Sixth Street Specialty Lending, Inc. (TSLX) 2026 Q1 法說會逐字稿

Good morning, and welcome to Sixth Street Specialty Lending Inc's first quarter ended March 31, 2026, earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded on Wednesday, May 6, 2026.

各位早安，歡迎參加 Sixth Street Specialty Lending Inc 截至 2026 年 3 月 31 日止第一季財報電話會議。（接線員指示）提醒各位，本次會議將於 2026 年 5 月 6 日（星期三）錄音。

I will now turn over to Ms. Cami Senatore, Head of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係主管 Cami Senatore 女士。請開始。

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。在開始今天的電話會議之前，我想提醒各位聽眾，本次會議中的發言可能包含前瞻性陳述。本次會議中除歷史事實陳述以外的陳述，可能構成前瞻性陳述，並不保證未來的表現或結果，且涉及多項風險與不確定性。

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 Six Street Specialty Lending Inc's filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements.

由於多項因素，實際結果可能與前瞻性陳述存在重大差異，包括 Sixth Street Specialty Lending Inc 不時向美國證券交易委員會（SEC）提交之文件中所述因素。公司不承擔更新任何此類前瞻性陳述之義務。

Yesterday, after the market closed, we issued our earnings press release for the first quarter ended March 31, 2026, and posted a presentation to the Investor Resources section of our website, www.sixthstreetspecialtylending.com.

昨日收盤後，我們發布了截至 2026 年 3 月 31 日止第一季的財報新聞稿，並將簡報上傳至我們網站 www.sixthstreetspecialtylending.com 的「Investor Resources」專區。

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. Unless noted otherwise, all performance figures. Mentioned in today's prepared remarks are as of and for the first quarter ended March 31, 2026. As a reminder, this call is being recorded for replay purposes.

該簡報應與我們昨日向 SEC 提交的 Form 10-Q 一併閱讀。Sixth Street Specialty Lending Inc 的財報新聞稿亦可於我們網站「Investor Resources」專區取得。除非另有說明，今日預先準備之發言中提及的所有績效數據，均截至並適用於截至 2026 年 3 月 31 日止第一季。提醒各位，本次電話會議將錄音以供重播。

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

現在我將把電話交給 Sixth Street Specialty Lending Inc 執行長 Bo Stanley。

Thank you, Cami. Good morning, everyone, and thank you for joining us. With me today is our Head of Investment Strategy, Ross Bruck; and our CFO, Ian Simmonds. Before I begin, I'm pleased to announce that effective May 21, Mike Fishman will become Chairman of our Board of Directors, following our previous announcement regarding Josh Easterly's retirement from the role.

謝謝你，Cami。各位早安，感謝各位加入我們。今天與我一同出席的有投資策略主管 Ross Bruck，以及財務長 Ian Simmonds。在我開始之前，我很高興宣布，自 5 月 21 日起，Mike Fishman 將接任董事會主席，這是延續我們先前關於 Josh Easterly 將自該職務退休的公告。

Mike is a respected industry veteran with decades of experience in credit investing and asset management. As an early member of Sixth Street and a Director of FLX since 2011. Including tenure as CEO, he has been instrumental in building our business. His combination of deep industry expertise and platform understand him make him uniquely qualified for this position, and we look forward to his contributions as Chairman.

Mike 是備受尊敬的業界資深人士，在信用投資與資產管理方面擁有數十年經驗。作為 Sixth Street 的早期成員，並自 2011 年起擔任 FLX 董事（包括擔任執行長期間），他在打造我們的業務方面發揮了關鍵作用。他兼具深厚的產業專業與對平台的理解，使其特別適任此職位，我們期待他以主席身分帶來的貢獻。

For our call, I'll review our first quarter highlights and pass it to Ross to discuss investment activity and the portfolio. Ian will review our financial performance in detail, and I will conclude with final remarks before opening the call to Q&A.

在本次電話會議中，我將回顧第一季重點，接著交由 Ross 討論投資活動與投資組合。Ian 將詳細說明我們的財務表現，之後我將以結語作結，並開放問答。

Yesterday, we reported first quarter net investment income of $0.42 per share or an annualized return on equity of 9.9%. Inclusive of our movement in fair value of our investments, we reported a net loss per share of $0.27. Our net loss per share this quarter was largely driven by unrealized losses on our investments as we incorporated the impact of wider market spreads and lower market multiples in our fair value determinations. More on that in a moment.

昨日，我們公布第一季每股淨投資收益為 0.42 美元，或年化股東權益報酬率 9.9%。納入投資公允價值變動後，我們每股淨損為 0.27 美元。本季每股淨損主要來自投資的未實現損失，因我們在公允價值評估中納入了市場利差擴大與市場倍數下滑的影響。稍後我會再多談一些。

At quarter end, our net asset value per share declined by approximately 4.3% from $16.97, which includes the impact of the Q4 supplemental dividend, to $16.24. Of this decline, $0.58 per share, or nearly 80%, was attributable to the movement in fair value from the market inputs, which are unrealized.

截至季末，我們每股淨資產價值（NAV）由 16.97 美元（包含第四季補充股利的影響）下降約 4.3% 至 16.24 美元。在這項下降中，每股 0.58 美元（約近 80%）可歸因於市場輸入參數導致的公允價值變動，屬未實現項目。

That included $0.40 per share from unrealized losses in our debt portfolio tied to credit spread widening seen in the broader market and $0.18 per share from lower market valuations in our limited equity portfolio. $0.08 per share of the decline is related to portfolio company-specific performance and the remainder from the payoffs and realized gains. Ian will walk through the NAV bridge in more detail.

其中包括：每股 0.40 美元來自我們債務投資組合的未實現損失，與整體市場信用利差擴大相關；以及每股 0.18 美元來自我們有限股權投資組合的市場估值下滑。每股 0.08 美元的下降與投資組合公司個別表現相關，其餘則來自償還與已實現收益。Ian 將更詳細說明 NAV 的變動橋接。

These results reflect a period of market-driven volatility rather than a change in the underlying strength of our business. Our portfolio remains healthy, our balance sheet is strong, and we are well positioned to capitalize on opportunities as the market continues to evolve. Volatility in Q1 was driven by several factors, including market concerns around the impact of AI on software investments, increased redemption requests from shareholders of non-traded BDCs. And heightened geopolitical uncertainty, the latter of which was not something we anticipated at the time of our last earnings call.

這些結果反映的是市場驅動的波動期，而非我們業務基本面強度的改變。我們的投資組合仍然健康，資產負債表穩健，並已做好準備在市場持續演變之際把握機會。第一季的波動由多項因素所致，包括市場對 AI 對軟體投資影響的疑慮、非上市 BDC 股東增加的贖回要求，以及地緣政治不確定性升高；其中最後一項是在我們上次財報電話會議時未曾預期的。

These dynamics contributed to credit spreads widened in a subdued transaction environment. LCD first lien spreads widened by 48 basis points and second lien spreads widened by 256 basis points during the quarter. I want to reiterate our approach to valuation, which incorporates changes in market-wide credit spreads when determining the fair value of our investments.

在交易環境偏淡的情況下，這些動態促使信用利差擴大。季度期間，LCD 第一順位擔保貸款利差擴大 48 個基點，第二順位擔保貸款利差擴大 256 個基點。我想重申我們的估值方法：在決定投資公允價值時，會納入全市場信用利差的變化。

Our process is designed to reflect the price in an orderly transaction at the measurement date. That's not just our perspective. It's the regulatory requirement designed to maintain the integrity of the balance sheet. For additional detail regarding our valuation framework, we encourage you to read our stakeholders' letter on the topic from August 2022 available on our website.

我們的流程旨在反映於衡量日進行有序交易時的價格。這不僅是我們的觀點，也是監管要求，旨在維持資產負債表的完整性。若要進一步了解我們的估值架構，我們建議各位閱讀我們網站上可取得的 2022 年 8 月關於此主題的利害關係人信函。

We have consistently applied this valuation framework since inception, including periods of volatility such as Q1 2020 related to COVID and Q2 2022 related to the interest rate hiking cycle. During those quarters, net asset value per share declined by approximately 7.4% and 3.6%, respectively, driven primarily by the impact of wider credit spreads. These unrealized losses, reflected in earnings and NAV, are non-cash in nature and do not reflect our view of permanent credit losses. As such, we expect these unrealized losses related to credit spread movement to reverse overtime time as market conditions change and our investments approach realization or maturity.

自成立以來，我們始終如一地採用此估值架構，包括在波動期間，例如 2020 年第一季與 COVID 相關，以及 2022 年第二季與升息循環相關。在這些季度中，每股淨資產價值分別下降約 7.4% 與 3.6%，主要由信用利差擴大所致。這些反映在盈餘與 NAV 中的未實現損失屬非現金性質，並不代表我們認為會形成永久性的信用損失。因此，我們預期，隨著市場條件變化以及投資接近實現或到期，與信用利差變動相關的未實現損失將隨時間回轉。

Our track record of long-term value creation is demonstrated by the 4.7% cumulative growth in our net asset value per share since our. 2014 IPO through March 31. This compares to an average NAV decline of 7.3% for our public BDC peer group from our IPO through the end of 2025, representing significant outperformance irrespective of the volatility we experienced in any quarterly period.

我們長期創造價值的紀錄，體現在自 2014 年 IPO 至 3 月 31 日期間，我們每股淨資產價值累計成長 4.7%。相較之下，我們的公開 BDC 同業群自我們 IPO 至 2025 年底的平均 NAV 下降 7.3%，顯示我們在任何單一季度波動之下仍有顯著超額表現。

Market volatility also impacted net investment income through lower activity-based fee income. In Q1, we earned $0.05 per share of activity-based fees, which is below our three-year historical average of $0.09 per share. As we've discussed in prior periods, activity-based fees, which are primarily driven by early repayments, are inherently episodic.

市場波動也透過較低的活動型費用收入影響了淨投資收益。第一季我們取得每股 0.05 美元的活動型費用，低於我們過去三年的歷史平均每股 0.09 美元。如同我們在先前期間所討論，活動型費用主要由提前償還所驅動，本質上具有間歇性。

During periods of heightened market volatility are experiences that many borrowers and asset owners defer capital markets activity. As a result, both funding and repayment volumes typically contract as valuation gaps widen and transaction activity slows.

在市場波動加劇的期間，許多借款人與資產持有人會延後資本市場活動。因此，當估值落差擴大、交易活動放緩時，融資與償還量通常都會收縮。

While we recognize that the current environment will take time to fully play out as the market undergoes a period of price discovery, our experience has consistently shown that these periods of volatility create some of the most attractive investment opportunities. We believe we are well positioned to capitalize on that opportunity set.

雖然我們理解，隨著市場進入價格發現階段，當前環境需要時間才能完全明朗，但我們的經驗一再顯示，這些波動期往往會創造最具吸引力的投資機會。我們相信自己已做好充分準備，把握這一組機會。

In our earnings released yesterday, we announced a change in our base dividend level from $0.46 to $0.42 per share. This decision was informed by what we believe is a responsible and sustainable dividend policy. As we assess the current environment we have always believed it is appropriate to align our base dividend with the forward earnings power of the business. That forward view reflects the level of uncertainty we see around near-term activity, including the rate and spread backdrop.

