Sixth Street Specialty Lending Inc (TSLX) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Sixth Street Specialty Lending Inc. Q3 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Sixth Street Specialty Lending Inc. 2025 年第三季業績電話會議。（操作說明）

I would now like to hand the conference over to your first speaker today, Cammy Vanhorn, head of investor relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係主管卡米·範霍恩。請繼續。

Thank you. Before we begin today's call, I would like to remind our listeners that remarks made during the call may contain forward-looking statements. Statements other than statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

謝謝。在今天的電話會議開始之前，我想提醒各位聽眾，會議期間發表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外的其他陳述可能構成前瞻性陳述，並非對未來業績或結果的保證，並涉及許多風險和不確定性。

Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Sixth Street Specialty Lending Inc.'s filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements.

由於多種因素的影響，實際結果可能與前瞻性聲明中的結果有重大差異，這些因素包括 Sixth Street Specialty Lending Inc. 不時向美國證券交易委員會提交的文件中所述的因素。本公司不承擔更新任何此類前瞻性聲明的義務。

Yesterday, after the market closed, we issued our earnings press release for the third quarter ended September 30th, 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9月30日的第三季獲利新聞稿，並在我們網站www.sixthstreetspecialtylending.com的投資者資源部分發布了簡報。該簡報應與我們昨天向美國證券交易委員會提交的10-Q表格一併閱讀。Sixth Street Specialty Lending Inc. 的收益報告也可在我們的網站投資者資源部分找到。

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

除非另有說明，今天準備好的發言稿中提到的所有業績數據均截至 2025 年 9 月 30 日止的第三季。再次提醒，本次通話將會被錄音，以便回放。

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

現在我將把電話交給 Sixth Street Specialty Lending Inc. 的聯合執行長 Joshua Easterly。

Good morning, everyone, and thank you for joining us. I assume everybody has seen my most recent letter in the AK posted last night with our earnings. I'm joined by our newly announced co-CEO, Bo Stanley, and our CFO, Ian Simmons. Before covering our Q3 2025 results, I wanted to discuss the leadership changes that were announced yesterday.

各位早安，感謝各位的參與。我想大家都已經看到了我昨晚在 AK 上發布的最新信件，信中附有我們的收益情況。與我一同出席的還有我們新任命的聯合執行長博·史丹利和我們的財務長伊恩·西蒙斯。在介紹我們 2025 年第三季業績之前，我想先談談昨天宣布的領導層變動。

We're excited to announce that Bo has been named co-CEO, effective immediately. Bo and I have been working together for the better part of the past 25 years. As an early member of the Sixth Street team, Bo possesses an unparalleled understanding of our industry, is a tremendous leader, and investor.

我們很高興地宣布，Bo已被任命為聯合首席執行官，立即生效。在過去的25年裡，我和Bo一直一起工作。作為 Sixth Street 團隊的早期成員，Bo 對我們的行業有著無與倫比的理解，是一位傑出的領導者和投資者。

As a key member of the management team, Bo has also been a driving force in preserving and strengthening the investor-first mentality that defines the Sixth Street culture.

作為管理團隊的重要成員，Bo 也一直是維護和加強 Sixth Street 文化中以投資者為先的理念的推動力量。

After 15 years of leading the business, and what is now my 47th public earnings call, I'll be stepping down from the CEO seat at the end of the year. This decision is made with considerable optimism for the future of the company.

在領導公司 15 年後，以及第 47 次公開財報電話會議後，我將在年底卸任 CEO 一職。做出這項決定是出於對公司未來發展的高度樂觀。

Bo has been integral in the investment leadership of the business for several years, and this transition formalizes our existing collaborative structure.

多年來，Bo一直是公司投資領導階層的重要成員，這次人事變動使我們現有的合作結構正式化。

Going forward, I'll continue to serve as Chairman of the SOX and co-President and co-Chief Investment Officer of the broader Sixth Street platform.

展望未來，我將繼續擔任 SOX 的董事長，以及 Sixth Street 平台的聯合總裁兼聯合首席投資長。

As part of this evolution, Bo has joined SLX's board of directors. It has been a privilege of a lifetime to lead the company. I'm incredibly proud of what we have accomplished together, and I couldn't be more excited about what lies ahead under Bo's leadership.

作為這一發展進程的一部分，Bo 加入了 SLX 的董事會。能夠領導這家公司是我畢生的榮幸。我為我們共同取得的成就感到無比自豪，也對在博的領導下即將取得的成就感到無比興奮。

With that, let's turn to this quarter's results. After the market closed yesterday, we reported third quarter adjusted net investment income of $0.53 per-share or an annualized return on equity of 12.3%, an adjusted net income of $0.46 per-share, or an annualized return on equity of 10.8%. As presented in our financial statements, our Q3 net investment income and net income per-share, inclusive of the unwind of the non-cash accrued capital gain incentive fee expense, were a penny per-share higher than the adjusted figures. The difference between adjusted net investment income and adjusted net income of $0.07 per-share was largely related to the reversal of net unrealized gains on the balance sheet related to investment realizations.

接下來，讓我們來看看本季的業績。在昨天市場收盤後，我們公佈了第三季調整後每股淨投資收益為 0.53 美元，年化股本回報率為 12.3%；調整後每股淨收益為 0.46 美元，年化股本回報率為 10.8%。如我們的財務報表所示，第三季淨投資收益和每股淨收益（包括非現金累計資本利得激勵費用的攤銷）比調整後的數字高出每股 1 美分。調整後淨投資收益與調整後淨收益之間的差異為每股 0.07 美元，這主要是由於資產負債表上與投資實現相關的未實現淨收益的衝回所致。

Yesterday our board approved a base quarterly dividend of $0.46 per share to shareholders of record as of December 15th, payable on December 31st. Our board also declared a supplemental dividend of $0.03 per share related to our Q3 earnings to shareholders of record as of November 28th, payable on December 19th. Net asset value per share adjusted for the impact of the supplemental dividend. That was declared yesterday $17.11.

昨天，我們的董事會批准向截至 12 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，將於 12 月 31 日支付。我們的董事會還宣布，將向截至 11 月 28 日登記在冊的股東派發與第三季度收益相關的每股 0.03 美元的補充股息，將於 12 月 19 日支付。每股淨值已根據補充股息的影響進行調整。昨天公佈的股價為17.11美元。

Since the start of the interest rate hiking cycle in early 2022, our net asset value per share has grown by 1.9%, representing a significant outperformance compared to the average decline of 8.5% for our public BDC peers through Q2.

自 2022 年初升息週期開始以來，我們的每股淨值成長了 1.9%，與截至第二季上市的 BDC 同行平均下降 8.5% 相比，我們的表現顯著優於平均水平。

Focusing specifically on the last 12 months, this outperformance has continued, with SLS delivering NA stability while other public BDC peers experienced an average decline of 2.8% through Q2.

具體來看過去 12 個月，這種優異表現仍在繼續，SLS 實現了北美地區的穩定，而其他上市 BDC 同行在第二季度平均下降了 2.8%。

While dividend policies vary across the industry, SLX's outperformance remains largely consistent whether measured by reported net asset value per share or net asset value adjusted for supplemental and special dividends.

儘管各行業的股息政策各不相同，但無論按報告的每股淨資產值還是按經補充股息和特別股息調整後的淨資產值衡量，SLX 的優異表現都基本保持一致。

Before passing it to Bo, I wanted to touch on one topic addressed in our letter, which is the stock market performance of the BDC sector. We view the September sell-off as a net positive for our industry. Let me be clear, we do not believe the market move is credit related for us as a sector broadly. As we said in our last earnings call, we think credit issues are generally behind the industry.

在將信件交給 Bo 之前，我想談談我們在信中提到的一個主題，那就是 BDC 行業的股票市場表現。我們認為9月的拋售潮對我們這個產業來說是好消息。我要明確指出，我們認為此次市場波動與我們整個產業的信貸狀況無關。正如我們在上次財報電話會議上所說，我們認為信貸問題總體上已經結束了。

Our view is that the market woke up to the reality that the sector has been allocating capital based on a backward looking view of higher yielding back books in an elevated interest rate environment.

我們認為，市場已經意識到，在利率高企的環境下，該行業一直以來都是基於對高收益後備債券的回顧性看法來配置資本。

This was the premise of our letter to shareholders in April, which illustrated forward ROEs falling below the industry's cost of equity capital.

這是我們 4 月致股東信的前提，信中指出，預期 ROE 將低於該行業的股權資本成本。

While we believe this capital misallocation will have both near and long-term effects, in the short-term, we expect to see dividend cuts across the industry as nets investment income falls below dividend levels. For SOF, we continue to over earn our base dividend with 114% coverage in Q3, allowing us to pay another supplemental dividend based on this quarter's over-earning.

雖然我們認為這種資本錯配會產生近期和長期影響，但在短期內，我們預期隨著投資淨收益低於股利水平，整個產業將會出現股利削減。對於 SOF 而言，我們繼續超額完成基本股息，第三季股息覆蓋率達到 114%，因此我們可以根據本季的超額收益支付另一筆補充股息。

Long-term, we believe downward pressure on BDC stocks will constrain further capital raising, specifically in the non-traded perpetually offered vehicles. For a number of managers, investors can simply buy the same or very similar product in a listed format at a discounted net asset value with daily liquidity. While this will take time to play out, we see this as an effective market correcting mechanism to address the imbalance between supply and demand of capital.

從長遠來看，我們認為 BDC 股票面臨的下行壓力將限制進一步的融資，尤其是在非上市的永久發行工具中。對於許多基金經理人來說，投資者可以簡單地以折扣價購買上市形式的相同或非常相似的產品，並且該產品具有每日流動性。雖然這需要時間才能顯現效果，但我們認為這是一個有效的市場糾正機制，可以解決資本供需失衡的問題。

That we have been talking about for several quarters. Ultimately we believe this will create net negative flows for direct lending similar to the experience in the listed and non-traded REIT products that occurred following the rate hiking cycle beginning in late 2022.

這個問題我們已經討論好幾個季度了。我們最終認為，這將導致直接貸款出現淨負流量，類似於 2022 年底開始的升息週期後上市和非上市 REIT 產品所經歷的情況。

There's more on this in my letter, but to wrap it up, we are optimistic that this environment will underscore the critical importance of manager selection and driving and driving long-term shareholder value. With that, I'll now pass it over to Bo to discuss this quarter's investment activity.

