Sixth Street Specialty Lending Inc (TSLX) 2025 Q2 法說會逐字稿

Good morning, and welcome to Sixth Street Specialty Lending, Inc.'s Second Quarter Ended June 30, 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded on Thursday, July 31, 2025.

早安，歡迎參加 Sixth Street Specialty Lending, Inc. 截至 2025 年 6 月 30 日的第二季財報電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 7 月 31 日星期四進行錄製。

I will now turn the call over to Ms. Cami Senatore, Head of Investor Relations.

現在我將把電話轉給投資者關係主管卡米·塞納托雷女士。

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, Inc.'s 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 Sixth Street Specialty Lending, Inc. 向美國證券交易委員會提交的文件中不時描述的因素，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 second quarter ended June 30, 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. Sixth Street Specialty Lending, Inc.'s earnings release is also available on our website under the Investor Resources section.

昨天收盤後，我們發布了截至2025年6月30日的第二季財報新聞稿，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. 的收益報告也可在我們網站的「投資者資源」部分查閱。

Unless noted otherwise, all performance figures mentioned in today's prepared remarks are as of and for the second quarter ended June 30, 2025. As a reminder, this call is being recorded for replay purposes.

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 6 月 30 日的第二季。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, our President, Bo Stanley; and our CFO, Ian Simmonds.

大家早安，感謝大家的收看。今天和我一起的還有我們的總裁 Bo Stanley 和我們的財務長 Ian Simmonds。

Before we get started, I want to take a moment to express a profound sorrow following the tragic events that unfolded in our city earlier this week. On behalf of our entire company, our hearts go out to the victims and their loved ones. Our thoughts and prayers are with the families, first responders and local firms affected by this senseless and random act.

在我們開始之前，我想花點時間對本週早些時候在我們城市發生的悲慘事件表示深切的悲痛。我代表整個公司向受害者及其親人表達深切慰問。我們向受到這毫無意義的隨機行為影響的受害者家屬、急救人員和當地公司表示慰問和祈禱。

After market closed yesterday, we reported the second quarter adjusted net investment income of $0.56 per share or an annualized return on equity of 13.1% and adjusted net income of $0.64 per share or an annualized return on equity of 15.1%. As presented in our financial statements, our Q2 net investment income and net income per share inclusive of the accrued capital gains incentive expenses were $0.54 and $0.63, respectively.

昨日收盤後，我們公佈第二季調整後淨投資收益為每股 0.56 美元，年化股本回報率為 13.1%，調整後淨收益為每股 0.64 美元，年化股本回報率為 15.1%。正如我們的財務報表所示，我們第二季度的淨投資收益和包含應計資本收益激勵費用的每股淨收益分別為 0.54 美元和 0.63 美元。

As a reminder, any differences between the adjusted and reported metrics is a noncash expense related to accrued fees on unrealized gains from the valuation of our investments. The difference between adjusted net investment income and adjusted net income of $0.08 per share in Q2 was largely related to net unrealized gains from the impact of tightening credit spreads from the valuation of our investments and positive portfolio of company-specific events.

提醒一下，調整後指標和報告指標之間的任何差異都是與我們投資估值未實現收益的應計費用相關的非現金支出。調整後淨投資收益與第二季每股 0.08 美元的調整後淨收益之間的差額主要與我們投資估值收緊信貸利差的影響以及公司特定事件的積極組合產生的淨未實現收益有關。

I'd like to frame an important shift we are -- we see unfolding in the sector following the mini credit cycle that took place over the last few years beginning in mid-2022 with the rapid rise of interest rates. Through that cycle, public BDCs, including SLX, experienced idiosyncratic credit issues, putting downward pressure on net asset values. While the average public BDC saw its net asset value per share decline by 10.1% from the fourth quarter 2021 through the first quarter of this year, SLX's net asset value per share increased by 1.2% over the same time frame or 2% through Q2.

我想概括一下我們正在經歷的一個重要轉變——我們看到，在過去幾年發生的小信貸週期之後，該行業正在發生轉變，從 2022 年中期開始，利率迅速上升。在這一週期中，包括 SLX 在內的公共 BDC 經歷了特殊的信用問題，給淨資產價值帶來了下行壓力。雖然從 2021 年第四季到今年第一季度，普通公共 BDC 的每股淨資產價值下降了 10.1%，但 SLX 的每股淨資產價值在同一時期內增長了 1.2%，到第二季度增長了 2%。

Even with the rise of nonaccruals and the losses we recognized, our disciplined approach to capital allocation allowed us to overrun our cost of equity and grow net asset value. Over this period, we generated a total economic return calculated as change in net asset value plus dividends of 42.6%, more than doubling the average of our public BDC peers of 19.1%.

即使不提列項目和我們確認的損失增加，我們嚴格的資本配置方法也使我們超出了股權成本並增加了淨資產價值。在此期間，我們產生的總經濟回報（以淨資產價值變化加上股息計算）為 42.6%，是上市 BDC 同業 19.1% 平均水平的兩倍多。

We expect that credit issues are predominantly behind us. This is evidenced by an improvement in nonaccruals for SLX this quarter and also for the sector more broadly, which experienced a marginal decrease in nonaccrual for Q1. While we don't have pure data for Q2, we expect the trend to continue this quarter. This should result in a convergence between net investment income and net income for the sector.

我們預期信貸問題基本上已經解決。本季 SLX 的未計提款項有所改善，整個行業的未計提款項在第一季度略有減少，證明了這一點。雖然我們沒有第二季的純數據，但我們預計這一趨勢將在本季持續下去。這將導致該行業的淨投資收益和淨收入趨於一致。

Under the premise that credit has broadly stabilized, we anticipate the focus for the sector shift from credit quality to dividend coverage as portfolio yields declined from the combination of lower forward rates and tighter portfolio spreads.

在信貸基本上穩定的前提下，我們預計，隨著遠期利率降低和投資組合利差收緊導致投資組合收益率下降，該行業的關注點將從信貸品質轉向股息覆蓋率。

For SLX, adjusted net investment income in Q2 of $0.56 per share exceeded our base dividend by 22%. This robust dividend coverage is tied to our ability to source and execute on differentiated investment opportunities. This is clearly demonstrated by our weighted average spread on our new first lien investments in the second quarter of 6.5%, which compares to the public BDC sector average of 5.3% on new issue first lien loans for the first quarter. Again, we don't have comparable Q2 data for our peers, but we expect the weighted average portfolio spread to decline further this quarter.

對於 SLX，第二季調整後的淨投資收益為每股 0.56 美元，超過我們的基本股利 22%。這種強勁的股息覆蓋率與我們尋找和執行差異化投資機會的能力息息相關。我們第二季新發行第一留置權投資的加權平均利差為 6.5%，明顯證明了這一點，而第一季公共 BDC 部門新發行第一留置權貸款的平均利差為 5.3%。同樣，我們沒有同業可比的第二季數據，但我們預計本季加權平均投資組合利差將進一步下降。

We continue to caution that there has been complacency in the sector. In addition to the pursuit of AUM growth, we believe this is largely driven by a backward-looking focus on LTM metrics that reflect an elevated rate and spread environment that's no longer indicative of today's investment landscape. What matters today and always is the forward view, and we believe our approach will continue to positively distinguish our earnings profile.

我們繼續警告稱，該行業存在自滿情緒。除了追求 AUM 成長之外，我們認為這在很大程度上是由對 LTM 指標的回顧性關注所驅動的，這些指標反映了利率和利差環境的上升，而這種環境不再能反映當今的投資格局。今天和永遠重要的是前瞻性的眼光，我們相信我們的方法將繼續積極地區分我們的獲利狀況。

Looking ahead, we estimate the quarterly earnings power of our business to exceed our base dividend level, assuming stable credit, leverage in the middle of our target range and conservative fee incurred.

展望未來，我們估計，假設信貸穩定、槓桿率處於目標範圍的中間水平以及產生的費用保守，我們業務的季度盈利能力將超過我們的基本股息水平。

As of June 30, our net asset value was $17.17 per share, representing an increase of 70 basis points from $17.04 as of March 31. Yesterday, our Board approved our base quarterly dividend of $0.46 per share to shareholders of record as of September 15, payable on September 30. Our Board also declared a supplemental dividend of $0.05 per share related to our Q2 earnings to shareholders of record as of August 29, payable September 19. Net asset value per share adjusted for the impact of the supplemental dividend that was declared yesterday is $17.12. We estimate that our spillover income per share is approximately $1.30.

截至 6 月 30 日，我們的淨資產價值為每股 17.17 美元，較 3 月 31 日的 17.04 美元增加了 70 個基點。昨天，我們的董事會批准向 9 月 15 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 9 月 30 日支付。我們的董事會還宣布，根據我們第二季的收益，向截至 8 月 29 日登記在冊的股東派發每股 0.05 美元的補充股息，股息將於 9 月 19 日支付。經昨日宣布的補充股利影響調整後的每股淨資產為17.12美元。我們估計每股溢出收益約為1.30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 thoughts on the M&A environment and how that's impacting activity in our portfolio. As we've discussed for several quarters, the M&A market has yet to deliver the meaningful rebound that many had anticipated in 2025. This muted transactional environment is clearly reflected in the leveraged loan market where M&A-related loan volume was down approximately 31% in the second quarter compared to the first, and second quarter loan volume marked its lowest levels since the fourth quarter of 2023.

謝謝，喬希。首先，我想分享一些關於併購環境的想法以及它如何影響我們投資組合的活動。正如我們幾個季度以來所討論的那樣，併購市場尚未實現許多人預期的 2025 年的有意義的反彈。這種低迷的交易環境明顯反映在槓桿貸款市場中，第二季併購相關貸款量較第一季下降約 31%，第二季貸款量創下 2023 年第四季以來的最低水準。

From our perspective, a meaningful reacceleration and M&A requires a catalyst for 1 of 3 areas: economic growth, interest rates or time. Given the prevailing uncertainty around trade policy, a surge in near-term growth appears unlikely. And the forward curve suggests rates will remain higher for longer. This leaves time as the most important factor. In an environment of slower growth and elevated rates, sponsors and management teams need a longer runway for portfolio company earnings to grow and generate an appropriate return on investments.

