Triplepoint Venture Growth BDC Corp (TPVG) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Gerber point Venture Growth BDC home First Quarter 2024 earnings conference call. At this time, all lines have been placed in a listen only mode. After the speakers' remarks, there will be an opportunity to ask questions and instructions will follow at that time for 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，午安。歡迎參加 Gerber point Venture Growth BDC 首頁 2024 年第一季財報電話會議。此時，所有線路均已置於僅監聽模式。演講者發言後，將有機會提出問題，屆時將提供說明，因為本次會議正在錄音，電話會議的重播將在 TriplePoint Venture Growth 網站上的音訊網路廣播中提供。

Company management is pleased to share with you the Company's results for the first quarter of 2024 today. Representing the Company is Jim Raabe, Chief Executive Officer and Chairman of the Board, Sajan, Ron Stovall, President and Chief Investment Officer, and Chris Matthews, Chief Financial Officer.

公司管理層今天很高興與您分享公司 2024 年第一季的業績。代表該公司的是執行長兼董事會主席 Jim Raabe、總裁兼首席投資長 Sajan、Ron Stovall 和財務長 Chris Matthews。

Before I turn the call over to Mr. Rubino. I wanted 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 law. You are urged 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. And 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.

在我把電話轉給魯比諾先生之前。我想提請您注意公司新聞稿中關於前瞻性陳述的慣例安全港披露，並提醒您，在這次電話會議中，管理層將做出與未來事件或公司未來業績或財務狀況相關的某些陳述，這些陳述根據聯邦證券法被視為前瞻性陳述。我們強烈建議您參考該公司最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與這些聲明有重大差異的重要因素。除非法律要求，否則本公司不承擔更新任何前瞻性陳述或預測的義務。並提醒投資者不要過度依賴電話會議期間所做的任何前瞻性聲明，這些聲明僅反映管理階層截至今天的意見。若要取得我們最新的 SEC 文件副本，請造訪公司網站 www.TPVG.com。

Now I'd like to turn the conference over to Mr. Bilbray.

現在我想把會議交給比爾布雷先生。

Good afternoon, everyone, and welcome to TPV. G's first quarter earnings call. During the first quarter, we continue to navigate through the current Venture Capital Markets. While the market remains slow and deal activity and deal value have yet to improve, there continues to be unique opportunities in this market for us as well as initial signs that overall VC markets may gradually begin to improve. This includes growing demand at TriplePoint Capital from what we believe are quality venture growth companies and companies across the venture stages. Complementing these initial positive signs, we continue to make progress in the first quarter with increased fundraising activity and strengthening performance at our portfolio companies and in building our pipeline setting a strong foundation heading into the second half of this year. As we progress through the year, our focus will be on positioning TPVG for the future while continuing to maintain our strong portfolio yield and liquidity as well as managing the portfolio.

大家下午好，歡迎來到冠捷科技。G 第一季財報電話會議。在第一季度，我們繼續探索目前的創投市場。儘管市場仍然緩慢，交易活動和交易價值尚未改善，但這個市場對我們來說仍然存在獨特的機會，初步跡象表明整個創投市場可能會逐漸開始改善。這包括我們認為優質創投公司和處於創投階段的公司對 TriplePoint Capital 不斷增長的需求。除了這些最初的積極跡象之外，我們在第一季繼續取得進展，增加了融資活動，增強了我們投資組合公司的業績，並為今年下半年的管道建設奠定了堅實的基礎。隨著這一年的進展，我們的重點將是為未來定位 TPVG，同時繼續保持我們強勁的投資組合收益率和流動性以及管理投資組合。

Turning to our quarterly results, we generated net investment income of $15.5 million or $0.41 per share and over earned our regular quarterly dividend since going public in 2014 and including the first quarter dividend, cumulative dividends to shareholders now totaled $15.45 per share over this 10-year period. We've exceeded our dividends on a cumulative basis, and our objective is to continue to generate NI in excess of our regular quarterly dividend. Of note, we also continue to maintain sizable spillover income. During the quarter, we improved our gross leverage ratio to 1.27 times and further enhanced our liquidity based primarily on prepayment activity which included two prepayments totaling $30.8 million.

就我們的季度業績而言，我們產生了1550 萬美元的淨投資收入，即每股0.41 美元，並超額賺取了自2014 年上市以來的定期季度股息，包括第一季度股息在內，這10年間向股東累積派發的股利總計為每股15.45 美元。我們已經累積超過了股息，我們的目標是繼續產生超過常規季度股息的 NI。值得注意的是，我們也持續保持可觀的溢出收入。本季度，我們將總槓桿率提高至 1.27 倍，並進一步增強了主要基於預付款活動的流動性，其中包括兩筆總額為 3080 萬美元的預付款。

During the quarter, we continued to manage the portfolio and are encouraged by a number of positive portfolio company developments and an increase in the value of the equity and warrant portfolio. One of these developments was a growing number of fundraising rounds by our portfolio companies, which we believe signals a sign of strength during the quarter, eight of our portfolio companies completed rounds, raising $584 million in aggregate, representing a sizable quarterly as well as year over year increase. Additionally, post quarter, several companies have raised rounds in August. Raising this quarter will continue to prioritize T PBG's long-term position in the venture lending market, and we expect the remainder of the year to be more active to this. And we're continuing on the path of diversifying the portfolio, including the sector and geographic rotation. We've been talking about the last several quarters in many respects, we think of it as being a new crop of investment sectors as well as venture growth company profile, the NVCA. labels, it is a different scale of companies in this environment, investors have become far more cautious and selective, and we believe the new and emerging crop of venture companies as strong a number of venture growth companies have already gone through valuation resets and deal with the market challenges. These are companies have shifted business models. There are more moderate cash burn levels. They have reasonable growth objectives and are projecting path to profitability. We're gaining a great deal of interest and traction from investors. Our focus will continue to be on investing in companies operating in these attractive sectors and ones that have recently raised fresh capital have ample cash runways backing from our select venture investors have proven management teams and whose business models have attractive unit economics and high retention rates. We'll also continue to evaluate hold sizes, debt to equity ratios, steel structures and other key metrics. We're excited by the increase in signed term sheets following the 70% increase in venture growth signed term sheets and we experienced in the fourth quarter term sheet signed by TriplePoint Capital increase an additional 30% in the first quarter to a total of $130.5 million. And here in the second quarter already, we've signed almost $30 million of new term sheets at TriplePoint Capital. Many of the signed term sheets are an investment sectors that are consistent with the same sectors that our select venture investors have and are continue to shift into. This includes AI. cyber security climate in digital health. In addition, there's increased and renewed interest in vertical software, hardware and robotics, semiconductors, Applied Tech, environmental and sustainability technologies in aerospace sorry, aerospace, as examples as we've been citing This includes a number of our portfolio companies that are already operating in the stronger performing categories with some making considerable progress such as core line. Whilst Orbital Hover Arcadia power flash Caldera, overtime and others through both discussions with our select VCs as well as reflecting on transactions. We've recently signed up and others that we're continuing to evaluate in this market on an ongoing basis. New investment activity in particular has pivoted towards No surprise the artificial intelligence applications and infrastructure category. Some of our companies come to mind. For example, Cato, which pairs combinations with Advance AI. that provides data-driven personalized care around the clock and fit on a leading digital wellness platform that serves as an always-on individual full German wellness Coach with no equipment needed Unifor, which introduced the first multimedia AI and data platform built specifically for the enterprise using generative knowledge and emotional AI is another one, although the overall VC markets continue to remain sluggish, particularly for growth stages. There are a few emerging signs of future problems. Dry powder. The undeployed funds and venture capital firms remain significant at $300 billion across the venture landscape on an increasing basis. We are hearing the word optimistic make its way into more conversations with venture capital investors and companies. We're hearing it usually in connection with increased opportunities for new investments, but also on the outlook for future pickup, Invinsa M&A and IPO activity. We believe that once the IPO markets come back and M&A activity returns to more historical levels. It will be a sea change for growth stage companies, especially those companies within our portfolio that are outperforming in this market. It will also attract growth stage investors to return to the market with our outstanding warrant positions in more than 97 portfolio companies and equity positions within more than 46 portfolio companies. We believe we stand to benefit in this additional way to our debt returns when the market returns to better M&A and IPO landscape. In the meantime, we'll continue to position TPVG for when the overall PC market conditions improve TriplePoint Capital. Our sponsor will continue to invest in its people and our platform, including building our organic, our originations and investment teams, portfolio management capabilities and our support staff Triple Point is well positioned to capture that business as overall market conditions improve for now, we'll remain active in the market and plan to continue building a pipeline consisting of venture growth stage companies positioned for strength under current market conditions. These are all critical elements for the long term that we believe position us to build now and create sustainable shareholder value.