我的信中對此有更詳細的闡述，但總而言之，我們樂觀地認為，這個環境將凸顯經理人選擇以及推動和提升股東長期價值的關鍵重要性。接下來，我將把發言權交給Bo，讓他來討論本季的投資活動。

Thank you, Josh. It's a pleasure to be your long-term partner in our business, and I'm energized by the opportunity to serve as co-CEO.

謝謝你，喬希。我很榮幸能成為您在業務上的長期合作夥伴，並且有機會擔任聯合首席執行官，我感到非常振奮。

My focus is simple to continue executing the same disciplined strategy and uphold the investor-first culture that has defined our success from day one.

我的重點很簡單，就是繼續執行同樣的嚴謹策略，並堅持從一開始就奠定我們成功的以投資者為先的企業文化。

Turning now to the operating environment during the quarter, competition in direct lending markets remained elevated, fuelled by persistent oversupply of capital and historically tight spreads in the liquid credit markets.

現在來看本季的經營環境，由於資本持續過剩和流動性信貸市場利差處於歷史低位，直接貸款市場的競爭依然激烈。

With broadly syndicated loan spreads reaching their lowest level since the great financial crisis, borrowers have been active refinancing into public markets to capture lower funding costs. Heightened BSL competition and muted M&A activity have led to sustained spread compression across the private credit landscape.

由於銀團貸款利差已降至金融危機以來的最低水平，借款人一直在積極透過公開市場進行再融資，以獲得更低的融資成本。BSL競爭加劇和併購活動低迷導致私人信貸領域的利差持續收窄。

Against that backdrop, we provided total commitments of $388 million and total fundings of $352 million across four new investments, five upsizes to existing portfolio companies, and through selective deployment into structured credit investments.

在此背景下，我們透過四項新投資、五項現有投資組合公司的增資以及選擇性地投資於結構性信貸投資，提供了總計 3.88 億美元的承諾和總計 3.52 億美元的資金。

A key differentiator for SLX is that all four of our new investments were thematic off the run transactions which we defined as uniquely sourced opportunities that require a combination of deep sector expertise, a differentiated capital solution, and the ability to commit in size to drive the transaction.

SLX 的一個關鍵區別在於，我們所有的四項新投資都是主題性非常規交易，我們將其定義為獨特的投資機會，需要深厚的行業專業知識、差異化的資本解決方案以及推動交易所需的規模投入。

These investments, which are driven by our thematic sourcing engine, create a unique portfolio for SLX shareholders relative to the sector, which largely focuses on conventional sponsor-backed direct lending transactions.

這些投資由我們的主題採購引擎驅動，為 SLX 股東創造了相對於該行業而言獨特的投資組合，該行業主要專注於傳統的發起人支持的直接貸款交易。

An example of a thematic non-traditional transaction in Q3, which was also our largest funding for the quarter, was our investment in Walgreens. Sixth Street acted as administrative agent and joint lead arranger on a $2.5 billion term loan to support the financing of Walgreens' US retail business as part of Sycamore Partners' broader $23.7 billion take private of Walgreens Food Alliance.

第三季的一項非傳統主題交易的例子，也是我們本季最大的一筆融資，就是我們對沃爾格林公司的投資。Sixth Street 擔任行政代理人和聯合牽頭安排人，促成了一筆 25 億美元的定期貸款，用於支持 Walgreens 美國零售業務的融資，這是 Sycamore Partners 斥資 237 億美元將 Walgreens Food Alliance 私有化的一部分。

Our decades-long relationship with the sponsor, built on a track record of successful retail ABL deals, was instrumental in us leading the transaction.

我們與贊助商之間長達數十年的合作關係，建立在成功的零售資產抵押貸款交易記錄之上，這對我們主導此次交易起到了至關重要的作用。

Our expertise in the retail ABL space made us a credible partner to deliver a successful execution for what we believe was the largest non-bank ABL deal ever, and also the largest retail buyout of all time.

我們在零售資產抵押貸款領域的專業知識使我們成為值得信賴的合作夥伴，成功執行了我們認為有史以來最大的非銀行資產抵押貸款交易，也是有史以來最大的零售收購。

This transaction exemplifies our ability to create value for shareholders through differentiated investment opportunities.

這項交易體現了我們透過差異化投資機會為股東創造價值的能力。

Our second largest investment during the quarter was a thematic investment in Velocity Clinical Research. Velocity is the world's largest fully integrated site management organization, which provides clinical trial facilities and site-based trial management services.

本季我們第二大投資是對 Velocity Clinical Research 的主題投資。Velocity 是全球最大的綜合性臨床試驗中心管理機構，提供臨床試驗設施和現場試驗管理服務。

The opportunity was driven by a cross-platform effort across Sixth Street and our long-standing relationship with the company sponsor.

這次機會得益於 Sixth Street 各平台的通力合作以及我們與贊助商公司長期的合作關係。

It aligns with our pharma services subtheme and followed an extended engagement in which we iterated on multiple structures to deliver a bespoke capital solution for the business.

它與我們的醫藥服務子主題相符，並且是在經過長時間的合作之後，我們反覆研究多種結構，最終為該企業提供了客製化的資本解決方案。

Our dedicated healthcare sector team continues to differentiate our ability to source and underwrite these off-the-run transactions.

我們專業的醫療保健產業團隊不斷提升我們在尋找和承銷這些非常規交易方面的能力。

This investment extends a track record that has been a key contributor to SLX's returns, including prior investments in Arrowhead Pharmaceuticals and Bio haven, that have generated alpha for shareholders.

這項投資延續了SLX先前取得的良好業績，此前SLX對Arrowhead Pharmaceuticals和Bio haven的投資為股東創造了超額收益，而這項投資一直是SLX回報的關鍵貢獻者。

During the quarter, we opportunistically invested 100 million dollars in BB-rated CLO liabilities. These investments, while representing a compelling use of capital at the time given the return profile, are not reflective of a change in the core investment approach or long-term strategy.

本季度，我們抓住機會，投資了 1 億美元於 BB 級 CLO 負債。雖然這些投資在當時的回報狀況下代表了對資本的合理利用，但這並不反映核心投資方法或長期策略的改變。

We view these investments as an effective way to deploy capital, particularly given that in the current tighter spread environment, we can purchase BB CLO liabilities at wider spreads than regular-way direct lending loans,

我們認為這些投資是部署資本的有效方式，尤其是在當前利差收窄的環境下，我們可以以比常規直接貸款更大的利差購買 BB CLO 負債。

which are also subject to refinancing risk.

這些資產也面臨再融資風險。

Our Q3 CLO investments reflect a weighted average spread of 554 basis points. To the extent we see a shift in the relative value, the liquid nature of these investments allows us to rotate out of the positions.

我們第三季的 CLO 投資反映出加權平均利差為 554 個基點。如果相對價值發生變化，這些投資的流動性使我們能夠及時退出這些部位。

Our expertise in the structured credit market is underscored by our track record of investing in CLO liabilities, which has generated a weighted average IRR and MLM of 27.1% and 1.24x respectively for SLX shareholders.

我們在結構化信貸市場的專業知識體現在我們投資 CLO 負債的良好記錄上，這為 SLX 股東分別帶來了 27.1% 的加權平均內部收益率 (IRR) 和 1.24 倍的 MLM。

This track record is driven by Sixth Street’s deep expertise in liquid credit markets, demonstrated by having deployed approximately $16 billion in structured credit investments, with an additional $13 billion in 30 CLOs managed by a team of 27 investment and research professionals.

這項業績得益於 Sixth Street 在流動性信貸市場的深厚專業知識，該公司已部署約 160 億美元的結構化信貸投資，另有 130 億美元的 30 個 CLO 由一支 27 名投資和研究專業人員組成的團隊管理。

We believe this capability further highlights the benefits of the broader Sixth Street platform in terms of providing SLX with differentiated deployment opportunities.

我們相信，這項能力進一步凸顯了更廣泛的 Sixth Street 平台在為 SLX 提供差異化部署機會方面的優勢。

Looking ahead, we do not foresee a broad-based recovery in M&A activity in the near term.

展望未來，我們預期短期內併購活動不會出現全面復甦。

We expect spreads to remain tight as the supply of capital continues to outpace demand. In this environment, our thematic sourcing continues to drive origination, and the breadth of Sixth Street’s platform helps mitigate the effects of market tightening.

我們預計，由於資本供應持續超過需求，利差將維持縮小。在這種環境下，我們的主題採購繼續推動原創，而 Sixth Street 平台的廣度有助於減輕市場緊縮的影響。

This is evidenced by our weighted average spread on new floating rate investments, excluding structured credit investments, of 700 basis points in Q3. While we do not have Q3 peer data available, this compares to a spread of 549 basis points on new issue first lien loans for public BDC peers in Q2.

第三季度，不包括結構化信貸投資在內的新浮動利率投資的加權平均利差為 700 個基點，證明了這一點。雖然我們還沒有第三季的同業數據，但與第二季上市 BDC 同業新發行第一留置權貸款的利差 549 個基點相比，情況有所不同。

Moving on to repayment activity, we continued to experience elevated payoffs during the third quarter. Total repayments in Q3 were 303 million dollars across nine full and one partial investment realization. This repayment activity was the main driver of the 0.14 dollars per share of gross activity-based fee income earned during the quarter, which compares to our three-year historical average of 0.08 dollars per share.

接下來談談還款狀況，第三季我們的還款額持續維持在高水準。第三季共償還了 3.03 億美元，其中包括 9 筆全部償還和 1 筆部分償還。這項還款活動是本季每股毛活動費用收入 0.14 美元的主要驅動因素，而我們三年來的歷史平均為每股 0.08 美元。

To characterize this quarter's repayment activity, 75% of repayments were driven by refinancing at lower spreads in the private credit or broadly syndicated loan markets. The spread on refinance deals ranged from 325 basis points to 525 basis points.

要描述本季的還款活動，75% 的還款是由私人信貸或廣泛銀團貸款市場中較低的利差進行的再融資所驅動的。再融資交易的利差在 325 個基點到 525 個基點之間。

We continue to adhere to our ongoing message of disciplined capital allocation, demonstrated by only 12% of our investments by fair value as of quarter-end having a contractual spread below 550 basis points. To put this into perspective, as of Q2, 59% of BDC portfolios by count had spreads below 550 basis points, and we anticipate this percentage will increase further this quarter.

我們繼續堅持我們一貫的嚴謹資本配置理念，截至季度末，以公允價值計算，我們只有 12% 的投資的合約價差低於 550 個基點，這便是最好的證明。為便於理解，截至第二季度，按數量計算，59% 的 BDC 投資組合的利差低於 550 個基點，我們預計本季這一比例將進一步上升。

As it relates to portfolio metrics and yields, at September 30th, the weighted average total yield on debt and income-producing securities at amortized cost was 11.7%, compared to 12% as of June 30th.

