Triplepoint Venture Growth BDC Corp (TPVG) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp. fourth-quarter 2025 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 Vendor Growth website.

女士們、先生們，午安。歡迎參加 TriplePoint Venture Growth BDC Corp. 2025 年第四季財報電話會議。（操作員說明）本次會議正在錄音，通話錄音將在 TriplePoint Vendor Growth 網站的音訊網路直播中提供。

Company management is pleased to share with you the company's results for the fourth-quarter and full fiscal year of 2025. Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Mike Wilhelms, Chief Financial Officer.

本公司管理階層很高興與大家分享公司 2025 年第四季及整個財年的業績。今天，代表公司出席的有：執行長兼董事會主席吉姆·拉貝；總裁兼首席投資官薩賈爾·斯里瓦斯塔瓦；以及首席財務官邁克·威廉姆斯。

Before I turn the call over to Mr. Labe, I'd like to direct your attention to the cautionary 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警示性「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 Commission for important factors that could cause actual results to differ materially from these statements. The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call, which reflect management's opinions only as of today. To obtain copies of our latest SEC filings, please visit the company's website at www.tpvg.com.

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。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. Labe.

現在我想把會議交給拉貝先生。

Thank you, operator. Good afternoon, everyone, and welcome to TPVG's fourth-quarter earnings call. 2025 was a year of meaningful progress and improved performance across the portfolio. We continue taking important steps aimed at increasing TPVG scale, durability, income-generating assets and NAV as we seek to create enduring shareholder value over the long term.

謝謝接線生。各位下午好，歡迎參加TPVG第四季財報電話會議。 2025年是公司取得顯著進展並實現業績提升的一年。我們將繼續採取重要措施，旨在提高 TPVG 的規模、持久性、創收資產和淨資產值，以期在長期內創造持久的股東價值。

During the year, our team executed with discipline and focus, proactively managing our portfolio and selectively capitalizing on opportunities with high-quality US-based venture growth stage companies. We're pleased to have achieved progress in strengthening the portfolio during 2025 and continuing to resolve past credit situations while at the same time making strong progress on our path of portfolio diversification, geographic and investment sector rotation.

在這一年中，我們的團隊以嚴謹的紀律和專注的態度執行計劃，積極主動地管理我們的投資組合，並有選擇地把握機會，投資美國高品質的創投成長階段公司。我們很高興在 2025 年加強投資組合方面取得了進展，並繼續解決過去的信貸問題，同時在投資組合多元化、地域和投資領域輪動方面也取得了顯著進展。

The portfolio continued to stabilize during the year with NAV increasing year over year from 2024 to 2025. We believe this reflects the progress we're making in creating a more durable platform form and portfolio that's supportive of increasing NAV over time.

該投資組合在年內持續保持穩定，2024 年至 2025 年淨資產值逐年增長。我們相信這反映了我們在創建更持久的平台形式和投資組合方面的進展，這有利於隨著時間的推移提高淨值。

In 2025, the investment portfolio grew year over year. TPVG closed $508 million of new debt commitments to venture growth stage companies. This represents a significant increase from the $175 million we recorded back in 2024. And it marks the highest levels of originations activity in over two years.

2025年，投資組合逐年成長。TPVG 完成了對風險成長階段公司的 5.08 億美元新債務承諾。這比我們在 2024 年記錄的 1.75 億美元有了顯著成長。這標誌著貸款發放活動達到兩年多來的最高水準。

In the second half of the year, as expected, our fundings began to increase as we executed on the pipeline and existing borrowers through on their committed facilities amid the improvements in the venture landscape. We ended the year with $287 million in fundings more than double that of the previous year.

下半年，正如預期的那樣，隨著我們推進專案進度，以及現有借款人履行其承諾的貸款義務，加上創投環境的改善，我們的資金開始增加。我們年底的融資額為 2.87 億美元，是前一年的兩倍多。

The demand for venture debt remains active, and our platform ended the year with a pipeline exceeding $2 billion. We benefited from a notable uptick in venture capital investment activity throughout 2025. According to PitchBook, venture capital deal value increased to $339 billion across more than 16,000 deals as of the end of 2025, second highest in a decade.

市場對風險債務的需求仍然活躍，到年底，我們的平台在建項目總額超過 20 億美元。2025 年全年，我們受惠於創投活動的顯著成長。根據 PitchBook 數據顯示，截至 2025 年底，創投交易額增至 3,390 億美元，超過 1,6,000 筆交易，為十年來第二高。

Deal value in our core venture growth market segment rose 131% year over year. As a result of this strong market environment in 2025, we signed $1.2 billion of term sheets alone with venture growth stage companies at our sponsor, TriplePoint Capital, one of the largest center lending firms serving this market.

我們核心創投成長市場領域的交易額較去年同期成長 131%。由於 2025 年強勁的市場環境，我們僅與我們的贊助商 TriplePoint Capital（服務於該市場的最大中心貸款公司之一）的風險成長階段公司簽署了 12 億美元的條款清單。

Taking a closer look at the portfolio, throughout the year, we made significant progress diversifying our business with commitments to 8 new borrowers during the fourth quarter and 28 new borrowers in 2025. This was an increase of 250% over the previous year. These borrowers are all in what we believe are high potential durable sectors including those leveraging AI to drive product differentiation, market disruption and efficiency.

仔細檢視投資組合，在過去一年中，我們在業務多元化方面取得了重大進展，第四季度承諾新增 8 個借款人，2025 年承諾新增 28 個借款人。這比上一年增長了250%。這些借款人均屬於我們認為具有高潛力的持久產業，包括那些利用人工智慧推動產品差異化、市場顛覆和效率提升的產業。

We continue to take advantage of this strong market demand, preferring companies with meaningful revenues strong margins, solid cash runways and at or near EBITDA positive or would pass to cash flow generation and debt service without the need for further equity fundraising.

我們繼續利用這一強勁的市場需求，更傾向於那些收入可觀、利潤率高、現金流充裕且 EBITDA 為正或接近正值的公司，或者那些無需進一步股權融資就能實現現金流產生和償債的公司。

Turning to our ongoing portfolio investment sector rotation and in particular, AI, we believe AI is no longer a cyclical theme. It's a structural multi-decade transformation reshaping every sector of the economy. AI alone represented 65% of the total US venture deal value last year and 39% of the deal count, underscoring both the scale and the breadth of capital flowing into the space. We expect this momentum to continue driving significant venture investment activity this year. and a sustained opportunity as a result for us in the years to come.

就我們持續進行的投資組合產業輪動，特別是人工智慧領域而言，我們認為人工智慧不再是週期性主題。這是一場持續數十年的結構性變革，它將重塑經濟的各個領域。去年，光是人工智慧就占美國創投交易總額的 65% 和交易數量的 39%，凸顯了流入該領域的資本規模和廣度。我們預計這一動能將繼續推動今年重大的創投活動，並因此在未來幾年為我們帶來持續的機會。

Over the past, we've been proud to support innovative AI leaders in our portfolio such as Observe.AI, Etched, Arato, Marvin, Incode and EnCharge AI, among others. These companies reflect our strategy of backing what we believe to be category-defining companies at the forefront of applied AI infrastructure and deployment.

過去，我們一直很自豪地支持我們投資組合中的創新人工智慧領導者，例如 Observe.AI、Etched、Arato、Marvin、Incode 和 EnCharge AI 等。這些公司體現了我們的策略，即支持我們認為在應用人工智慧基礎設施和部署領域處於領先地位的、具有產業定義的公司。

We'd be remiss not to discuss our current view of SaaS and the potential impact AI has in this industry. Despite persistent headwinds warning a SaaS-pocalypse, we believe concerns surrounding software and SaaS markets, especially those for inter-capital backed businesses, are overstated. While this is clearly a headline issue, this is more problematic in our minds for PE sponsors and middle market lenders dealing with those legacy software companies in their portfolios and believe it's less relevant in the VC industry, particularly at these venture growth stages.