在昨日發布的財報中，我們宣布將基本股利水準由每股 0.46 美元調整為每股 0.42 美元。此決定係基於我們認為負責任且可持續的股利政策。在評估當前環境時，我們一向認為，將基本股利與公司未來的獲利能力對齊是適當的。該前瞻觀點反映了我們對短期活動的不確定性程度，包括利率與利差的背景。

And also the market volatility caused by geopolitical uncertainty that has occurred since our last call. Our perspective is also informed by historical periods of dislocation, which suggests that activity-based fee income can take several quarters to normalize following a market dislocation. While this cycle may differ, history reinforces our decision to take a measured and prudent approach today.

以及自上次電話會議以來，地緣政治不確定性所造成的市場波動。我們的觀點也參考了歷史上的失衡時期；歷史顯示，在市場失衡之後，活動型費用收入可能需要數個季度才能恢復正常。雖然本輪循環可能有所不同，但歷史仍支持我們今日採取審慎、穩健作法的決定。

The pre-2022 environment provides a baseline for where our dividend level stood before rates began to increase. We had a base dividend of $0.41 per share. Our earnings power increased with higher base rates and wider spreads. We raised the base dividend to $0.42 in Q3 2022, $0.45 in Q4, and $0.46 in Q1 2023, representing a total increase of 12.2%.

2022 年以前的環境可作為基準，反映在利率開始上升之前我們的股利水準。當時我們的基本股利為每股 0.41 美元。隨著基準利率上升與利差擴大，我們的獲利能力提升。我們在 2022 年第三季將基本股利提高至 0.42 美元、第四季提高至 0.45 美元，並在 2023 年第一季提高至 0.46 美元，合計增幅為 12.2%。

While we see potential for increase in transaction activities as the year progresses, the timing and magnitude of that pickup and the resulting impact on our activity-based fee income remains difficult to forecast with conviction. That said, our view of base rate through the forward curve and new issue spreads is more visible. This adjustment establishes a distribution level that is sustainable across a range of potential activity outcomes.

雖然我們認為隨著年度推進，交易活動有望增加，但該回升的時點與幅度，以及其對我們以活動為基礎之費用收入所造成的影響，仍難以有把握地預測。儘管如此，我們對於透過遠期曲線與新發行利差所反映的基準利率走勢，能見度較高。此項調整建立了一個在多種可能的活動結果範圍內皆可持續的配息水準。

At quarter end, we had approximately $1.57. Cents per share of potential activity-based fee income embedded in the portfolio, including unamortized OID and call protection. If activity accelerates, that embedded income provides meaningful upsides. Our supplemental dividend framework captures and distributes that upside to shareholders as it's realized.

截至季度末，我們的投資組合中嵌入了約每股 1.57 美元的潛在活動型費用收入，包括未攤銷的 OID（原始發行折價）與提前贖回保護。若活動加速，該嵌入式收入將帶來顯著上行空間。我們的補充股利架構會在該上行實現時，將其捕捉並分配給股東。

Yesterday, our board approved a basic. Quarterly dividend of $0.42 per share to shareholders of record as of June 15, payable on June 30. This corresponds to an annualized dividend yield of 10.3% on our March 31 net asset value per share, which we believe is aligned with the core earnings power of the portfolio and with our target return on equity for the year. Ian will speak more on that in a moment.

昨日，我們董事會核准向截至 6 月 15 日登記在冊的股東發放每股 0.42 美元的基本季度股利，並於 6 月 30 日支付。以我們 3 月 31 日每股淨資產價值計算，這相當於年化股利殖利率 10.3%；我們認為此水準與投資組合的核心獲利能力以及我們今年的目標股東權益報酬率一致。Ian 稍後會再多談一些。

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

接下來，我把時間交給 Ross，請他說明本季的投資活動。

Thanks, Bo. In Q1, we provided total commitments of $338 million and total fundings of $135 million across two new portfolio companies, upsizes to four existing investments, and an initial investment in our previously announced joint venture, Structured Credit Partners, or SCP. A key advantage for SLX is our deep integration with the broader Sixth Street platform, which manages over $130 billion in assets.

謝謝，Bo。第一季，我們在兩家新的投資組合公司、對四項既有投資的加碼，以及對我們先前宣布的合資企業 Structured Credit Partners（SCP）的初始投資上，提供了總承諾額 3.38 億美元、總撥款額 1.35 億美元。SLX 的一項關鍵優勢在於我們與更廣泛的 Sixth Street 平台深度整合；該平台管理資產超過 1,300 億美元。

This connectivity allows us to leverage the collective expertise of hundreds of investment professionals to conduct the deep, proprietary diligence required for today's complex investment landscape. By combining this expertise, the firm's platform-wide sourcing engine, and our disciplined underwriting, we remain well-positioned to execute on investments that we believe create long-term value for our shareholders.

這種連結使我們能夠運用數百位投資專業人士的集體專長，進行當今複雜投資環境所需的深入、專有盡職調查。透過結合這些專長、公司全平台的案源引擎，以及我們嚴謹的承作標準，我們仍具備良好條件執行我們認為能為股東創造長期價值的投資。

Our recent investment in MindBody is a good example of how the platform comes together in practice. Given our history with the business dating back to 2021, we had a differentiated understanding of the company and were well-positioned to lead the new financing. This was a cross-platform and cross-border effort with our direct lending teams working closely with our consumer team to deliver a bespoke solution.

我們近期對 MindBody 的投資，是平台如何在實務上協同運作的良好例子。鑑於我們自 2021 年起與該業務的合作歷史，我們對公司有差異化的理解，並具備領導新一輪融資的優勢。這是一項跨平台、跨境的合作，由我們的直接放貸團隊與消費團隊緊密協作，提供量身打造的解決方案。

The business benefits from significant network effects with a scaled two-sided ecosystem across consumers and wellness partners that we believe supports growth and strong underlying business quality, ultimately driving attractive risk-adjusted returns for our shareholders.

該業務受益於顯著的網路效應，擁有在消費者與健康合作夥伴之間具規模的雙邊生態系；我們認為這支持其成長與強勁的內在業務品質，最終為股東帶來具吸引力的風險調整後報酬。

And our other new investment was Labrie, a leading North American manufacturer of premium refuse collection vehicles and related aftermarket parts. Labrie operates in a recession-resistant market with predictable demand and structural tailwinds. The company's sticky dealer and customer base, combined with a consistent high-margin and capital-light financial profile make this a compelling investment aligned with our approach of lending to businesses with attractive unit economics.

我們另一項新投資是 Labrie，為北美高端垃圾收運車輛及相關售後零件的領先製造商。Labrie 所處市場具抗衰退特性，需求可預測，並受結構性順風支撐。公司黏著度高的經銷商與客戶基礎，加上穩定的高毛利與輕資本財務特徵，使其成為一項具吸引力的投資，符合我們向具良好單位經濟效益之企業放貸的策略。

On repayments, payoffs moderated versus levels seen throughout 2025. We experienced $113 million in repayments from four full and four partial investment realizations, resulting in $22 million of net fundings for the quarter. Of the four full payoffs in Q1, two were refinancings, and two were sales of liquid investments. Of the two refinancings, both were completed at lower spreads, with one executed in the private credit market and the other in the broadly syndicated loan market.

在回收款方面，與 2025 年期間所見水準相比，本季的償還與清償有所趨緩。我們來自四筆全額與四筆部分投資實現的償還款合計 1.13 億美元，使本季淨撥款為 2,200 萬美元。第一季四筆全額清償中，兩筆為再融資，兩筆為出售流動性投資。兩筆再融資皆以較低利差完成，其中一筆在私募信貸市場執行，另一筆在廣泛聯貸市場執行。

Our largest payoff was Galileo Parent, which refinanced its senior secured credit facility, originally structured to support Advent's 2023 Take Private Transaction. Sixth Street served as agent on the original deal and the company refinanced with a broadly syndicated loan priced at SOFR plus 450 basis points compared with SOFR plus 575 basis points on the existing facility.

我們最大的一筆清償為 Galileo Parent，其對原先為支援 Advent 於 2023 年私有化交易而設計的優先擔保信貸融資進行再融資。Sixth Street 在原交易中擔任代理行；公司以一筆廣泛聯貸完成再融資，定價為 SOFR 加 450 個基點，相較於原融資為 SOFR 加 575 個基點。

SLX was repaid with call protection, generating an asset level IRR and MOM of 15% and 1.4 times, respectively. Our other refinancing was Madcap, a provider of authoring, publishing, and content management solutions, which refinanced its existing credit facility in March.

SLX 在具提前贖回保護的情況下獲得償還，分別產生資產層級 IRR 15% 與 MOM 1.4 倍。我們另一筆再融資為 Madcap（提供撰寫、出版與內容管理解決方案的供應商），其於 3 月對既有信貸融資進行再融資。

Sixth Street originally provided capital in December 2023 to support an acquisition with an underwriting thesis centered on Madcap's robust product offering, granular blue-chip customer base, and strong unit economics. Having executed on its business plan, the company was able to transition to the bank market for a lower cost of capital. SLX was repaid in full, generating an asset level IRR and MOM of 16% and 1.3 times, respectively.

Sixth Street 最初於 2023 年 12 月提供資金以支援一項收購；其承作假設聚焦於 Madcap 強健的產品組合、細分且優質的藍籌客戶基礎，以及強勁的單位經濟效益。公司在執行其營運計畫後，得以轉向銀行市場以取得更低的資金成本。SLX 全額收回，分別產生資產層級 IRR 16% 與 MOM 1.3 倍。

During the quarter, we had one addition and one removal from non-accrual status, resulting in no change to the total number of investments on non-accrual at three names. Representing approximately 1.4% of the portfolio at fair value and 1.9% at amortized cost.

本季，我們有一筆新增與一筆移出非應計狀態，使非應計投資總數維持三個名稱不變。其按公允價值約占投資組合 1.4%，按攤銷成本約占 1.9%。

The addition was our investment in Bed Bath & Beyond. While the path of this credit has not followed our original expectations, we have driven recoveries through secondary sources of repayment and have received approximately 85% of our cost basis through March 31.

新增者為我們對 Bed Bath & Beyond 的投資。雖然該筆信貸的發展路徑未如我們原先預期，但我們透過次要還款來源推動回收，並截至 3 月 31 日已回收約 85% 的成本基礎。

While we believe we are well positioned to realize meaningful additional recoveries over time, uncertainty around the timing and ultimate resolution of remaining claims led us to place the investment on non-accrual effective January 1. The removal was our investment in Astra Acquisition Corp, which was reorganized in Q1 following the company's Chapter 11 process. This had no impact on the quarter's NAV as the position was already fully marked down.

雖然我們認為隨時間推移仍具備實現可觀額外回收的良好條件，但由於剩餘債權在時點與最終解決上的不確定性，我們自 1 月 1 日起將該投資列為非應計。移出者為我們對 Astra Acquisition Corp 的投資；該公司在完成第 11 章程序後於第一季進行重整。由於該部位先前已全數下調評價，因此對本季 NAV 沒有影響。

Moving on to portfolio yields, our weighted average yield on debt and income-producing securities at amortized costs decreased slightly quarter-over-quarter from 11.3% to 11.2%. The decline primarily reflects the decline of reference rates during the quarter.