就投資組合指標和收益率而言，截至 9 月 30 日，以攤餘成本計算的債務和收益證券的加權平均總收益率為 11.7%，而截至 6 月 30 日為 12%。

The decline primarily reflects the impact of changes in the base rates from lower reference rates, resets, and from payoffs of higher-yielding assets, excluding the yields of new investments funded during the quarter.

此下降主要反映了基準利率因參考利率下調、重置以及高收益資產償還而變化的影響，但不包括本季新投資的收益。

From a vintage mix perspective, our exposure to pre-2022 vintage assets is less than half of the BDC sector. 22% of our portfolio is represented by these investments, compared to 56% for the public BDC sector. We believe this is a positive differentiator for our business, as the vast majority of our portfolio was originated at the start of the interest rate hiking cycle, positioning us well for the current environment.

從年份組成來看，我們對2022年以前成立的資產的投資佔比不到BDC產業的一半。這些投資占我們投資組合的22%，而上市BDC產業的比例為56%。我們認為這對我們的業務來說是一個積極的差異化優勢，因為我們的大部分投資組合都是在升息週期開始時建立的，這使我們能夠很好地適應當前的環境。

Moving on to portfolio composition and key cut stats across our core borrowers, for whom these metrics are relevant, we continue to have conservative weighted average attached and detached points of 0.3 times and 5.2 times respectively, and our weighted average interest coverage increased to 2.3x. As of Q3 2025, the weighted average revenue and EBITDA of our core portfolio companies were $376 million and $113 million, respectively. Median revenue and EBITDA were $150 million and $46 million respectively.

接下來，我們分析了核心借款人的投資組合組成和關鍵削減指標（這些指標對他們而言至關重要）。我們持續維持保守的加權平均附加​​點數和分離點數，分別為0.3倍和5.2倍，加權平均利息保障倍數則提升至2.3倍。截至2025年第三季度，我們核心投資組合公司的加權平均收入和EBITDA分別為3.76億美元和1.13億美元。營收中位數和 EBITDA 中位數分別為 1.5 億美元和 4,600 萬美元。

Finally, overall portfolio performance is strong with weighted average rating of 1.12 on a scale of 1 to 5, with one being the strongest.

最後，整體投資組合表現強勁，加權平均評級為 1.12（滿分為 5 分，1 分為最高分）。

We have two portfolio companies on non-accrual status representing 0.6% of the portfolio by fair value reflecting no change from the prior quarter. Both of these investments included in the five rated category.

我們有兩家投資組合公司處於非應計狀態，以公允價值計算佔投資組合的 0.6%，與上一季相比沒有變動。這兩項投資均被評為五星級。

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

接下來，我想把發言權交給我的搭檔伊恩，讓他更詳細地介紹我們的財務表現。

Thank you both. For Q3 we generated adjusted net investment income per-share of $0.53 and adjusted net income per-share of $0.46. Total, investments were $3.4 billion up slightly from $3.3 billion in the prior quarter as a result of net funding activity.

謝謝你們兩位。第三季度，我們實現了調整後每股淨投資收益0.53美元和調整後每股淨收益0.46美元。由於淨融資活動，總投資額為34億美元，較上一季的33億美元略有成長。

Total, principal debt outstanding at quarter end was $1.9 billion and net assets were $1.6 billion or $17.14 per-share prior to the impact of the supplemental dividend that was declared yesterday.

截至季末，未償還本金總額為 19 億美元，淨資產為 16 億美元，即每股 17.14 美元（未計入昨日宣布的補充股息的影響）。

Our average debt to equity ratio was 1.1 times, down from 1.2 times in the prior quarter. Our ending debt to equity ratio increased from 1.09 times to 1.15 times quarter over quarter.

我們的平均負債權益比率為 1.1 倍，低於上一季的 1.2 倍。我們的期末負債權益比率較上月從 1.09 倍上升至 1.15 倍。

We continue to have significant liquidity for the size of our balance sheet with nearly $1.1 billion of unfunded revolver capacity at quarter end, against $174 million of unfunded portfolio company commitments eligible to be drawn. As of September 30th, our funding mix was represented by 67% unsecured debt, and we have no near-term maturities, with our nearest obligation being $300 million of unsecured notes not occurring until August 2026.

鑑於我們的資產負債表規模，我們仍然擁有充足的流動性，截至季度末，我們擁有近 11 億美元的未註資循環信貸額度，而符合提取條件的未註資投資組合公司承諾額為 1.74 億美元。截至 9 月 30 日，我們的融資結構中 67% 為無擔保債務，近期沒有到期債務，最近的債務是 3 億美元的無擔保票據，要到 2026 年 8 月才會到期。

Consistent with previous quarters, we did not issue any shares through our ATM program during Q3.

與前幾季一致，我們在第三季沒有透過我們的 ATM 計劃發行任何股票。

While SLX trades at a meaningful premium to net asset value, which presents the opportunity to grow our asset base by issuing equity, we remain steadfast in our commitment to disciplined capital allocation.

儘管 SLX 的交易價格較其淨資產價值有相當大的溢價，這為我們透過發行股票來擴大資產基礎提供了機會，但我們仍然堅定不移地致力於嚴格的資本配置。

We will only seek to access the ATM program when we identify compelling near-term investment opportunities that allow us to maintain our target leverage and when issuance is accreted to both NAB and earnings per share.

只有當我們發現有吸引力且近期內可讓我們維持目標槓桿率的投資機會，並且發行股票能夠增加國民收入和每股收益時，我們才會尋求參與 ATM 計劃。

Our guiding principle is to do what we should do rather than simply what we can do. We believe this disciplined approach as it relates to capital management has earned the trust of our investors and delivered consistent performance. We are committed to upholding that trust by prioritizing a creative growth and responsible capital management.

我們的指導原則是做我們該做的事，而不是只做我們能做的事。我們相信，這種嚴謹的資本管理方法贏得了投資者的信任，並帶來了持續穩定的績效。我們致力於透過優先發展創新企業和負責任的資本管理來維護這份信任。

Pivoting to our presentation materials, slide 8 contains this quarter's NAV bridge. Walking through the main drivers of NAV growth, we added $0.53 per share from adjusted net investment income against our base dividend of $0.46 per share. There was an $0.08 per share reduction to NAV as we reversed net unrealized gains on the balance sheet related to investment realization and recognized these gains into this quarter's income.

接下來是我們的簡報資料，第 8 張投影片包含了本季的 NAV 橋樑。分析淨值成長的主要驅動因素，我們在每股0.46美元的基本股利基礎上，增加了每股0.53美元的調整後淨投資收益。由於我們衝回了資產負債表上與投資實現相關的未實現淨收益，並將這些收益計入本季度收入，因此每股淨值減少了 0.08 美元。

The reversal of unrealized gains in this quarter was primarily driven by early payoffs, resulting in accelerated OID and core protection.

本季未實現收益的逆轉主要是由於提前支付，導致原始發行中斷加速和核心保護。

There was a small $0.01 per-share positive impact to NAV primarily from the effect of tightening credit market spreads on the fair value of our portfolio.

淨資產值受到每股 0.01 美元的正面影響，這主要是由於信貸市場利差收窄對我們投資組合公允價值的影響。

And finally, there was 1 penny per-share of net realized gains, mainly from our equity realization in Clarence technologies.

最後，每股淨實現收益為 1 便士，主要來自我們對 Clarence Technologies 的股權變現。

Moving on to our operating results detail on slide 9, we generated $109.4 million of total investment income for the quarter compared to $115 million in the prior quarter. Interest and dividend income was $95.2 million, down slightly from prior quarter, primarily driven by the decline in interest income from lower base rates.

接下來是第 9 頁的營運績效詳情，本季我們獲得了 1.094 億美元的總投資收益，而上一季為 1.15 億美元。利息和股息收入為 9,520 萬美元，較上一季略有下降，主要原因是基準利率下降導致利息收入減少。

Other fees representing prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns were lower at $6.8 million compared to $10.2 million in the prior quarter, driven by the elevated prepayment fees including arrowhead in Q2.

其他費用，包括預付款費用和因非計劃付款而加速攤銷的預付款費用，與上一季的 1020 萬美元相比有所下降，為 680 萬美元，這是由於第二季度包括 Arrowhead 在內的預付款費用較高所致。

Other income was $7.4 million, down slightly from $7.6 million in the prior quarter.

其他收入為 740 萬美元，略低於上一季的 760 萬美元。

Net expenses, excluding the impact of the non-cash reversal related to unwind of capital gains incentive fees, were $58.4 million, down from $61.4 million in the prior quarter, primarily driven by lower interest expense. Our weighted average interest rates on average debt outstanding decreased from 6.3% to 6.1%. This was the result of a slight decline in base rates quarter over quarter and lower average debt outstanding in Q3.

不包括與資本利得激勵費用解除相關的非現金衝回的影響，淨支出為 5,840 萬美元，低於上一季的 6,140 萬美元，主要原因是利息支出減少。我們未償債務的平均加權平均利率從 6.3% 降至 6.1%。這是由於基準利率較上季略有下降以及第三季平均未償債務減少所致。

While liability sensitivity is limited for BDCs, we believe SLX is best positioned to benefit in a falling interest rate environment, given our liability structure is entirely floating rate in nature.

雖然 BDC 對負債的敏感性有限，但我們認為，鑑於 SLX 的負債結構完全是浮動利率性質的，因此 SLX 在利率下降的環境中最有可能受益。

We estimate undistributed income of approximately $1 per share at quarter end. As always, we will continue to review the level of undistributed income as the tax year progresses to ensure we comply with the RIC distribution requirements, minimize potential return on equity drag from the excise taxes, and prioritize returns to our shareholders.

我們預計季度末未分配收入約為每股 1 美元。一如既往，我們將隨著納稅年度的推進繼續審查未分配收入的水平，以確保我們遵守 RIC 分配要求，最大限度地減少消費稅對股本回報率的潛在拖累，並優先考慮股東的回報。

We believe there is a misconception that spillover income protects the dividend.

我們認為存在一種誤解，即溢出收益可以保護股息。

However, using spillover to cover the dividends simply reduces net asset value. This is a return of capital, not a return on capital, and ultimately diminishes shareholder value if earnings don't support the payout.

