Triplepoint Venture Growth BDC Corp (TPVG) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp. third-quarter 2024 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. Company management is pleased to share with you the company's results for the third quarter of 2024.

女士們、先生們，午安。歡迎參加 TriplePoint Venture Growth BDC Corp. 2024 年第三季財報電話會議。（操作員說明）本次會議正在錄製中，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。本公司管理階層很高興與您分享公司 2024 年第三季的業績。

Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Matthew Galiani, Interim Chief Financial Officer. 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.

今天代表公司的是執行長兼董事會主席 Jim Labe； Sajal Srivastava，總裁兼首席投資長；臨時財務長馬修‧加利亞尼 (Matthew Galiani)。在我將電話轉給拉貝先生之前，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，管理層將做出與以下相關的某些陳述：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。

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

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。請投資人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 備案文件副本，請造訪公司網站 www.tpvg.com。現在我想把會議交給拉貝先生。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to TPVG's third quarter earnings call. During the quarter, we made further progress on the core priorities we have been focused on as we executed on our playbook of managing both the portfolio and positioning TPVG for the future. I'd like to share some of the highlights for the quarter. We increased our NAV by 3% to $9.10 per share.

謝謝你，接線生。大家下午好，歡迎參加 TPVG 第三季財報電話會議。本季度，我們在執行管理投資組合和定位 TPVG 未來的策略時，在我們一直關注的核心優先事項上取得了進一步進展。我想分享本季的一些亮點。我們將淨值提高了 3%，達到每股 9.10 美元。

We over-earned our dividend generating $13.8 million in NII or net investment income equaling $0.35 per share. We maintained our strong portfolio yield, achieving a 15.7% weighted average portfolio yield for this quarter, and our core yield increased 1% over the previous quarter. We improved our weighted average credit score with three upgrades for companies on the watch list and one downgrade from clear to white. We maintained our target leverage range of 1.1 times.

我們超額賺取股息，產生 1,380 萬美元的 NII 或淨投資收益，相當於每股 0.35 美元。我們維持了強勁的投資組合收益率，本季加權平均投資組合收益率為 15.7%，核心收益率較上季度增長 1%。我們提高了加權平均信用評分，對觀察名單上的公司進行了三項升級，並將一項從透明度降級為白色。我們維持 1.1 倍的目標槓桿範圍。

We renewed our credit facility to $300 million during the quarter, with an accordion feature to increase it up to $400 million. We enhanced our financial strength and liquidity, ending the quarter with $340 million in total liquidity. We had a reduction in the number of companies on nonaccrual status. We had $70 million of additional signed term sheets for venture growth stage companies come in at TriplePoint Capital post the quarter's end.

我們在本季將信貸額度更新至 3 億美元，並透過手風琴功能將其增加至 4 億美元。我們增強了財務實力和流動性，本季末流動性總額達到 3.4 億美元。我們減少了處於非應計狀態的公司數量。本季末，TriplePoint Capital 為處於風險成長階段的公司額外簽署了價值 7,000 萬美元的條款清單。

And finally, we reported $8.8 million in net realized and unrealized gains, including continued increases in fair value in our warrant and equity investment positions. Our warrant and equity positions now constitute warrant positions in 95 portfolio companies and equity investment positions in 48. We believe these positions bode well for our ability to improve NAV over the long term. Underscoring this point, we realized an increase in fair value on our Revolut warrant and equity positions which contributed to the quarterly NAV increase.

最後，我們報告了 880 萬美元的已實現和未實現淨收益，包括我們的認股權證和股權投資頭寸的公允價值持續增加。我們的認股權證和股權部位目前構成了 95 家投資組合公司的認股權證部位和 48 家公司的股權投資部位。我們相信，這些立場對我們長期提高資產淨值的能力來說是個好兆頭。強調這一點的是，我們意識到 Revolut 認股權證和股權頭寸的公允價值增加，這促成了季度資產淨值的成長。

Moving to credit quality, we're encouraged by the strengthening performance of a number of our portfolio companies which is reflected in the positive credit migration we experienced during the quarter as well as the continued success of TPVG's debt portfolio companies that raise capital. For the third quarter, 8 debt portfolio companies raised $656 million. And for the nine-month period of 2024, first 9 months of this year, 23 debt portfolio companies raised $1.7 billion. That's a 285% increase over the first 9 months of 2023. In addition, several other companies have raised rounds post this quarter.

