate about making the comment about no new shares issued this quarter because we didn't want people to assume that just because we have the tool, we would use it. It's more about making sure that we can be as effective as possible for shareholders.

我認為這是完全正確的。我認為我們非常謹慎地發表了關於本季度不發行新股的評論，因為我們不希望人們認為僅僅因為我們有這個工具，我們就會使用它。這更重要的是確保我們能夠盡可能有效地為股東服務。

I mean, let's put it this way. We let the balance sheet roll down. And therefore, revenues to the manager gets smaller because we don't think the opportunity set in this past quarter was good for our shareholders. We're surely not going to issue new capital when we let an existing balance sheet there.

我的意思是，讓我們這樣說吧。我們讓資產負債表下滑。因此，管理者的收入就會減少，因為我們認為上個季度創造的機會對我們的股東來說並不好。當我們將現有的資產負債表放在那裡時，我們肯定不會發行新資本。

Got you, that's very helpful there. Thanks again.

明白了，這非常有幫助。再次感謝。

Sean-Paul Adams, B. Riley Securities.

肖恩·保羅·亞當斯 (Sean-Paul Adams)，B. Riley 證券。

Hey guys, good morning. Obviously, your nonaccruals are quite low. Credit quality-wise, you've been doing really well. Your letter made an excellent point on the deployment of capital to take advantage of nonstandard opportunities during volatile periods. However, that's based on an assessment of not having any trouble at home. On the impact of risk ratings and have you guys seen any material migrations in internal risk ratings assigned within the portfolio?

大家好，早安。顯然，您的未提列金額相當低。從信用品質來看，您的表現非常好。您的來信就如何部署資本以在動盪時期利用非標準機會提出了極好的觀點。不過，這是基於家裡沒有任何麻煩的評估。關於風險評級的影響，你們是否看到投資組合中分配的內部風險評級有任何重大轉變？

No, not really. And I would say the one thing we did not do just put -- just FY do a great job in our letter, I'll take the credit for it. I'll give you a little more detail on -- because I think you're asking a question about credit quality in at home. And so let me hit tariffs real quick. We outlined exposure -- direct exposure to tariffs in our letter, which is about 2%.

不，不是真的。我想說的是，我們沒有做的一件事就是在信中寫到——FY 做得很好，我會為此承擔責任。我將向您提供更詳細的資訊 - 因為我認為您問的是有關家庭信用品質的問題。那麼讓我快速談談關稅。我們在信中概述了風險敞口——直接受到關稅的影響，約為 2%。

The reality of it is that 60 basis points of that is already on nonaccrual. That's American achievement. There is another $4 million position that we think has limited impact. And so there's really only one name, which is 1.3%. That name is not very levered today.

實際情況是，其中 60 個基點已經不計入應計利率。這就是美國的成就。我們認為另外 400 萬美元的部位影響有限。所以其實只有一個名字，那就是 1.3%。如今，這個名字不再那麼有影響力。

That name is less than 5.5 times levered. 60% of its manufacturing is here in the US. It does source from overseas. We think we estimate that there might be a kind of 20% impact on EBITDA as things ultimately roll through and that they can't pass along cost. And so that brings the credit to like 6.5 times levered, which is still acceptable for that credit and the scale of that credit.

該公司的槓桿率不到 5.5 倍。其 60% 的製造業務都在美國。它的貨源確實來自海外。我們估計，隨著事情最終發展，EBITDA 可能會受到 20% 的影響，而且他們無法轉嫁成本。這樣，信貸槓桿率就達到了 6.5 倍，這對於該信貸及其規模來說仍然是可以接受的。

So I feel really good about the portfolio and our ability to pay offense. And you hit it exactly right. The insight is exactly right, which is for you to be able to play offense, not only do you need capital and liquidity, you need bandwidth. And you need the bandwidth means that you don't have any problems at home. So we have capital, we have liquidity and we have bandwidth.

因此，我對我們的投資組合和支付能力感到非常滿意。你說得非常正確。這個見解非常正確，要發動進攻，你不僅需要資本和流動性，還需要頻寬。而且你需要的頻寬意味著你在家裡不會遇到任何問題。所以我們有資本，有流動性，有頻寬。

Got it, thank you for the color. I appreciate it.