在本季度，我們繼續管理投資組合，並受到投資組合公司的一些積極發展以及股票和認股權證投資組合價值的增加的鼓舞。其中一個進展是我們的投資組合公司的融資輪次不斷增加，我們認為這標誌著本季度實力的體現，我們的投資組合公司中的8 家完成了融資輪次，總共籌集了5.84 億美元，相當於季度和年度的可觀融資額年增。此外，在季度後，有幾家公司在 8 月進行了融資。本季的融資將繼續優先考慮 T PBG 在風險貸款市場的長期地位，我們預計今年剩餘時間將對此更加積極。我們正在繼續走多元化投資組合的道路，包括產業和地理輪替。過去幾季我們在許多方面都在討論，我們認為這是一個新的投資領域以及風險成長公司簡介 NVCA。標籤，在這種環境下，公司規模不同，投資者變得更加謹慎和有選擇性，我們認為，新興的風險投資公司和許多風險成長型公司一樣，已經經歷了估值重置和應對市場挑戰。這些公司已經轉變了商業模式。現金消耗水準較為溫和。他們有合理的成長目標，並正在規劃獲利之路。我們獲得了投資者的極大興趣和關注。我們的重點將繼續投資於這些有吸引力的行業中運營的公司，以及最近籌集了新資本的公司，這些公司擁有充足的現金跑道，得到我們精選的風險投資者的支持，擁有經過驗證的管理團隊，其業務模式具有有吸引力的單位經濟效益和高保留率。我們也將繼續評估持有規模、債務股本比率、鋼結構和其他關鍵指標。我們對簽署的條款清單的增加感到興奮，繼創投成長簽署的條款清單增加了70% 後，我們在第四季度經歷了TriplePoint Capital 簽署的條款清單在第一季度額外增加了30%，總額達到1.305 億美元。在第二季度，我們已經在 TriplePoint Capital 簽署了近 3000 萬美元的新投資意向書。許多已簽署的投資意向書的投資領域與我們精選的創投已經並將繼續轉向的領域一致。這包括人工智慧。數位健康中的網路安全氛圍。此外，人們對垂直軟體、硬體和機器人、半導體、應用技術、航空航太領域的環境和永續發展技術的興趣不斷增加和重新燃起，這包括我們已經引用的許多投資組合公司。的類別中開展業務，其中一些類別取得了相當大的進展，例如核心產品線。Orbital Hover Arcadia 透過與我們選擇的創投公司的討論以及對交易的反思，為 Flash Caldera、加班和其他專案提供動力。我們最近簽署了一些協議，並且我們將繼續在這個市場上持續評估其他協議。毫不奇怪，新的投資活動特別轉向人工智慧應用和基礎設施類別。我想到了我們的一些公司。例如，Cato，它與 Advance AI 進行組合。 Unifor 推出了第一個專為企業構建的多媒體人工智慧和數據平台，全天候提供數據驅動的個人化護理，並安裝在領先的數位健康平台上，充當始終在線的個人全套德國健康教練，無需任何設備使用生成知識和情感人工智慧是另一種方法，儘管整體創投市場仍然低迷，尤其是在成長階段。有一些新的跡象表明未來會出現問題。乾燥的粉。在整個創投領域中，未部署的基金和創投公司規模仍高達 3,000 億美元，而且還在增加。我們聽到「樂觀」這個詞越來越多地出現在與創投和公司的對話中。我們聽到的通常與新投資機會的增加有關，但也與未來回升、Invinsa 併購和 IPO 活動的前景有關。我們相信，一旦 IPO 市場回歸，併購活動將恢復到歷史水準。對於成長階段的公司來說，這將是一個巨大的變化，尤其是我們投資組合中那些在這個市場上表現出色的公司。它還將憑藉我們在超過 97 家投資組合公司的未平倉認股權證頭寸和超過 46 家投資組合公司的股權頭寸吸引成長期投資者重返市場。我們相信，當市場恢復到更好的併購和 IPO 格局時，我們將以這種額外的方式受益於我們的債務回報。同時，當整體 PC 市場狀況改善 TriplePoint Capital 時，我們將繼續定位 TPVG。我們的贊助商將繼續對其員工和我們的平台進行投資，包括建立我們的有機團隊、我們的創始團隊和投資團隊、投資組合管理能力以及我們的支援人員，隨著目前整體市場狀況的改善， Triple Point 已做好充分準備來抓住這項業務，我們'我們將繼續活躍在市場中，並計劃繼續建立由風險成長階段公司組成的管道，這些公司在當前市場條件下具有實力。這些都是長期的關鍵要素，我們相信這些要素使我們能夠立即建立並創造可持續的股東價值。

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

這樣，我會將電話轉給塞爾吉奧。

Thank you, Jim, and good afternoon. Investment pipeline activity increased for the third consecutive quarter as TriplePoint Capital signed $130 million of term sheets with venture growth stage companies compared to $100 million in Q4 and $58 million in Q3 reflecting an increase in origination activity by our investment team and an increase in direct referrals from our select venture capital funds. More importantly, an increase in what we believe are high-quality companies looking for debt financing with regards to new investment allocation to GDVG. during the first quarter, TriplePoint Capital allocated $10 million in new commitments with one new portfolio company to TPVG compared to $4 million in new commitments with two existing portfolio companies in Q4 and $6 million of new commitments with three companies in Q3. Clinton made during the first quarter was the fit on an all-in-one health and wellness and preventative care platform here in Q2, we've closed $20.5 billion of new commitments with one new portfolio company in the AI and software industry and one existing portfolio company in the financial technology. During the quarter, TPVG funded $13.5 million in debt investments to three portfolio companies, which is down from $24.4 million in debt and investments to six portfolio companies in Q4 and slightly higher than the $12.7 million we funded to five companies in Q3. These funded investments carried a weighted average annualized portfolio yield of 14.3% at origination, approximately 75% of the fundings this quarter came from new investment origination during the quarter, our quarterly gross funding target continues to be in the $25 million to $50 million range, and we expect to be at the higher end of the range as we increase the allocation of new investments to TPVG over the course of the year. During Q1, we had $30 million of loan prepayments with prepayment related income contributing to an overall weighted average portfolio yield of 15.4%, in line with the past two quarters levels of prepayment activity and portfolio yields, excluding prepayment core portfolio yield was 14.7%, up from 14.4% in Q4 and 14.1% in Q3.

