Triplepoint Venture Growth BDC Corp (TPVG) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp. Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) This conference is being recorded, and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website.

女士們先生們，下午好。歡迎來到 TriplePoint Venture Growth BDC Corp. 2022 年第四季度收益電話會議。 （操作員說明）這次會議正在錄製中，電話重播將在 TriplePoint Venture Growth 網站上的音頻網絡廣播中提供。

Company management is pleased to share with you the company's results for the fourth quarter and full fiscal year of 2022. Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Chris Mathieu, Chief Financial Officer.

公司管理層很高興與您分享公司 2022 年第四季度和整個財年的業績。今天代表公司的是首席執行官兼董事會主席 Jim Labe； Sajal Srivastava，總裁兼首席投資官；和首席財務官 Chris Mathieu。

Before I turn the call over to Mr. Labe, I'd like to direct your attention to the customary safe harbor disclosure in the company's press release regarding forward-looking statements and remind you that during this call, management will make certain statements that relate to future events or the company's future performance or financial condition, which are considered forward-looking statements under federal securities laws. You are asked to refer to the company's most recent filings with the Securities and Exchange Commission for important factors that could cause actual results to differ materially from these statements. The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call, which reflect management's opinions only as of today. To obtain copies of our latest SEC filings, please visit the company's website at www.tpvg.com.

在我將電話轉給 Labe 先生之前，我想請您注意公司新聞稿中有關前瞻性陳述的慣常安全港披露，並提醒您在本次電話會議期間，管理層將做出與相關的某些聲明未來事件或公司未來業績或財務狀況，根據聯邦證券法，這些被視為前瞻性陳述。您需要參考公司最近向美國證券交易委員會提交的文件，了解可能導致實際結果與這些陳述存在重大差異的重要因素。除非法律要求，否則公司不承擔任何更新任何前瞻性陳述或預測的義務。提醒投資者不要過分依賴電話會議期間做出的任何前瞻性陳述，這些陳述僅反映截至今天的管理層意見。要獲取我們最新提交給美國證券交易委員會的文件的副本，請訪問公司網站 www.tpvg.com。

Now I'd like to turn the conference over to Mr. Labe. Please go ahead.

現在我想將會議轉交給 Labe 先生。請繼續。

Good afternoon, everyone, and thank you for joining TPVG's fourth quarter earnings call.

大家下午好，感謝您參加 TPVG 第四季度財報電話會議。

During 2022, we achieved several key objectives while continuing to take our selective approach given market volatility. We grew the portfolio to record levels, generated both record investment income and record NII and over-earned our distribution. Other accomplishments included further diversifying the portfolio, maintaining our target leverage ratio and growing our core portfolio yield, which has now expanded over the past 7 consecutive quarters. During the year, we also raised accretive equity capital and increased overall leverage as well as extended our credit lines to strengthen our balance sheet.

在 2022 年期間，我們實現了幾個關鍵目標，同時鑑於市場波動繼續採取我們的選擇性方法。我們將投資組合增長到創紀錄的水平，產生了創紀錄的投資收入和創紀錄的 NII，並超額賺取了我們的分配。其他成就包括進一步多元化投資組合、維持我們的目標槓桿率和提高我們的核心投資組合收益率，該收益率在過去連續 7 個季度有所擴大。在這一年裡，我們還籌集了增值股本，提高了整體槓桿率，並擴大了信貸額度以加強我們的資產負債表。

Turning to some fourth quarter highlights. The earnings power of the business remains strong. We generated net investment income of $0.58 per share and exceeded our $0.37 quarterly distribution. We're pleased to announce that our Board of Directors has approved an 8% increase in the distribution to $0.40 per share. This represents the second consecutive increase in our quarterly distribution. Our distribution has now increased by 11% over the past 2 quarters.

談談第四季度的一些亮點。該業務的盈利能力依然強勁。我們產生了每股 0.58 美元的淨投資收益，超過了我們 0.37 美元的季度分配。我們很高興地宣布，我們的董事會已批准將分配額增加 8% 至每股 0.40 美元。這是我們季度發行量連續第二次增長。在過去的兩個季度中，我們的發行量現在增加了 11%。

Since going public almost 9 years ago, we have declared $13.45 per share in distributions, including 4 special distributions, with the most recent special distribution declared in December 2022. Over this time, we've also exceeded our distributions on a cumulative basis and maintain sizable spillover income.

自將近 9 年前上市以來，我們宣布了每股 13.45 美元的分配，包括 4 次特別分配，最近一次特別分配是在 2022 年 12 月宣布的。在這段時間裡，我們的累計分配也超過了我們的分配，並保持可觀的溢出收入。

Turning to the venture market. Tightening monetary policy and the downturn in public company multiples and valuations have continued to impact venture capital investment activity. Quarter-over-quarter activity in 2022 dropped off steadily. According to PitchBook, in Q4, an estimated 936 deals closed for a total of $1.35 billion, the lowest quarterly deal value since the second quarter of 2018. For many companies, prior year plans of growth at all costs have shifted to revised plans of conserving cash at all cost.

轉向風險投資市場。緊縮的貨幣政策以及上市公司市盈率和估值的下滑繼續影響風險資本投資活動。 2022 年環比活動穩步下降。根據 PitchBook 的數據，在第四季度，估計完成了 936 筆交易，總金額為 13.5 億美元，這是自 2018 年第二季度以來的最低季度交易價值。對於許多公司來說，去年不惜一切代價的增長計劃已經轉變為修訂後的節約計劃不惜一切代價現金。

Venture capital investors are continuing to be selective with their investments, especially when it comes to new investments and continue to spend time with existing portfolio companies, encouraging moderate growth and monthly cash burn rates.

風險資本投資者繼續對他們的投資有選擇性，特別是在涉及新投資時，並繼續花時間與現有投資組合公司合作，鼓勵適度增長和每月現金消耗率。

In today's environment, small inside investor-led grounds and convertibles, reduced growth plans and cash runway path to profitability are common. Given aggressive valuations from the past and a reduced revenue outlook, for some companies, capital raising in this environment is often a challenge. This is a period of valuation resets and potential down rounds. While not all companies will face this scenario, we anticipate there will be more down rounds in the future. As a lender, servicing our debt in companies having capital in the bank is key, as we're indifferent as to the equity round pricing itself.

在當今的環境中，小型內部投資者主導的土地和可轉換債券、減少的增長計劃和盈利的現金跑道很常見。鑑於過去激進的估值和收入前景下降，對於一些公司來說，在這種環境下籌集資金往往是一個挑戰。這是一個估值重置和潛在的下輪融資的時期。雖然並非所有公司都會面臨這種情況，但我們預計未來會有更多的低價融資。作為貸方，在銀行擁有資本的公司償還我們的債務是關鍵，因為我們對股權融資本身的定價漠不關心。

While we expect these trends to continue in the first half of 2023, one bright spot in the venture market has been venture capital fundraising. Although the investing pace was down, venture capital fundraising was exceptionally strong in 2022, and this bodes well for the venture lending business. According to PitchBook, $163 billion closed across 769 funds in 2022, setting an annual record for capital raised. There continues to be a record amount of dry powder estimated more than $300 billion, which is now sitting on the sidelines. And for quality companies, there couldn't be a stronger pool of capital to access.