然而，利用外溢效應來支付股利只會降低淨值。這是資本返還，而不是資本回報，如果獲利不足以支撐分紅，最終會降低股東價值。

Philosophically, if we can generate a return on that retained capital that is in excess of the cost of that capital, our shareholders will benefit through greater economic return.

從哲學角度來看，如果我們能夠利用留存資本來獲得超過資本成本的回報，我們的股東將透過更大的經濟回報而受益。

If we were below our leverage target, which we are not, and the cost to fund the distribution was lower than the excise tax rate, which it is not, we could theoretically create more value for shareholders by distributing that spillover income. Given these conditions are not present today and we continue to meet our distribution obligations through our existing dividend framework, we believe retaining this capital remains the most appropriate way to generate value for our shareholders.

如果我們的槓桿率低於目標值（但實際上並沒有），且分配資金的成本低於消費稅率（但實際上並沒有），那麼理論上，我們可以透過分配溢出收入為股東創造更多價值。鑑於目前這些情況並不存在，而且我們繼續透過現有的股利框架來履行我們的分配義務，我們認為保留這筆資本仍然是為股東創造價值的最合適方式。

Before turning it back to Josh, I'd like to briefly provide an update on our ROEs. At the beginning of this year, we communicated an annualized ROE target range of 11.5% to 12.5% based on our expectations over the intermediate term for our net asset level yields, cost of funds, and financial leverage.

在把話題交還給喬希之前，我想先簡單介紹一下我們的股本報酬率。今年年初，我們根據對中期淨資產收益率、資金成本和財務槓桿的預期，公佈了年化 ROE 目標範圍為 11.5% 至 12.5%。

Based on our performance this year through Q3, we expect adjusted NII per share for the full year to be at the top end of our previously stated range of $1.97 to $2.14 per share for the full year.

根據我們今年截至第三季的業績，我們預計全年調整後每股淨收益將達到我們先前公佈的全年每股 1.97 美元至 2.14 美元範圍的上限。

The potential to exceed the top end of that range will be driven by activity-based fees. With that, I'll turn it back to Josh for concluding remarks.

超過該範圍上限的可能性將取決於按活動收費。接下來，我將把發言權交還給喬希，請他做總結發言。

Thank you, Ian. That's pretty long-winded in my letter. but I still encourage all of you to read it. And as a result, I'll keep my conclusion brief and pass the baton to Beau. As a proud shareholder, we're in the right hand to drive our platform forward. Our heartfelt thank you to all of our stakeholders. It's been an honour. The greatest pleasure of the seat was learning from all of you.

謝謝你，伊恩。我的信寫得挺長的，但我還是鼓勵大家讀一讀。因此，我的結論將簡短明了，並將接力棒交給博。身為股東，我們深感自豪，也相信我們能夠帶領平台向前發展。衷心感謝所有利害關係人。這是我莫大的榮幸。擔任這個職位最大的樂趣就是能向各位學習。

It made me and SLX better. A special thanks to my co-founding partners who trusted me with our public vehicle, our pre-IPO shareholders, and all of our shareholders over the last 11 plus years. I wanted to say thank you to Mike Fishman. I've worked with Mike for the better part of 25 years. Mike has been a mentor, a partner, and most importantly, a friend. Thanks, Mike. With that, over to Bo

它讓我和SLX都變得更好了。特別感謝我的共同創辦人，感謝他們對我的信任，讓我管理我們的上市公司；感謝我們的IPO前股東；感謝過去11年多來所有股東的支持。我想對麥克·菲什曼表示感謝。我和麥克共事了將近25年。麥克既是我的導師，也是我的夥伴，更重要的是，他還是我的朋友。謝謝你，麥克。接下來，輪到博了。

Thanks again, Josh. I'll close where we started.

再次感謝你，喬希。我將以我們開始的地方作為結尾。

Today's leadership update doesn't change how we run the business or our capital priorities. We remain focused on disciplined underwriting, proactive portfolio management, and delivering consistent investor-first results. We have great continuity with Ian and Craig Camera and of course, the next generation of talent. I have immense confidence in our team and the platform we've built, and I look forward to driving the next chapter of value creation for our shareholders.

今天的領導層更新不會改變我們的業務運作方式或資本優先事項。我們將繼續專注於嚴謹的核保、積極的投資組合管理，並持續為投資者帶來最佳績效。我們與 Ian 和 Craig Camera 保持著良好的合作關係，當然，還有下一代人才。我對我們的團隊和我們建立的平台充滿信心，並期待著推動公司為股東創造價值的下一個篇章。

Thank you for your continued support. With that, thank you for your time today, operator. Please open the line for questions.

感謝您一直以來的支持。那麼，感謝您今天抽出時間，接線生。請開通提問專線。

(Operator Instructions)

（操作說明）

Brian McKenna, Citizens.

Brian McKenna，市民。

Okay, thanks. Good morning, everyone. First off, Bo, congrats on the new role, and Josh, I just wanted to say thank you for all the genuine perspectives and insights on these calls over the years.

好的，謝謝。各位早安。首先，Bo，恭喜你擔任新職務；Josh，我只想說，感謝你多年來在這些電話會議中提出的所有真誠的觀點和見解。

So, my first question is on the theme of evolving businesses over time. I wasn't totally shocked by the announcement last night, although it also wasn't on my bingo card for third-quarter results. But Josh, it would just be helpful to get your perspective on why it's so important to have a deep bench, to always be thinking about the next generation of leaders, why it's critical to have such a strong culture, and really how all of this has played into the natural evolution of Sixth Street over the past 15+ years.

所以，我的第一個問題是關於企業隨著時間推移而演變的主題。昨晚的公告並沒有讓我感到完全震驚，儘管它也不在我預想的第三季業績名單上。但 Josh，我很想聽聽你對以下問題的看法：為什麼擁有深厚的後備力量如此重要，為什麼始終要考慮下一代領導者，為什麼擁有如此強大的企業文化至關重要，以及所有這些因素在過去 15 年多的時間裡是如何促成 Sixth Street 的自然發展的。

Yeah, hey Brian, it's a great question. Look, these things might seem kind of abrupt, shocking, or a surprise to outsiders, but the reality is, I think Bowe's been—this process started 8 years ago. Bowe was named President in 2016, so 9 years ago, whatever that math is. Ian's been here 10 years, but we started this transition 8 to 9 years ago, or at the beginning part of this transition.

是啊，布萊恩，問得好。你看，這些事情對局外人來說可能顯得有些突然、令人震驚或出乎意料，但事實上，我認為鮑伊一直…這個過程始於8年前。鮑伊於 2016 年被任命為總裁，也就是 9 年前，不管算起來是多久。伊恩在這裡工作了 10 年，但我們從 8 到 9 年前就開始了這種轉變，或者說，從這種轉變的初期就開始了。

And when I look at it, it was only fair to Bowe and the team to continue on that path and give them space to run.

在我看來，對鮑伊和他的團隊來說，繼續走這條路，給他們發展的空間，才是公平的。

Ultimately, this is a people business, and culture matters. I think what we've done is build a very strong culture around our franchise and around our shareholder orientation, and Bowe embodies that, and he's going to continue that. So, I'm super pumped as a shareholder, super pumped as Bowe's partner to see Bowe, and then, quite frankly, the generation behind that—because at some point, Bowe will have to make that choice on who the next generation is.

歸根究底，這是一項以人為本的事業，企業文化至關重要。我認為我們已經圍繞著我們的特許經營權和股東導向建立了一種非常強大的文化，而鮑伊正是這種文化的體現，他將繼續保持這種文化。所以，身為股東我非常激動，身為鮑伊的合夥人我非常激動，期待看到鮑伊的未來，坦白說，也期待看到他身後的這一代人——因為在某個時候，鮑伊必須做出選擇，決定誰是他的下一代。

I'm sure he'll do that in a collaborative way with me and my other partners, but he's going to have to make that choice. You know, our shareholders have given us permanent capital.

我相信他會與我和我的其他合夥人合作完成這件事，但他必須做出這個選擇。你知道，我們的股東給了我們永久資本。

With that permanent capital comes the responsibility of building a culture that allows for these generational changes in leadership—unlike an LP-GP relationship, which is relatively short-dated, 5 to 10 years, and doesn't depend on having the next generation of leadership.

在擁有永久資本的同時，也肩負著建立一種文化的責任，這種文化能夠實現領導層的代際更迭——這與有限合夥人-普通合夥人關係不同，後者期限相對較短，為 5 到 10 年，而且並不依賴於下一代領導層的出現。

So, that is a responsibility for the leaders of these permanent capital vehicles: to make sure you have succession planning and to make sure you build a culture where people can step up. We've done it, but I think it's different than the typical limited partnership relationship because these are permanent capital vehicles that belong to our shareholders, and the shareholders entrust us to do this.

因此，這些永久性資本工具的領導者有責任：確保制定繼任計劃，並確保建立一種讓人們能夠挺身而出的文化。我們已經做到了，但我認為這與典型的有限合夥關係不同，因為這些是屬於我們股東的永久性資本工具，股東們委託我們來做這件事。

Got it. That's really helpful. Thanks, Josh. And then just a question on private wealth. I know this is extremely topical, but how is Sixth Street thinking about expanding into this channel? I'm assuming this is something you and your partners are thinking about a lot. And I know if you ultimately roll out a dedicated strategy, it will be in typical Sixth Street fashion.

知道了。這真的很有幫助。謝謝你，喬希。然後，還有一個關於私人財富的問題。我知道這是一個非常熱門的話題，但 Sixth Street 打算如何拓展到這個領域呢？我猜想這是你和你的伴侶一直在思考的問題。我知道，如果你們最終推出一項專門的策略，那將會是典型的第六街風格。

But what could this look like? I'm assuming you'll have to figure out a way to solve and really be able to prudently raise and deploy capital. But is there a way to create a strategy that caps quarterly or annual inflows? And then you're also able to invest across asset classes depending on the current risk rewards in the market. Any thoughts here would be helpful.

但這會是什麼樣子呢？我猜你必須想辦法解決這個問題，並且能夠謹慎地籌集和運用資金。但是，有沒有辦法制定策略來限制季度或年度資金流入呢？此外，您還可以根據目前市場的風險回報情況，進行跨資產類別的投資。大家的任何想法都會很有幫助。

Yeah, I mean, look, I think—you know, it's obviously, I talked about this in my letter in depth. It's probably not, I would say, we think about it, we debate it, there's not a conclusion today. But if we did something, it would have to be in a different way.