接著談投資組合收益率：我們按攤銷成本計算之債務及產生收益之證券的加權平均收益率，季對季小幅由 11.3% 降至 11.2%。此下降主要反映本季參考利率下滑。

Across our core borrowers for whom these metrics are relevant, we continue to have conservative weighted average attachment and detachment leverage points of 0.4 times and 5.2 times, respectively, down from 5.3 times in the prior quarter, with weighted average interest coverage of 2.3 times. As of Q1 '26, the weighted average revenue and EBITDA of our core portfolio companies was $425 million and $127 million, respectively. Median revenue and EBITDA were $174 million and $54 million.

在我們核心借款人中（就這些指標而言具相關性者），我們仍維持保守的加權平均附著點與脫離點槓桿倍數，分別為 0.4 倍與 5.2 倍；相較前一季的 5.3 倍有所下降；加權平均利息保障倍數為 2.3 倍。截至 2026 年第一季，我們核心投資組合公司的加權平均營收與 EBITDA 分別為 4.25 億美元與 1.27 億美元；營收與 EBITDA 的中位數分別為 1.74 億美元與 5,400 萬美元。

Before turning the call over to Ian, I'd like to provide an update on our existing portfolio companies, highlighting key metrics. The performance rating of our portfolio continues to be strong, with a weighted average rating of 1.19 on a scale of 1 to 5, with 1 being the strongest. We continue to see stable top-line growth and earnings durability, which signal a healthy demand environment across our end markets. Across our core portfolio companies, LTM revenue and EBITDA growth were both 9%. The overall stability in these metrics continues to reflect proactive actions by management and sponsor teams.

在把電話會議交給 Ian 之前，我想就既有投資組合公司提供最新情況，並強調關鍵指標。我們投資組合的表現評等持續強勁，在 1 到 5 的量表上（1 為最強），加權平均評等為 1.19。我們持續看到穩定的營收成長與獲利韌性，顯示我們終端市場的需求環境健康。在核心投資組合公司中，過去十二個月（LTM）營收與 EBITDA 成長率皆為 9%。這些指標的整體穩定性，持續反映管理團隊與贊助方團隊的積極作為。

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

接下來，我把時間交給 Ian，請他更詳細說明我們的財務表現。

Thank you, Ross. For Q1, we generated net investment income per share of $0.42 and net loss per share of $0.27. Our reported and adjusted metrics converged this quarter as there was no impact related to capital gains incentive fees. Total investments was $3.3 billion in line with prior quarter as a result of net funding activity offset by lower valuations.

謝謝你，Ross。第一季，我們每股淨投資收益為 0.42 美元，每股淨損為 0.27 美元。本季由於沒有與資本利得績效費相關的影響，我們的申報與調整後指標趨於一致。總投資額為 33 億美元，與前一季持平，原因是淨撥款活動被較低的估值所抵銷。

Total principal debt outstanding at quarter-end was $1.8 billion and net assets were $1.5 billion or $16.24 per share. Our average debt-to-equity ratio decreased slightly quarter-over-quarter from 1.17 times to 1.14 times and our debt-to-equity ratio at March 31 was 1.18 times. The increase in this ratio was largely due to the impact of widening spreads on fair value versus net funding activity. We continue to have ample liquidity with $1.1 billion of unfunded revolver capacity at quarter end against $249 million of unfunded portfolio company commitments eligible to be drawn.

截至季度末，未償還的債務本金總額為 18 億美元，淨資產為 15 億美元，或每股 16.24 美元。我們的平均負債對權益比率季對季小幅由 1.17 倍降至 1.14 倍，而 3 月 31 日的負債對權益比率為 1.18 倍。該比率上升主要是因利差擴大對公允價值的影響，而非淨撥款活動所致。我們在流動性方面仍相當充裕：季度末未動用循環信貸額度為 11 億美元；相對地，可提取的未撥款投資組合公司承諾額為 2.49 億美元。

Post quarter end, we further enhanced our debt maturity profile by closing an amendment to our revolving credit facility, maintaining the pricing and key terms of the facility while extending the final maturity through May 2031. All of the 19 banks in our syndicate were supported and participated in the amendment, an extension that closed on May 1.

在季度結束後，我們透過完成循環信貸融資的修訂，進一步優化了債務到期結構；在維持該融資的定價與關鍵條款不變的同時，將最終到期日延長至 2031 年 5 月。我們聯貸團中的 19 家銀行皆支持並參與此次修訂；該延展已於 5 月 1 日完成。

Adjusted for the revolver extension, our weighted average remaining life of debt funding is 3.9 years compared to a weighted average remaining life of investments funded by debt of only 2.5 years. At quarter end, our funding mix was represented by 68% unsecured debt.

在將循環信貸（revolver）展期因素納入調整後，我們債務資金的加權平均剩餘期限為 3.9 年，相較之下，以債務融資之投資的加權平均剩餘期限僅為 2.5 年。於季度末，我們的資金結構中有 68% 為無擔保債務。

Moving on to upcoming maturities, as we mentioned on our last earnings call, we have reserved for the $300 million of 2026 notes due in August under our revolving credit facility. After adjusting our unfunded revolver capacity as of quarter end for the repayment of those notes and our revolver amendment, we have liquidity of $649 million, representing 2.6 times our unfunded commitments eligible to be drawn at quarter end.

接著談到即將到期的債務，如同我們在上次財報電話會議中提到的，我們已在循環信貸額度下為將於 8 月到期的 2026 年期票據（3 億美元）預留資金。在將季度末未動用的循環信貸額度，針對該等票據償還以及我們的循環信貸修訂案進行調整後，我們的流動性為 6.49 億美元，相當於季度末符合提用資格之未動用承諾的 2.6 倍。

Our balance sheet remains well positioned, allowing us to play offense in the current market environment. We believe the ability to invest capital opportunistically in what we're seeing as a wider spread environment today is a meaningful advantage for our shareholders.

我們的資產負債表仍維持良好配置，使我們能在目前的市場環境中採取更積極的策略。我們相信，在當前利差擴大的環境下，能夠伺機投入資本是一項對股東而言具實質意義的優勢。

Pivoting to our presentation materials, slide 8 contains this quarter's NAV bridge. As Bo mentioned, the impact of credit spread widening and movement in market multiples on the valuation of our portfolio was by far the most significant driver of NAV movement this quarter including $0.58 per share from fair value marks. Again, absent permanent credit losses, we would expect to see a reversal of these unrealized losses related to credit spreads over time as our investments approach their respective maturities. The estimated impact of broad market credit spread tightening since quarter end. Represents approximately $0.12 per share or 30% of the unwind of unrealized losses on our debt portfolio that we saw during Q1.

轉到我們的簡報資料，第 8 頁包含本季的每股淨值（NAV）橋接表。如 Bo 所提到的，信用利差擴大以及市場倍數變動對我們投資組合估值的影響，是本季 NAV 變動最重要的驅動因素，其中包含每股 0.58 美元的公允價值評價調整。同樣地，在沒有永久性信用損失的情況下，隨著投資逐步接近各自到期日，我們預期這些與信用利差相關的未實現損失將隨時間回轉。自季度末以來，整體市場信用利差收斂的估計影響約為每股 0.12 美元，或約占我們在第一季於債務投資組合所見未實現損失回轉的 30%。

Walking through the other drivers of NAV movement this quarter, we added $0.42 per share for net investment income against a base dividend of $0.46 per share. There was a $0.07 per share decline in NAV from the reversal of net unrealized gains from pay downs and sales. Other changes included $0.04 per share increase in NAV from net realized gains on investments and a $0.08 per share reduction to NAV, primarily from unrealized losses from portfolio company-specific events.

就本季 NAV 變動的其他驅動因素而言，我們以每股 0.42 美元的淨投資收益，對應每股 0.46 美元的基本股利。因償還與出售所帶來之淨未實現收益回轉，NAV 每股下降 0.07 美元。其他變動包括：投資之淨已實現收益使 NAV 每股增加 0.04 美元；以及 NAV 每股減少 0.08 美元，主要來自投資組合公司特定事件所致的未實現損失。

Moving on to our operating results detail on Slide 9, we generated $93.4 million of total investment income for the quarter compared to $108.2 million in the prior quarter. Interest and dividend income was $87.8 million, down from prior quarter, primarily driven by the decline in interest rates. Other fees, representing prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns, were lower at $3.4 million compared to $10.9 million in Q4, driven by lower payoff activity in Q1 relative to the elevated level experienced in Q4. Other income was $2.2 million, up from $1.9 million in the prior quarter.

接著看第 9 頁的營運結果明細，本季我們的總投資收益為 9,340 萬美元，較前一季的 1.082 億美元下降。利息與股利收入為 8,780 萬美元，較前一季下滑，主要受利率下降所致。其他費用（包含提前償還費以及因非預期提前償還而加速攤銷的前期費用）為 340 萬美元，低於第四季的 1,090 萬美元，主要因第一季的清償活動相較第四季的高水準有所降溫。其他收入為 220 萬美元，高於前一季的 190 萬美元。

Net expenses were $52.4 million, down from $56.4 million in the prior quarter, primarily driven by the decline in base rates. This contributed to our weighted average interest rate on average debt outstanding decreasing approximately 50 basis points from 6% to 5.5%. Lastly, on undistributed income we estimate that to be approximately $1.15 per share at the end of Q1.

淨費用為 5,240 萬美元，較前一季的 5,640 萬美元下降，主要受基準利率下滑所致。這使我們平均未償債務的加權平均利率約下降 50 個基點，從 6% 降至 5.5%。最後，就未分配收益而言，我們估計第一季末約為每股 1.15 美元。

Turning to our outlook for the year, our original guidance was based on an assumption of 30% portfolio turnover in line with our long-term historical average. Given the moderated pace of repayments in Q1, we anticipate an ROE of 10% to 10.5% if turnover remains below 20% for the full year. And an ROE above 10.5% should we experience higher repayment activity.

談到我們對今年的展望，我們原先的指引係基於投資組合周轉率為 30% 的假設，與我們長期歷史平均一致。鑑於第一季償還速度放緩，若全年周轉率維持在 20% 以下，我們預期股東權益報酬率（ROE）為 10% 至 10.5%。若我們經歷較高的償還活動，ROE 則可望高於 10.5%。

While we are taking a more measured view on forward portfolio activity, our fundamental return hurdle remains unchanged. We will continue to prioritize investing capital into opportunities that generate returns in excess of our cost of equity, maintaining the same discipline that has characterized our platform since inception. We may prove to be moving early on the base dividend adjustment, but our supplemental dividend framework provides the flexibility to capture upside should activity accelerate.

雖然我們對未來投資組合活動採取更審慎的看法，但我們的基本報酬門檻維持不變。我們將持續優先把資本投入於報酬高於我們股權成本的機會，並維持自成立以來一貫的紀律。我們可能在調整基本股利方面動作較早，但我們的補充股利架構提供了彈性，若活動加速，仍可把握上行空間。

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

接下來我把時間交回 Bo 作結語。

Thank you, Ian. While the market environment remains dynamic, our conviction of the path forward is rooted in the platform we've built over the last 15 years. Our historical outperformance through varying market conditions is underpinned by the depth and continuity of our people. From those teams sourcing and underwriting the risks to the professionals managing the portfolio and working through complex situations, this is a group with years of experience navigating every part of the credit cycle.

