Triplepoint Venture Growth BDC Corp (TPVG) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corporation first-quarter 2026 earnings conference call. (Operator Instructions) This conference is being recorded, and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website.

各位女士、先生，下午好。歡迎參加 TriplePoint Venture Growth BDC Corporation 2026 年第一季財報電話會議。（接線員指示）本次會議將被錄音，通話重播將以音訊網路直播形式於 TriplePoint Venture Growth 網站提供。

Company management is pleased to share with you the company's results for the first quarter of 2026. 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.

公司管理團隊很高興與各位分享公司 2026 年第一季的業績表現。今天代表公司出席的有：執行長暨董事會主席 Jim Labe；總裁暨投資長 Sajal Srivastava；以及財務長 Mike Wilhelms。

Before I turn the call over to Mr. Labe, I'd like to direct your attention to the customary Safe Harbor disclosure in the company's press release regarding forward-looking statements and remind you that during this call, management will make certain statements that relate to future events or the company's future performance or financial condition, which are considered forward-looking statements under federal securities law. 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.

在我把電話交給 Labe 先生之前，我想請各位留意公司新聞稿中關於前瞻性陳述的慣例性「安全港」揭露，並提醒各位，在本次電話會議中，管理層將發表若干與未來事件或公司未來表現或財務狀況相關的陳述；依聯邦證券法，這些均屬前瞻性陳述。請各位參閱公司最近向美國證券交易委員會（SEC）提交的文件，其中載有可能導致實際結果與上述陳述存在重大差異的重要因素。

The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call, which reflect management's opinions only as of today. To obtain copies of our latest SEC filings, please visit the company's website at www.tpvg.com.

除非法律要求，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，不要過度依賴本次電話會議中所作的任何前瞻性陳述；該等陳述僅反映管理層截至今日的觀點。若要取得我們最新的 SEC 申報文件副本，請造訪公司網站：www.tpvg.com。

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

現在我想把會議交給 Labe 先生。請開始。

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

謝謝接線員。各位下午好，歡迎參加 TPVG 第一季財報電話會議。

During the first quarter, we continued to take steps to position TPVG to strengthen its portfolio while maintaining our long-term emphasis on increasing its durability, income-generating assets and NAV to create enduring shareholder value. We also remain focused on portfolio diversification into high-quality venture growth stage companies in AI and other attractive investment sectors.

在第一季期間，我們持續採取措施，使 TPVG 得以在強化投資組合的同時，維持我們長期以來的重點：提升其韌性、創造收益的資產以及每股淨資產價值（NAV），以創造長期且持續的股東價值。我們也持續聚焦於將投資組合多元化，布局於 AI 及其他具吸引力投資領域的高品質創投成長期公司。

Touching on some highlights in the first quarter. We generated NII of $0.23 per share, covering our dividend and funded more than $26 million in debt investments within our guided range. For the quarter, our weighted average annualized portfolio yield increased to 13.5% compared to 12.7% in the previous quarter.

談到第一季的一些重點：我們每股創造淨投資收益（NII）0.23 美元，足以覆蓋股利，並在我們指引範圍內完成超過 2,600 萬美元的債務投資撥款。本季我們投資組合加權平均年化收益率提升至 13.5%，相較前一季的 12.7% 上升。

During the quarter, we lowered our gross leverage ratio and reduced our outstanding unfunded commitment obligations by 20% to $207 million. Meanwhile, our pipeline of venture growth stage companies at the TriplePoint Capital platform level remains strong and bodes well for TPVG to capitalize on attractive lending opportunities over the long term. We also took additional steps to strengthen our financial flexibility during the quarter, and Mike will provide more details in his remarks.

本季我們降低了總槓桿比率，並將未動用的承諾義務餘額降低 20% 至 2.07 億美元。同時，在 TriplePoint Capital 平台層級，我們的創投成長期公司案源管線仍然強勁，這有利於 TPVG 長期把握具吸引力的放款機會。我們也在本季採取了額外措施以強化財務彈性，Mike 將在他的發言中提供更多細節。

The overall venture capital markets continue to strengthen. In fact, PitchBook labeled the first quarter's VC market as one for the record books. According to PitchBook, venture capital deal value increased to $267 billion, with the quarter already exceeding every full-year total, except for 2021 and 2025.

整體創投市場持續走強。事實上，PitchBook 將第一季的創投市場形容為「可載入史冊」。根據 PitchBook，創投交易金額增至 2,670 億美元，且本季金額已超越除 2021 年與 2025 年以外的所有全年總額。

No surprise, but AI continued to dominate market activity, representing 89% of the first-quarter deal value and 43% of the total deal count, both record highs. AI companies now represent roughly 45% of all US market value and companies within the sector are completing new funding rounds at materially higher valuations, larger step-ups and a faster cadence than non-AI peers. We expect this will continue to fuel the strong demand for venture lending and also be a benefit to our existing warrant and equity investment portfolio.

