Sixth Street Specialty Lending, Inc. (TSLX) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Sixth Street Specialty Lending, Inc., quarter two 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Sixth Street Specialty Lending, Inc. 2026 年第二季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。

I would now like to hand the conference over to Cami Senatore. Please go ahead.

我現在要將會議交給 Cami Senatore。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。在我們開始今天的電話會議之前，我想提醒各位聽眾，本次通話中的發言可能包含前瞻性陳述。除歷史事實陳述之外，本次通話中所作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 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. Yesterday, after the market closed, we issued our earnings press release for the second quarter ended June 30, 2026, 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.

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）提交之文件中所描述的因素。公司不承擔更新任何此類前瞻性陳述的義務。昨日收盤後，我們發布了截至 2026 年 6 月 30 日止第二季的財報新聞稿，並在我們網站 www.sixthstreetspecialtylending.com 的「投資人資源」專區上傳了一份簡報。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'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 second quarter ended June 30, 2026. As a reminder, this call is being recorded for replay purposes.

Sixth Street Specialty Lending Inc 的財報新聞稿亦可於我們網站的「投資人資源」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，均為截至並涵蓋 2026 年 6 月 30 日止第二季。提醒各位，本通話將被錄音以供重播。

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

我現在把電話交給 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. For our call, I will review our second quarter highlights and pass it to Ross to discuss investment activity in the portfolio. Ian will cover our financial performance in detail, and I will conclude with final remarks before opening the call to Q&A.

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。在本次電話會議中，我將回顧第二季重點，接著請 Ross 說明投資組合的投資活動。Ian 將詳細說明我們的財務表現，而我會在開放問答前以最後的結語作結。

After the market closed yesterday, we reported second quarter net investment income of $0.43 per share or an annualized return on equity of 10.6% and net income of $0.43 per share or an annualized return on equity of 10.5%. Net asset value per share was $16.24 at quarter end, stable compared to the prior quarter. Our Board has approved a base quarterly dividend of $0.42 per share to shareholders of record as of September 15, payable on September 30.

昨日收盤後，我們公布第二季每股淨投資收益為 0.43 美元，或年化股東權益報酬率（ROE）10.6%；每股淨利為 0.43 美元，或年化 ROE 10.5%。每股淨資產價值於季末為 16.24 美元，較前一季持平。董事會已核准每股 0.42 美元的基本季度股利，股權登記日為 9 月 15 日，並於 9 月 30 日發放。

Our second quarter operating earnings exceeded the base dividend level we established last quarter. As we discussed on our last earnings call, we expect activity-based fee income to normalize over several quarters following the market volatility experienced in the first quarter. Consistent with that expectation, repayment activity increased sequentially in the second quarter and contributed to $0.08 per share of activity-based fees during the quarter, although it remained below our long-term historical average.

我們第二季的營運盈餘高於我們上季所設定的基本股利水準。如同我們在上次財報電話會議中所討論的，鑑於第一季市場波動，我們預期以活動為基礎的費用收入將在接下來數季逐步回歸常態。與該預期一致，第二季的償還活動較前一季增加，並在本季貢獻每股 0.08 美元的活動型費用，惟仍低於我們長期歷史平均水準。

Based on the repayment activity we have experienced thus far in the third quarter, we expect this momentum to continue and are increasingly constructive on activity-based fee income in the second half of the year relative to the first half. Following the meaningful widening of credit spreads in Q1, LCD first-lien spreads were largely unchanged during the second quarter, resulting in limited impact on the fair value of our debt investments from market inputs.

基於我們在第三季迄今所觀察到的償還活動，我們預期此一動能將延續，且相較於上半年，我們對下半年活動型費用收入的看法更趨正向。在第一季信用利差明顯擴大之後，LCD 第一順位擔保貸款利差於第二季大致持平，使得市場輸入因素對我們債務投資公允價值的影響有限。

The stability of our net asset value per share in Q2 reflects the underlying credit quality of our portfolio, resulting from our consistent focus on disciplined asset selection, structural downside protection and active portfolio management. Portfolio company performance remains strong as evidenced by stable nonaccruals, improving interest coverage and consistent revenue and EBITDA trends. We believe this portfolio quality supports the durability of our business' core earnings power and our ability to generate ROEs in excess of our cost of equity capital through changing market environments.

第二季每股淨資產價值的穩定，反映了我們投資組合的內在信用品質，這源自我們一貫專注於嚴謹的資產篩選、結構性的下行保護以及主動式投資組合管理。投資組合公司表現仍然強勁，體現在不計息資產（nonaccruals）維持穩定、利息保障倍數改善，以及營收與 EBITDA 走勢一致。我們相信，這樣的投資組合品質支撐了本公司核心獲利能力的韌性，並使我們能在不同市場環境下，持續創造高於股權資本成本的 ROE。

Stepping back, we continue to operate in a market environment characterized by elevated interest rates, geopolitical uncertainty and evolving structural dynamics within private credit. Notwithstanding these uncertainties, the underlying economy has remained generally stable. Recent labor market data, including unemployment claims hovering near multi-decade lows, reinforces that view. We are also seeing early indications of a general pickup in transaction activity as we move through the back half of the year.

從更宏觀的角度來看，我們仍處於一個以高利率、地緣政治不確定性，以及私募信貸結構動態演變為特徵的市場環境。儘管存在這些不確定性，整體經濟基本上仍維持穩定。近期勞動市場數據（包括失業救濟申請仍徘徊在數十年低點附近）強化了這一觀點。隨著我們進入下半年，我們也看到交易活動普遍回升的初步跡象。

As companies and sponsors develop greater conviction around industry fundamentals and operating outlooks, we expect a more active M&A environment. For SLX, a more active market should support both increased origination opportunities and higher repayment activity.

隨著企業與贊助方對產業基本面與營運展望建立更高的信心，我們預期併購（M&A）環境將更為活躍。對 SLX 而言，更活躍的市場應可同時支持更多的承作（origination）機會與更高的償還活動。

With that, I'll now pass it over 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. I'd like to begin with the investment environment. Second quarter activity levels reflect the lagged effects of the market volatility experienced in the first quarter. Direct lending volumes declined by approximately half sequentially and compared to the second quarter of 2025, while private equity deal activity also slowed materially. Sponsor-backed M&A, which is an important driver of financing activity in our market remained constrained as limited exit activity and uncertainty around financing costs continue to suppress transaction volumes.

謝謝，Bo。我想先從投資環境談起。第二季的活動水準反映了第一季市場波動所帶來的遞延影響。直接放款量較前一季以及相較 2025 年第二季約減少一半，而私募股權交易活動也明顯放緩。由贊助方主導的併購（Sponsor-backed M&A）是我們市場融資活動的重要驅動因素，但在退出活動有限以及融資成本不確定性持續壓抑交易量的情況下，仍然受限。

Despite that backdrop, our own investment activity stayed consistent with Q1. During the second quarter, we provided total fundings of $137 million across two new investments and capital called by our joint venture Structured Credit Partners. Our Q2 fundings are a result of our platform's reach and our focus on maintaining deep long-term relationships with our borrowers. Both of our new investments during the quarter were made with borrowers where Sixth Street had long-standing relationships and prior lending experience.

儘管在此背景下，我們自身的投資活動仍與第一季一致。第二季期間，我們在兩筆新投資以及我們合資企業 Structured Credit Partners 的資本提撥（capital call）上，合計提供 1.37 億美元的撥款。我們第二季的撥款成果，來自我們平台的觸及範圍，以及我們專注於與借款人維持深厚且長期的關係。本季兩筆新投資皆與 Sixth Street 長期往來且具既有放款經驗的借款人相關。

We believe this is particularly important in periods when market-wide transaction activity is limited. Our investment in Photo Holdings, also known as Shutterfly, is a good example of this connectivity. As an investor in the company for several years, we have a deep familiarity with its business model and capital structure. This established relationship with both the sponsor and management enabled us to engage constructively on a refinancing of its existing debt resulting in a bespoke structured solution that includes significant contractual amortization, robust documentation and attractive economics for SLX shareholders.