如果我們不討論一下我們目前對 SaaS 的看法以及人工智慧對該行業可能產生的影響，那就太失職了。儘管持續不斷的逆風預示著 SaaS 末日的到來，但我們認為圍繞軟體和 SaaS 市場的擔憂，尤其是那些由資本間支持的企業的擔憂，被誇大了。雖然這顯然是一個頭條新聞，但在我們看來，對於私募股權投資機構和中端市場貸款機構而言，這更加棘手，因為他們的投資組合中涉及那些傳統軟體公司；而我們認為，這與風險投資行業，特別是風險投資的成長階段，關係不大。

We note that most of the TPVG portfolio companies in this space are typically considered AI native or AI-enabled companies and market disruptors, not to disrupt it and are leveraging AI natively to enhance product offerings or driving more efficient operations, or taking market share from those legacy incumbents. As we highlighted in the last four earnings calls, we've been adding AI-enabled software companies ever since AI and the large language models began gaining widespread adoption in 2023.

我們注意到，TPVG 在該領域的投資組合公司大多被認為是 AI 原生公司或 AI 賦能公司以及市場顛覆者，而不是顛覆者，它們利用 AI 原生來增強產品供應或推動更有效率的運營，或從傳統企業手中奪取市場份額。正如我們在最近四次財報電話會議上所強調的那樣，自從人工智慧和大型語言模式在 2023 年開始被廣泛採用以來，我們就一直在增加人工智慧軟體公司的投資。

If you look at the makeup of our portfolio, while under 35% of our exposures could be classified in that broader software categories, 70% of those companies that we invested in were 2024 and 2025 vintage investments. All companies, which we invested in during the last two years during this AI era and all of them with AI enablement and tech forward AI attributes. Importantly, even those vintages prior to 2024, only five companies by count are all made of an embedded vertical application software companies that are so entrenched and mission-critical it'd be a major challenge to replace them.

如果你看一下我們投資組合的組成，雖然只有不到 35% 的投資可以歸類為更廣泛的軟體類別，但我們投資的公司中有 70% 是 2024 年和 2025 年的投資。在過去兩年人工智慧時代，我們投資的所有公司都具備人工智慧賦能和技術領先的人工智慧屬性。重要的是，即使是 2024 年之前的年份，也只有五家公司（按數量計算）都是嵌入式垂直應用軟體公司，這些公司根深蒂固且至關重要，因此替換它們將是一項重大挑戰。

It's not all AI. In addition to it, we continue to pursue opportunities in other diversified sectors. We're witnessing a renewed focus on American domestic priorities, particularly in aerospace and defense, infrastructure and the ongoing of advanced manufacturing.

並非全是人工智慧。除此之外，我們也將繼續在其他多元化領域尋求機會。我們看到，美國重新聚焦於國內優先事項，尤其是在航空航太和國防、基礎設施以及先進製造業的持續發展方面。

Policy tailwinds and national security are driving notable capital market activity, reinforcing the durability of investment in those sectors. We're positioning TPVG to benefit directly from these secular trends through portfolio companies such as Parry Labs, [USCT], Valor and Standard Bots among others. These are businesses that align with national priorities and are building mission-critical technologies.

政策利好和國家安全正在推動資本市場顯著活躍，增強了這些領域投資的持久性。我們正在透過投資組合公司（如 Parry Labs、[USCT]、Valor 和 Standard Bots 等）使 TPVG 直接受益於這些長期趨勢。這些企業符合國家優先事項，並正在開發關鍵任務技術。

As capital increasingly flows towards these strategic sectors supported by federal policy and procurement reform, we believe venture-backed innovators in cybersecurity, aerospace, defense, robotics, energy and resources and advanced manufacturing will remain durable recipients of both equity and venture debt capital.

隨著越來越多的資本流向這些在聯邦政策和採購改革支持下的戰略部門，我們相信，網路安全、航空航太、國防、機器人、能源和資源以及先進製造業等領域的風險投資支持的創新者將繼續成為股權和風險債務資本的長期受益者。

I'd say we're also encouraged by the health of the East venture market and some reemerging signs of liquidity with M&A and IPOs. As the exit market continues to improve, we are well positioned to realize value for shareholders with our sizable equity and more portfolio. At year's end, we held warrant positions in 118 portfolio companies and equity investments in 55. As we've been mentioning, we have positions in several leading companies cited as top IPO candidates, including Cohesity, ZEVs, Revolut, Dialpad, Filevine, GrubMarket and others.

我認為，我們也對東方創投市場的健康狀況以及併購和IPO等流動性復甦跡象感到鼓舞。隨著退出市場的持續改善，憑藉我們雄厚的股權和更廣泛的投資組合，我們完全有能力為股東實現價值。截至年底，我們持有 118 家投資組合公司的認股權證，並持有 55 家公司的股權投資。正如我們之前提到的，我們持有幾家被列為頂級 IPO 候選公司的領先企業的股份，包括 Cohesity、ZEVs、Revolut、Dialpad、Filevine、GrubMarket 等。

Finally, in the first quarter of 2025 and building off the momentum of a strong year of performance, we successfully refinanced our $200 million in 2026 notes. This further strengthens our capital structure and Mike will provide further details during his prepared remarks.

最後，在 2025 年第一季度，憑藉強勁的業績勢頭，我們成功地為 2026 年到期的 2 億美元票據進行了再融資。這將進一步加強我們的資本結構，麥克將在事先準備好的發言中提供更多細節。

We intend to continue building on the momentum we experienced in 2025, positioning TPVG for growth and shareholder value creation. With the strong support of our sponsor, TriplePoint Capital, the parent of our investment adviser. TPC brings an exceptional brand name, reputation, proven track record, venture capital relationships and direct origination capabilities.

我們計劃繼續保持 2025 年取得的成長勢頭，使 TPVG 實現成長並為股東創造價值。感謝我們的贊助商 TriplePoint Capital（我們的投資顧問的母公司）的大力支持。TPC擁有卓越的品牌名稱、聲譽、可靠的業績記錄、創投關係和直接貸款能力。

As we mentioned last quarter, our advisers income incentive fee waiver has been extended through 2026. And in addition, our sponsor also purchased on 1.8 million shares at TPVG during the third and fourth quarters under the discretionary share purchase program.

正如我們上個季度所提到的，我們的顧問收入激勵費用豁免政策已延長至 2026 年。此外，我們的贊助商還在第三季和第四季根據自主股份購買計畫購買了 TPVG 的 180 萬股股票。

In summary, we delivered measurable progress in 2025 and saw improved venture market conditions throughout the year. As we look ahead, we're excited about the path forward and believe the combination of durable AI tailwinds, strong demand, disciplined underwriting and creative customized structuring places us in a strong position to capitalize on these market conditions in 2026 and beyond.

總而言之，我們在 2025 年取得了可衡量的進展，並且在這一年中看到了創投市場狀況的改善。展望未來，我們對未來的道路感到興奮，並相信人工智慧的持續發展勢頭、強勁的需求、嚴謹的承保和創造性的定制結構相結合，使我們處於有利地位，能夠在 2026 年及以後充分利用這些市場條件。

Let me turn the call over now to you, Sajal.

現在我把電話交給你，薩賈爾。

Thank you, Jim, and good afternoon. 2025 was a year of disciplined execution as we continue to build a strong foundation and position TPVG for the long term.