雖然我們預計這些趨勢將在 2023 年上半年繼續，但風險投資市場的一個亮點是風險資本籌資。儘管投資步伐放緩，但 2022 年的風險資本融資異常強勁，這對風險貸款業務來說是個好兆頭。根據 PitchBook 的數據，2022 年 769 只基金共募集資金 1630 億美元，創下了年度融資記錄。繼續有創紀錄的干火藥數量估計超過 3000 億美元，現在處於觀望狀態。對於優質公司而言，沒有比這更強大的資金池可供使用了。

Based on some recent conversations I've had with several of our select funds, there are already early signs and a widespread belief that investment momentum will pick up in the second half of this year and into 2024, especially given this large amount of dry powder. Although they're still focusing on existing companies, there is somewhat of a general waiting game sentiment out there. These investors tell us they're continuing to wait out market volatility but forecast better times ahead. With that said, we are finding pockets of new investments starting to pop up and witnessing appetite starting to increase in technology investing. In our portfolio, we're finding that deals are still getting done. It's simply taking a little longer and a little slower pace.

根據我最近與我們的幾家精選基金進行的一些談話，已經有早期跡象並且人們普遍認為，投資勢頭將在今年下半年和 2024 年回升，尤其是考慮到大量幹火藥.儘管他們仍然關注現有公司，但普遍存在一種等待遊戲的情緒。這些投資者告訴我們，他們將繼續等待市場波動結束，但預測未來會更好。話雖如此，我們發現新的投資開始湧現，並且見證了對技術投資的興趣開始增加。在我們的投資組合中，我們發現交易仍在完成。它只是需要更長的時間和更慢的速度。

Turning to the investment portfolio. It continues to be about the long term. While we can't ignore the present down cycle, tech investing has always been about 1, 3, 5 years out, the long term. Despite current market volatility, it was notable that 56% of our portfolio companies that are active credits raised capital last year, representing almost $2.5 billion raised to 36 companies, of which more than $300 million came in the last quarter alone. At quarter's end, our investment portfolio reached nearly $1 billion, a record increase for the full year.

轉向投資組合。它仍然是關於長期的。雖然我們不能忽視當前的下行週期，但從長遠來看，科技投資始終是 1 年、3 年、5 年後的事情。儘管當前市場動盪，但值得注意的是，我們有 56% 的活躍信貸投資組合公司去年籌集了資金，向 36 家公司籌集了近 25 億美元，其中僅上一季度就籌集了超過 3 億美元。季度末，我們的投資組合達到近 10 億美元，創全年增長記錄。

In addition to those companies where we have active debt outstanding, our diverse portfolio also spans across a number of companies where we have warrants and equity investments even when there is no outstanding debt. Collectively, years in, in fact, we have investments in more than 121 portfolio companies. Sajal will comment more about the warrant and equity portfolio.

除了那些我們有未償債務的公司外，我們多元化的投資組合還涵蓋許多我們擁有認股權證和股權投資的公司，即使沒有未償債務也是如此。總的來說，多年來，事實上，我們對超過 121 家投資組合公司進行了投資。 Sajal 將對認股權證和股票投資組合發表更多評論。

Despite the macroeconomic environment, inflationary concerns and the broader economy potentially headed into a recession, a number of TPVG portfolio companies continue to grow. Some are experiencing tailwinds or achieving profitability these days. We're optimistic on the outlook for many of the diverse investments we funded in the class of 2022, in particular, it includes such sectors as robotics, cybersecurity in companies such as Corelight; space in companies such as Loft Orbital; vertical software such as Metropolis and Hover; fintech companies such as Synapse and Earnin; and next-generation sports digital media such as Overtime Sports and others, to name a few.

儘管宏觀經濟環境、通脹擔憂和更廣泛的經濟可能陷入衰退，但許多 TPVG 投資組合公司仍在繼續增長。這些天，有些公司正在順風順水或實現盈利。我們對我們在 2022 屆畢業生中資助的許多不同投資的前景持樂觀態度，特別是，它包括機器人技術、Corelight 等公司的網絡安全等領域； Loft Orbital等公司的空間； Metropolis、Hover等垂直類軟件； Synapse 和 Earnin 等金融科技公司；以及下一代體育數字媒體，例如 Overtime Sports 等。

Turning to our pipeline. We continue to see demand in this market and a growing pipeline of growth-stage companies as some further plan out their time table, encompass debt into their financing and capitalization plans or utilize venture lending for financing opportunistic acquisitions. Consistent with our long-standing approach, we continue to focus on companies that have recently raised capital, have significant revenue scale and whose plans in the next 1 to 2 years should perform well in this volatile economic environment and currently challenging times.

轉向我們的管道。我們繼續看到這個市場的需求和成長階段公司的不斷增加，因為一些公司進一步計劃他們的時間表，將債務納入他們的融資和資本化計劃或利用風險貸款為機會性收購提供資金。與我們的一貫做法一致，我們繼續關注最近籌集資金、收入規模可觀且未來 1 至 2 年計劃在當前動蕩的經濟環境和當前充滿挑戰的時期表現良好的公司。

TPVG will continue its established approach of investing in attractive growth-stage companies, generally backed by our select venture capital investors and in companies that we believe have compelling long-term prospects. Sajal and I have now worked together for more than 23 years, and we're poised to further draw on our track record of operating through diverse market environment, along with TriplePoint's experienced cycle-tested team to best position the company to create long-term shareholder value.

TPVG 將繼續其既定的投資方法，投資於有吸引力的成長階段公司，這些公司通常由我們精選的風險資本投資者和我們認為具有引人注目的長期前景的公司提供支持。 Sajal 和我現在已經合作超過 23 年，我們準備進一步利用我們在多元化市場環境中的運營記錄，以及 TriplePoint 經驗豐富的經過週期測試的團隊，使公司處於最佳位置，以創造長期股東價值。

Based on our experience managing through multiple cycles, we have learned that if you have the experience and the know-how, dynamic markets can be some of the most productive and advantageous times for capitalizing on venture lending opportunities. The key is knowing how to navigate through these choppy seas to the calmer ones that inevitably lay ahead. We believe today's market may have a positive effect on the venture-lending business and future yields over the long term.

根據我們管理多個週期的經驗，我們了解到，如果您有經驗和專業知識，動態市場可能是利用風險貸款機會的最有成效和最有利的時期。關鍵是要知道如何渡過波濤洶湧的大海，到達前方不可避免的平靜海域。我們認為，從長遠來看，今天的市場可能會對風險貸款業務和未來收益率產生積極影響。

We've now been through multiple cycles together, and some of the best opportunities historically have been debt investment transactions we've written in downturns. We've also learned that in working through these cycles, however, this is not the time to run up the business for the sake of growth, but to continue to capture the quality business in the pipeline.

我們現在一起經歷了多個週期，歷史上一些最好的機會是我們在經濟低迷時期寫下的債務投資交易。然而，我們還了解到，在經歷這些週期的過程中，現在不是為了增長而經營業務的時候，而是繼續捕捉管道中的優質業務的時候。

I'd like to provide a short footnote on former portfolio company, Medly, which is now behind us and was last year's event. While all venture lenders deal with credit challenges and market downturns, it's a hardwired part of the business and not a question as to if but when. It should be noted that this sudden unpredictable development was characterized by very extraordinary and extenuating circumstances, which we've never experienced before in my 40 years of being in the venture-lending business.