謝謝你，Ian。雖然市場環境仍然多變，但我們對前進方向的信心，根植於過去 15 年所建立的平台。我們在不同市場條件下的歷史超額表現，來自於團隊的深度與延續性。從負責尋找機會並承作風險評估的團隊，到管理投資組合並處理複雜情況的專業人士，這是一個擁有多年經驗、能夠穿越信用循環各階段的團隊。

We've been through these environments before and remain fully committed to the same disciplined approach that has guided the firm since day one. Looking ahead, we're excited about the investment opportunities set to come. As the markets reset, our thematic sourcing engine and the breadth of the Sixth Street platform provide us with a significant advantage in identifying and executing it on high-quality transactions. We believe the actions we are taking today position SLX to continue delivering strong risk-adjusted returns for our shareholders over the long-term, and we are energized by the road ahead.

我們以前也經歷過這些環境，並將持續全力投入自第一天以來引導本公司的同一套紀律方法。展望未來，我們對即將出現的投資機會感到振奮。隨著市場重新定價，我們的主題式來源引擎以及 Sixth Street 平台的廣度，使我們在辨識並執行高品質交易方面具備顯著優勢。我們相信，今天所採取的行動將使 SLX 在長期內持續為股東帶來強勁的風險調整後報酬，我們也對前方道路充滿動能。

In closing, I'd like to encourage our shareholders to participate and vote for our upcoming annual and special meeting on May 21. Consistent with previous years, we are seeking shareholder approval to issue shares below net asset value effective for the upcoming 12 months.

最後，我想鼓勵股東參與並投票支持我們將於 5 月 21 日舉行的年度及特別股東會。與往年一致，我們將尋求股東核准在未來 12 個月內得以低於每股淨資產價值發行股份。

To be clear, to date, we have never issued shares below net asset value under prior shareholder authorization granted to us for each of the last nine years. And we have no current plans to do so. We merely view this authorization as an important tool for value creation and financial flexibility in periods of market volatility.

為避免疑義，截至目前，在過去九年股東每年授權的情況下，我們從未以低於每股淨資產價值發行股份，而且目前也沒有這樣做的計畫。我們僅將此授權視為在市場波動期間，用於創造價值與提升財務彈性的重要工具。

As evidenced by the last 12 years since our initial public offering, our borrow for raising equity is high. We've only raised equity when trading above net asset value on a very disciplined basis. So we would only exercise this authorization to issue shares below net asset value if there was a sufficiently high risk-adjusted return opportunities that would ultimately be accretive to our shareholders through over-earning of our cost of capital and any associated dilution.

從我們自首次公開發行以來的過去 12 年可見，我們在籌集股權資金方面的門檻很高。我們只在股價高於每股淨資產價值時，才以非常嚴謹的方式進行增資。因此，只有在存在足夠高的風險調整後報酬機會，且最終能透過賺取高於資本成本的報酬並抵銷任何相關稀釋、對股東具增益時，我們才會動用此項低於每股淨資產價值發行股份的授權。

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

若任何人對此議題有問題，請隨時與我們聯繫。我們也在官網的「投資人資源」專區提供了一份簡報，逐步說明這項分析。我們希望這些補充資訊能有所助益，並清楚說明為何讓公司取得這項重要工具的合理性。

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

以上，感謝各位今天撥冗參與。接線生，請開放提問。

(Operator Instructions)

（接線生指示）

Finian O'Shea, Wells Fargo.

Wells Fargo 的 Finian O'Shea。

Hey, everyone. Good morning, and thanks. To start with the dividend, I want to ask about why it's framed on activity-based fees, where it feels like to us more good old-fashioned spread compression, credit loss, which happens. You've kept a dividend for a very long time. But with that framing, is it a signal of some kind of shift.

各位好。早安，謝謝。先從股利談起，我想問為什麼你們把它以「活動型費用」來表述；在我們看來，更像是傳統的利差壓縮、信用損失之類的情況（這些確實會發生）。你們維持股利已經很長一段時間了。但用這樣的表述方式，是否代表某種轉變的訊號？

In strategy, say, more toward flow lending, that's where the market is? Or is it more transient because, say, your software book won't refi for a long time, but you'll still focus on the same style and eventually recover in the sort of fee income line? Thanks.

例如在策略上更偏向流程型放款（flow lending），因為市場趨勢如此？還是說這只是暫時性的，因為例如你們的軟體投資組合短期內不會再融資（refi），但你們仍會專注於相同風格，並最終在費用收入那一項回復？謝謝。

Hey, Finn, thanks. It's Bill. I appreciate the question. There's a lot to unpack there. I'll attempt to get through it all. So, first of all, first principles for us is we want to set our dividend level at a, sustainable and responsible level. I think that has been, from day one, we've talked about that we framed.

嗨，Finn，謝謝。Bill 回答。我很感謝這個問題，裡面有很多層面需要拆解，我會盡量把它都說清楚。首先，對我們而言的第一原則是，我們希望把股利水準設定在可持續且負責任的水準。我認為這一直是——從第一天起——我們就談到並用這樣的方式來界定。

I want to take a step back, first of all, and talk about what we have signaled to the market, both for this space and for 6th Street over the past 12 months and even before that. But I think we wrote a letter in April of last year outlining what we believed were the path forward for ROEs in the sector, giving. The interest rate curve and spread compression that we've seen both in the market and at 6th Street in SLX.

我想先退一步，談談我們在過去 12 個月、甚至更早之前，對市場所釋放的訊號——不論是對這個領域，或對 Sixth Street。去年 4 月我們寫了一封信，概述我們認為本產業 ROE 的前進路徑，考量到我們所看到的利率曲線與利差壓縮，不論是在市場上，或是在 Sixth Street 的 SLX。

During that, in that letter, we laid out what we believed was the path for ROEs for the sector and for 6th Street. I think we had the forward curve at that day, so 12 months forward. ROEs of 10.3% for 6th Street in SLX, which is coincidentally where we've set the base dividend level on a yield basis today.

在那封信中，我們闡述了我們認為本產業以及 Sixth Street 的 ROE 路徑。我記得當天我們採用的是當時的遠期曲線，也就是往後 12 個月的預期；對 Sixth Street 的 SLX 而言，ROE 為 10.3%，巧合的是，這也正是我們今天以殖利率基礎所設定的基本股利水準。

So just starting there. The framing of activity-based fees is exactly that. As we've thought about forecasting ROEs last quarter. We forecasted normalized levels of activity-based fees, which have been generally around $0.08 to $0.09 per share since inception. Last year, on an LTM basis, that was closer to $0.12 per quarter. And this quarter, it was $0.04 because there was muted activity levels.

所以就從這裡開始。以活動為基礎的費用（activity-based fees）的詮釋正是如此。就像我們在上季思考如何預測 ROE 一樣，我們當時預測的是活動為基礎費用的常態化水準；自成立以來，這通常約為每股 0.08 至 0.09 美元。去年以 LTM（過去十二個月）口徑來看，則更接近每季 0.12 美元。而本季是 0.04 美元，因為活動水準偏低。

This is very consistent with what we've seen in the past when spread levels increase. And when you think about it intuitively, then as spreads increase, you're going to have less repayments because people are not going to refinance you into higher-yielding loans. So your activity-based fees are really going to be focused on M&A activity, which was also muted in the quarter.

這與我們過去在利差水準上升時所看到的情況非常一致。直覺來看，當利差擴大時，償還（repayments）會變少，因為人們不會把你再融資到收益率更高的貸款上。因此，你的活動為基礎費用就會更集中在併購（M&A）活動上，而本季併購活動同樣偏淡。

Here's the good news and what we feel good about is it's a better spread environment. We said last quarter that we believed ROEs for the sector were crossing and for 6th Street, we still believe that. We think it's a better spread environment. That's going to slowly work through the book. We also are ramping SCP, which should continue to add support, but that's going to take time as well.

好消息、也是我們覺得有信心的是：目前是更好的利差環境。我們上季說過，我們相信本產業的 ROE 正在交叉上行；對 6th Street 而言，我們仍然相信如此。我們認為這是更好的利差環境，並將逐步反映在投資組合中。我們也正在加速推進 SCP，這應能持續提供支撐，但同樣也需要時間。

And eventually, we'll return to normalized activity-based fee levels. Historically, that has taken several quarters. Post-rate hiking cycle, it took six quarters to get back to normalized activity. I'm not sure it's going to take that long. We shall see. But just as we thought about setting a responsible dividend policy, we took all of those factors into consideration.

最終，我們會回到活動為基礎費用的常態化水準。歷史上，這通常需要好幾個季度。在上一輪升息循環之後，花了六個季度才回到常態化活動。我不確定這次是否會花那麼久；我們拭目以待。但就我們在制定負責任的股利政策時，我們把所有這些因素都納入考量。

Also, the great news is, and we commented this on the script, there continues to be high levels of activity-based fees embedded in the portfolio should that activity return, and we believe it will eventually. So hopefully that answered your question. It was a comprehensive answer.

另外，還有一個很好的消息是——我們在講稿裡也提到——投資組合中仍然內含（embedded）很高水準的活動為基礎費用，只要相關活動回來，而我們相信最終會回來。因此希望這回答了你的問題；這是一個比較全面的回答。

Yeah, no, it's definitely helpful. Yeah, like it'll be a bit of a drought, maybe sooner, maybe later, they hopefully come back in, I guess sort of in the meanwhile, like that sort of call pro, correct me if I'm wrong. That's been pretty instrumental to nav preservation, right? Like, that's your sort of formula for gains, which is obviously a very critical input over time. Do you have any, like, backup plan or approach to solve for that issue in the meanwhile, or do you think it's sort of also. NAV headwind.

是的，不，這確實很有幫助。是的，可能會有一段乾旱期，可能早一點、也可能晚一點，但希望它們會回來。我想同時，在這段期間，那個所謂的 call pro（call protection，提前贖回保護），如果我沒理解錯的話，對 NAV 的保全相當關鍵，對吧？那算是你獲利的公式之一，而這顯然是長期非常關鍵的投入因素。你們有沒有什麼備案或做法來在這段期間解決這個問題？還是你們也認為這在某種程度上會是 NAV 的逆風？

Yeah. So, Finn, the great news is I think our call protection as a percentage of book today is at 94, is that right?

是的。所以，Finn，好消息是，我想我們目前的提前贖回保護占投資組合的比例是 94，對嗎？

[94.1].

[94.1]。

94.1, that is, that's versus a historical level of 94.7 since inception. So there continues to be a lot of embedded economics within the book. I would also note that. And I think you've heard from others that we're seeing a better investing environment, and that includes higher spreads, but also is better fees. We're seeing better both upfront fees and call protection. And I think that makes us happy about investing in the future.