謝謝吉姆，下午好。 2025年是嚴謹執行的一年，我們將繼續夯實基礎，為TPVG的長期發展奠定堅實的基礎。

Beginning with investment activity. TriplePoint Capital signed $207 million of term sheets with venture growth stage companies during Q4 and $1.2 billion for the full year, up more than 60% from $736 million of signed term sheets in fiscal year 2024.

從投資活動開始。TriplePoint Capital 在第四季度與創投成長階段公司簽署了 2.07 億美元的投資意向書，全年簽署金額達 12 億美元，比 2024 財年簽署的 7.36 億美元投資意向書增加了 60% 以上。

With regards to new investment allocation to TPVG during the fourth quarter, our adviser allocated $90 million in new commitments with 12 companies to TPVG. Two-thirds of the commitments made during the fourth quarter were to new portfolio companies, reflecting our focus on the obligor diversification and sector rotation. For the full year, we closed $508 million of debt commitments with 28 new portfolio companies and 7 existing obligors, up almost 2 times from the $175 million of debt commitments in 2024 with 13 companies.

關於第四季度對 TPVG 的新投資分配，我們的顧問向 TPVG 分配了 12 家公司 9,000 萬美元的新承諾。在第四季所做的承諾中，三分之二是對新的投資組合公司，這反映了我們對債務人多元化和產業輪動的關注。全年共達成 5.08 億美元的債務承諾，涉及 28 家新的投資組合公司和 7 家現有債務人，比 2024 年與 13 家公司達成的 1.75 億美元債務承諾增長了近 2 倍。

As mentioned during our Q3 call, in anticipation of prepayment and scheduled repayment activity during this quarter, we exceeded our guided range and funded $93 million in debt investments to 16 companies. These funded investments carried a weighted average annualized portfolio yield of 12%.

正如我們在第三季電話會議上提到的，由於預計本季會有提前還款和計劃還款活動，我們超出了預期範圍，為 16 家公司提供了 9,300 萬美元的債務投資。這些已註資的投資的加權平均年化投資組合收益率為 12%。

For the full year, we funded $287 million in debt investments to 31 companies, up more than 100% and from $135 million to 13 companies in 2024. The lower overall onboarding yields in 2025 reflect a number of factors in addition to the declining rate environment, including originating revolving loans, which enable us to be the sole lender to our portfolio companies, lending to more robust enterprises from a size and scale perspective, including EBITDA-positive companies, and lower OID as a result of reduced enterprise valuations.

全年，我們向 31 家公司提供了 2.87 億美元的債務投資，比 2024 年的 13 家公司增加了 100% 以上。2025 年整體新股收益率下降反映了除利率環境下降之外的許多因素，包括發放循環貸款（使我們能夠成為投資組合公司的唯一貸款人）、向規模和體量更強大的企業（包括 EBITDA 為正的公司）提供貸款，以及由於企業估值降低而導致的 OID 降低。

During Q4, we had $44 million of loan prepays from relatively seasoned loans resulting in an overall weighted average portfolio yield of 12.7%. And excluding prepayments, our core portfolio yield was 12.1%. For the full year, we had $120 million of loan prepays as compared to $170 million of loan prepayments in fiscal year 2024.

第四季度，我們從相對較成熟的貸款中獲得了 4,400 萬美元的貸款提前償還，使得整體加權平均投資組合收益率達到 12.7%。不計提前還款，我們的核心投資組合報酬率為 12.1%。全年貸款提前償還額為 1.2 億美元，而 2024 財年貸款提前償還額為 1.7 億美元。

We also had $64 million of scheduled principal amortization and repayments under revolvers during the quarter. For the full year, we had $92 million of these payments which, together with the previously mentioned $120 million of prepays, provided a substantial liquidity to reinvest in our portfolio and to us strategically as we refinance and optimize our go-forward debt stack.

本季我們還有 6,400 萬美元的循環信貸本金攤銷和還款。全年，我們收到了 9,200 萬美元的此類付款，加上前面提到的 1.2 億美元預付款，為我們的投資組合提供了充足的流動性，也為我們未來的債務結構再融資和優化提供了戰略支持。

During the fiscal year, our investment portfolio grew by over $100 million or 15%, and as a result of new fundings exceeding prepayment, repayment and amortization within the portfolio. Of our 55 obligors with outstanding loans as of year-end, 7 were added in 2024 and 22 were added in 2025. So progress on our plans for obligor, vintage and sector rotation.

在本財政年度，我們的投資組合成長了超過 1 億美元，增幅達 15%，這是由於新增資金超過了投資組合內的預付款、還款和攤提。截至年底，我們有 55 家有未償貸款的債務人，其中 7 家是 2024 年新增的，22 家是 2025 年新增的。所以我們關於債務人、年份和行業輪調的計劃取得了進展。

Although we continue to see robust demand for debt financing from venture growth stage companies as demonstrated by our $155 million of new term sheets and $15 million of funding so far in Q1, quarterly target for new funding continues to be in the $25 million to $50 million range for 2026 unless we have line of sight to higher-than-expected prepayment activity.

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，正如我們在第一季迄今獲得的 1.55 億美元的新條款清單和 1500 萬美元的融資所證明的那樣，但除非我們能夠預見到高於預期的提前還款活動，否則 2026 年的季度新融資目標仍然在 2500 萬美元的範圍內。

Two portfolio companies with debt outstanding raised $71 million of equity capital during the quarter. And for the full year, 15 debt portfolio companies raised $474 million of equity capital. Although down from 2024, it is not unexpected given the number of new obligors we have added in the past year.

本季度，兩家負債累累的投資組合公司籌集了 7,100 萬美元的股權資本。全年來看，15 家債務投資組合公司共籌集了 4.74 億美元的股權資本。雖然比 2024 年有所下降，但考慮到過去一年我們新增的債務人數量，這並不出乎意料。

In addition, the pace of up round valuations has picked up which is reflected well in our credit quality as well as the warrant equity investments associated with these debt investments. No new companies were added to our credit watch list during the quarter, and the weighted average credit ranking of our portfolio slightly improved from Q3.

此外，融資輪估值上升的步伐加快，這很好地反映在我們的信用品質以及與這些債務投資相關的認股權證投資上。本季沒有新增公司進入我們的信用觀察名單，我們投資組合的加權平均信用評級較第三季略有提高。

During the quarter, we saw a fair amount of prepayment and repayment activity, along with both net unrealized and net realized gains in the debt portfolio, from the resolution of credit situations in addition to fair value adjustments related to obligor performance, sector outlook changes and foreign currency exchange.

本季度，我們看到債務組合中出現了相當多的提前還款和還款活動，以及來自信貸狀況解決的未實現淨收益和已實現淨收益，此外還有與債務人履約情況、行業前景變化和外匯匯率相關的公允價值調整。

Briefly reviewing material updates across all of our credit rating categories. During the quarter, we had two Category 1 or clear rated obligors repay their loans. We added $72 million of loans to 13 obligors to Category 2 or white grading as a result of new investment activity offset by $42 million of loans to five companies as a result of prepayments and repayments due to acquisitions, the most material being Thirty Madison, which closed its acquisition by Remedy Meds.

簡要回顧我們所有信用評級類別中的重大更新。本季度，我們有兩家一級或信用評級為「良好」的借款人償還了貸款。由於新的投資活動，我們向 13 家債務人增加了 7,200 萬美元的貸款，這些債務人被評為 2 類或白色等級；但由於提前還款和收購還款，我們向 5 家公司增加了 4,200 萬美元的貸款，其中最重要的收購是 Thirty Madison，該公司完成了被收購 Remedy Meds 收購。

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 loan. This transaction represents a full recovery, inclusive of end-of-term payments on both transactions.

