Triplepoint Venture Growth BDC Corp (TPVG) 2025 Q3 法說會逐字稿

To share with you the company's results for the third quarter of 2025. Today representing the company is James Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Mike Wilhelma, Chief Financial Officer.

向大家介紹公司 2025 年第三季的業績。今天代表公司出席的有：執行長兼董事會主席 James Labe；總裁兼首席投資長 Sajal Srivastava；以及財務長 Mike Wilhelma。

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 conditions which are considered forward-looking statements under federal securities law.

在將電話轉交給拉貝先生之前，我想提請各位注意公司新聞稿中關於前瞻性陳述的慣例性「安全港」披露，並提醒各位，在本次電話會議中，管理層將就未來事件或公司未來業績或財務狀況發表某些聲明，這些聲明根據聯邦證券法被視為前瞻性陳述。

You are asked to refer to the company's most recent filings with the Securities and Exchange commissions 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.

請您參閱本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。

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.

投資人應注意，不要過度依賴電話會議中所做的任何前瞻性陳述，這些陳述僅反映管理階層截至今日的意見。如需我們最新的美國證券交易委員會（SEC）文件副本，請造訪公司網站www.tpvg.com。現在我將把會議交給拉貝先生。

Thank you, operator. Good afternoon, everyone, and welcome to TPVG's third quarter earnings call.

謝謝接線生。各位下午好，歡迎參加TPVG第三季財報電話會議。

During the third quarter, our focus remained on furthering our strategy to increase TPVG scale, durability, income generating assets, and NAV over the long-term. We're pleased with the progress we have made in the quarter working towards these important objectives. And we expect fundings to continue to materialize over the next few quarters as we progress on our path of portfolio diversification and investment sector rotation.

第三季度，我們的重點仍然是推進我們的策略，以長期提高 TPVG 的規模、持久性、創收資產和淨資產價值。我們對本季在實現這些重要目標方面取得的進展感到滿意。我們預計，隨著我們推動投資組合多元化和投資領域輪動，未來幾季資金將繼續到位。

In addition to covering the dividend for the quarter and increasing our NAV, the third quarter mark wanted growth and increased investment activity for TPVG. We took advantage of strong demand from high-quality venture growth stage companies in the sectors we are focused on to grow the debt investment portfolio.

除了支付季度股息和提高淨資產值外，TPVG 第三季還希望實現成長並增加投資活動。我們利用我們所關注行業的高品質創投成長階段公司的強勁需求，擴大了債務投資組合。

During the quarter, TPVG experienced its highest level of debt commitments and funding since 2022, resulting in Q3 fundings that significantly exceeded our guided range, reaching the highest level in 11 quarters.

本季度，TPVG 的債務承諾和融資金額達到了 2022 年以來的最高水平，導致第三季度融資額大幅超過了我們預期的範圍，達到了 11 個季度以來的最高水平。

Importantly, Q3 also represented the highest level of signed term sheets with venture growth stage companies that are sponsor, Triplepoint Capital. Looking at the last three quarters alone, signed term sheets for venture growth stage companies at TPC reached almost $1 billion.

值得注意的是，第三季與創投成長階段公司（即發起人 Triplepoint Capital）簽署的投資意向書數量也達到了最高水準。僅從最近三個季度來看，TPC 為創投成長階段公司簽署的投資意向書金額就接近 10 億美元。

At quarter's end, our pipeline also continued to remain at near record highs since 2021. Touching on the overall venture capital market, while some uncertainties and volatility certainly still remain, investment activity is rising and venture capital deal activity increased during the quarter due primarily to all this momentum going on in the AI space.

截至季末，我們的管道建設也繼續保持在 2021 年以來的最高水準附近。就整體創投市場而言，雖然仍存在一些不確定性和波動性，但投資活動正在增加，本季創投交易活動有所成長，這主要是由於人工智慧領域的蓬勃發展。

According to PitchBook, AI investments accounted for more than two-third of the venture deal value last quarter. For mega deals was more than 70% of the deal value, a level not seen since 2021 and 2022. Another encouraging sign were increases in M&A and IPO activity which collectively generated more than $75 billion across 362 exits, the strongest quarter for venture-backed companies since the pandemic.

根據 PitchBook 數據顯示，上季人工智慧投資佔創投交易總額的三分之二以上。對於巨額交易而言，超過交易價值的 70% 以上，這是自 2021 年和 2022 年以來從未見過的水平。另一個令人鼓舞的跡像是併購和IPO活動增加，總共透過362筆退出交易創造了超過750億美元的收入，這是自疫情爆發以來風險投資支持的公司表現最好的一個季度。

Turning to our own internal tracking, the number of equity rounds closed by our select venture capital investors year-to-date. Has already exceeded the aggregate total for all of last year by 34%. All these trends hold promise for what we believe are signs for continuing improvement for the venture markets versus those upheavals in the last half of 2021 and right through late 2022.

再來看看我們自己的內部追蹤數據，我們精選的創投機構今年迄今完成的股權融資輪數。已經比去年全年的總和高出 34%。所有這些趨勢都預示著，與 2021 年下半年到 2022 年底的動盪相比，創投市場將持續改善。

We're also seeing a notable decrease in equity financing down rounds and an increase in up rounds. These days, more and more, I hear the word uptick in conversations and venture circles. And certain companies, in fact, are experiencing oversubscribed equity rounds, and there's an active secondary market which has come back for some companies as well, including a few of our portfolio companies.

我們也看到股權融資的降級輪次明顯減少，而升級輪次則有所增加。如今，我在談話和創業圈中越來越頻繁地聽到「上升」這個詞。事實上，某些公司正在經歷超額認購的股權融資輪，一些公司的二級市場也活躍起來，其中包括我們投資組合中的一些公司。

This growing optimism that venture companies are beginning to find some paths to liquidity, and should IPO and M&A markets for venture companies continue on this improvement, it represents additional opportunities.

人們越來越樂觀地認為，創投公司開始找到一些實現流動性的途徑，如果創投公司的 IPO 和併購市場繼續保持這種改善勢頭，這將代表著更多的機會。

One of the potential benefits of our venture lending business that's often overlooked are the warrants we receive as part of our loan transactions and our equity investments. We have a sizable equity and warrant portfolio with warrant positions in 112 portfolio companies and equity investments in 53 portfolio.