94.1。也就是說，這相較於自成立以來 94.7 的歷史水準。因此，投資組合中仍然有很多內含的經濟利益（embedded economics）。我也想補充一點：而且我想你也聽其他人提過，我們看到更好的投資環境，其中包括更高的利差，但也包括更好的費用。我們看到前端費用（upfront fees）與提前贖回保護都更好。我想這讓我們對未來投資感到更開心。

And then lastly, I would say we have seen a pickup of what I would call special situation type deals that have always been a hallmark. Of our platform and consistent historically probably of 30% to 35% of what we've done that had been muted activity. We're seeing a handful of opportunities in the current pipeline that excite me. All of that would support strong activity-based fees in the future when they begin to return. Again, the two biggest components that drive that are M&A activity.

最後我想說，我們看到我所稱的特殊情境（special situation）類型交易有所回升，這一直是我們平台的標誌；歷史上大概占我們所做交易的 30% 到 35%，之前那段時間活動偏淡。我在目前的管線中看到一些令人振奮的機會。當這些活動開始回來時，所有這些都將支持未來強勁的活動為基礎費用。再次強調，驅動這些的兩個最大組成是併購（M&A）活動。

Which we are seeing early signs of stabilization there. I think geopolitical concerns will really be the determinant if that returns. And then repayment activity, which we do believe will be muted for some time because, again, it's a better spread environment and it's just natural if you're if if new loans are getting created at better spreads than historic, you're not going to have a lot of payoffs.

我們在那裡看到早期的穩定跡象。我認為地緣政治疑慮將會是它是否回歸的關鍵決定因素。另一個是償還活動（repayment activity），我們確實認為在一段時間內會偏淡，因為——再次強調——這是更好的利差環境；而且很自然地，如果新貸款是以比歷史更好的利差被創造出來，你就不會看到很多提前清償（payoffs）。

Awesome. Great.

太棒了。很好。

Thank you, everybody.

謝謝大家。

Yeah. Thanks, Ben.

好的。謝謝你，Ben。

Brian McKenna, Citizens.

Brian McKenna，Citizens。

Okay, great. Thanks. So I'm curious, when did the board make the final decision on the dividend? Was it in and around the end of the first quarter? Because if it was, I'm curious if the decision was made, call it this week or today versus roughly a month ago, would that have changed the outcome on the dividend, given the broad-based recovery and sentiment and risk assets over the past five weeks, similar really to the sharp recovery we saw post-Liberation Day last April?

好的，很好，謝謝。我想問的是，董事會是在什麼時候對股利做出最終決定的？是在第一季末前後嗎？因為如果是的話，我很好奇：若決策是在本週或今天做出，而不是大約一個月前做出，鑑於過去五週風險資產普遍回升、情緒改善，這會不會改變股利的結果？這其實很像去年四月解放日（Liberation Day）之後我們看到的那波急速反彈。

Well, the formal decision was made yesterday at the board meeting. We as a team have been working through this over the past month, given that we saw the muted levels of activity-based fees and have, some forward visibility, albeit it's usually, no more than four to five weeks on those activity-based fees. So I would, so the answer is we've been working on it for some time. Again, we had.

正式決議是在昨天的董事會會議上做出的。我們團隊在過去一個月一直在推演這件事，因為我們看到活動為基礎費用水準偏低，而且我們對未來有一些能見度，儘管對這些活動為基礎費用而言，通常也就只有四到五週的能見度。所以，我會說答案是：我們已經研究了一段時間。再次強調，我們曾經。

We had talked about ROEs for the sector and for 63 in a couple of letters, both in April and November. So this is something we've been thinking about for some time, but didn't come to a final conclusion until the final weeks. You're right, there has been a stabilization generally in the credit markets. But again, the spread environment is a more attractive environment, and that is going to mute activity levels, at least from refinancings in the meantime.

我們在四月和十一月的兩封信裡都談到過本產業以及 63 的 ROE。因此這是我們思考了一段時間的事情，但直到最後幾週才得出最終結論。你說得對，信貸市場整體確實出現了穩定。但再次強調，利差環境更具吸引力，而這將在短期內抑制活動水準，至少就再融資而言是如此。

And what we did is really did a thorough analysis of the data. We always, when we have questions that are hard to answer, turn to the data and looked at periods of historical spread widening in the past, and it always has taken several quarters to return to those activity-based fee normalization levels.

而我們做的事情是對數據做了非常徹底的分析。我們一向在遇到難以回答的問題時就回到數據本身，並回顧過去利差擴大的歷史時期；結果顯示，回到活動為基礎費用常態化水準，總是需要好幾個季度。

And maybe if I add to that, Brian, just to color up some of the data that Beau was referencing. That means that we went back and looked at every quarter back to 2014 to understand the characteristics of our earnings profile, what was generated from interest income and dividend income alone, what was generated from activity-based fees.

如果我再補充一下，Brian，提供一些 Beau 所提到數據的背景：我們回頭檢視了自 2014 年以來的每一個季度，以了解我們獲利結構的特徵——單純由利息收入與股利收入所產生的部分是多少、由活動為基礎費用所產生的部分是多少。

We looked at that on a quarterly basis. We looked at that on an annual basis. We overlaid periods of credit spread widening and/or dislocation, so we looked at what was the behavior. Of our earnings profile during and post-COVID, during and post the rate rise cycle in '22, and what are we seeing today. And all of those were inputs into a determination about what is our level of conviction about the right level for our base dividend. And so it was both that it was data intensive as part of the framework for the discussion with the Board.

我們以季度口徑看，也以年度口徑看。我們疊加了信貸利差擴大和／或市場錯位（dislocation）的時期，因此我們觀察在 COVID 期間與之後、在 2022 年升息循環期間與之後，我們的獲利結構行為如何，以及我們今天看到的是什麼。所有這些都作為我們判斷：對於基礎股利（base dividend）的適當水準，我們的信心程度應該是多少。也因此，這個框架在與董事會討論時，是高度依賴數據的。

Okay, that's helpful. Thanks, guys. And then just looking at spreads on new deals in the quarter, I think these totaled around 600 basis points versus the recent pace of a... Around 700 basis points. So is the 600 plus basis points, maybe the new run rate for spreads on new deals? Was it just a one-off quarter? Like, I'm just trying to think through, where things settle in on the spread front.

好的，這很有幫助。謝謝各位。接著看本季新案的利差，我想大約是 600 個基點，相較於近期大概 700 個基點的節奏。所以，600 多個基點會不會是新案利差的新常態？還是只是單一季度的偶發？我只是想釐清利差面最終會落在哪裡。

Yeah, it's a good question. It was very interesting fact. There were only really two new originations. Both of those were, we had been working on for free. The spread widening environment, activity in general was muted. So we've had volatility from quarter to quarter, given volumes come and go. And by the way, Q1 is always a low-volume quarter. What I would tell you is what we're seeing on the Ford is a much better investing environment, wider spreads.

是的，這是個好問題。事實上很有意思：真正只有兩筆新的承作（originations）。這兩筆我們在利差擴大的環境之前就已經在做了。整體活動普遍偏淡。所以由於量能時有時無，我們季度之間會有波動。順帶一提，第一季一向是低量季度。我會告訴你的是：我們在前端（forward）看到的是更好的投資環境、利差更寬。

More importantly lower leverage, better documentation standards, better fees and call protection. So the whole package seems to be a better investing environment. I also mentioned with FIN, we're seeing more special situations than we had seen in the past. That's always been a driver of over-earning relative to the space. So all of that would point to increasing spreads over time, which we're excited about.

更重要的是槓桿更低、文件條款標準更好、費用更好、提前贖回保護也更好。所以整體配套看起來是更好的投資環境。我也跟 Finn 提到，我們看到的特殊情境交易比過去更多。這一直是我們相對同業能夠超額獲利（over-earning）的驅動因素。因此，這些都指向利差會隨時間上升，而我們對此感到興奮。

I'll leave it there. Thanks so much.

我就先說到這裡。非常感謝。

Thank you.

謝謝。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi, guys. Thanks for the color on the court. But you wanted to, like, the buck 57 that you said was kind of embedded call protection in the portfolio right now. I mean, what's the half-life on that? Obviously, it ages out over time. I mean, if we look at low levels of activity, say, for 12 months and, I don't know, half of that buck 57.

嗨，各位。謝謝你們對本季的補充說明。不過你提到目前投資組合裡大概內含 1.57 美元的提前贖回保護（embedded call protection）。我的意思是，那個的半衰期（half-life）是多久？顯然它會隨時間逐步到期。我是說，如果我們看到活動水準偏低，例如持續 12 個月，而我不知道，其中有一半的 1.57 美元……

Ages out over those 12 months, then even if activity rebounds a year from now, you've still got structurally lower activity-based fees for a period after that as well, right? So I mean, the deals you're onboarding right now, are those sufficient to kind of maintain that total embedded call protection in the portfolio? Over kind of a prolonged period, or is the aging phenomena kind of going to drag it out even further if you have a, say, 12 months, maybe it's not 12 months, but 12-month period of low?

在那 12 個月期間逐步到期之後，即使一年後活動回升，你在之後一段時間內仍會面臨結構性較低的以活動為基礎的費用，對吧？所以我的意思是，你們現在正在承作（onboarding）的交易，是否足以在較長一段時間內大致維持投資組合中那個總體內嵌的提前贖回保護（call protection）？還是說，如果你有一段例如 12 個月（也許不是 12 個月，但就是一段 12 個月左右）的低迷期，這種「隨時間老化」的現象會把影響拖得更久？

I think that's a great question. Again, just turning that $1.57 into a metric that I think that we've talked about before, just to contextualize. As a percentage of fair value on the call price is $94 today. That's versus a historical means of $97. What we're seeing in new activity today will have better call protection than what we've seen in the last couple of years, especially as it relates to some of the special situation deals which generally have non-call features.

我認為這是個很好的問題。同樣地，我把那個 1.57 美元轉換成一個我想我們之前談過的指標，作為脈絡說明。以公允價值的百分比來看，今天的提前贖回價格（call price）是 94，對比歷史平均值 97。我們在當前新增活動中看到的提前贖回保護會優於過去幾年所見，特別是就某些特殊情況（special situation）交易而言，這類交易通常具有不可贖回（non-call）條款。

What I would tell you as far as half-life, generally speaking, call protection is between two to three years, when you see a number like 94, which is above historical means, it means it's closer to the earlier vintages where we have that embedded, that makes sense given portfolio turnover has been elevated over the last couple of years.

至於半衰期（half-life），一般來說，提前贖回保護大約是兩到三年。當你看到像 94 這樣、且高於歷史平均的數字時，代表它更接近較早期的批次（vintages），也就是我們有內嵌保護的那些批次；考量到過去幾年投資組合周轉率偏高，這樣的結果是合理的。

So there's a long runway, for that half-life. And, what we're replacing and what we're putting in as new deals will continue to actually add to that. I actually don't have these in front of me, Camry, but when we returned after 2022 to the post, kind of normalized fees, which took us six quarters, about a year and a half. We started at a slightly less, if you look at three years, it was $0.94,500 and what were once once once we returned, I think those embedded numbers were well above historical means of $0.08 per share, we'll get you that data. So there is a shelf life kind of early into those vintages. What we're seeing from new deals is better call protection. I think all of that protects what we think should be normalized activity into the future.