提醒一下，Thirty Madison 是 TPVG 旗下的投資組合公司，但它也收購了 TPVG 旗下另一家投資組合公司 Pill Club 的資產，並承擔了我們未償還的貸款。本次交易代表全部款項的收回，包括兩筆交易的期末付款。

With regards to our Category 3, or yellow-rated loans, during the quarter, we saw a partial prepay for one obligor, fair value increases in our loans to Flink as a result of its recently announced equity raise as well as reductions in the fair value of our loans to Prodigy Finance, a fintech focused on lending to international graduate students, due to sector and business performance.

在本季度，關於我們的 3 類（或黃色評級）貸款，我們看到一位借款人部分提前還款，由於 Flink 最近宣布增發股票，我們對 Flink 的貸款公允價值增加，以及由於行業和業務表現，我們對專注於向國際研究生提供貸款的金融科技公司 Prodigy Finance 的貸款公允價值減少。

With regards to Category 4, or orange-rated loans, the most material development is associated with our portfolio company, NA-KD, an EBITDA-positive Swedish women's fashion e-commerce companies. During the quarter, NA-KD lenders, which includes TPVG and other investment vehicles controlled by our sponsor, have recapped and restructured the company and now own a controlling position of the equity of the company.

就第 4 類（橘色評級）貸款而言，最實質的發展與我們的投資組合公司 NA-KD 有關，這是一家 EBITDA 為正的瑞典女性時尚電子商務公司。本季度，包括 TPVG 和我們發起人控制的其他投資工具在內的 NA-KD 貸款機構對公司進行了資本重組和結構調整，現在擁有公司股權的控股地位。

As part of this process, the lenders reduced the total amount of debt outstanding by converting a portion of the outstanding loans into a hybrid loan instrument, which we now treat as an equity investment on our balance sheet and a small amount into common equity to take the controlling position. As part of our process, we experienced gains as a result of getting full recognition for unaccrued interest end of term payments and fees which was higher than both our cost basis and fair value. The lenders are working with NA-KD to evaluate strategic alternatives for the business over the next 12 to 18 months.

作為此過程的一部分，貸款方透過將部分未償貸款轉換為混合貸款工具來減少未償債務總額，我們現在將其視為資產負債表上的股權投資，並將一小部分轉換為普通股以獲得控制權。作為我們流程的一部分，由於我們獲得了未提列利息、期末付款和費用的全額確認，我們獲得了收益，這些款項高於我們的成本基礎和公允價值。貸款方正與 NA-KD 合作，評估該公司未來 12 至 18 個月的策略選擇。

Our sole Category 5, or red obligor, [Fubona], continues to work through its recovery process. And here in Q4, we received recoveries of approximately 25% of Q4's fair value. We believe that the resolution on Thirty Madison Pill Club and the developments with NA-KD demonstrate that while some of these credit journeys may take longer than expected, our continued efforts has the potential to work out in our favor.

我們唯一的 5 類（紅色）債務人 [Fubona] 仍在繼續進行其追償程序。而第四季度，我們收回了約佔第四季公允價值 25% 的款項。我們相信，Thirty Madison Pill Club 的決議以及 NA-KD 的進展表明，雖然其中一些信貸審批過程可能比預期的要長，但我們持續的努力有可能對我們有利。

As of year-end, we held warrants in 118 companies and equity investments in 55 companies with a total fair value of $138 million, up from warrants in 98 companies and equity investments in 48 companies with a fair value of $116 million last year. During the quarter, we did experience a fair amount of volatility in our warrant equity portfolio, resulting in an overall net unrealized loss despite the unrealized gains from our debt investments and a slight reduction in our NAV for the quarter, although NAV is still up $0.12 year over year.

截至年底，我們持有 118 家公司的認股權證和 55 家公司的股權投資，總公允價值為 1.38 億美元，高於去年的 98 家公司的認股權證和 48 家公司的股權投資，公允價值為 1.16 億美元。本季度，我們的認股權證投資組合出現了相當大的波動，導致整體淨未實現虧損，儘管債務投資獲得了未實現收益，並且本季度淨資產值略有下降，但淨資產值仍比上年同期增長了 0.12 美元。

These unrealized warrant equity losses were driven from fair value marks on Prodigy's preferred equity, which as previously mentioned, was due to performance and sector concerns and write-offs resulting from companies acquired or where our investments expired, offset by unrealized gains from positive results from recent equity rounds by [upgrade], Filevine, [flu footage] and others.

這些未實現的認股權證權益損失源於 Prodigy 優先股的公允價值標記，如前所述，這是由於業績和行業擔憂以及被收購公司或我們的投資到期而導致的減值，被 [upgrade]、Filevine、[flu Footage] 等公司最近幾輪股權融資的積極結果帶來的未實現收益所抵消。

As we take a step back to assess 2025 in our outlook for 2026, our playbook continues to be focused on building a strong foundation for TPVG and positioning TPVG for the long term by strengthening our balance sheet, driving portfolio scale and quality, rotating the portfolio into newer vintages, resolving credit situation, increasing the earnings power of our business and growing net asset value and shareholder value over the long term.

當我們回顧 2025 年並展望 2026 年時，我們的策略重點仍然是為 TPVG 奠定堅實的基礎，並透過加強資產負債表、擴大投資組合規模和提高投資組合品質、將投資組合輪換到較新的年份、解決信貸問題、提高業務盈利能力以及長期增長淨資產價值和股東價值，為 TPVG 的長期發展做好準備。

With that, I will now hand the call over to Mike.

接下來，我將把電話交給麥克。

Thank you, Sajal, and good afternoon, everyone. For the full year, we generated net investment income of $42.3 million or $1.05 per share on total investment income -- sorry, on total investment and other income of $90.9 million. Our weighted average annualized portfolio yield on debt investments was 13.7% for the year compared to 15.7% in the prior year. The decline in yield primarily reflects the lower interest rate environment, including reductions in the prime rate as well as a shift in portfolio mix towards lower-yielding higher-quality borrowers.

謝謝你，薩賈爾，大家下午好。全年來看，我們的淨投資收益為 4,230 萬美元，即每股 1.05 美元，總投資收益為 9,090 萬美元——抱歉，應該是總投資和其他收益。本年度債務投資的加權平均年化投資組合收益率為 13.7%，而前一年為 15.7%。收益率下降主要反映了較低的利率環境，包括基準利率的降低以及投資組合向收益率較低但品質較高的借款人轉變。

During the year, we funded $287 million of new debt investments compared to $135 million in the prior year, reflecting the continued strength of our origination platform. We received $212 million of scheduled principal amortization, prepayments and early repayments during the year resulting in a net increase of approximately $85 million in our debt investment portfolio at cost. As of year-end, our total investment portfolio at fair value totaled approximately $784 million compared to $676 million at December 31, 2024, representing a 16% increase year over year.

年內，我們新增債務投資額達 2.87 億美元，而去年同期為 1.35 億美元，反映出我們融資平台的持續強勁勢頭。本年度我們收到了 2.12 億美元的計畫本金攤銷、預付款和提前還款，導致我們的債務投資組合按成本計算淨增加約 8,500 萬美元。截至年底，我們以公允價值計算的投資組合總額約為 7.84 億美元，而截至 2024 年 12 月 31 日為 6.76 億美元，年增 16%。

For the full-year 2025, we declared and paid total distributions of $1.08 per share consisting of $1.06 in regular quarterly distributions and a $0.02 supplemental distribution. We ended the year with estimated spillover income of $42.3 million or $1.04 per share, providing meaningful earnings carryover into 2026.

2025 年全年，我們宣布並支付了每股 1.08 美元的總分紅，其中包括每股 1.06 美元的常規季度分紅和每股 0.02 美元的補充分紅。我們預計年底的溢出收入為 4,230 萬美元，即每股 1.04 美元，為 2026 年提供了可觀的收益結轉。

Net asset value increased year over year to $8.73 per share at December 31, 2025, compared to $8.61 per share at December 31, 2024. Over the full year, we recorded a net increase in net assets resulting from operations of $49.2 million or $1.22 per share compared to $32 million or $0.82 per share in the prior year.