談到信貸質量，我們對許多投資組合公司業績的增強感到鼓舞，這反映在我們在本季度經歷的積極信貸遷移以及 TPVG 債務投資組合公司在籌集資金方面的持續成功。第三季度，8 家債務投資組合公司籌集了 6.56 億美元。在 2024 年的 9 個月期間，即今年前 9 個月，23 家債務投資組合公司籌集了 17 億美元。這比 2023 年前 9 個月增加了 285%。此外，其他幾家公司也在本季後籌集了資金。

Going forward, the team will continue to closely manage and monitor the portfolio while at the same time concentrating on further diversifying the portfolio and investing in today's attractive sectors, which are those in which our select venture capital investors are active. The focus will remain on companies that have recently raised capital, have ample cash runways, have backing from these select venture investors, have prudent management teams and whose business models have attractive unit economics and high retention rates. We continue to actively seek companies which have tailwinds in spaces such as verticalized software, aerospace and defense, health tech and AI. These industries offer some exciting investment opportunities driven by a variety of macroeconomic, technological and geopolitical trends.

展望未來，該團隊將繼續密切管理和監控投資組合，同時專注於進一步實現投資組合多元化，並投資於當今有吸引力的領域，即我們精選的風險資本投資者所活躍的領域。重點仍然是那些最近籌集了資金、擁有充足現金跑道、得到這些精選風險投資者的支持、擁有審慎管理團隊、其商業模式具有有吸引力的單位經濟效益和高保留率的公司。我們繼續積極尋找在垂直化軟體、航空航太和國防、健康技術和人工智慧等領域具有順風車的公司。這些產業在各種宏觀經濟、技術和地緣政治趨勢的推動下提供了一些令人興奮的投資機會。

Portfolio companies such as Cresta Intelligence, Panorama Education and Loft Orbital are some of the many examples. While investment activity is continuing, it's important to note that the venture capital markets have not yet recovered and the road to recovery remains uneven. We believe in the widely shared view that it will continue to take time for market conditions to improve. Despite PitchBook citing venture deal value being on track to reach more than $175 billion and surpass 2020, they point out that a meaningful market rebound has not yet occurred, and the market has just started on its journey on the long road to recovery.

Cresta Intelligence、Panorama Education 和 Loft Orbital 等投資組合公司就是其中的一些例子。雖然投資活動仍在繼續，但值得注意的是，創投市場尚未復甦，復甦之路仍然崎嶇不平。我們相信人們普遍認為市場狀況的改善仍需要時間。儘管 PitchBook 表示風險交易價值預計在 2020 年超過 1,750 億美元，但他們指出，有意義的市場反彈尚未出現，市場才剛開始踏上漫長的復甦之路。

Venture capitalists have to balance the need to generate returns for their LP investors while at the same time, taking advantage of new investment opportunities and stay patient. The lack of IPOs and M&A exit opportunities for many venture growth stage companies remains a major obstacle. And venture-backed companies are staying private longer as they wait for a better environment. Our select venture investors are opting for quality over quantity, increasing their time on due diligence, and carefully structuring deal terms.

創投必須平衡為有限合夥投資者創造回報的需求，同時利用新的投資機會並保持耐心。對於許多風險成長階段的公司來說，缺乏首次公開發行和併購退出機會仍然是一個主要障礙。創投支持的公司在等待更好的環境時，保持私有狀態的時間也更長。我們精選的創投投資人更注重品質而不是數量，增加盡職調查的時間，並仔細建立交易條款。

Likewise, as a venture lender, this is the same prudent approach that we're also employing at TPVG and believe is the right one to follow. Based on many years of experience and throughout numerous venture capital cycles, we don't believe this is the time to open the valves and to grow for the sake of growth or to expand markets. Caution remains a guiding principle in our playbook given this market. In summary, this quarter was one of progress and execution.

同樣，作為一家風險貸款機構，我們在 TPVG 也採用了相同的審慎方法，並且相信這是值得遵循的正確方法。根據多年的經驗和無數的創投週期，我們認為現在不是打開閥門、為了成長或擴大市場而成長的時候。鑑於這個市場，謹慎仍然是我們策略中的指導原則。總而言之，這個季度是一個進步和執行的季度。

We're pleased with the progress made this quarter and continue to focus on executing on our plans, given the underlying market conditions. We're well positioned from a liquidity standpoint to take advantage of increased activity as the markets improve. While we'll continue to maintain our careful discipline, we're seeing some signs of gradual improvement in the venture capital markets, in TPVG's portfolio and in new business investment opportunities, and eagerly looking forward to what we expect will be increased investment opportunities in 2025 and the years ahead. With that, I'll turn the call over to Sajal.