我想對前投資組合公司 Medly 做一個簡短的腳註，它現在已經離開我們，並且是去年的事件。儘管所有風險貸款機構都應對信貸挑戰和市場低迷，但這是業務的固有部分，而不是是否會出現問題，而是何時出現問題。應該指出的是，這種突然的不可預測的發展具有非常特殊和情有可原的情況，這是我從事風險貸款業務 40 年來從未經歷過的。

As stated in the bankruptcy filings, this was precipitated by the loss of anticipated financing and the discovery of certain operational, financial and accounting irregularities and improper activities conducted by former employees, including the original founders.

正如破產申請中所述，這是由於預期融資的損失以及前僱員（包括原始創始人）發現某些運營、財務和會計違規行為以及不當活動而導致的。

Including the full write-off of Medly last year, since TPVG's inception almost 9 years ago, our cumulative net loss rate remains under 2% of cumulative commitments and 3% of fundings, slightly above 30 basis points or so per year. And lower if you include the value of the unsold publicly held stock we currently hold. Further, really is an illustrative exercise only, if one were to remove Medly as a outlier, the cumulative net loss rate works out to be more around 1.6% of fundings.

包括去年 Medly 的全部註銷在內，自 TPVG 近 9 年前成立以來，我們的累計淨虧損率仍低於累計承諾的 2% 和資金的 3%，每年略高於 30 個基點左右。如果您包括我們目前持有的未售出的公開持有股票的價值，則更低。此外，這只是一個說明性的練習，如果將 Medly 作為異常值移除，則累計淨損失率約為資金的 1.6%。

While an unforeseen and unfortunate development, our path is continuing forward and building upon TPVG's almost 9-year track record now of generating attractive portfolio yield, attractive net investment income and cumulatively over-earning our dividend as well as providing returns to our shareholders.

雖然這是一個不可預見和不幸的發展，但我們的道路正在繼續前進，並建立在 TPVG 近 9 年的業績記錄之上，即產生有吸引力的投資組合收益率、有吸引力的淨投資收入和累計超額賺取我們的股息以及為我們的股東提供回報。

To wrap up, we demonstrated the earnings power of our portfolio, grew the portfolio to nearly $1 billion and generated record NII. As mentioned, we expect continued demand for our venture-lending solutions later this year and beyond. And our focus remains on continuing to invest in a highly selective manner, mindful of today's reduced venture capital investment activity and the current market volatility I've been speaking about, as we seek to achieve further portfolio yield and NII growth. We're pleased to have once again increased our regular quarterly distribution and believe we are well positioned to continue to provide shareholders with an increasing return over time.

最後，我們展示了我們投資組合的盈利能力，將投資組合增加到近 10 億美元，並創造了創紀錄的 NII。如前所述，我們預計今年晚些時候及以後對我們的風險貸款解決方案的需求將持續增長。我們的重點仍然是繼續以高度選擇性的方式進行投資，考慮到今天風險資本投資活動的減少和我一直在談論的當前市場波動，因為我們尋求實現進一步的投資組合收益率和 NII 增長。我們很高興再次增加定期的季度分配，並相信我們有能力繼續為股東提供隨著時間的推移不斷增加的回報。

With that, I'm going to turn the call over to Sajal.

有了這個，我要把電話轉給 Sajal。

Thank you, Jim, and good afternoon. During 2022, we made progress in growing our portfolio, increasing our portfolio yield and increasing our portfolio and funding diversification, all critical elements for the long term that we believe position us well to create sustainable shareholder value. As we progress through 2023, we will continue to pursue these goals throughout the course of the year while continuing to be focused and disciplined.

謝謝你，吉姆，下午好。在 2022 年期間，我們在擴大投資組合、提高投資組合收益率以及增加投資組合和融資多元化方面取得了進展，我們認為這些都是長期的關鍵因素，我們認為這些因素使我們能夠很好地創造可持續的股東價值。隨著我們邁向 2023 年，我們將在全年繼續追求這些目標，同時繼續保持專注和自律。

So with that background, I will review our performance in Q4 and full year 2022 as well as highlight key expectations for 2023. Regarding investment portfolio activity during Q4, TriplePoint Capital signed $221 million of term sheets with venture growth stage companies, and we closed $105 million of debt commitments to 12 companies at TPVG. Signed term sheets and closed commitments during Q4 reflected our continued discipline as we seek to select only the highest quality opportunities. Of the 12 companies we committed debt capital to during the quarter, half were new portfolio companies and the other half were existing portfolio companies. We also received warrants valued at $1.1 million in 16 portfolio companies and made $400,000 of direct equity investments in 2 companies.

因此，在這種背景下，我將回顧我們在第四季度和 2022 年全年的表現，並強調對 2023 年的主要預期。關於第四季度的投資組合活動，TriplePoint Capital 與風險成長階段的公司簽署了 2.21 億美元的條款清單，我們關閉了 105 美元TPVG 向 12 家公司承諾了 100 萬美元的債務承諾。第四季度簽署的條款清單和封閉的承諾反映了我們在尋求僅選擇最高質量機會時的持續紀律。在本季度我們承諾向其提供債務資本的 12 家公司中，一半是新投資組合公司，另一半是現有投資組合公司。我們還獲得了 16 家投資組合公司價值 110 萬美元的認股權證，並對 2 家公司進行了 40 萬美元的直接股權投資。

For the full year, TriplePoint Capital signed a record $2 billion of term sheets with venture growth stage companies, and we closed $594 million of debt commitments with 48 companies at TPVG, of which 34 were new obligors and 14 were existing obligors. We also acquired warrant investments representing $6 million of value and made $6 million of direct equity investments. Given current market conditions, as we look to 2023 as a whole, we expect to see our originations activity increase over the course of the year and, in particular, in the second half of the year.

全年，TriplePoint Capital 與風險成長階段公司簽署了創紀錄的 20 億美元條款清單，我們與 TPVG 的 48 家公司完成了 5.94 億美元的債務承諾，其中 34 家是新債務人，14 家是現有債務人。我們還收購了價值 600 萬美元的權証投資，並進行了 600 萬美元的直接股權投資。鑑於當前的市場狀況，展望 2023 年，我們預計全年，尤其是下半年，我們的發起活動將會增加。

During the fourth quarter, we funded $95 million in debt investments to 16 portfolio companies, which landed at the lower end of our guided range for Q4. These debt investments carried a weighted average annualized portfolio yield of 15.4% at origination, up from 14.5% in Q3 '22. During the full year, we funded $417 million of debt investments to a record 40 companies with a weighted average portfolio yield of 14.2% at origination. During Q4, we had $34 million in loan repayments, resulting in an overall weighted average portfolio yield of 15.3%. Excluding prepayments, core portfolio yield was 14.2%, up from 13.8% in Q3 and represented our seventh consecutive quarterly increase.

在第四季度，我們向 16 家投資組合公司提供了 9500 萬美元的債務投資，這些公司落在我們第四季度指導範圍的下限。這些債務投資的加權平均年化投資組合收益率為 15.4%，高於 22 年第三季度的 14.5%。全年，我們向創紀錄的 40 家公司提供了 4.17 億美元的債務投資，加權平均投資組合收益率在初始時為 14.2%。在第四季度，我們償還了 3400 萬美元的貸款，導致整體加權平均投資組合收益率為 15.3%。不包括預付款，核心投資組合收益率為 14.2%，高於第三季度的 13.8%，這是我們連續第七個季度增長。

I would like to also point out that our Q4 portfolio yield does not fully reflect the 50 basis point increase announced on December 14, which will more meaningfully impact portfolio yield starting in Q1. As a result, we are optimistic for another quarter of increased portfolio yield and for portfolio yield to continue to stay strong in 2023, given the rate environment. In 2022, we had $200 million of loan prepayments, resulting in an overall weighted average portfolio yield of 14.7% for the year. Excluding prepayments, core portfolio yield was 13.4% for the full year.