截至 2025 年 12 月 31 日，淨值年增至每股 8.73 美元，而 2024 年 12 月 31 日為每股 8.61 美元。全年來看，我們錄得經營活動產生的淨資產淨成長4,920萬美元，即每股1.22美元，而前一年為3,200萬美元，即每股0.82美元。

Overall, 2025 was characterized by disciplined capital deployment, active portfolio repositioning and continued strengthening of our balance sheet. Total investment and other income for the fourth quarter was $22.5 million, representing a weighted average annualized portfolio yield on debt investments of 12.7%. The decrease in yield compared to the prior quarter primarily reflects lower base rates, including reductions in the prime rate.

總體而言，2025 年的特點是資本部署嚴謹、投資組合重新調整積極主動以及資產負債表持續增強。第四季總投資和其他收入為 2,250 萬美元，債務投資的加權平均年化投資組合收益率為 12.7%。與上一季相比，收益率下降主要反映了基準利率的降低，包括優惠利率的下調。

Approximately 63% of the debt portfolio is floating rate, and 79% of those loans are at their prime rate floors as of December 31, 2025. As a result, we expect the impact of any additional 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 borrowings under the revolving credit facility. This structural positioning continues to serve as an important stabilizing factor in a declining rate environment.

約 63% 的債務組合為浮動利率，截至 2025 年 12 月 31 日，其中 79% 的貸款處於最優惠利率下限。因此，我們預期任何額外的降息對我們的淨投資收益的影響將是有限的，特別是由於較低的基準利率也會降低我們在循環信貸安排下的浮動利率借款的利息支出。這種結構性定位在利率下降的環境下繼續發揮重要的穩定作用。

Net investment income for the fourth quarter was $9.9 million or $0.25 per share compared to $10.3 million or $0.26 per share in the prior quarter. Net increase in net assets resulting from operations was $8.1 million or $0.20 per share.

第四季淨投資收益為 990 萬美元，即每股 0.25 美元，而上一季為 1,030 萬美元，即每股 0.26 美元。經營活動帶來的淨資產淨增加額為 810 萬美元，即每股 0.20 美元。

During the fourth quarter, the company recognized net realized gains on investments of $4.8 million resulting primarily from the restructuring of an investment in one portfolio company. The net change in unrealized losses on investments for the fourth quarter was $6.6 million. consisting of $11.6 million of net unrealized losses on the existing warrant and equity portfolio resulting from fair value adjustments, offset by $3.3 million of net unrealized gains on the existing debt investment portfolio from fair value adjustments and $1.7 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period.

第四季度，該公司確認了投資的淨已實現收益 480 萬美元，主要原因是重組了對投資組合公司的投資。第四季投資未實現損失淨變動為 660 萬美元，其中包括現有認股權證和股權投資組合因公允價值調整而產生的 1,160 萬美元未實現淨損失，被現有債務投資組合因公允價值調整而產生的 330 萬美元未實現淨收益以及此前已確認的未實現投資損失在本季度實現淨收益後產生的 170 萬美元的 170 萬美元。

Total operating expenses for the fourth quarter were $12.6 million, net of income incentive fee waivers. During the quarter, $2 million of income incentive fees were earned but fully waived by the adviser. For the full year, the adviser waived $5.3 million of income incentive fees.

第四季總營運支出為 1,260 萬美元，扣除收入激勵費用豁免後。本季度，顧問獲得了 200 萬美元的收入激勵費用，但全部放棄了這筆費用。該顧問全年免除了 530 萬美元的收入激勵費用。

In addition, under the total return requirement embedded in our incentive fee structure, income incentive fees were further reduced by approximately $3.1 million earlier in the year. Collectively, these items increased net investment income by approximately $8.5 million for fiscal year 2025. As previously announced, the adviser amended its waiver in November to waive the quarterly income incentive fee through the end of fiscal year 2026.

此外，根據我們激勵費用結構中規定的總回報要求，今年早些時候，收入激勵費用進一步減少了約 310 萬美元。這些項目合計使 2025 財年的淨投資收益增加了約 850 萬美元。正如先前宣布的那樣，該顧問於 11 月修改了豁免條款，豁免了截至 2026 財年末的季度收入激勵費。

As of December 31, 2025, a we had total liquidity of $252.4 million, consisting of $47.4 million of cash, cash equivalents and restricted cash and $205 million of available capacity under our revolving credit facility. We ended the quarter with a gross leverage ratio of 1.33 times and a net leverage ratio of 1.20 times.

截至 2025 年 12 月 31 日，我們的總流動資金為 2.524 億美元，其中包括 4,740 萬美元的現金、現金等價物和受限現金，以及循環信貸額度下的 2.05 億美元可用額度。本季末，總槓桿率為 1.33 倍，淨槓桿率為 1.20 倍。

We ended the quarter with $260 million of unfunded commitments, down modestly from $264 million in the prior quarter. Of these commitments, approximately $51 million are milestone-based and therefore contingent upon borrowers achieving specified performance targets. The remaining commitments are well laddered over the next several years with approximately $80 million scheduled to expire in the first half of 2026, $71 million in the second half of 2026, $83 million in 2027 and $27 million in 2028.

本季末，我們未撥付的承諾資金為 2.6 億美元，較上一季的 2.64 億美元略有下降。在這些承諾中，約有 5,100 萬美元是基於里程碑的，因此取決於借款人是否達到規定的績效目標。剩餘的承諾在未來幾年內安排得井然有序，其中約 8,000 萬美元將於 2026 年上半年到期，7,100 萬美元將於 2026 年下半年到期，8,300 萬美元將於 2027 年到期，2,700 萬美元將於 2028 年到期。

During the quarter, we successfully extended our revolving credit facility, extending the revolver period to November 30, 2027, and the final maturity to May 30, 2029. The amendment also improved key economic terms, including reduced borrower -- borrowing spreads and higher advance rates.

本季度，我們成功延長了循環信貸額度，將循環期限延長至 2027 年 11 月 30 日，最終到期日延長至 2029 年 5 月 30 日。該修正案還改善了關鍵的經濟條款，包括降低借款人與借款人之間的利差和提高預付款率。

On February 27, 2026, the company entered into a note purchase agreement providing for the issuance of $75 million in aggregate principal amount of senior unsecured notes due February 2028, with a fixed interest rate of 7.5%. On March 2, 2026, we used the net proceeds from this issuance, together with borrowings under our revolving credit facility and cash on hand, to repay in full the $200 million of unsecured notes that matured March 1, 2026.

2026 年 2 月 27 日，該公司簽訂了一項票據購買協議，規定發行總額為 7,500 萬美元的優先無擔保票據，該票據將於 2028 年 2 月到期，固定利率為 7.5%。2026 年 3 月 2 日，我們利用此次發行所得淨收益，加上循環信貸額度下的借款和手頭現金，全額償還了 2026 年 3 月 1 日到期的 2 億美元無擔保票據。

With the March 2026 maturity fully address, our capital management strategy remains focused on preserving liquidity and financial flexibility while optimizing our overall fixed to floating debt mix and managing our forward maturity profile. While certain maturities are now more concentrated in late '27 and early 2028 as a result of recent refinancing activity, we are actively managing that profile and expect to address those opportunistically well in advance of their respective due dates, consistent with our disciplined and proactive approach to capital markets execution.