我們認為，這在市場整體交易活動受限的期間尤其重要。我們對 Photo Holdings（亦稱 Shutterfly）的投資，就是此種連結性的良好例子。作為該公司多年的投資人，我們對其商業模式與資本結構非常熟悉。與贊助方及管理團隊既有的關係，使我們得以就其既有債務再融資進行具建設性的合作，並促成一項量身打造的結構性解決方案，其中包含顯著的契約攤還、完善的文件條款，以及對 SLX 股東具吸引力的經濟條件。

We believe this transaction illustrates a core advantage of our platform, the ability to leverage long-term relationships, differentiated conviction and scale of capital to solve for complexity where traditional sources of capital may be less accessible. Pivoting to payoffs, we experienced stronger portfolio turnover during the second quarter relative to Q1. Total repayments in Q2 were $192 million, which drove net repayment activity of $55 million. Repayments increased by approximately 70% compared to first quarter, resulting in annualized portfolio turnover of 23% in Q2 and 18% for the first half of the year.

我們認為，這筆交易展現了我們平台的一項核心優勢：能夠運用長期關係、差異化的信念與資本規模，在傳統資金來源較不易取得時，為複雜情境提供解決方案。轉向談及回收（payoffs），第二季我們的投資組合周轉較第一季更為強勁。第二季總償還額為 1.92 億美元，帶動淨償還活動達 5,500 萬美元。償還額較第一季約增加 70%，使第二季年化投資組合周轉率為 23%，而上半年為 18%。

As Bo noted, this activity generated $0.08 per share of activity-based fee income in Q2. We benefit from embedded call protection and unamortized OID in our portfolio that provides meaningful earnings upside and stronger repayment periods. The repayment activity we experienced during the quarter was primarily driven by refinancings in either the private credit or broadly syndicated loan markets. An example is our investment in TS Imagine, a global financial technology provider, which was repaid in June.

如 Bo 所指出，該活動在第二季帶來每股 0.08 美元的以活動為基礎的費用收入。我們的投資組合受惠於內嵌式提前贖回保護（call protection）與尚未攤銷的原始發行折價（OID），可帶來可觀的獲利上行空間與更強勁的回收期表現。本季我們所經歷的回收活動主要由私人信貸或廣泛銀團貸款市場的再融資所驅動。例如，我們對 TS Imagine（全球金融科技供應商）的投資於 6 月獲得償還。

The company refinanced its existing senior secured credit facility in the private credit market. Upon repayment, we received call protection, which contributed to an unlevered IRR of 15% and a 1.7 times multiple of money for SLX shareholders. While transaction volumes remain muted on a broad basis, we are beginning to see earlier signs of a healthier direct lending market. Capital inflows have slowed and underwriting processes are becoming more disciplined, including with respect to documentation, lender protections, access to management teams and the depth of diligence lenders can perform.

該公司在私人信貸市場為其既有的第一順位擔保信貸融資安排進行再融資。在償還時，我們收取了提前贖回保護費用，為 SLX 股東帶來 15% 的無槓桿 IRR 與 1.7 倍的資金倍數（multiple of money）。儘管整體交易量仍普遍偏低，我們開始看到直接放貸市場更健康的早期跡象。資金流入已放緩，承作（underwriting）流程也更趨嚴謹，包括在文件條款、貸方保護、接觸管理團隊的管道，以及貸方可執行盡職調查的深度等方面。

We believe these developments should be beneficial for the sector over the long term. This shapes our view that we are in a period where the market prioritizes credit quality and certainty over pure speed, which aligns with our investor-first approach. The pace of new opportunities in our pipeline is accelerating. And while the timing of a broader recovery remains difficult to predict, we have the flexibility to remain selective. Our focus remains on leveraging the full breadth of the Sixth Street platform to identify those specific opportunities where we can earn the most attractive risk-adjusted returns for our shareholders.

我們認為，這些發展長期而言將有利於該產業。這也形塑了我們的觀點：市場正處於一個更重視信用品質與確定性、而非單純追求速度的階段，這與我們以投資人為先的作法一致。我們管線中的新機會出現速度正在加快。儘管更廣泛的復甦時點仍難以預測，我們仍具備保持選擇性的彈性。我們仍聚焦於運用 Sixth Street 平台的完整廣度，辨識那些能為股東賺取最具吸引力之風險調整後報酬的特定機會。

Moving on to portfolio metrics and yields. At June 30, the weighted average total yield on our debt and income-producing securities at amortized cost was 11.2%, reflecting no change compared to March 31. Our omnichannel sourcing capabilities enabled us to put capital to work in a disciplined manner, demonstrated by a weighted average spread on new first-lien investments of 690 basis points, which compares to a spread of 527 basis points on new issue first-lien loans for BDC peers in Q1.

接著談投資組合指標與收益率。截至 6 月 30 日，我們以攤銷成本計量之債務與具收益證券的加權平均總收益率為 11.2%，較 3 月 31 日持平。我們的全通路案源能力使我們得以有紀律地部署資金；新承作第一順位投資的加權平均利差為 690 個基點，相較之下，同業 BDC 在第一季新發行第一順位貸款的利差為 527 個基點。

Our ability to originate new investments at attractive spreads remains an important differentiator. Over the trailing 12 months, our investment spread on new commitments, excluding structured credit investments, averaged 6.8%, largely consistent with the 7% spread on all floating rate investments across our existing portfolio. This alignment supports the durability of our forward earnings power and mitigates the potential for spread compression as the portfolio turns over.

我們以具吸引力的利差承作新投資的能力，仍是重要的差異化優勢。過去 12 個月，我們新承諾投資（不含結構性信貸投資）的投資利差平均為 6.8%，與我們既有投資組合中所有浮動利率投資約 7% 的利差大致一致。此一一致性支持我們未來獲利能力的持久性，並在投資組合汰換時降低利差被壓縮的可能性。

In addition to maintaining discipline on new investment spreads, we remain focused on the high documentation standards that underpin our downside protection. At quarter end, we maintained effective voting control on 78% of our debt investments with an average of two financial covenants per investment, consistent with historical levels. Embedded call protection in our loan documents is a critical component of our underwriting process as it allows us to counteract reinvestment risk and drive long-term value for shareholders.

除了在新投資利差上維持紀律外，我們也持續專注於支撐下行保護的高標準文件條款。截至季末，我們在 78% 的債務投資上維持有效的表決控制權，每筆投資平均包含兩項財務契約條款，與歷史水準一致。貸款文件中的內嵌式提前贖回保護是我們承作流程的關鍵組成，因其可協助我們對抗再投資風險，並為股東創造長期價值。

Before turning the call over to Ian, I'd like to provide an update on our existing portfolio companies, highlighting key metrics. 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 5.3 times, respectively, with weighted average interest coverage of 2.4 times. As of Q2 2026, the weighted average revenue and EBITDA of our core portfolio companies was $465 million and $137 million, respectively.

在把電話會議交給 Ian 之前，我想先更新我們既有投資組合公司的狀況，並強調幾項關鍵指標。就這些指標適用的核心借款人而言，我們仍維持保守的加權平均附著點（attachment）與分離點（detachment）槓桿倍數，分別為 0.4 倍與 5.3 倍，加權平均利息保障倍數為 2.4 倍。截至 2026 年第二季，我們核心投資組合公司的加權平均營收與 EBITDA 分別為 4.65 億美元與 1.37 億美元。

Median revenue and EBITDA were $180 million and $57 million. Finally, overall portfolio performance remains strong as evidenced by a weighted average internal investment rating of 1.20 on a scale of 1 to 5 with 1 being the strongest. Credit quality continues to be stable with no new portfolio companies added to nonaccrual status during the quarter.

營收與 EBITDA 的中位數分別為 1.80 億美元與 5,700 萬美元。最後，整體投資組合表現仍然強勁，體現在加權平均內部投資評等為 1.20（評等範圍 1 至 5，1 為最強）。信用品質持續穩定，本季沒有新增任何投資組合公司被列入停止計息（nonaccrual）狀態。

As of June 30, we had three portfolio companies on nonaccrual status, representing 1.3% of the portfolio at fair value. Top line growth has remained stable, while earnings durability has accelerated, signaling a resilient demand environment and increased operating scale across our end markets. Across our core portfolio companies, LTM revenue and EBITDA growth were approximately 8% and 11%, respectively.