我還想指出，我們第四季度的投資組合收益率並未完全反映 12 月 14 日宣布的 50 個基點的增長，這將對從第一季度開始的投資組合收益率產生更有意義的影響。因此，鑑於利率環境，我們對投資組合收益率再增加四分之一以及投資組合收益率在 2023 年繼續保持強勁持樂觀態度。 2022 年，我們有 2 億美元的貸款提前還款，導致當年的整體加權平均投資組合收益率為 14.7%。不包括預付款，全年核心投資組合收益率為 13.4%。

In terms of our expectations for portfolio growth in 2023, our range forecast for gross investment fundings for the full year is between $300 million and $500 million with Q1 and Q2, likely in the range of $50 million to $100 million for each quarter and Q3 and Q4 each likely to be in the $100 million to $150 million range. We believe that the current market volatility creates demand for additional capital, including venture debt, but we will not compromise our focus on quality for portfolio growth's sake. In particular, we are concentrating on companies that have recently raised equity capital with even more revenue scale and growth. Since such companies will have more existing cash runway on hand at time of origination, we expect they will likely draw on their lines later in '23 or early '24.

就我們對 2023 年投資組合增長的預期而言，我們對第一季度和第二季度全年總投資資金的預測範圍在 3 億至 5 億美元之間，每個季度和第三季度可能在 5000 萬至 1 億美元之間，每個第四季度可能在 1 億美元到 1.5 億美元之間。我們認為，當前的市場波動會產生對額外資本（包括風險債務）的需求，但我們不會為了投資組合增長而犧牲對質量的關注。特別是，我們專注於最近籌集了更多收入規模和增長的股權資本的公司。由於這些公司在發起時手頭會有更多現金跑道，我們預計他們可能會在 23 世紀末或 24 年初動用資金。

Turning to loan prepayments. They continue to be a part of the business and we appreciate our capital being returned as well as the accelerated income that is generated. We continue to expect 1 to 2 customer prepayments per quarter. We also made continued progress in diversifying the TPVG portfolio by increasing the number of funded obligors to 57 as compared to 49, 1 year ago. In addition, our top 10 obligors represent 33% of our total debt investments as compared to 40% 1 year ago.

轉向貸款預付款。他們繼續成為業務的一部分，我們感謝我們的資本回報以及產生的加速收入。我們繼續預計每個季度會有 1 到 2 個客戶預付款。我們還在 TPVG 投資組合多元化方面取得了持續進展，將融資債務人的數量從一年前的 49 個增加到 57 個。此外，我們的前 10 大債務人占我們總債務投資的 33%，而一年前這一比例為 40%。

As Jim mentioned, we continue to see equity fundraising in our portfolio, which is a testament to our quality. During the quarter, 8 portfolio companies raised over $300 million of capital. This brings the total to 36 portfolio companies raising over $2.4 billion of capital during 2022 on top of 33 companies raising over $5.8 billion in 2021.

正如吉姆所提到的，我們繼續在我們的投資組合中看到股權融資，這證明了我們的質量。本季度，8 家投資組合公司籌集了超過 3 億美元的資金。這使得 2022 年共有 36 家投資組合公司籌集了超過 24 億美元的資金，而 2021 年有 33 家公司籌集了超過 58 億美元的資金。

Our equity and warrant portfolio grew as well with 155 warrant and equity investments as of Q4 '22 as compared to 121 investments as of 1 year ago. As of December 31, we held warrants in 107 companies, up from 81 companies as of Q4 '21 and held equity investments in 48 companies, up from 40 companies as of Q4 2021, with a total cost and fair value of $71 million and $96 million, respectively. We nevertheless continue to be excited for the monetization of these instruments associated with our high-yielding debt investments over time when they do ultimately exit. In fact, during the quarter, we sold our publicly traded shares in Forgerock, generating $6.5 million of realized gains.

截至 22 年第四季度，我們的股票和認股權証投資組合也增長了 155 筆，而一年前為 121 筆。截至 12 月 31 日，我們持有 107 家公司的認股權證，高於 21 年第四季度的 81 家公司，持有 48 家公司的股權投資，高於 2021 年第四季度的 40 家公司，總成本和公允價值分別為 7100 萬美元和 96 美元萬，分別。儘管如此，我們仍然對這些與我們的高收益債務投資相關的工具最終退出時的貨幣化感到興奮。事實上，在本季度，我們出售了 Forgerock 的公開交易股票，實現了 650 萬美元的收益。

In addition, we hold warrant and equity investments in many promising private companies, including industry leaders like Cohesity, Revolut, Monzo, Upgrade, FinancialForce, FlashParking, Earnin, Merama and several others, which continue to grow and perform well in this economic environment, and we believe will generate substantial realized gains in excess of our current market adjusted marks. More importantly, we expect our cumulative warrant equity investments to generate realized gains in excess of our cumulative realized losses over the long term.

此外，我們持有許多有前途的私人公司的權證和股權投資，包括 Cohesity、Revolut、Monzo、Upgrade、FinancialForce、FlashParking、Earnin、Merama 等行業領導者，這些公司在這種經濟環境中繼續增長並表現良好，我們相信將產生超過我們當前市場調整標記的大量已實現收益。更重要的是，我們預計我們累積的認股權證股權投資產生的已實現收益將超過我們的長期已實現累積損失。

Moving on to credit quality. Approximately 89% of our portfolio is ranked in our 2 best credit scores, which means that they are performing at or above expectations. During the quarter, one company, OneSource Virtual, with $3.3 million of principal balance, was removed from category 1 due to prepayment. VanMoof, an e-bike company with a principal balance of $19 million, and Health IQ, an insurtech company with a principal balance of $25 million were downgraded from category 2 to category 3. Both were downgraded due to developments in their strategic financing processes.

轉向信用質量。我們大約 89% 的投資組合在我們的 2 個最佳信用評分中排名，這意味著它們的表現達到或超過預期。本季度，一家名為 OneSource Virtual 的公司因提前還款而被從第 1 類中移除，其本金餘額為 330 萬美元。本金餘額為 1,900 萬美元的電動自行車公司 VanMoof 和本金餘額為 2,500 萬美元的保險科技公司 Health IQ 從第 2 類降級為第 3 類。兩家公司的評級都因戰略融資流程的發展而被降級。

As initially discussed during the Q3 earnings call and further disclosed with an 8-K filing on December 12, we downgraded Medly Health from yellow to red, in conjunction with its bankruptcy filing in December, realized the loss and removed it from our credit watch list.

正如在第三季度財報電話會議上最初討論並在 12 月 12 日提交的 8-K 文件中進一步披露的那樣，我們將 Medly Health 的評級從黃色下調為紅色，同時它在 12 月申請破產，實現了損失並將其從我們的信用觀察名單中刪除.

Turning to our credit outlook. We believe that the outlook for our portfolio as a whole is stable, given sizable cash position of many of our portfolio companies and the resulting extended operating runway, their continued fundraising efforts and the continued support of our select VC investors. With that said, in a volatile market for venture capital investing and for public technology companies, there will be obligors experiencing stress. Our approach is to be proactive in identifying these companies on our watch list as early as possible as we have done and provide them assistance as best as we can, alongside their investors to manage through challenging times. Virtual Instruments, Imperfect Foods, Hired and [Zirks] are examples of companies that historically were on our watch list, where our teams had tremendous success in managing through stress situations, resulting in payoffs of our loans in full.