2026 年 3 月到期的債務已完全解決，我們的資本管理策略仍然專注於保持流動性和財務靈活性，同時優化我們整體的固定利率與浮動利率債務組合，並管理我們的遠期到期情況。雖然由於近期的再融資活動，某些到期日現在更加集中在 2027 年末和 2028 年初，但我們正在積極管理這一情況，並期望在各自的到期日之前抓住機會妥善處理這些債務，這與我們嚴謹、積極主動的資本市場執行方式相一致。

During 2025, our sponsor, TPC, purchased approximately 1.8 million shares of our common stock under its discretionary share repurchase program, further demonstrating alignment with shareholders. Following year-end, TPC continued purchasing shares bringing total purchases under the program to approximately 2 million shares or nearly 5% of our outstanding shares. Combined with the extension of the income incentive fee waiver through the end of fiscal year 2026, these actions underscore our continued focus on long-term shareholder value.

2025 年，我們的贊助商 TPC 根據其自主股份回購計畫購買了我們約 180 萬股普通股，進一步證明了其與股東利益的一致性。年末之後，TPC 繼續買進股票，使該計劃下的總購買量達到約 200 萬股，約占我們已發行股份的 5%。加上將收入激勵費豁免期限延長至 2026 財年末，這些舉措凸顯了我們對長期股東價值的持續關注。

In summary, 2025 was a year of stabilization and repositioning. We strengthen overall credit quality, enhanced our capital structure and extended our revolving credit facility on improved terms. With a higher quality portfolio mix, approximately 79% of our floating rate debt investments already at their prime rate floors and the income incentive fee waiver in place through the end of fiscal 2026, we believe TPVG enters 2026 on solid footing.

總而言之，2025 年是穩定和重新定位的一年。我們提高了整體信貸質量，改善了資本結構，並以更優惠的條件延長了循環信貸額度。憑藉更高品質的投資組合組合，我們約 79% 的浮動利率債務投資已達到其最優惠利率下限，以及收益激勵費用豁免政策將持續到 2026 財年末，我們相信 TPVG 將在 2026 年擁有穩固的基礎。

That concludes our prepared remarks. Operator, please open the lines for questions.

我們的發言稿到此結束。接線員，請開通提問線。

(Operator Instructions) Finian O'Shea, Wells Fargo Securities.

（操作員說明）Finian O'Shea，富國證券。

So the one thing we picked up, as said, two names raised money this quarter to debt investment names. Can you remind us like, is that a low number in the historical context? And if so, anything sort of to see there on the macro for venture, if that's kind of just a one-off timing thing?

正如前面所說，我們發現本季有兩家公司透過債務投資籌集了資金。可以提醒我們一下，從歷史角度來看，這個數字算低嗎？如果是這樣，那麼對於創投的宏觀經濟來說，這是否只是一次性的時機因素，有什麼值得關注的地方嗎？

Yeah. No, Finian, as I mentioned in my prepared remarks, I think it's a reflection of the freshness of the vintages of our portfolio given the number of new obligors we added both in 2024 and 2025. So we expect the fundraising activity for those names to be more in '26, '27.

是的。不，菲尼安，正如我在準備好的演講稿中提到的，我認為這反映了我們投資組合中年份酒的新鮮度，因為我們在 2024 年和 2025 年都新增了許多債務人。因此，我們預計在 2026 年和 2027 年，這些名字的募款活動會更加活躍。

And so I would say it is a reflection, though, obviously, more of the capital going into AI and related investments overall, as Jim mentioned during his prepared remarks, but I'd say, if anything, just again, a reflection of the rebalancing and rotation of our portfolio into newer vintages.

因此，我認為這反映了，正如吉姆在事先準備好的發言中提到的那樣，更多的資金流入了人工智慧及相關投資領域。但我想說，如果有什麼變化的話，那就是再次反映了我們對投資組合進行重新平衡和輪換，轉向更新的年份。

Okay. No, I appreciate that. And a sort of high level on the sort of long-term goals, as you outlined, I just want to ask if there's any maybe change in the playbook? You've been above book fairly well above book at one time, obviously more generous environment. But today, the sort of starting point is below ground for you. It's a pretty small BDC. Your cost of capital is pretty high. It just feels like a pretty long march to be generating an adequate market yield.

好的。不，我很感激。關於您概述的長期目標，我想問一下，策略方面是否有任何變化？你曾經遠遠高於書本要求，而且顯然在一個更寬鬆的環境中。但如今，對你來說，起點往往在地下。這是一個相當小的BDC。你的資金成本相當高。感覺要獲得足夠的市場收益，還有很長的路要走。

So seeing if there's any like if you have -- I appreciate that you could only say so much if there was something, but do you think about change in strategy kind of thing? Or is it sort of same playbook, get back to ideal clean, high-yielding venture debt portfolio?

所以，看看有沒有什麼類似的事情──我知道如果有的話，你也只能說這麼多，但是你有沒有考慮過改變策略之類的事情？或者說，這還是老一套，回歸理想的、乾淨的、高收益的風險債務投資組合？

Well, I would definitely say it's not the same playbook. I think our playbook is refined every year, a reflection of market conditions and strategic initiatives. I would say, yes, obviously, we're disappointed with the performance of TPVG from the market cap from a trading perspective, it's not a reflection of our sponsor and our platform and the size and scale of our originations and our capabilities.

嗯，我肯定會說，這完全不是同一套策略。我認為我們的策略手冊每年都在不斷改進，這反映了市場狀況和策略舉措。是的，顯然，從交易角度來看，我們對 TPVG 的市值表現感到失望，但這並不反映出我們的發起人、我們的平台、我們的發行規模和能力。

But we are very much focused on it, I think demonstrated by our sponsor, the things our sponsor has done, particularly with the share purchase program. But I think more importantly, to your point, Fin, I think, listen, we've been articulating -- it's a multifaceted playbook to get TPVG back to where it should be. It's a combination of, again, building this foundation, positioning for the long term. It's about strengthening the balance sheet and the activities that Mike has done. It's about what Jim and the team are doing about driving new investments in the portfolio scale and rotating into newer vintages.

但我們非常重視這一點，我認為我們的贊助商已經證明了這一點，他們所做的一切，特別是股份購買計劃。但我認為更重要的是，正如你所說，芬，我認為，聽著，我們一直在闡述——這是一個多方面的策略，要讓 TPVG 回到它應有的位置。這又是兩方面因素的結合，一方面是打好基礎，另一方面是為長遠發展做好準備。這關乎加強資產負債表以及麥克所做的各項措施。重點在於吉姆和他的團隊如何推動投資組合規模的新投資，以及如何輪調投資到更新的年份。

It's what our credit teams are working on and resolving credit situations. It's about improving fundamentally the percentage of income earning assets in the book. And I think shareholders will benefit from that over the long term.

這就是我們信貸團隊正在努力解決的問題。關鍵在於從根本上提高帳上創收資產的比例。我認為從長遠來看，股東們將從中受益。

And then I think the wildcard always is the warrant and equity portfolio. And again, Revolut continues to do amazing things. Fingers crossed, they continue to -- but we have others. We're not just one trick pony. And so I'd say it's a multifaceted strategy. It's a refined strategy, dealing with the realities of the market, market conditions, but also the advisers strategy, experience.

我認為最大的變數始終是認股權證和股票投資組合。Revolut 再次展現了其卓越的實力。但願如此——不過我們還有其他選擇。我們可不只一招鮮。所以我認為這是一項多方面的策略。這是一個精細化的策略，既要考慮市場的實際狀況和市場狀況，也要考慮顧問的策略和經驗。

Jim and I are now in our 26th year of working together, and we're working hard. So it's not a short fix. It's a long-term playbook, and we appreciate the support and patience from our investors along that journey.