我們對本季取得的進展感到滿意，並根據基本市場狀況繼續專注於執行我們的計劃。從流動性的角度來看，我們處於有利位置，可以利用隨著市場改善而增加的活動。雖然我們將繼續保持謹慎的紀律，但我們看到創投市場、TPVG 的投資組合和新業務投資機會逐漸改善的一些跡象，並熱切期待著我們期望的更多投資機會2025 年及未來幾年。這樣，我會將電話轉給 Sajal。

Thank you, Jim, and good afternoon. During the third quarter, TriplePoint Capital signed $94 million of term sheets with venture growth stage companies, down from $188 million in Q2, this reflects our continued selectivity given market conditions as well as an element of seasonality as signed term sheet so far in Q4 are already at $70 million. With regards to new investment allocation to TPVG during the quarter, TriplePoint Capital allocated $41 million in new commitments to 4 companies to TPVG, including 2 new portfolio companies compared to $52 million in new commitments and two new portfolio companies in Q2.

謝謝你，吉姆，下午好。第三季度，TriplePoint Capital 與處於風險成長階段的公司簽署了9,400 萬美元的條款清單，低於第二季度的1.88 億美元，這反映了我們考慮到市場條件的持續選擇性以及季節性因素，因為第四季迄今簽署的條款清單已經是7000萬美元了。關於本季對TPVG 的新投資分配，TriplePoint Capital 向TPVG 的4 家公司分配了4,100 萬美元的新承諾，其中包括2 家新的投資組合公司，而第二季的新承諾和兩家新的投資組合公司為5,200 萬美元。

Commitments to new portfolio companies during Q3 included Panorama Education, an education software platform backed by General Atlantic, Emerson Collective, Chan Zuckerberg Initiative and other investors as well as Ocrolus, a fintech infrastructure company backed by Oak, Bullpen Capital, Mubadala Capital and other investors. During the quarter, we also had follow-on investments in one recent portfolio company as well as refinancing of another existing portfolio company in conjunction with an upsize. During the quarter, TPVG funded $33 million in debt investments to 4 portfolio companies which is slightly down from $38.7 million in debt investments to 5 portfolio companies in Q2, as fundings were primarily related to transactions closed during the quarter. Year-to-date, we have funded $85.2 million to 10 portfolio companies.

第三季對新投資組合公司的承諾包括Panorama Education（由General Atlantic、Emerson Collective、Chan Zuckerberg Initiative 和其他投資者支持的教育軟體平台）以及Ocrolus（由Oak、Bullpen Capital、Mubadala Capital 和其他投資者支持的金融科技基礎設施公司） 。在本季度，我們也對最近的一家投資組合公司進行了後續投資，並對另一家現有投資組合公司進行了再融資並擴大規模。本季度，TPVG 向4 家投資組合公司提供了3,300 萬美元的債務投資，略低於第二季向5 家投資組合公司提供的3,870 萬美元的債務投資，因為資金主要與本季完成的交易有關。今年迄今為止，我們已向 10 家投資組合公司提供了 8,520 萬美元的資金。

The debt investments funded this quarter carried a weighted average annualized portfolio yield of 13.4% at origination, down from 15.5% in Q2 given the combination of lower base rates, lower yields associated with asset-based financings as well as more robust enterprises we are lending to. Our quarterly gross funding target continues to be in the $25 million to $50 million range for Q4 and as we head into 2025. As a reminder, new fundings don't materially contribute to income in the quarter in which they fund given they typically occur at the end of the quarter. During Q3, we had $36 million of loan prepayments, down from $51 million in Q2, representing $117.8 million of prepayments year-to-date.

鑑於基準利率較低、資產融資相關收益率較低以及我們貸款的企業實力更強，本季度資助的債務投資的加權平均年化投資組合收益率為 13.4%，低於第二季度的 15.5%到。進入 2025 年，我們第四季的季度總融資目標繼續保持在 2,500 萬美元至 5,000 萬美元的範圍內。提醒一下，新資金不會對資助所在季度的收入產生實質貢獻，因為它們通常發生在季度末。第三季度，我們的貸款預付款項為 3,600 萬美元，低於第二季的 5,100 萬美元，相當於年初至今的預付款項為 1.178 億美元。

Prepayment-related income this quarter contributed to an overall weighted average portfolio yield of 15.7%, in line with last quarter's portfolio. Excluding prepayments, core portfolio yield was 14.9%, up from 13.9% in Q2 primarily due to the reduction in nonaccruals. We expect at least one prepay here in Q4 and believe that prepayment activity in 2025 will depend on improving market conditions, continued equity fundraising activity as well as other factors related to seasoning of our vintages. We do expect the pace of contractual principal amortization and repayments to increase in 2025 given contractual amortization requirements, and we, therefore, continue to focus on ensuring that we sufficiently grow the portfolio over time in addition to replacing prepaid and repaid loans.