不令人意外，AI 持續主導市場活動，第一季交易金額中 AI 佔 89%，交易筆數佔 43%，兩者皆創新高。AI 公司目前約佔美國市場總市值的 45%，且該領域公司完成新一輪募資時的估值顯著更高、估值跳升幅度更大、節奏也比非 AI 同業更快。我們預期這將持續推動創投貸款的強勁需求，並對我們既有的認股權證與股權投資組合帶來助益。

Turning to the portfolio strategy. There's been no change, and we continue our ongoing path of investment sector rotation and portfolio diversification across AI and other attractive sectors such as verticalized software, fintech, aerospace and defense, robotics, cybersecurity and health tech, among others.

接著談投資組合策略。我們的策略沒有改變，並持續推進投資產業輪動與投資組合多元化，布局於 AI 及其他具吸引力的領域，例如垂直化軟體、金融科技、航太與國防、機器人、資安與健康科技等。

Our focus remains on borrowers in high potential durable sectors, including those leveraging AI to drive product differentiation, market disruption and efficiency. Our priority remains on backing category-defining companies at the forefront of applied AI infrastructure and deployment. Specifically, we're proud to support AI innovators and note that several of our AI and AI adjacent portfolio companies experienced value appreciation in the quarter.

我們仍聚焦於具高成長潛力且具韌性的產業借款人，包括那些運用 AI 推動產品差異化、顛覆市場並提升效率的公司。我們的首要任務仍是支持在應用型 AI 基礎設施與部署前沿、具品類定義能力的公司。我們特別以支持 AI 創新者為榮，並指出本季我們多家 AI 及 AI 相關投資組合公司出現價值上升。

This includes companies such as Edge AI, Standard Bots, Valar Atomics, and Eridu, all of which raised new equity financing rounds at upticks in their valuations. In fact, in total, during the quarter, eight active TPVG debt portfolio companies raised approximately $1.2 billion of equity, a meaningful increase from the fourth quarter when two companies raised a total of $71 million.

其中包括 Edge AI、Standard Bots、Valar Atomics 與 Eridu 等公司，皆以估值上調完成新一輪股權融資。事實上，本季共有 8 家仍在存續的 TPVG 債務投資組合公司合計募集約 12 億美元股權資金，較第四季僅 2 家公司合計募集 7,100 萬美元有顯著增加。

Touching on the role of software companies in the AI era, we want to reiterate our view on software and implications to our portfolio. Our investment posture has consistently been to finance the disruptors, not the disruptive. The companies we finance are not the legacy incumbents whose business models are threatened by AI. Our investments are in the nimble, AI native and AI-enabled companies. We continue to believe AI will be a net tailwind to our software portfolio rather than a headwind or an existential threat.

談到 AI 時代軟體公司的角色，我們想重申我們對軟體及其對投資組合影響的看法。我們一貫的投資立場是為顛覆者提供融資，而不是為被顛覆者提供融資。我們所融資的公司並非那些商業模式受到 AI 威脅的傳統既有業者；我們投資的是靈活、AI 原生與 AI 賦能的公司。我們仍相信，AI 對我們的軟體投資組合而言將是淨利多，而非逆風或生存性威脅。

We're also encouraged by signs of increased growth-oriented activity to venture-backed companies, including strategic M&A activity, particularly in the AI infrastructure. In fact, one of our AI debt investments from last year, Observe AI, was acquired by Snowflake for $650 million during the quarter.

我們也因看到對創投支持企業的成長導向活動增加而受到鼓舞，包括策略性併購（M&A）活動，尤其是在 AI 基礎設施領域。事實上，我們去年其中一筆 AI 債務投資 Observe AI，本季以 6.5 億美元被 Snowflake 收購。

The transaction happened quickly and yielded an attractive return on our investment, plus the equity investment we held in Observe was exchanged for publicly traded shares in Snowflake, which is included in our portfolio as of quarter end. As a reminder, we have a sizable equity investment and warrant portfolio with warrant positions in 117 portfolio companies and equity investments in 60.

該交易進展迅速，為我們的投資帶來具吸引力的報酬；此外，我們持有的 Observe 股權投資也被換成 Snowflake 的公開交易股票，並已於季末納入我們的投資組合。提醒各位，我們擁有規模可觀的股權投資與認股權證投資組合：在 117 家投資組合公司持有認股權證部位，並在 60 家公司持有股權投資。

And as we've also previously noted, we hold warrant and/or equity positions in a number of companies that have appeared in industry publications on their notable top IPO candidates list, including Cohesity, ZEVS, Revolut, Dialpad, Filevine and others. We believe these holdings have the potential to be meaningful contributors to our returns in the future, assuming exit activity continues to increase.