明白了，謝謝你的顏色。我很感激。

Maxwell Fritscher, Truist.

馬克斯韋爾·弗里舍爾（Maxwell Fritscher），Truist。

Hi, good morning. I'm on for Mark Hughes. We've heard that banks are going a little more risk off. Do you anticipate any impact on the liability side of your balance sheet from this? Ian's comments on the facility and the note issuance suggests that answer is probably no, but any comments there?

嗨，早安。我支持馬克·休斯。我們聽說銀行正在加大風險規避力度。您預計這會對您的資產負債表的負債方產生任何影響嗎？伊恩對該設施和票據發行的評論表明答案可能是否定的，但有什麼評論嗎？

No. I mean I think the answer is no. We just got our amendment done an extension. We do that every 12 to 15 months. We effectively took one extender, tightened pricing a little bit. And then we opportunistically issued financing. Like if you would have asked us when we were going to do our next bond deal six months ago, we would have said in September, we did it early. So we prefunded that maturity. And so we feel like really, really good. In addition to that, like we have a lot of -- in a downward sloping rate environment, we have liability sensitivity.

不。我的意思是我認為答案是否定的。我們剛剛完成了修正案的延期。我們每 12 到 15 個月進行一次此操作。我們有效地採取了一種延長器，稍微收緊了價格。然後我們抓住機會發放融資。就像如果你在六個月前問我們什麼時候進行下一筆債券交易，我們會說在九月份，我們提前完成了。因此，我們預先籌措了到期資金。因此我們感覺真的非常好。除此之外，在利率下行的環境中，我們有許多負債敏感度。

So we swapped out all of our liabilities. So we should not have net interest margin compression, all things being equal in the environment going forward. So we're -- we managed the balance sheet. Ian has done a great job. We managed the balance sheet and Ian and Christine, we've managed the balance sheet exactly in the right way. And so we're excited to shout out to the team, to Ian and Christine team.

因此我們交換了所有負債。因此，在未來環境一切順利的情況下，我們的淨利差不應受到壓縮。所以我們——我們管理資產負債表。伊恩做得很好。我們管理資產負債表，伊恩和克里斯汀，我們以正確的方式管理資產負債表。因此，我們很高興向團隊、向伊恩和克里斯汀團隊致敬。

Thank you very much.

非常感謝。

Melissa Wedel, JPMorgan.

摩根大通的梅麗莎·韋德爾。

Good morning. Thanks for taking my questions. I wanted to follow up on a point that you -- it was a brief point made in the shareholder letter, and it's really -- it is a bit more of a modeling question. But I think you referenced sort of making more space in terms of allowing more repayments rather than deploying capital so far in the second quarter. I want to make sure I was, one, understanding that right.

早安.感謝您回答我的問題。我想跟進一點——這是股東信中提出的一個簡要觀點，實際上——這更像是一個建模問題。但我認為您提到的是騰出更多空間來允許更多還款，而不是在第二季部署資本。我想確保我首先理解了這一點。

And then two, just wanted to understand maybe the scale of that compared to some pretty sizable repayment activity in the last two reported quarters.

其次，我只是想了解一下，與過去兩個報告季度中一些相當大的還款活動相比，這一規模究竟有多大。

Yeah, Look, I would say my guess is we'll be at the end of Q2, somewhere between flat and slightly down, not -- I don't think it impacts modeling. I think it's like balance sheet might be down $30 million to $40 million or something like that. Repay is -- So I -- look, we are going to -- it's obviously part of the economics of the system is keeping financial leverage, which drives capital efficiency and interest income, et cetera. And I think that's reflected in our guidance. So I don't think -- I think it's on the margin.

是的，看，我猜我們會在第二季度末處於持平和略微下降之間的某個位置，不 - 我不認為這會影響建模。我認為資產負債表可能會下降 3000 萬到 4000 萬美元或類似的數字。償還是——所以我——看，我們將——這顯然是系統經濟的一部分，即保持財務槓桿，從而推動資本效率和利息收入等等。我認為這反映在我們的指導上。所以我不認為——我認為這只是邊緣問題。

Okay. I appreciate that. And to your point about volatility historically creating good opportunities to deploy capital and generate higher returns versus sort of regular way markets. We know that there tends to be a bit of a lag between what's happening in the broadly syndicated market and what's happening in sort of the private credit area. We've obviously seen a lot of spread volatility, but it's only been remarkably one month that we've really seen that.