我們風險貸款業務的一個潛在好處經常被忽視，那就是我們在貸款交易和股權投資中獲得的認股權證。我們擁有相當規模的股票和認股權證投資組合，在 112 家投資組合公司中持有認股權證，在 53 家投資組合公司中持有股票。

As the exit market continues to evolve, we're well positioned to realize value for shareholders. We hold positions in a number of companies which has also appeared in industry publications on their notable top IPO candidates lists companies such as Cohesity, [Zevs], Revolut, DialPad, Filevine, and others.

隨著退出市場的不斷演變，我們已做好充分準備，為股東實現價值。我們持有多家公司的股份，這些公司也曾出現在行業出版物的知名 IPO 候選公司名單中，例如 Cohesity、[Zevs]、Revolut、DialPad、Filevine 等。

While we're encouraged by market and portfolio developments, we remain highly focused on monitoring and working through credit situations, primarily investments from the pre-market change period, and Sajal, will discuss those more in detail later in this call.

儘管我們對市場和投資組合的發展感到鼓舞，但我們仍然高度關注信貸狀況的監控和處理，主要是市場變革前的投資，Sajal 將在本次電話會議的稍後部分更詳細地討論這些情況。

Taking a closer look at the portfolio, we're pleased to report continued progress on diversification as we made commitments to nine new borrowers during the quarter and now 19 new borrowers here to date. As part of the diversification, we've also been leaning into increased companies characterized by substantial revenues, strong margins, solid cash runways at or near EBITDA positive, and with a clear path to cash flow generation and debt service without the need for further equity fundraising.

仔細審視一下投資組合，我們很高興地報告，我們在多元化方面取得了持續進展，本季度我們承諾向 9 位新借款人提供貸款，迄今為止已有 19 位新借款人。作為多元化投資的一部分，我們也加大了對那些具有以下特點的公司的投資力度：收入可觀、利潤率高、現金流充裕（達到或接近 EBITDA 為正），並且擁有清晰的現金流產生和償債路徑，無需進一步的股權融資。

They're generally more mature companies. They have stronger profiles and we're the senior lender, often with revolving loans, with the trade-off being lower yields given their more mature profile.

它們通常都是比較成熟的公司。他們的信用狀況更好，我們是高級貸款方，通常提供循環貸款，但由於他們的信用狀況更成熟，相應的收益率會更低。

Turning to investment sector rotation, we continue to actively add new borrowers focused on high potential and durable sectors, especially those that are able to leverage AI to drive product differentiation, market disruption, and efficiency.

轉向投資領域輪動，我們繼續積極增加專注於高潛力和持久性行業的借款人，特別是那些能夠利用人工智慧推動產品差異化、市場顛覆和效率提升的借款人。

We remain excited by the horizontal monarch opportunity AI presents, and we believe it will be a massive megatrend that persists for many years to come. Similar to our select venture capital investors, AI is a clear center of gravity. The technology combines massive growth potential with equally large capital requirements.

我們仍然對人工智慧帶來的橫向發展機會感到興奮，並且我們相信這將是一個持續多年的巨大趨勢。與我們所選的創投家類似，人工智慧顯然是我們的重點。這項技術兼具巨大的成長潛力和同樣巨大的資本需求。

Particularly around GPUs, data center infrastructure, and unique models trained on proprietary data, these dynamics play directly to the strengths and advantages of our venture lending. Providing non-dilutive growth capital to high growth companies in capital intensive markets.

尤其是在 GPU、資料中心基礎設施和基於專有資料訓練的獨特模型方面，這些動態直接發揮了我們風險貸款的優勢。為資本密集型市場的高成長公司提供非稀釋性成長資本。

Over the past two years we've been active in lending across a full AI stack from semiconductor companies enabling AI inference like etched to networking infrastructure companies to power the next generation of AI data centers like Urdu.

在過去的兩年裡，我們一直積極為整個人工智慧堆疊提供貸款，從支援人工智慧推理的半導體公司（如蝕刻技術）到為下一代人工智慧資料中心（如 Urdu）提供動力的網路基礎設施公司。

All these companies are experiencing market tailwinds and thriving in the new era of AI. Given this significant interest in AI, however, a key for us is to be disciplined in our underwriting. In AI, our focus is on whether the company's technology translates into durable, defensible value. That means real differentiation in data or model performance, early proof of enterprise adoption, and strong gross margins after infrastructure costs.

所有這些公司都受益於市場順風，並在人工智慧新時代蓬勃發展。然而，鑑於人們對人工智慧的濃厚興趣，對我們來說，關鍵在於嚴格遵守承保規定。在人工智慧領域，我們關注的是公司的技術能否轉化為持久、可捍衛的價值。這意味著在數據或模型性能方面實現真正的差異化，儘早證明企業採用率，並在扣除基礎設施成本後獲得強勁的毛利率。

We believe the companies that will win tend to build leverage over time. Their models are going to be getting smarter, their integration stickier, and their cost of incremental insight goes down, not up.

我們認為，最終獲勝的公司往往會隨著時間的推移累積優勢。他們的模型會變得更智能，他們的整合會更牢固，而且他們獲得增量洞察的成本會下降，而不是上升。

Outside of AI, the path continues to pursue selectivity, diversification, and investment sector rotation, and we continue to make great strides. We're actively investing in attractive fields outside of just AI verticalized software, fintech, aerospace and defense, robotics, cybersecurity, and health tech, among others.

除了人工智慧領域之外，我們繼續追求選擇性、多元化和投資領域輪動，並且我們繼續取得巨大進步。除了人工智慧垂直軟體、金融科技、航空航天與國防、機器人、網路安全和醫療科技等領域之外，我們還在積極投資其他有吸引力的領域。

As we seek to capitalize on these compelling opportunities and grow and diversify the portfolio, we continue to do so with an emphasis on US companies that are better capitalized and have visibility to profitability, as well as business models reflective of today's market conditions and the valuations.

為了抓住這些極具吸引力的機會，發展和多元化投資組合，我們將繼續專注於資本更雄厚、盈利能力更清晰的美國公司，以及能夠反映當今市場狀況和估值的商業模式。

We continue to focus on companies that have recently raised capital, have ample cash runways, and have backing from one or more of our select venture investors.