是的，我的意思是，你看，我認為……你知道，很明顯，我在信中詳細談到了這一點。我覺得可能不是，我們考慮過這個問題，也討論過這個問題，但今天還沒有結論。但如果我們要做點什麼，就必須採取不同的方式。

I like the idea, and I said this on our last morning's call—the thought of the democratization of alts, allowing the small investor access to great management

我喜歡這個想法，我在上次早上的電話會議上也說過──我指的是另類投資民主化，讓小投資者也能接觸到優秀的管理團隊。

and those streams of returns.

以及這些回報流。

I'm not sure the market has figured out how to actually give that investor the institutional experience. And if we ever did something in the space, it would have to be to give them the institutional experience. And quite frankly, we haven't figured out exactly how to do that yet.

我不確定市場是否已經找到了真正能讓這類投資人獲得機構投資體驗的方法。如果我們要在那個領域有所作為，那一定是讓他們獲得機構經驗。坦白說，我們還沒有完全弄清楚該怎麼做。

All right; I'll leave it there thanks so much.

好的，我就說到這裡吧，非常感謝。

So much. Thanks.

太多了。謝謝。

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國證券。

Here’s your revised text with only punctuation corrections (commas and full stops), as requested:

以下是您根據要求修改後的文本，僅修正了標點符號（逗號和句號）：

Hey everyone, good morning, and congrats again on the promotions, leadership changes, and so forth. Just a small follow-up on that.

大家好，早安，再次恭喜各位的晉升、領導層變動等等。關於這件事，我還有一點補充。

Can you talk about how the focus may change? Josh, you'll remain

能談談重點可能會如何變化嗎？喬什，你將繼續

CIO or co-CIO of the platform. Are you still focused on direct lending, or will it be something else? And then, Bo, I think you were—correct me if I'm wrong—split between the growth business and this. Will it be full-on this or is there anything else in there interesting on what your day-to-day will be like?

平台首席資訊長或聯合首席資訊長。您目前仍專注於直接貸款業務，還是會轉向其他領域？然後，Bo，我想你當時……如果我錯了請糾正我……在增長業務和這個之間搖擺不定。會完全是這樣嗎？還是說你的日常生活還有其他有趣的內容？

Hey, thanks. I don't expect either one of our day-to-day responsibilities to change, and I'll let Bo answer for himself. What I love personally is investing. I'm going to continue to be an active member and voice on the direct lending investment committees, and so I don't expect anything to change.

嘿，謝謝。我不認為我們兩個的日常職責會有任何改變，至於Bo自己如何回答，就交給他自己吧。我個人最喜歡的事情是投資。我將繼續積極參與直接貸款投資委員會的工作並發表意見，因此我不認為情況會有任何改變。

I think it's also—again, it's hard to see from the outside—but day to day, this is pretty consistent with how we operate today. So again, if I've made one mistake, and if I can be self-critical for a second, I've probably been more of a voice and an outside voice compared to how we operate. And the reality of how we operate the business is how it's going to operate going forward.

我認為這也是——再次強調，從外部很難看清——但就日常營運而言，這與我們今天的運作方式相當一致。所以再說一遍，如果我犯了一個錯誤，如果我可以自我批評一下，那麼與我們的運作方式相比，我可能更多地扮演了一個局外人的角色。而我們目前的經營方式，也將決定公司未來的經營方式。

I spend my time trying to invest and be helpful on the investing side and think about risk and return. So, I don't think anything's massively changing. Bo can talk about how responsibilities on growth change, but I don't see that massively changing either.

我花時間嘗試投資，希望能在投資方面提供幫助，並思考風險和回報。所以，我認為不會發生什麼巨大的改變。Bo可以談談成長中的責任是如何變化的，但我認為這種變化也不會很大。

No, thanks, Josh. Thanks for the question, Finn. As Josh mentioned, I don't see a big change in my day-to-day responsibilities. The framework for this transition has been in place for quite some time and, as Josh mentioned, started 9 years ago. I'll continue to split my time.

不用了，謝謝你，喬許。謝謝你的提問，芬恩。正如喬許所說，我認為我的日常職責不會有太大變化。這一過渡的框架已經存在相當長一段時間了，正如喬希所提到的，它始於9年前。我將繼續分配時間。

With growth, the great news there is—Finn, I think you and I have spoken about this before—there's a lot of synergies across those portfolios and a lot to learn by being across both of those businesses. I'll be spending more time with you all. I look forward to that. I look forward to driving the business forward and continuing on the journey that we've been on for quite some time.

隨著成長，好消息是…芬恩，我想你我以前也談過這個問題…這些投資組合之間有很多協同效應，而且透過同時涉足這兩個業務，我們可以學到很多東西。我會花更多時間和大家在一起。我期待著那一天的到來。我期待著推動公司向前發展，並繼續我們已經走過的路程。

But day-to-day activities, I don't expect a vast change.

但就日常活動而言，我預計不會有太大變化。

Yeah, I mean, this is a little bit of a joke, and it's surely not going to show up well in the transcript, but Bo's getting the worst part of the transition—which is public earnings calls—and, you know, tossing with you all, which makes us better ultimately. But, you know, I'm glad Bo is taking that off my plate, and I'm sure he'll do a better job than I have.

是的，我的意思是，這有點像個玩笑，而且肯定不會在文字記錄中體現出來，但 Bo 承擔了過渡期最糟糕的部分——也就是公開的財報電話會議——你知道，和你們一起經歷這些，最終會讓我們變得更好。但是，你知道，我很高興博幫我分擔了這項工作，我相信他會比我做得更好。

But we'll keep leaning on him here for, these calls so.

但我們會繼續依靠他來處理這些電話。

And we'll see who will do the shareholder letters as well.

我們還要看看誰來負責撰寫股東信。

I'd be happy to go away by the way.

順便說一句，我很樂意離開。

Just a follow-up on the... I think, Beau, you gave colour on the CLO liabilities. Is that something you're continuing to do, given it doesn't seem like direct lending spreads are bouncing back imminently? And these are... I think it was somewhere in the 550s you said, it's not like that's out of the park.

關於…的後續報道博，我覺得你對 CLO 負債進行了詳細的闡述。鑑於直接貸款利差似乎短期內不會反彈，您是否還會繼續這樣做？這些是…我想你說的是550美元左右，這不算太離譜。

So, if you tie that to the spillover math you gave, does the sort of marginal dollar, the CLO debt investment, make sense to support through the marginal sort of source of capital that is spillover income? And yes, I'll leave it at that.

所以，如果你把這一點與你給出的溢出效應數學聯繫起來，那麼透過溢出收入這種邊際資本來源來支持邊際美元（即 CLO 債務投資）是否有意義呢？是的，我就說到這裡吧。

Yeah, I'll take it. First of all, let me take a step back because I think it's helpful. We have a huge, dedicated structured credit team and broadly syndicated loan team, and if you look at the performance of both those teams, it's how this part topped us out. We're very good in those markets.

好的，我收下。首先，我想先退後一步，因為我覺得這樣做很有幫助。我們擁有龐大的、專業的結構化信貸團隊和廣泛的銀團貸款團隊，如果你看看這兩個團隊的業績，就會明白為什麼這部分業務讓我們取得了領先地位。我們在這些市場表現非常出色。

And so, we have a structural edge where you see we've invested in this asset class over time in the BDC. I think our average return is in the 20s when we've done it. Obviously, it's not going to be a 20% return.

因此，我們擁有結構性優勢，您可以看到，我們一直在 BDC 中投資於這個資產類別。我認為我們每次這樣做平均回報率在 20% 左右。顯然，回報率不會達到20%。

But when you look at it—and so you start there—and our choices were, just to put it out there, the marginal economics are a lot better than the spread because it would have filled an investment income hole and was accretive to earnings this quarter by probably a penny or so.

但當你仔細觀察它時…所以你就從那裡開始…我們的選擇是，坦白說，邊際經濟效益比利差要好得多，因為它可以填補投資收入的缺口，並且本季度可能會增加一美分左右的收益。

And so, is this a... I don't expect it to grow. We're at, what, $100 million today, which is a very small part of our balance sheet. Our balance sheet is $3.5 billion and a very small part of our capital.

所以，這是…我不認為它會增長。我們目前的資產大約是 1 億美元，這在我們資產負債表中只佔很小一部分。我們的資產負債表顯示，資產總額為35億美元，但這只占我們資本的一小部分。

So, I don't expect it to grow, but is it a nice placeholder and a relative value trade? The answer is 100%. And so, you know, what we don't want to do is tie up capital in long-dated, illiquid 450 things that won't give us the opportunity to drive value and create that anti-fragility that we have over time.

所以，我不指望它會成長，但它是一個不錯的佔位符和相對價值交易嗎？答案是100%。所以，你知道，我們不想把資金投入到長期、流動性差的450個專案中，這樣我們就無法創造價值，也無法隨著時間的推移而獲得我們所需要的反脆弱性。

And you know, the great thing about this is they're higher spread and they're liquid. So, it works on a marginal basis, it surely works on a risk-adjusted return basis, and its liquid, so we get to change our mind when there are other opportunities.

你知道，這種產品最大的優點是擴散性更強，而且是液態的。所以，從邊際收益的角度來看，它是可行的；從風險調整後的收益的角度來看，它肯定是可行的；而且它具有流動性，所以當有其他機會出現時，我們可以改變主意。

Awesome, thank you so much.

太棒了，非常感謝。

Thanks, Finn. Hey Finn, personally I want to say to you and Wells Fargo and your predecessor, thanks. And this is not calling out anybody else, but you know, you guys have been at this for a long time covering the sector, and the work you've done is, I think, been extremely additive to the sector—where the sector needs transparency. So, thank you. You've made us better, you've made the sector better—you, the institution, and your predecessor. So, thank you for that.

謝謝你，芬恩。嘿，芬恩，我個人想對你、富國銀行以及你的前任說聲謝謝。我並不是指責其他人，但你們長期以來一直在報道這個行業，我認為你們所做的工作對這個行業——這個行業需要透明度——來說，是非常有益的。所以，謝謝。你讓我們變得更好，你讓這個行業變得更好——你、這個機構以及你的前任。所以，謝謝你。

Melissa Wedel, JP Morgan.

梅麗莎‧韋德爾，摩根大通。

Good morning. Thanks for taking my questions. Congrats again to both Bo and Josh on maybe just formalizing the roles that have sort of been evolving that way for a long time.

早安.謝謝您回答我的問題。再次恭喜 Bo 和 Josh，他們或許終於正式確定了彼此的角色，而這種角色轉變其實已經持續很久了。

Wanted to follow up on credit. Obviously, there's been a lot of concerns about credit quality across the industry, and I think especially those fears have picked up in the last month or so. I think we heard a lot from investors about concerns around—is there a pocket of weakness around auto in particular? We saw a couple of headlines there.