此外，如我們先前所提及，我們在多家公司持有認股權證及／或股權部位，這些公司曾出現在產業刊物所列的「值得關注的頂尖 IPO 候選名單」中，包括 Cohesity、ZEVS、Revolut、Dialpad、Filevine 等。我們相信，若退出（exit）活動持續增加，這些持有部位未來有潛力成為我們報酬的重要貢獻來源。

TPVG also continues to have the strong support of our platform sponsor, TriplePoint Capital, a leader in the venture lending market with a highly regarded brand name and direct origination capabilities. In fact, our sponsor continued to execute on its discretionary share purchase program of TPVG stock during the quarter.

TPVG 也持續獲得我們平台贊助方 TriplePoint Capital 的強力支持；該公司是創投放款市場的領導者，擁有備受推崇的品牌與直接案源開發能力。事實上，我們的贊助方在本季持續執行其酌情購買 TPVG 股票的計畫。

And as a further sign of TPC's commitment to TPVG, TPC is also the company's top shareholder, presently holding nearly 5% of the company's stock outstanding. Additionally, as we previously announced, the adviser waived its full quarterly income incentive fee for each quarter in 2026.

作為 TPC 對 TPVG 承諾的進一步展現，TPC 亦為公司最大股東，目前持有公司流通在外股票近 5%。此外，如我們先前宣布，顧問已就 2026 年每一季全額免收季度收入激勵費。

Further demonstrating the company's commitment to implementing shareholder-friendly measures, the Board of TPVG has authorized a discretionary 12-month share buyback program of up to $12.5 million. This is our third stock buyback program based on economic and market conditions over the last 10 years.

為進一步展現公司推動有利股東措施的承諾，TPVG 董事會已核准一項為期 12 個月、金額最高 1,250 萬美元的酌情庫藏股回購計畫。這是我們在過去 10 年中，基於經濟與市場狀況所推出的第三項股票回購計畫。

We recognize there is meaningful work ahead to further strengthen the portfolio. We remain diligent on that effort and aiming to capture the powerful AI tailwinds in favorable market conditions. As we look ahead, focus remains on disciplined underwriting, maintaining a prudent balance sheet, further diversifying our portfolio and continuing to rotate the book out of the legacy 2020 through 2022 vintage consumer sectors.

我們認知到，未來仍有大量工作要做，以進一步強化投資組合。我們將持續審慎推進該項工作，並在有利的市場環境下把握強勁的 AI 順風。展望未來，我們仍將聚焦於嚴謹的授信審查、維持審慎的資產負債表、進一步分散投資組合，並持續將投資組合自 2020 至 2022 年舊批次（vintage）的消費類產業部位輪出。

At the end of the day, our short-term plan is grounded in steady execution quarter over quarter and step-by-step to increase our income-generating assets, earnings power and NAV to create enduring shareholder value over the long term.

歸根結底，我們的短期計畫建立在逐季穩健執行、一步一腳印提升創造收益的資產、獲利能力與每股淨資產價值（NAV），以在長期創造持久的股東價值。

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

接下來，我把電話交給 Sajal。

Thank you, Jim, and good afternoon. Q1 was another quarter of disciplined execution and progress as we continue to build a strong foundation and position TPVG for the long term. Beginning with investment activity, TriplePoint Capital signed $256 million of term sheets with venture growth stage companies during Q4, up from $207 million of signed term sheets during Q4 2025.

謝謝你，Jim，各位下午好。第一季是我們持續建立穩固基礎並為 TPVG 長期定位的又一個嚴謹執行與進展的季度。先從投資活動談起：TriplePoint Capital 在第一季與創投成長期公司簽署了 2.56 億美元的條款書（term sheets），高於 2025 年第四季簽署的 2.07 億美元條款書。

With regards to new investment allocation to TPVG during the first quarter, given the refinancing of our $200 million term debt tranche, where we elected to reduce our outstanding term debt and lean into our revolver as well as the current level of unfunded commitments, our adviser allocated $1 million in new commitments with 2 companies to TPVG as compared to $90 million of new commitments to 12 companies in Q4. We expect to increase our allocation of new commitments as unfunded commitments expire and as we receive prepayments and repayment over the rest of the year.

關於第一季分配給 TPVG 的新投資配置，鑑於我們對 2 億美元定期債務分段（term debt tranche）進行再融資時，選擇降低未償定期債務並更多使用循環信貸（revolver），以及目前未動用承諾的水位，我們的顧問在第一季僅為 TPVG 分配與 2 家公司合計 100 萬美元的新承諾，相較第四季為 12 家公司分配 9,000 萬美元的新承諾。我們預期，隨著未動用承諾到期，以及在今年其餘時間收到提前還款與償還款項，我們將提高新承諾的分配。

During the quarter, our fundings of $26.5 million to 7 companies were within our guided range of $25 million to $50 million for quarterly fundings. These funded investments carried a weighted average annualized portfolio yield of 12.9%. This compares to $92.8 million of fundings to 16 companies in Q4 with an average annualized portfolio yield of 12%. The higher onboarding yields this quarter reflects asset mix as we funded fewer revolving and ABL loans and more term loans during the quarter in addition to slightly higher OID.

