Triplepoint Venture Growth BDC Corp (TPVG) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp second-quarter 2026 earnings conference call.

各位女士、各位先生，下午好。歡迎參加 TriplePoint Venture Growth BDC Corp 2026 年第二季財報電話會議。

(Operator Instructions) This conference call is being recorded. A replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website.

(接線員指示) 本次電話會議將被錄音。會議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 second quarter of 2026. Today, representing the company is Jim Labe, Chief Executive Officer, 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 年第二季的業績結果。今天代表公司出席的有：執行長兼董事長 Jim Labe；總裁兼投資長 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 conditions, which are considered forward-looking statements under federal securities law.

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。

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.

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出現重大差異的重要因素。

The company does not take any obligation to update any forward-looking statements or projections, unless required by law.

除非法律要求，否則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.

提醒投資人切勿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。

To obtain copies of the latest SEC filings, please visit the company's website at www.tpvg.com.

如需取得最新的 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. Welcome to TPVG's second-quarter earnings call.

謝謝，接線員。各位下午好。歡迎參加 TPVG 第二季財報電話會議。

During the second quarter, we made steady progress in strengthening TPVG's portfolio and financial position, as we continue to take steps to enhance our portfolio's durability, grow our income-generating assets, and increase NAV to create long-term shareholder value.

在第二季期間，我們在強化 TPVG 的投資組合與財務狀況方面持續穩步推進；同時，我們也持續採取措施提升投資組合的韌性、擴大可產生收益的資產規模，並提高每股淨值（NAV），以創造長期股東價值。

During the quarter, we continued with our diversification strategy by investing in venture-growth stage companies across AI and other attractive investment sectors.

本季我們延續多元化策略，投資於 AI 及其他具吸引力投資領域的創投成長期公司。

Starting with some key highlights:

先從幾項重點摘要開始：

During the quarter and subsequent to the end of the quarter, we monetized two investments, enabling us to further strengthen our liquidity position and enhance our financial flexibility for the benefit of shareholders.

本季以及季後，我們將兩項投資變現，使我們得以進一步強化流動性部位，並提升財務彈性，以增進股東利益。

We also funded more than $47 million in Debt Investments, up more than 80% from the previous quarter, finishing at the high end of our guided range, as we took advantage of the strong market demand.

我們亦撥款超過 4,700 萬美元於債務投資，較前一季增加逾 80%，並在強勁市場需求下，最終落在我們指引區間的高端。

During the quarter, we signed $306 million of term sheets with venture-growth stage companies at our sponsor, TriplePoint Capital, which was an increase of 20% over the previous quarter.

本季我們在贊助機構 TriplePoint Capital 與創投成長期公司簽署了 3.06 億美元的投資條款書（term sheets），較前一季增加 20%。

Our venture-growth stage pipeline now exceeds more than $3 billion of deals under evaluation.

我們的創投成長期案源管線目前已超過 30 億美元的評估中交易。

Against a strong market demand, we have been maintaining yields on our new investments, while also continuing to rotate our portfolio out of legacy 2020 through 2022 vintage-investment sectors and into our sectors of focus on new investments.

在強勁市場需求的背景下，我們在新投資上維持收益率，同時也持續將投資組合自 2020 至 2022 年的舊有（legacy）年度批次投資領域輪出，並轉向我們聚焦的新投資領域。

Our Debt Investments allocated to TPVG also climbed, notably, during the second quarter. Our leverage remains steady in our target range. Our unfunded commitments continue to decrease significantly. Our NAV increased slightly.

分配至 TPVG 的債務投資在第二季亦顯著攀升。我們的槓桿水準維持在目標區間內且保持穩定。我們的未撥款承諾持續大幅下降。我們的每股淨值（NAV）小幅上升。

As mentioned, we're pleased to have monetized two significant investments: exiting our largest outstanding loan position; and selling another portion of our equity stake in Revolut, generating, collectively, total cash proceeds of approximately $57 million.

如前所述，我們很高興已將兩項重要投資變現：退出我們最大的一筆未償貸款部位；以及出售我們在 Revolut 的另一部分股權，合計產生約 5,700 萬美元的現金收入。

These two transactions represent important steps in our ongoing efforts to rebalance the portfolio and strengthen our liquidity.

這兩筆交易是我們持續再平衡投資組合並強化流動性的努力中，重要的里程碑。

They also demonstrate our progress in rotating through legacy positions, providing both liquidity and decreasing PIK income -- and with Revolut, one of Europe's most valuable private-technology companies, where we monetized only a portion of our sizable equity position.