想跟進一下信用狀況。顯然，整個行業對信貸品質有很多擔憂，而且我認為，尤其是在過去一個月左右的時間裡，這種擔憂加劇了。我認為我們從投資者那裡聽到了很多關於汽車行業的擔憂，尤其是汽車行業是否存在疲軟跡象？我們在那裡看到了幾個新聞標題。

It sounds like you're not especially concerned about any particular pockets of weakness, but it's more an issue of pricing and supply of capital in the market. Is that a fair characterization?

聽起來你似乎並不特別擔心任何特定的弱點，但這更多的是市場定價和資本供應的問題。這種描述是否恰當？

Yeah, I think that is fair. I think generally credit issues are behind us. Idiosyncratic stuff will pop up. I do think—

是的，我覺得很公平。我認為信貸問題總體上已經過去了。一些奇奇怪怪的事情會發生。我確實認為âteau

who I love and respect a lot—your boss had made a comment about credit. I think he was referring to general credit and not private credit. So, I think one of my contemporaries took the bait on that, and the story kind of got wild.

我非常愛戴和尊敬的人……你的老闆曾經就信用問題發表過評論。我認為他指的是一般信貸，而不是私人信貸。所以，我覺得我的一個同齡人上鉤了，然後事情就變得有點離譜了。

But what I would say is, when you look at those instances that have been reported in the news, that was not private credit. That was the broadly syndicated loan market that's been around for 30 or 40 years, and then there was the other—I think—banks' balance sheets.

但我想說的是，當你查看新聞報導的那些案例時，你會發現那並不是私人信貸。那是已經存在了 30 或 40 年的廣泛銀團貸款市場，然後還有其他——我想——銀行的資產負債表。

And so, I think private credit generally does a good job because the models differ. We do private equity—I can't speak for everybody—but I think the industry generally leans this way. It's slightly more concentrated. It's not fractional. They don't manage it as fractional risk. They manage it as idiosyncratic risk. They do private equity-style due diligence.

因此，我認為私人信貸總體上表現良好，因為其模式各不相同。我們做私募股權投資……我不能代表所有人……但我認為這個行業總體上傾向於這種方向。它的濃度略高一些。它不是分數。他們並不將其視為部分風險進行管理。他們將其作為特殊風險進行管理。他們進行類似私募股權式的盡職調查。

And I think where people have gotten burned is they think about it as not idiosyncratic, and they lose focus on the individual credit underwriting and diligence. They lean into the fractional nature of their portfolios, and then bad things can happen.

我認為人們之所以會受到傷害，是因為他們認為這並非特例，因此忽略了個人信貸承銷和盡職調查的重要性。他們過度依賴投資組合的碎片化特性，然後就可能發生不好的事情。

So, I actually think this is a good check mark for private credit, at least in those two names that were public.

所以，我認為這對私人信貸來說是一個不錯的標誌，至少對於這兩個公開上市的品牌來說是這樣。

Thanks for that, Josh. You just mentioned transparency, and that's also something you talked about in your shareholder letter. You didn't—I’m curious what you think that looks like. Do you think there's room for additional transparency across the industry? So, what does that mean? And is that something TSLX could be taking the lead on? Thank you.

謝謝你，喬希。您剛才提到了透明度，這也是您在致股東信中談到的內容。你沒有……我很好奇你覺得那看起來像什麼。你認為整個產業還有提升透明度的空間嗎？那這意味著什麼呢？TSLX 有可能在這方面發揮主導作用嗎？謝謝。

Yeah, I actually think there's—look, when you look at the ecosystem of public BDCs, there's a decent amount of transparency, right? You have rating agencies, equity research analysts, and you have this process that provides tension and transparency.

是的，我其實認為…你看，當你觀察公共 BDC 的生態系統時，你會發現它具有相當高的透明度，對吧？評級機構、股票研究分析師，以及這個既能帶來緊張感又能帶來透明度的過程，構成了評級機構和股票研究分析師的體系。

What I was talking about was really transparency in the non-traded, perpetually offered space—or private space—or those products. You don't have the equity research analysts with buy/sell ratings. You don't have Morningstar yet with ratings on fund managers like you do in mutual funds.

我真正想說的是，在非交易的、永久提供的空間——或者私人空間——或者那些產品中，透明度究竟是什麼。你們沒有提供買賣評級的股票研究分析師。目前還沒有像共同基金那樣，由晨星公司對基金經理人進行評級。

And so, I think my hope is that transparency comes through that space, and that space evolves from being what's being sold today to a space that's being actively bought. You can't have something actively bought without transparency.

因此，我希望透明度能夠透過這個空間來實現，並且這個空間能夠從今天出售的商品演變成一個積極購買的商品。如果沒有透明度，就不可能進行主動購買。

And so, I think that evolution will take time. I had heard—and it's going to be slightly unpopular—I think I had heard that my economics were wrong, or somebody said it came back to me through a reporter that my economics were wrong on the non-traded space. And that isn't exactly right.

所以，我認為進化需要時間。我聽說……而且這可能會有點不受歡迎……我想我聽說我的經濟學理論是錯的，或者有人透過記者告訴我，我在非交易領域的經濟學理論是錯的。但這並不完全正確。

That space might have lower management fees at any level, but they have other fees that the investor eats—a trailer on a dividend, etc. So, my math is exactly right in that space too, but it's marketed differently.

那個領域的管理費可能在任何層級都較低，但投資人還要承擔其他費用──例如股息分成等等。所以，我的計算在那個領域也完全正確，只是行銷方式不同。

I think there just needs to be—over time—it will happen. It will happen slowly. It won't happen as fast as we want, but transparency is going to be the key to what economics investors ultimately eat, and to understanding risk/reward.

我認為只需要…隨著時間的推移…它就會發生。這會慢慢發生。雖然不會像我們希望的那樣迅速實現，但透明度將是經濟投資者最終獲得收益以及理解風險/回報的關鍵。

I think that already exists in our space because you're on the phone asking questions—and hard questions.

我認為這種情況在我們這個領域已經存在了，因為你在打電話問問題——而且是棘手的問題。

Investors don't have that process or that content in the non-traded space.

投資者在非交易領域沒有這樣的流程或內容。

Aaron Zyganovich , Truist Securities.

Aaron Zyganovich，Truist Securities。

Thank you. You know, maybe we could talk a little bit about the balance of, I guess, seeking yield.

謝謝。你知道，或許我們可以稍微談談追求收益的平衡問題。

You have a few kind of unique investments this quarter—in CLOs and in ABL—with the traditional part of your business. And, I don't know, historically when I think about spreads getting tight and loan yields getting tight, as folks are looking to maintain that yield, you take on more credit risk.

本季您在傳統業務方面有一些獨特的投資—CLO 和 ABL。而且，我不知道，從歷史角度來看，當利差收窄、貸款收益率收窄時，由於人們都在尋求維持收益率，因此承擔更大的信用風險。

Maybe you could just talk a little bit about the balance of the types of deals you're doing and what the risk profiles are relative to doing your kind of more plain vanilla.

或許您可以稍微談談您正在進行的各種交易類型的平衡情況，以及相對於您以往那種更普通的交易方式，這些交易的風險狀況如何。

I'll hit it, then I'll turn it over to Bo.

我先打，然後交給博。

We're doing nothing different.

我們做的並沒有什麼不同。

ABL has always been part of our portfolio.

ABL一直是我們投資組合的一部分。

Like real-life returns, it's been an alpha-generating part of our portfolio.

就像現實生活中的收益一樣，它一直是我們投資組合中產生超額收益的部分。

It literally provides only alpha, no additional credit risk.

它實際上只提供超額收益，不增加任何信用風險。

That's historical math. We're navigating complexity—that has been our story. The great thing about the middle market and about investment is that it's still pretty inefficient, which means you can have—like SLX has—higher asset-level returns and lower losses. We have losses that are a fraction of the industry. We have had unlevered returns that are somewhere between 100 basis points and 300 basis points higher than the industry.

這是歷史數學。我們一直在應對複雜局面——這就是我們的故事。中端市場和投資的一大優點是其效率仍然很低，這意味著你可以獲得——就像SLX一樣——更高的資產水平回報和更低的損失。我們的虧損額遠低於業界平均。我們的無槓桿收益率比行業平均高出 100 到 300 個基點。

And so, I would argue with the premise that we've taken more risk. On the structured credit piece, that's double B, that probably has a worse score—so weighted average rating factor—that is somewhere between three and seven times less than the average idiosyncratic credit,

因此，我認為我們承擔了更多風險的說法並不成立。在結構化信用方面，這是雙B級，可能得分更差——因此加權平均評級因子——比平均個體信用低三到七倍。

which is probably somewhere between CCC and the middle market. So, I think the premise is wrong. We actually have been risk-adjusted seeking,

這可能介於CCC和中端市場之間。所以，我認為這個前提是錯的。實際上，我們一直在尋求風險調整後的效益。

versus risk seeking. And we've most definitely, as it relates to the structured credit investments, reduced risk, not increased risk. Bo, you have anything to add.

與冒險行為相對。而且就結構化信貸投資而言，我們絕對降低了風險，而不是增加了風險。Bo，還有什麼要補充的嗎？

No, but like—Erin, thanks for the question. The only thing I would add is we have not changed anything. I highlighted 22 of our larger thematic originations during the quarter. Those are both themes that we've been pursuing for quite some time—5 years plus on each of these themes.

不，不過就像艾琳一樣，謝謝你的提問。我唯一要補充的是，我們什麼都沒改變。本季我重點介紹了我們 22 個較大的主題項目。這兩個主題我們都研究了相當長一段時間──每個主題都研究了五年以上。

Our other two originations were deeply thematic. We continue to be very disciplined in this environment. It's a supply-demand imbalance, but we're not changing how we underwrite credit, how we think through credit, and how we structure credit.

我們另外兩個項目都具有深刻的主題性。在這種環境下，我們依然保持高度自律。這是供需失衡，但我們不會改變信貸的承銷方式、信貸的思考方式以及信貸的結構方式。

Thank you, I appreciate that.

謝謝，我很感激。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，加拿大皇家銀行資本市場。

Hey, good morning. Thanks for taking my question. Echo the congrats, Bo on the new role, and Josh, it's been great working with you, and, I hope you'll continue to be an outside voice and, continue to share your industry insights going forward.