從我們的角度來看，有意義的再加速和併購需要以下三個領域之一的催化劑：經濟成長、利率或時間。鑑於貿易政策普遍存在的不確定性，短期內經濟成長不太可能大幅提升。遠期曲線顯示利率將在較長時間內維持在高位。這使得時間成為最重要的因素。在成長放緩、利率上升的環境下，發起人和管理團隊需要更長的時間來促進投資組合公司獲利成長並產生適當的投資回報。

While we can't predict the future, we estimate maybe the timing of M&A activity taking an inspiration from the Hubbert peak theory, which was used in the 1950s to estimate when U.S. oil production would peak. Utilizing data sourced from PitchBook, the [medium] buyout multiple at peak levels in 2021 has declined roughly three turns compared to the medium for closed buyout deals year-to-date. If we assume no multiple compression from the peak in 2021 and an average annual EBITDA growth rate of approximately 9%, consistent with historical S&P earnings growth, it would take approximately four to five years for a buyer to earn an appropriate multiple of money on their investment.

雖然我們無法預測未來，但我們或許可以根據哈伯特高峰理論的啟發來估計併購活動的時機，該理論在 1920 世紀 50 年代用於估計美國石油產量何時達到高峰。利用 PitchBook 的數據，2021 年高峰水準的 [中等] 收購倍數與今年迄今已完成的收購交易的中等倍數相比下降了大約三倍。如果我們假設 2021 年的高峰後本益比沒有出現壓縮，且年均 EBITDA 成長率約為 9%，與標準普爾歷史獲利成長一致，那麼買家大約需要四到五年的時間才能從其投資中獲得適當的本益比。

If we apply the same assumptions, but including the rerating of multiples since the rate hiking cycle, this lengthens the time line to six to seven years, implying an additional two years needed to grow earnings until an appropriate multiple of money is achieved.

如果我們應用相同的假設，但包括自升息週期以來的倍數重新評估，這將把時間線延長至六到七年，這意味著需要額外兩年的時間來增加收益，直到實現適當的貨幣倍數。

Based on our analysis, the earlier wave of investments from the pre-COVID vintages are now approaching the six- to seven-year mark, which should moderately increase M&A activity in the next few quarters. As for the record-setting post-COVID, pre rate hiking vintages of 2021 and early 2022, which we estimate make up more than 40% of the current private equity net asset value, sellers need 6 to 8 additional quarters to reach an acceptable multiple of money, implying a further delay of the broad-based return of M&A activity that many are predicting.

根據我們的分析，新冠疫情之前的投資浪潮目前已接近六至七年，這將在未來幾季適度增加併購活動。至於 2021 年和 2022 年初疫情爆發後、升息前創紀錄的年份，我們估計這些年份佔當前私募股權淨資產價值的 40% 以上，賣方需要 6 到 8 個季度才能達到可接受的資金倍數，這意味著許多人預測的併購活動全面回歸將進一步推遲。

We recognize there are additional factors at play, and this time line will vary for different segments of the market. For example, investment-grade M&A is likely the first to return given the favorable regulatory environment. These businesses are also less levered compared to non-investment-grade companies, which means they have less sensitivity to interest rates. While the widespread return of M&A in our markets remains a future prospect, we have observed a noticeable shift in market sentiment beginning in late June and strengthening through July.

我們認識到還有其他因素在起作用，而這個時間表會因市場的不同部分而有所不同。例如，在有利的監管環境下，投資等級併購很可能會率先回歸。與非投資級公司相比，這些企業的槓桿率也較低，這意味著它們對利率的敏感度較低。雖然併購在我們的市場中廣泛回歸仍然是未來的前景，但我們已經觀察到市場情緒從 6 月底開始出現明顯轉變，並在 7 月有所加強。

In addition to some green shoots related to the buy-and-bill strategies, we have more notably seen a pickup in non-M&A-related activity within sponsored portfolios, such as duration management transactions. We expect these types of financings to be a prominent theme in the second half of the year as sponsors work to optimize their portfolio of companies in preparation for an improved exit environment. We believe we are very well positioned to provide the kind of complex bespoke capital solutions these situations require, creating attractive risk-adjusted returns for our shareholders.

除了與買入併購策略相關的一些復甦跡像外，我們還更明顯地看到贊助投資組合中非併購相關活動的回升，例如久期管理交易。我們預計，隨著發起人努力優化其公司投資組合，為改善退出環境做準備，這些類型的融資將成為下半年的突出主題。我們相信，我們完全有能力提供這些情況所需的複雜客製化資本解決方案，為我們的股東創造有吸引力的風險調整回報。

Turning now to activity in the second quarter. We provided total commitments of $289 million and total fundings of $209 million across 13 new investments and 4 upsizes to existing portfolio companies. To characterize our origination activity in Q2, approximately 30% of our commitments were sourced outside the sponsor channel. The remaining 70% came through the traditional sponsor-backed finance market, where we will leverage our deep relationships and platform scale to deploy capital into investments that are on an appropriate risk-adjusted return for our business.

現在來談談第二季的活動。我們為 13 家新投資公司和 4 家現有投資組合公司提供了總計 2.89 億美元的投資承諾和總計 2.09 億美元的融資。為了描述我們在第二季的發起活動，我們約有 30% 的承諾來自發起人管道之外。剩餘的 70% 來自傳統的贊助商支持的金融市場，我們將利用我們深厚的關係和平台規模將資本部署到適合我們業務風險調整回報的投資中。

An example of our nontraditional transactions in Q2 is our direct-to-company investment in Ingenovis Health. This was an accounts receivable securitization financing, where the combination of our deep knowledge and specific health care themes, combined with the long-standing track record in asset-based loans, created a unique investment opportunity for SLX shareholders. With the resources in place across the Sixth Street platform, including dedicated ABL and health care teams, we have the ability to source and underwrite these off-the-run transactions that diversify our assets as well as our return profile relative to the sector.

我們第二季非傳統交易的一個例子是我們對 Ingenovis Health 的直接公司投資。這是一項應收帳款證券化融資，我們將深厚的知識和特定的醫療保健主題與資產抵押貸款的長期業績記錄相結合，為 SLX 股東創造了獨特的投資機會。憑藉第六街平台的現有資源，包括專門的 ABL 和醫療保健團隊，我們有能力尋找和承銷這些非流通交易，從而實現資產多元化以及相對於該行業的回報狀況。

Another differentiated investment in our portfolio is Caris Life Sciences. As a reminder, we made initial debt and equity-linked investment in Caris in 2018 and subsequent equity-linked investments in 2020 and 2021. We fully exited our debt security in 2023, and the company recently completed an IPO in June. We still hold an equity position today, which is valued quarterly based on the company's closing stock price on the last day of the quarter. While equity positions are a small part of our overall portfolio, our ability to embed potential incremental economics into our business through unique thematic sourcing and disciplined underwriting serves as a competitive advantage for our shareholders.

我們投資組合中的另一項差異化投資是 Caris Life Sciences。提醒一下，我們在 2018 年對 Caris 進行了初始債務和股權掛鉤投資，並在 2020 年和 2021 年進行了後續股權掛鉤投資。我們於 2023 年完全退出債務證券，公司最近在 6 月完成了 IPO。我們今天仍然持有股權，該股權按季度根據公司季度最後一天的收盤價進行估值。雖然股票部位只占我們整體投資組合的一小部分，但我們能夠透過獨特的主題採購和嚴格的承銷將潛在的增量經濟融入我們的業務，這對我們的股東來說是一種競爭優勢。

I'd like to spend a moment providing an update on one of our existing portfolio companies, Lithium Technologies that had previously been on nonaccrual status. During Q2, we navigated their sale process and restructuring of the business, working closely with the new sponsor to negotiate and drive an outcome. As a result of the restructuring, we hold a smaller loan that is paying cash interest and an earn-out equity security. This transaction had no material impact on our net asset value in Q2 as the realization of our original investment was consistent with our valuation as of March 31. Lithium has therefore been removed from nonaccrual status following the restructuring.

我想花一點時間來介紹我們現有的投資組合公司之一 Lithium Technologies 的最新情況，該公司之前一直處於非應計狀態。在第二季度，我們指導了他們的銷售流程和業務重組，並與新贊助商密切合作，進行談判並推動成果。重組的結果是，我們持有一筆金額較小的貸款，用於支付現金利息和獲利股權擔保。此交易對我們第二季的淨資產價值沒有重大影響，因為我們原始投資的實現與截至 3 月 31 日的估值一致。因此，重組後鋰已不再屬於非應計狀態。

Moving on to repayment activity. The second quarter marked the third consecutive quarter of elevated payoffs. Total repayments in Q2 were $389 million. This repayment activity contributed to another strong quarter of activity-based fee income, excluding other income totaling $0.11 per share in Q2 relative to our 3-year historical average of $0.05 per share.

繼續進行還款活動。第二季是連續第三季出現高額股利。第二季總還款額為 3.89 億美元。此項償還活動促成了第二季基於活動的費用收入再次強勁增長，不包括其他收入，第二季每股收益總計 0​​.11 美元，而我們 3 年歷史平均值為每股 0.05 美元。

The repayment activity we experienced during the quarter was driven by a mix of refinancings and M&A activity. Of the exits that involve refinancing transactions, the majority were completed at lower investment spreads. Our portfolio continues to reflect our disciplined capital allocation as only 6.2% of our investments by fair value as of quarter end had a contractual spread of 500 basis points or below.

我們在本季經歷的還款活動是由再融資和併購活動共同推動的。在涉及再融資交易的退出中，大多數都是以較低的投資利差完成的。我們的投資組合繼續反映我們嚴謹的資本配置，截至季末，以公允價值計算，只有 6.2% 的投資的合約利差為 500 個基點或以下。

While we don't have the comparable Q2 peer data set available yet, this is nearly 5x less than the average of 29% of public BDC portfolio spreads of 500 basis points or below as of March 31. A large portion of our payoffs during the quarter came from older pre-2022 vintages, reducing our exposure to these assets to 29% of the portfolio by cost.

雖然我們目前還沒有可比較的第二季度同行資料集，但這比截至 3 月 31 日 29% 的公共 BDC 投資組合利差在 500 個基點或以下的平均水平低了近 5 倍。本季我們的收益很大一部分來自 2022 年之前的年份較舊的年份，以成本計算，我們對這些資產的曝險降至投資組合的 29%。

This compares to 59% or roughly double pre-2022 vintage exposure for the public BDC sector average as of March 31. We view this as a positive differentiator for our business as it reflected greater exposure to newer vintage assets that were originated following the commencement of the rate hiking cycle in early 2022. Given this greater exposure to new vintage assets, 37% of our exits were post-2022 investments, resulting in an incremental economics of shareholders driven by prepayment fees.

