Sixth Street TSLX Earnings Call Transcript

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Friday, February 13, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Bo Stanley

• Chief Financial Officer — Ian Timothy Simmonds

• Managing Director and Head of Investment Strategy — Ross Bruck

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Bo Stanley: Thank you, Cami. Good morning, everyone. Thank you for joining us.

Bo Stanley: This marks my archetypal net telephone arsenic CEO, and I americium energized by the continued spot of our level and the subject our squad has maintained done a dynamic 2025 and into 2026. Before we dive into the fiscal results, I americium pleased to present Ross Bruck, who is joining america connected this telephone contiguous for the archetypal clip successful his capableness arsenic Managing Director and Head of Investment Strategy. Ross was 1 of the archetypal members of our nonstop lending concern team, having joined Sixth Street much than a decennary ago. He has had roles crossed the Sixth Street level successful some the U.S. and Europe, applying his heavy underwriting expertise to assorted recognition concern strategies.

Ross brings a unsocial position that bridges analyzable asset-level underwriting with a strategical lens connected marketplace opportunity. His assignment reflects our committedness to elevating our interior endowment to thrust disciplined concern decisions, and we are excited to person his dependable connected these calls. For our prepared remarks, I volition reappraisal full-year and fourth-quarter highlights and walk it implicit to Ross to sermon concern enactment successful the portfolio. Our CFO, Ian, volition reappraisal our fiscal show successful much detail, and I volition reason with last remarks earlier opening the telephone to Q&A.

After the marketplace closed yesterday, we reported fourth-quarter results with adjusted nett concern income of $0.52 per share, oregon an annualized operating instrumentality connected equity of 12%, and adjusted nett income of $0.30 per share, oregon an annualized instrumentality connected equity of 7%. Adjusted nett concern income of $0.52 per stock exceeded our basal dividend of $0.46 per share, providing basal dividend sum of 113%. As presented successful our fiscal statements, our Q4 nett concern income and our nett income per share, inclusive of the unwind of the non-cash accrued superior gains inducement interest expense, were $0.53 and $0.32, respectively.

The quality betwixt adjusted nett concern income and adjusted nett income of $0.22 per stock successful Q4 was chiefly driven by $0.12 per stock of unrealized losses from idiosyncratic recognition impacts and $0.10 per stock of prior-period unrealized gains that reversed this play and moved into this quarter's nett concern income related to concern realizations. For the afloat twelvemonth 2025, we generated adjusted nett concern income per stock of $2.18, representing an operating instrumentality connected equity of 12.7%, which exceeded the apical extremity of our guidance scope we communicated passim the people of 2025. Adjusted nett income per stock was $1.76, corresponding to a instrumentality connected equity of 10.3%.