In a timely return to the Invest Like the Best podcast, Co-Founder and CEO Alan Waxman joins Patrick O'Shaughnessy to share his reaction to the private credit market recalibration we are seeing unfold right now. Alan dives into cyclical market disruptions and the structural forces shaping today’s environment, specifically the "factory model" and the mismatch of assets and liabilities.

Alan explains how it “all comes down to your clarity of purpose.” At Sixth Street, that purpose is simple: our capital partners.

Watch below or listen to the full episode for a briefing on the history of financial systems and a look at where Sixth Street sees the risk—and the opportunity—in today’s market.

^*Assets under management (“AUM”) is presented as of 12/31/2025, unless otherwise noted. AUM includes the net asset value, plus outstanding leverage and asset-based financing undrawn amounts, in respect of private investment funds, certain co-investment vehicles and accounts for which Sixth Street provides investment management or advisory services, as well as capital that such funds, vehicles and accounts have the right to call from investors pursuant to the terms of their capital commitments, and additional fundraising commitments and fund, vehicle and account liquidations through 12/31/2025. In the case of Sixth Street-managed business development companies, AUM reflects their total assets (i.e., gross of any fund-level liabilities) plus asset-based financing undrawn amounts, as well as capital that such companies have the right to call from investors pursuant to the terms of their capital commitments. With respect to Sixth Street-managed collateralized loan obligations, AUM reflects the face amount of debt and equity outstanding. AUM includes capital to be managed in connection with the strategic partnership discussed in the Sixth Street press release that can be accessed here. Calculation of AUM differs from the calculation of regulatory assets under management in Form ADV filings and may differ from the AUM calculation methodologies used by other investment managers.