截至 6 月 30 日，我們有三家投資組合公司處於停止計息狀態，按公允價值計占投資組合的 1.3%。營收端成長維持穩定，而獲利韌性加速提升，顯示我們終端市場的需求環境具韌性，且營運規模持續擴大。在我們核心投資組合公司中，過去十二個月（LTM）營收與 EBITDA 成長率分別約為 8% 與 11%。

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

接下來，我想把時間交給 Ian，更詳細說明我們的財務表現。

Thank you, Ross. For Q2, we generated net investment income and net income per share of $0.43. Total investments were $3.3 billion, in line with the prior quarter. Total principal debt outstanding at quarter end was $2 billion and net assets were $1.5 billion or $16.24 per share. During the quarter, we completed two capital markets transactions to further enhance our debt maturity profile and balance sheet positioning. As mentioned on our last earnings call, we closed on an amendment to our revolving credit facility on the 1st of May, maintaining the pricing and key terms of the facility while extending the final maturity to May 2031.

謝謝你，Ross。第二季我們的每股淨投資收益與每股淨利均為 0.43 美元。總投資為 33 億美元，與前一季一致。季末未償還的債務本金總額為 20 億美元，淨資產為 15 億美元，或每股 16.24 美元。本季我們完成兩筆資本市場交易，以進一步優化我們的債務到期結構與資產負債表配置。

Also during the first week of May, we issued $300 million of long five-year notes at a spread of treasuries plus 180 basis points, marking the second tightest spread SLX has printed in the five-year part of the curve. As we do with all our issuances, we swapped these fixed rate notes to floating at a spread of SOFR plus 185 basis points. This issuance illustrates execution on our underlying philosophy of proactively managing our liquidity needs with term unsecured financing and our commitment to enhancing the depth of our investor base with each issuance.

同樣在 5 月的第一週，我們發行 3 億美元、期限較長的五年期票據，利差為美國公債利率加 180 個基點，為 SLX 在五年期曲線區段所取得的第二緊利差。如同我們對所有發行案的作法，我們將這些固定利率票據透過交換轉為浮動利率，利差為 SOFR 加 185 個基點。此一發行展現我們一貫的核心理念：以期限型無擔保融資主動管理流動性需求，並承諾在每次發行中持續加深投資人基礎的深度。

Following these transactions, our capital, liquidity and funding profile remain in excellent shape. For the second quarter, our average debt-to-equity ratio was 1.24 times, up from 1.14 times in the prior quarter, and our ending debt-to-equity ratio increased from 1.18 times to 1.27 times. Ending leverage was higher this quarter, driven by cash on the balance sheet held at quarter end that was subsequently used to satisfy the maturity of the 2026 unsecured notes in August.

在完成這些交易後，我們的資本、流動性與資金來源結構仍維持在極佳狀態。第二季我們的平均負債對股東權益比為 1.24 倍，高於前一季的 1.14 倍；期末負債對股東權益比則由 1.18 倍上升至 1.27 倍。本季期末槓桿較高，主要是因為季末資產負債表上持有的現金，之後用於在 8 月償付 2026 年到期的無擔保票據。

Net of cash held at quarter end, ending net leverage was 1.17 times, down slightly from 1.18 times in the prior quarter. We had approximately $1.1 billion of unfunded revolver capacity at quarter end against $221 million of unfunded portfolio company commitments eligible to be drawn or coverage of approximately 4.9 times. As of June 30, our funding mix was represented by 79% unsecured debt. Post quarter end, we repaid the $300 million of unsecured notes that matured on August 1, 2026.

扣除季末持有現金後，期末淨槓桿為 1.17 倍，較前一季的 1.18 倍略降。季末我們約有 11 億美元的循環信貸未動用額度；相對於可動用的投資組合公司未撥付承諾 2.21 億美元，覆蓋倍數約為 4.9 倍。截至 6 月 30 日，我們的資金來源組合中，79% 為無擔保債務。在季後，我們已償還於 2026 年 8 月 1 日到期的 3 億美元無擔保票據。

The repayment modestly reduces our prospective weighted average cost of debt. Following the repayment and assuming the use of available revolver capacity and quarter end cash on our balance sheet, we had approximately $966 million of undrawn revolver capacity, representing more than 4.4 times our eligible unfunded portfolio company commitments. We have no near-term maturities with our nearest obligation being $300 million of unsecured notes due in the second half of 2028.

該筆償還小幅降低了我們未來的加權平均債務成本。在完成償還後，並假設動用可用的循環信貸額度以及使用資產負債表上季末現金，我們約有9.66億美元的未動用循環信貸額度，約為我們符合資格之未出資投資組合公司承諾的4.4倍以上。我們近期沒有到期債務，最近的一筆義務為將於2028年下半年到期的3億美元無擔保票據。

As it relates to our equity capital, on two separate days during the month of June, our 10b5-1 stock repurchase program was triggered, resulting in the repurchase of approximately $500,000 of common stock, representing roughly 31,000 shares at an average price per share of $16.17. As a reminder, our 10b5-1 program is structured to execute automatically to buy back shares whenever our stock trades at a price that is at least $0.01 below our most recently reported net asset value per share.

就我們的股權資本而言，在6月的兩個不同交易日，我們的10b5-1股票回購計畫被觸發，回購約50萬美元普通股，約31,000股，平均每股價格為16.17美元。提醒一下，我們的10b5-1計畫設計為在股價交易價格至少比我們最近一次公布的每股淨資產價值低0.01美元時，自動執行回購。

This automatic framework underscores our conviction in our valuation marks, allowing us to systematically capture an accretive use of capital whenever market pricing diverges from our reported net asset value. This disciplined approach ensures we are allocating capital to the most value-enhancing opportunities for our shareholders. And for completeness on equity capital, we did not issue any shares through our ATM Program during Q2.

此一自動化機制凸顯我們對估值標記的信心，使我們能在市場定價偏離我們所報告的淨資產價值時，系統性地把握具增厚效益的資本運用。這種嚴謹的做法確保我們將資本配置於最能提升股東價值的機會。另外，就股權資本而言，我們在第二季未透過ATM計畫發行任何股份。

Pivoting to our presentation materials. Slide 8 contains this quarter's NAV bridge. Walking through the main drivers of NAV movement, we added $0.43 per share from net investment income against our base dividend of $0.42 per share. There was a $0.06 per share positive impact to NAV primarily from net unrealized gains on investments attributable to movement in equity market multiples. The impact of widening credit spreads on the valuation of our portfolio decreased net asset value by $0.04 per share.

接著談我們的簡報資料。第8頁包含本季的NAV（淨資產價值）橋接表。就NAV變動的主要驅動因素而言，我們的每股淨投資收益貢獻0.43美元，對比我們每股0.42美元的基本股利。每股NAV增加0.06美元，主要來自投資的淨未實現收益，歸因於股權市場倍數的變動。信用利差擴大對我們投資組合估值的影響，使每股淨資產價值減少0.04美元。

The reversal of net unrealized gains on the balance sheet related to investment realizations resulted in a $0.02 per share reduction to NAV. And finally, there was $0.01 per share of net realized gains mainly from equity realizations in Caris Life Sciences. Moving on to our operating results detail on Slide 9. We generated $97.8 million of total investment income for the quarter, up from $93.4 million in the prior quarter. Interest and dividend income was $88.5 million, up modestly from the prior quarter.

與投資實現相關、在資產負債表上先前認列的淨未實現收益回轉，導致每股NAV減少0.02美元。最後，主要來自Caris Life Sciences股權實現的淨已實現收益為每股0.01美元。接著看第9頁的營運結果明細。本季我們的總投資收入為9,780萬美元，高於前一季的9,340萬美元。利息與股利收入為8,850萬美元，較前一季小幅增加。

Other fees, representing prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns, were higher at $5.4 million compared to $3.4 million in Q1, driven by the increase in prepayment fees earned in Q2.

其他費用（包括提前償還費以及因非預期還款而加速攤銷的前端費用）為540萬美元，高於第一季的340萬美元，主要由第二季取得的提前償還費增加所帶動。

Other income was $4 million, up from $2.2 million in the prior quarter. Net expenses were $55.7 million, up from $52.4 million in the prior quarter, primarily driven by an increase in interest expense quarter over quarter. Our weighted average interest rate on average debt outstanding increased slightly from 5.5% to 5.6%. This was primarily the result of a shift in our funding mix following the 2031 notes issuance.