所以那個半衰期還有很長的時間跑道。而我們替換掉的部位、以及以新交易放進去的部位，實際上會持續增加這個保護。我手邊其實沒有這些數據，Camry，但當我們在 2022 年之後回到、也就是回到較為正常化的費用水準時，那個過程花了六個季度、約一年半。我們一開始略低一些；如果你看三年的話，是 0.94,500，而當我們回到（正常化）之後，我認為那些內嵌的數字明顯高於每股 0.08 美元的歷史平均，我們會把那份資料提供給你。所以在那些批次的早期確實存在某種「保存期限」。我們從新交易看到的是更好的提前贖回保護。我認為這些都能保護我們所認為未來應該會正常化的活動水準。

Got it. Thank you. And a kind of tied follow-up. I mean, obviously one of the issues here is, spread widening. Maybe that slows down refinancing to the point, who wants to refinance that high spread. Where spread widening has been... Greatest so far, anecdotally at least, is in the software segment, which is obviously your biggest single sector, so to speak. How much of this expectation of low activity is tied to software, given that spreads have widened more in that sector than elsewhere in the market right now?

了解，謝謝。再追問一個相關的問題。我的意思是，顯然這裡的一個問題是利差擴大（spread widening）。也許這會讓再融資放緩到一個程度——誰會想在那麼高的利差下去再融資？而到目前為止，至少從一些傳聞來看，利差擴大最明顯的是在軟體板塊，而那顯然是你們最大的單一產業部位。你們對低活動量的預期，有多少是與軟體相關，考量到該產業的利差擴大幅度比市場其他部分更大？

It really didn't go into the calculation, we think there's actually for names that are not deeply AI impacted and that's a very small percentage of the portfolio, as we've said before and also in our letter about a month ago, there continues to be what we think is a refinancing market.

這其實沒有納入我們的計算。我們認為，對於那些沒有被 AI 深度影響的公司——而如我們之前所說、也在大約一個月前的信中提到，這只占投資組合非常小的比例——再融資市場仍然存在。

For software names, albeit at wider spreads. Again, just looking back at the data historically, whenever there's been spread widening, regardless if it was sector-based, it's just you've had muted levels of activity, and that's why we thought it was prudent to set the dividend level where it's at. I would also note that the portfolio continues to be.

對於軟體公司而言，雖然利差更寬。再一次，回頭看歷史數據，無論利差擴大是否由特定產業驅動，只要出現利差擴大，活動水準通常就會偏低；這也是為什麼我們認為把股利水準設定在目前的位置是審慎的。我也要指出，投資組合仍然持續——

To be very healthy, earnings growth close to 10% in software and technology names are in line with that. In fact, I think the earnings power of those businesses continues to increase as EBITDA margins are expanding as growth slows a bit.

——非常健康；軟體與科技公司約接近 10% 的獲利成長也與此一致。事實上，我認為隨著成長稍微放緩、EBITDA 利潤率擴張，這些企業的獲利能力仍在提升。

Those also would point to you to deleveraging over time and being able to refinance. We had, as we mentioned, Madcap was a software name that we had refinanced this quarter by a bank. It had executed well. It had delevered. You could argue whether it was going to be AI-affected or not, but it was refinanced into much cheaper paper. So that did not go into our calculus.

這些也意味著你會看到隨時間去槓桿（deleveraging），並具備再融資能力。正如我們提到的，Madcap 是我們本季由一家銀行完成再融資的一個軟體公司案例；它執行得很好，也完成去槓桿。你可以爭論它是否會受到 AI 影響，但它確實以更便宜的票面（paper）完成再融資。所以這並未納入我們的推算。

[Arren Cyganovich], Truist Securities.

[Arren Cyganovich]，Truist Securities。

Thanks. The amend and extend of the credit facility with no increase in pricing was a positive sign, given what we've seen in some press articles about. Banks looking to increase pricing on these types of -- or I guess more specifically, it was bilateral facilities. But were there any pressure from the banks in terms of that process to raise the pricing? And maybe just talk a little bit about, that process and how the banks have been supportive.

謝謝。這次信貸融資額度（credit facility）的修訂與展期（amend and extend）且沒有提高定價（pricing），在看到一些新聞文章提到銀行希望提高這類——或者更具體地說，是雙邊融資（bilateral facilities）——的定價之後，算是個正面訊號。但在這個過程中，銀行端是否有任何要求提高定價的壓力？也請談談這個流程，以及銀行如何提供支持。

Yeah, I'll take that, Aaron, and Ian. I would say there was no pressure, but that's really a factor of continued delivery on what we tell the banks that we're going to do. We do those banks as our capital partners, and so they're pretty in tune with our business. But I'd also point out that these syndicated BDC facilities are pretty well structured to protect the banks. The actual LTVs are very low.

好的，Aaron，還有 Ian，我來回答。我會說沒有壓力，但那主要是因為我們持續兌現我們告訴銀行我們會做到的事情。我們把這些銀行視為我們的資本合作夥伴，因此他們對我們的業務相當了解。不過我也要指出，這些銀團式 BDC 融資安排（syndicated BDC facilities）的結構設計相當完善，能保護銀行；實際的 LTV 都非常低。

And given the development of the unsecured market as another form of financing, it's actually a very supportive way to build the capital structure. So I would characterize this is really just ordinary course discussions, collaborative in nature, and the outcome was the supportive renewal that we achieved.

而且，隨著無擔保市場（unsecured market）作為另一種融資形式的發展，這其實是一種非常有利於建立資本結構的方式。所以我會把這次形容為例行性的討論、性質上是協作的，而結果就是我們達成了具支持性的續約。

That's good to hear. In terms of the investment activity. Slowing down, and I know that you don't have a crystal ball and you don't know when things might pick up, but in terms of whether or not it's discussions with sponsors or what have you, are there any kind of green shoots of activity in areas other than software that are showing some signs that you might see some stronger deal activity maybe in the second-half of the year?

很高興聽到。關於投資活動放緩，我知道你們沒有水晶球、也不知道什麼時候會回升，但就與贊助方（sponsors）的討論或其他情況而言，除了軟體之外，是否有任何領域出現一些「綠芽」（green shoots），顯示你們可能在今年下半年看到更強的交易活動？

I'll start and then pass it over to Ross. Look, I think the pipeline has rebounded, and there's definitely some green shoots I mentioned, more special situations than we have seen in the past, and that's across a lot of our, core thematic areas, whether it's retail ABL, energy ABL, some technology, special situations. So, that is encouraging as we speak with sponsors, there seems to be, a reviewed focus on, platform activity and finding new deals.

我先說，然後交給 Ross。你看，我認為案源管線（pipeline）已經回升，而且確實有一些我提到的綠芽——特殊情況（special situations）比我們過去看到的更多，而且這橫跨我們許多核心主題領域（core thematic areas），不論是零售 ABL、能源 ABL、部分科技、特殊情況等。所以，當我們與贊助方交流時，似乎對平台型活動（platform activity）與尋找新交易有重新聚焦的趨勢，這是令人鼓舞的。

I think a lot of that M&A activity is really going to -- what's going to matter is the geopolitical concerns and where energy prices go over the next quarter. I think that's going to be the big determination. But the reality is, if you think about the robustness of our originations platform, especially the thematic platform across industries and specialties, I think that piece is really picking up here. From what we can see, Rosh, you should edit any of that.

我認為很多併購（M&A）活動真正會取決於——關鍵在於地緣政治疑慮，以及未來一季能源價格的走向。我認為那會是最大的決定因素。但現實是，如果你想到我們的承作平台（originations platform）的韌性，特別是跨產業與專業領域的主題式平台（thematic platform），我認為這一塊確實正在回溫。就我們所見，Rosh，你可以編修我剛剛任何說法。

Yeah, I think in addition to either platform acquisitions or full platform refinancings, our portfolio continues to be active on the M&A front. Our management teams and our sponsors are looking to continue to drive growth and a large portion of our activity. On the amendment side, this quarter was to support that growth and support acquisitions, which creates options for us to reprice existing facilities, provide new capital into credits that we know well, or catalyze exits where the risk-return doesn't make sense any longer of what's being offered. So there continues to be a fair amount of activity within the portfolio itself.

是的，我認為除了平台收購（platform acquisitions）或整體平台再融資（full platform refinancings）之外，我們的投資組合在併購面向也仍然活躍。我們的管理團隊與贊助方希望持續推動成長，而我們相當大一部分的活動——在修訂（amendment）方面——本季就是為了支持這些成長與收購，這也為我們創造選項：可以重新定價既有融資安排（reprice existing facilities）、對我們非常熟悉的信用標的提供新資本，或是在所提供的條件下風險報酬不再合理時，促成退出（catalyze exits）。因此，投資組合本身內部仍有相當程度的活動。

Very helpful. Thanks. And just one quick one. The software exposure, I think last quarter you said, was 40% in the portfolio you had a refi. What's the exposure as of 331?

非常有幫助，謝謝。再一個很快的問題。軟體曝險方面，我記得上季你們說投資組合中是 40%，而且你們有一筆再融資。那截至 3/31 的曝險是多少？

Yeah. Like, as we don't think of software as an industry. We gave that number as a proxy to what we believe others in the space, including enterprise software. That has not meaningfully changed. In fact, we had one payoff. So if anything, it's down a bit, but it's not meaningfully changed quarter over quarter.

是的。就像我們其實不把軟體視為一個單一產業。我們提供那個數字，是作為我們認為同業在這個領域（包括企業軟體）所使用分類的代理指標（proxy）。那個數字沒有顯著變動。事實上，我們有一筆回收（payoff）。所以如果有變化的話，是略微下降，但季度對季度並沒有實質改變。

Okay. Thank you.

好的，謝謝。

Yeah.

好的。

Rick Shane, JP Morgan.

Rick Shane，JP Morgan。

Hey, guys, thanks for taking my questions. Look, and you talked about this a bit in your response to Finn's questions. But, there's a lot of conversation about how terms and structures have changed since December. If you can help us understand sort of specifically what types of changes you're seeing, not only in terms of spreads, but in terms of structure, in terms of covenants, that would be great. And more importantly, if you can put where we are today.

嗨，各位，謝謝回答我的問題。你們在回覆 Finn 的問題時也稍微談到這點。不過，市場上有很多討論在說自 12 月以來條款與結構如何改變。若你們能幫助我們更具體地理解你們看到哪些變化——不僅是利差（spreads），也包括結構（structure）、契約條款（covenants）——那會很棒。更重要的是，如果你們能把我們今天所處的位置——

In the context of the historical continuum, because I don't think we're in sort of this dislocated market. I think we're probably more in the middle, but I'd like to understand how you guys see things and also valuations on the underlying equity positions.

在歷史連續性的脈絡下，因為我不認為我們正處於某種脫節的市場。我認為我們可能更接近中段，但我想了解你們如何看待目前情況，以及底層股權部位的估值。

Yeah, I will. I'll take a first swing at that and then pass it to Ross. So I think that's the right characterization, which is the pendulum is starting to swing back towards the middle from where it was to historic heights, both in pricing, fees, and structures. The encouraging thing is all of those are actually improving. We're seeing anywhere from 50 to 75 basis points of spread widening across all industries.