相較之下，截至 3 月 31 日，公共 BDC 產業的平均風險敞口為 59%，約為 2022 年之前的兩倍。我們認為這對我們的業務來說是一個積極的區別因素，因為它反映了在 2022 年初升息週期開始後對較新的老式資產的更大敞口。鑑於對新舊資產的更大敞口，我們 37% 的退出是在 2022 年後的投資，從而透過預付費用推動股東經濟增量。

Moving on to the portfolio metrics and yield. Despite recent competitive dynamics, we remain committed to high documentation standards that provide robust downside protection. At quarter end, we maintained effective voting control of 78% of our debt investments, an average of two financial covenants, consistent with historical levels. After managing prepayment risk, the fair value of our portfolio as a percentage of call protection is 94.1%, which means that we have protection in the form of additional economics that would flow through net investment income should our portfolio get repaid in the near term.

繼續討論投資組合指標和收益率。儘管最近競爭激烈，我們仍然致力於提供強大的下行保護的高文件標準。截至本季末，我們維持了對 78% 債務投資的有效投票控制權，平均為兩個財務契約，與歷史水準一致。在管理提前還款風險之後，我們投資組合的公允價值佔贖回保護的百分比為 94.1%，這意味著如果我們的投資組合在短期內得到償還，我們將獲得額外經濟效益的保護，這些效益將透過淨投資收益流入。

As of June 30, the weighted average total yield on our debt and income-producing securities at amortized cost was 12.0% compared to 12.3% as of March 31. Given the meaningful payoff activity we experienced in Q2, the decline primarily reflects payoffs of higher-yielding assets exceeding the yields of new investments funded during the quarter. While credit spreads have remained competitive in Q2, our omnichannel sourcing capabilities enabled us to put capital to work in a disciplined manner demonstrated by a weighted average spread on new first lien investments of 652 basis points, which compares to a spread of 533 basis points on new issued first lien loans for the BDC peers in Q1, as Josh mentioned earlier.

截至 6 月 30 日，我們的債務和創收證券的攤銷成本加權平均總收益率為 12.0%，而截至 3 月 31 日為 12.3%。鑑於我們在第二季度經歷的有意義的回報活動，下降主要反映了高收益資產的回報超過了本季度新投資的收益。雖然第二季的信用利差仍然具有競爭力，但我們的全通路採購能力使我們能夠以有紀律的方式投入資本，新第一留置權投資的加權平均利差為 652 個基點，而第一季度 BDC 同行新發放的第一留置權貸款的利差為 533 個基點，正如 Josh 之前提到的。

Moving on to the portfolio composition and key credit staff across our core borrowers for whom these metrics are relevant, we continue to have conservative weighted average attachment and detachment points of 0.3x and 5.0x, respectively, and our weighted average interest coverage remained consistent at 2.1x.

繼續討論與這些指標相關的我們的核心借款人的投資組合組成和關鍵信貸人員，我們繼續分別採用保守的加權平均附加​​點和分離點，分別為 0.3 倍和 5.0 倍，而我們的加權平均利息覆蓋率保持在 2.1 倍不變。

As of Q2 2025, the weighted average revenue and EBITDA of our core portfolio of companies was $377 million and $114 million, respectively. Median revenue and EBITDA was $147 million and $46 million, respectively.

截至 2025 年第二季度，我們核心公司投資組合的加權平均收入和 EBITDA 分別為 3.77 億美元和 1.14 億美元。平均收入和 EBITDA 分別為 1.47 億美元和 4,600 萬美元。

Finally, overall portfolio performance is strong with weighted average rating of 1.10 on a scale of 1 to 5 with 1 being the strongest. The Lithium restructuring resulted in an improvement in nonaccruals quarter-over-quarter from 1.2% of the portfolio at fair value to 0.6%. As of June 30, we have 2 portfolio companies on nonaccrual status.

最後，整體投資組合表現強勁，加權平均分數為 1.10（1 為最強，1 為 5 分制）。鋰重組導致非應計項目較上季改善，從公允價值投資組合的 1.2% 上升至 0.6%。截至 6 月 30 日，我們有 2 家投資組合公司處於非應計狀態。

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. For Q2, we generated adjusted net investment income per share of $0.56 and adjusted net income per share of $0.64. Total investments were $3.3 billion, down slightly from $3.4 billion in the prior quarter as a result of net repayment activity. Total principal debt outstanding at quarter end was $1.8 billion, and net assets were $1.6 billion or $17.17 per share prior to the impact of the supplemental dividend that was declared yesterday.

謝謝你，博。第二季度，我們調整後每股淨投資收益為0.56美元，調整後每股淨收益為0.64美元。總投資額為33億美元，較上一季的34億美元略有下降，主要歸因於淨還款活動。季度末未償還本金債務總額為 18 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 17.17 美元。

Our average debt-to-equity ratio was 1.2x, up from 1.19x in the prior quarter, and our ending debt-to-equity ratio decreased from 1.18x to 1.09x quarter-over-quarter. Average leverage was higher than ending leverage, driven by the timing of repayment activity, which predominantly occurred towards the end of the quarter. We continue to focus on maintaining leverage within our target range of 0.9x to 1.25x. And since the regulatory change in late 2018, we have operated with an average quarterly debt-to-equity ratio of 1.03x. Leverage remains within our target range and above our historical average, providing ample capital for new investment opportunities.

我們的平均負債權益比為 1.2 倍，高於上一季的 1.19 倍，而我們的期末負債權益比則從上一季的 1.18 倍下降至 1.09 倍。平均槓桿率高於期末槓桿率，這是受還款活動時間的影響，還款活動主要發生在季度末。我們持續致力於將槓桿率維持在0.9倍至1.25倍的目標範圍內。自2018年底監理政策變動以來，我們平均季度負債權益比為1.03倍。槓桿率仍處於目標範圍內，且高於歷史平均水平，為新的投資機會提供了充足的資本。

In terms of balance sheet positioning, we had approximately $1.1 billion of unfunded revolver capacity at quarter end against $159 million of unfunded portfolio company commitments eligible to be drawn or coverage of approximately 7x. Our quarter end funding mix was represented by 71% unsecured debt.

在資產負債表定位方面，截至本季末，我們擁有約 11 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 1.59 億美元，或覆蓋率約為 7 倍。我們的季度末融資結構中 71% 為無擔保債務。

As a reminder, we proactively completed several capital markets transactions during Q1, strengthening our balance sheet. Following these transactions, our capital, liquidity and funding profile remain in excellent shape. Further, we have no near-term maturities with our nearest obligation being $300 million of unsecured notes not occurring until August 2026. We did not issue any shares through our ATM program during the quarter.

提醒一下，我們在第一季主動完成了幾筆資本市場交易，增強了我們的資產負債表。經過這些交易，我們的資本、流動性和資金狀況仍然保持良好狀態。此外，我們沒有近期到期債務，最接近的債務是 3 億美元的無擔保票據，要到 2026 年 8 月才會到期。本季我們沒有透過 ATM 計劃發行任何股票。

Pivoting to our presentation materials, slide 8 contains this quarter's NAV bridge. Walking through the main drivers of NAV growth, we added $0.56 per share from adjusted net investment income against our base dividend of $0.46 per share.

前往我們的簡報資料，投影片 8 包含本季的 NAV 橋。透過資產淨值成長的主要驅動力，我們在每股 0.46 美元的基本股息基礎上，增加了每股 0.56 美元的調整後淨投資收益。

As Josh mentioned, there was approximately $0.02 per share of accrued capital gains incentive fee expenses related to this quarter's net realized and unrealized gains. There was a $0.13 per share reduction to NAV as we reversed net unrealized gains on the balance sheet related to investment realizations and recognized these gains into this quarter's income.

正如喬希 (Josh) 所提到的，本季的淨已實現和未實現收益相關的應計資本收益激勵費用約為每股 0.02 美元。由於我們扭轉了與投資實現相關的資產負債表上的淨未實現收益並將這些收益計入本季度的收入，因此每股淨資產價值減少了 0.13 美元。

The reversal of unrealized gains this quarter was primarily driven by early payoffs resulting in accelerated OID and call protection. There was a $0.09 per share positive impact to NAV, primarily from the effect of tightening credit market spreads on the fair value of our portfolio. Portfolio company-specific events increased NAV by $0.07 per share. And finally, there was $0.06 per share of net realized gains, mainly from equity realizations in ReliaQuest and Murchison.

本季未實現收益的逆轉主要是由於提前還款導致 OID 和贖回保護加速。每股淨值 (NAV) 受到 0.09 美元的正面影響，這主要源自於信貸市場利差收緊對我們投資組合公允價值的影響。投資組合公司特定事件使每股資產淨值增加 0.07 美元。最後，每股淨實現收益為 0.06 美元，主要來自 ReliaQuest 和 Murchison 的股權實現。

As Bo mentioned earlier, there was no material impact to net asset value from the Lithium restructuring as the realized value was consistent with our fair value as of March 31. As shown in our financial statements, there was an unrealized gain from the reversal of the previous unrealized loss that was equally offset by a realized loss this quarter.

正如 Bo 先前提到的，鋰重組對淨資產價值沒有重大影響，因為實現的價值與截至 3 月 31 日的公允價值一致。正如我們的財務報表所示，本季因沖銷前期未實現損失而產生了一筆未實現收益，而這筆收益同樣被已實現損失所抵銷。

Moving on to our operating results detailed on slide 9, we generated $115 million of total investment income for the quarter compared to $116.3 million in the prior quarter. Interest and dividend income was $97.2 million, down slightly from prior quarter, primarily driven by lower dividend income and a decline in foreign base rates. Other fees representing prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns were lower at $10.2 million compared to $14 million in Q1, driven by the significant Arrowhead prepayment fee that occurred in Q1. Other income was $7.6 million, up from $3.5 million in the prior quarter.

我們繼續在第 9 張投影片中詳細介紹我們的經營業績，本季我們的總投資收入為 1.15 億美元，而上一季為 1.163 億美元。利息和股息收入為 9,720 萬美元，較上一季略有下降，主要原因是股息收入下降和外國基準利率下降。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 1,020 萬美元，低於第一季的 1,400 萬美元，這是由於第一季度發生了大量 Arrowhead 預付費用。其他收入為 760 萬美元，高於上一季的 350 萬美元。

Net expenses, excluding the impact of the noncash accrual related to capital gains incentive fees, was $61.4 million, up marginally from $60.7 million in the prior quarter, primarily driven by expenses incurred for the annual and special shareholder meetings held during the second quarter. Our weighted average interest rate on average debt outstanding decreased slightly from 6.4% to 6.3%. This was primarily the result of a decline in foreign base rates.