謝謝你，吉姆，下午好。TriplePoint Capital 與創投階段公司簽署了1.3 億美元的投資意向書，投資通路活動連續第三個季度增加，而第四季為1 億美元，第三季為5,800 萬美元，反映出我們投資團隊發起活動的增加以及直接推薦的增加來自我們精選的創投基金。更重要的是，我們認為尋求債務融資以向 GDVG 進行新投資分配的優質公司有所增加。第一季度，TriplePoint Capital 向TPVG 向一家新投資組合公司分配了1000 萬美元的新承諾，而第四季度向兩家現有投資組合公司分配了400 萬美元的新承諾，第三季度向三家公司分配了600 萬美元的新承諾。柯林頓在第一季所做的承諾與第二季的一體化健康和預防保健平台相匹配，我們已經與人工智慧和軟體產業的一家新投資組合公司以及一家現有的公司完成了205 億美元的新承諾金融科技領域的投資組合公司。本季度，TPVG 向3 家投資組合公司提供了1,350 萬美元的債務投資，低於第四季度向6 家投資組合公司提供的2,440 萬美元債務和投資，略高於第三季度向5 家公司提供的1,270 萬美元。這些資助投資的加權平均年化投資組合收益率為 14.3%，本季約 75% 的資金來自本季度新的投資發起，我們的季度總融資目標繼續在 2500 萬美元至 5000 萬美元範圍內，隨著我們在年內增加對TPVG 的新投資配置，我們預計將處於該範圍的高端。第一季度，我們有3,000 萬美元的貸款預付款，預付款相關收入使整體加權平均投資組合收益率達到15.4%，與過去兩個季度的預付款活動和投資組合收益率水準一致，不包括預付款核心投資組合報酬率為14.7%，高於第四季的 14.4% 和第三季的 14.1%。

With regards to fundraising activity, as Jim mentioned, eight portfolio companies with debt outstanding raised $584 million during the quarter, up from five portfolio companies raising $157 million last quarter, and three companies raising $47 million in Q3, Margot represented the lion's share of that fundraising activity, having raised approximately $430 million at a $5 billion valuation during the quarter. This data does not include Metropolis or cohesive these announced financings. As we discussed during our last earnings call, we are seeing capital raising activity within our portfolio of picking up and have several portfolio companies either an active fundraising discussions, we're expecting to launch a fund raising process shortly. Approximately $200 million of new capital was raised by our portfolio companies in April alone. We believe this fundraising activity should bode well for the long-term credit quality of our portfolio companies as well as for the potential value of our warrant and equity portfolio.

至於籌款活動，正如Jim 所提到的，本季有8 家未償還債務的投資組合公司籌集了5.84 億美元，高於上季5 家投資組合公司籌集的1.57 億美元，第三季有3 家公司籌集了4,700 萬美元，其中Margot 佔了最大份額。該數據不包括 Metropolis 或 Cohesive 這些已宣布的融資。正如我們在上次財報電話會議中所討論的那樣，我們看到我們的投資組合中的融資活動有所增加，並且有幾家投資組合公司正在進行積極的融資討論，我們預計很快就會啟動融資流程。光是 4 月份，我們的投資組合公司就籌集了約 2 億美元的新資金。我們相信，這項募款活動對於我們投資組合公司的長期信用品質以及我們的認股權證和股票投資組合的潛在價值來說是個好兆頭。

As of March 31, we held nine warrants in 97 companies and held equity investments in 46 companies with a total fair value of $78 million. Our warrant and equity portfolio experienced a $6 million. Net unrealized gain in fair value were $0.16 per share for the quarter, primarily driven by new equity round valuations, improving public trading multiples and continued financial performance of our portfolio companies as well as improving stock prices for our publicly-held portfolio.

截至3月31日，我們持有97家公司的9張認股權證，並持有46家公司的股權投資，總公允價值為7,800萬美元。我們的認股權證和股票投資組合價值 600 萬美元。本季度未實現淨收益為每股 0.16 美元，主要是由於新一輪股權估值、公開交易倍數的改善、我們投資組合公司的持續財務業績以及我們公開持有的投資組合的股價上漲所推動。

During the quarter, the aligned company was acquired by Orchard technologies, Deere & Company was acquired by full beauty brands and underground enterprises completed the asset sale and liquidation process D and underground were removed from the credit watch list, and we realized losses of $8.9 million from these events, of which $5.1 million was previously recognized on an unrealized basis in prior quarters. During the quarter, two companies were downgraded from category to category three, primarily due to short runway in conjunction with upcoming financing or strategic events already underway and are expected to be either upgraded or removed from the watch list upon completion, one portfolio company TSG holdings with a fair value of approximately $18 million was downgraded from Category three to Category four during Q1 and was acquired here in Q2 alone has been paid off in cash and a seller note in line with our mark for Q1 and will be removed from our watch list in Q2.

本季度，聯合公司被 Orchard Technologies 收購，Deere & Company 被全美容品牌收購，地下企業完成資產出售和清算流程 D 和 Underground 被從信用觀察名單中刪除，我們實現了 890 萬美元的損失這些事件產生了510 萬美元，其中510 萬美元是在前幾季未實現的基礎上確認的。投資組合公司TSG Holdings 表示，本季度，有兩家公司從類別降級至第三類，主要是由於即將到來的融資或已經正在進行的戰略事件，跑道較短，預計在完成後將被升級或從觀察名單中刪除。票據支付，並將從我們的觀察名單中刪除在第二季。

One portfolio company Outdoor Voices, which is in the strategic process, was downgraded from Category four to Category five, and we expect the process to be completed in Q2, while our total percentage of category three, four and five investments rose slightly this quarter, we'd like to point out that we expect upgrades to a few of our Category three rated investments over the course of 2024 as a result of achieving sustained profitability and or completing financing events that are underway as well as the fact that we've already removed TFGI. Category four rated loan here in Q2 as a result of its acquisition. Managing our existing portfolio continues to be a high priority for us as a result of increased equity fundraising, increased acquisition activity and improving operational performance by our portfolio companies we expect credit to continue to stabilize over the course of 2024 with the frequency of new credit developments slowing and in certain cases, the potential for upgrading of credit ratings.

一家處於策略流程的投資組合公司Outdoor Voices從四類降級至五類，我們預計這一過程將在第二季度完成，而本季我們三、四、五類投資的總比例略有上升，我們想指出的是，由於實現了持續盈利和/或完成正在進行的融資活動，以及我們已經刪除了 TFGI。由於其收購，第二季的四類貸款評級為四級。由於股權融資增加、收購活動增加以及投資組合公司營運績效改善，管理現有投資組合仍然是我們的首要任務，我們預計隨著新信貸開發的頻繁，信貸在 2024 年將繼續穩定放緩，在某在某些情況下，信用評級升級的潛力也有所放緩。

With regards to new investment opportunities, as Jim mentioned, we are seeing what we believe are more companies and higher quality starting to come to the equity and debt markets and we believe that these new investments have the potential to be a very strong vintage of venture capital venture lending opportunities. We believe our efforts over the past year to reduce leverage and unfunded commitments to boost liquidity from prepayments and repayments, proceeds from sale under our ATM program, as well as extending and the upcoming renewal of our credit facility for TPVG in a position to take advantage of the improving pipeline of new deals as the year unfolds. We believe that by returning to portfolio growth over the course of 2024 and into 2025 and by continued focus on smaller hold sizes and industry sector rotation with companies that have generally recently raised new equity capital. We will continue along our goals of increased portfolio, durability and diversification. As we look to onboard new loans, we intend to maintain our strong yield profile, not only by maintaining spreads, but also by continuing to incorporate fixed rate investments, which, along with anticipated portfolio growth, will bode well for our ability to continue to cover our dividend.

