Sixth Street Specialty Lending, Inc.

Good day and thank you for standing by. Welcome to the Sixth Street Specialty Lending, Inc., Quarter 2, 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Cami Semitor. Please go ahead.

Thank you. Before we begin today's call, I would like to remind our listeners that remarks made during the call may contain forward-looking statements. Statements other than statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Sixth Street Specialty Lending, Inc.'s filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. 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.sixstreetspecialtylending.com. The presentation should be reviewed in conjunction with our Form 10-Q filed yesterday with the SEC. Sixth Street Specialty Lending, Inc.'s earnings release is also available on our website under the Investor Resources section. 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. I will now turn the call over to Beau Stanley, Chief Executive Officer of Sixth Street Specialty Lending, Inc.

Thank you, Kami. Good morning, everyone, and thank you for joining us. With me today is our Head of Investment Strategy, Ross Bruck, and our CFO, Ian Simmons. 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. After the market closed yesterday, we reported second quarter net investment income of 43 cents per share, or an annualized return on equity of 10.6%, and net income of 43 cents per share, or an annualized return on equity of 10.5%. Net asset value per share was $16.24 quarter to end, stable compared to the prior quarter. Our board has approved a base quarterly dividend of 42 cents per share to shareholders of record as of September 15th, payable on September 30th. 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. 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. 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 discipline asset selection, structural downside protection, and active portfolio management. Portfolio company performance remains strong as evidenced by stable non-accruals, improving interest coverage, and consistent revenue and EBITDA trumps. We believe this portfolio quality supports the durability of our business's core earnings, power, and our ability to generate ROEs in excess of our cost of equity capital through changing market environments. 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. Recently, the 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. 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. With that, I'll now pass it over to Ross to discuss this quarter's investment activity.