淨支出（不包括與資本利得激勵費用相關的非現金應計費用的影響）為 6,140 萬美元，略高於上一季的 6,070 萬美元，主要由於第二季舉行的年度和特別股東大會所產生的費用。我們的平均未償債務加權平均利率從 6.4% 小幅下降至 6.3%。這主要是由於外國基準利率下降所致。

Before handing it back to Josh, I wanted to provide an update on our ROE metrics. Year-to-date, we've generated strong annualized ROEs based on adjusted net investment income and net income of 13.3% and 11.7%, respectively. We believe this reflects our broad originations platform, ability to embed economics into our portfolio and disciplined capital allocation.

在將其交還給 Josh 之前，我想提供我們的 ROE 指標的更新資訊。年初至今，我們根據調整後的淨投資收益和淨收入實現了強勁的年化淨資產收益率，分別為 13.3% 和 11.7%。我們相信這反映了我們廣泛的發起平台、將經濟學融入投資組合的能力以及嚴格的資本配置。

Based on our year-to-date performance and our expectation of the quarterly earnings power of the business in the second half of the year, we anticipate generating a return on equity based on adjusted net investment income in the top half of our previously slated range -- stated range of 11.5% to 12.5% for the full year. If activity-based fees remain elevated, as we have experienced in recent quarters, there is potential to exceed the top end of that range.

根據我們今年迄今的表現以及對下半年業務季度盈利能力的預期，我們預計基於調整後的淨投資收益的股本回報率將處於我們先前預計範圍的上半部分——全年預計範圍為 11.5% 至 12.5%。如果基於活動的費用持續居高不下，正如我們最近幾季所經歷的那樣，則有可能超過該範圍的最高值。

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. It's a tricky investment environment driven by the imbalance between supply and demand of capital. Competition is elevated and it's increasingly difficult to generate outsized returns. However, Sixth Street was built to navigate such complexity. We have a long and proven history of delivering for our shareholders through challenging backdrops including the emerging -- the energy market volatility that started in late 2014 and continued in 2015 and '16, the global pandemic in 2020 and 2021 and most recently, the interest rate hiking cycle of 2022 and 2023.

謝謝你，伊恩。這是一個由資本供需失衡所導致的棘手的投資環境。競爭日益激烈，獲得超額回報變得越來越困難。然而，第六街的建造正是為了應對這種複雜性。我們擁有悠久而成功的業績歷史，在各種充滿挑戰的背景下，包括新興市場——始於 2014 年底並持續至 2015 年和 2016 年的能源市場動盪、2020 年和 2021 年的全球疫情，以及最近的 2022 年和 2023 年的升息週期，我們都能為股東帶來回報。

Through past dislocations, we have consistently proven our ability to protect capital and generate value. During these years, SLX generated an average annualized return on equity of 13.7%, a significant outperformance compared to the 7.5% average for our public BDC peers over the same years.

透過過去的混亂，我們不斷證明了我們保護資本和創造價值的能力。這些年來，SLX 的平均年化股本回報率為 13.7%，與同期我們的上市 BDC 同行 7.5% 的平均水平相比，有著顯著的優異表現。

While today's market presents a different set of challenges, our core strategy remains unchanged. Leveraging a deep bench of talented individuals who work collaboratively to source and underwrite investments that differentiate our return profile. This investor-first approach is not just a guiding principle, it is deeply embedded in our firm's culture and business model.

儘管當今市場面臨一系列不同的挑戰，但我們的核心策略保持不變。利用一群才華洋溢的人才，他們通力合作，尋找和承保投資，使我們的回報狀況與眾不同。這種投資者至上的方法不僅僅是一個指導原則，它深深植根於我們公司的文化和商業模式中。

To appreciate our strategy, one must first understand the framework of our industry. The path to outperformance in the highly regulated BDC sector is exceptionally narrow. First, there is little to no opportunity for differentiation through leverage or financing as the liability side of the balance sheet offers no real source of excess return.

要理解我們的策略，首先必須了解我們產業的框架。在受到嚴格監管的 BDC 領域，取得優異表現的道路異常狹窄。首先，由於資產負債表的負債方沒有提供真正的超額回報來源，因此透過槓桿或融資實現差異化的機會很小甚至根本沒有。

Second, most industry participants operate on a similar cost structure of fees and expenses. Consequently, outperformance must be generated almost exclusively on the asset side by sourcing differentiated investments and just as importantly, minimizing investment losses. This is ultimately accomplished by the team, which becomes the real differentiator.

其次，大多數行業參與者的費用和開支成本結構相似。因此，要獲得優異的業績，必須幾乎完全依靠資產方面的力量，透過尋找差異化投資，並同樣重要的是，盡量減少投資損失。這最終是由團隊完成的，這成為真正的差異化因素。

This is the core of the Sixth Street model where our platform has consistently shined. For over a decade as a public company, the human capital advantage has delivered strong risk-adjusted returns for our shareholders. Looking forward, we will lean on these proven capabilities, remaining steadfast to our promise to be an investor-first firm dedicated to building a robust business that compound value over the long term.

這是第六街模式的核心，我們的平台一直在其中閃耀光芒。作為一家上市公司，十多年來，人力資本優勢為我們的股東帶來了強勁的風險調整回報。展望未來，我們將依靠這些經過驗證的能力，堅定不移地履行我們的承諾，成為一家以投資者為先的公司，致力於打造一個能夠長期實現複合價值的強勁企業。

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）

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

Thanks. Good morning, everyone. Josh, I'm curious how you think about portfolio diversification as it relates to risk. Some of your larger peers have average position sizes of 20, 30, 40-plus basis points. I look at the average position at TSLX continues to be around 90 basis points. So how do you balance managing risk through diversification but also sizing positions appropriately in order to match your conviction in an investment?

謝謝。大家早安。喬希，我很好奇你如何看待投資組合多樣化與風險的關係。一些規模較大的同業的平均部位規模為 20、30、40 多個基點。我看到 TSLX 的平均部位繼續保持在 90 個基點左右。那麼，如何透過多元化管理風險，同時適當調整部位規模，以符合您對投資的信心呢？

Yes. It's a good question. Look, we are -- I think we've done a really good job of managing risk on an idiosyncratic basis. At the end of the day, this is all about idiosyncratic underwriting. And when you look at SLX's loss history and the inverse of that NAV growth over time compared to the rest of the industry, I think it speaks for itself as it relates to our risk management -- set of risk management parameters, to be honest with you.

是的。這是個好問題。你看，我們——我認為我們在特殊基礎上管理風險方面做得非常好。歸根結底，這都是關於特殊承保的問題。當您查看 SLX 的虧損歷史以及與行業其他公司相比，其資產淨值隨時間的成長趨勢時，我認為這與我們的風險管理（坦白說，是一套風險管理參數）有關。

At the end of the day, this is about -- this business is about originating and underwriting credits that have an asymmetrical SKU where you cut off the left tail and minimizing losses. That is your -- as we mentioned in the script, that's the only path at the end of the day to outperformance. Because of the regulatory framework in the industry, you don't have the ability to do it through capital structure or financing costs. It's just about your portfolio yields compared to your losses and your risk management, and I think we have the best-in-class track record of that.

歸根結底，這項業務是關於發起和承保具有不對稱 SKU 的信貸，您可以切斷左尾並最大限度地減少損失。這就是你的——正如我們在腳本中提到的，這是最終實現超越的唯一途徑。由於行業監管框架，您無法透過資本結構或融資成本來實現這一目標。這只是關於您的投資組合收益與您的損失和風險管理的比較，我認為我們在這方面擁有一流的記錄。

Okay. That's super helpful. And then one of your partners was speaking in a public forum recently. He talked about how an investable theme typically lasts about one to three years at Sixth Street. So what are some of the more attractive themes you're investing into right now? And really, what areas of the market are the best return opportunities per unit of risk? And then what are some of the sectors or scenes you're shying away from?

好的。這非常有幫助。您的一位合夥人最近在公開論壇上發表了演講。他談到在第六街，可投資主題通常持續一到三年。那麼，您目前正在投資哪些更具吸引力的主題？那麼，市場上哪些領域才是單位風險中報酬機會最好的呢？那麼，您迴避哪些領域或場景呢？

Yes. So look, I think that the most challenged, although we still pick our spots, is the on-the-run sponsored finance business. That tends to be the most crowded at the moment, although we still pick our spots in that space if we have industry overlap. But generally, we like more off-the-run nonsponsor stuff today, most definitely harder to source and harder to underwrite for sure and -- but has generally led to a whole bunch of excess return.

是的。所以，我認為，儘管我們仍在選擇自己的位置，但最具挑戰性的是正在經營的贊助融資業務。目前，這往往是最擁擠的，儘管如果我們有行業重疊，我們仍然會在該領域選擇我們的位置。但總體而言，我們今天更喜歡非贊助商的現貨產品，這些產品肯定更難找到，也更難承銷，但通常會帶來大量的超額回報。

And so that could be spec pharma, that could be asset-based lending, that could be energy. Those tend to be less picked over spaces with less capital. And generally, they tend to have less kind of traditional private equity sponsorship.

所以這可能是特種製藥，可能是資產抵押貸款，也可能是能源。這些領域往往因資金較少而被較少人選擇。整體而言，他們往往不太接受傳統的私募股權贊助。

Bo, do you have anything to add there?

博，你還有什麼要補充的嗎？

The other thing I'd say is we continue to build out sector capabilities across the platform. And our shareholders are beneficiaries of that as they source deals across the capital structure. And we still are active in the sponsor space, but it's going to be where our themes overlap. And we're not competing with commodity providers of capital.

我想說的另一件事是，我們將繼續在整個平台上建立行業能力。我們的股東從中受益，因為他們在整個資本結構中尋找交易。我們仍然活躍在贊助領域，但這將是我們主題重疊的地方。我們並非與商品資本提供者競爭。

Okay, I'll leave it there thank you guys.

好的，我就不說了，謝謝大家。

Thanks, Brian.

謝謝，布萊恩。

Mickey Schleien, Clear Street.