好的。我很感激。關於您所說波動性在歷史上創造了良好的機會來部署資本，並且相對於常規市場而言獲得了更高的回報。我們知道，廣泛銀團市場和私人信貸領域發生的事情之間往往會存在一些滯後。我們顯然已經看到了很多利差波動，但真正看到這種情況只有一個月的時間。

So it sounds like you're not really seeing that volatility create more interesting opportunities in the private credit space quite yet. Am I reading your -- reading that right?

因此聽起來你還沒有真正看到波動性在私人信用領域創造更多有趣的機會。我讀得對嗎？

Yeah. What I would say is like the great thing about our platform is we go elsewhere. And so like we will capture some of that spread. So A, you're right, there's a technical thing happening in the private credit market. So A, you're right about that, there's a lag -- that's causing a lag.

是的。我想說的是，我們的平台的偉大之處在於我們可以去其他地方。因此我們將捕捉到一些這樣的傳播。所以 A，你說得對，私人信貸市場確實發生了一些技術性的事情。所以 A，你說得對，確實存在滯後——這導致了滯後。

But we don't need it to happen just in the private credit market because we've been able to capture it elsewhere. And so if you look at in these moments of time, we will go to more liquid markets to capture the spread volatility.

但我們不需要它只在私人信貸市場發生，因為我們已經能夠在其他地方實現它。因此，如果你觀察這些時刻，我們會進入流動性更強的市場來捕捉價差波動。

Okay, appreciate that color. Thanks, Josh.

好的，欣賞那個顏色。謝謝，喬希。

Robert Dodd, Raymond James.

羅伯特多德、雷蒙德詹姆斯。

Hi, everyone. Two questions. First, on the -- it really comes down to your capital, spillover is now $1.31, right? I mean from an ROE perspective, with the excise tax friction, et cetera. And if you -- isn't this the point in the cycle, to your point, that you might be down a little bit in Q2 or flat? Is this the point of -- the point of the cycle to shrink the capital base slightly?

大家好。兩個問題。首先，這實際上取決於你的資本，溢出現在是 1.31 美元，對嗎？我的意思是從 ROE 的角度來看，還有消費稅摩擦等等。如果您——這不是周期中的點嗎？就您的觀點而言，您在第二季可能會略有下降或持平？這是周期的重點──稍微縮減資本基礎的重點嗎？

Be accretive to ROE just on excise tax reduction alone potentially going forward? And maybe you -- as you say in the letter, there's not an infinite number of opportunities that are appropriate for BDC. So again, is this kind of the point of the cycle where you want to be more selective, so shrinking the capital base and distributing some of that spillover might make sense?

光靠降低消費稅就有可能增加 ROE 嗎？也許你——正如你在信中所說，適合 BDC 的機會並不是無限的。那麼，再一次，這是不是週期中的一個點，在這個點上，你想要更有選擇性，因此縮小資本基礎和分配一些溢出效應可能是有意義的？

Yeah. So look, we're not at that point, right? We're not at that point where we need to return capital. That is obviously a lever. You save the excise tax. But remember, to fund that distribution you're borrowing, the excise tax cost you 4% annually, the borrow cost you on a marginal basis, 150 over SOFR.

是的。所以你看，我們還沒到那一步，對吧？我們還沒到需要返還資本的地步。這顯然是一個槓桿。您節省了消費稅。但請記住，為了支付您所借的分配款，您每年需繳納 4% 的消費稅，而藉款的邊際成本為 SOFR 的 150%。

And so it is accretive on a leverage standpoint, it's dilutive on a NIM standpoint. And so -- but we're not close to that point. We actually think having capital in times of volatility is good. So it is effectively making you more capital efficient, but it is a negative ROE as it relates to the cost of the excise tax and your borrower to fund the excise tax.