關於新的投資機會，正如吉姆所提到的，我們看到我們相信更多的公司和更高的品質開始進入股票和債務市場，我們相信這些新的投資有潛力成為一個非常強勁的創投年資本風險貸款機會。我們相信，我們在過去一年中為減少槓桿和無資金承諾所做的努力，以透過預付款和還款、ATM 計劃下的銷售收益、以及延長和即將更新我們的TPVG 信貸安排來增加流動性，從而能夠利用這一優勢。我們認為，透過在 2024 年和 2025 年期間恢復投資組合成長，並繼續關注較小的持有規模和行業部門輪換，以及通常最近籌集了新股本的公司。我們將繼續實現增加投資組合、耐用性和多元化的目標。當我們尋求新貸款時，我們打算保持強勁的收益率狀況，不僅透過維持利差，而且還透過繼續納入固定利率投資，這與預期的投資組合成長一起，將預示著我們有能力繼續支付我們的股息。

Finally, as equity fundraising activity continues by our portfolio companies and public market multiples improve, we expect to see improvement in the fair value of our warrant and equity portfolio.

最後，隨著我們的投資組合公司繼續進行股權融資活動以及公開市場倍數的提高，我們預計我們的認股權證和股票投資組合的公允價值將有所改善。

In closing, we remain focused on our business and will continue to follow our long-term playbook of generating strong returns for fellow shareholders. And we look forward to what's in store for TPVG and our shareholders for what we believe will be improving conditions in both the overall venture capital and venture lending markets over the course of 2024 and 2025.

最後，我們仍然專注於我們的業務，並將繼續遵循我們為股東創造豐厚回報的長期策略。我們期待 TPVG 和我們的股東將會看到什麼，我們相信這將在 2024 年和 2025 年期間改善整個風險投資和風險貸款市場的狀況。

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

這樣，我現在將把電話轉給克里斯。

Thank you, Sergio, and hello, everyone. During the first quarter, we made notable progress on a number of financially focused efforts, which we believe have improved our overall position. We generated strong interest income from our diversified loan portfolio. As expected, we intentionally had another great quarter of originations and fundings. We over earned this quarter's dividend, and we also improved leverage to 1.27 times on both the gross and net basis. At the same time, we made further progress reducing unfunded commitment levels in the first quarter from $118 million to $73 million. And as a result, TPVG has ample liquidity at the ready to support our existing portfolio companies, satisfy our unfunded commitments and make selective new investments for the first quarter, total investment income was $29.3 million with a portfolio yield of 15.4% as compared to $33.6 million with a portfolio yield of 14.7% for the prior year period. The decrease in total investment income was primarily driven due to lower average debt portfolio as compared to a year ago. For the first quarter, total operating expenses were $13.8 million as compared to $15.1 million for the prior year period. These expenses consisted of $7 million of interest expense, which was lower this quarter due to reduced overall leverage, $4.3 million of base management fees, $611,000 of administrative expenses and $1.8 million of G&A expenses, which were generally flat to last quarter due to the shareholder friendly total return requirement under the incentive fee, there was no incentive fee this quarter. Further, we expect limited incentive fee expense during the remainder of 2024.

謝謝你，塞爾吉奧，大家好。在第一季度，我們在一些以財務為重點的工作上取得了顯著進展，我們相信這提高了我們的整體地位。我們透過多元化的貸款組合創造了豐厚的利息收入。正如預期的那樣，我們有意又獲得了一個季度的創始和資金支持。我們超額賺取了本季度的股息，並且我們還將總槓桿率和淨槓桿率提高到了 1.27 倍。同時，我們在將第一季無資金承諾水準從 1.18 億美元減少到 7,300 萬美元方面取得了進一步進展。因此，TPVG 擁有充足的流動性，隨時可以支持我們現有的投資組合公司，履行我們無資金的承諾，並在第一季進行選擇性的新投資，總投資收入為2,930 萬美元，投資組合收益率為15.4%，去年同期為33.6 美元百萬美元，去年同期投資組合收益率為 14.7%。總投資收益下降的主要原因是平均債務投資組合較去年同期下降。第一季的總營運費用為 1,380 萬美元，而上年同期為 1,510 萬美元。這些費用包括700 萬美元的利息費用（由於整體槓桿率下降，本季較低）、430 萬美元的基本管理費、611,000 美元的管理費用和180 萬美元的一般及行政費用（由於股東的原因，這些費用與上季度基本持平）激勵費下友好的總回報要求，本季沒有激勵費。此外，我們預計 2024 年剩餘時間內的激勵費用支出有限。

For the first quarter, net investment income totaled $15.5 million or $0.41 per share compared to $18.6 million or $0.53 per share for the prior year period. For the first quarter, net realized losses on investments totaled $8.8 million. This was primarily in connection with the write-off of investments of two portfolio companies. Of note, $5.1 million or 58% of the realized loss on these companies was previously included in unrealized losses and was reclassified from unrealized to realized in the quarter. As such, $3.8 million of the realized loss in 2024 had no impact on net asset value in the quarter. For the first quarter, net change in unrealized gains on investments was $1.3 million, consisting of $6.2 million of net unrealized gains on the warrant and equity portfolio resulting from fair value adjustments and $4.9 million of net unrealized gains from the reversal of previously recorded unrealized losses from the investment portfolio that were realized during the period produced by $9.8 million of net unrealized losses on the debt portfolio resulting from fair value adjustments. As of quarter end, net asset value was $341 million or $9.2 per share compared to $346 million or $9.21 per share as of year end, we declared a regular quarterly dividend of $0.4 per share with a record date of June 14 to be paid on June 29. In addition to over earning the dividend. We continue to retain sizable undistributed income, which totaled $42.3 million or $1.12 per share at the end of the period, not just an update on unfunded investment commitments, overall liquidity and balance sheet leverage. We successfully reduced our unfunded commitments from $118 million at year end to $73 million at quarter end. As of quarter end, total liquidity was $312 million, consisting of $1 million in cash and 312 -- sorry, $311 million available under the revolving credit facility, we had $30.8 million of prepayments and $6.8 million of scheduled principal amortization, generating $37.6 million of liquidity during the quarter, we continued to maintain a diversified capital structure. As of the end of the quarter, a total of $434 million of debt was outstanding, consisting of $395 million of fixed rate investment grade notes and $39 million outstanding on our revolving credit facility, which has a $350 million total aggregate commitment we paid down our revolving credit facility, improved our overall leverage during the quarter. We ended the quarter with a leverage ratio of 1.27 times this week, we entered into an amendment to our credit facility, which extends the revolving period into Q three so that we can finish documenting the annual renewal of the facility. We expect that the new revolving period will mature on November 30, 2025, with final maturity on May 31 of 2027. Existing lenders are engaged in driving to documentation closing in an orderly manner. We have three steps to the ladder of term debt maturities with the maturity scheduled to occur in 2025, 2026 and 2027. The most near term is $70 million maturity in March of '25, given the very attractive 4.5% fixed interest rate on this balance expect to keep this balance outstanding until its scheduled maturity depending on market conditions. At that time, we expect to either issue a new tranche of similarly-sized notes in Q1 of 2025 or use our revolving credit facility to pay off those notes at maturity. Later this year, we will evaluate the refinancing of the two remaining maturities, which include $200 million of 4.5% fixed rate due in March of 2026 and $125 million at 5% fixed rate and due February of 2027 to allow ample opportunity and time to consider cost effective alternatives. Given the very favorable rates on the existing notes, we do not expect to prepay or refinance these amounts until near their original maturity dates in connection with the term notes. Dbrs assigned an investment grade credit rating in connection with those transactions and recently reported a triple-B low rating and investment grade issuer rating. In addition, DBRS increased its outlook on TPVG. to stable.