我們將繼續關注那些近期獲得融資、擁有充足現金流，並且得到我們一位或多位精選風險投資者支持的公司。

In summary, QC represented a quarter of progress for us as we seek to increase TPVG scale, durability, income generating assets, and NAV over the long-term. Importantly, we are positioning TPVG for the future to create shareholder value with the strong support of our sponsor TPC.

總而言之，QC 代表了我們在長期內提高 TPVG 規模、持久性、創收資產和淨資產價值方面取得的四分之一的進展。重要的是，在贊助商 TPC 的大力支持下，我們正在為 TPVG 的未來發展做好準備，以創造股東價值。

As we mentioned in our last quarter, as of this call, our sponsor announced the discretionary share purchase program and further demonstrating alignment with TPVG shareholders. Our adviser amended its existing income incentive fee waiver to waive in full its quarterly income incentive for each quarter in 2026.

正如我們在上個季度提到的，截至本次電話會議，我們的發起人宣布了酌情股票購買計劃，進一步表明了與 TPVG 股東的利益一致。我們的顧問修改了現有的收入激勵費用豁免條款，全額豁免其在 2026 年每季的收入激勵。

Later on the call, Mike will provide an update on these topics.

稍後，麥克將在電話會議上就這些主題提供最新進展。

With that, let me turn the call over to Sajal.

那麼，我把電話交給薩賈爾吧。

Thank you, Jim, and good afternoon. Regarding investment portfolio activity during Q3, Triplepoint Capital signed $421 million of term sheets with venture growth stage companies compared to $93 million of term sheets in Q3 2024 and $242 million in Q2. On a year-to-date basis, TPC has signed $978 million of term sheets versus $412 million over the same period in 2024.

謝謝你，吉姆，下午好。在第三季的投資組合活動方面，Triplepoint Capital 與風險成長階段公司簽署了 4.21 億美元的投資意向書，而 2024 年第三季和第二季分別簽署了 9,300 萬美元和 2.42 億美元的投資意向書。今年迄今為止，TPC 已簽署價值 9.78 億美元的投資意向書，而 2024 年同期僅為 4.12 億美元。

With regards to new investment allocation to TPVG during the third quarter, our adviser allocated $182 million in new commitments with 12 companies to TPVG compared to $51 million in Q3 2024 and $160 million in Q2 2025.

關於第三季對 TPVG 的新投資分配，我們的顧問向 TPVG 分配了 12 家公司 1.82 億美元的新承諾，而 2024 年第三季為 5,100 萬美元，2025 年第二季為 1.6 億美元。

75% of the portfolio companies we extended commitments to during the quarter were new customers, 90% of which are in the AI, enterprise software, and semiconductor sectors, reflecting our focus on [Abugore] diversification and sector rotation.

本季我們承諾投資的投資組合公司中有 75% 是新客戶，其中 90% 屬於人工智慧、企業軟體和半導體產業，這反映了我們對 [Abugore] 多元化和產業輪動的關注。

On a year to day basis, we have closed $418 million to 19 new portfolio companies and six existing portfolio companies as compared to $103 million to five new portfolio companies and four existing portfolio companies over the same period in 2024.

按年計算，我們已向 19 家新投資組合公司和 6 家現有投資組合公司完成了 4.18 億美元的投資，而 2024 年同期，我們向 5 家新投資組合公司和 4 家現有投資組合公司完成了 1.03 億美元的投資。

Of our 49 Abugore with outstanding loans as of 930, four were added to the portfolio in 2023, six were added in 2024, and 11 were added here in 2025. So progress on our plans for Abugore, vintage, and sector rotation. As Mike will cover, our outstanding unfunded obligations include 10 new customers which have yet to utilize their commitments and should add to our customer count and rebalancing efforts.

截至 930 年，我們有 49 家 Abugore 銀行有未償貸款，其中 4 家於 2023 年加入投資組合，6 家於 2024 年加入，11 家於 2025 年加入。所以我們關於 Abugore、年份和行業輪調的計劃取得了進展。正如 Mike 將要介紹的，我們未撥付的未償債務包括 10 位新客戶，他們尚未履行承諾，這將增加我們的客戶數量和重新平衡工作。

During the third quarter, in anticipation of pre-payment and scheduled repayment activity in Q4, we exceeded our guided range and funded $88 million in debt investments to 10 companies as compared to $33 million to four companies in Q3 2024 and $79 million to nine companies in Q2 2025. These funded investments carried a weighted average annualized portfolio yield of 11.5% down from 12.3% in Q2 and 13.3% in Q1.

第三季度，由於預計第四季度將有預付款和計劃還款活動，我們超出了預期範圍，向 10 家公司提供了 8800 萬美元的債務投資，而 2024 年第三季度向 4 家公司提供了 3300 萬美元，2025 年第二季度向 9 家公司提供了 7900 萬美元。這些已獲得資金支持的投資的加權平均年化投資組合收益率為 11.5%，低於第二季的 12.3% 和第一季的 13.3%。

The lower overall onboarding yields in Q3 reflect a number of factors, including a higher percentage of revolving loans, enabling us to be the sole lender to our portfolio companies, more robust enterprises from a size and scale perspective, including EBITDA positive borrowers. Intentionally driving higher utilization of unfunded commitments at closing, given substantial borrower cash cushion levels, lower as a result of reduced enterprise valuations, as well as the declining rate environment on a year to day basis, we have funded $194 million to 22 companies at a weighted average yield of 12.1%.

第三季整體新增貸款收益率較低，反映了多種因素，包括循環貸款比例較高，使我們能夠成為投資組合公司的唯一貸款方，以及從規模和體量角度來看更加穩健的企業，包括 EBITDA 為正的借款人。鑑於借款人現金緩衝水準較高，而企業估值下降，加上利率逐年走低，我們有意提高交割時未註資承諾的利用率，已向 22 家公司提供了 1.94 億美元的資金，加權平均收益率為 12.1%。

As compared to funding $85 million to 10 companies at a weighted average yield of 14.5% over the same period in 2024, during Q3, we had $15 million of loan repayments resulting in an overall weighted average debt portfolio yield of 13.2%. Excluding prepayments, our core portfolio yield was 12.8%, which was down from 13.6% in Q2, reflecting the impact of lower yields from new assets we are on boarding as discussed earlier.