轉向我們的信用前景。我們認為，鑑於我們許多投資組合公司的大量現金頭寸以及由此產生的延長的運營跑道、他們持續的籌資努力以及我們精選的 VC 投資者的持續支持，我們認為我們整個投資組合的前景是穩定的。話雖如此，在風險投資和上市科技公司的動盪市場中，債務人將會承受壓力。我們的方法是像我們所做的那樣，儘早主動識別我們觀察名單上的這些公司，並儘我們所能為他們提供幫助，與他們的投資者一起度過充滿挑戰的時期。 Virtual Instruments、Imperfect Foods、Hired 和 [Zirks] 是歷史上我們觀察名單上的公司的例子，我們的團隊在應對壓力情況方面取得了巨大成功，從而全額還清了我們的貸款。

In closing, we remain focused on all aspects of our business, and we'll continue to follow our long-term playbook with a focus on generating strong returns for shareholders, meeting the needs at venture raise-stage companies and further nurturing strong relationships with our select metro capital partners.

最後，我們仍然專注於我們業務的各個方面，我們將繼續遵循我們的長期戰略，重點是為股東創造豐厚的回報，滿足風險融資階段公司的需求，並進一步與與我們精選的地鐵資本合作夥伴。

With that, I'll now turn the call over to Chris.

有了這個，我現在將電話轉給克里斯。

Great. Thank you, Sajal, and hello, everybody. During the fourth quarter, we experienced continued growth in core interest income from our loan portfolio and once again saw stable utilization rates on debt commitments. We increased the overall leverage ratio on the portfolio to target levels. We deployed capital using our attractive sources of leverage, which included fixed rate long-term investment-grade notes and our revolving credit facility while continuing to diversify the portfolio. The total investment portfolio increased 10% year-over-year. Total investment income increased 33% -- 37% year-over-year. NII increased 55% year-over-year.

偉大的。謝謝你，Sajal，大家好。在第四季度，我們的貸款組合的核心利息收入持續增長，債務承諾的利用率再次保持穩定。我們將投資組合的整體槓桿率提高到目標水平。我們利用我們有吸引力的槓桿來源部署資本，其中包括固定利率長期投資級票據和我們的循環信貸額度，同時繼續使投資組合多樣化。總投資組合同比增長 10%。總投資收益同比增長 33% 至 37%。 NII 同比增長 55%。

Of note, both total investment income and NII reached record levels for both the quarter and for the year. Quarterly dividends increased by 8% to $0.40 per share from last quarter and 11% from the dividend rate of a year ago. And we entered 2023 with a record portfolio size, a diversified capital structure and ample liquidity at the ready.

值得注意的是，本季度和全年的總投資收入和 NII 均創下歷史新高。季度股息比上一季度增加 8% 至每股 0.40 美元，比一年前的股息率增加 11%。我們以創紀錄的投資組合規模、多元化的資本結構和充足的流動性進入 2023 年。

Let me drill down a bit and share an update on the financial results for the fourth quarter and for the full year of 2022. For the fourth quarter, total investment income was $34.9 million with a portfolio yield of 15.3% on total debt investments as compared to $25.9 million and 14.9% for the prior year period. Total investment income reflects a higher average debt investment balance as well as an increased yield on the portfolio.

讓我深入了解一下第四季度和 2022 年全年的最新財務業績。第四季度的總投資收益為 3490 萬美元，總債務投資的投資組合收益率為 15.3%，相比之下2590 萬美元，同比增長 14.9%。總投資收益反映了較高的平均債務投資餘額以及投資組合收益率的提高。

Total investment income reached a record totaling $119.4 million for the full year as compared to $87.4 million for the prior year period. We reported a weighted average portfolio yield of 14.7% for the full year and 13.7% for the prior full year. Prime rate increased 7x in 2022 to 7.5%, with 2 of those increases in the fourth quarter and a further increase to 7.75% in the first quarter of 2023. Recall that our floating rate debt investments are indexed to prime rate. So when prime rate increases, so does the interest rate on each of those investments. In 2022, we experienced record revenue expansion within the portfolio and we expect to recognize further revenue expansion from higher yields on our existing floating rate loan portfolio in 2023.

全年總投資收入達到創紀錄的 1.194 億美元，而去年同期為 8740 萬美元。我們報告全年的加權平均投資組合收益率為 14.7%，上一年度為 13.7%。最優惠利率在 2022 年增長了 7 倍至 7.5%，其中 2 次在第四季度增長，並在 2023 年第一季度進一步增長至 7.75%。回想一下，我們的浮動利率債務投資與最優惠利率掛鉤。因此，當最優惠利率上升時，每項投資的利率也會上升。 2022 年，我們在投資組合中經歷了創紀錄的收入增長，我們預計 2023 年我們現有浮動利率貸款組合的更高收益率將進一步擴大收入。

We're pleased that onboarding yields continue to be strong and increased year-over-year in part due to the increased prime rate during 2022. The record level of total investment income was also the result of reaching a record year-end portfolio balance with a portfolio fair value of $949.3 million at year-end, representing a 10% increase from a year ago. Total operating expenses were $14 million for the fourth quarter as compared to $13 million for the prior year period. Operating expenses for the fourth quarter of '22 consisted of $8.4 million of interest expense, $4.2 million of base management fees and $1.8 million of general and administrative expenses.

我們很高興入職收益率繼續保持強勁且同比增長，部分原因是 2022 年最優惠利率上升。創紀錄的總投資收入水平也是由於年末投資組合餘額達到創紀錄的結果年末投資組合公允價值為 9.493 億美元，較上年同期增長 10%。第四季度總運營費用為 1400 萬美元，而去年同期為 1300 萬美元。 22 年第四季度的運營費用包括 840 萬美元的利息費用、420 萬美元的基礎管理費和 180 萬美元的一般和行政費用。

Due to the total return requirement under the income component of our incentive fee structure, our income incentive fee was reduced by $4.1 million during the fourth quarter.

由於我們激勵費用結構中收入部分的總回報要求，我們的收入激勵費用在第四季度減少了 410 萬美元。

Total operating expenses for the full year were $55.9 million as compared to $46 million for the prior year period. The increase in overall operating expenses was primarily driven by an increase in leverage and growth in the overall assets under management. Again, due to the total return requirement under the income component of our incentive fee, incentive fees were reduced by $7.4 million during the full year of 2022. Net investment income for the fourth quarter was $20.5 million or $0.58 per share compared to $12.9 million or $0.42 per share for the prior year period. Net investment income was $63.6 million or $1.94 per share for the full year of 2022 compared to $41 million or $1.33 per share for the prior year period.

全年總運營費用為 5590 萬美元，上年同期為 4600 萬美元。整體運營費用的增加主要是由於槓桿率的提高和管理的整體資產的增長。同樣，由於我們激勵費用收入部分的總回報要求，激勵費用在 2022 年全年減少了 740 萬美元。第四季度淨投資收益為 2050 萬美元或每股 0.58 美元，而 1290 萬美元或每股去年同期每股 0.42 美元。 2022 年全年淨投資收益為 6360 萬美元或每股 1.94 美元，上年同期為 4100 萬美元或每股 1.33 美元。

During the fourth quarter, the company recognized net realized losses on investments of $29 million, primarily from $34 million from the disposition of Medly Health and $900,000 of other realized losses, partially offset by $6.5 million of realized gains recognized from the sale of publicly traded shares held in Forgerock. Net change in unrealized losses on investments for the quarter was $3.3 million, consisting of $0.5 million of net unrealized losses on our debt portfolio from reversals of previous unrealized losses and fair market value adjustments; $10 million of net unrealized losses on our warrant and equity portfolio; and reversal of previous gains on Forgerock. $7 million was also recognized as net unrealized gains from foreign currency adjustments.