是的，我來先談一下，然後再交給 Ross。我認為這樣的描述是對的，也就是擺盪正在從先前的歷史高點開始往中間回擺，無論是在定價、費用或結構上都是如此。令人鼓舞的是，這些其實都在改善。我們看到各產業的利差擴大約 50 到 75 個基點。

I think more encouragingly for us and one of the reasons that we were not participating in the market as robustly as others over the past two years is that underwriting standards are getting better. You're getting more access to management teams. You're getting better data. Your ability to underwrite and prove your core thesis is better.

我認為對我們更令人鼓舞的是，也是過去兩年我們沒有像其他人那樣積極參與市場的原因之一：承作（underwriting）標準正在變得更好。你能更容易接觸管理團隊，取得更好的資料；你承作並驗證核心投資論點的能力也更強。

That is what was keeping us from being able, as much as pricing, from being able to participate in the market. Those dynamics are better. I would say leverage on average is probably down a half turn to a turn in total from what we were seeing at the historic heights. Documentation standards are getting better. So all of those things are, contributing to a much.

這些因素和定價一樣，都是讓我們無法參與市場的原因。現在這些動態變好了。我會說平均槓桿水準相較於歷史高點，總體大概下降了半圈到一圈。文件條款標準也在改善。所以這些都在促成一個更……

A much better environment. But to your point, I think that pendulum is swinging more to the middle than to like what would be a deeply distressed environment where you've seen us grow by leaps and bounds in times of past. But that's how I characterize it. Ross, do you have anything you could add?

更好的環境。但如你所說，我認為擺盪更像是回到中段，而不是進入那種深度困境的環境；在過去那種時期，我們的成長往往是跳躍式的。這就是我的描述。Ross，你有什麼可以補充的嗎？

I don't have a lot to add. The other thing I'd say that we're seeing is better preservation of the headline economics. So things like carve-outs to call protection, we're seeing pared back, where step-downs are set versus headline spread. Those are all things that have been important to us, and that we've selectively decided not to participate in transactions or we're not getting the terms to preserve, the bargain for economics, and I think we're seeing it come back our way a bit.

我沒有太多要補充的。我想說我們看到的另一件事是，表面經濟條件（headline economics）的保留更好。像是對提前贖回保護（call protection）的 carve-outs，我們看到被縮減；以及 step-down 的設定相對於表面利差（headline spread）的方式。這些對我們都很重要；過去我們也會選擇性地不參與某些交易，或是拿不到能維持經濟條件的條款。我認為現在情況正稍微往對我們有利的方向回來。

Got it. Okay. That's helpful. I mean, is it, should we think of it that last year you would get sort of an RFP, and the request would be, okay, here's the docs, or here's the valuation pack, and you have two weeks to respond, and this is all the information you're going to get now, the due diligence timeframes are extended to four weeks. Like, I'd love to anecdotally sort of think about how this has changed from your perspective.

了解。好，這很有幫助。我的意思是，我們是否可以這樣想：去年你會收到某種 RFP，而對方的要求是，好，文件在這裡，或估值資料包在這裡，你有兩週回覆，而你現在能拿到的資訊就只有這些；而現在盡職調查的時程延長到四週。就軼事角度而言，我很想了解從你們的觀點，這些變化具體是怎麼發生的。

Yeah, I'll take that, because I've been pretty vocal about this, and actually, in my letter to the team starting the year, this is one of the headlines, which is we will not be velvet roped in processes if we're not getting access to management and the data to underwrite our credit thesis. We don't participate in those deals. It literally is almost verbatim what I said to the team. There was this velvet roping by issuers, both private equity and corporates, because of the tight markets that, at least in our view. We're contributing to looser underwriting standards and very intense timelines, very little access to management, if at all, no real Q&A.

是的，我來回答，因為我對這點一直很直言不諱。其實在我年初寫給團隊的信裡，這就是其中一個重點：如果我們拿不到接觸管理層與取得資料、以承作我們的信用投資論點所需的條件，我們不會在流程中被「天鵝絨繩」隔在外面（velvet roped）。我們不參與那種交易。我幾乎是逐字這樣對團隊說的。當時因為市場很緊，發行人（包括私募股權與企業）出現這種 velvet roping；至少在我們看來，這導致承作標準更鬆、時程非常緊、幾乎沒有（甚至完全沒有）接觸管理層的機會，也沒有真正的 Q&A。

And as a result, not only did we shrink the portfolio last year, but if you look at our originations that we did do, they were predominantly non-sponsor away from kind of the traditional channels. We leaned very heavily on the thematic originations platform that we've built to be robust through all environments.

因此，我們去年不僅縮減了投資組合；而且如果你看我們仍然做的那些起案（originations），主要是非贊助商（non-sponsor）的案子，偏離傳統通路。我們非常倚重我們建立的主題式起案平台（thematic originations platform），讓它能在各種環境下都保持韌性。

What we're seeing so far, and this could change, is just better access all around. Access to management teams, the actual management meetings. I actually think our team is this is, our team is at a management all-day management meeting today on a special situation deal. It's an eight-hour session. Those are the types of environments that contribute to the full understanding of the businesses, the ability to underwrite your credit thesis, and we do believe that is returning to the broader. Market and the credit environment as well.

到目前為止我們看到的（當然也可能改變）是整體的接觸條件變得更好：能接觸管理團隊、能進行真正的管理層會議。我其實認為我們團隊——我們團隊今天就在一筆特殊情況（special situation）交易上參加一整天的管理層會議，是一個八小時的場次。這類環境有助於全面理解企業、提升承作信用投資論點的能力；我們也相信這正在回到更廣泛的市場與信用環境中。

Hopefully that's helpful.

希望這有幫助。

It's very helpful. I appreciate it, and it will be interesting to see how things continue to evolve.

非常有幫助。謝謝你，我也很期待看看事情接下來會如何演變。

Great.

好的。

Kenneth Lee, RBC Capital Markets.

RBC Capital Markets 的 Kenneth Lee。

Hey, thanks for taking my question, and good morning. One more on the ROE outlook there. Wondering whether you've been embedding any assumptions or benefit from potentially wider spreads on new investments or at least less spread compression for any kind of prepayments and refis. Just wondering whether there's any impact on the assumptions there. Thanks.

嗨，謝謝讓我提問，早安。再問一個關於 ROE 展望的問題。想請教你們是否已經在假設中納入任何因新投資利差可能擴大、或至少因提前還款與再融資（refis）而造成的利差壓縮減少所帶來的好處？想了解這對假設是否有任何影響。謝謝。

Yeah, from where we had our base dividend, it did not have an impact, but as we're thinking about the future, we do believe that's going to slowly roll through and spreads will increase over time. We do think we are nearing profit levels just based on what we're seeing in the pipeline and in the markets in general. Ian, you're closer to kind of the protections. Anything to add to that?

是的，以我們當時的基礎股利（base dividend）來看，沒有影響；但在思考未來時，我們確實相信這會逐步反映出來，利差會隨時間上升。我們也認為，從我們在管線與整體市場看到的情況來看，我們正接近獲利水準。Ian，你更貼近保護條款（protections）那一塊，有沒有要補充的？

Yeah, we did not update our new issue spreads for the purposes of this exercise. I think if you think about the volume of new deals relative to the size of the portfolio, you need to have quite a significant amount of origination activity for that to move the needle. Our business from an ROE perspective in the near term is much more oriented towards repayment activity.

是的，為了這次的推演，我們沒有更新新發行（new issue）的利差。若你把新交易量相對於投資組合規模來看，你需要相當大量的起案活動才會對結果產生明顯影響。就短期 ROE 而言，我們的業務更偏向由還款（repayment）活動所驅動。

Yeah, the one thing, because I think this is an. Important as you think about the future. Not only should you see spreads begin to increase over time through the book as you layer on new deals, there are opportunities, obviously, to -- with amendment fees, et cetera, as our portfolios come back to us, as they're doing M&A, et cetera.

是的，還有一點——我認為這在思考未來時很重要。不僅你會看到隨著我們疊加新交易，利差會逐步在整個投資組合中上升；同時也有機會——例如透過修訂費（amendment fees）等等——當我們的投資組合回到我們這邊、他們在做併購（M&A）等等時。

To slowly reprice the book as well. That did not go into our numbers in the near term, but that should show up after several quarters. So that's one of the things that leaves us pretty encouraged about the future earnings of the business.

也能逐步把整個投資組合重新定價（reprice）。這在短期的數字裡沒有納入，但應該會在幾個季度之後反映出來。所以這也是讓我們對未來的獲利能力感到相當鼓舞的原因之一。

Gotcha. Very helpful there. And it looks like you made some initial investments related to the SCPJB. Just given the discussion around the geopolitical uncertainty and just the general backdrop there, what's sort of like the outlook in terms of how fast could you wrap up further in terms of that JV there? Thanks.

了解，很有幫助。看起來你們已經做了一些與 SCPJB 相關的初始投資。考量到地緣政治不確定性以及整體背景，你們對那個合資（JV）後續加速投入、把規模拉上去的速度展望如何？謝謝。

Yeah, thanks for the question. This is Ross. So in Q1, SLX invested $14.7 million into SCP, so 0.4% of SLX investments at fair value. This was the first quarter of activity when we put the program in place. Our base case expectation was that it would take about two years to 2.5 years to get to fully ramped. That continues to be our expectation. We've continued to invest into the program over the course of 2Q. So there were two CLOs that were priced before the end of Q1 that closed in 2Q.

是的，謝謝你的問題。我是 Ross。第一季，SLX 對 SCP 投資了 1,470 萬美元，約占 SLX 以公允價值計的投資的 0.4%。這是我們建立該計畫後的第一個活動季度。我們的基本情境預期是，達到完全爬坡（fully ramped）大約需要兩年到兩年半；目前仍是這個預期。我們在第二季期間也持續投入該計畫。因此，有兩檔在第一季末前完成定價的 CLO，在第二季完成交割（closed）。

And overall, we are pleased with the results that we think we're achieving in the program. We were able to take advantage of some of the periods of dislocation in 1Q to build the portfolio at attractive prices. And despite the volatility, we were able to price the liability side of those two CLOs at levels that are consistent with the returns target for the program.

整體而言，我們對我們認為在該計畫中達成的成果感到滿意。我們能利用第一季某些市場錯位（dislocation）的時段，以具吸引力的價格建立投資組合。儘管波動存在，我們仍能把那兩檔 CLO 的負債端（liability side）定價在與該計畫目標報酬一致的水準。

Gotcha. Very helpful there. Thanks again.

了解，很有幫助。再次感謝。

Thank you.

謝謝。

Paul Johnson, KBW.

KBW 的 Paul Johnson。

Yeah, good morning. Thanks for taking my questions. I was wondering if you could. Provides kind of a very general update in terms of roughly what percent of the portfolio was sort of originated pre-2022. I think last quarter, you said roughly about 20% of it was kind of pre-2022 originated. I was just curious if that's changed at all since last quarter?

是的，早安。謝謝回答我的問題。我想請你們提供一個非常概略的更新：投資組合中大約有多少比例是 2022 年以前起案的？我記得上季你們說大約 20% 是 2022 年以前起案。我想知道相較於上季，這個比例有沒有變化？

No, it's very similar percentages. It has not changed. So pre-2022 is now 8% of the portfolio. No, I'm sorry, 18% of the portfolio. I missed the bar, but yeah, about 18% of the portfolio.