其他收入為400萬美元，高於前一季的220萬美元。淨費用為5,570萬美元，高於前一季的5,240萬美元，主要由利息費用季對季增加所致。我們平均未償債務的加權平均利率由5.5%小幅上升至5.6%。這主要是因發行2031年到期票據後，我們的資金來源組合發生變化所致。

Lastly, on undistributed income, we estimate that to be approximately $1.12 per share at the end of Q2. Before handing it back to Bo, I wanted to provide an update on our ROE metrics. Year-to-date, we've generated annualized ROE based on net investment income of 10%. As discussed on our first quarter call, we anticipate annualized ROE of 10% to 10.5% if full year portfolio turnover remains below 20%, with annualized ROE above 10.5% should portfolio turnover be higher.

最後，關於未分配收益，我們估計第二季末約為每股1.12美元。在交回給Bo之前，我想更新一下我們的ROE指標。年初至今，我們以淨投資收益計算的年化ROE為10%。如同我們在第一季電話會議中所討論，若全年投資組合周轉率維持在20%以下，我們預期年化ROE為10%至10.5%；若投資組合周轉率更高，年化ROE則可望高於10.5%。

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

以上，我把時間交回給Bo做結語。

Thank you, Ian. In closing, we remain encouraged by the fundamental strength of our in-the-ground portfolio and the improving opportunity set across the direct lending market. While the global landscape remains marked by complexity and pockets of fragility, these are the environments for which the Sixth Street platform was built. We believe market activity may be approaching an inflection point. While there is an inherent lag between the transaction environment we are observing today and our reported results, we are increasingly confident that conditions are becoming more supportive of M&A activity.

謝謝你，Ian。總結來說，我們對於我們既有投資組合的基本面韌性，以及直接放款市場機會集的改善，仍感到鼓舞。儘管全球局勢仍充滿複雜性且存在脆弱區域，但這正是Sixth Street平台所擅長應對的環境。我們認為市場活動可能正接近一個拐點。雖然我們目前觀察到的交易環境與我們所報告的結果之間存在固有的時間落差，但我們愈來愈有信心，條件正變得更有利於併購（M&A）活動。

The momentum we are seeing in our pipeline supports our expectations for a more active second half of the year. As conditions evolve, we expect to see a wider dispersion of outcomes across the market, and we believe SLX is well positioned to navigate this backdrop. Our confidence is rooted in the quality of our portfolio. Just as importantly, the breadth of the Sixth Street platform, including our thematic sourcing capabilities, sector expertise and scale of capital, which allows us to remain patient and disciplined, ensuring we prioritize opportunities where we can earn attractive risk-adjusted returns.

我們在案源管線中看到的動能，支持我們對今年下半年活動將更為活躍的預期。隨著環境演變，我們預期市場結果的分歧將擴大，而我們相信SLX已具備良好條件以因應此一背景。我們的信心根植於投資組合的品質。同樣重要的是，Sixth Street平台的廣度，包括我們的主題式案源能力、產業專業與資本規模，使我們能保持耐心與紀律，確保優先把握能取得具吸引力風險調整後報酬的機會。

Periods of uncertainty often yield the most compelling deployment opportunities, and we believe our platform, liquidity and investment discipline uniquely position us to capitalize on this evolving market and drive long-term value for our shareholders. With that, thank you for your time today.

不確定時期往往帶來最具吸引力的資金部署機會；我們相信，我們的平台、流動性與投資紀律，使我們具備獨特優勢，能把握這個演變中的市場並為股東創造長期價值。以上，感謝各位今天撥冗參與。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Ian, look, at the end of your comments, you touched upon the impact of -- potential impact of portfolio turnover. And I want to ask a couple of questions, one related to that. First, when we think about the dynamics that are driving normalization there, can you tell us a little bit about what is precipitating that activity? Is it the rebound in capital markets and equity prices driving valuations that make it attractive for sponsors to exit or just to be able to refinance on better terms?

Ian，你在評論的最後提到了投資組合周轉率的影響——潛在影響。我想就此問幾個問題，其中一個與此相關。首先，當我們思考推動其回歸常態的動態因素時，你能否多談一些是什麼促成了這些活動？是資本市場與股價反彈推升估值，使贊助方更有誘因退出，還是僅僅因為能以更好的條件進行再融資？

Rick, thanks for the question. This is Bo. I'll take that. So there's, as you know, two components really that drive activity-based fees and payoffs within the portfolio. Those two components are first refinancings, which we saw last year a very active refinancing market with very tight credit conditions and compressed spreads. You're not seeing that activity materialize here in 2026 is generally, you're in a better spread environment to deploy. So you're not seeing a lot of activity-based fees or repayments related to the refinancings.

Rick，謝謝你的問題。我是Bo。我來回答。如你所知，投資組合內驅動活動型費用與回收（payoffs）的因素主要有兩個。第一個是再融資；去年我們看到再融資市場非常活躍，信用條件非常緊、利差被壓縮。但在2026年你大致看不到這類活動成形，因為目前是更有利差的部署環境。因此，你不會看到太多與再融資相關的活動型費用或償還。

The second component that drives refinancings is M&A activity. And we were maybe a little different than others last quarter signaling to the market that we believe that market uncertainty, the war in the Middle East, higher energy prices, we're going to pause the market on M&A activity. And we signaled that to folks, and that is what played out. The good news is we're starting to see that thaw out. We're seeing that within our pipeline.

第二個驅動因素是併購（M&A）活動。上季我們可能比其他人更早向市場釋出訊號：我們認為市場不確定性、中東戰事與較高的能源價格，將使併購活動暫停。我們已向各方傳達了這點，而結果也確實如此。好消息是，我們開始看到市場解凍。我們在案源管線中也看到了這一點。

We've also seen that just within our payoff activity. We had a couple of names pay off in Q2. One was an M&A activity, the other was refinancing. We've already had a couple of payoffs in Q3 shortly after Q2 close. Again, M&A activity, one was a refinancing.

我們也在我們的回收（payoff）活動中看到這一點。我們在第二季有幾個案子回收。其中一個是併購（M&A）活動，另一個是再融資。在第二季結束後不久的第三季，我們也已經有幾筆回收。同樣地，是併購活動，其中一筆是再融資。

But -- so you're just seeing a better signs of life in M&A. What I would expect in the second half of the year is muted activity-based fees or activity from refinancings because I still believe it's a better spread environment. We're going to continue to see that persist. But M&A activity is going to pick up, and that will drive more payoffs.

但是——所以你只是看到併購（M&A）出現更好的復甦跡象。我對下半年預期的是，因為我仍然認為利差環境較佳，所以由再融資帶來的活動型費用或活動會比較低迷。我們會持續看到這種情況延續。但併購活動會回升，而這將帶動更多回收（payoffs）。

Got it. Very helpful. And you actually then almost perfectly segued into the second part of my question. You guys kind of teed up everything I wanted to talk about. Last quarter, you spoke a little bit about the improving dynamics on the origination side in terms of structure, in terms of diligence, in terms of spread. As activity is picking up on the M&A side, have you been able to retain that ground? Have you gained a little more ground? Where do we stand at this point?

了解。非常有幫助。而你其實幾乎完美地銜接到我問題的第二部分。你們等於把我想談的都鋪陳好了。上個季度，你們稍微談到在承作（origination）端的動態改善，包括結構、盡職調查、利差等。隨著併購端活動升溫，你們是否能維持這些成果？是否又多爭取到一些空間？目前我們處於什麼狀態？

Yeah. Look, Ross had some commentary in the prepared remarks, and I'll let him comment a bit as well. But we continue to see those trends. Spreads are generally wider. Maybe it's 25 to 50 basis points, but they're generally wider. Fees are better. But more importantly, processes are just better. I think your ability to actually have access to management to do a full underwriting process, get access to data, have better loan documentations, all the things that we think are important, not only for portfolio yields, but also to protect the portfolio and manage the credits are all better.

是的。你看，Ross 在事先準備的發言裡有一些評論，我也會讓他再補充一下。但我們持續看到那些趨勢。利差整體而言更寬。也許是 25 到 50 個基點，但整體而言更寬。費用更好。但更重要的是，流程就是更好了。我認為你實際上能接觸管理層、完成完整的承作審核流程、取得資料、拿到更好的貸款文件——所有我們認為重要的事情，不僅有助於投資組合收益率，也有助於保護投資組合並管理信用風險——都變得更好。

Ross, is that fair to say?

Ross，這樣說公平嗎？

I agree with that.