第四季度，公司確認了 2900 萬美元的已實現投資淨虧損，主要來自處置 Medly Health 的 3400 萬美元和 900,000 美元的其他已實現虧損，部分被出售公開交易股票確認的 650 萬美元已實現收益所抵消在 Forgerock 舉行。本季度未實現投資損失的淨變化為 330 萬美元，其中包括 50 萬美元的債務組合因先前未實現損失的逆轉和公平市場價值調整而產生的未實現淨損失；我們的認股權證和股票投資組合的 1000 萬美元未實現淨虧損；以及 Forgerock 先前收益的逆轉。 700 萬美元也被確認為外匯調整的未實現淨收益。

The company's total net asset value was $420 million or $11.88 per share as of year-end compared to $448 million or $12.69 per share as of the prior quarter end. Of note, net asset value was impacted in the fourth quarter by the special distribution of $0.10 per share declared and paid in December. Given the strength of earnings, our Board of Directors declared a regular quarterly distribution of $0.40 per share, an increase of 8% from the prior quarter and an 11% increase compared to a year ago. The dividend is from ordinary income to stockholders of record as of March 15 and to be paid on March 31.

截至年底，該公司的總資產淨值為 4.2 億美元或每股 11.88 美元，而截至上一季度末為 4.48 億美元或每股 12.69 美元。值得注意的是，第四季度淨資產值受到 12 月宣布和支付的每股 0.10 美元特別分配的影響。鑑於盈利強勁，我們的董事會宣布每季度定期分配每股 0.40 美元，比上一季度增長 8%，比去年同期增長 11%。股息來自截至 3 月 15 日登記在冊的股東的普通收入，將於 3 月 31 日支付。

In addition to over-earning the dividend this quarter, we continue to retain spill-over income, which totaled $22.5 million or $0.64 per share at the end of the year to support additional regular and supplemental dividends in the future.

除了本季度超額賺取股息外，我們還繼續保留溢出收入，年底總計 2250 萬美元或每股 0.64 美元，以支持未來額外的定期和補充股息。

Now let me turn to our investment commitments. We ended the year with $324 million of unfunded investment commitments, of which $89 million was dependent upon the portfolio companies reaching certain milestones. Of these amounts, $224 million of this total will expire during 2023.

現在讓我談談我們的投資承諾。到年底，我們有 3.24 億美元的未融資投資承諾，其中 8,900 萬美元取決於投資組合公司是否達到某些里程碑。其中，總額中的 2.24 億美元將在 2023 年到期。

Now just a quick update on the balance sheet, leverage and overall liquidity. As of the end of the year, an aggregate of $570 million of debt was outstanding, $395 million in the form of fixed rate investment-grade term notes and $175 million outstanding on our revolving credit facility. In 2022, we successfully amended our credit facility. The amendment extended the revolving period to May of '24 and the scheduled maturity date to November of '25. Total commitments under the line are $350 million and all syndicate lenders continued with this long-term partnership.

現在只是資產負債表、槓桿和整體流動性的快速更新。截至今年年底，未償還債務總額為 5.7 億美元，其中 3.95 億美元為固定利率投資級定期票據，1.75 億美元為我們的循環信貸額度。 2022 年，我們成功修改了信用額度。該修正案將循環期延長至 24 年 5 月，預定到期日延長至 25 年 11 月。該項目下的總承諾額為 3.5 億美元，所有銀團貸款人都繼續保持這種長期合作關係。

This facility allows us to efficiently manage our interest expense by reducing our outstanding debt when prepayments occur. We ended the year with a 1.36x leverage ratio. Our leverage ratio net of cash on hand was 1.22x. As of year-end, the company had total liquidity of $234 million, consisting of $59 million in cash and $175 million available under our credit facility.

該工具使我們能夠在發生預付款時減少未償債務，從而有效地管理利息支出。我們以 1.36 倍的槓桿率結束了這一年。扣除手頭現金後，我們的槓桿率為 1.22 倍。截至年底，公司總流動資金為 2.34 億美元，其中包括 5900 萬美元現金和 1.75 億美元的可用信貸額度。

In addition to the strong liquidity, the existing seasoned and diversified portfolio provides cash flows, which bodes well for sustained liquidity throughout 2023. Specifically, we have more than $200 million of contractual cash flows from the existing portfolio scheduled to flow back to the company in 2023. We expect to draw funds under the credit facility when needed to grow the portfolio with accretive leverage. Additionally, in November, we announced the launch of an ATM stock issuance program. No shares have been issued as of today, but we may look to issue shares over the coming year.

除了強大的流動性，現有的成熟和多元化的投資組合提供現金流，這預示著整個 2023 年持續的流動性。具體而言，我們有超過 2 億美元的現有投資組合的合同現金流計劃於2023 年。我們希望在需要時在信貸額度下提取資金，以增加槓桿作用來擴大投資組合。此外，在 11 月，我們宣布啟動 ATM 股票發行計劃。截至今天尚未發行任何股票，但我們可能希望在來年發行股票。

This concludes our prepared remarks today. We'd be happy to take questions from you at this time. So operator, could you please open the line?

我們今天準備好的發言到此結束。此時我們很樂意回答您的問題。那麼接線員，你能打開線路嗎？

(Operator Instructions) The first question this evening comes from Crispin Love with Piper Sandler.

（操作員說明）今晚的第一個問題來自 Crispin Love 和 Piper Sandler。

First, I'm just curious on your portfolio companies liquidity. So how are your portfolios company's runway in terms of liquidity? And are you able to cite what percent of companies have 12-month liquidity on hand and how that compares to historical norms, just given volatility in markets, coupled with some of your common stock companies are focused on limiting cash burn given the environment?

首先，我只是對您的投資組合公司的流動性感到好奇。那麼，您的投資組合公司在流動性方面的表現如何？你能舉出多少百分比的公司手頭有 12 個月的流動性，以及這與歷史規範相比如何，只是考慮到市場波動，再加上你的一些普通股公司在考慮到環境的情況下專注於限制現金消耗？

Good question, Crispin. But yes, so TPVG, about 85% of our companies have more than 6 months of cash runway and more than 60% -- a little over 60% more than 12 months. And it is something that we actively follow for sure on a monitoring basis.

問得好，克里斯平。但是，是的，所以 TPVG，我們大約 85% 的公司有超過 6 個月的現金跑道，超過 60%——超過 60% 超過 12 個月。我們肯定會在監控的基礎上積極遵循這一點。

And I would say from our perspective, that doesn't include the liquidity from capital commitments they have from us. So that's cash that they have on hand with their equity capital. So cash from our unfunded commitments drive those numbers and percentages up. And then I would say that, generally speaking, we're seeing burn rates getting lower and lower. So we expect runway to be extended for the majority of the portfolio companies over the course of the year as well.