本季與預付款相關的營收對整體加權平均投資組合收益率的貢獻為 15.7%，與上季投資組合一致。不包括預付款項，核心投資組合收益率為 14.9%，高於第二季的 13.9%，這主要是由於非應計費用的減少。我們預計第四季度至少會有一筆預付款，並相信 2025 年的預付款活動將取決於市場狀況的改善、持續的股權融資活動以及與我們的年份陳化相關的其他因素。考慮到合約攤銷要求，我們確實預計2025 年合約本金攤銷和還款的步伐將會加快，因此，除了替換預付和已償還貸款之外，我們將繼續專注於確保隨著時間的推移，我們的投資組合能夠充分成長。

With regards to fundraising activity, 8 portfolio companies with debt outstanding as of quarter's end, raised $656 million during the quarter compared to 9 portfolio companies with debt outstanding raising $443 million in Q2. We are pleased to see not only the level of activity and round sizes increase, but also the expanding number of sub-industries of technology, including consumer attracting capital despite market conditions, all of which reflects the quality of these portfolio companies. We expect to continue to see capital raising activity within our portfolio. We believe this fundraising activity should bode well for the outlook for our obligors, their credit quality as well as from the value of our warrant and equity investments in these companies.

在籌款活動方面，截至季末，8 家有未償還債務的投資組合公司在本季籌集了 6.56 億美元，而第二季有 9 家有未償還債務的投資組合公司籌集了 4.43 億美元。我們很高興地看到，不僅活動水平和融資規模有所增加，而且技術子行業的數量也在不斷增加，包括儘管市場狀況不佳但仍然吸引著消費者的資本，所有這些都反映了這些投資組合公司的品質。我們預計我們的投資組合中將繼續出現融資活動。我們認為，這項募款活動對我們的債務人的前景、他們的信用品質以及我們對這些公司的認股權證和股權投資的價值來說是個好兆頭。

As of September 30, we held warrants in 95 companies and equity investments in 48 companies with a total fair value of $116 million. Our warrant and equity portfolio experienced a $9.4 million net unrealized gain in fair value or $0.23 per share for the quarter primarily driven by an increase in the fair value of Revolut as a result of its announced secondary transaction of shares at a $45 billion valuation. Revolut is now reportedly Europe's most valuable private tech company and our total warrant and equity holdings in Revolut currently valued at $37 million. So a substantial appreciation on our investment since our initial loan commitment to them in 2018.

截至9月30日，我們持有95家公司的認股權證和48家公司的股權投資，總公允價值為1.16億美元。本季度，我們的認股權證和股票投資組合實現了940 萬美元的未實現公允價值淨收益，即每股0.23 美元，這主要是由於Revolut 宣布以450 億美元的估值進行二級股票交易，導致其公允價值增加。根據報道，Revolut 現在是歐洲最有價值的私人科技公司，我們在 Revolut 的認股權證和股權總額目前價值 3700 萬美元。自 2018 年我們首次向他們承諾貸款以來，我們的投資大幅增值。

Europe continues to be an important market for the TriplePoint Capital platform as we've been active in that market and have served as a key financing source in that ecosystem since 2008. In other portfolio activity during the quarter, Good Eggs was acquired by GrubMarket, a privately held company with substantial scale, revenues and EBITDA for public sources. We received equity in GrubMarket for consideration for our loans and Good Eggs was removed from category four on our credit watch list. As Jim mentioned, credit improved within the portfolio during the quarter with three upgrades and one downgrade.

歐洲仍然是 TriplePoint Capital 平台的重要市場，因為我們一直活躍在該市場，並自 2008 年以來一直是該生態系統的關鍵融資來源。在本季的其他投資組合活動中，Good Eggs 被 GrubMarket 收購，GrubMarket 是一家規模龐大、收入和 EBITDA 均來自公共來源的私人公司。我們收到了 GrubMarket 的股權作為我們貸款的考慮因素，而 Good Eggs 也被從我們的信用觀察名單的第四類中刪除。正如吉姆所提到的，本季投資組合內的信用狀況有所改善，其中有 3 次升級和 1 次降級。

Flink with a principal balance of $27 million was upgraded from category 4 to category 3 as a result of closing a round and positive performance. One portfolio company with a principal balance of $6 million was upgraded from category 3 to category 2. Another portfolio company with a principal balance of $20 million was upgraded from category 2 to category 1. And 1 company with a principal balance of $10 million was downgraded from category 1 to category 2.