第一季淨投資收益總計 1,550 萬美元，即每股 0.41 美元，而去年同期為 1,860 萬美元，即每股 0.53 美元。第一季度，已實現投資淨損失總計 880 萬美元。這主要與註銷兩家投資組合公司的投資有關。值得注意的是，這些公司已實現虧損的 58%（即 510 萬美元）之前已計入未實現虧損，並在本季度從未實現虧損重新分類為已實現虧損。因此，2024 年實現的 380 萬美元損失對該季度的資產淨值沒有影響。第一季度，投資未實現淨收益變化為130 萬美元，其中包括因公允價值調整而產生的認股權證和股票投資組合的未實現淨收益620 萬美元，以及因先前記錄的未實現損失逆轉而產生的490 萬美元未實現淨收益來自該期間實現的投資組合中因公允價值調整而產生的債務組合未實現淨損失 980 萬美元。截至季末，資產淨值為3.41 億美元，即每股9.2 美元，而截至年底，資產淨值為3.46 億美元，即每股9.21 美元，我們宣布派發每股0.4 美元的定期季度股息，記錄日期為6月14 日，將於6 月支付29.除了超額賺取股息之外。我們繼續保留大量未分配收入，期末總計 4,230 萬美元或每股 1.12 美元，而不僅僅是無資金投資承諾、整體流動性和資產負債表槓桿的更新。我們成功地將無資金承諾從年底的 1.18 億美元減少到季末的 7,300 萬美元。截至季末，總流動資金為3.12 億美元，其中包括100 萬美元現金和312 - 對不起，循環信貸安排下可用的3.11 億美元，我們有3080 萬美元的預付款和680 萬美元的計劃本金攤銷，產生了3760 萬美元的本季流動性方面，我們繼續保持多元化的資本結構。截至本季末，未償還債務總額為 4.34 億美元，其中包括 3.95 億美元的固定利率投資等級票據和 3,900 萬美元的循環信貸額度，其中我們償還的總承諾總額為 3.5 億美元。了我們本季的整體槓桿率。本週我們以 1.27 倍的槓桿率結束了本季度，我們對信貸安排進行了修訂，將循環期延長到第三季度，以便我們可以完成記錄該安排的年度更新。我們預計新的循環期將於2025年11月30日到期，最終到期日為2027年5月31日。現有貸款機構正努力有序地完成文件交割。我們的定期債務到期階梯分三步，計劃於 2025 年、2026 年和 2027 年到期。最近的期限是 25 年 3 月到期的 7,000 萬美元，鑑於該餘額具有非常有吸引力的 4.5% 固定利率，預計將根據市場狀況將該餘額保持在預定到期日之前。屆時，我們預計要么在 2025 年第一季發行新一批類似規模的票據，要么使用我們的循環信貸便利在到期時償還這些票據。今年晚些時候，我們將評估剩餘兩個期限的再融資，其中包括將於2026 年3 月到期的2 億美元固定利率4.5% 和2027 年2 月到期的1.25 億美元固定利率5%，以便有足夠的機會和時間來考慮具有成本效益的替代方案。鑑於現有票據的利率非常優惠，我們預計在接近與期限票據相關的原始到期日之前不會預付或再融資這些金額。Dbrs 授予了與這些交易相關的投資級信用評級，並最近報告了 3B 級低評級和投資級發行人評級。此外，DBRS 上調了 TPVG 的前景。到穩定。

So this completes our prepared remarks today. And So operator, could you please open the line for questionsat this time?

我們今天準備好的演講就到此結束。那麼接線員，現在可以開通提問線路嗎？

At this time for everyone to ask a question, please press star then one to remove yourself from the queue, please press star then two to the first question comes from Finian O'Shea with Wells Fargo. Please go ahead.

此時大家提問，請按星號然後一將自己從隊列中刪除，請按星號然後二第一個問題來自富國銀行的 Finian O'Shea。請繼續。

Well done, pay everyone.

幹得好，大家付錢。

Good afternoon of first one on the the credit facility. I appreciate the update there. Q actually two parts sort of can you touch on what what has set up issue of dealing to finish documentation?

關於信貸額度的第一個下午好。我很欣賞那裡的更新。Q：實際上有兩個部分，您能談談什麼是完成文件處理的問題嗎？

I don't think we've come across that issue if that's routine or something, some more related to recent performance. And then, Chris, I think you flagged last quarter that some of the paydowns was planned some to to satisfy or eventually satisfy, but until then come to pay down for the diversification test, correct me if I'm wrong, if that's still the case, or are you at a point where you're able to draw or or how far from that would you be given the current portfolio thing?

我認為我們沒有遇到這個問題，如果這是例行公事或其他什麼，有些與最近的表現更相關。然後，克里斯，我想你在上個季度指出，計劃支付一些款項是為了滿足或最終滿足，但在那之前支付多元化測試的費用，如果我錯了，請糾正我，如果這仍然是情況，或者您是否處於能夠繪製的點，或者您目前的投資組合距離該點有多遠？

Great.

偉大的。

Yes.

是的。

So let me take let me take both of those. So the timing on the credit facility, all the syndicate partners are engaged and the commitment levels will remain the same. It really was to do with our year end financial reporting and getting the documentation done. So it was the close proximity to our issuance of our K. We didn't get there, the approvals and the documents done. So they're going through that. I would say the normal cadence, we just added another 30 or 60 days to the the time period to get the documentation done to avoid the drama associated with doing that in the ordinary course.

所以讓我把這兩個都拿走。因此，在信貸安排的時間上，所有銀團合作夥伴都參與其中，承諾水準將保持不變。這確實與我們的年終財務報告和完成文件有關。因此，我們很快就要發布 K 了。所以他們正在經歷這件事。我想說的是正常的節奏，我們只是在時間段上又增加了 30 或 60 天來完成文檔，以避免在正常過程中與這樣做相關的戲劇性事件。

And the other question you had on We we have no need anymore to gross up the balance sheet. We don't have any non-qualifying assets in the unfunded commitment bucket. Any longer that was cleared out over the last two or three quarters. So we successfully paid down the credit facility right after the end of the quarter of Q. one and did not need to gross up the balance sheet again. So that issue is behind us. And as Jim mentioned about the diversification of geo and sector specific opportunities in the future, we don't expect currently that that would would return to be an issue. So you should expect on gross and net leverage to be more tightly coordinator as opposed to the outlier that you saw in the prior couple of quarters.