與 2024 年同期向 10 家公司提供 8,500 萬美元資金，加權平均收益率為 14.5% 的情況相比，第三季我們有 1,500 萬美元的貸款償還，導致整體加權平均債務組合收益率為 13.2%。不計提前還款，我們的核心投資組合收益率為 12.8%，低於第二季度的 13.6%，這反映了我們之前討論過的，正在納入的新資產收益率較低的影響。

On a year-to-date basis, we've had $76 million of loan pre-payments as compared to $118 million of prepayments over the same period in 2024. As I will discuss in more detail shortly after quarter's end, we received principal repayments totaling $47.5 million so far in Q4.

今年迄今為止，我們已收到 7,600 萬美元的貸款提前還款，而 2024 年同期則有 1.18 億美元的貸款提前還款。正如我將在本季度結束後不久詳細討論的那樣，我們在第四季度迄今已收到總計 4750 萬美元的本金償還款。

During the quarter, our debt investment portfolio grew by over $73 million as a result of new fundings exceeding pre-payment, repayment, and amortization within the portfolio. This is the third consecutive quarter we've increased our debt investment portfolio on a cost basis, representing nearly $110 million of growth year-to-date as compared to $127 million of portfolio reduction last year.

本季度，由於新增資金超過了投資組合中的預付款、還款和攤銷，我們的債務投資組合增加了超過 7,300 萬美元。這是我們連續第三個季度以成本基礎增加債務投資組合，今年迄今成長了近 1.1 億美元，而去年同期投資組合減少了 1.27 億美元。

Although we continue to see robust demand for debt financing from venture growth stage companies, as demonstrated by $123 million of new term sheets, $17 million of new commitments, and $18 million of funding so far in Q4, our quarterly target for new funding continues to be in the $25 million to $50 million range for Q4 2025 in early 2026 as we manage liquidity going into our debt financing process.

儘管我們繼續看到創投成長階段公司對債務融資的強勁需求，正如第四季度迄今為止1.23億美元的新條款清單、1700萬美元的新承諾和1800萬美元的融資所證明的那樣，但由於我們在債務融資過程中需要管理流動性，因此我們2025年第四季至2026年初的新融資季度目標仍然是2500萬美元的新融資季度目標仍然是2500萬美元的新融資季度目標仍然是2500萬美元的新融資季度。

During the quarter, four portfolio companies with debt outstanding raised $50 million of capital compared to five portfolio companies with debt outstanding, raising $216 million during the second quarter. We believe Q3 numbers were lower primarily due to timing and expect robust activity here in Q4. On a year to day basis, 13 portfolio companies with debt outstanding have raised compared to $402 million of capital last year.

本季度，四家有未償債務的投資組合公司籌集了 5,000 萬美元的資金，而第二季度有五家有未償債務的投資組合公司籌集了 2.16 億美元。我們認為第三季業績下滑主要是由於時間因素，預計第四季業績將強勁成長。與去年同期相比，共有 13 家投資組合公司（這些公司目前有未償債務）籌集了資金，而去年同期籌集的資金為 4.02 億美元。

As a quarter end, we held warrants in 112 companies and equity investments in 53 companies with a total fare value of $134 million up from $127 million in Q2, primarily related to a markup in our equity holdings in grub market due to strong performance and improving market multiples.

截至季末，我們持有 112 家公司的認股權證和 53 家公司的股權投資，總價值為 1.34 億美元，高於第二季的 1.27 億美元，這主要與我們在食品市場的股權投資增加有關，因為該市場表現強勁且市場倍數不斷提高。

During Q3, one portfolio company with a principal balance of $29.8 million was upgraded from white to clear. One portfolio company with a principal balance of $2.1 million was upgraded from yellow to white.

第三季度，投資組合公司（本金餘額為 2,980 萬美元）的評級從「白色」升級為「清白」。一家投資組合公司，其本金餘額為 210 萬美元，評級從黃色提升至白色。

One portfolio company, Prodigy Finance, a fintech focused on international graduate students with a principal balance of $40.8 million was downgraded from white to yellow, and one portfolio company, Frubana, with a principal balance of $11.1 million was downgraded to red and moved to non-accrual as we finalize our recovery process. We did actually see slight improvement in our expected recovery from Q2 mark on Frubana despite the downgrade.

投資組合中的一家公司 Prodigy Finance 是一家專注於國際研究生的金融科技公司，其本金餘額為 4080 萬美元，評級從白色降至黃色；另一家投資組合公司 Frubana 的本金餘額為 1110 萬美元，評級被降至紅色，並被移至非應計狀態，因為我們正在完成恢復流程。儘管評級被下調，但我們確實看到 Frubana 的預期復甦情況從第二季開始略有改善。

During the quarter we saw a $2.5 million increase in the fair value of our loans in orange rated portfolio company ROI, which, in addition to winning Time Magazine's Innovation of the Year award for the third time, held the first close of a new equity round from its existing investors, as well as hold the signed term sheet from additional investors to participate.

本季度，我們橙色評級投資組合公司 ROI 的貸款公允價值增加了 250 萬美元。該公司不僅第三次榮獲《時代》雜誌年度創新獎，還完成了現有投資者新一輪股權融資的首輪交割，並已與其他投資者簽署了參與投資的意向書。

As I mentioned earlier, we experienced a $5.7 million unrealized gain on our equity investment in Grub Market as a result of performance. As a reminder, Grub Market acquired the assets of our portfolio company Good Eggs in Q3 2024, and we received this equity for consideration of our then outstanding loans.

正如我之前提到的，由於 Grub Market 的業績表現，我們在股權投資方面獲得了 570 萬美元的未實現收益。提醒一下，Grub Market 於 2024 年第三季收購了我們投資組合公司 Good Eggs 的資產，我們獲得了這筆股權，作為我們當時未償還貸款的對價。

Although we took a $4.6 million realized loss on our $12 million loan at the time of the transaction. This gain reduces that loss in its entirety on an unrealized basis and reflects well on our team's recovery efforts on the Good Eggs transaction.

儘管我們在交易時對1200萬美元的貸款產生了460萬美元的已實現損失。這一收益完全抵消了未實現的損失，也很好地體現了我們團隊在 Good Eggs 交易中的恢復努力。

As I mentioned earlier here in Q4, we received $47.5 million pre-payments, mostly from two portfolio companies, Thirty Madison and Moda Operandi. Thirty Madison announced its acquisition by Remedy Meds in Q3, and as part of the transaction, nearly $30 million of our outstanding position has been paid down in Q4, with our remaining $20 million exposure amortizing over the next three months.