本季期間，我們對 7 家公司的撥款總額為 2,650 萬美元，落在我們所指引的單季撥款 2,500 萬至 5,000 萬美元區間內。這些已撥款投資的加權平均年化投資組合收益率為 12.9%。相較之下，第四季對 16 家公司的撥款為 9,280 萬美元，平均年化投資組合收益率為 12%。本季較高的承作收益率反映了資產組合變化：本季我們撥款的循環額度與 ABL（資產基礎借款）貸款較少、定期貸款較多，此外 OID（原始發行折價）亦略高。

During Q1, we had $23.6 million in loan prepays, resulting in an overall weighted average portfolio yield of 13.5%. And excluding prepays, our core portfolio yield was 12.6%. This compares to $44 million of loan prepays and overall weighted average portfolio of 12.7% with prepays and 12.1% without prepays in Q4.

第一季期間，我們有 2,360 萬美元的貸款提前清償，使整體加權平均投資組合收益率達 13.5%。若排除提前清償，我們核心投資組合收益率為 12.6%。相較之下，第四季貸款提前清償為 4,400 萬美元；包含提前清償的整體加權平均投資組合收益率為 12.7%，不含提前清償則為 12.1%。

During the first quarter, our investment portfolio remained relatively flat as new fundings were offset by prepayment, repayments and amortization within the portfolio. Our 55 obligor count remained consistent with Q4 as well. As mentioned last quarter, although we continue to see robust demand for debt financing from venture growth stage companies as demonstrated by our $103 million of new term sheets and $26 million of funding so far in Q2, our quarterly target for new fundings continues to be in the $25 million to $50 million range for 2026.

第一季期間，我們的投資組合整體維持相對持平，因新增撥款被投資組合內的提前清償、償還與攤銷所抵銷。我們的 55 位債務人數量也與第四季一致。如同上季所提，儘管我們持續看到創投成長期公司對債務融資的強勁需求（第二季迄今我們已新增 1.03 億美元的新 term sheet 與 2,600 萬美元的撥款），但我們 2026 年單季新增撥款目標仍維持在 2,500 萬至 5,000 萬美元區間。

With regards to credit activity during the first quarter, Flink was upgraded from Yellow 3 to White 2 as a result of closing a strategic equity round and continued performance. Three consumer-related portfolio companies were downgraded during the quarter as a result of subsector headwinds and slower revenue or EBITDA growth, among other factors.

就第一季的信用活動而言，Flink 因完成策略性股權募資並持續展現營運表現，信用等級由 Yellow 3 上調至 White 2。另有三家與消費者相關的投資組合公司，因次產業逆風、營收或 EBITDA 成長較慢等因素，在本季遭到下調。

The first being Forum Brands, also known as Lyra Collective, which originally started out as a platform to acquire online e-commerce sellers and over the years has positioned and focused itself as a consumer product company -- sorry, consumer packaged goods company with brands in the personal care and family categories. Despite sector challenges and volatility from tariffs, Forum is starting to show growth year over year and continues to be EBITDA positive, both at its brand level and on a consolidated basis.

第一家是 Forum Brands（亦稱 Lyra Collective）。該公司最初是一個收購線上電商賣家的平台，經多年發展後，已定位並聚焦為一家消費性產品公司——抱歉，為一家消費性包裝商品（CPG）公司，旗下品牌涵蓋個人護理與家庭類別。儘管面臨產業挑戰與關稅帶來的波動，Forum 已開始呈現年對年成長，且在品牌層級與合併層級皆持續維持 EBITDA 為正。

Outfittery, which is a German custom fashion subscription service for men and women, in 2025, merged with its direct competitor in Spain, Lookiero, and continues to make progress in realizing synergies of its merger despite slower-than-expected growth and has near-term line of sight to meaningful EBITDA here in 2026.

Outfittery 是一家德國的男女訂製時尚訂閱服務公司，於 2025 年與其在西班牙的直接競爭對手 Lookiero 合併。儘管成長低於預期，該公司在實現合併綜效方面仍持續取得進展，並且在 2026 年短期內可望看到具意義的 EBITDA。

Finally, Hydrow, a fitness-focused hardware and subscription company, has been experiencing industry-wide demand challenges. However, the company continues to make significant progress improving margins, cutting costs and growing EBITDA.

最後是 Hydrow，一家以健身為核心的硬體與訂閱服務公司，正面臨全產業需求挑戰。然而，公司仍在改善毛利、削減成本與提升 EBITDA 方面取得顯著進展。

As Jim mentioned, during the quarter, one portfolio company, Observe, was acquired by Snowflake. In connection with the acquisition, the company prepaid its $16 million outstanding loan, and we received shares of Snowflake. This is a promising development, especially considering we funded our loan to Observe in Q4 2025 and bodes well for additional exit activity we anticipate over the course of 2026.