由於完成一輪融資且表現良好，本金餘額為 2700 萬美元的 Flink 從第 4 類升級到第 3 類。一家本金餘額為 600 萬美元的投資組合公司從第 3 類升級為第 2 類。另一家本金餘額為 2,000 萬美元的投資組合公司則從第 2 類升級為第 1 類。1家本金餘額為1000萬美元的公司從第一類降級為第二類。

During the quarter, we amended our $27.5 million outstanding loan with Moda Operandi, rated category 3 in our watch list and placed the loans back on accrual in conjunction with the company raising new financing. We remain focused on executing on our plan for positioning TPVG for the future. In light of our industry-leading sponsor, TriplePoint Capital, its commitment to TPVG's success as well alignment with TPVG shareholders, we announced earlier today that starting with Q1 2025 and through the end of 2025, if the payment of the quarterly incentive fee prevents the company from covering the quarterly distribution from NII, the adviser will waive that portion of its quarterly income incentive fee for that quarter necessary to cover the distribution up to the full amount of the quarterly income incentive fee.

在本季度，我們修改了 Moda Operandi 的 2750 萬美元未償還貸款，在我們的觀察名單中將其評級為第 3 類，並在公司籌集新融資的同時將貸款重新計入應計貸款。我們仍然專注於執行 TPVG 未來定位計劃。鑑於我們行業領先的贊助商 TriplePoint Capital 及其對 TPVG 成功的承諾以及與 TPVG 股東的一致，我們今天早些時候宣布，從 2025 年第一季開始到 2025 年底，如果支付季度激勵費阻止如果公司不再承擔NII 的季度分配，則顧問將免除該季度的季度收入獎勵費中用於支付分配的部分，最高可達季度收入獎勵費的全額。

Although we continue to feel encouraged by the potential for improving market conditions, our pipeline and our ability to increase the pace of new commitments and investment fundings over the course of 2025, we believe that this waiver provides a cushion in the near term, if necessary, despite our considerable spillover while we execute on our longer-term plan to increase TPVG's scale, durability, portfolio diversification and income-generating assets. With that, I'll now turn the call over to Matt.

儘管我們繼續對 2025 年改善市場狀況、我們的管道以及加快新承諾和投資資金步伐的能力感到鼓舞，但我們相信，如果有必要，這項豁免在短期內提供了緩衝儘管我們在執行長期計劃以增加TPVG 的規模、耐用性、投資組合多元化和創收資產時產生了相當大的溢出效應。現在，我將把電話轉給馬特。

Thank you, Sajal, and hello, everyone. For the third quarter, total investment income was $26.5 million, with a portfolio yield of 15.7% as compared to $35.7 million and a portfolio yield of 15.1% for the prior year period. The decrease in total investment income was primarily due to a lower weighted average principal amount outstanding on our income bearing debt investment portfolio. For the third quarter, total operating expenses were $12.7 million as compared to $16.6 million for the prior year period. These expenses consisted of $7.1 million of interest expense, $3.4 million of base management fees and $2.2 million of general and administrative expenses of which $150,000 represents an increase to our excise tax accrual from the prior quarter due to an increase in estimated undistributed income or spillover income for the full fiscal year.

謝謝你，薩哈爾，大家好。第三季總投資收入為 2,650 萬美元，投資組合收益率為 15.7%，去年同期為 3,570 萬美元，投資組合收益率為 15.1%。總投資收益的下降主要是由於我們的收益債務投資組合的加權平均未償還本金金額較低。第三季的總營運費用為 1,270 萬美元，而上年同期為 1,660 萬美元。這些費用包括710 萬美元的利息費用、340 萬美元的基本管理費以及220 萬美元的一般和行政費用，其中15 萬美元是由於估計未分配收入或溢出收入的增加而導致我們應計消費稅較上第一季增加。

The company did not incur an incentive fee this quarter. For the third quarter, net investment income totaled $13.8 million or $0.35 per share as compared to $19.1 million or $0.54 per share for the prior year period, and our net increase in net assets resulting from operations for the third quarter totaled $22.6 million or $0.57 per share compared to $2.1 million or $0.06 per share for the three months ended September 30, 2023. During the quarter, the company recognized net realized losses on investments of $5 million primarily due to the acquisition of one portfolio company, where as a result, we received equity in the acquirer in consideration for our loans.

該公司本季沒有支付激勵費。第三季的淨投資收益總計為1,380 萬美元，即每股0.35 美元，而去年同期為1,910 萬美元，即每股0.54 美元。每股0.57 美元。本季度，該公司確認了 500 萬美元的已實現投資淨損失，主要是由於收購了一家投資組合公司，因此我們獲得了收購方的股權作為我們貸款的對價。

Net change in unrealized gains on investments for the third quarter was $13.9 million, consisting of $9.4 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments, $5.2 million of net unrealized gains from the reversal of previously recorded unrealized losses on investments that were realized during the period, and $700,000 of net unrealized losses from fair value adjustments on the debt investment portfolio. As of quarter end, net asset value was $364.3 million or $9.10 per share. This compares to $346.3 million or $9.21 per share at the end of the year and is up $11.3 million or $0.27 per share from the end of the prior quarter.