正如我之前在第四季提到的，我們收到了 4,750 萬美元的預付款，主要來自兩家投資組合公司：Thirty Madison 和 Moda Operandi。Thirty Madison 在第三季宣布被 Remedy Meds 收購，作為交易的一部分，我們在第四季度償還了近 3000 萬美元的未償債務，剩餘的 2000 萬美元債務將在未來三個月內攤銷。

As a reminder, Thirty Madison was an existing TPVG portfolio company, but also acquired the assets of TPVG portfolio company Pill Club and assumed our outstanding loans of $20 million in full. This transaction represents a full recovery, including end of term payments on both transactions, but as a reminder, both were quite season loans, so very little incremental contribution to income here in Q4. We also anticipate 30 Madison to be upgraded to clear rating here in Q4.

提醒一下，Thirty Madison 是 TPVG 旗下的投資組合公司，但它也收購了 TPVG 旗下投資組合公司 Pill Club 的資產，並全額承擔了我們未償還的 2000 萬美元貸款。這筆交易代表了完全的回收，包括兩筆交易的期末付款，但需要提醒的是，這兩筆貸款都是相當短期的貸款，因此對第四季度的收入貢獻很小。我們也預計 30 Madison 將在第四季度被提升為淨值評級。

We also experienced a $15.7 million pay down on our loans to Moda Operandi here in Q4, a yellow rated asset as a result of the company raising incremental equity and debt financing, and our remaining loans of $10 million have had their maturity dates extended. And should Moda continue to perform well, we would anticipate the company to be upgraded to white over time.

第四季度，由於 Moda Operandi 公司籌集了額外的股權和債務融資，我們償還了 1,570 萬美元的貸款，該貸款屬於黃色評級資產。此外，我們剩餘的 1000 萬美元貸款的到期日也已延長。如果 Moda 繼續保持良好的業績，我們預計該公司未來將被升級為白金級。

While some of these journeys may take longer than expected, these developments demonstrate why our team continues to dedicate time and effort on the recovery journey and also that we are building some momentum with regards to some of our historical names.

雖然其中一些旅程可能比預期的要長，但這些進展表明，我們的團隊為何要繼續投入時間和精力進行恢復工作，同時也表明，我們在恢復一些歷史名稱方面正在取得一些進展。

In closing, we remain aligned with our stakeholders, disciplined in our underwriting, and mindful of the volatile market environment as we execute on our plan for positioning TPVG for the long-term. We continue to target well positioned and well capitalized new customers and attractive sectors to drive investment fundings and earnings power to build shareholder value.

最後，我們將繼續與利害關係人保持一致，在核保方面保持嚴謹，並密切關注動盪的市場環境，以執行我們的計劃，使 TPVG 實現長期發展。我們將持續瞄準實力雄厚、資金充足的新客戶和具吸引力的產業，以推動投資資金和獲利能力，進而提升股東價值。

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

接下來，我將把電話交給麥克。

Thank you, Sajal, and good afternoon, everyone. During the third quarter, we funded $88 million of new debt investments, up from $79 million last quarter, reflecting the continued expansion of our investment pipeline and conversion of signed term sheets into closed commitments.

謝謝你，薩賈爾，大家下午好。第三季度，我們為新的債務投資提供了 8,800 萬美元的資金，高於上一季的 7,900 萬美元，這反映出我們的投資管道持續擴大，以及已簽署的條款清單轉化為已完成的承諾。

We received $15 million of prepayments and early repayments during the quarter, driving a net increase of approximately $73 million in our debt investment portfolio at cost, which now totals $737 million at quarter end as compared to $627 million at December 31, 2024, a 17% increase.

本季我們收到了 1,500 萬美元的預付款和提前還款，使我們的債務投資組合（按成本計算）淨增加約 7,300 萬美元，截至季度末總額為 7.37 億美元，而截至 2024 年 12 月 31 日為 6.27 億美元，增長了 17%。

As of September 30, 2025, the company had total liquidity of $234 million consisting of $29 million of cash and cash equivalents and $205 million of available capacity under our revolving credit facility. Of the $205 million of available capacity under the revolving credit facility, there was $53 million of available borrowing base that could be drawn on as of September 30, 2025.

截至 2025 年 9 月 30 日，公司總流動資金為 2.34 億美元，其中包括 2,900 萬美元現金及現金等價物，以及循環信貸額度下的 2.05 億美元可用額度。在循環信貸額度 2.05 億美元的可用額度中，截至 2025 年 9 月 30 日，可提取的借款基數為 5,300 萬美元。

We ended the quarter with a leverage ratio of 1.32 times and a net leverage ratio of 1.24 times, both well within our target range and reflecting increased deployment of capital to fund the debt portfolio.

本季末，我們的槓桿率為 1.32 倍，淨槓桿率為 1.24 倍，均在我們的目標範圍內，反映出我們增加了資本部署，為債務組合提供資金。

Subsequent to quarter end, the company has already received $48 million of principals, pre-payments, providing additional liquidity to support new fundings and positioning the company well for the upcoming $200 million note maturity in the first quarter of 2026.

在季度末之後，該公司已收到 4,800 萬美元的本金和預付款，為新的融資提供了額外的流動性，並使該公司為 2026 年第一季即將到期的 2 億美元票據做好了充分準備。

We ended the quarter with $264 million of unfunded commitments, up from $185 million last quarter of these unfunded commitments, approximately $60 million are milestone based. The commitments are well lattered over the next several years, with $14 million expiring in Q4 2025, $152 million in 2026, $71 million in 2027, and the final $27 million in 2028.

本季末，我們未籌集的資金承諾為 2.64 億美元，高於上一季的 1.85 億美元；在這些未籌集到的資金承諾中，約有 6,000 萬美元是基於里程碑的。未來幾年內，各項承諾的期限都很長，其中 1,400 萬美元將於 2025 年第四季到期，1.52 億美元將於 2026 年到期，7,100 萬美元將於 2027 年到期，最後的 2,700 萬美元將於 2028 年到期。

Turning to our operating results, total investment income for the third quarter was $22.7 million with a weighted average portfolio yield of 13.2% compared to 14.5% in the prior quarter. The decrease in yield primarily reflects a lower level of pre-payment income, lower yields on our debt investment portfolio in part due to decreases in the prime rate, and a slightly larger mix of lower yielding recently originated loans reflective of the market and borrower characteristics.