米奇‧施萊恩 (Mickey Schleien)，清晰街道。

Yes, good morning, everyone. Josh, a high-level question to start about the sector in general. The growth of nontraded BDCs and other funds investing in private credit continues to broadly pressure loan spreads, and we saw a little bit of that in your portfolio. Do you think that process is a secular trend? And do you expect spreads for debt liabilities in the space to also compress or maybe for fee structures to come down and allow listed BDCs to maintain their arbitrage? Or do you think investors need to begin to accept lower ROEs in the sector? I realized Sixth Street may not be as exposed to these trends, but I think everyone would like to hear your views.

是的，大家早安。喬希，我想問一個關於該行業整體情況的高層次問題。非交易 BDC 和其他投資於私人信貸的基金的成長繼續對貸款利差造成廣泛壓力，我們在您的投資組合中看到了一些這樣的情況。您認為這個過程是長期趨勢嗎？您是否預期該領域的債務利差也會縮小，或者費用結構會下降，從而允許上市的 BDC 維持套利？或者您認為投資者需要開始接受該行業較低的 ROE？我意識到第六街可能不太容易受到這些趨勢的影響，但我認為每個人都想聽聽你的看法。

Yes. By the way, Mickey, congrats on the new seat. Glad you joined the call. You are an important voice in this, so thank you.

是的。順便說一句，米奇，恭喜你獲得新職位。很高興您加入通話。您對此有重要發言權，因此謝謝您。

Look, I wrote extensively about this last quarter. So I would point people to my letter on this subject last quarter, about 90% of asset growth, which I think you're referring to, and flows came from the perpetually offered nontraded space. And I would include interval funds, emerging interval funds in that category as well.

瞧，我在上個季度對此進行了詳細的論述。因此，我想請大家看看我上個季度關於這個主題的信，大約 90% 的資產增長（我想您指的是這個）和流量來自永久提供的非交易空間。我也會將區間基金、新興區間基金也歸入這一類別。

So I think the challenge you have is in this particular time, the -- and we talk about this in this letter -- I mean in this earnings script, if there is complacency, which is we think investors are looking at the historical return backward-looking LTM, which is higher than the forward, given both the combination of the higher spread in the back book compared to reinvestment spreads today plus the difference between the downward sloping SOFR curve. And so you have spot SOFR, which is somewhere between 80 and 90 basis points above the SOFR swap curve.

因此，我認為您面臨的挑戰是在這個特定時期——我們在本信中討論了這個問題——我的意思是在這個盈利腳本中，如果存在自滿情緒，即我們認為投資者正在關注歷史回報回顧性 LTM，該 LTM 高於前瞻性，因為既有與當今再投資利差相比後期賬簿利差較高的組合，又有向下傾斜的 SOFR 曲線。因此，您就有了現貨 SOFR，它比 SOFR 掉期曲線高出 80 到 90 個基點。

And so as people do, they kind of look at things and say, what's the return profile been? But we think the return profile is going lower. And that is a -- that needs to shake out. I would expect that, that will shake out and the flows will change, flow get reallocated to those managers that have been able to continue to produce in the new environment and attractive ROE.

因此，當人們這樣做時，他們會觀察事物並問，回報情況如何？但我們認為回報率將會下降。這是一個需要解決的問題。我預計，這種情況將會改變，資金流將重新分配給那些能夠在新環境下繼續生產並獲得有吸引力的 ROE 的經理人。

When you historically look at balance sheet, when you sort of look at balance sheet-heavy financials, we were hard to find a balance sheet-heavy financial that had an ROE requirement less than 9%. And so if it's banks or FinCos or BDCs -- so I'm not super hopeful that the market is going to wake up, especially in an environment where treasuries, the 30-year treasury is near 5% that they're going to require a 6% or 7% ROE. It doesn't seem like a spread that's super competitive risk-adjusted returns.

當你從歷史上看資產負債表時，當你查看資產負債表繁重的財務狀況時，我們很難找到 ROE 要求低於 9% 的資產負債表繁重的財務狀況。因此，如果是銀行、金融公司或商業發展公司——我並不十分希望市場能夠復甦，尤其是在國債殖利率接近 5% 的環境下，30 年期公債殖利率需要達到 6% 或 7% 的 ROE。這看起來不像是一種具有超強競爭力的風險調整後報酬的利差。

So I think we're in this moment of time where the back book and the spot forward is hiding some of the economics of where the industry is going. And as I wrote about, I'm pretty concerned about that. And I think there's been a lot of complacency with that.

所以我認為，我們正處於這樣一個時刻，後期帳簿和現貨遠期帳簿隱藏了產業發展方向的一些經濟因素。正如我所寫的，我對此非常擔心。我認為人們對此存在著許多自滿情緒。

As it relates to your other two levers, which is the liability level -- lever, like it doesn't make a difference. I mean it would be nice like if our investment-grade spreads rally. They kind of trade somewhere between investment grade and high yield and they tightened by 20 to 30 basis points. But at 1:1 or 1.15x levered, it's not a real pickup in additional excess return to investors.

因為它與您的另外兩個槓桿（即責任等級槓桿）有關，所以它沒有什麼區別。我的意思是，如果我們的投資等級利差上漲，那就太好了。它們的交易水平介於投資級和高收益之間，並且收緊了 20 到 30 個基點。但在 1:1 或 1.15 倍槓桿下，它並不能真正為投資者帶來額外的超額回報。

And the last lever is obviously fees. And if the industry can't generate [meanest] ROE, capital will get reallocated or people will be forced to get more efficient, and that's the way capitalism works. I would point -- I wrote too long about this subject. I probably spoke too long about this subject on this call. But it is the right topic.

最後一個槓桿顯然是費用。如果產業無法產生（最低的）ROE，資本就會被重新分配，或者人們將被迫提高效率，這就是資本主義的運作方式。我想指出——我在這個主題上寫了太長了。我在這次通話中可能談論這個話題太久了。但這是正確的話題。

Yes, I agree, and I share all of your concerns. That's why I asked. A couple of more questions, simpler ones. There was some migration in your internal risk ratings from 1 to 2. At a high level, can you tell us what drove that decline?

是的，我同意，我也和你一樣擔心。這就是我問的原因。還有幾個問題，比較簡單。您的內部風險評級從 1 降至 2。從宏觀角度來說，您能告訴我們導致這種下降的原因是什麼嗎？

There were -- so we had a couple of names that actually were lower rated that came off nonaccrual and moved up or were refinanced out. And then we had 2 specific names that went from 1 to 2. Those are businesses that are not performing to our original plan. However, they have strong interest coverage, and so we moved them to 1 to 2. But the general trend was down a bit, but it was 2 specific names.

有 — — 因此，我們有幾個評級實際上較低的公司，它們不再計提應計利息，而是上升或進行了再融資。然後我們有了 2 個特定的名稱，從 1 變成 2。這些業務並未按照我們最初的計劃執行。然而，它們有很強的利息覆蓋率，所以我們把它們移到了 1 到 2。但整體趨勢是有所下降的，不過是2個具體的名字。

But not -- I mean you're not seeing sort of that trend across the portfolio based on what I heard at the beginning of the call.

但不是——我的意思是，根據我在電話會議開始時聽到的內容，你沒有看到整個投資組合出現這種趨勢。

No. In fact, earnings for the quarter across the book were actually very strong quarter-over-quarter. I think, [Cami], the earnings growth quarter-over-quarter. So when you look at Q1, our Q1 earnings for 2025 over last year's earnings, they're up in the mid-teens, low to mid-teens on an earnings basis. On an LTM basis, they're around 8%. So the portfolio is in very good shape. These are two idiosyncratic names. And again, still performing, still have strong interest coverage. They're just -- they're not performing to our original plan.

不。事實上，本季的獲利環比成長非常強勁。我認為，[卡米]，獲利將逐季成長。因此，當您查看第一季時，我們 2025 年第一季的收益與去年的收益相比，收益增長了 15% 左右，從收益基礎來看，增長了 15% 左右。從 LTM 來看，這一比例約為 8%。因此投資組合的狀況非常好。這是兩個獨特的名字。而且，業績依然出色，興趣覆蓋率仍然強勁。他們只是——他們沒有按照我們最初的計劃行事。

Look, Mickey, I would say, generally, one of our big themes is we think we've been pretty good about calling stuff, by the way. I just want to point it out to the team. But I think our -- the theme is that credit quality, we talked about this last quarter, probably quarters, have kind of bottomed out. It probably slightly gets better, it slightly got better for us, at least on the nonaccrual line.

你看，米奇，我想說，一般來說，我們的一個大主題是，順便說一下，我們認為我們在稱呼事物方面做得相當不錯。我只是想向團隊指出這一點。但我認為我們的主題是信貸質量，我們在上個季度，可能是上個季度討論過，已經觸底。情況可能會稍微好轉，對我們來說稍微好轉了一點，至少在非應計方面是如此。

And that now the focus is going to be to dividend coverage and which we think, for the first time between the combination of reinvestment spreads and the SOFR swap curve that there might be some dividend cuts in this space. Our dividend coverage happens to be really, really strong due to, a, we have excess economics in our book, and two, we size our dividend and we think about the liability.

現在的重點是股息覆蓋率，我們認為，在再投資利差和 SOFR 掉期曲線的結合之間，這一領域可能會首次出現一些股息削減。我們的股息覆蓋率確實非常強勁，這是因為：第一，我們的帳簿上有超額的經濟效益；第二，我們確定股息的規模，並考慮負債。

But like we think credit quality should -- like the economy is growing, credit quality should be pretty good. And so we feel pretty good about credit quality, but we think the shift should be focused now on ROEs and ROEs compared to the promises people made as it relates to the dividend.

但正如我們所認為的那樣，信貸品質應該——隨著經濟的成長，信貸品質應該相當不錯。因此，我們對信貸品質感到十分滿意，但我們認為現在的重點應該放在 ROE 上，而不是人們對股利的承諾。

Yes, I agree with that as well. And I do expect to see some dividend cuts. My last question, just a housekeeping question, maybe for Ian. What was the nature of the increase in the prepaid expenses and other assets on the balance sheet? It moved pretty meaningfully. I suspect it might be a receivable for investments you sold?

是的，我也同意。我確實預計會看到一些股息削減。我的最後一個問題，只是一個普通的問題，也許是問伊恩的。資產負債表上的預付費用及其他資產增加的性質是什麼？它的移動非常有意義。我懷疑這可能是您出售的投資的應收款？

Yes, that's right, Mickey. We had one name that paid off on June 30, but the cash didn't come in until post quarter end. So it was shown in the receivable rather than kept in the SOI.