第三季投資未實現收益淨變動為1,390 萬美元，其中包括因公允價值調整而產生的現有認股權證和股票投資組合的未實現淨收益940 萬美元，以及因先前記錄的未實現損失逆轉而產生的520 萬美元未實現淨收益在此期間實現的投資，以及債務投資組合公允價值調整產生的 700,000 美元的未實現淨損失。截至季末，淨資產值為 3.643 億美元，即每股 9.10 美元。相比之下，年底的營收為 3.463 億美元，即每股 9.21 美元，比上一季末增加了 1,130 萬美元，即每股 0.27 美元。

Last week, the company's Board declared a regular quarterly distribution of $0.30 per share with the record date of December 13 to be paid on December 27. As of September 30, the company had estimated spillover income of $41.5 million or $1.03 per share. Now just an update on unfunded investment commitments, balance sheet leverage and overall liquidity. Our unfunded commitments decreased from $118 million at year-end to $74 million as of September 30. Of the $74 million of unfunded commitments, $73.2 million will expire during 2025, and $800,000 will expire during 2026. We continue to maintain a diversified capital structure.

上週，該公司董事會宣布定期季度分配每股 0.30 美元，記錄日期為 12 月 13 日，將於 12 月 27 日支付。截至 9 月 30 日，該公司預計溢出收入為 4,150 萬美元，即每股 1.03 美元。現在只是無資金投資承諾、資產負債表槓桿和整體流動性的最新情況。截至 9 月 30 日，我們的無資金承諾從年底的 1.18 億美元減少到 7,400 萬美元。在 7,400 萬美元的無資金承諾中，7,320 萬美元將在 2025 年到期，80 萬美元將在 2026 年到期。我們繼續保持多元化的資本結構。

And as of the end of the quarter, TPVG had a total of $405 million of debt outstanding consisting of $395 million of fixed rate investment-grade term notes and $10 million outstanding on its credit facility. We continue to improve leverage levels as we ended the quarter with a leverage ratio of 1.11 times. In August, the company renewed and extended its revolving credit facility. The company also elected to reduce total commitments under the credit facility to $300 million to closer align with the anticipated utilization.

截至本季末，TPVG 的未償債務總額為 4.05 億美元，其中包括 3.95 億美元的固定利率投資等級定期票據和 1,000 萬美元的未償信貸安排。我們持續提高槓桿水平，本季末槓桿為 1.11 倍。八月，該公司更新並延長了循環信貸額度。該公司還選擇將信貸安排下的總承諾減少至 3 億美元，以更符合預期利用率。

As of quarter end, the company had total liquidity of $339 million, consisting of $49 million in cash and $290 million of available capacity under the revolving credit facility. This completes our prepared remarks for today. So operator, could you please open the line for questions at this time.

截至季末，該公司的流動資金總額為 3.39 億美元，其中包括 4,900 萬美元現金和 2.9 億美元循環信貸額度下的可用能力。我們今天準備好的演講到此結束。那麼接線員，現在可以開通提問線路嗎？

(Operator Instructions) Crispin Love, Piper Sandler.

（操作說明）Crispin Love，Piper Sandler。

Just first off, just on the news of the day with Trump winning the presidential election. Can you just discuss some of the potential implications, whether positives or negatives for TriplePoint deal activity and just the venture capital ecosystem as a whole?

首先，是川普贏得總統大選的當天新聞。您能否討論一些潛在的影響，無論是對 TriplePoint 交易活動以及整個創投生態系統的正面還是負面影響？

Crispin, it is Sajal. I'll take the question. Listen, I think it's too early for us to opine on the impact to the venture markets or interest rates or inflation. We're far from experts on that. I think what we can opine on is we do think that potentially this new administration, we'll see a more favorable M&A market environment.

克里斯平，我是薩哈爾。我來回答這個問題。聽著，我認為我們現在就對風險市場、利率或通貨膨脹的影響發表意見還為時過早。我們遠非這方面的專家。我認為我們可以發表的意見是，我們確實認為新政府可能會看到一個更有利的併購市場環境。

And so we think that our portfolio companies and the capital markets will see some benefits. So we think exit activity should improve, which will be potentially positive for capital markets activities, which should -- could theoretically be beneficial for potential IPO activity as well. But too soon to say and we're far from experts on that.

因此，我們認為我們的投資組合公司和資本市場將會看到一些好處。因此，我們認為退出活動應該有所改善，這將對資本市場活動產生潛在的正面影響，理論上也可能有利於潛在的 IPO 活動。但現在下結論還為時過早，而且我們還遠遠不是這方面的專家。

Absolutely. No, I appreciate all the color there, Sajal, makes sense. And then just on credit quality, I was just scanning the 10-Q during the prepared remarks. But it looks like nonaccruals at costs improved to $29 million from $68 million last quarter. Sajal, can you just discuss some of the major changes driving the decrease there? Apologies if you hit on them in the prepared remarks, but I just don't think I got them all down.