吉姆和我已經一起工作了26年，我們一直都很努力。所以這不是一個短期解決方案。這是一項長期策略，我們感謝投資者一路以來的支持和耐心。

Brian McKenna, Citizens.

Brian McKenna，市民。

Okay. Great. So when you look across the portfolio today, do you think you've worked through most of the negative marks. I'm trying to think through the trajectory of NAV from here. It did increase modestly in 2025. So I'm wondering is this maybe a new trend and if we should expect this to persist moving forward?

好的。偉大的。所以，當你今天審視你的作品集時，你認為你已經克服了大部分的缺點嗎？我正在努力思考NAV接下來的發展軌跡。2025年略有成長。所以我想知道這是否是一種新的趨勢，以及我們是否應該預期這種情況會持續下去？

I would say that, again, you can never fully have the crystal ball on credit. We continue to work through the situations. There are known situations. I think we're pleased that credit has generally been stabilized over the course of 2025.

我想再次強調，你永遠不可能完全靠運氣獲得水晶球。我們仍在努力應對各種情況。有些情況是已知的。我認為我們很高興看到信貸在2025年總體上趨於穩定。

I think the biggest concern is market conditions, macroeconomic impact. And so I would say I'm hesitant to say we're out of the woods, but I would say we are proactive as it can be. We're resolving situations, and we're making progress, and we'll continue to do so.

我認為最大的擔憂是市場狀況和宏觀經濟影響。所以，我不敢說我們已經脫離險境，但我認為我們已經盡可能地積極主動了。我們正在解決問題，我們正在取得進展，我們將繼續這樣做。

All right. That's helpful. And then two questions for Mike. Repayments were clearly elevated in the quarter. You also disclosed that there's been $24 million of prepayments quarter to date. But any visibility for the rest of the quarter here in March?

好的。那很有幫助。然後我有兩個問題要問麥克。本季還款金額明顯上升。您還透露，本季迄今已收到 2,400 萬美元的預付款。但三月剩餘季度的前景如何？

And then my other question there, I mean why not start buying back more of the stock at 60% of book value and maybe do some of that, you use some of the incremental NII from waiving the incentive fees in 2026? Just curious on a couple of those as well.

那麼我的另一個問題是，為什麼不以帳面價值的 60% 回購更多股票，或許可以利用 2026 年免除激勵費用帶來的部分新增淨利息收入來做這件事呢？我也對其中幾個問題感到好奇。

Yeah. I'll take the remaining prepayment and the activity in the quarter. You're correct. We saw an elevated amount of prepayments in the fourth quarter. We saw some prepayments here early on.

是的。我將收取剩餘的預付款和本季的活動費用。你說得對。第四季我們看到預付款數量增加。我們很早就看到了一些預付款。

Currently, not a ton more visibility in prepayments for the remainder of the quarter, but it is something we're monitoring. But nothing material to note as far as the remainder of the quarter.

目前，本季剩餘時間的預付款尚不明朗，但我們正在密切關注。但就本季剩餘時間而言，沒有什麼實質的事情值得注意。

And Sajal, to add on the share repurchases. These are things we've done before. I can remember at least twice. And remain committed to creating the long-term shareholder value in the near term.

薩賈爾也參與了股票回購。這些都是我們以前做過的事。我至少記得兩次。並持續致力於在短期內創造長期股東價值。

The focus these days is, as Sajal mention on our investment earnings and enhancing the earnings power and growing the NAV, it's maintaining financial flexibility. But absolutely, with that said, management, the Board, we're going to continue to consider all these options, including buybacks to create value for our investors.

正如 Sajal 所提到的，我們目前的重點是投資收益、提高獲利能力和增加淨值，同時保持財務靈活性。但毫無疑問，管理層和董事會將繼續考慮所有這些選項，包括股票回購，以創造投資者的價值。

Crispin Love, Piper Sandler.

克里斯平·洛夫，派珀·桑德勒。

This is Ben Graham in for Crispin Love. Looking at your investment portfolio composition, roughly 27% is made up of software companies. So I'm just wondering if you could maybe drill a little deeper within the cohorts of software where you have exposure? And what areas in your portfolio you're most confident in? And then also, which areas you're more cautious on given these AI disruption themes?

本·格雷厄姆替補克里斯平·洛夫出賽。從您的投資組合組成來看，大約 27% 由軟體公司構成。所以我想知道，您能否對您接觸過的軟體群進行更深入的研究？在您的投資組合中，您對哪些領域最有信心？此外，考慮到人工智慧帶來的顛覆性影響，您在哪些領域會更加謹慎？

Yeah. On the software, the way we think of it is that literally last year, we -- TPVG added 28 portfolio companies and 14 of them were software, of which 9 were, what I call it, native AI. The other ones were all tech-enabled AI or absolutely leveraging AI tech-forward kind of plays.

是的。關於軟體，我們的想法是，去年我們－TPVG新增了28家投資組合公司，其中14家是軟體公司，而這14家又是我所謂的原生人工智慧公司。其他的都是技術賦能的人工智慧，或是完全利用人工智慧技術的前沿戰術。

There's only five companies, and these were all ones done pre-2024, it's about $85 million, $89 million or so of exposure. Those ones would be more your general software companies, except each of those in themselves are not the SaaS software kind of makeup type companies.

只有五家公司，而且這些都是在 2024 年之前完成的，風險敞口約為 8,500 萬美元到 8,900 萬美元左右。這些公司更像是普通的軟體公司，但它們本身並不是SaaS軟體類型的化妝品公司。

So the end of the day, in terms of software, the majority of the portfolio of TPVG is deals we've done in the last two years. And as I mentioned in the prepared remarks, the overwhelming majority all have or a part of, if not AI native, AI-enabled solutions.

所以歸根結底，就軟體而言，TPVG 的大部分投資組合都是我們在過去兩年內完成的交易。正如我在準備好的演講稿中提到的，絕大多數企業都擁有或部分擁有人工智慧解決方案，即使不是原生人工智慧解決方案，也是人工智慧賦能的解決方案。

Awesome. And then if I could ask one more. I was wondering if you could share your latest views on M&A and IPO activity expectations for 2026. And if these expectations have changed again given these market reactions to AI disruption impacts to public software as well as other sectors?

驚人的。如果可以的話，我還能再問一個問題嗎？我想請您分享您對2026年併購和IPO活動的最新預期。如果考慮到市場對人工智慧顛覆性影響（包括對公共軟體和其他行業的影響）的反應，這些預期是否再次發生了變化？

Yeah. I would definitely say, given the developments of the last week or so, obviously, there's a significant amount of volatility in the market. And so I would say any overall optimism we had about the IPO markets probably is delayed. I wouldn't say closed, but I'd say delayed.

是的。鑑於過去一周左右的事態發展，我肯定會說，顯然，市場波動性很大。因此，我認為我們之前對IPO市場的任何整體樂觀情緒可能都會有所延遲。我不會說已經關閉，但我會說已經延期。

With regards to IPO activity, as Jim mentioned in his prepared remarks, I mean, we have a number of portfolio companies that are preparing and hope to be part of the next class is IPO activity.

關於 IPO 活動，正如 Jim 在他準備好的演講中提到的，我的意思是，我們有很多投資組合公司正在準備並希望成為下一批 IPO 活動的一部分。

I think we are pleased, though, we are seeing M&A discussions pick up. Now it's to be determined valuations and multiples and seeing those transactions actually close. But as folks remember in prior years, we saw significant lack of M&A activity. And I think we're pleased to see that activity pick up and cautiously optimistic that in -- even if the IPO markets don't open up, that the M&A markets will continue to be opportunistic and open for those unique opportunities or compelling opportunities.