我同意。

Finian O'Shea, WFS.

Finian O'Shea，WFS。

I wanted to ask about the bump in the structured credit JV, seeing if this indicates a faster pace of ramp. Also sort of second part, the yield was elevated. Is that sort of a par flush or seeing what to expect there? And then tying those things together, if this does ramp in an expedited way, it looks like you'll be meaningfully above the dividend, let's say. So how you would address that?

我想問一下結構性信用合資企業（structured credit JV）收益上升的原因，看看這是否代表加速建倉（ramp）的步伐更快。另外第二部分，收益率偏高。那是因為面值回收（par flush）之類的因素，還是我們應該如何預期？再把這些連在一起，如果確實以加快的方式建倉，看起來你們的盈餘會顯著高於股利（dividend），比如說。那你們會如何處理？

Hi, Fin, it's Ross. I'll take those questions. I think on ramp pacing, so through June, the joint venture had called $154 million of equity. So we're a bit over 25% ramped through the first six months of the program. And when we look out in the back half of the year and beyond, I think the pacing is really in line with the pacing that we expected and communicated when we established the joint venture.

嗨，Fin，我是 Ross。我來回答這些問題。關於建倉節奏，截至 6 月，合資企業已經調用（called）了 1.54 億美元的股權。所以在計畫前六個月，我們的建倉進度略高於 25%。而當我們展望下半年及之後，我認為節奏基本符合我們在成立合資企業時所預期並對外溝通的節奏。

So less to do with accelerated pacing, pacing really in line. I'd say from a quarter to quarter standpoint during the ramp phase, there's a couple of different dynamics that will impact the dividend yield from quarter-to-quarter, things like amortizing JV level expenses, what financing structures assets sit in between warehouses and securitizations.

所以這與加速節奏關係不大，節奏確實是符合預期。我會說，在建倉階段，從單季到單季的角度，有幾個不同的動態會影響股利殖利率（dividend yield）的季度波動，例如合資層級費用的攤銷、資產在倉儲融資（warehouse）與證券化（securitizations）之間所處的融資結構。

I think as we look at the asset spreads that we're originating in the joint venture and the liability market, we continue to feel comfortable with the medium-run guidance that we had given for the joint venture's dividend contribution to its members in the low to mid-teens context.

我認為，從我們在合資企業中承作的資產利差以及負債市場來看，我們仍然對先前給出的中期指引感到有信心：合資企業對成員的股利貢獻，約在低到中十幾（low to mid-teens）的水準。

Would you be able to give the dividend guide from the JV for the third quarter?

你們能否提供合資企業第三季的股利指引？

I don't think we're going to do that on this call, Fin. I think generally, the -- it will depend on specific timing of securitization closes and overall loan market dynamics over the next several weeks. Obviously, we adjust pacing of ramp to asset market conditions as well. So I think we're really more focused on planning the business using more medium-run guidance.

Fin，我想我們不會在這通電話上提供。我認為一般而言——這會取決於證券化結案（closes）的具體時點，以及未來幾週整體貸款市場的動態。當然，我們也會依資產市場狀況調整建倉節奏。所以我認為我們更專注於用較中期的指引來規劃業務。

Okay. That's helpful. And just, I guess, a final one on that, like not -- I think most of us here aren't much of CLO experts, but from what I gather, it's not the best time, the arb isn't great and all that, but there are opportunities, deeper discounts in the software sector per se. Are you more aggressive on that end? Or is this more of a clean, just sort of arb play right now and maybe in the future as you ramp?

好的。這很有幫助。另外最後一個相關問題：我想我們大多數人都不是 CLO 專家，但據我了解，現在不是最好的時點，套利（arb）不太好之類的，不過在軟體產業等領域有更深的折價機會。你們在那一端會更積極嗎？還是說目前比較像是乾淨的、單純的套利操作，未來隨著建倉再調整？

Yeah. I think on the asset side, the investment strategy is consistent with Sixth Street and Carlyle's broader CLO investing strategy. So our 10-Q includes a number of portfolio metrics, including industry composition of the pool. It's diversified. It's not concentrated in a particular industry. We also break out weighted average spread on investments held within the joint venture financing subsidiaries, which is a bit under 280 basis points.

是的。我認為在資產端，投資策略與 Sixth Street 和 Carlyle 更廣泛的 CLO 投資策略一致。因此我們的 10-Q 包含多項投資組合指標，包括資產池的產業組成。它是分散的。並未集中在特定產業。我們也揭露了合資企業融資子公司內所持投資的加權平均利差（weighted average spread），略低於 280 個基點。

So we view this as a high-quality portfolio, not one that's focused on excess risk on the asset side. And I think as we highlighted in the initial comments around the joint venture, really a big part of the power is the fee-free nature versus the fee-bearing nature of market CLOs that you may reference. And so this program has a 400 to 500 basis point equity return advantage, which allows it to ramp attractively even in tighter arb environments.

所以我們把這視為高品質投資組合，而不是在資產端追求額外風險的組合。而且我認為，正如我們在合資企業的初始評論中所強調的，關鍵優勢很大一部分來自於「免管理費」的特性，相較於你可能提到的市場上「收費」的 CLO。因此，這個計畫在股權報酬上有 400 到 500 個基點的優勢，使其即使在套利空間較緊的環境下也能以具吸引力的方式建倉。

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

Investment activity, obviously, it's good news. You're seeing some increase and you highlighted your pipelines getting more active, seeing some potential for the second half. Do you think that this is picking up soon enough that you'll actually see some closings in 3Q? Or will it likely be more of a 4Q story?

投資活動顯然是好消息。你們看到一些增加，也提到管線更活躍，並看到下半年一些潛力。你認為這回升得夠快，讓你們在第三季就能看到一些成交（closings）嗎？還是更可能是第四季的故事？

So pipelines are fickle and general processes run anywhere from two weeks on the extreme end to 12 weeks plus. And as we focus on larger deals that maybe have more complex regulatory approval, those can even be more prolonged. The good news is the pipeline includes a lot of late-stage deals that we have decent visibility into. So we do believe you'll start to see that in Q3, but then a marked pickup in Q4. So it's going to be mix. We do see -- we have some things already committed to subject to regulatory approval that should close. We don't have control over that. But I would expect to see some activity in fundings in Q3 and then spilling over certainly into Q4.

管線是多變的，而一般流程短則兩週（在極端情況下），長則 12 週以上。而當我們聚焦於更大型、可能需要更複雜監管核准的交易時，流程甚至可能更久。好消息是，管線中包含許多後期階段的交易，我們有相當程度的能見度。所以我們確實相信你會在第三季開始看到一些，但第四季會明顯加速。因此會是混合的情況。我們確實看到——我們已經有一些在取得監管核准前提下已承諾（committed）的案子，應該會完成交割。這部分我們無法控制。但我預期第三季會看到一些撥款（fundings）活動，並且肯定會延續到第四季。

Got it. And then maybe you could provide a little update on how your software portfolio company exposures are performing relative to the overall portfolio in terms of either revenue growth or EBITDA growth? And what's the latest update in terms of your software loan exposure is.

了解。接著也許您可以簡要更新一下：就營收成長或 EBITDA 成長而言，您軟體投資組合中各家投資組合公司的曝險，相較於整體投資組合的表現如何？另外，關於你們軟體貸款曝險的最新情況是什麼。

Yeah, I'll take that. So our technology portfolio continues to perform in line with the general rest of the portfolio. We saw, as we mentioned, about 8% portfolio revenue growth. That was in line with last quarter. We saw a step-up in earnings growth to 11% from, I believe, 9% last quarter-ish. So we're seeing better earnings power, but a continued healthy portfolio. That is true of the technology. It's almost on top of it. It's actually a little bit better from a growth rate standpoint and a little bit better from an earnings standpoint.

好的，我來回答。我們的科技投資組合持續與整體投資組合的其他部分表現一致。如同我們提到的，我們看到投資組合營收成長約 8%。這與上一季一致。我們看到獲利成長提升到 11%，我記得上一季大約是 9%。因此我們看到更好的獲利能力，同時投資組合仍維持健康。科技部分也是如此。幾乎是同步的。實際上，從成長率角度看略好一些，從獲利角度看也略好一些。

We're seeing no trends related to particular end markets within technology. Retention rates continue to be stable. So it continues to be healthy. That said, we do believe there will be continued tails. And what I've seen generally, not just in our portfolio, but across the sector is a dispersion of outcomes for businesses. So the businesses that have been performing poorly over the past couple of years continue to perform poorly. But for the most part, the bulk of technology and software names are -- have healthy bookings and are not seeing disruption from any AI initiatives to date.