絕對地。不，我欣賞那裡的所有顏色，Sajal，很有道理。然後就信用品質而言，我只是在準備好的評論中掃描了 10-Q。但看起來非應計成本從上季的 6,800 萬美元增加到 2,900 萬美元。Sajal，您能談談導致下降的一些主要變化嗎？如果你在準備好的發言中突然提到這些，我深表歉意，但我認為我沒有把它們全部記下來。

Sure, yes. Kind of two obligors associated with the improvement was due to two obligors. One was Good Eggs, which we announced last quarter, had been acquired subsequent to quarter end by GrubMarket. And so that was the removal of them, we did receive equity in GrubMarket as a result. And then the second one was we put Moda Operandi back on accrual as a result of us modifying our loans to them in conjunction with them raising new round of financing.

當然，是的。與兩個債務人相關的改進是由於兩個債務人造成的。其中之一是 Good Eggs，我們上季度宣布，該公司已在季度末被 GrubMarket 收購。因此，我們刪除了它們，因此我們確實獲得了 GrubMarket 的股權。第二個是我們將 Moda Operandi 恢復為應計制，因為我們修改了向他們提供的貸款，同時他們籌集了新一輪融資。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

What was the portfolio company that drove the realized loss, please?

請問造成已實現損失的投資組合公司是哪一家？

It was Good Eggs. It was as a result of the acquisition and receiving equity for our debt instrument, we took a realized loss.

這是好雞蛋。由於收購和接收我們債務工具的股權，我們遭受了已實現的損失。

Good Eggs was nonaccrual last quarter, as I recall.

我記得上個季度，Good Eggs 是非應計的。

Correct.

正確的。

Okay. Great. And then interest expenses declined, helping drive your net investment income up quarter-over-quarter. What was the catalyst for that decline?

好的。偉大的。然後利息支出下降，幫助推動淨投資收入環比成長。導致這種下降的催化劑是什麼？

Yes. I think in particular, lower utilization on the credit facility just given we had lower fundings and prepay activities, so we didn't have to utilize the revolver. And so we benefited from it. And then of course, we have the lower expense of the term loan, I think, under 5%.

是的。我認為特別是，鑑於我們的資金和預付款活動較少，信貸便利的利用率較低，因此我們不必使用左輪手槍。所以我們從中受益。當然，我們的定期貸款費用也較低，我認為低於 5%。

Great. And then finally, I appreciate the comments as always in terms of the condition of the venture market. Are you seeing any changes in the industry sectors within the venture capital markets, which are seeing more capital inflows?

偉大的。最後，我一如既往地感謝大家對創投市場狀況的評論。您是否看到創投市場中的產業發生了任何變化，資本流入有所增加？

Yes. Jim, do you want to take that one?

是的。吉姆，你想拿那個嗎？

Yes. We are starting to see signals, slow but gradual signals of I guess, I'd call it continued investor sector rotation, but also increased investment activity and deployment it's now over $300 billion which venture capitalists are sitting on the sideline to deploy here. But in terms of sectors, a little bit more space economy, defense economy, we're seeing robotics, cybersecurity, insurtech, and these are all in addition, of course, to AI. So I guess, I'm starting to hear more and more about disruptive technologies and innovative technologies and investment opportunities for us, it's on the increase.

是的。我們開始看到訊號，緩慢但漸進的信號，我想，我稱之為持續的投資者部門輪換，但也增加了投資活動和部署，目前風險投資家正在觀望部署在這裡的投資活動和部署已超過3000 億美元。但就產業而言，更多的是太空經濟、國防經濟，我們看到了機器人技術、網路安全、保險科技，當然，這些都是人工智慧以外的。所以我想，我開始聽到越來越多關於顛覆性技術和創新技術以及我們的投資機會，而且還在增加。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Just on your comments around not being as a favorable time to invest, being a little bit more cautious, not time to quite open the spigot for deployment. Can you just kind of expand on that a little bit and just describe, I guess, why you're a little bit more cautious now? Is it holding back and waiting for more M&A activity? Or what's kind of the reasoning there?

只是就您的評論而言，現在不是有利的投資時機，需要更加謹慎，而不是完全打開部署龍頭的時候。您能否稍微擴展一下這一點，並描述一下，我想，為什麼您現在變得更加謹慎了？它是否正在猶豫並等待更多的併購活動？或者這裡面有什麼道理呢？

Yes, let me take that question. Sorry, go ahead, Jim.