是的，沒錯，米奇。我們有一個客戶在 6 月 30 日付款，但現金直到季度末之後才到達。因此它顯示在應收帳款中而不是保存在 SOI 中。

Okay thank you I appreciate your time this morning that's it for me.

好的，謝謝，我很感謝您今天早上抽出時間，對我來說就是這樣。

Finian O'Shea, Wells Fargo Securities.

富國證券的 Finian O'Shea。

Hey guys, good morning, everyone. I guess going back to the high level, Josh, I was interested in some of your opening remarks on credit. You described them as idiosyncratic, but also likely behind us. So I was wondering why. Idiosyncratic can mean a few things, basically one-off, but I would kind of think of it as coming from looser underwriting and seeing if you think that's something that's changed.

大家好，大家早安。我想回到高層，喬希，我對你關於信貸的一些開場白很感興趣。您形容他們很獨特，但也可能已經落後於我們了。所以我想知道為什麼。特質可以有多種含義，基本上是一次性的，但我認為它來自於更寬鬆的承保，看看你是否認為這是已經改變的事情。

Yes. Look, I always look at our book and say, things are mostly behind us or we think behind us. I would also say that when you look at the shock of the rate hike cycle in mid-2022, it takes -- there's a lag as it relates to defaults. That lag is a function of historically that companies have cash on their balance sheet and some flexibility to manage things. And so although there's a shock, there's a shock absorber, but that absorber gets worn out over time and shows up two years later. And so if you think about 2022, we're in mid-2025, I think generally, my feeling is like a lot of the credit issues have shown themselves.

是的。瞧，我總是看著我們的書說，事情大多已經過去了，或者我們認為已經過去了。我還想說，當你觀察 2022 年中期升息週期的衝擊時，你會發現——與違約相關的衝擊有滯後。從歷史上看，這種滯後是由於公司資產負債表上有現金，並且具有一定的管理彈性。因此，雖然有減震器，也有減震器，但減震器會隨著時間的推移而磨損，並在兩年後顯現出來。因此，如果你考慮 2022 年，我們現在處於 2025 年中期，我認為總體而言，我的感覺是許多信貸問題已經顯現出來。

As it relates to what we call idiosyncratic, when you look at what we got wrong, what we got wrong was the -- specifically on Lithium was it was a business where it benefited from COVID. We clearly did not see that. And as the COVID kind of ran off and the industry structure in that business changed, we missed it. And so it wasn't generally because of high rates. It wasn't generally because of commodity prices. It was a very idiosyncratic credit issue with that business model.

就我們所說的特質而言，當你看看我們錯在哪裡時，我們錯在哪裡——特別是在鋰方面，它是從 COVID 中受益的業務。我們顯然沒有看到這一點。隨著新冠疫情的蔓延和該行業的行業結構發生變化，我們錯過了它。所以這通常並不是因為利率高。這通常並不是因為商品價格。這是該商業模式的一個非常特殊的信用問題。

Yes. And Fin, the only thing I'd say, we never compromise our underwriting standards, as you know, but we sometimes get things wrong. That's something we missed.

是的。芬，我只想說，正如你所知，我們從不降低我們的承保標準，但有時我們也會犯錯。這是我們忽略的事情。

Yes, no. Absolutely. And I was referring to the industry at large. I was interested in that. That makes sense to me. The answer is helpful. Just as a small follow-up, can you touch on the changes in the latest co-investment order and if the BDC still have priority on direct lending origination?

是的，不是。絕對地。我指的是整個產業。我對此很感興趣。我覺得很有道理。答案很有幫助。作為一個小小的後續問題，您能否談談最新共同投資命令的變化以及 BDC 是否仍然優先發放直接貸款？

Yes, they do. They do. I mean the co-investment order just made co-investment slightly, quite frankly, easier and more manageable. But yes, you will see nothing different.

是的，他們確實這麼做了。是的。我的意思是，共同投資令只是讓共同投資變得稍微更容易、更容易管理。但是是的，你不會看到任何不同。

Great thanks so much.

非常好，非常感謝。

Excellent, excellent.

非常好，非常好。

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, thanks for taking my question. I think in the prepared remarks, you mentioned that about 30% of the originations in the quarter were driven by nonsponsored transactions. Wondering what your outlook is for the so-called Lane 2 or Lane 3 investments over the near term. Are you seeing more opportunities just given the macro backdrop? Thanks

嘿，早上好，感謝您回答我的問題。我認為在準備好的評論中，您提到本季約 30% 的發起是由非贊助交易推動的。想知道您對所謂的 2 號道或 3 號道投資的近期前景如何。從宏觀背景來看，您是否看到了更多機會？謝謝

Yes, sure. I'll take that. So yes, this quarter, it was about 70% sponsored and 30% nonsponsored. That's fairly close to where our historical levels have been over time. It's usually about 65% sponsored and 35% nonsponsored. Some quarters like last quarter, you'll have more thematic nonsponsored coverage.

是的，當然。我會接受的。是的，本季度，大約有 70% 是贊助的，30% 是非贊助的。這與我們長期以來的歷史水平相當接近。通常約有 65% 是贊助，35% 是非贊助。在某些季度，例如上個季度，您將獲得更多主題非贊助報導。

We're -- I think, generally, we're generally positive in second half activity being stronger than it was last year given last year, the election cycle probably paused some demand. The pipeline feels pretty robust. Now it's a competitive environment, we're going to continue to be thoughtful on how we allocate capital. But we're seeing pretty strong demand across both sponsor and nonsponsor activity. So I'm not going to make a prediction on what that's going to look in the second half. It generally follows over the long arc of these -- that 65-35. But we seem to be seeing good activity across each of our thematic areas.

我認為，總體而言，我們對於下半年活動將比去年更強勁持樂觀態度，因為去年的選舉週期可能暫停了一些需求。管道感覺相當堅固。現在是一個競爭激烈的環境，我們將繼續認真考慮如何分配資本。但我們看到贊助商和非贊助商活動的需求都相當強勁。所以我不會預測下半年的情況會是如何。它通常遵循這些長弧線——65-35。但我們似乎看到每個主題領域都表現出良好的活動。

Great. Very helpful there. And just one follow-up, if I may. I think you touched upon this briefly. You mentioned the covenants and some of the documentation on the new investments. Just curious, for the more recent and new investments in the current environment, have you been seeing any kind of changes in terms and documentation?

偉大的。非常有幫助。如果可以的話，我還有一個後續問題。我想你已經簡要地談到了這一點。您提到了有關新投資的契約和一些文件。只是好奇，對於當前環境下的最新投資，您是否看到條款和文件有任何變化？

Thanks.

謝謝。

We have not seen a change over the last few quarters. And in fact, probably the last year in the document standards or covenant packages. They remain stable. I think in part because of how we source deals away from some of the more combed-over areas, but we have not seen a change in that.

過去幾季我們並沒有看到任何變化。事實上，這可能是文件標準或契約包中的最後一年。它們保持穩定。我認為部分原因是我們如何從一些較保守的領域尋找交易，但我們並未看到這種情況發生改變。

Got you very helpful there, thanks again.

你幫了我很多忙，再次感謝。

Arren Cyganovich with Truist Securities.

Truist Securities 的 Arren Cyganovich。

Hi, thanks.I was just wondering if you could talk a little bit about your thoughts on the push to open up retirement vehicles to private investment assets and if you have any expectations to how that might impact the direct lending market.

你好，謝謝。我只是想知道您是否可以談談您對推動向私人投資資產開放退休工具的看法，以及您對這將如何影響直接貸款市場有何預期。

Yes. I mean I think it's a little too early to tell. I think it is -- I think it's a very complicated issue. I like the idea of giving access to returns and alternatives to individual investors. They've obviously had some of that through the BDC sector on the private credit side. To be honest, I'm a little concerned that the incentives are not exactly right and that there was a decent prophylactic around alternative where you had either super sophisticated individual investors or institutions that could do the work. And I'm a little concerned about their ability to do the work and individual investor protections.

是的。我的意思是我認為現在說這個還為時過早。我認為這是一個非常複雜的問題。我喜歡讓個人投資者獲得回報和替代方案的想法。他們顯然已經透過私人信貸方面的 BDC 部門獲得了一些收益。說實話，我有點擔心激勵措施不太正確，並且沒有一個像樣的預防措施可供選擇，要么有非常老練的個人投資者，要么有可以完成工作的機構。我有點擔心他們開展工作的能力和對個人投資者的保護。

Hopefully, that gets cleared through and people are responsible in that way. I mean I can tell you, roll back 15 years when we started in the BDC industry and you talk to individual investors, I think this is not supposed to be snarky at all, but there was -- the vast majority did not understand the difference between return on capital and return of capital and dividend yield and ROE. And so there was a whole individual investor that was chasing high dividend paying stocks, not realizing that it was return of capital, not return on capital. And by the way, some of that still exists.

希望此事能夠解決，人們也能承擔責任。我的意思是，我可以告訴你，回溯到 15 年前，當我們開始從事 BDC 行業時，你與個人投資者交談，我認為這根本不應該是諷刺的，但當時絕大多數人並不了解資本回報率、資本回報率、股息收益率和 ROE 之間的區別。因此，整個個人投資者都在追逐高股息股票，卻沒有意識到這是資本回報，而不是資本的回報率。順便說一句，其中一些仍然存在。

And so the -- and the people on this call, which has been significant upgrading contribution to this space, have been doing that work for -- on the research side to make sure that people understand that. But -- so I have mixed feelings, I'm concerned. I understand why GPs want access because it's a big TAM and big growth. But at the end of the day, we got to take care of our clients, and our job is to provide something of value of clients and not -- that focus still needs to be -- should remain, which is everything works well when you provide value to your customer, and the entire ecosystem takes care of itself. And I would urge the space to keep that at the most -- as their North Star.

因此，參加這次電話會議的人們為這一領域做出了重大的升級貢獻，他們一直在研究方面做這項工作，以確保人們理解這一點。但是——我的心情很複雜，我很擔心。我理解為什麼 GP 想要獲得訪問權限，因為這是一個巨大的 TAM 和巨大的成長。但歸根結底，我們必須照顧好我們的客戶，我們的工作是為客戶提供有價值的東西，而不是——仍然需要關注這一點——應該保持，當你為你的客戶提供價值時，一切都會運作良好，整個生態系統也會自我照顧。我會敦促太空界盡量將其作為他們的北極星。

Got it. That's helpful. And then just a quick one on new investments. There was an 8% stake in -- it looks like a structured credit. Can you maybe just talk a little bit about what that is and what kind of the underlying assets are in that?