我們沒有看到科技領域內特定終端市場相關的趨勢。留存率持續穩定。因此整體仍然健康。話雖如此，我們確實認為仍會有持續的尾部影響。而我一般看到的情況，不僅在我們的投資組合，在整個產業也是如此，就是企業結果出現分化。過去幾年表現不佳的企業仍持續表現不佳。但大致上，多數科技與軟體公司——訂單（bookings）仍然健康，且截至目前並未因任何 AI 計畫而出現干擾。

Ken Lee, RBC Capital Markets.

Ken Lee，RBC Capital Markets。

Just one on the prepared remarks, you mentioned that you've been seeing consistent spreads on new investments, consistent -- on the new investments with the existing portfolio on a trailing 12-month basis. Just curious, has there been a mix shift towards more complex, more differentiated investments over the last several quarters to be able to support that kind of spread. Just wanted to dig in a little bit more and see where some of that differentiation is coming from.

關於事先準備的發言，你提到新投資的利差一直很一致，且在過去 12 個月（trailing 12-month）的基礎上，新投資與既有投資組合的利差也一致。想請教的是，過去幾季是否出現組合轉向更複雜、更具差異化的投資，以支撐這樣的利差水準？想再深入一點了解，這些差異化主要來自哪裡。

I'll take that, and Ross can add anything if he'd like. So the power of our platform allows us to be very thematic in our approach to go-to-market and find things that are in the scenes, frankly, away from where a lot of our competitors are sourcing. And that has been a big driver of our originations over the past six quarters of last year, we were very vocal about doing more sort of nonsponsor-related activity than we had seen in historic periods.

我來回答，Ross 若想補充也可以。我們平台的優勢讓我們能以非常主題式（thematic）的方式推進市場開發（go-to-market），並找到一些坦白說是在幕後、遠離許多競爭對手主要來源的機會。這一直是我們過去六個季度承作（origination）的重要驅動因素；去年我們也非常明確地提到，我們做了比歷史期間更多的非贊助商（nonsponsor）相關活動。

We've seen a continuation of that trend. And I think last quarter, we mentioned our -- the restructuring initiatives and good company, bad balance sheet type situations, we expect to see more of. We probably had one of those originations this quarter that Ross can talk about. But it's really just the power of the platform and that thematic originations that allowed us to be very consistent with our spreads on what we've originated.

我們看到這個趨勢持續。而且我想上一季我們提到重整（restructuring）相關的機會，以及「好公司、壞資產負債表」這類情境，我們預期會看到更多。本季我們可能就有一筆這類承作，Ross 可以談談。但重點就是平台的力量與主題式承作，讓我們在新承作的利差上能維持非常一致。

Yeah. I think, Ken, this is Ross. Shutterfly is maybe a good example of an investment that fits within our kind of complex balance sheet but high-quality underlying company theme that we've invested in since inception. So that's a dollar one first-lien term loan that we put in place alongside a secured bond issuance in 2Q to refinance the company's capital structure.

是的。Ken，我是 Ross。Shutterfly 也許是個很好的例子，符合我們一貫的主題：資產負債表較複雜，但底層公司品質很高；我們自成立以來就投資這類標的。這是一筆我們從第一天就承作的第一順位擔保定期貸款（first-lien term loan），並在第二季與一筆擔保債券發行同時進行，用以為公司資本結構再融資。

It's a name that our platform had been invested in over several years. So we had real differentiated insights and views on the company that allowed us to drive a very detailed underwriting and as a SOFR plus 700 basis point spread on that investment consistent with the overall portfolio, one that we think is consistent with the ROEs we're targeting for the SLX business.

這個名稱我們的平台在過去幾年已投資過。因此我們對公司有真正差異化的洞見與觀點，使我們能進行非常細緻的授信審查（underwriting）；而該投資的定價為 SOFR 加 700 個基點的利差，與整體投資組合一致，我們也認為這與我們為 SLX 業務所鎖定的 ROE 相符。

Got you. Very helpful there. And one follow-up, if I may, just in terms of the ROE outlook, any other key factors or drivers that we should be mindful of besides the activity-based fee income just for the near term there?

了解。非常有幫助。如果可以再追問一個，就 ROE 展望而言，除了以活動為基礎的費用收入之外，短期內還有其他我們需要留意的關鍵因素或驅動因子嗎？

Hi, ken, it's Ian. I think we really think about the upside in our business being tied to elevated activity levels. And so that's why we chose to guide the -- reframe the guidance towards that as the metric. If you think about our portfolio turnover year-to-date of about 18% and our year-to-date ROEs being in that 10% to 10.5% range, that's kind of where we're living today. Does that present upside? We would like to think so, but we can't control the portfolio turnover.

嗨，Ken，我是 Ian。我們認為業務的上行空間主要與較高的活動水準綁定。因此我們選擇將指引重新聚焦——以那個作為衡量指標。如果你看我們今年迄今投資組合周轉率約 18%，以及今年迄今 ROE 約在 10% 到 10.5% 區間，這大概就是我們目前所處的位置。這是否有上行空間？我們希望如此，但我們無法控制投資組合周轉率。

Chris Muller, Citizens Capital Markets.

Chris Muller，Citizens Capital Markets。

Nice to be with you. Maybe starting with the interest rate environment. So given that there are two rate hikes priced in by midyear '27, do you guys feel that the tailwind, if that's realized, will put a floor on NII? Or could there be some spread compression and leverage moving lower to offset that? Just curious how you guys are thinking through those dynamics.

很高興與各位交流。也許先從利率環境談起。鑑於市場已反映到 2027 年年中前會有兩次升息，你們是否認為若這真的發生，這股順風會為淨利息收入（NII）提供底部支撐？或者是否可能出現利差收窄、槓桿下降來抵消這個影響？想了解你們如何思考這些動態。

That's a really good question. If you look at the forward curve, it has certainly shifted from what we've seen as historical levels and would be supportive of better earnings if the spread environment remains. For the time being, what we're seeing on the origination side, we're seeing continued strength in the spread widening that we've seen in the past, as I just mentioned.

這是個非常好的問題。如果你看遠期曲線，它確實已從我們過去看到的歷史水準發生變化；若利差環境維持不變，將有助於更好的獲利表現。就目前而言，在承作端我們看到利差擴大的趨勢仍然強勁，正如我剛才提到的。

So I think we're hopeful that spreads will have reached a floor, and they're not going to be offset by risk-free rates being higher for longer and actually shifting up and to the right. So that would be supportive of better earnings in the future for the space. We're cautious with that because what we saw before was as risk-free rates came down, people offset that with spreads. It is a little bit different competitive environment, certainly with capital coming out of the space and the reallocation of capital away from direct lending. So we're hopeful that's supportive of better long-term earnings for the space and for us.

因此我想我們希望利差已經觸底，不會被「無風險利率更高、維持更久」甚至曲線上移且往右移所抵消。這將支持該領域未來更好的獲利。我們對此仍保持謹慎，因為我們之前看到的是：當無風險利率下行時，人們會用利差來抵消。目前競爭環境有些不同，尤其是資金正從該領域流出，以及資本從直接放貸（direct lending）轉向重新配置。因此我們希望這能支持該領域以及我們的長期獲利改善。

And I'd just add, Chris, it's Ian. Even if we just look at the data on movement in the forward curve since we last held an earnings call, we're seeing an uplift of 40 to 50 basis points through the end of 2026. So that supports your initial question about it being supportive of overall earnings. Hopefully, that's helpful, Chris.

我再補充一下，Chris，我是 Ian。即便只看自我們上次舉行法說會以來遠期曲線變動的數據，我們看到到 2026 年底為止上升了 40 到 50 個基點。因此這支持你一開始的問題：它確實有助於整體獲利。希望這對你有幫助，Chris。

That's very helpful. And then just a quick clarifying one on the Structured Credit Partners JV. Can you guys just remind me what the target leverage for that vehicle is and just how much of a contribution to earnings it will be once it's fully ramped?