您提出的另一個問題是我們不再需要彙總資產負債表。我們的無資金承諾桶中沒有任何不合格資產。過去兩三個季度清除的任何更長的時間。因此，我們在第一季末後成功償還了信貸額度，無需再次匯總資產負債表。所以這個問題已經過去了。正如吉姆提到的未來地理和行業特定機會的多樣化，我們目前預計這不會再次成為一個問題。因此，您應該預期總槓桿率和淨槓桿率將成為更緊密的協調者，而不是您在前幾個季度看到的異常值。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And just a follow-up for. So social is down like come. It's more constructive on the VC funding that backdrop. I think you flagged a few examples on portfolio companies seeking and or attaining financing from some from the outside. We hear we hear the storylines figures like this from all the venture BBDC.'s every quarter and it's hard to really tell what it means. So if you were to communicate just more in, say, plain English or give some anecdotal examples of how much the fundraising is improving for companies that need it that would allow for a more, you know, constructive or comfortable outlook on our end. Any anything you're able to do there would be appreciated. Thank you.

這只是後續行動。所以社交就像來了一樣。在創投的背景下，這更具建設性。我認為您舉了一些關於投資組合公司尋求或獲得外部融資的例子。我們聽說 BBDC 每個季度都會聽到這樣的故事情節，但很難真正說出它的含義。因此，如果您能更多地用簡單的英語進行溝通，或者舉出一些軼事例子，說明融資對於有需要的公司來說有多大改善，這將使我們有一個更具建設性或舒適的前景。如果您能在那裡做任何事情，我們將不勝感激。謝謝。

And I can let me start with, and I think that the data shows that the overall DC market continues to be challenging. So let's just be clear at VC fundraising investment activity was either flat or down Q1 to Q4. So the VC investment continues to be slow and we're hoping to see that pickup. I think as Jim said, there are certain sectors or certain pockets where we're seeing more activity than others. But to be very clear, it is still very tough market and the VC world, what we're we're excited about are pleased with it within our portfolio, we're seeing our portfolio companies increase the frequency and the magnitude of their equity fundraising efforts, which I think is very important in terms of, as we said, overall credit outlook and credit quality. And I think the other good news is not only are the sizes of the raise is increasing, but it's also companies across the credit ratings. So it's not just you know, the category one and category two, and we've got Category three portfolio companies raise equity as well. And so I think the distribution and the fundraising activity the size of the fund, raising the frequency of the fund raising it all are important. Again, initial indicators. It doesn't mean we're out of the woods. But as we've said, we expect credit to stabilize over the course of '24. And we think these are all positive data points.

首先，我認為數據顯示整個 DC 市場仍然充滿挑戰。因此，我們需要明確的是，從第一季到第四季度，創投融資活動要么持平，要么下降。因此，創投仍然緩慢，我們希望看到這種投資的回升。我認為正如吉姆所說，在某些領域或某些領域，我們看到的活動比其他領域更多。但要非常明確的是，市場和創投世界仍然非常艱難，我們對我們的投資組合感到興奮和滿意，我們看到我們的投資組合公司增加了股權的頻率和規模正如我們所說，融資工作對於整體信用前景和信用品質而言非常重要。我認為另一個好消息不僅是融資規模不斷增加，而且各個信用評級的公司也都在增加。因此，不僅是第一類和第二類，我們還有第三類投資組合公司籌集股本。因此，我認為基金的分配和募款活動、基金的規模、提高基金募集的頻率都很重要。再次，初步指標。這並不意味著我們已經走出困境。但正如我們所說，我們預計信貸將在 2024 年穩定下來。我們認為這些都是正面的數據點。

And then here in Q2, again, seeing continued strong equity fundraising activity by our portfolio companies is a positive sign.

在第二季度，我們的投資組合公司持續強勁的股權融資活動再次是一個正面的訊號。

Great. Thank you so much.

偉大的。太感謝了。

Yes, apologize. I apologize.

是的，道歉。我道歉。

And our next question comes from Crispin Love with Piper Sandler. Please go ahead.

我們的下一個問題來自 Crispin Love 和 Piper Sandler。請繼續。

And I appreciate you taking my question first, can you just discuss your views on the net investment income and fundings trajectory? And when do you think you could be north of that $15 million quarterly number, I think still same kind of $25 million to $50 million, just given the portfolio has decreased, decreased for four consecutive quarters. Do you think you're getting back to a point where you can begin growing the portfolio? And then also, what are your expectations for NII. per share with just sitting above the dividend in the most recent quarter.

感謝您先回答我的問題，您能談談您對投資淨收入和資金軌跡的看法嗎？你認為什麼時候你可以超過 1500 萬美元的季度數字，我認為仍然是 2500 萬美元到 5000 萬美元，只是考慮到投資組合已經減少，連續四個季度減少。您認為您已經回到可以開始擴大投資組合的階段了嗎？另外，您對 NII 有何期望？每股收益僅高於最近一個季度的股息。

And let me start with fundings that Christmas is scheduled here. So so again, we continue to have our target of $25 million to $50 million. I think we're focused on our target of $25 million to $50 million. Now we're mindful, obviously, of our leverage ratio. And so as we look to what funds that $25 million to $50 million, it's a combination of contractual portfolio repayments, prepayment activity as well as use of our ATM. And so we want to obviously manage our expectations there. And I think a combination of that too is also as I mentioned in my prepared remarks, as we increase the allocation for new investments, then that will enable us to be towards the higher end of that range. I think we don't want to over set expectations in terms of exceeding that range?

讓我從聖誕節安排在這裡的資金開始。因此，我們仍將目標定為 2,500 萬至 5,000 萬美元。我認為我們的重點是 2500 萬至 5000 萬美元的目標。顯然，現在我們很注意我們的槓桿率。因此，當我們研究這 2500 萬至 5000 萬美元的資金來源時，它是合約投資組合還款、預付款活動以及 ATM 的使用的組合。因此，我們希望明顯地管理我們的期望。我認為這也正如我在準備好的發言中提到的那樣，當我們增加新投資的分配時，這將使我們能夠邁向該範圍的高端。我認為我們不想在超出該範圍方面設定過高的期望？

I think no, again, let market conditions continue to stabilize and improve, and I think we can have a conversation about exceeding it. But I'd say right now, we're our goal is to use that liquidity that we have and expect to have to yes to maintain the range that we've targeted.

我認為不，再次，讓市場狀況繼續穩定和改善，我認為我們可以討論超越它。但我現在要說的是，我們的目標是利用我們擁有的流動性，並期望必須維持我們的目標範圍。

Okay, great.

好的，太好了。

And then I guess just any expectation on NII. per share going forward, just sitting pretty close to that?

然後我猜想只是對 NII 的任何期望。未來每股盈餘是否接近這個水準？

Yes, Christian, this is Chris. So when we think about kind of the long term view of NI is I guess I would describe it as we think of a lot of different components there, kind of top line yields and certainly you heard our news today, no change in prime rates. So I think you know, our our storyline on top line yields are stable and strong. When you think about prepayment frequency size and vintage vintage matters. We've spoken about that in the past when a loan prepays that has only been around the half. That's why there's a lot more additional fee income or accelerated fees that we can enjoy. So that's we know prepayments are a natural part of the venture lending model, and we look forward to them and they typically have been coming in one or two a quarter. We have line of sight on it on a couple that we've spoken about in the past.