它們也展現我們在輪動舊有部位方面的進展，既提供流動性也降低 PIK（實物支付）收益——而在 Revolut 方面，該公司是歐洲最具價值的私人科技公司之一，我們僅將我們相當可觀的股權部位中的一部分進行變現。

This enhanced liquidity from these two monetization events provides us with greater financial flexibility in the coming quarters.

這兩次變現事件所帶來的流動性提升，使我們在未來幾季擁有更大的財務彈性。

Turning to the [VC] market, the overall venture-capital markets remained exceptionally active during the second quarter. According to PitchBook, second-quarter deal value was the second-highest quarterly total in a decade, trailing only in the first quarter of 2026.

談到創投（[VC]）市場，整體創投市場在第二季仍然異常活躍。根據 PitchBook，第二季交易金額為近十年來第二高的單季總額，僅次於 2026 年第一季。

Through the first half of the year, [413 billion] was deployed into US venture-backed companies, a half-year figure that already exceeds the full-year 2025 total.

今年上半年，美國創投支持公司共獲投入 [413 billion]，這個半年數字已超過 2025 年全年的總額。

AI continues to define market activity. AI companies represented 86% of all the venture dollars in the period, in fact.

AI 仍持續主導市場活動。事實上，在此期間，AI 公司占了全部創投資金的 86%。

Venture-backed AI companies also command to demand materially higher valuations over their non-AI peers. They're definitely achieving faster valuation step-ups between the rounds.

由創投支持的 AI 公司，相較於非 AI 同業，也明顯能獲得更高的估值溢價。它們在各輪融資之間的估值躍升幅度確實更快。

On the exit side, we're also encouraged by the increased market liquidity. Quarterly venture-backed IPO and M&A activity has been steadily increasing. OpenAI and Anthropic have confidence we filed for offerings of their own.

在退出方面，我們也對市場流動性的提升感到鼓舞。每季由創投支持的 IPO 與併購（M&A）活動一直穩步增加。OpenAI 與 Anthropic 也有信心已提交各自的發行申請。

During the quarter, one of our portfolio companies, Kalderos, was acquired by Model N -- a PE-backed company -- for a sizable consideration.

本季，我們的一家投資組合公司 Kalderos 被 Model N（由私募股權支持的公司）以相當可觀的對價收購。

Should venture-backed IPO and M&A activity continue to build momentum in the back half of 2026 and beyond, other TPVG portfolio companies could potentially be a beneficiary.

若由創投支持的 IPO 與併購活動在 2026 年下半年及其後持續累積動能，TPVG 的其他投資組合公司也可能成為受益者。

As I've mentioned previously, we maintain a sizable warrant and equity portfolio that continues to grow. When you exclude the $13 million we monetize from Revolut, this marks the sixth consecutive quarter and ninth out of the previous 10 quarters, where our warrant and equity portfolio increased in value.

如我先前提到的，我們持有相當規模的認股權證與股權投資組合，且仍在持續成長。若排除我們自 Revolut 變現的 1,300 萬美元，這將是我們認股權證與股權投資組合價值連續第六季上升，且在過去 10 季中有 9 季呈現增值。

As of June 30, we hold warrant positions in 117 portfolio companies and Equity Investments in 60. A number of these have been identified in various publications list of top candidates for venture-backed IPOs, not only here in the US but also in Europe.

截至 6 月 30 日，我們在 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。其中有多家公司在各類出版物所列的創投支持 IPO 最佳候選名單中被點名，不僅在美國，也包括歐洲。

Turning to the portfolio, we're pleased to see continued strengthening, as fundraising activity increased significantly in the first half.

回到投資組合，我們很高興看到其持續轉強，因為上半年募資活動顯著增加。

Reflecting the strength of the VC market, three of our debt-portfolio companies raised incremental capital in private-financing rounds during the quarter, including [Inspiren], [Aerodome], and [Hover], bringing the year-to-date total to 10 companies, raising approximately $1.2 billion.

反映創投市場的強勁態勢，本季我們的債務投資組合中有三家公司在私募融資輪次中募集了額外資金，包括 [Inspiren]、[Aerodome] 與 [Hover]；使得今年迄今合計達 10 家公司，募資約 12 億美元。

We also continue to execute on the path of investment-sector rotation and portfolio diversification across AI but, also, other attractive sectors. Specifically, we invested in companies, such as Etched and [Skyflow].

我們也持續推進投資領域輪動與投資組合多元化的路徑，涵蓋 AI，同時也包括其他具吸引力的領域。具體而言，我們投資了例如 Etched 以及[Skyflow] 等公司。

Our priority remains on backing what we believe are category-defining companies at the forefront of adopting and deploying AI across their product offerings.