如 Jim 所提，本季有一家投資組合公司 Observe 被 Snowflake 收購。配合該收購案，公司提前清償其 1,600 萬美元未償貸款，而我們也收到 Snowflake 的股票。這是一項令人振奮的進展，特別是考量到我們是在 2025 年第四季才對 Observe 撥款，這也為我們預期 2026 年將出現更多退出活動帶來正面訊號。

As of year-end, we held warrants in 117 companies and equity investments in 60 companies with a total fair value of $144 million, up $6 million from $138 million of fair value in Q4 with the primary driver being Revolut, which continues to perform exceptionally well with recent media reports mentioning the company is targeting an IPO with $150 million to $200 million valuation target.

截至年末，我們在 117 家公司持有認股權證，並在 60 家公司持有股權投資，合計公允價值為 1.44 億美元，較第四季的 1.38 億美元增加 600 萬美元；主要驅動因素為 Revolut，其近期表現持續極為出色，且近期媒體報導提到該公司正以 1,500 億至 2,000 億美元的估值目標規劃 IPO。

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, increasing the earnings power of our business and growing net asset value and shareholder value over the long term.

我們的行動方針仍聚焦於為 TPVG 建立穩固基礎並進行長期定位：強化資產負債表、推動投資組合規模與品質、將投資組合輪動至較新的承作年度（vintages）、提升業務獲利能力，並在長期內成長每股淨資產價值與股東價值。

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

接下來，我將把電話會議交給 Mike。

Thank you, Sajal, and good afternoon, everyone. Total investment and other income for the first quarter was $22.8 million. Our weighted average annualized portfolio yield on debt investments was 13.5% compared to 12.7% in the prior quarter. The increase in yield reflects amendments on certain investments and accelerated income from prepayment activity, partially offset by lower base rates.

謝謝你，Sajal，各位下午好。第一季總投資及其他收入為 2,280 萬美元。我們債務投資的加權平均年化投資組合收益率為 13.5%，相較前一季為 12.7%。收益率上升反映了部分投資的修訂（amendments）以及因提前清償活動帶來的加速認列收入，但部分被較低的基準利率所抵銷。

Approximately two-thirds of our debt portfolio remains floating rate and 79% of those loans are now at their prime rate floors. 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 borrowings under the revolving credit facility.

我們的債務投資組合約三分之二仍為浮動利率，其中 79% 的貸款目前已達其最優惠利率（prime rate）下限（floors）。因此，我們預期若未來利率再度下調，對我們淨投資收益的影響將相對有限，特別是因為較低的基準利率也會降低我們在循環信用額度下浮動利率借款的利息費用。

Net investment income for the quarter was $9.1 million or $0.23 per share compared to $9.9 million or $0.25 per share in the prior quarter. Net investment income for the quarter fully covered our $0.23 per share dividend.

本季淨投資收益為 910 萬美元（每股 0.23 美元），相較前一季為 990 萬美元（每股 0.25 美元）。本季淨投資收益已完全覆蓋我們每股 0.23 美元的股利。

Net asset value as of March 31, 2026, was $8.65 per share compared to $8.73 per share at December 31, 2025. As Sajal discussed in detail, we saw some migration within the portfolio, which contributed to a net unrealized loss of $7 million on active debt investments. An additional $2 million of unrealized losses were driven by foreign currency adjustments and reversals of previously recorded unrealized gains on investments realized during the period. These unrealized losses were partially offset by $6.3 million of net unrealized gains on the warrant and equity portfolio, most notably from the Revolut fair value increase this quarter.

截至 2026 年 3 月 31 日，每股淨資產價值為 8.65 美元，較 2025 年 12 月 31 日的每股 8.73 美元下降。如 Sajal 已詳細說明，我們看到投資組合內部出現一些遷移（migration），導致在存續中的債務投資上產生 700 萬美元的未實現淨損失。另有 200 萬美元的未實現損失來自外幣調整，以及對本期已實現投資先前所記錄未實現收益的回轉。上述未實現損失部分被認股權證與股權投資組合的 630 萬美元未實現淨收益所抵銷，其中最顯著的是本季 Revolut 公允價值上升所帶來的貢獻。

Total operating expenses for the quarter were $13.2 million, net of income incentive fee waivers compared to $12.2 million in the prior quarter. The increase in operating expenses quarter over quarter was primarily driven by higher interest rate expense following the March refinancing associated with the increased utilization of the revolving credit facility and higher coupon on the recently issued $75 million notes, partially offset by lower general and administrative expenses.

本季總營運費用為 1,320 萬美元（已扣除收入型績效費用減免），相較前一季為 1,220 萬美元。營運費用季對季增加，主要因 3 月再融資後利息費用上升（與循環信用額度使用率提高，以及近期發行 7,500 萬美元票據的較高票息相關），部分被較低的一般及行政費用所抵銷。

During the quarter, $1.8 million of income incentive fees were earned but fully waived by the adviser. As a reminder, the adviser's waiver of the quarterly income incentive fee remains in place through the end of fiscal year 2026.