再來看我們的經營業績，第三季總投資收益為 2,270 萬美元，加權平均投資組合收益率為 13.2%，而上一季為 14.5%。收益率下降主要反映了提前還款收入水準降低、債務投資組合收益率下降（部分原因是基準利率下降）以及近期發放的收益率較低的貸款比例略有增加（反映了市場和借款人的特徵）。

66% of our debt portfolio is floating rate, and 46% of those floating rate loans were at their floors as of September 30th. Following the 25-basis point Fed rate cut in late October 2025, floating rate loans at their rate floors increased to 52%.

我們債務組合中有 66% 是浮動利率，截至 9 月 30 日，其中 46% 的浮動利率貸款已觸底。2025 年 10 月下旬，聯準會降息 25 個基點後，浮動利率貸款的利率下限上升至 52%。

As a result, we expect the impact of any further interest rate reductions on our net investment income to be limited, particularly as lower base rates would also reduce interest expense on our floating rate revolving debt.

因此，我們預期進一步降息對我們的淨投資收益的影響有限，特別是由於較低的基準利率也會降低我們浮動利率循環債務的利息支出。

Total operating expenses for the quarter were $12.3 million consisting of $6.8 million from interest expense, $3.4 million of base management fees, $0.6 million of administrative expenses, and 1.6 million of G&A expenses.

本季總營運支出為 1,230 萬美元，其中包括 680 萬美元利息支出、340 萬美元基本管理費、60 萬美元行政支出及 160 萬美元一般及行政費用。

In the current quarter, $2.1 million of income incentive fees were earned but fully waived by the advisor. Year-to-date, the advisor has waived $3.3 million of income incentive fees. In addition, under the shareholder friendly total return requirement, income incentive fees were further reduced by $3.1 million earlier this year.

本季度，該顧問獲得了 210 萬美元的收入激勵費用，但全部放棄了這筆費用。今年迄今為止，該顧問已免除了 330 萬美元的收入激勵費用。此外，根據有利於股東的總回報要求，今年早些時候，收入激勵費用進一步減少了 310 萬美元。

Together these actions have increased net investment income by approximately $6.5 million year-to-date. As a result of the continued fee waivers mentioned by Jim earlier, we do not expect to incur any income incentive fee expense for the fourth quarter of 2025 or for all of 2026.

今年迄今為止，這些舉措已使投資淨收益增加了約 650 萬美元。由於吉姆之前提到的費用豁免持續有效，我們預計在 2025 年第四季或 2026 年全年不會產生任何收入激勵費用支出。

Investment income for the quarter was $10.3 million or $0.26 per share compared to $11.3 million or $0.28 per share in the prior quarter. Our net increase in net assets resulting from operations was $15.2 million or $0.38 per share.

本季投資收益為 1,030 萬美元，即每股 0.26 美元，而上一季為 1,130 萬美元，即每股 0.28 美元。經營活動帶來的淨資產淨成長為 1,520 萬美元，即每股 0.38 美元。

Which included $0.13 per share of net realized and unrealized gains primarily from unrealized gains on debt and equity positions. These gains were partially offset by a small unrealized foreign currency loss of $0.5 million or $0.01 per share. At quarter end, net asset value increased to $355.1 million or $8.79 per share, up from $8.65 per share, at June 30.

其中包括每股 0.13 美元的已實現和未實現淨收益，主要來自債務和股權頭寸的未實現收益。這些收益被 0.5 萬美元（即每股 0.01 美元）的未實現外匯損失部分抵銷。截至季末，淨資產價值增至 3.551 億美元，即每股 8.79 美元，高於 6 月 30 日的每股 8.65 美元。

Now turning to our capital structure, as of quarter end, total debt outstanding was $470 million consisting of $375 million of fixed rate term notes and $95 million drawn on our $300 million floating rate revolving credit facility. Our term notes carry maturities in March 2026, February 2027, and February 2028, all at fixed rates.

現在來看看我們的資本結構，截至季末，未償債務總額為 4.7 億美元，其中包括 3.75 億美元的固定利率定期票據和從我們 3 億美元的浮動利率循環信貸額度中提取的 9,500 萬美元。我們的定期票據分別於 2026 年 3 月、2027 年 2 月及 2028 年 2 月到期，利率均為固定利率。

With our 2026 maturity approaching, our capital management strategy remains focused on maintaining liquidity and flexibility while optimizing our floating -- our fixed to floating debt mix. We expect to refinance the $200 million March 2026 notes with a combination of new fixed rate unsecured notes and available revolver capacity during the first quarter of 2026.

隨著 2026 年到期日的臨近，我們的資本管理策略仍然專注於保持流動性和靈活性，同時優化我們的浮動利率——即固定利率與浮動利率債務的組合。我們預計將在 2026 年第一季透過發行新的固定利率無擔保票據和利用可用的循環信貸額度，為 2026 年 3 月到期的 2 億美元票據進行再融資。

We are in the final stages of renewing our $300 million revolving credit facility, which matures at the end of this month. While the renewal amendment has not yet been executed, the preliminary terms outlined to date are constructive and favorable for the company. We expect the renewal to support our growth trajectory and align with our long-term capital plan.

我們正在進行3億美元循環信用額度的續約，該額度將於本月底到期。雖然續約修訂案尚未簽署，但迄今為止概述的初步條款對公司而言是建設性的、有利的。我們預計此次續約將支持我們的成長軌跡，並符合我們的長期資本計畫。

Regarding distributions, on October 14, our Board declared a regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share, payable on December 31, to shareholders' record as of December 16.

關於分紅，10 月 14 日，董事會宣布派發每股 0.23 美元的季度常規分紅和每股 0.02 美元的補充分紅，將於 12 月 31 日支付給截至 12 月 16 日登記在冊的股東。

The supplemental distribution was declared in order to enable the company to distribute all of the company's remaining undistributed taxable income from the prior year. As of September 30, we had estimated spillover income of $43.4 million or $1.07 per share.