嘿，早安。謝謝您回答我的問題。恭喜 Bo 榮升新職，也恭喜 Josh，與你共事非常愉快，希望你繼續以局外人的身份，繼續分享你對業界的見解。

One question I had and what's really interesting from the letter here, you highlight that that TSLX has a much lower beta than the BDC peers wondering if you have any thoughts on what could have been contributors historically for that lower beta, especially given the, outsized returns, TSLX has been generating. Thanks.

我有一個問題，也是這封信中最有趣的一點，您強調 TSLX 的 beta 值遠低於 BDC 同儕。我想知道您是否認為，歷史上哪些因素可能導致了 TSLX 較低的 beta 值，尤其考慮到 TSLX 已經產生了超額收益。謝謝。

Yeah, I think that's a function of credit losses. The beta on stock price, my guess comes with blow ups on credit, and we've had 20% less beta than space, 20% less beta than the, public equities, and, beta comes from, surprises.

是的，我認為這與信貸損失有關。我猜想，股票價格的貝塔係數與信貸崩盤有關，而且我們的貝塔係數比太空市場低 20%，比公開股票市場低 20%，貝塔係數來自意外事件。

Those surprises are asymmetrical in credit and you know we, we've done a good job of not having surprises.

這些意外情況在信用方面是不對稱的，而​​且你知道，我們一直做得很好，避免出現意外情況。

Got you, very helpful there, and one follow-up, if I may, wondering if you could just give us any kind of update thoughts around, expectations for prepayments, especially given your expectations for M&A activity. Thanks.

明白了，這很有幫助。如果可以的話，我還有一個後續問題，想請教一下您對預付款方面有什麼最新想法和預期，特別是考慮到您對併購活動的預期。謝謝。

Sure, I'll take that one. Thanks for the question. As I mentioned in my prepared remarks last quarter, we had elevated repayment activity, which has been the trend over the last couple of quarters. I think we generated $0.14 per share in activity-based fee income versus a historical average of $0.08 per share.

好的，我收下這個。謝謝你的提問。正如我在上個季度的準備發言稿中提到的那樣，我們的還款活動有所增加，這是過去幾個季度以來的趨勢。我認為我們每股活動費收入為 0.14 美元，而歷史平均為每股 0.08 美元。

It's a little early in the quarter to have the clearest picture, but what I would expect is that activity-based fee income to be closer to the norm this quarter. But, as I mentioned, it's a little early. We usually have 30 to 60 days visibility on the forward repayment activity.

現在距離季度末還有一段時間，情況還不太明朗，但我預計本季基於活動的收費收入將更接近正常水平。但是，正如我所說，現在還為時過早。我們通常可以提前 30 到 60 天了解還款狀況。

The great news, I think, as you've looked at our earnings historically—in quarters where there is less activity-based income, less repayment activity—we're able to grow interest, we're able to drive leverage, and drive interest income through the P&L.

我認為，好消息是，正如您從歷史數據中看到的，在那些基於活動的收入較少、還款活動較少的季度，我們能夠增加利息收入，提高槓桿率，並透過損益表推動利息收入成長。

Great, very hopeful that answered. Thanks again.

太好了，希望這個問題能得到解答。再次感謝。

Yes, no, that answers it. Thanks again.

是的，不，這樣回答了。再次感謝。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hello everybody. Now, congratulations on the title, Bo—and condolences on inheriting the earnings calls. And Josh, congratulations to you for getting off the treadmill, and hopefully you'll follow your coach's advice on making your own luck, which continues to carry you.

大家好。恭喜你獲得這個頭銜，BoâF，也對接手獲利電話會議表示慰問。喬什，恭喜你終於擺脫了困境，希望你能聽從教練的建議，創造屬於自己的好運，讓好運繼續眷顧你。

Not related to the letter—funnily enough—the largest deal this quarter, as you said, was Walgreens. It was an ABL. So, if there is credit concern in the market right now, it seems more around collateral monitoring, in my opinion—collateral monitoring and collateral quality.

與這封信無關——有趣的是——正如你所說，本季最大的一筆交易是沃爾格林。這是一筆ABL交易。所以，如果目前市場上有信貸方面的擔憂，在我看來，似乎更集中在抵押品監控和抵押品品質方面。

When a vehicle asset is double pledged, is a receivable real or not? So, when you look at an asset-based structure,

當車輛資產被雙重質押時，應收帳款是真實的還是虛假的？所以，當你檢視以資產為基礎的結構時，

how do you make sure—right? And it's kind of a softball question for Bo on his first phone call—

如何確保「正確」？對博來說，這算是他第一次打電話時提出的一個非常簡單的問題了…

how do you make sure that your collateral is real? Because that has been a fall-down in a couple of these idiosyncratic credit instances that we've seen over the last couple of quarters.

如何確保抵押品的真實性？因為在過去幾個季度裡，我們看到的幾個特殊信貸案例中，都出現了這種情況。

Yeah, sure, I'll take that one, and then Josh or even Mike can add. First of all, I would say this is a core competency of the platform. We've been doing this for over 20-plus years—monitoring ABL collateral, understanding ABL collateral, understanding how it would liquidate.

好的，沒問題，我來做，然後喬許或麥克也可以加。首先，我認為這是該平台的核心競爭力之一。我們已經從事這項工作超過 20 年了——監控 ABL 抵押品，了解 ABL 抵押品，了解它將如何清算。

Our team is very focused on inventory counts, inventory appraisals, having those in a timely fashion, monitoring that borrowing base on a monthly, if not more frequent, basis to understand where we're at in the collateral picture.

我們的團隊非常注重庫存盤點、庫存評估，確保及時完成這些工作，並按月（甚至更頻繁地）監控借款基礎，以了解我們在抵押品方面的狀況。

We have an excellent track record in the sector. I believe we have over 20% IRRs historically in retail ABL. You don't do that by happenstance—you do it by understanding who your borrowers are, what that collateral picture is, and monitoring that on a day-to-day basis.

我們在該領域擁有卓越的業績記錄。我相信我們在零售資產抵押貸款領域的歷史內部收益率超過 20%。你不可能偶然做到這一點——你需要了解你的借款人是誰，抵押品的情況如何，並每天監控這些情況。

It is a core competency. We have a whole team that this is what they're focused on, and we have a lot of confidence in them.

這是一項核心競爭力。我們有一個專門負責這項工作的團隊，我們對他們充滿信心。

Josh? Mike?

喬希？麥克風？

Anything to add? I don't—look, obviously we weren't a part of those names, so that tells you something about the core competency for us.

還有什麼要補充的嗎？我不看，顯然我們不在那些名字之列，這說明我們的核心競爭力是什麼。

The second thing I would say is Bo's exactly right, which is: this ABL loan—the predominant collateral is inventory in the stores—where you're doing collateral audits to match inventory counts with the GL,

第二點我想說的是，Bo 的說法完全正確，那就是：這筆 ABL 貸款——主要抵押品是商店裡的庫存——你們正在進行抵押品審計，以將庫存數量與總帳進行核對。

and you're making sure that there is no discrepancy. These are physical things. I would suspect, in both those two instances, if people were reconciling cash to receivables—which we would have done—they would have picked up on it pretty quickly.

你要確保沒有任何出入。這些都是實物。我懷疑，在這兩種情況下，如果人們真的在核對現金和應收帳款——而我們確實這麼做了——他們很快就會發現問題。

Because the way that a fraud exists is that people create receivables, and by definition, those receivables have no cash collections against them. So, if you had been doing your work, you would have seen no cash collections or high dilution, and you would have sniffed it out.

因為詐欺的本質在於人們創造應收帳款，而根據定義，這些應收帳款並沒有相應的現金回收。所以，如果你盡職盡責，就不會發現沒有現金回收或股權高度稀釋的情況，你早就察覺到了。

Thank you for that. I, on your tell, you’re off the run pipeline. I mean, over time, how?

謝謝。根據你的描述，你已經脫離了運作流程。我的意思是，隨著時間的推移，會怎麼樣？

If how fast do you think that kind of segment of the market can grow? Obviously, I mean, people put, to your point, the perpetuals, the market opportunity — people put big growth numbers on it. But that comes at the expense of a lot of spread compression for your more off-the-run type deals, where you are getting these higher spreads, and you're getting more unique assets and offered more fee income. How fast is that?

您認為這類細分市場能夠以多快的速度成長？顯然，我的意思是，正如你所說，人們對永續農業、市場機會——人們對它寄予厚望，寄予厚望。但這樣做會犧牲很多非常規交易的價差壓縮，因為在這些交易中，你會獲得更高的價差，獲得更多獨特的資產，並獲得更多的費用收入。那速度有多快？

Yeah, how penetrated — maybe not how fast — but how penetrated are you in that market? And how — what's the opportunity there for TX TSLX to continue to grow in a very controlled manner?

是的，滲透率如何？也許不是滲透速度如何，而是你在該市場的滲透率如何？那麼，TX TSLX 如何以可控的方式繼續發展呢？

Yeah, look, I mean, A, we're not focused on growth — we're focused on shareholder returns, so I just want to put that out.

是的，你看，我的意思是，A，我們不專注於成長，我們專注於股東回報，所以我只想說明這一點。

We're focused on shareholder returns and having the right architecture, which is managing the right amount of capital for the opportunity set. So what you know — what people are along now — is that there's the same amount of those opportunities, and because we don't need to grow... I think the one thing that people keep missing over and over again — and part of it is how they frame their business, which is growth — the only thing that really matters for the industry is growth or earnings, or growth in earnings as it relates to a unit of economic interest, so a share.

我們專注於股東回報和擁有正確的架構，也就是根據機會管理適量的資本。所以你知道，現在人們所看到的，是機會的數量是一樣的，而且因為我們不需要成長…我認為人們總是反覆忽略的一點是，他們看待業務的方式，也就是成長，而對這個行業來說，真正重要的只有成長或收益，或與經濟利益單位（即股份）相關的收益成長。

Like, if you grow revenues by 20% or grow earnings by 20%, and share count by 20 or 25%, you haven't created shareholder value.

例如，即使收入增加了 20% 或獲利成長了 20%，而股票數量增加了 20% 或 25%，你也沒有創造股東價值。

And so, we're focused on creating shareholder value, which means that we might not grow.

因此，我們專注於創造股東價值，這意味著我們可能不會實現成長。

Fair enough. Thank you.

很公平。謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Yeah, thanks. Good morning, thanks for taking my questions. Not to sound redundant on any of the management changes — I think they've been pretty well covered — but just wanted to ask: as part of those changes, were there any changes to the overall credit committee, investment committee, and any of the processes around that?