因此，從槓桿角度來看，它具有增值作用，從淨利差角度看，它具有稀釋作用。但我們還沒有接近這一點。我們實際上認為在動盪時期擁有資本是件好事。因此，它實際上提高了您的資本效率，但由於它與消費稅成本以及借款人為消費稅提供資金有關，因此它的 ROE 為負。

On NIM, yes, not on NII or GAAP ROE necessarily, right? -- Understood. On to the second question, just to your letter, I mean, one of the underlying themes in that letter seems to be, correct me if I'm wrong here, that you think global -- or globalization of trade may have peaked and be on a down cycle. Obviously, that is not something that happens usually for like a couple of years. I mean the increase -- there's one of the charts in here.

是的，是基於 NIM，不一定是基於 NII 或 GAAP ROE，對嗎？ ——明白了。關於第二個問題，就您的信而言，我的意思是，那封信中的一個潛在主題似乎是，如果我錯了請糾正我，您認為全球——或者貿易全球化可能已經達到頂峰並處於下行週期。顯然，這種事情通常不會在幾年內發生。我的意思是成長——這裡有一張圖表。

I mean, it was a multigenerational trend upwards in global trade as a percentage, which obviously made a ton of sense then to go into services businesses because anything that was physical on as globalization was rising and offshoring was rising, made sense to stay away from. So if there -- if that is a core thesis in the letter and the outlook for Sixth Street, how does that change over the next -- not a year or two , but the next 10 years, which is only really two iterations of owning an asset given the repayment cycles. How does this view on global trade and essentially onshoring potentially change how you might allocate capital over a longer period of time? Or does it just not make any difference?

我的意思是，全球貿易的百分比呈現持續多代上升趨勢，進入服務業顯然非常有意義，因為隨著全球化和離岸外包的興起，任何有形的東西都應該遠離。因此，如果這是信中的核心論點和第六街的前景，那麼在接下來的——不是一兩年，而是未來十年——這實際上只是考慮到還款週期而擁有資產的兩次迭代。這種對全球貿易和本質上在岸化的看法會如何改變你在較長時期內配置資本的方式？或者這根本就沒有什麼差別？

No. Look, I think that -- so look, most of our business is in services. And I would say that the global -- the deglobalization started to happen in 2010. Now there was a pickup in COVID, et cetera. But if you look at -- there's two things look at that chart. One is the trend post 2010, which was declining and then it picked up and then most recently declining.

不。看，我認為——看，我們的大部分業務都在服務領域。我想說的是，全球去全球化始於 2010 年。現在，新冠疫情等等有所回升。但如果你看一下──看看那張圖表，有兩件事。一個是2010年後的趨勢，先是下降，然後回升，最近又下降。

And what I would say is the impacts we're mostly in services businesses. But the impact, I think, are more -- the way I think about it is, it probably slows velocity of capital, which will slow growth. It leads to it's inflationary, which will affect discount rates on assets. And so the super cycle of return on equities, I think -- and the value is going from -- and by the way, there are great private equity sponsors and great hedge fund managers and great equity managers that will pick up the idiosyncratic.

我想說的是，我們受到的影響主要體現在服務業。但我認為，其影響更大——我的想法是，它可能會減緩資本流通速度，從而減緩成長。這會導致通貨膨脹，從而影響資產的折現率。因此，我認為，股票回報的超級週期——價值正在從中產生——順便說一句，有優秀的私募股權發起人、優秀的對沖基金經理人和優秀的股票經理會發現這種特質。

But the broad-based tailwinds to equities, I think that's changing, which is deglobalization. The way I think about it is it's inflationary, it is -- will increase discount rates on assets and slow growth and what made for a very accommodative equity return environment, which is low discount rates and high growth, those conditions no longer exist. And so I think what -- as it relates to our underwriting, you have to be clear-minded about yesterday's valuations and yesterday's LTVs are different. They're going to be different. Just run a DCF, cut your growth by half, increase your discount rate by two, like it's going to come out with a different value.

但我認為，股市的廣泛順風正在發生變化，這就是去全球化。我對此的看法是，它會導致通貨膨脹，會增加資產的折現率並減緩成長，而形成非常寬鬆的股權回報環境（即低折現率和高成長）的那些條件已不復存在。因此我認為，就我們的承保而言，您必須清楚地了解昨天的估值和昨天的 LTV 是不同的。它們將會有所不同。只需運行 DCF，將成長速度減半，將折扣率提高一倍，就會得出不同的價值。

And so that is where I think where this generation of investors are going to have a little bit of challenges. They're going to look at yesterday's news, yesterday's comps, yesterday's multiples and think those are a real thing. Guess what, the environment has changed.