本季賺得 180 萬美元的收入型績效費用，但已由投資顧問全數豁免。提醒各位，投資顧問對季度收入型績效費用的豁免將持續至 2026 會計年度結束。

Turning to portfolio activity. We maintained a disciplined approach to new originations and fundings during the quarter. We funded $27 million of new debt investments and received $25 million of repayments during the quarter. Consistent with our focus on reducing unfunded commitments, new originations to TPVG were limited to $1 million for the quarter.

接著談投資組合活動。我們在本季對新案源與撥款維持嚴謹紀律的作法。本季我們撥款 2,700 萬美元的新債務投資，並收到 2,500 萬美元的償還。與我們降低未撥款承諾的重點一致，本季對 TPVG 的新承作（new originations）僅為 100 萬美元。

As of March 31, 2026, we had total liquidity of $112 million, including $9 million of cash and $103 million of availability under our revolving credit facility. As mentioned in our prior-quarter call, we utilized our revolving credit facility and cash on hand to help address the March 2026 unsecured note maturity and reposition our capital structure. Our fixed rate debt is now 56% compared to 80% at year-end.

截至 2026 年 3 月 31 日，我們的總流動性為 1.12 億美元，其中包含 900 萬美元現金，以及循環信用額度下 1.03 億美元的可用額度。如同我們在上一季電話會議所提，我們運用循環信用額度與手上現金，以協助因應 2026 年 3 月到期的無擔保票據並重新調整資本結構。我們的固定利率負債占比目前為 56%，相較年末為 80%。

We remain within our target leverage range and ended the quarter with a gross leverage ratio of 1.27 times, down from 1.33 times in the prior quarter and a net leverage ratio of 1.25 times compared to 1.20 times in the prior quarter. We had $207 million of unfunded commitments at the end of the quarter, down from $260 million at year-end. Of these commitments, approximately $51 million are milestone-based and contingent upon borrowers achieving specified performance targets. The remaining commitments continue to be well laddered over the next several years with approximately $97 million in the nine months remaining in 2026, $83 million in 2027 and $27 million in 2028.

我們仍維持在目標槓桿區間內，本季末總槓桿比率為 1.27 倍，低於前一季的 1.33 倍；淨槓桿比率為 1.25 倍，相較前一季為 1.20 倍。季末我們的未撥款承諾為 2.07 億美元，較年末的 2.60 億美元下降。其中約 5,100 萬美元為里程碑制，須視借款人達成特定績效目標而定。其餘承諾在未來數年仍呈良好階梯式分布：2026 年剩餘九個月約 9,700 萬美元、2027 年 8,300 萬美元、2028 年 2,700 萬美元。

With the March 2026 debt maturity fully addressed, our capital management strategy remains focused on financial flexibility while optimizing our overall fixed to floating debt mix and managing our forward maturity profile. While certain maturities are more concentrated in 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.

隨著 2026 年 3 月到期債務已完全處理完畢，我們的資本管理策略仍聚焦於維持財務彈性，同時優化整體固定與浮動負債的配置，並管理未來到期結構。儘管因近期再融資活動使部分到期日較集中於 2028 年，我們正積極管理該到期結構，並預期將在各到期日前相當早的時間，視機會適時處理。

We were pleased that in early April, DBRS reaffirmed our investment-grade credit rating at BBB low with a stable outlook, reflecting the strength of our platform and our continued focus on maintaining a prudent balance sheet.

我們很高興在四月初，DBRS 重申我們的投資級信用評等為 BBB（低），展望穩定，反映出我們平台的實力，以及我們持續專注於維持審慎的資產負債表。

As mentioned by Jim, subsequent to quarter end, our Board authorized a 12-month stock buyback program to repurchase up to an aggregate of $12.5 million of its common stock in the open market at prices below net asset value per share in accordance with Rule 10b-18 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any share repurchases will be determined by the company based upon evaluation of economic and market conditions and other factors. We believe the program reinforces our focus on enhancing shareholder value.

如 Jim 所提及，於季度結束後，我們董事會核准一項為期 12 個月的庫藏股回購計畫，將依據《1934 年證券交易法》Rule 10b-18，在公開市場以低於每股淨資產價值的價格回購本公司普通股，回購總金額最高可達 1,250 萬美元。任何股份回購的時點、方式、價格與數量，將由公司依據對經濟與市場狀況及其他因素的評估而決定。我們相信該計畫強化了我們提升股東價值的專注。

In summary, we maintained a disciplined and selective approach during the quarter, actively managing the portfolio while maintaining dividend coverage and addressing our near-term liabilities. We remain focused on strengthening the portfolio and preserving balance sheet flexibility.

總結而言，我們在本季度維持紀律且審慎挑選的策略，積極管理投資組合，同時維持股利覆蓋並處理近期負債。我們仍專注於強化投資組合並保留資產負債表的彈性。

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

以上為我們事先準備的發言。接線員，請開放提問。

(Operator Instructions) Crispin Love, Piper Sandler.