知道了。這很有幫助。然後簡單談談新投資。其中有 8% 的股份——看起來像是結構化信貸。您能否稍微談談它是什麼以及其中有哪些基礎資產？

Yes. I'll hit that real quick. On occasion, we buy a structured credit portfolio, which is of corporate loans, the underlying of corporate loans and probably -- typically broadly syndicated loans. Those securities or rated securities, typically BB or BBB. They offer competitive risk-adjusted returns with subordination. And so we've come in and out of that market through the years.

是的。我會很快做到這一點。有時，我們會購買結構化信貸組合，其中包括公司貸款、公司貸款的基礎以及通常是廣泛的銀團貸款。這些證券或評級證券，通常為 BB 或 BBB。它們提供具有從屬關係的、具有競爭力的風險調整回報。因此，這些年來我們一直在進出該市場。

So I think in -- and we sold 8 structured credit investments in Q2 that we had bought for a price of [97.5] and had a whole bunch of carry that we sold for [102] I think. And so we've come in and out of that market.

所以我認為——我們在第二季度出售了 8 筆結構性信貸投資，這些投資是我們以 [97.5] 的價格買入的，同時我們還持有大量套利，我認為我們以 [102] 的價格賣出了這些套利。所以我們進出這個市場。

Okay. So these are just more opportunistic then?

好的。那麼這些只是機會主義行為嗎？

Yes.

是的。

Thanks.

謝謝。

Thank you so much.

太感謝了。

Melissa Wedel with JPMorgan

摩根大通的梅麗莎·韋德爾

Good morning. Thanks for taking my questions. I appreciate the context that you provided around sort of second half activity levels that you might expect to see. I'm curious if you're also expecting sort of repayment activity to remain elevated in the second half to sort of match that? Just note, looking at the net repayments over the last couple of quarters, they've been pretty sizable, and I know you don't manage to that necessarily on a quarterly basis, but just trying to put a framework around that.

早安.感謝您回答我的問題。我很欣賞您提供的有關您可能期望看到的下半年活動水平的背景資訊。我很好奇，您是否也預計下半年的還款活動將保持在高位以達到相同的水平？請注意，看看過去幾季的淨還款額，它們相當可觀，我知道你不一定能按季度做到這一點，但只是試圖圍繞這一點建立一個框架。

Yes. I mean, look, the good news, I think for SLX shareholders is that we have outsized exposure to vintages post '22 rate hiking cycle. So those were higher spread assets. As you know, how our accounting works is we don't recognize any of the upfront fee day 1, unless there's a syndication involved and they typically have call protection. So as those get called away from this early, they produce excess income. And so you have activity-based fees when repayments pick up.

是的。我的意思是，我認為對於 SLX 股東來說，好消息是我們在 22 年升息週期後的年份擁有超額敞口。所以這些是利差較高的資產。如您所知，我們的會計工作方式是，我們不承認第一天的任何預付費用，除非涉及銀團貸款並且他們通常有贖回保護。因此，隨著這些企業提前結束經營，它們將產生超額收入。因此，當還款增加時，您需要支付基於活動的費用。

And so I 0would expect on the margin repayments to stay elevated, given that exposure that we have that others do not have or don't have as much of because we kept on investing through that rate hiking cycle. And so I think that, in the short term, is good for net investment income because there will be excess returns and fees. And then we're going to -- as I said at the end of our script, we got to like -- we do it for a living. We have a large top of the funnel, and we'll go replace it with stuff we really, really like.

因此，我預計保證金償還額將保持在高位，因為我們在整個升息週期中持續投資，所以其他人沒有或沒有那麼多的風險敞口。因此我認為，從短期來看，這對淨投資收入有利，因為會有超額回報和費用。然後我們要——正如我在劇本結尾所說的那樣，我們要——以此為生。我們有一個很大的漏斗頂部，我們會用我們真正喜歡的東西來替換它。

Right. Okay. And then I just wanted to follow up on sort of looking across the portfolio. Now that you've had a few more months after some tariff announcements. I'm just curious if you're still seeing low exposure across the portfolio. Has your view changed on that at all?

正確的。好的。然後我只是想跟進整個投資組合。現在，在一些關稅公告發布之後，您又有了幾個月的時間。我只是好奇您是否仍然看到整個投資組合的風險敞口較低。您對此的看法有任何改變嗎？

No. I mean, look, I'll let Bo hit it. I think the answer is no. I think our tariff exposure is actually reduced post quarter end. But go ahead, Bo.

不。我的意思是，看，我會讓博打它。我認為答案是否定的。我認為我們的關稅風險在季度末之後實際上有所降低。但繼續吧，博。

That's exactly right. If you remember right, we had very low exposure, less than 1% of the portfolio on a fair market value basis. It was really three names that we thought had direct exposure. We didn't know exactly what the impact was going to be. Since last recording, actually one of the names -- one of those 3 names has actually been paid off. So we -- business was performing well, paid off into cheaper financing. So it's down to two small names at this point.

完全正確。如果您沒記錯的話，我們的風險敞口非常低，以公平市價計算，投資組合的風險敞口不到 1%。我們認為確實有三個名字具有直接曝光度。我們並不確切知道這會產生什麼影響。自上次錄音以來，實際上其中一個名字——這三個名字中的一個已經得到了報酬。因此，我們的業務表現良好，並獲得了更便宜的融資。因此，目前只剩下兩個小名字了。

Thank you.

謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Hey, good morning. Congrats on the good quarter. Can I just ask, so what drove the higher other income this quarter versus last? Was that just the repayment activity in the quarter?

嘿，早安。恭喜本季取得良好業績。我可以問一下，是什麼原因導致本季其他收入比上一季更高？這只是本季的還款活動嗎？

Sorry, Paul. You cut out. I think the question was, what drove higher other income?

對不起，保羅。你切掉。我認為問題是，是什麼推動了其他收入的成長？

Alright, see I'll take that one. It, it's really just a number of miscellaneous, exit fees that were embedded in transactions that paid off during the quarter.

好吧，那我就接受這個。它實際上只是一些包含在交易中的雜項退出費用，這些費用在本季度得到了回報。

Yes. Correct.

是的。正確的。

Yes. This is Ian. I'll take that one. It's really just a number of miscellaneous exit fees that were embedded in transactions that paid off during the quarter.

是的。這是伊恩。我要那個。這實際上只是本季度支付的交易中包含的一些雜項退出費用。

And sorry if I didn't catch it, but did you guys disclose what the prepayment income was, the accelerated prepayment income per share this quarter?

抱歉，如果我沒聽清楚，但你們有沒有揭露本季的預付收入、每股加速預付收入是多少？

From a per share basis, the prepayment income was about 1/3 of activity-based fees or around $0.06 per share was specific to prepayment fees.

從每股基礎來看，預付款收入約為基於活動的費用的 1/3，或每股約 0.06 美元專門用於預付款費用。

Yes. I mean, Ian, correct me if I'm wrong. In the other income line, there was exit fees, which is like a very close cousin to prepayment fees. So the other income line was, how much?

是的。我的意思是，伊恩，如果我錯了，請糾正我。在另一項收入中，有退出費，它與預付費用非常相似。那麼另一條收入是多少呢？

Other income was about $0.07 per share.

其他收入約為每股0.07美元。

Yes. So I think it's fair to think of like prepayment and excess fees being pre -- on a gross basis, somewhere between $0.11 and $0.13 per share. They were pretty close cousins. The question -- the difference is technically is a prepayment income was existed in the contract from day 1 where an exit fee might have existed in the contract along the way, right, Ian?

是的。因此，我認為將預付款和超額費用視為預付款是公平的——按總額計算，大約在每股 0.11 美元到 0.13 美元之間。他們是非常親密的表兄弟。問題是——從技術上講，區別在於從第一天起合約中就存在預付收入，而在此過程中合約中可能存在退出費，對嗎，伊恩？

That's right.

這是正確的。

Okay. Got it. That makes sense. Very helpful. And then in terms of -- sorry, go ahead. Didn't know if I cut someone off there.

好的。知道了。這很有道理。非常有幫助。然後就——抱歉，請繼續。我不知道我是否在那裡打斷了某人。

No, no. I'm just saying they're the same thing. Go ahead.

不，不。我只是說它們是同一件事。前進。

Okay. So in terms of the structuring fee income though, I mean, from the kind of sponsor portfolio optimization that you mentioned with some transactions or add-on activity there. Is there any sort of structuring fee income that would come along with that?

好的。因此，就結構費收入而言，我的意思是，來自您提到的那種贊助商投資組合優化，以及一些交易或附加活動。隨之而來的是否有任何形式的結構費收入？

No. I mean I may take a little bit of a deep dive on this because I think people in the industry do it different. So there are people in the industry that take some of their upfront fees and split it between a structuring fee and OID. And the issuer doesn't really care if the 2 points you get upfront and half of the structuring fee and half of OID. And ultimately, then what happens is, is that you have smaller OID that gets amortized over time. So something -- if -- you take more of the income upfront. And when something prepays, you have less accelerated OID because you've already taken the income.

不。我的意思是我可能會對此進行深入研究，因為我認為業內人士的做法不同。因此，業內有些人會將部分預付費用分成結構費和 OID。發行人並不真正關心您預先獲得的 2 個點數以及一半的結構費和一半的 OID。最終，會發生的情況是，您的 OID 會隨著時間而變小並攤銷。因此，如果你預先獲得更多的收入。當預付款時，您的加速 OID 會減少，因為您已經獲得了收入。

And that is not how we do our accounting. How we do our accounting, unless there is a syndication fee, we don't take a structuring fee. It all goes into OID. And so when the portfolio churns, there's more accelerated OID and there is -- than would have been a case if we took a structuring fee.

而這並不是我們做會計的方式。我們如何進行會計核算，除非有銀團費，否則我們不收取結構費。一切都進入 OID。因此，當投資組合變動時，就會出現更多的加速 OID，而且 — — 比我們收取結構費的情況還要多。

So all of our fees are effectively deferred and put in OID, at least from a structuring perspective. So people do it different. It's a really important nuance. So in the former case, new activity will drive NII on a marginal basis. In the latter case, our case is that repayment activity and portfolio churn will drive NII. Sorry for the deep dive.