所以我認為這一代投資者將會面臨一些挑戰。他們會查看昨天的新聞、昨天同店的銷售額、昨天的本益比，並認為這些都是真的。你猜怎麼著，環境已經改變了。

So to that point, would that mean you would expect even -- I mean, this quarter, I think it was 11% sponsor-backed -- No, it was 11% follow-ons. It was 16%, 15% sponsor-backed, I think. Would you expect that -- that's obviously significantly below your long-term average. Is that kind of -- do you think going to be the new -- more of the new norm going forward?

那麼到那時，這是否意味著你會期望甚至——我的意思是，本季度，我認為是 11% 的贊助商支持——不，是 11% 的後續支持。我認為，其中 16% 到 15% 是由贊助商支持的。您是否預料到——這顯然大大低於您的長期平均水平。您認為這會成為一種新的、未來的新常態嗎？

No. I mean, no. I mean, I think the sponsors are super smart. We love them. They're sophisticated users of capital. They're great investors, but they're sophisticated users of capital. And I think the technical in the private credit space, which there was a lot of flows and a lot of money putting stuff (inaudible) needing to put money to work in that channel had a shift this quarter. But we love them, and we're going to be right there with them when they need capital and scale and size. And so -- but we're going to go where there's the best risk return. And the technicals in the private credit market were not accommodated this quarter.

不。我的意思是，不。我的意思是，我認為贊助商非常聰明。我們愛他們。他們是精明的資本使用者。他們是偉大的投資者，但他們也是老練的資本使用者。我認為私人信貸領域的技術面在本季度發生了轉變，該領域有大量資金流動和投入（聽不清楚），需要將資金投入該管道。但我們愛他們，當他們需要資本、規模和規模時，我們會與他們同在。所以——但我們會去風險回報最好的地方。本季私人信貸市場的技術面並未滿足。

Yeah. I'll follow up with that one. Thank you.

是的。我會跟進此事。謝謝。

Thank you.

謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Yeah, good morning, thanks for taking my questions. Just one on credit, if I may. IRG Sports and Entertainment, I believe that loan is maturing in this quarter. How is that company performing? We've obviously seen a lot of interest in professional sports facilities, but it was marked down just a little bit slightly in the quarter. Are you expecting to exit that?

是的，早上好，感謝您回答我的問題。如果可以的話，我只想賒帳一個。IRG 體育和娛樂，我相信該貸款將在本季到期。該公司的業績如何？我們顯然看到人們對專業體育設施的興趣很大，但本季這種興趣略有下降。您希望退出嗎？

Yeah. I mean so IRG is a that -- there's a whole bunch of assets that we're working to sell, including a significant -- I think it's 160 acres or something A little bit more in outside of West Palm Beach. And so that we're working to resolve that.

是的。我的意思是，IRG 是一家——我們正在努力出售一大批資產，其中包括一塊重要的——我認為是西棕櫚灘外 160 英畝左右的土地。因此我們正在努力解決這個問題。

Got it, thank you for that. Got it. And then real quick on -- just on the cost of debt that you guys have. It was -- I believe it's down a little over 130 basis points or so over the last few quarters, which is a little bit more than what base rates have done over that time. Is there anything, I guess, that's benefiting the hedges or anything that's driving the cost of debt lower, I guess?

明白了，謝謝你。知道了。然後很快談談你們的債務成本。是的——我認為它在過去幾個季度中下降了約 130 個基點，比同期基準利率的下降幅度要大一些。我想，有什麼事情對沖有利，或者有什麼事情可以降低債務成本？

I'll take a shot at it and then I'll give it to Ian. One is mix probably. The other one is hedges or hedges lag maybe, but one is mix, funding mix. The new pricing of the revolver wouldn't have an impact on the LTM period. So it's probably a little bit of mix.