此次補充分配是為了讓公司能夠分配上一年剩餘的未分配應稅收入。截至 9 月 30 日，我們估計溢出收益為 4,340 萬美元，即每股 1.07 美元。

As a reminder, we announced during our August call that our sponsor Triplepoint Capital launched a 14 million share repurchase program to buy TPVG stock below NAV.

提醒一下，我們在 8 月的電話會議上宣布，我們的贊助商 Triplepoint Capital 啟動了一項 1400 萬股的股票回購計劃，以低於淨資產值的價格購買 TPVG 股票。

Through Quarter end, TPC purchased about 591,000 shares for roughly 3.9 million, leaving about $10 million available under the program.

截至季末，TPC 已購買約 59.1 萬股，價值約 390 萬美元，該計劃下還剩下約 1,000 萬美元可用。

TPC plans to adopt a 10b5-1 plan once the trading window reopens, which will allow purchases to continue automatically after the 30 day cooling off period. The program continues to demonstrate our sponsors' confidence and alignment with shareholders.

TPC計劃在交易窗口重新開放後採用10b5-1方案，該方案允許在30天冷靜期結束後自動繼續購買。該計劃持續展現了贊助商的信心以及與股東的利益一致性。

Looking ahead, our priorities remain consistent. We will continue to focus on sector rotation in our debt portfolio, maintaining credit quality and preserving balance sheet flexibility as we prepare for the refinancing of our 2026 notes.

展望未來，我們的工作重點將維持不變。我們將繼續專注於債務組合的行業輪動，保持信貸質量，並保持資產負債表的靈活性，為 2026 年票據的再融資做好準備。

With robust sponsor support and a growing investment pipeline at the platform level, TPVG remains well positioned to generate long-term shareholder value.

憑藉強大的贊助商支持和平台層面不斷增長的投資管道，TPVG 仍然處於創造長期股東價值的有利地位。

That concludes my prepared remarks, operator, please open the line for questions.

我的發言到此結束，接線員，請接通電話接受提問。

(Operator Instructions)

（操作說明）

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

Thank you. Good afternoon. First, can we just discuss what you need to see in order to increase your funding. The the last couple quarters have been very active. I believe you mentioned, early on that you expect funding to remain solid. Is is the key driver there, leverage and liquidity holding you back or other factors at play? I guess I'm asking it's more internal factors rather than external as you look at it.

謝謝。午安.首先，我們能否討論一下，為了增加您的資金，您需要看到哪些面向？過去兩個季度非常活躍。我相信你之前提到過，你預計資金將保持穩定。關鍵驅動因素是什麼？是槓桿和流動性問題阻礙了你，還是其他因素在運作？我想問的是，從你的角度來看，這更多的是內在因素而不是外在因素。

Crispin, this is Sajal. So I would say obviously quality of opportunity and credit quality selectivity drives number one, but I would say absolutely we're very much focused on the upcoming refinancing of our debt and so we're mindful of liquidity and leverage ratios going into that for the time being and then coming out of that we'll again adjust and act accordingly.

克里斯平，這位是薩賈爾。所以，我認為機會品質和信貸品質選擇顯然是首要考慮因素，但我必須說，我們目前非常關注即將到來的債務再融資，因此我們暫時會關注流動性和槓桿率，之後我們會根據情況再次進行調整和採取行動。

Okay, great, that all makes sense. And then just on credit quality, metrics on the core are mostly stable, slight uptick and non approvals on a dollar basis. But can you discuss what you're seeing in credit in your portfolio and then broadly in the venture lending space and then has as your credit underwriting changed at all recently you mentioned more revolving loans. I believe you said larger enterprises. So just curious if there's any changes there.

好的，太好了，一切都說得通了。再來看信貸質量，核心指標基本穩定，以美元計算略有上升，未核准金額略有上升。但是，您能否談談您在投資組合中看到的信貸情況，以及在風險貸款領域的整體情況？此外，您最近提到的循環貸款增加，是否對您的信貸承銷方式有所改變？我記得您說的是規模較大的企業。所以只是好奇那方面有沒有什麼改變。

Yeah, let me start with maybe. Overall credit, so I would say credit performance -- I would say listen, this was a good quarter in terms of demonstrating kind of the advisor and the platforms, kind of credit workout and recovery process and our commitment to resolving situations we understand some situations may take longer than others, but with the developments with Grub Market and Thirty Madison in particular, again demonstrating. The hard work that goes into these things and the patience and commitment and getting, kind of positive outcomes in those situations.

嗯，或許可以先這麼說吧。整體信貸方面，我想說信貸表現——我想說，就顧問和平台而言，這是一個不錯的季度，信貸重組和恢復流程以及我們解決問題的承諾都得到了體現。我們理解有些情況可能需要更長時間，但特別是 Grub Market 和 Thirty Madison 的進展再次證明了這一點。這些事情需要付出艱苦的努力、耐心和投入，以及在這些情況下取得正面成果。

Obviously ROI has been a long journey. We have some positive developments here this quarter, so we're comfortable. We're happy about that, as we alluded to with some of the other names, we're expecting upgrades here in Q4. I think as Jim talked to, I mean, a key element is the improvement in the equity markets and the fund-raising activity is number one.

顯然，投資報酬率的提升是一個漫長的過程。本季我們取得了一些正面的進展，所以我們感到比較放心。我們對此感到高興，正如我們之前提到的其他一些公司一樣，我們預計第四季度這些公司將會升級。我認為正如吉姆所說，關鍵因素是股票市場的改善，而籌資活動是重中之重。

I think the second thing is obviously performance by our portfolio companies, but mind you, we have to be balanced. It's all very sector specific as well, so you know we're balancing overall positive trends in the venture equity markets with sector specific challenges and company specific challenges, but I would say we're pleased with the team's effort here in the quarter with regards to the overall venture segment, I can't say -- I can only speak to the tech world and the tier 1 VC world where we operate, and again we're continuing to see strong demand. We're continuing to see strong performance, and so we're very much focused on that.

我認為第二點顯然是我們投資組合公司的業績，但請注意，我們必須保持平衡。這都與行業密切相關，所以你知道，我們正在努力平衡風險股權市場的整體積極趨勢與特定行業和公司面臨的挑戰，但我想說，我們對團隊在本季度在整體風險投資領域的努力感到滿意。至於我們所在的科技界和一流創投領域，我只能談談我們所在的領域，我們再次看到強勁的需求。我們持續看到強勁的業績表現，因此我們非常關注這一點。

As we look to overall originations focus, I think as Jim talked to, very much -- we're avoiding the frothiness that we're seeing in certain sectors and areas and really leaning in our core strengths, working with the best venture capital funds, the best entrepreneurs, and seeing where Can be helpful and collaborative with their portfolio companies and then taking advantage of opportunities where we can earn you know additional return for lower risk, be it in a revolving loan or lending to an EBITDA positive company with a stronger yield profile that we normally target.