因此，至少從結構角度來看，我們的所有費用都被有效推遲並納入 OID。所以人們的做法不同。這是一個非常重要的細微差別。因此，在前一種情況下，新活動將在邊際上推動 NII。在後一種情況下，我們的觀點是還款活動和投資組合流失將推動 NII。抱歉，我講得太深了。

No, I got it. That makes sense. And again, helpful answer there. Last one for me, just on the Lithium restructuring positive. It seems that, that was done without any additional write-down or loss on the investment this quarter. But can I just ask, just on the earn-out securities. So what exactly, I guess, is kind of triggering the payout there based on revenue or EBITDA? Or is there any sort of sales that are taking place within the company? And also just kind of what's maybe the expected kind of realization time line there? And that's all for me.

不，我明白了。這很有道理。再次，那裡的答案很有幫助。對我來說最後一個，只是關於鋰重組的正面因素。看來，本季這樣做並沒有對投資造成任何額外的減記或損失。但我能否只問一下有關獲利證券的問題？那麼，我猜，究竟是什麼引發了基於收入或 EBITDA 的支付呢？或是公司內部是否有任何形式的銷售活動？還有，預計實現的時間大概是怎麼樣的？對我來說這就是全部了。

Yes, sure. So again, this was split into two securities, which was an interest-earning debt security that is smaller and then an equity participation and all cash flows that are generated beyond that. The expectation is that the duration will be about three years to fully realize the value on that equity and there's a chance that we can overperform that. We took a view of what those cash flows would look like over the 3 years, and that's how we valued the equity security.

是的，當然。因此，它再次被拆分成兩種證券，一種是較小的生息債務證券，另一種是股權參與以及由此產生的所有現金流。預計需要大約三年的時間才能完全實現該股權的價值，而我們有可能超越這一目標。我們對未來 3 年的現金流量情況進行了觀察，並以此對股權證券進行估值。

They're loan amortized, right, Bo?

他們是貸款攤銷的，對吧，博？

Correct. Correct.

正確的。正確的。

I appreciate taking the call for me. Congrats on a good quarter.

我很感激您幫我接聽電話。恭喜本季取得良好業績。

Robert Dodd with Raymond James.

羅伯特多德 (Robert Dodd) 與雷蒙德詹姆斯 (Raymond James)。

Congrats on the quarter. If I can go to -- back to the repayment issue briefly, and then I've got a different one. To quote Ian, expect full year NII ROE and obviously to be in the top half of previous guidance. But if fees remain elevated, could be above that, to quote Josh, expect repayments to remain elevated. And then if we look at your fair value to [core pro], which ticked up fairly meaningfully, this quarter tends to imply that you're expecting less core protection in certainly Q3, maybe the second half than you got in the first half or less of that's built into NAV.

恭喜本季取得佳績。如果我可以簡要地回到還款問題，那麼我有一個不同的問題。引用伊恩的話，預計全年 NII ROE 顯然將處於先前指引的上半部。但如果費用繼續居高不下，甚至可能高於這個數字，用喬希的話來說，預計還款額仍將居高不下。然後，如果我們看一下您的 [核心保護] 的公允價值，該價值有相當顯著的上升，那麼本季度往往意味著您預計第三季度的核心保護會減少，也許下半年會比上半年減少，或者其中計入資產淨值的部分會減少。

So can you reconcile, like you can have high repayments without having high repayment fees, depending on the vintage of the asset, et cetera, et cetera. But can you kind of reconcile those bits? And like if the repayments are elevated, why wouldn't fees be elevated, too? But that doesn't seem to be factored into your fair value to [core pro] ratio from the presentation.

那麼，您能否進行協調呢，例如，您可以獲得高額還款，而無需支付高額還款費用，這取決於資產的年份等等。但你能調和這些部分嗎？如果還款金額增加了，為什麼費用不會也增加呢？但從演示來看，這似乎並未計入您的公允價值與[核心專業]比率。

Yes. So what I would say is, look, my comment as it relates to repayments as a Q3 look. Ian's comment was a full year look. So let's start with that, right? Like there is a -- Ian was talking about full year guidance. I was talking about in the next quarter. That's kind of what we have as much visibility as we have. And then obviously, fees and the amount of fees is a little bit of a function of what vintage, and we don't control that. But -- so I'm not sure there's a huge disconnect of what we all said. We're just trying to round it out.

是的。所以我想說的是，我的評論與第三季的還款有關。伊恩的評論是全年展望。那我們就從那裡開始吧？就像——伊恩正在談論全年指導。我談論的是下一季。這就是我們所擁有的可見度。顯然，費用和費用金額與年份有一點關係，我們無法控制這一點。但是——所以我不確定我們所說的是否存在巨大的脫節。我們只是想讓它變得完美。

No, no, no. I appreciate that. And that will breakdown those for me. On the second question, if I can, I mean, I was going to ask you about the retro peak oil model, but something simpler. To your point, Josh, typically, balance sheet financials, you need an ROE greater -- balance sheet heavy financials. You need an ROE greater than 9% to trade at book or better. If institutional investors are the primary ones driving valuation. I think that's my addendum to that. So how do you think -- given a huge amount of capital raised, obviously, as you're well aware, these evergreen funds, which aren't -- it is not institutional capital.

不，不，不。我很感激。這將為我分解這些內容。關於第二個問題，如果可以的話，我的意思是，我本來想問您有關復古峰值石油模型的問題，但問一些更簡單的問題。喬希，就你的觀點而言，通常情況下，資產負債表財務狀況需要 ROE 更大——資產負債表財務狀況較重。您需要 ROE 高於 9% 才能以帳面價值或更高價值進行交易。如果機構投資人是推動估值的主要因素。我想這是我對此的補充。那麼，您如何看待——鑑於籌集的巨額資金，顯然，正如您所知，這些常青基金不是——它不是機構資本。

So -- and obviously, those are, for a lot of the market, the actual kind of drivers of spreads and volume more so than the public vehicles are. So how do you think to that point, like that 9%, is that what the industry is going to be satisfied with given what the evergreen funds are doing and who the primary capital comes from on that front?

因此，顯然，對於許多市場而言，這些比公共工具更能真正推動價差和交易量。那麼，考慮到常青基金的運作方式以及主要資本的來源，您認為這個比例（9%）是否會讓業界感到滿意？

Yes. I mean I'm a big believer that markets are typically not very efficient in the short term but very efficient in the long term. And what I would say is if you have an individual investor or an RIA who's sitting in front of that, an individual investor, they should, at some point, are going to pick their head up and say, I can earn -- I can buy something at a discount to book in the public markets and earn a 9% versus buying something at par and have daily liquidity versus buying something at NAV and rebuying something at NAV because I'm not redeeming, that I'm earning a 7% and that I may or may not have liquidity when I put it at the end of the quarter. Like that will work its way through if people are doing their job as fiduciaries.

是的。我的意思是，我堅信市場在短期內通常效率不高，但長期來看效率很高。我想說的是，如果你有一個個人投資者或 RIA 坐在那裡，一個個人投資者，他們應該在某個時候抬起頭說，我可以賺錢 - 我可以在公開市場上以折扣價買入一些東西，賺取 9% 的收益，而不是以面值買入一些東西，並且具有每日流動性，而不是以資產淨值買入一些東西，然後再以贖回資產淨值，我賺了一些東西，我賺了一些東西，然後再賺了一些東西7%，當我在季度末把它放進去時，我可能有也可能沒有流動性。如果人們履行受託人的職責，這樣的事情就會發生。

And so in the short term, that disconnect might exist. But in the long term, my hope and belief, if markets are doing their job and people are active fiduciaries, they will put their clients on the best risk-adjusted return on capital and look at alternatives and look at liquidity premiums and optionality and discounts to book and all that stuff.

因此，短期內，這種脫節可能會存在。但從長遠來看，我希望並相信，如果市場發揮其作用，人們是積極的受託人，他們將為客戶提供最佳的風險調整後資本回報率，並考慮替代方案，考慮流動性溢價、可選性和賬面折扣等所有東西。

So I think ultimately, it will come out in the wash. You would, I think all things being equal, want to own something where you have daily liquidity versus not and where you might get [gated]. And that -- people have to experience that firsthand to kind of realize it. But at some point, they will and will work its way through.

所以我認為最終結果會水落石出。我認為，在所有條件相同的情況下，你會想要擁有某種東西，這種東西可以讓你擁有日常流動性，而不是沒有，而且你可能會得到[門控]。人們必須親身經歷才能意識到這一點。但到了某個時候，他們會並且會努力解決。

Okay, thank you.

好的，謝謝。

At this time, I'd like to turn the call back over to Josh Easterly for closing remarks.

現在，我想將電話轉回給 Josh Easterly 做最後發言。

Look, two things have gone -- look, we live in -- the teams in New York City, most of us live in New York City, except for Fish and Cami. And I would say, it's hard not to end any type of call this week without saying that it is -- life is fragile and random. And like what happened this week was on nobody's bingo board and people should make sure they are present with the people they care about and give them lots of hugs. So I will say that because that's top of mind for me.

瞧，有兩件事已經發生了——瞧，我們住在——紐約市的團隊，除了菲什和卡米，我們大多數人都住在紐約市。我想說，本週結束任何類型的通話時，很難不說一句——生命是脆弱和隨機的。就像本週發生的事情沒有出現在任何人的賓果板上一樣，人們應該確保他們與他們關心的人在一起並給予他們很多擁抱。所以我會這麼說，因為這是我最關心的問題。

Another thing that's top of mind for me is I look back at what Sixth Street Specialty Lending has accomplished, prepublic and postpublic since 2014. And it's about the team. The team has just done an incredible job over market cycles, navigating difficult times, and I couldn't be prouder of the people that I work with, and the platform is a special place where we have the ability to really find unique investments for our investors with the big top of the funnel, and it's a pleasure working with the people I work with.

我最關心的另一件事是回顧第六街專業貸款公司自 2014 年以來上市前和上市後所取得的成就。這與團隊有關。團隊在市場週期中度過了困難時期，做出了令人難以置信的工作，我為與我一起工作的人感到無比自豪，這個平台是一個特殊的地方，我們有能力透過漏斗的頂部為我們的投資者找到獨特的投資，我很高興與我的同事一起工作。

So those two things are top of mind to me. And I thank everybody for attending the call, and I hope people have a peaceful rest of the summer.

所以這兩件事對我來說是最重要的。我感謝大家參加這次電話會議，並祝福大家有個平靜的夏天。

Thanks, everyone.

謝謝大家。

Thank you for your participation. This does include the program. You may now disconnect everyone have a great day.

感謝您的參與。這確實包括該程序。您現在可以斷開連接，祝大家有個愉快的一天。