我會嘗試一下，然後把它交給伊恩。一種可能是混合的。另一個可能是對沖或對沖滯後，但一個是混合，融資混合。左輪手槍的新定價不會對 LTM 期間產生影響。所以它可能有點混合。

Yeah. I think Paul, if you look at the last two quarters, in particular, we had maturity of an unsecured note. So that rolled off and we funded that with the revolver drawdown. So that was a positive benefit, so lowering overall weighted average cost of debt. And then the new bond that was issued, it was only in the second half of February, so it doesn't have as much of an issue, but that was also lower spread.

是的。保羅，我認為如果你看一下過去兩個季度，你會發現我們有一張無擔保票據到期了。因此，該專案已順利完成，我們透過循環信貸來為其提供資金。所以這是一個正面的好處，從而降低了整體加權平均債務成本。然後發行的新債券是在二月下半月，因此發行量沒有那麼多，但利差也較低。

Got it.

知道了。

And then the effect of base rates. So don't forget 100% of debt.

然後是基準利率的影響。所以不要忘記 100% 的債務。

Got it. Okay. Thanks. That's helpful. And then last one, Josh, Ian, I'd love to get your thoughts on a relatively new development in the BDC space, but structured risk transfers does that have any potential, I guess, to change funding costs at all within the BDC space? Do you see that as a positive development or just a signal of peak risk?

知道了。好的。謝謝。這很有幫助。然後最後一個問題，喬希、伊恩，我很想聽聽你們對 BDC 領域相對較新的發展的看法，但結構化風險轉移是否有可能改變 BDC 領域的融資成本？您認為這是一個積極的發展還是只是風險達到頂峰的信號？

So that is the -- I saw this yesterday, I think you're referring to the SRT done from a group of some risk transfer from banks to the private credit market. Is that what -- banks to the asset managers. Is that what you're referring to?

所以這就是——我昨天看到這個，我想你指的是從銀行到私人信貸市場的一些風險轉移的 SRT。這就是銀行對資產管理者的意義嗎？這就是你指的嗎？

Yes.

是的。

I suspect it was done not for capacity issues, which is it allows banks to effectively get capital relief and expand more lending relationships. So on the margin, I think it's helpful. I don't think it reduces pricing, but I do think it's helpful as it relates to expansion of capacity. The banks model balance sheet into the space and then hopefully drive fees. And if they can put more balance sheet to the space from a capital relief trade, they could get more fees and turn over that capital. So my guess is that on the margin expands capacity or keeps capacity, but doesn't do anything to pricing.

我懷疑這樣做不是為了容量問題，而是為了讓銀行有效地獲得資本減免並擴大更多的貸款關係。因此從邊際上來說，我認為這是有幫助的。我認為它不會降低價格，但我確實認為它對擴大產能有幫助。銀行將資產負債表模型納入該領域，然後希望提高費用。如果他們可以透過資本減免交易將更多的資產負債表投入到該領域，他們就可以獲得更多費用並週轉資本。所以我的猜測是，邊際上擴大了產能或維持了產能，但對定價沒有任何影響。

Thank you. That's all for me.

謝謝。對我來說就這些了。

(Operator Instructions)

（操作員指示）

Finian O'Shea, Wells Fargo.

富國銀行的菲尼安‧奧謝 (Finian O’Shea)。

Hey everyone, thanks for the follow on. I just wanted to go back to the question on the ATM. I think, Bo, you said no changes whatsoever sort of to the historical approach, which has been something like every couple of years, something like 5% of NAV. Does that mean you'll do that sort of same thing with perhaps an institutional direct? Or will it be more of a dribble out type ATM program? Thanks.

大家好，感謝關注。我只是想回到關於 ATM 的問題。我認為，博，您說的是歷史方法沒有任何變化，也就是每隔幾年就會出現大約 5% 的資產淨值。這是否意味著您將與機構直接做同樣的事情？或者它更像是一種滴流式 ATM 程式？謝謝。

Thanks, Fin. It's Josh. That's a very good nuanced question. I meant no changes to philosophically how -- or a framework of how we raise capital. The ATM does allow you to take capital just in time. Historically, what we've done, we've kind of actually prefunded the asset side of the balance sheet. So people fill the J curve or drag and then raise capital and got it kind of back into normalized. The ATM will give us the flexibility to dribble stuff out. We'll use that flexibility. But philosophically, we're not changing how we raise capital.