這非常有幫助。接著就結構性信貸合夥人（Structured Credit Partners）合資企業（JV）再快速釐清一點。你們能否提醒我，該載體的目標槓桿是多少，以及在完全爬坡到位後，對盈餘的貢獻大概會是多少？

Sure. I'm happy to take that one, Chris. So generally, we would expect that the financing subsidiaries of the joint venture will be something in the 85% to 90% debt to capitalization range, consistent with the way CLOs are structured, which is the final financing structure for the assets that we're ramping within that portfolio. And we haven't given specific contribution guidance at the TSLX level other than to say the target total investment size for TSLX is $200 million. And again, expect a medium-run dividend yield contribution in the low to mid-teens context on that amount.

當然。Chris，我很樂意回答這題。一般而言，我們預期該合資企業的融資子公司之負債占資本比率大約會落在85%到90%之間，這與CLO的結構一致；而CLO正是我們在該投資組合內逐步建倉之資產的最終融資結構。至於在TSLX層級，我們除了表示TSLX的目標總投資規模為2億美元之外，尚未提供具體的貢獻指引。另外，預期就該金額而言，中期的股利殖利率貢獻大約在低到中十幾%的區間。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

I want to reconcile something, if I can. Bo in your opening remarks, you said, obviously, you thought third quarter maybe through the rest of the year, you expected momentum on activity-based fees or we're increasingly optimistic on activity fees in the second half. When I look at the disclosures elsewhere in the portfolio, right, your core price to principal in the portfolio went up a little bit. That's to be expected.

如果可以的話，我想釐清一件事。Bo，在你的開場談話中，你說很明顯你認為第三季可能到今年剩餘時間，活動型費用（activity-based fees）的動能會出現，或是你們對下半年活動型費用愈來愈樂觀。當我看你們在投資組合其他地方的揭露時，你們投資組合的核心價格相對本金（core price to principal）小幅上升。這是可以預期的。

I think Shutterfly maybe would have moved that. But your fair value to core price declined, which normally would imply to me that there's lower confidence embedded in the portfolio fair values that the core protection is going to be realized. So can you reconcile that into -- or is it a case of you're optimistic, but you don't have anything identifiable and so it's not factored into the portfolio, but you're hopeful.

我想Shutterfly可能會推動那個變動。但你們的公允價值相對核心價格（fair value to core price）卻下降了，這通常會讓我解讀為：投資組合公允價值中所隱含、對核心保護（core protection）將能實現的信心變低了。所以你能否把這點跟你們的說法對起來——還是說你們是樂觀，但沒有任何可辨識的事項，因此沒有反映在投資組合裡，只是抱持希望？

Yeah. Like I think we're optimistic because we're seeing an increase in the pipeline and M&A activity, which is an early indicator that there's a pickup in M&A, and there's going to be more transactions. That's also coupled with the fact that we've actually seen already a couple of payoffs related both to M&A and refinancings. As it relates to the call price, you're right, our price call price to book widened with a couple of our originations that had a strong call protection, but there's nothing embedded within that, that would suggest that we're not confident of activity-based fees in the future.

是的。我想我們之所以樂觀，是因為我們看到案源管線與併購（M&A）活動增加，這是併購回溫、交易將變多的早期指標。此外，我們其實已經看到幾筆回收（payoffs），同時與併購及再融資有關。至於贖回價格（call price），你說得對；由於我們有幾筆新承作案具有較強的贖回保護（call protection），因此我們的贖回價格相對帳面價值（call price to book）差距擴大，但其中並沒有任何因素意味著我們對未來活動型費用沒有信心。

Well, I would just say, normally, when you have an imminent activity-based fee that you would expect rather than optimistic about, you tend to factor it into fair value for the asset, and that didn't appear to happen this quarter. But thank you for that. In terms of the -- on structures, do you think if the market remains more rational for lack of a better term, right, to your point, the credit quality matters more than speed. Do you think there will be more opportunities for your specialty, I mean, finding those slightly more complex things. Do you think complexity is going to grow as a share, if you can -- if I can, of the private credit market over the next several years, which obviously would play into your hands if it sort of -- if it did?

好，我只是想說，通常當你有一筆即將發生、你預期而非僅是樂觀的活動型費用時，你往往會把它反映在該資產的公允價值裡，而這一季看起來並沒有發生。不過謝謝你的說明。另外在結構方面，如果市場在缺乏更好說法的情況下仍然更「理性」——也就是如你所說，信用品質比速度更重要。你認為你們的專長會有更多機會嗎？我的意思是，去找到那些稍微更複雜的案子。你覺得未來幾年在私募信貸市場中，複雜度所占比重會提高嗎？如果會的話，顯然會對你們有利。

Yeah. We're generally optimistic that we're entering a period of more complex capital needs. That's coupled with a very robust financing market over the last couple of years where you saw erosion of credit standards, et cetera, and probably a very robust M&A market where things may or may not have been over-levered. Now look, the backdrop also is supported by a generally decent economy. So you're seeing some earnings growth that maybe offset that. But we do believe -- the forward is going to be about managers that have the liquidity and the capabilities to navigate complexity. And I think that's what Sixth Street has been set up for.

是的。我們整體上樂觀地認為，我們正進入一個資本需求更複雜的時期。這也與過去幾年非常強勁的融資市場相互呼應；當時你看到信貸標準被侵蝕等等，同時併購市場也非常熱絡，交易可能有、也可能沒有過度加槓桿。當然，背景條件也受到整體還不錯的經濟所支撐。因此你也看到一些獲利成長，或許能抵消部分影響。但我們確實相信——往前看，關鍵會在於那些具備流動性與能力、能夠駕馭複雜性的管理人。而我認為這正是Sixth Street所擅長、也為此而打造的。

Paul Johnson, KBW.

Paul Johnson，KBW。

I'm just curious, like given everything that's occurred this year, like how has the dynamics, the competitive dynamics within the direct lending market, particularly kind of in the upper middle market area, how has that changed this year, I guess, if at all? And are you seeing, I guess, more opportunities to be leading deals, taking effective control of more deals just with some of your competitors that could be potentially a little more constrained?

我只是好奇，考量今年發生的一切，直接放款市場內的競爭動態——特別是在上中型市場（upper middle market）這一塊——今年有什麼變化嗎？如果有的話。另外，你們是否看到更多機會去主導交易、在更多交易中取得實質控制權，因為你們的一些競爭對手可能受到的限制更大？

I think that's definitely a trend that we're seeing. As capital has come out of the market, mainly the capital inflows reversing from the retail -- those that had exposure to the retail fundraising market, you've seen less competition in the upper middle market. That has afforded us the opportunity to be a solution provider in that market. And as you know, we generally like to play a lead role or at least have effective voting control in the majority of our transactions. That's no different than the opportunity set that we're seeing today.

我認為這確實是我們看到的一個趨勢。隨著資金從市場撤出，主要是來自零售端的資金流入出現反轉——也就是那些曾經暴露於零售募資市場的資金——你會看到在上中型市場的競爭變少。這讓我們有機會在該市場扮演解決方案提供者（solution provider）。而如你所知，我們通常喜歡在大多數交易中扮演主導角色，或至少擁有有效的投票控制權。這與我們今天所看到的機會集合並無不同。

I also would say this happens from time to time as market dynamics shift, but the relative value of what you're seeing in the upper middle market from an opportunity standpoint on a risk-adjusted basis is generally better than what you're seeing in the lower middle market right now. So that has been the focus of our originations that can change, but that has been a focus for us.

我也想補充，這種情況會隨著市場動態轉變而不時發生；但就風險調整後的角度來看，你目前在上中型市場看到的相對價值與機會，通常比你在下中型市場（lower middle market）看到的更好。因此這一直是我們承作（originations）的重點；當然這可能會改變，但目前確實是我們的重點。

Got it. Appreciate that. I'm also just curious with some of the changes made at the Fed Reserve here recently and moving away from guidance towards some of these meetings, does that affect sponsor positioning at all or in any way kind of prolong, I guess, the exit path maybe here in the near term as we have less visibility over the forward Fed rate and any sort of potential action from the Fed Reserve? Or I mean, is there anything changed there at all?