沒有，比例非常接近，沒有改變。所以 2022 年以前的現在是投資組合的 8%。不，抱歉，是投資組合的 18%。我講錯了，但對，大約是投資組合的 18%。

Okay, thanks. I was just curious, MindBody got refinanced during the quarter, so there's some evidence, obviously, that the market is still there in terms of software companies. But I'm curious, last quarter, you also kind of talked about a little bit of slowing economics just within the software space in terms of the lending within that space.

好的，謝謝。我只是好奇，MindBody 在本季期間完成了再融資，所以顯然有一些證據顯示，就軟體公司而言，市場仍然存在。但我想了解的是，上季你們也有提到，在軟體領域內、就該領域的放貸而言，經濟面有些放緩。

I'm just curious, kind of based on some of the recent transactions, if there's anything that could be deduced from that in terms of what the common thread is of companies within the software space that are able to transact like that, refinance loans, and those that might have a much tougher time doing so.

我只是好奇，根據近期的一些交易，是否能從中推導出一些結論：在軟體領域中，哪些公司具備共同特徵，能夠完成這類交易、為貸款再融資；以及哪些公司可能會更難做到。

Yeah, I think the trends that we're seeing within our software portfolio is consistent with the commentary that we gave in the prior quarter. So while top-line continues to grow at a high single-digit rate on a broad basis, there has been a bit of deceleration in that number. But our portfolio companies are expanding margins and improving leverage profiles.

是的，我認為我們在軟體投資組合中看到的趨勢，與我們上一季的評論一致。也就是說，雖然整體而言營收端仍以高個位數的速度成長，但該數字確實有些減速。不過，我們的投資組合公司正在擴大利潤率並改善槓桿結構。

Which we think is ultimately supportive of refinancing activity. We talked about Madcap as an example of that transitioning from the private credit market into the bank market, given the deleveraging that the company had been able to achieve.

我們認為這最終有利於再融資活動。我們以 Madcap 為例，該公司在成功去槓桿後，從私募信貸市場轉向銀行市場。

And overall, as we look at our portfolio, we view management teams and sponsors generally as being forward-footed in finding ways to continue to drive organic growth. As well as selective and organic opportunities in order to sustain the deleveraging that we see within our credit book.

整體來看，檢視我們的投資組合時，我們認為管理團隊與贊助方（sponsors）普遍都更積極主動，持續尋找推動有機成長的方法；同時也會選擇性地把握有機機會，以維持我們在信貸投資組合中所看到的去槓桿趨勢。

Yeah, and the only thing I would add to that, because I think one of your questions is what we're seeing as far as spreads and leverage for new deals. There was muted activity of new deals in the technology space. In general, there were a couple of proof points. There's one in particular that was a UK-based software provider.

是的，我唯一想補充的是，因為我認為你其中一個問題是在問：就新交易而言，我們看到的利差與槓桿水準如何。科技領域的新交易活動相對低迷。整體而言，有幾個佐證案例，其中有一筆特別的是一家英國的軟體供應商。

That, priced maybe 50 bits wider than it would have been, would have, a year ago, but it's still a pretty robust package. I think it was, seven and a half times leverage, so for five to 525, we did not participate in that. We were lower in leverage and wider on pricing, but it just seems to still be. A pretty robust market for anything other than what people will, perceive as having immediate, AI disruptive risk.

那筆交易的定價可能比一年前會寬 50 個基點（bps），但整體條件仍相當強勁。我記得槓桿大約是 7.5 倍，利率大概在 5% 到 5.25%（5 到 525）之間，我們沒有參與那筆。我們的槓桿會更低、定價會更寬一些，但看起來除了那些被市場認為存在立即性的 AI 顛覆風險之外，其他標的的市場仍然相當強勁。

Got it. Thanks. That's all for me. Appreciate taking my questions.

了解，謝謝。我的問題就到這裡。感謝回答。

Derek Hewitt, BofA Securities.

美銀證券（BofA Securities）的 Derek Hewitt。

Good morning, everyone. Since this is generally a better spread environment and really maybe even just more of a lender-friendly environment, how should we think about capital issuance, assuming the shares continue to trade above book, which could potentially help pare back a little bit of the software exposure? And then to the extent that capital issuance makes sense, would you be leaning more towards just ATM issuance at this point, or would you be willing to do overnight transactions?

各位早安。既然目前整體是較佳的利差環境，甚至可以說更偏向放款人友善的環境，我們應該如何看待資本發行？假設股價持續高於淨值（book），這可能有助於稍微降低一些軟體曝險。另外，在資本發行合理的前提下，你們目前會更傾向採用 ATM 發行，還是願意做隔夜交易（overnight transactions）？

Hey, Derek, it's Ian. Thanks for the question. I think there's no change to the framework that we've talked about in the past about the conditions that we want to see for considering new issuance. And so we want to have high conviction about the pipeline. We want to have high conviction about the ability to drive earnings as a result of accessing growth capital. So that's a really important piece for us.

嗨，Derek，我是 Ian。謝謝你的問題。我認為我們過去談到、用來評估是否考慮新發行的框架沒有改變。我們希望對交易管線有高度信心，也希望對於透過取得成長資本而能帶動獲利的能力有高度信心。這對我們來說非常重要。

As to the tool we use, the way we communicated it 12 months ago when we put in place the ATM is it's an efficient tool. So I think our mindset is always, how can we be efficient with our shareholders' capital, and how can we generate the best outcome if there is an opportunity to raise capital? So without specifically answering which methodology, it's really going to come back to our view on the pipeline before we think about the tool that we apply.

至於使用哪一種工具，我們在 12 個月前設立 ATM 時的說法是：它是一個有效率的工具。因此，我們的思維一向是：如何有效率地運用股東資本，以及如果有募資機會，如何創造最佳結果。所以在不直接回答會用哪一種方法的情況下，最終仍會回到我們對管線的看法，之後才會考慮要採用哪一種工具。

Okay, thank you for that. And then maybe a quick follow-up, just in terms of circling back to the software portfolio, what is either the median or average EBITDA of the software portfolio, or how would you characterize it relative to the overall weighted average EBITDA?

好的，謝謝。接著可能一個快速追問，回到軟體投資組合：軟體投資組合的 EBITDA 中位數或平均值是多少？或者你會如何相對於整體加權平均 EBITDA 來描述？

You want to go around then.

你要接著回答嗎？

Sure. Overall, we see margins in the software portfolio as broadly consistent with the overall portfolio, but also expanding at a quicker pace in the overall portfolio. So hopefully that helps give a little bit of context.

當然。整體而言，我們看到軟體投資組合的利潤率大致與整體投資組合一致，但其擴張速度也比整體投資組合更快。希望這能提供一些背景。

EBITDA margins are a bit higher, and they're expanding. I think quarter over quarter, they're up from 20% on average to 22% margins. That's been the historical trend, right? You've seen businesses continue to have slowing growth, which was maybe two years ago in the low to mid-teens on an average basis to high single-digit revenue growth. Earnings growth is a trend above that.

EBITDA 利潤率稍微更高，而且正在擴張。我認為以季對季來看，平均利潤率從 20% 上升到 22%。這一直是歷史趨勢，對吧？你會看到企業的成長持續放緩，可能兩年前平均還在低到中十位數，現在則是高個位數的營收成長；而獲利成長的趨勢高於此。

As companies move more to profitability. That has really been the trend post-COVID when it was really a growth at all cost environment and when we believed both public and private markets were kind of misreading the signals from unit economics and that valuations were not in line with those declining unit economics. But it, continues to be healthy, broadly in line on a growth basis, but probably more on the margin, just more profitable businesses in general.

因為公司正更走向獲利能力。這確實是 COVID 之後的趨勢；當時是「不計成本追求成長」的環境，而我們認為公私市場都某種程度誤讀了單位經濟（unit economics）的訊號，估值也未能反映單位經濟下滑。但目前整體仍然健康，就成長面而言大致一致，但在利潤率方面可能更突出，也就是整體而言是更高獲利的企業。

Thank you for that color. But what about on an absolute level? Is it, are the software companies, are they similar in terms of the top-line with the overall portfolio? In terms of EBITDA, so the weighted average EBITDA for the overall portfolio was a little under $130 million or software.

謝謝這些補充。不過就絕對值而言呢？軟體公司的營收規模是否與整體投資組合相近？就 EBITDA 而言，整體投資組合的加權平均 EBITDA 略低於 1.3 億美元，那軟體呢？

Yeah, I don't know that we have that number in front of us. I would guess they're broadly online, but we'll have to get back to you.

是的，我們手邊沒有那個數字。我猜大致相近，但我們需要再回覆你。

Okay. Thank you.

好的，謝謝。

[Ethan Kay, Lucid Capital Markets].

[Ethan Kay，Lucid Capital Markets]。

Hey, guys. Thanks for taking the question. Most of mine have been asked and answered, but maybe just a quick one. It looks like commitment activity was relatively kind of in line with historical average was really the funding activity that was maybe a bit lower. I'm curious whether, perhaps that suggests maybe there's some deals like towards the end of the quarter that were, closed but not funded, or if you can just help us kind of reconcile that delta between the commitments and fundings for the quarter?

嗨，各位。謝謝讓我提問。我的大部分問題都已經被問過也回答了，但我再快速問一個。看起來承諾（commitment）活動相對而言與歷史平均差不多，反而是撥款（funding）活動可能低一些。我想了解這是否表示可能有一些交易在季末已完成交割但尚未撥款，或你們能否協助我們釐清本季承諾與撥款之間的差異？

Yeah, Ethan, it's Ian, that's a good observation. Just to be clear, that commitment figure includes the full commitment to. Of structured credit partners, JV. So Ross made the comment earlier that we funded about, the $14 million in the quarter, but the commitment was 200 million that was previously disclosed. So that's in the commitment number.

是的，Ethan，我是 Ian，這觀察得很好。先說清楚，那個承諾數字包含了對 Structured Credit Partners（JV）的全額承諾。Ross 先前提到我們本季大約撥款 1,400 萬美元，但承諾額是先前已揭露的 2 億美元。所以那會反映在承諾數字裡。

The full, okay, the full SEP 209.

全部的，好，全部的 SEP 209。

Okay. Yeah. So, my point is, don't read too much the gap. It's sort of a very specific given we commenced operations of the JV in this in Q1.

好的。是的，所以我的意思是，不要過度解讀這個差距。這是相當特定的情況，因為我們是在第一季開始啟動這個 JV 的營運。

Understood. Great. All right. Thanks, guys.

了解。很好。好，謝謝各位。

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

謝謝。目前顯示沒有其他提問。我現在把時間交回給 Bo Stanley 做結語。

Great. Well, thank you, everyone, for the thoughtful questions. Thanks to the team for the preparation here. And I just want to wish everybody a happy Mother's Day weekend.

很好。謝謝各位提出深思熟慮的問題。也謝謝團隊在此的準備。最後，我想祝大家母親節週末愉快。

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

感謝各位參與今天的電話會議。此節目到此結束，您現在可以中斷連線。