是的，讓我回答這個問題。抱歉，請繼續，吉姆。

No, that's all right. Go ahead, Sajal.

不，沒關係。繼續吧，薩哈爾。

I was going to say, I think it's an important thing just to see where the venture capital equity investors are deploying their capital and their pace of investment. So I think, Paul, it's important for us. We want to make sure that we're lending to those companies that are attracting follow-on capital from those investors. And so while we have a strong pipeline and companies reach out, new companies every quarter. In some quarters, there are companies in sectors that can attract capital.

我想說的是，我認為了解創投股權投資人的資本配置和投資節奏是一件很重要的事。所以我認為，保羅，這對我們很重要。我們希望確保我們向那些吸引投資者後續資本的公司提供貸款。因此，儘管我們擁有強大的管道，而且公司每季都會接觸新公司。在某些方面，有些產業的公司可以吸引資本。

And so that's why they're calling lenders or reaching out. So for us, we don't want to be pressured we're not pressured to put capital out the door. So we want to be very selective to ensure that we're lending to companies, as Jim described, that have recently raised financings, that have validated their last rounds, are in industry sectors that are experiencing growth or businesses that are growing. And so you've got to manage the timing of when they come to market versus when companies that may not have those favorable characteristics come to market and choose not to work with them even though it's low-hanging fruit.

這就是他們打電話給貸方或伸出援手的原因。所以對我們來說，我們不想受到壓力，我們也沒有被迫將資本排除在外。因此，我們希望非常有選擇性地確保我們貸款給的公司，正如吉姆所描述的，最近籌集了資金，已經驗證了他們的最後幾輪，屬於正在經歷增長的行業部門或正在成長的企業。因此，你必須管理好他們進入市場的時間，以及那些可能不具備這些有利特徵的公司進入市場並選擇不與他們合作的時間，即使這是唾手可得的成果。

Got it. That makes sense. I mean where are we, I mean, at this point in terms of valuations? I mean, are the down rounds and such, is that behind us at this point? I mean, are the companies that are raising doing so higher valuations? Kind of where are we, I guess, relative to where venture valuations were at pre-rate hike of 2022?

知道了。這是有道理的。我的意思是，就估值而言，我們目前處於什麼位置？我的意思是，目前我們已經經歷過一些低估值的融資了嗎？我的意思是，那些籌集資金的公司估值是否更高？我想，相對於 2022 年升息前的風險估值，我們處於什麼位置？

Yes, and again, I know PitchBook has a fair amount of data on this. So I would say there are 2 answers this question. One, very high level, I think for PitchBook, the good or the bad is a number of the unicorns that have raised large rounds of financing during the peak periods, not all of them have come back to market yet. And so I would say we're still in a period generally of recalibration and reality check for certain companies.

是的，我再說一遍，我知道 PitchBook 擁有大量這方面的資料。所以我想說這個問題有兩個答案。一，非常高的水平，我認為對於PitchBook來說，好壞在於有多少獨角獸在高峰期進行了大輪融資，但並不是所有的都還沒有回歸市場。所以我想說，對於某些公司來說，我們仍然處於重新調整和現實檢查的時期。

I would say, more closer to home as we look to our portfolio, particularly from the activity during Q3, again, record level of activity, record level of amount raised year-to-date, so to speak, or improving that record, but also increasing round sizes, increasing diversification of industry sectors and more importantly, improving valuations. And that's why we saw it in the loan and equity portfolio. Beyond just Revolut, we saw improvement. So we're pleased to see that.

我想說，更接近我們的投資組合，特別是從第三季度的活動來看，創紀錄的活動水平，創紀錄的今年迄今為止籌集的金額水平，可以這麼說，或者改善這一記錄，但是也增加了融資規模，增加了產業領域的多元化，更重要的是，提高了估值。這就是我們在貸款和股權投資組合中看到它的原因。除了 Revolut 之外，我們還看到了改進。所以我們很高興看到這一點。

So there's definitely a class of companies that still need that kind of valuation check, but I think more importantly, within our portfolio we are seeing a balance of both flat rounds, down round and up rounds.

因此，肯定有一類公司仍然需要這種估值檢查，但我認為更重要的是，在我們的投資組合中，我們看到了平融資、下調融資和上漲融資的平衡。

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

我們的問答環節到此結束。我想將會議轉交吉姆·拉貝先生發表閉幕詞。

As always, I'd like to thank everyone for listening and participating in today's call. We look forward to updating and talking with you all again next quarter. Thanks again, and everyone, have a nice day. Goodbye.

一如既往，我要感謝大家收聽和參與今天的電話會議。我們期待下個季度再次更新並與大家交談。再次感謝大家，祝福大家有美好的一天。再見。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。