了解。謝謝你的說明。我也想問，鑑於聯準會（Fed）近期做出的一些改變，並且在某些會議上從提供前瞻指引轉向較少指引，這是否會影響贊助方（sponsor）的部位配置，或在某種程度上延長近期的退出路徑？因為我們對未來聯準會利率以及任何可能的聯準會行動能見度更低。還是說，其實沒有任何改變？

I don't think it's specific to that. What I would say is whenever there's periods of uncertainty, it makes it harder for both private equity and corporations to transact. I don't -- I have -- in the conversations I've had with those managers, I haven't specifically heard anything called out around uncertainty with the Fed change in stance there. But I would generally say the less certainty, the harder it is to transact. That being said, we are seeing, as mentioned, a little bit better activity in the pipeline than we had seen earlier in Q2. Coming into Q2, it was very, very anemic.

我不認為這是特別由那件事所致。我想說的是，只要處於不確定性期間，私募股權與企業都會更難進行交易。我——在我與那些管理人的對話中，並沒有特別聽到有人點出聯準會立場改變所帶來的不確定性。但一般而言，不確定性越低，交易就越難做。話雖如此，如前所述，我們確實看到案源管線的活動比第二季早期稍微好一些。進入第二季時，情況非常、非常疲弱。

Ethan Kaye, Lucid Capital Markets.

Ethan Kaye，Lucid Capital Markets。

Just one quick one for me. Wondering whether you're seeing kind of any more opportunities to buy discounted assets in the secondary market. Is this something you're anticipating becoming a bigger share of new investment activity?

我這邊就一個簡短的問題。想請問你們是否看到在次級市場買進折價資產的機會變多了。你們是否預期這會在新的投資活動中占比更大？

Yeah. Thanks for the question. We get this a lot. We wish there were more opportunities to deploy in the secondary market. There really hasn't been. We haven't seen any real meaningful distressed trades because of liquidity, et cetera. There's been some one-off things that we have focused on. There's been some one-off portfolios that are for sale that ended up being quite competitive, but it hasn't been a meaningful opportunity for us to date.

是的。謝謝你的提問。我們常被問到這個。我們也希望在次級市場有更多可以部署資金的機會。但實際上並沒有。由於流動性等因素，我們沒有看到任何真正有意義的困境交易。我們確實有專注於一些一次性的個案。也有一些一次性的投資組合在出售，最後競爭相當激烈，但截至目前對我們而言還稱不上是有意義的機會。

And just to jump in, Ethan, this is Ross. I think where we've seen more opportunity is to pursue private financings of selected liquid loans, again, with Shutterfly being a good example of that actually doing a private loan alongside a liquid security but less so on the purchase of liquid debt.

我補充一下，Ethan，我是 Ross。我認為我們看到較多機會的地方，是針對部分流動性貸款去做私募融資；再舉一次例子，Shutterfly 就是很好的案例：我們在一項流動性證券旁邊同步做了一筆私募貸款，但相較之下，直接買進流動性債務的機會就少一些。

Derek Hewett, Bank of America.

美國銀行的 Derek Hewett。

Maybe circling back to the forward curve discussion, which could potentially provide some core earnings tailwinds. What about from a credit perspective? Are you concerned that maybe one, two potential rate hikes could either negatively impact credit or maybe even cause the potential recovery in M&A to stall?

或許回到遠期利率曲線的討論，這可能會為核心盈餘帶來一些順風。那從信用角度來看呢？你們是否擔心可能的一到兩次升息會對信用造成負面影響，或甚至讓併購（M&A）可能的復甦停滯？

Yeah, it's a good question. The good news is, I think we mentioned in our prepared remarks, we're actually seeing interest coverage on the portfolio increase sequentially quarter over quarter from 2.3 times to 2.4 times, which is indicative of very healthy earnings growth and earnings power. So we do not actually have concerns at least to date about the forward shift given those strong metrics and the overall health of the portfolio. It may mute the M&A environment modestly. But I think as long as folks can even develop confidence in what they believe is that forward curve and model around that, there may be some activity that folks are comfortable with, and we're certainly seeing that within the portfolio -- I mean, within the pipeline.

是的，這是個好問題。好消息是，我想我們在事先準備的發言中也提到，我們看到投資組合的利息保障倍數（interest coverage）連續季增，從 2.3 倍提升到 2.4 倍，這反映出非常健康的獲利成長與獲利能力。因此，至少截至目前，基於這些強勁指標以及投資組合整體的健康狀況，我們對遠期曲線上移其實沒有疑慮。它可能會在一定程度上稍微抑制併購環境。但我認為，只要市場參與者能對他們所相信的遠期曲線建立信心並據以建模，仍會有一些他們願意進行的活動；我們也確實在投資組合——我是說，在案源管線中——看到這種情況。

Rick Shane, JPMorgan.

摩根大通的 Rick Shane。

I apologize, I should have asked this earlier in the call. Look, your multiple remains a significant competitive advantage. There are any number of smaller BDCs trading at significant discounts to NAV. I am curious, and you've got the question about purchasing distressed assets, but what about just purchasing distressed companies or challenged companies at this point? Is there opportunity there? And when you think about those transactions, is it really an arb -- how important is underlying asset quality in the context of the arbitrage on the multiple of NAV?

抱歉，我應該在電話會議更早的時候就問這個。你們的估值倍數仍然是很重要的競爭優勢。有不少較小型的 BDC 以相對淨資產價值（NAV）的大幅折價在交易。我知道有人問到購買困境資產，但如果是直接收購困境公司或經營受挑戰的公司呢？現在有這方面的機會嗎？另外，當你們思考這類交易時，這是否主要是一種套利——也就是在 NAV 倍數套利的脈絡下，標的資產品質到底有多重要？

Hi, Rick, it's Ian. I'll take this one. I think we're always interested in finding ways to generate shareholder value. So we care about price for asset purchases. We care about asset quality, but the guidance is really just focused on how do we create value for shareholders. So that's sort of the main perspective that we take into any opportunity.

嗨，Rick，我是 Ian。我來回答這題。我認為我們一向有興趣尋找能為股東創造價值的方法。所以我們在意資產收購的價格。我們也在意資產品質，但我們的指引其實是聚焦在：如何為股東創造價值。因此，這就是我們看待任何機會時的主要角度。

I'm not sure that it's easy to take a step back and think about it in the context of the multiple. I think we've always taken the view that our job is to generate a return above our cost of equity. We feel like we have a really clear picture of what that is. And if you think about the guidance that we've given and the track record of generating ROEs that the outcome of that is what the market assigns the multiple to. But if we can find assets to purchase that satisfies that framework, then we're happy to pursue those.

我不確定是否容易退一步、用倍數的脈絡來思考這件事。我想我們一直以來的觀點是：我們的工作是創造高於股權資金成本（cost of equity）的報酬。我們覺得我們對那個水準有非常清楚的掌握。如果你看我們給出的指引，以及我們創造股東權益報酬率（ROE）的歷史紀錄，市場最後會依此給予相應的估值倍數。但如果我們能找到符合這個框架的可收購資產，我們就樂於去追求。

And are you seeing anything in the market that would suggest that some of the -- there are more of those opportunities that exist? I mean, again, look, the history is Josh years ago wrote a piece suggesting that there was a disincentive for managers to sell. You've also seen historically the -- one of the largest players in the space scale their business through those types of acquisitions. I'm just curious sort of given sustained low valuations for some of the smaller peers, whether or not that is unfreezing a little bit.

那你們在市場上是否看到任何跡象，顯示這類——也就是存在更多這類機會？我的意思是，過去 Josh 多年前寫過一篇文章，提到管理人缺乏出售的誘因。你們也曾看到歷史上——這個領域最大的參與者之一，透過這類收購來擴大規模。我只是好奇，鑑於一些較小同業長期維持低估值，這是否讓市場稍微開始解凍？

We have not seen early signs of that unfreezing. We certainly would be happy to explore it when it did, but we are not seeing that as of yet.

我們尚未看到解凍的早期跡象。當它真的出現時，我們當然很樂意去探索，但目前我們還沒有看到。

I am showing no further questions at this time. I would now like to turn the call over to management for closing remarks.

目前顯示沒有其他提問。我現在把電話會議交回管理層作結語。

Great. Thank you very much. Thanks, everybody, for the great questions. I hope everybody has a terrific end of the summer, and we'll speak to you in November. Thank you.

很好。非常感謝。也謝謝各位提出很棒的問題。希望大家夏末愉快，我們 11 月再與各位交流。謝謝。

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

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以掛線。