（接線員指示）Crispin Love，Piper Sandler。

This is Ben Graham on for Crispin Love. I'm just wondering if you could talk about where you're most interested in putting incremental capital today, at least broadly, what areas of technology you're most focused on?

我是代替 Crispin Love 的 Ben Graham。我想請教，您能否談談目前最有興趣投入增量資本的方向，至少就大方向而言，您最聚焦於哪些科技領域？

And then on software specifically, there's obviously been a lot of noise and moves in the public markets. And I'm just wondering if software is an area where you see opportunities for debt investments? Or are you more likely to stay away from it in the near term?

另外就軟體而言，公開市場顯然有很多雜音與變動。我想請問，軟體是否是您看到債務投資機會的領域？還是您在短期內更可能避開？

Yeah. I think -- this is Jim speaking. I think our future continues to be more in AI investing that is being done by the majority of the venture capital funds that we're working with and these are not legacy software, historic enterprise software kind of investments. At the forefront of venture lending, this is the category that we're most interested in.

是的。我想——我是 Jim。我認為我們未來仍會更偏向 AI 投資，這也是我們合作的大多數創投基金正在進行的方向；而這些並非傳統的軟體、歷史上的企業軟體類型投資。在創投放貸的最前線，這是我們最感興趣的類別。

But also, AI is a broad term. Obviously, some of the things I mentioned, cybersecurity, robotics, aerospace and defense and the other verticalized software areas are the ones that remain a strong part of our existing pipeline and future deals under evaluation.

不過，AI 是一個廣泛的概念。顯然，我剛才提到的一些領域——資安、機器人、航太與國防，以及其他垂直化軟體領域——仍是我們現有案源管線與未來評估交易的重要組成。

Awesome. And then if you could also maybe just share your latest views on your expectations for M&A and IPO activity for the year. And speaking of this AI disruption, if that has sort of shifted your expectations given the market's reaction there?

很好。另外，您是否也能分享一下您對今年併購（M&A）與 IPO 活動的最新看法與預期？以及談到這波 AI 顛覆，如果市場的反應已經改變了您的預期，是否也請一併說明？

Yeah. As I mentioned briefly in the prepared remarks, the AI valuations, we had one example of a company observed that we cited. But also it seems there has been a slow but steady pickup in M&A activity, and we are seeing increased interest in AI opportunities for mergers and acquisitions.

是的。如我在事先準備的發言中簡要提到，AI 估值方面，我們引用了一個觀察到的公司案例。不過看起來併購活動正緩慢但穩定地回升，我們也看到市場對 AI 相關併購機會的興趣增加。

And more importantly, we're seeing in our warrant and equity portfolio an increase quarter over quarter and last quarter, in particular, in terms of interest levels, valuations for companies that could be prospective acquired M&A. Should tech IPOs come back for venture companies as well, there's a lot of signs there. That could also help. But certainly, M&A activity is on the rise and interest levels in a number of our portfolio companies from this AI frothiness, however you want to think of it.

更重要的是，我們在權證與股權投資組合中看到，無論是相較前一季或上一季，尤其是上一季，對於可能成為潛在併購標的公司的關注度與估值都有所提升。若科技 IPO 也回歸、讓創投支持的公司能重新上市，已有不少跡象顯示這可能發生，這也會帶來助益。但可以確定的是，併購活動正在升溫，而我們投資組合中多家公司也因這波 AI 的熱度——不論你怎麼形容——而受到更高的關注。

(Operator Instructions) Paul Johnson, KBW.

（接線員指示）Paul Johnson，KBW。

So I was just wondering if I could just make it a little bit more clear. Mike kind of touched on this. In terms of the breakdown of the unrealized losses this quarter, I believe you said $7 million or loss related to the debt portfolio. Is that --

我想確認一下，讓它更清楚一些。Mike 有稍微提到。就本季度未實現損失的拆分而言，我記得你說與債務投資組合相關的損失是 700 萬美元。這是——

That's correct.

沒錯。

Okay. Is that credit related? Or is that more mark-to-market spread widening or some mix of the two?

好的。那是信用因素造成的嗎？還是比較像是按市價評價（mark-to-market）的利差擴大，或兩者混合？

Those were primarily related to the three downgrades from White to Yellow that Sajal went through. So we had three downgrades in the quarter. And so that $7 million of unrealized losses was related primarily to those downgrades. And then we also had about $2 million of FX-related unrealized losses, bringing us to roughly $9 million.

那些主要與 Sajal 提到的三筆由 White 降級至 Yellow 有關。因此我們本季度有三筆降級，而那 700 萬美元的未實現損失主要與這些降級相關。另外我們還有約 200 萬美元的外匯相關未實現損失，合計約 900 萬美元。

And then as I mentioned, we had roughly $6 million of unrealized gains related to the Revolut markup. And so our net unrealized gains for the quarter -- sorry, our net unrealized loss for the quarter was roughly $3 million.