是的，克里斯蒂安，這是克里斯。因此，當我們考慮 NI 的長期觀點時，我想我會描述它，因為我們想到了很多不同的組成部分，頂線收益率，當然你今天聽到了我們的消息，最優惠利率沒有變化。所以我想你知道，我們關於營收報酬率的故事情節是穩定而強勁的。當您考慮預付款頻率大小和年份年份問題。我們過去曾討論過，當貸款只提前還款一半左右。這就是為什麼我們可以享受更多的額外費用收入或加速費用。因此，我們知道預付款是風險貸款模式的自然組成部分，我們期待它們，它們通常每季一到兩次。我們的視線集中在我們過去談論過的一對夫婦身上。

And then I guess the other part is cost of capital or cost of debt. And as I mentioned, our term debt right now for the next two and three plus years is pretty locked in at attractive pricing so when we think about cost of debt on the existing balance sheet, we're in a good place there. And the other variable, I guess I would say is on the operating expense side. So we've had some volatility from excise tax in 2023, given the over-earning of the dividend. We've had a couple of quarters where we had some legal fees from some workouts. So it's those type of things that we think about when we look at covering of DNI threshold that we've been at. So and of course, the likelihood of incentive fees in coming back. So we reported no incentive fee this quarter. It looks like based on where we are from a now decline over 2023, that it looks like it will take at least a few quarters to have that come backs all that. That said, accretive, you have a pretty stable NI and dividend.

然後我想另一部分是資本成本或債務成本。正如我所提到的，我們現在未來兩年和三年多的定期債務相當鎖定在有吸引力的定價，因此當我們考慮現有資產負債表上的債務成本時，我們處於一個很好的位置。我想我想說的另一個變數是營運費用方面。因此，考慮到股利的超額收益，2023 年的消費稅會出現一些波動。我們已經有幾個季度因一些訓練而收取了一些法律費用。因此，當我們考慮 DNI 閾值的覆蓋範圍時，我們會考慮這些類型的事情。當然，獎勵費回來的可能性也是如此。因此，本季我們沒有報告激勵費用。從 2023 年目前的衰退情況來看，至少需要幾個季度才能恢復到原來的水平。也就是說，增值性的，你有相當穩定的NI和股息。

Okay.

好的。

All Great, Chris, thank you. And then can you just give an update on where leverage is today? Is it safe to assume it's pretty close to where it was at the end of the quarter?

太好了，克里斯，謝謝你。那麼您能提供一下目前槓桿率的最新情況嗎？可以安全地假設它非常接近本季末的水平嗎？

And are you able to utilize the credit this credit facility today to fund investments?

您今天能夠利用此信貸額度來為投資提供資金嗎？

I'm not sure I missed that.

我不確定我錯過了。

Yes, yes, we are at the same level of leverage now maybe slightly less today. And then as far as use of the facility, we have full use of it. We are in advance and borrow in the ordinary course, it's fully compliant and full in full use and the revolving period is in good order. So there's no restrictions or limitations on that use.

是的，是的，我們現在的槓桿水平可能略低一些。然後就設施的使用而言，我們充分利用了它。正常預借、借用，完全合規充分使用，週轉狀況良好。因此，對該用途沒有任何限製或限制。

Okay, great. Thanks.

好的，太好了。謝謝。

I appreciate you taking my question.

我很感謝你回答我的問題。

Thank you.

謝謝。

And our next question comes from Vilas Abraham with UBS. Please go ahead.

我們的下一個問題來自瑞銀集團的維拉斯·亞伯拉罕。請繼續。

Hi, everybody, and thanks for taking the question. Tom, you touched on this a little bit with your previous answers, but just on the new money yields versus the existing portfolio yield, can you just talk about that? It sounds like you think it's going to be stable. I thought I saw there might be some compression in the levels there. Just you just talk about the spreads and any dynamics there that we should be thinking about moving forward.

大家好，感謝您提問。湯姆，您在之前的答案中稍微談到了這一點，但僅就新貨幣收益率與現有投資組合收益率的比較而言，您能談談嗎？聽起來你認為它會穩定下來。我想我看到那裡的關卡可能有一些壓縮。您只是談論利差以及我們應該考慮向前推進的任何動態。

Idelalisib central?

伊代拉利西布中央？

Yes, I would say. So our new asset yield is been pretty consistent, 14.3%, so generally stable. And we continue to expect that to be stable for a couple of reasons. One is obviously and we said that prime rate to the current prime rate on our transactions, we have it for those floating rate transactions. We have about 40% of our book is fixed rate investments. And so and then as we look to the targeted rates for what our team originate that. So So I'd say we expect to continue to maintain our your portfolio yield for new assets, so regardless of rate environment.

是的，我會說。所以我們的新資產收益率非常穩定，為 14.3%，整體穩定。由於幾個原因，我們仍然預計這種情況將保持穩定。一是顯然，我們說我們的交易中的優惠利率為當前優惠利率，我們為那些浮動利率交易提供了優惠利率。我們帳面上大約有 40% 是固定利率投資。當我們尋找我們團隊發起的目標利率時，就這樣。所以我想說，無論利率環境如何，我們都希望繼續維持新資產的投資組合報酬率。

Okay. And you mentioned fixed rate investments. What's your ability now to to make those kinds of investments? Just given that kind of general expectation is that rates are going to be lower at some point in the next one to two years?

好的。您提到了固定利率投資。您現在有什麼能力進行此類投資？考慮到這種普遍預期，利率會在未來一到兩年的某個時間點降低？

Yes, I'd say we're opportunistic when it comes it's a function of as we look to overall structure and credit risk of a transaction. So it's absolutely something our deal teams are considering and our credit teams are evaluating and so I would say there's no formula, it's not 100%, but it's yes, very much opportunistic. And depending on the company and the structure, the opportunity.

是的，我想說，當我們專注於交易的整體結構和信用風險時，我們是機會主義的。所以這絕對是我們的交易團隊正在考慮的事情，我們的信用團隊正在評估的事情，所以我想說沒有公式，它不是 100%，但它是的，非常機會主義。取決於公司和結構、機會。

Okay. And just using just a general message on on NAV, I guess is it fair to say from your comments and kind of interpret that you feel like we are where at a trough year and just given some of the dynamics you're seeing in the portfolio around denim, some of the upgrade you're expecting and dump, I think you mentioned credit stabilization throughout the year that are kind of flat to up here as we go through the year?

好的。僅使用資產淨值上的一般信息，我想從您的評論和解釋中可以公平地說，您覺得我們正處於低谷一年，並且只是考慮到您在投資組合中看到的一些動態關於牛仔布，您期待和放棄的一些升級，我想您提到了全年的信貸穩定，在我們度過這一年的過程中，這些信貸穩定是持平的嗎？

Yes, listen, teams are hard at work, managing the priorities that portfolio's high priority. I think we feel good about the equity fundraising activity. Listen, I think credit is stabilizing, but you know, it's still a very challenging venture to overall venture capital market. And so we want to be mindful and practical and reasonable better expectations. But again, I think we're seeing some positive indicators. We're also feeling good about the public equity markets and at least where those multiples are that as we look to our public or private warrant and equity portfolio, we obviously saw some value accretion here this quarter. And we expect if markets continue to stabilize improve, we would see some more fair value coming that. So I'd say it's a balance, but we don't want to be too optimistic. We want to be real. And this still continues to be a challenging environment, but we're we're doing a good job managing through.