謝謝，芬。我是喬希。這是一個非常好且細緻的問題。我的意思是從哲學上或從框架上來說我們籌集資金的方式沒有任何改變。ATM 確實可以讓你及時提取資金。從歷史上看，我們所做的實際上是預先為資產負債表的資產方提供資金。因此人們填充 J 曲線或拖動，然後籌集資金並使其恢復正常。自動櫃員機讓我們可以靈活地提取現金。我們將利用這種靈活性。但從哲學上來說，我們不會改變籌措資金的方式。

In the sense that we're going to raise capital when it's accretive to NAV and where we think we -- that capital will earn a return in excess of a return on equity. But will we -- does it give you more flexibility to do smaller size stuff and do just in time? Yes, versus what we have historically done. We've kind of taken the leverage up and then brought it back down, which is, I want to say risky because we know where we're trading, but it is -- this is probably slightly more efficient in that way.

從某種意義上說，當資本能夠增加資產淨值並且我們認為資本將獲得超過股本回報率的回報時，我們就會籌集資本。但是，它是否能為您提供更多的彈性，讓您能夠及時完成較小規模的工作？是的，與我們過去所做的相比。我們先是提高了槓桿率，然後又降低了，我想說這是有風險的，因為我們知道我們在哪裡交易，但這樣做可能效率更高一些。

So it's really a change in the execution, but the philosophy hasn't changed.

因此，這實際上是執行上的改變，但理念並沒有改變。

Really, when you see like you've done it historically very judiciously and prudent, the dribble seems a bit more of like an asset gathering approach, which I know you'd be against. So can you like do it fast enough as you historically have when the deal flow is big?

確實，當你看到你過去一直非常明智和謹慎地做這件事時，這種做法看起來更像是一種資產收集方式，我知道你會反對。那麼，當交易量很大時，你能像以前一樣快速完成任務嗎？

Yes. Your question is the right question. We're not saying we're exclusively using the ATM. What we're saying is it's a tool that has lower cost for shareholders to exercise. There might be a time where like we want -- like there's an opportunity to grow the balance sheet step function, and we think it's really good and the ATM is not going to allow us to do that. And would we go to the public markets, yes, 100%. So it's not -- it's just another tool. It's not an exclusive tool.

是的。您的問題是正確的問題。我們並不是說我們只使用 ATM。我們所說的是，它是一種股東行使成本較低的工具。也許有一天，就像我們想要的那樣——就像有機會增加資產負債表的階梯函數，我們認為這真的很好，但 ATM 不允許我們這樣做。我們會去公開市場嗎？是的，100% 會。所以它不是——它只是另一種工具。它不是一個專用工具。

Thank you. Thanks for the color. That's all for me.

謝謝。謝謝你的顏色。對我來說就這些了。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Josh Easterly for closing remarks.

謝謝。我目前沒有其他問題。現在我想請喬許‧伊斯特利 (Josh Easterly) 致最後總結。

Great. My hope was -- I'm kind of joking and it's probably not going to land. My hope was that the letter would have made the question-and-answer section shorter. It might have had the opposite impact. So shame on us and shame on me.

偉大的。我的希望是——我有點開玩笑，它可能不會著陸。我希望這封信能縮短問答部分。它可能會產生相反的影響。所以我們感到羞恥，我也感到羞恥。

But I really appreciate all the good questions, super thoughtful. We're excited about what lies ahead. This is what makes the job interesting changing environment. Obviously, the environment keeps changing. And as lifelong learners, this is what we kind of get up every day to do and the platform is here to execute. We hope people enjoy their summer. We hope that we'll catch up with people after Q2 or if not sooner, please feel free to reach out. Thanks so much.

但我真的很感謝所有好的問題，非常有想法。我們對未來充滿期待。這就是讓工作在不斷變化的環境中變得有趣的原因。顯然，環境不斷變化。身為終身學習者，這就是我們每天起床後要做的事情，而這個平台就是為了實現這一點。我們希望人們享受夏天。我們希望能夠在第二季之後或更早的時候與大家取得聯繫，請隨時與我們聯繫。非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。