從我們的角度來看，我會說，這不包括他們從我們那裡獲得的資本承諾的流動性。所以這是他們手頭的現金和他們的股權資本。因此，來自我們無資金承諾的現金推動了這些數字和百分比的上升。然後我會說，一般來說，我們看到燃燒率越來越低。因此，我們預計今年大部分投資組合公司的跑道也會延長。

Very helpful there. And then next question is, Chris, you alluded to it a little bit at the end of your remarks, but your leverage is currently at 1.36x, which I believe is near the high end of your targeted ranges. So first, can you just remind me what your target leverage ranges are? And what types of levels might lead you to raise equity capital to bring those levels lower?

在那裡很有幫助。下一個問題是，克里斯，你在發言的最後提到了一點，但你的槓桿率目前為 1.36 倍，我認為這接近你目標範圍的高端。所以首先，你能提醒我你的目標槓桿範圍是多少嗎？什麼類型的水平可能會導致您籌集股權資本以降低這些水平？

Yes. So the 1.36x is the gross number. We do have about $57 million, $58 million of cash on the balance sheet. So kind of net or the true level is 1.22, which I would describe as in our range. So 1.2 to 1.3, 1.4, those are all within acceptable ranges, kind of, to continue operating without worrying about pulling the trigger for and overnight.

是的。所以 1.36x 是總數。我們的資產負債表上確實有大約 5700 萬美元、5800 萬美元的現金。這樣的淨值或真實水平是 1.22，我將其描述為在我們的範圍內。所以 1.2 到 1.3、1.4，這些都在可接受的範圍內，可以繼續運行而不用擔心一夜之間扣動扳機。

Given the liquidity that we have projected, I think Chris said the portfolio will generate $200 million of cash proceeds plus the prepayment activity. We sort of have line of sight of a significant amount of liquidity generated from the portfolio itself this year.

鑑於我們預測的流動性，我認為克里斯說該投資組合將產生 2 億美元的現金收益加上預付款活動。我們似乎看到了今年投資組合本身產生的大量流動性。

The next question comes from Kevin Fultz with JMP Securities.

下一個問題來自 JMP Securities 的 Kevin Fultz。

Coupon yield increased 20 basis points compared to the September quarter, which is a bit lower than I would have expected given the move in the prime rate. Was the quarter-over-quarter change impacted by Medly Health, I guess, I'm just looking for any insight you can provide there?

與 9 月季度相比，息票收益率增加了 20 個基點，考慮到最優惠利率的變動，這略低於我的預期。季度環比變化是否受到 Medly Health 的影響，我想，我只是在尋找你能在那裡提供的任何見解？

Yes. So Sajal mentioned one part, which is one of the primary changes happened late in the quarter. So we'll see the full benefit of that here in Q1. But yes, we put Medly on nonaccrual back to October 1, so there was some impact from that as well.

是的。所以 Sajal 提到了一個部分，這是本季度末發生的主要變化之一。所以我們將在第一季度看到它的全部好處。但是，是的，我們在 10 月 1 日將 Medly 置於非應計項目上，因此這也產生了一些影響。

And then keep in mind, 2/3 of the portfolio is floating rate, 1/3 is fixed rate. So again, you won't see a direct 100% point-for-point as rates increase.

然後記住，投資組合的 2/3 是浮動利率，1/3 是固定利率。同樣，隨著利率上升，您不會看到直接的 100% 點對點。

Sure. That makes sense. And then just one clerical question on Medly Health. I was scanning the schedule of investments and noticed two, I think, small DIP loans outstanding at quarter end. I just wanted to confirm that they were repaid post quarter end and that all Medly Health investments are off the books now.

當然。這就說得通了。然後只是一個關於 Medly Health 的文書問題。我正在瀏覽投資時間表，注意到有兩筆我認為是季度末未償還的小額 DIP 貸款。我只是想確認他們在季度末後得到了償還，並且所有 Medly Health 投資現在都不在賬簿上。

Yes, we can confirm that. They paid those off last week. The transaction, as Jim described, is behind us, including the full repayment of the bargain we struck for the DIP financing.

是的，我們可以確認這一點。他們上週還清了那些。正如吉姆所描述的那樣，這筆交易已經完成，包括我們為 DIP 融資達成的協議的全額償還。

The next question comes from Christopher Nolan with Ladenburg Thalmann.

下一個問題來自 Christopher Nolan 和 Ladenburg Thalmann。

Back to Medly again. Jim, did I hear you correctly saying that the company sort of imploded following a failed equity raise?

再次回到 Medly。吉姆，我沒聽錯你說公司在股權融資失敗後崩潰了嗎？

There was actually a little bit more to it than that. Medly, if you're not familiar, was a digital pharmacy and delivery business. And they did raise significant equity dollars and accretive acquisition and revenue scale. And there were a number of lenders also caught up in this, including Silicon Valley Bank with a healthy exposure. But it's an ongoing case in legal matters. I'm not able to elaborate much further at this time, but we are moving forward with the portfolio and putting that behind us.

實際上，它的意義遠不止於此。 Medly，如果你不熟悉的話，是一家數字藥房和送貨公司。他們確實籌集了大量股權資金並增加了收購和收入規模。還有許多貸方也捲入其中，包括風險敞口良好的矽谷銀行。但這是一個正在進行的法律案件。我現在無法詳細說明，但我們正在推進產品組合併將其拋在腦後。

Yes. And maybe just to clarify, Chris, so it was a filled kind of debt financing, and then there was additional financing that the inside investors as well as us put together to finance a plan to profitability for the company, but it was post that financing from existing investors and us when some of the impropriety activity that Jim had talked about that the bankruptcy financings -- filings had mentioned were discovered, and that's when things imploded.

是的。也許只是為了澄清，克里斯，所以這是一種完整的債務融資，然後還有內部投資者和我們一起為公司的盈利計劃提供資金的額外融資，但這是在融資之後當吉姆談到破產融資 - 文件中提到的一些不當活動被發現時，來自現有投資者和我們的，那是事情崩潰的時候。

And I guess as a follow-up related to that, I mean I know in your comments, you're saying that many of your portfolio companies are raising equity, but are they doing down rounds?

我想作為與此相關的後續行動，我的意思是我知道在你的評論中，你是說你的許多投資組合公司都在籌集股權，但他們是否在進行融資？

Yes, I mentioned that a little bit. They're doing down rounds, and -- but there's also up rounds by the way, going on. There's kind of a mixture of both. We do have down round protection in passing in a number of our companies. But we're more focused on the companies raising the capital and making payments and the debt service. But yes, for sure, and we anticipate there will be, as I mentioned, more down rounds.

是的，我提到了一點。他們正在進行低輪融資，而且 - 但順便說一句，也有正在進行的融資。有一種兩者的混合。在我們的一些公司中，我們確實有下一輪保護。但我們更關注籌集資金、付款和償債的公司。但是，是的，可以肯定的是，正如我所提到的，我們預計會有更多的降價融資。

Great. And then Chris, just a reminder, does the look-back reset every year? Or is it cumulative to -- on capital gains going back to the IPO?

偉大的。然後 Chris，提醒一下，回顧是否每年都會重置？或者它是否累積到 - 回到 IPO 的資本收益？

It goes back to the IPO. It's cumulative. There's no reset.

它可以追溯到首次公開募股。它是累積的。沒有重置。

Okay. So the whole Medly thing should impact incentive fee accruals at least for a couple of quarters, I would think.