是的，聽著，團隊正在努力工作，管理投資組合的高優先級。我認為我們對股權融資活動感覺良好。聽著，我認為信貸正在穩定，但你知道，對於整個創投市場來說，這仍然是一個非常具有挑戰性的風險。因此，我們希望保持謹慎、務實和合理的更好期望。但我認為我們再次看到了一些積極的跡象。我們對公共股票市場也感覺良好，至少當我們審視我們的公共或私人認股權證和股票投資組合時，我們顯然看到了本季的一些價值增值。我們預計，如果市場繼續穩定改善，我們將看到更多的公允價值。所以我想說這是一種平衡，但我們不想太樂觀。我們想要真實。這仍然是一個充滿挑戰的環境，但我們在應對方面做得很好。

Okay. If I could just squeeze one more in here. You talked a little bit about shift in terms of there in the geography in terms of strategy, have you considered at all a shift in the stage of venture-backed companies you invest in, namely trying to go maybe a little bit later stage? And is that even possible given the triple points setup? Just curious around your thoughts there.

好的。如果我能再在這裡擠一個就好了。您談到了策略方面的地理轉變，您是否考慮過您所投資的創投公司的階段發生轉變，即嘗試進入後期階段？考慮到三重點設置，這是否可能？只是好奇你的想法。

Yes. Listen, I think as a credit manager, our job is to evaluate all of our performance and investment strategy. So we're obviously always looking at that.

是的。聽著，我認為身為信貸經理，我們的工作是評估我們所有的績效和投資策略。所以我們顯然一直在關注這一點。

Our performance, I would say you bring up an interesting point, I think in the bigger picture, given the economic environment and the capital markets environment, we are absolutely seeing companies stay private longer. And as a result, we're seeing demand from companies later in the stages I call we call it lower venture middle market are these are EBITDA positive venture capital-backed companies that are coming back to us for follow-on financing or that were companies that were over funded with equity during their venture stages or early growth stages, but now recognize that they're going to be private for longer. And so we're absolutely looking at those opportunities. We're excited about those opportunities assuming the yield profile fits. But yes, we are absolutely seeing from opportunities from later than what we call venture growth, EBITDA positive or lower venture middle market companies. And they absolutely fit into the investment strategy of TVVG. And yes, we are actively I'm deploying capital and looking at opportunities.

我們的表現，我想說你提出了一個有趣的觀點，我認為從更大的角度來看，考慮到經濟環境和資本市場環境，我們絕對會看到公司保持私有狀態的時間更長。因此，我們看到了處於後期階段的公司的需求，我稱之為較低的風險中間市場，這些公司是EBITDA 為正值的風險投資支持的公司，這些公司會回到我們這裡進行後續融資，或者是公司這些公司在創投階段或早期成長階段獲得了過多的股權融資，但現在認識到他們將在更長時間內保持私有狀態。因此，我們絕對會關注這些機會。假設收益率狀況合適，我們對這些機會感到興奮。但是，是的，我們確實看到了比我們所謂的風險成長、EBITDA 為正或風險較低的中間市場公司更晚的機會。它們完全符合TVVG的投資策略。是的，我們正在積極部署資本並尋找機會。

All right. Appreciate all the color.

好的。欣賞所有的顏色。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from Paul Johnston with KBW. Please go ahead.

我們的下一個問題來自 KBW 的 Paul Johnston。請繼續。

Yes, thanks for taking my questions. Most of mine have been asked, but I have wanted to ask about the [584] raise or so during the quarter for your portfolio companies, I think you said it, but I might have missed company name. I was wondering if that was you'd buy me? I'm just one particular.

是的，感謝您回答我的問題。我的大部分人都被問到了，但我想詢問一下您的投資組合公司在本季度的[584]加薪情況，我想您已經說過了，但我可能錯過了公司名稱。我想知道你會買我嗎？我只是一個特別的人。

Yes, Paul, it was one a month. We raised [430] of the [584].

是的，保羅，每月一次。我們提出了 [430][584]。

Got, thanks. And then how much how much ability do you have to kind of push on those borrowers that are running up, you know, to their kind of maturity dates?

明白了，謝謝。然後，你有多少能力來推動那些即將到期的借款人？

We're getting tight on our cash runway. I mean, how much ability do you have push there go back to market raise, of course, possible even unlikely to be a doubt?

我們的現金跑道越來越緊張。我的意思是，你有多少能力推動回到市場籌集資金，當然，可能甚至不太可能是一個疑問？

Yes, it was. And our approach is to be proactive. So it's before they are pushing up against short runway or pushing up against the maturity wall. So I think our approach has always been and we pride ourselves on the collaboration with not only the companies, but their sponsors are selected.

是的。我們的方法是積極主動。所以這是在他們衝向短跑道或衝向成熟度牆之前。因此，我認為我們一直以來的做法是，我們不僅為與這些公司的合作感到自豪，而且還為他們選擇的贊助商合作而感到自豪。

We see.

我們看。

So our goal is to be as proactive as possible and to encourage them to raise capital either internally and externally. So I would say we are absolutely encouraging. And I think the sponsors that he sees as well and the entrepreneurs, everyone is realistic and wants to where it makes sense. And so I'd say it's very, very much a collaborative conversation, but the key is to do it before runway gets short. The challenge is what we see in this environment is these events are taking longer. And so that's the key is companies are in process around used to happen within a matter of months. And now it's taking longer. We're seeing term sheets may not necessarily close. So it's being proactive during that process of fund raising that it's important from a credit management perspective.

因此，我們的目標是盡可能採取積極主動，鼓勵他們在內部和外部籌集資金。所以我想說我們絕對令人鼓舞。我認為他所看到的贊助商以及企業家，每個人都是現實的，並且想要有意義的地方。所以我想說，這在很大程度上是一次協作對話，但關鍵是在跑道變短之前完成。我們在這種環境下看到的挑戰是這些事件需要更長的時間。所以關鍵是公司正在處理過去幾個月內發生的事情。現在需要更長的時間。我們看到投資意向書可能不一定會結束。因此，從信貸管理的角度來看，在融資過程中採取主動非常重要。

Got it.

知道了。

Appreciate that. Thanks.

感謝。謝謝。

Thank you.

謝謝。

And our next question comes from Christopher Nolan with Ladenburg Thalmann. Please go ahead.

我們的下一個問題來自克里斯多福諾蘭和拉登堡塔爾曼。請繼續。

All my questions for that.

我所有的問題都是如此。

Thanks.

謝謝。

Thank you. And this concludes our question and answer session. I would like to turn the conference back over to Mr. Woodbury for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議轉回伍德伯里先生發表閉幕詞。

Thanks, operator. As always, I'd like to thank everyone for listening and participating in today's call. I hope you found it helpful. We look forward to updating you and talking with you again next quarter. Thanks again, and have a nice day. Good Bye.

謝謝，接線生。一如既往，我要感謝大家收聽和參與今天的電話會議。我希望你覺得它有幫助。我們期待下個季度向您通報最新情況並再次與您交談。再次感謝，祝你有美好的一天。再見。

Thank you. The single-use lens conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。一次性鏡頭電話會議。我們感謝大家參加今天的演講。您現在可以斷開線路並度過美好的一天。