不過，我們感到欣慰的是，併購討論正在增加。現在需要確定估值和倍數，並觀察這些交易是否最終完成。但正如大家在前幾年所記得的那樣，我們看到併購活動嚴重不足。我認為我們很高興看到這一活動有所回升，並謹慎樂觀地認為，即使 IPO 市場不開放，併購市場仍將繼續抓住機會，為那些獨特的或引人注目的機會敞開大門。

Christopher Nolan, Ladenburg Thalmann.

克里斯多福諾蘭，拉登堡塔爾曼。

A recent discussion I had with indicated that some of the concern around software is not so much their near-term cash flow. It's the terminal value for these companies thinking that AI is just going to cut the legs out from under them over time.

我最近與人進行的一次討論表明，軟體產業的一些擔憂並不完全是其近期現金流問題。對於那些認為人工智慧會隨著時間的推移而逐漸摧毀它們的公司來說，這就是它們的最終價值所在。

If that's the case and given that you guys have a significant exposure to software, does this affect how you evaluate software companies? And if so, is there a risk of meaningful markdowns in your equity portfolio?

如果情況確實如此，考慮到你們對軟體產業有著相當深入的了解，這是否會影響你們對軟體公司的評價？如果真是如此，你的股票投資組合是否有大幅下跌的風險？

Yeah. Chris, let me pass through that in a couple of nuances. So I'd say as Jim first talked about, the majority of our, quote-unquote, software companies. They're the class of '24, the class of '25, and the majority of them are AI-enabled. So we -- there is no -- the codes we use don't have the AI categories yet. So we define those as fundamentally AI or AI-enabled companies.

是的。克里斯，讓我從幾個細節解釋一下。所以我想說，正如吉姆最初所說的那樣，我們大多數所謂的軟體公司。他們是 2024 屆、2025 屆的學生，而且他們中的大多數都掌握了人工智慧技術。所以，我們使用的程式碼目前還沒有人工智慧類別。因此，我們將這些公司定義為本質上屬於人工智慧或具備人工智慧能力的公司。

As we look to more fundamentally to the other companies that are not in those vintages, as Jim was saying, they're so entrenched with their customers that the ability for a company to replace them is particularly challenging, which makes them incumbent, which -- again, I think it's important because now let's add the part of the venture lending aspect, so three-year loans.

當我們更根本地審視其他不屬於這些時代的公司時，正如吉姆所說，它們與客戶的關係非常牢固，以至於一家公司想要取代它們尤其具有挑戰性，這使得它們成為行業巨頭，而——我認為這一點很重要，因為現在讓我們加上風險貸款方面的內容，也就是三年期貸款。

So this is where -- cash paying loans. And so this is where we add in the fact the uniqueness of our business that these are short-term financings that these are transactions that are not -- our exit is not predicated on a sponsor selling the company or the company getting acquired. It's fundamentally on companies either ability to raise another round of financing or cash flow from the business to service our debt. So that's what gives us comfort. So fundamentally, that's the benefit of venture lending to software companies or SaaS companies or AI companies versus more traditional middle market lending.

所以，這就是現金貸款的由來。因此，我們在此補充一點，我們業務的獨特之處在於，這些都是短期融資，這些交易並非——我們的退出並非取決於發起人出售公司或公司被收購。從根本上說，這取決於公司能否籌集新一輪融資，或能否透過業務產生的現金流來償還債務。這就是讓我們感到安慰的原因。因此，從根本上講，這就是風險貸款對軟體公司、SaaS 公司或人工智慧公司相對於更傳統的中端市場貸款的優勢所在。

Are you guys think in general that AI is a real product now? Or is it something in the product pipeline of these companies that's going to hit?

你們覺得人工智慧現在整體上算是一款真正的產品嗎？或者說，是這些公司正在研發的產品線中即將推出的某款爆款產品？

No. It's a real product. It's all [debunked].

不。這是真實存在的產品。這一切都是【已闢謠】

Yeah. I would say it's not a sector. It's absolutely horizontal across everything. The way I think of it is everything these days is AI topia, AI euphoria. And to your question, we're not looking and really don't look at software-only plays, on-prem software, anything like that. It's all AI-enabled software across the board.

是的。我認為它不是一個行業。它在所有地方都是完全水平的。在我看來，如今的一切都成了人工智慧烏托邦，人工智慧狂熱。至於你的問題，我們不關注，也真的不關注純軟體方案、本地部署軟體之類的東西。所有軟體都全面採用了人工智慧技術。

Great. And I guess a final question on this, as you guys see a lot of AI out there, is there any way that this could come into your own operations to start improving your operating leverage on your earnings?

偉大的。我想就此問最後一個問題，鑑於你們現在看到很多人工智慧應用，有沒有辦法將人工智慧應用到你們自己的營運中，從而提高你們的營運槓桿和盈利能力？

Well, we're already using AI actively software, including some of our portfolio companies, AI in our due diligence processes and other aspects and parts of our business. So that's absolutely something. And we're actually using it as well when we're looking at AI opportunities themselves and actually have some AI software companies, which actually their business is evaluating other AI companies identity and other issues.

我們已經在積極使用人工智慧軟體，包括我們的一些投資組合公司、盡職調查流程以及我們業務的其他方面和部分。那絕對是件了不起的事。實際上，我們在研究人工智慧機會時也會用到它，我們有一些人工智慧軟體公司，它們的業務就是評估其他人工智慧公司的身份和其他問題。

But Mike, I don't know if you want to add.

但是麥克，我不知道你是否想補充。

Yeah. I was going to add just from an operations back of the house, middle of the house standpoint, we've been starting to deploy AI in the back half of 2025 and going to continue that in 2026, rolling it out to all associates and really asking them to -- rather than us tell them how to use the AI, look for them to find ways to make their more efficient -- their jobs more efficient. We're definitely seeing some efficient already, and I expect to see that more in 2026 and 2027 for sure.

是的。我本來想補充一點，從營運後台和中台的角度來看，我們已經在 2025 年下半年開始部署人工智慧，並將在 2026 年繼續推進，將其推廣到所有員工，並真正要求他們——而不是我們告訴他們如何使用人工智慧，而是讓他們找到提高工作效率的方法。我們已經看到一些高效的措施，而且我預計在 2026 年和 2027 年肯定會看到更多。

Okay. Is it something to quantify as you go along, like provide some guidance? It would be helpful if we can get this efficiency ratio improved.

好的。是否需要邊做邊量化，例如提供一些指導？如果能提高這個效率比率，將會很有幫助。

From my standpoint, it would be a headcount standpoint as far as whether it's the accounting and finance division or the operations division. So I'm not sure that's something we would be disclosing to you all as far as our headcount within the back of the office, but something we can talk about further.

從我的角度來看，這取決於人員編制，是會計和財務部門還是營運部門。所以，我不確定我們是否會向大家透露我們辦公室後勤部門的人員數量，但這是我們可以進一步討論的議題。

Finian O'Shea, Wells Fargo.

Finian O'Shea，富國銀行。

Just seeing if you could tell us the OID on the post-quarter bonds.

請問您能否告知我們季度後債券的原始發行價（OID）？

0% Yeah. When you say OID, are you talking about the discount? (multiple speakers)

0% 是的。您說的 OID 是指折扣嗎？（多位發言者）

It's 7.5% That's right. Yeah. We did not issue it at a premium or a discount. Sorry, I didn't quite understand the question. But yeah, the $75 million was issued and proceeds were at face value.

沒錯，是7.5%。是的。我們沒有以溢價或折扣價發行。抱歉，我沒完全理解你的問題。沒錯，這7500萬美元債券已經發行，所得款項以面額支付。

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

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

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 very next quarter. Thanks again, and have a nice day.

和往常一樣，感謝大家收聽和參與今天的電話會議。我們期待在下個季度再次與大家進行更新和交流。再次感謝，祝您愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。