當我們著眼於整體貸款業務的重點時，我認為正如吉姆所說，我們正在努力避免某些行業和領域出現的泡沫，真正發揮我們的核心優勢，與最優秀的風險投資基金和企業家合作，看看我們能為他們的投資組合公司提供哪些幫助和合作，然後抓住機會，以較低的風險獲得額外的回報，無論是循環貸款還是向我們通常關注的、E​​BITDA。

Great, thank you so I appreciate you taking.

太好了，謝謝你，我很感激你抽出時間。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Hi, this is Cory Johnson on for Doug Harter. Last quarter you're able to give some guidance in terms of about the number of repayments you expected for each quarter for the upcoming quarters. Has your view, as the market seems to possibly be heating up, has your view on the pace of pre-payments, possibly changed, and do you have any line of sight into any upcoming repayments or realization?

大家好，我是科里·約翰遜，代道格·哈特為您報道。上個季度，您能夠對未來幾季的預期還款筆數給予一些指引。鑑於市場似乎可能正在升溫，您對提前還款速度的看法是否有所改變？您對即將發生的還款或實現情況有任何預見性嗎？

Yeah, hi, Cory. So I'll take this first. So I would say our guidance continues to be to expect one pre-payment a quarter for 2026 just based on market conditions, but more importantly, given the amount of prepay activity that we've seen over the past two years and the newer vintages we're putting in place, we would expect that pace to generally slow down.

嗨，科里。那我先來吧。因此，我認為我們仍然會根據市場狀況預測，2026 年每季會有一筆預付款，但更重要的是，考慮到過去兩年我們看到的預付款活動量以及我們正在實施的新年份，我們預計這一速度總體上會放緩。

And so that's why we're guiding to one on average quarter as we mentioned in our filings here in Q4 we've had a little more than one in terms and these were more unique situations Thirty Madison and Moda and another portfolio company.

因此，正如我們在文件中提到的，我們預計平均每季會有一家公司出現問題。但在第四季度，我們遇到的問題略多於一家，而且這些都是比較特殊的情況，例如 Thirty Madison、Moda 和另一家投資組合公司。

So I'd say Q4 was an exception, but generally we continue to expect one quarter, but again those loans that we'll be pre-paying will be our more seasoned loans, so we're not expecting significant or material excess income. From an [NNII] perspective.

所以我覺得第四季是個例外，但總的來說，我們仍然預計會有一季出現這種情況，但同樣，我們將提前償還的貸款都是比較成熟的貸款，所以我們預計不會有顯著或實質性的超額收入。從[NNII]的角度來看。

Great. Thank you.

偉大的。謝謝。

Christopher Nolan, Ladenberg Falman. Please go ahead.

克里斯多福諾蘭，拉登堡法爾曼。請繼續。

Hey guys, on the debt refinance, as I recall, this $200 million dollar note is investment grade. Is that correct?

各位，關於債務再融資，我記得這筆 2 億美元的票據是投資等級的。是這樣嗎？

Yes, it is.

是的。

Yeah, and it's also as I recall that to be index eligible for investment grade, the debt amount I believe has to be $200 million or so and above, is that correct?

是的，而且我記得，要達到投資等級指數資格，債務金額應該在 2 億美元左右或以上，是這樣嗎？

That's one of the factors.

這是其中一個因素。

And so yeah, I guess my basic question is if you're using a combination of new notes and the facility bank facility, is it fair to say that the new notes that you're going to be issuing will not be investment grade index eligible? Is that correct?

所以，我的基本問題是，如果您採用新票據和銀行融資相結合的方式，那麼是否可以說您即將發行的新票據不符合投資等級指數的資格？是這樣嗎？

No, that's not. We're expecting to issue roughly 100 to 125. That number is to be finalized, but we're expecting that to be investment grade.

不，並非如此。我們預計將發行約 100 至 125 份。這個數字還有待最終確定，但我們預計會達到投資等級。

But not index eligible, which I believe impacts the rate, the coupon rate a little bit, doesn't it?

但它不符合指數資格，我認為這會對利率，也就是票面利率產生一些影響，對嗎？

Correct. So again, given the quantum and given where rates are, we don't think having a significant that large of long-term fixed rate debt in this environment makes sense given again the prepayment activity that we experience and wanting to have the ability to use our revolver to pay down as we have prepays.

正確的。所以，考慮到債務規模和利率水平，我們認為在當前環境下持有如此巨額的長期固定利率債務並不明智，因為我們經常出現提前還款的情況，而且我們希望能夠利用循環信貸額度來償還提前還款。

Okay, and I guess on a related question is where do you see the leverage ratio going, from your, from Jim's comments to serve and Sajal comments, it indicates that the portfolio is going to grow in the fourth quarter.

好的，我想問一個相關的問題，您認為槓桿率會如何改變？從您、Jim 和 Sajal 的評論來看，這表明投資組合將在第四季度增長。

We're actually not expecting, given the pre-payment activity that we're seeing in the fourth quarter, we're expecting little to no growth. Our guidance from a leverage standpoint is 1.3 to 1.4.

鑑於我們在第四季度看到的預付款活動，我們實際上並不預期會有成長，預期成長幅度很小甚至沒有成長。從槓桿率的角度來看，我們的指導方針是 1.3 到 1.4。

As you know Chris, we came in at 1.32. I think we'll come in right about that level at the end of December as well. Our guidance is 1.3 to 1.4.

克里斯，你知道的，我們當時的賠率是1.32。我認為到12月底，我們的賠率也會在這個水平附近。我們的指導值是 1.3 到 1.4。

Great, thanks.

太好了，謝謝。

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

我們的問答環節到此結束。我謹將會議交還給詹姆斯·拉貝先生，請他作總結發言。請繼續。

Thank you. 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, and have a nice day.

謝謝。和往常一樣，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與大家交流並報告最新情況。謝謝，祝您今天愉快。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。