此外，如我所提及，我們有約 600 萬美元與 Revolut 估值上調（markup）相關的未實現收益。因此本季度的淨未實現收益——抱歉，本季度的淨未實現損失約為 300 萬美元。

Got you. Okay. So primarily credit -- negative credit-related movements going negatively on the debt portfolio with the offset being primarily from the write-ups in those equity investments?

了解。好的。所以主要是信用面——債務投資組合出現偏負面的信用相關變動，而抵銷主要來自那些股權投資的上調？

That's correct. equity and warrant investments. That's correct.

沒錯。股權與權證投資。沒錯。

Okay. And then in terms of the loan amendments, were those amendments associated with those credits that you mentioned that were written down? Or were these just kind of normal course amendments to loans?

好的。那就貸款修訂而言，這些修訂是否與你提到被下調的那些授信有關？還是只是一般例行的貸款條款修訂？

That was actually -- yeah, I mentioned that in my prepared -- I think you're referring to what I mentioned as it related to our yield. And so that -- there were a few amendments, but most notably, there was an amendment to our -- one of our top 10 debt positions that was in the middle of an M&A activity and just looking to extend their term ever so slightly. And so we paused the interest rates in the fourth quarter.

其實——是的，我在事先準備的發言中有提到——我想你指的是我談到與我們收益率相關的部分。確實有幾項修訂，但最值得一提的是，我們前十大債務部位之一正處於併購活動中，對方希望將期限稍微延長一些。因此我們在第四季暫停（調整）了利率。

So it was more of a function of the fourth quarter was -- the yield was a little muted given that amendment, and then we returned to a more normalized rate in the first quarter.

所以這更像是第四季因該項修訂而使收益率略為偏低，而在第一季我們又回到較正常化的水準。

Got it. Okay. Yeah, thanks for clarifying that. And then just wondering on the share repurchase, how interested you are, I guess, in being active with that? And I just ask, given where you guys are at, I mean, at this point. You've seemed to kind of stabilize the portfolio, still some legacy stuff to work through. You're waiving fees on top of that.

了解。好的。謝謝你釐清。接著想問庫藏股回購，你們有多大意願在市場上積極執行？我之所以問，是因為以你們目前的狀況來看，你們似乎已讓投資組合趨於穩定，但仍有一些歷史遺留項目要處理，而且你們也在減免費用。

But if you were active with the share repurchase at this point, I mean, scale of the BDC is one of the smallest in the space. I don't know if there's -- I mean, we all appreciate, of course, the benefit of the share buybacks. I don't know how much of a benefit there would be to reducing shareholder equity significantly more than where we're at today. So I was just wondering to kind of get your thoughts on how active you would look to be utilizing that in the market based on where you are today?

但如果你們此時積極回購，BDC 的規模在同業中算是最小之一。我不確定——當然我們都理解回購的好處——但若股東權益再顯著下降，對你們目前的狀況能帶來多少好處。我想聽聽你們對於在當前情況下，會多積極運用這項回購計畫的看法。

Yeah, understood. I mean when we initially sized it at the $12.5 million that was approved by the Board, the $12.5 million represents roughly 6% of our current market cap. We surveyed our respective BDC peers and found most fall between 5% to 7% of market cap. There are a few outliers that are closer to 10%. So that was in part on our sizing.

是的，理解。我們當初把董事會核准的規模定為 1,250 萬美元，這相當於我們目前市值的大約 6%。我們調查了同業 BDC，發現多數落在市值的 5% 到 7% 之間；也有少數離群值接近 10%。因此這是我們規模設定的部分依據。

We also factored in our unfunded commitments, leverage and upcoming debt maturities also when we came to that, which I think, Paul, you're kind of alluding to is that we are factoring all of that in.

我們在做出該決定時，也把未撥付承諾、槓桿以及即將到期的債務納入考量；我想你在暗示的正是這點，Paul——我們確實把這些因素都納入考量。

As it relates specifically to your question as far as timing and how active we want to -- we recognize that it's a shareholder-friendly initiative, we want to make a meaningful dent in that program, but we do need to keep in mind our unfunded commitments and our overall liquidity. And so as far as timing on that, that's TBD.

就你具體問到的時點與我們想要多積極而言——我們認知到這是一項對股東友善的措施，我們希望在該計畫中做出有意義的進展，但也必須顧及未撥付承諾與整體流動性。因此回購時點目前仍待定（TBD）。

Did that answer your question, Paul?

Paul，這樣有回答到你的問題嗎？

Yeah, it did.

有的。

Showing no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jim Labe for any closing remarks.

目前沒有其他問題，本次問答環節到此結束。我想把電話會議交回給 Jim Labe 先生，請他做結語。

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

一如往常，感謝各位收聽並參與今天的電話會議。我們期待在下個季度再次向各位更新並與各位交流。再次感謝，祝各位有美好的一天。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。