嗯，謝謝。早上好，謝謝您回答我的問題。我不想在管理層變動方面顯得多餘——我認為這些變動已經得到了充分的報道——但我只是想問一下：作為這些變動的一部分，信貸委員會、投資委員會以及相關的任何流程是否有任何變動？

I'd be curious to get your thoughts. I mean, you guys have obviously made a lot of thematic investments in the software space and been very active there. Maybe it'd be good to hear your thoughts on the overall AI risk and concern, and whether that's the kind of risk or opportunity that you see within the portfolio.

我很想聽聽你的想法。我的意思是，你們顯然在軟體領域進行了很多主題投資，並且非常活躍。或許我們應該聽聽您對人工智慧整體風險和擔憂的看法，以及您認為這是否是投資組合中存在的風險或機會。

Yeah, I’ll take that one. I’m going to start off by saying — the portfolio continues to perform very well, both software and non-software names, where we have not seen any impact today as it relates to AI to any of the software names.

好的，我選那個。首先我要說的是，投資組合繼續表現良好，包括軟體和非軟體公司，目前我們還沒有看到人工智慧對任何軟體公司產生任何影響。

With that, I think the impact of AI is nuanced and still evolving. There are going to be a lot more questions than answers right now in the sector. I personally believe it will be a net positive for the sector overall, but it will be deeply nuanced. There are going to be winners and losers, just like there were winners and losers from the transition from on-prem to cloud-native businesses.

由此看來，我認為人工智慧的影響是微妙的，並且仍在不斷發展中。目前該領域存在的問題遠多於答案。我個人認為這對整個產業來說將是利好消息，但具體情況會非常複雜。就像從本地部署向雲端原生業務轉型過程中出現贏家和輸家一樣，轉型過程中也會出現贏家和輸家。

I think what’s important is — this is a sector that we’ve been active in for 2+ decades, dating all the way back to Mike Fishman, who I think was one of the original folks that had a thesis around their credit quality. We focused then, and now, on businesses that have high switching costs, durable data moats, and provide meaningful downside protection in that they own their customer base. They have a very — they own the distribution, if you will, of the customers, which is still a high barrier to entry.

我認為重要的是，我們在這個領域已經活躍了 20 多年，可以追溯到 Mike Fishman，我認為他是最早提出信用品質理論的人之一。我們當時和現在都專注於那些轉換成本高、資料護城河持久，並且擁有自己客戶群，從而提供有意義的下行保護的企業。他們擁有非常強大的客戶分銷管道，這仍然是一個很高的進入門檻。

But, as I mentioned, it is going to be evolving. I think the important thing is — you think about the forward and not the historic, and that’s where we’re focused, not only in portfolio management but also in new opportunities.

但是，正如我所提到的，它會不斷發展變化。我認為重要的是要著眼未來而不是回顧過去，而這正是我們所關注的，不僅在投資組合管理方面，而且在新機會方面也是如此。

But that’s my thoughts on the space. Mike, you should add anything — or Josh.

但這就是我對這個空間的看法。Mike，你應該添加任何âf或Josh。

No, I think Bo hit it, which is, AI will level the playing field on developer costs.

不，我認為 Bo 說得對，人工智慧將使開發者的成本更加公平。

And but the reality is there's other modes and capital is never a real long-term mode of a business and so it reduced the capital intensity of creating software, but that wasn't the mode. The mode the moat was data integration, workflow, and so, I think that is, capital is never a moat.

但現實是還有其他模式，資本從來都不是企業真正的長期模式，因此它降低了軟體開發的資本密集度，但這並不是正確的模式。護城河的模式是資料整合、工作流程，所以，我認為，資本永遠不是護城河。

Around a or a competitive advantage or a barrier to entry and what AI has done is just reduced the cap intensity, but that's never a moat and we've always focused on the moats.

圍繞著競爭優勢或進入壁壘，人工智慧所做的只是降低了上限強度，但這永遠不是護城河，而我們一直專注於護城河。

Got it. Appreciate it. It was and appreciate the answer there. And last one for me, I would just be curious to hear, just recognizing spreads didn't change all that much during the month of October, but kind of around the time of just the negative credit headlines and the bankruptcy announcements in the month, I'd just be curious to hear if there were any sort of Bad balance sheet opportunities exposed or anything that was, you know, able to create kind of unique deal flow for the fourth quarter?

知道了。謝謝。確實如此，感謝那裡的解答。最後一個問題，我很好奇，雖然10月份利差變化不大，但恰逢當月負面信貸新聞和破產公告頻發，我想知道是否有任何不良資產負債表機會被曝光，或者是否有任何因素能夠為第四季度創造獨特的交易機會？

Yeah, I mean, I think there are things in our pipeline that are very unique, and that are thematic and complicated. We committed to a large financing for a company that's coming out of a bankruptcy, that is in the energy infrastructure sector. At some point, we'll fund that in Q4 or Q1 next year.

是的，我的意思是，我認為我們正在籌備的專案非常獨特，主題鮮明、錯綜複雜。我們承諾為一家正在擺脫破產困境、從事能源基礎設施行業的公司提供大量融資。我們會在明年第四季或第一季為此提供資金。

So, there's some unique stuff that we continue to find, which is consistent with our model — which is to find things that are less trafficked, which require industry knowledge where we have an edge, or where we have a theme. And so, you'll see some of that stuff in the next quarter or two. That's it.

所以，我們不斷發現一些獨特的東西，這與我們的模式相符——即尋找流量較少、需要行業知識（而我們在這方面有優勢）或有主題的東西。所以，在接下來的一、兩個季度裡，你會看到一些這樣的內容。就是這樣。

Thank you. And our next question.

謝謝。我們的下一個問題。

Mickey Schlin , Clear Street LLC

米奇·施林，Clear Street LLC

Yes, good morning, everyone, and, like everyone else, congrats to Bo and Josh. I miss talking to you regularly, so thank you.

是的，大家早安，也和大家一樣，恭喜 Bo 和 Josh。我很想念和你經常聊天的日子，謝謝你。

I'm always here you haven't.

我一直都在這裡，而你卻不在。

.

。

You, yes, I'm always around. You have my number.

是的，我一直都在你身邊。你有我的電話號碼。

Yeah, I appreciate that. Josh, touching on spreads, I think there was a question recently about that. But my understanding is they actually did widen a little bit in October, which sort of makes sense given what we've seen in the market in terms of the macro and political backdrop. Do you foresee that to be sustainable, or is the large amount of capital available still just going to overwhelm the market and keep this equilibrium in place?

是的，我很感激。Josh，說到展期，我想最近有人問過這個問題。但我了解到，10 月它們的差距實際上略有擴大，考慮到我們在宏觀和政治背景下看到的市場情況，這在某種程度上也是合理的。您認為這種情況能夠持續下去嗎？還是說，大量可用資金仍會使市場不堪重負，從而維持這種平衡？

Yeah, I mean, spreads will be a function of flows both ways, and so I don't think we saw a material change in spreads. I mean, we found some really interesting stuff to do, so we had a higher spread. But syndicated loan spreads are tight. In October, I think they're tighter by 5 basis points. Maybe in the private credit market, they came out 5 basis points, but not anything — it's going to be functional.

是的，我的意思是，價差是雙向資金流動的結果，所以我認為我們沒有看到價差發生實質變化。我的意思是，我們找到了一些非常有趣的事情要做，所以我們的覆蓋範圍更廣了。但銀團貸款利差很窄。我認為10月他們的政策會收緊5個基點。或許在私人信貸市場，他們推出了 5 個基點，但這並沒有什麼實際意義——它將發揮功能性作用。

Slow. So, but I — we've tried a platform where, you know,

慢的。所以，但是我…我們嘗試過一個平台，你知道，

We're a little insulated.

我們有點與世隔絕。

Sorry, that broke up a little bit, but I think, I got most of it. Apologize, but I had to jump on late into the call. Did you mention anything about the impact of the government shutdown on the portfolio?

抱歉，剛才有點斷斷續續的，但我認為大部分內容我都說完了。抱歉，我加入通話的時間比較晚。您有沒有提到政府停擺對投資組合的影響？

Yeah, we did not. It's a good question. There's no material impact in our business.

是的，我們沒有。這是個好問題。對我們的業務沒有實質影響。

Okay, good to hear. And lastly, has 6th Street discussed or considered listing SSLP to give those investors some liquidity?

好的，很高興聽到這個消息。最後，6th Street 是否討論或考慮將 SSLP 上市，以提供這些投資者一些流動性？

It is kind of not on the table. We're still investing that fund. We're halfway through the fund, we're focused on making great investments and driving returns for those investors.

這事兒目前還沒提上行程。我們仍在繼續投資這筆資金。基金已經運作了一半，我們專注於進行優質投資，並為投資者帶來回報。

All right, thank you. Those are all my questions, this morning again, congratulations.

好的，謝謝。這就是我今天早上所有的問題了，再次恭喜你。

Hey, I — this will be my last earnings call that I'm active on. So, thank you so much, everybody. I'm super excited about Bo and the leadership. I want to — thinking back on this earnings call, we spent a lot of time on management changes in the industry. What I do want to highlight is we had an awesome quarter. We've had an awesome year. And, you know, we found higher spread investments, we drove NII, the team has done an excellent job. And so, you know, hopefully — I understand that people are focused on

嘿，我保證這將是我最後一次積極參與財報電話會議。所以，非常感謝大家。我對博和他的領導團隊感到非常興奮。我想說的是，回想這次財報電話會議，我們花了很多時間討論業界的管理層變動。我想強調的是，我們這個季度表現非常出色。我們度過了精彩的一年。而且，你知道，我們找到了利差更高的投資機會，我們推動了淨利息收入的成長，團隊做得非常出色。所以，你知道，希望…我明白人們關注的是

the headlines, but the reality is the business is in great shape, and we keep on driving returns for our shareholders. I'm so excited about that. So, congratulations — it's well overdue. I stayed in the seat too long, and I'm excited for you. I'm excited for the platform. And again, this is how we've operated together, and I'm around.

雖然新聞標題如此，但實際上公司營運狀況良好，我們一直在為股東創造回報。我對此感到非常興奮。所以，恭喜你——這早就該發生了。我在座位上坐太久了，我為你感到興奮。我對這個平台感到很興奮。再說一遍，我們一直都是這樣合作的，而我一直都在。

So, thank you both for being so patient with me, and I hope everybody has a great Thanksgiving with their family.

所以，非常感謝你們的耐心，也祝福大家都能和家人度過一個美好的感恩節。

Thanks everybody.

謝謝大家。

This concludes today's program.

今天的節目到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。