好的。因此，我認為，整個 Medly 的事情應該至少在幾個季度內影響激勵費用的應計費用。

Yes. It fully impacted the -- there was no incentive fee for Q4, and it's expected to impact Q1 as we expect some recovery in the overall portfolio. But there'll be some impact -- unknown right now, but some impact in Q1 as well.

是的。它完全影響了——第四季度沒有獎勵費，預計會影響第一季度，因為我們預計整體投資組合會有所復甦。但會有一些影響——目前未知，但在第一季度也會有一些影響。

The next question comes from Ryan Lynch with KBW.

下一個問題來自 KBW 的 Ryan Lynch。

Yes, I wanted to first touch on your commentary on kind of expected funding for the year, $300 million to $500 million. I know you said you expect $200 million of kind of scheduled repayments in the year. But given where you guys are from a leverage standpoint, at this point, aren't your funding basically just going to match your repayment? And so really just the level of prepayments that you get above this $200 million scheduled repayments was probably going to be kind of the number that you guys are going to be looking at for gross -- for funded investments throughout the year? Or am I missing something with that?

是的，我想首先談談你對今年預期資金類型的評論，3 億至 5 億美元。我知道你說過你預計今年有 2 億美元的定期還款。但是從槓桿的角度來看你們現在所處的位置，在這一點上，你們的資金基本上不會與你的還款相匹配嗎？因此，實際上，您獲得的超過這 2 億美元計劃還款額的預付款水平可能就是你們要尋找的總額 - 對於全年的資助投資？或者我錯過了什麼？

Yes. It's an interesting question, Ryan. So I would say what we're seeing generally is -- it's somewhat surprising is lower overall utilization of unfunded commitments. And so -- and again, I think it's a testament to the quality of the portfolio companies that they're focusing on cutting their burn, focusing on raising equity capital, not looking to dip into leverage to fund them necessarily in this environment. So I'd say, overall, we've definitely seen a drop in unfunded utilization.

是的。這是一個有趣的問題，瑞安。所以我想說的是，我們總體上看到的是——未資助承諾的總體利用率較低，這有點令人驚訝。因此——我認為這再次證明了投資組合公司的質量，他們專注於削減開支，專注於籌集股本，而不是在這種環境下尋求利用槓桿來為他們提供資金。所以我想說，總的來說，我們肯定看到了無資金利用的下降。

And then as we look to kind of new origination, I think it's a balance. I'd say, as we commented, on the companies that we're originating transactions with right now, are generally companies that have recently raised equity round. So we're seeing fresh reset valuations or appropriate valuations vis-a-vis where multiples are. But their company is sitting on significant liquidity. And so we're not expecting significant utilization at closing, but utilization over time as they continue to execute, operate and grow, so more back half loaded.

然後當我們尋找一種新的起源時，我認為這是一種平衡。正如我們評論的那樣，我想說的是，我們現在正在與之進行交易的公司通常是最近籌集了股權的公司。因此，我們看到了新的重置估值或相對於倍數的適當估值。但他們的公司正坐擁大量流動資金。因此，我們預計在關閉時不會有顯著的利用率，但隨著時間的推移，它們會繼續執行、運營和增長，因此利用率會增加一半。

And so that's why, as we said, we see kind of funding, although originations will continue at our current pace and growing over the course of the second half. But we see fundings to be light here in the first and second quarter and then pick up as the originations activity pick up.

這就是為什麼，正如我們所說，我們看到了某種資金，儘管起源將以我們目前的速度繼續，並在下半年增長。但我們看到第一季度和第二季度的資金較少，然後隨著發起活動的增加而增加。

Okay. Yes, Understood. And then correct me if I'm wrong, but I believe you said half of the fundings this quarter were to new companies and half were to existing companies. Out of those existing companies, are those fundings that are just already unfunded commitments that were drawn down by those existing portfolio companies? Or are those companies that were in your portfolio that you committed brand new, I guess, commitments to those businesses or...

好的。是的，明白了。如果我錯了，請糾正我，但我相信你說過本季度一半的資金用於新公司，一半用於現有公司。在這些現有公司中，那些資金是否只是那些現有投資組合公司提取的已經沒有資金的承諾？或者是那些在你的投資組合中的公司，你承諾了全新的，我猜，對這些業務的承諾或......

Yes, just to clarify those commitments, so of the new commitments made during the quarter, half were to new portfolio companies and half were to existing portfolio companies. So that was not utilization. That was new commitments.

是的，只是為了澄清這些承諾，所以在本季度做出的新承諾中，一半是對新投資組合公司的承諾，一半是對現有投資組合公司的承諾。所以那不是利用。那是新的承諾。

Okay. That makes sense. And then just one last one for me. Reading just some of the stuff on Medly, it sounds like that was a pretty sort of unusual scenario that went on there with some improprieties going on. I'm just curious, understanding the backdrop was a very unusual situation. Were there any sort of lessons that you guys learned from that, the whole process and what could be done -- could have been done different in the future?

好的。這就說得通了。然後給我最後一個。只讀了 Medly 上的一些內容，聽起來那是一種非常不尋常的場景，在那裡發生了一些不當行為。我只是好奇，了解背景是一個非常不尋常的情況。你們是否從中吸取了任何教訓，整個過程以及可以做什麼 - 將來可以做不同的事情嗎？

I'd start by saying that had a very unusual set of facts and circumstances. As I mentioned, other lenders, SCB, others, were all caught off guard and also exposed. So I just don't think there'd be any different.

我首先要說的是一組非常不尋常的事實和情況。正如我提到的，其他貸方、渣打銀行等都措手不及，也暴露在外。所以我只是認為不會有任何不同。

Yes. Well, let me take it more holistically. Listen, I think as a lender, as a whole, every credit situation is a learning experience. So absolutely, we will have and we'll continue to learn. And the great news is 24 years of Jim and I learning together, and so I would say, absolutely learning from it. I'd say specific takeaways, again, you can learn from debt-to-equity ratios, LTV ratios, things of that, Ryan, but -- analyzing business plans. But when you talk about impropriety activities, it's hard to -- there's a reason why people are -- things that they're doing.

是的。好吧，讓我更全面地考慮一下。聽著，我認為作為一個貸方，作為一個整體，每一次信貸情況都是一種學習經歷。所以絕對，我們將擁有並且我們將繼續學習。好消息是吉姆和我一起學習了 24 年，所以我想說，絕對是從中學習。我想說具體的要點，再一次，你可以從債務權益比率、LTV 比率等方面學習，Ryan，但是——分析商業計劃。但是當你談論不當活動時，人們很難——人們這樣做是有原因的——他們正在做的事情。

So I would say we're very open-minded and having conversations internally with auditors and accountants and lawyers on techniques. But I would say there was no smoking gun, so to speak, that as we look back to our originations activities in our credit activities that would have necessarily identified it.

所以我想說我們非常開放，並在內部與審計師、會計師和律師就技術進行對話。但我想說沒有確鑿的證據，可以這麼說，當我們回顧我們的信貸活動中的起源活動時，我們必然會發現它。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jim Labe for closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議轉回 Jim Labe 先生作閉幕詞。請繼續。

Thanks. As always, I'd like to thank everyone for listening and participating in our call today. We look forward to talking with you all again in the very next quarter, in another 2 months or so. So thanks again, and, everyone, have a nice day. Goodbye.

謝謝。與往常一樣，我要感謝大家今天聆聽和參與我們的電話會議。我們期待在接下來的兩個月左右的下一個季度再次與大家交談。再次感謝大家，祝大家有美好的一天。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。