我們的首要重點仍是支持我們認為在其類別中具定義性、並站在採用與部署 AI 以強化其產品供給最前沿的公司。

We're benefiting from the AI investment mega cycle, bolstered by more than $1 trillion in AI infrastructure build-out, which helps fuel our demand.

我們正受惠於 AI 投資的超級週期，在超過 1 兆美元的 AI 基礎設施建置推動下，進一步帶動我們的需求。

We also benefit from increasing investments in other sectors, such as cybersecurity; robotics; defense and aerospace; energy resources; and health tech.

我們也受惠於其他領域投資的增加，例如資安；機器人；國防與航太；能源資源；以及健康科技。

Our deal flow has also increased from the VC firms that we work with; many of which have raised multi-billion dollar funds in the last few years, alone.

我們的交易來源也因與我們合作的創投機構而增加；其中許多機構在過去幾年單獨就募集了數十億美元規模的基金。

Finally, as Mike's going to get into the details, today, we're announcing a supplemental distribution of $0.12 per share to our shareholders.

最後，正如 Mike 將在稍後說明細節，今天我們宣布將向股東發放每股 0.12 美元的補充股利。

In summary, we continue to make steady progress in strengthening our portfolio and positioning the company for long-term success.

總結而言，我們持續穩健推進，強化投資組合並使公司具備長期成功的定位。

We recognize there is meaningful work ahead, for sure. We remain focused on disciplined underwriting, strengthening the balance sheet, diversifying our portfolio, and reducing exposure to legacy investment sectors, while we capitalize on the AI-driven tailwinds out there and the attractive market opportunities to enhance our earnings power over the long term.

我們也清楚未來仍有大量工作要做。我們將持續專注於嚴謹的承作審核、強化資產負債表、分散投資組合並降低對既有投資產業的曝險，同時把握 AI 驅動的順風趨勢與具吸引力的市場機會，以長期提升我們的獲利能力。

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

接下來，我把電話會議交給 Sajal。

Thank you, Jim. Good afternoon.

謝謝你，Jim。各位下午好。

Q2 was another quarter of disciplined execution, as we continue to build a strong foundation and position TPVG for the long term.

第二季是另一個嚴謹執行的季度，我們持續打造穩固基礎，並為 TPVG 的長期發展做好定位。

Beginning with investment activity, TriplePoint Capital signed $307 million of term sheets with venture-growth stage companies during Q2, up from $256 million of signed term sheets during Q1 2026.

先從投資活動談起，TriplePoint Capital 在第二季與創投成長期公司簽署了 3.07 億美元的投資條款書（term sheets），高於 2026 年第一季簽署的 2.56 億美元。

With regards to new-investment allocation to TPVG during the second quarter, our advisor allocated $29.8 million in new commitments with five companies to TPVG, as compared to $1 million in new commitments with two companies in Q1.

就第二季分配至 TPVG 的新投資配置而言，我們的顧問將 2,980 萬美元的新承諾（new commitments）分配給 TPVG，涵蓋 5 家公司；相較之下，第一季為 2 家公司合計 100 萬美元的新承諾。

We expect to continue to increase our allocation of new commitments, as unfunded commitments continue to expire; and as we receive pre-payments and repayments over the rest of the year.

我們預期將持續提高新承諾的配置，因為未動用承諾（unfunded commitments）將持續到期；且在今年剩餘期間，我們也將收到提前還款與償還款項。

During the quarter, our fundings of $47.8 million to 10 companies were at the high end of our guided range of $25 million to $50 million.

本季我們對 10 家公司的撥款（fundings）為 4,780 萬美元，位於我們指引區間 2,500 萬至 5,000 萬美元的高端。

These funded investments carried a weighted average annualized portfolio yield of 12.8%. This compares to $26.6 million of fundings to seven companies in Q1, with an average annualized portfolio yield of 12.9%.

這些已撥款投資的加權平均年化投資組合收益率為 12.8%。相較之下，第一季對 7 家公司的撥款為 2,660 萬美元，平均年化投資組合收益率為 12.9%。

During Q2, we had $28.6 million in loan pre-pays, resulting in an overall weighted average portfolio yield of 12.9%. Excluding pre-pays, our core portfolio yield was 12.3%.

第二季我們的貸款提前償還（pre-pays）為 2,860 萬美元，使整體加權平均投資組合收益率為 12.9%。若排除提前償還，我們核心投資組合收益率為 12.3%。

This compares to $23.6 million of loan pre-pays; an overall weighted average portfolio of 13.5% with pre-pays and 12.6% without pre-pays in Q1.

相較之下，第一季貸款提前償還為 2,360 萬美元；包含提前償還時整體加權平均投資組合收益率為 13.5%，排除提前償還則為 12.6%。

Subsequent to the end of the quarter, we sold our Debt and Equity Investments in our European portfolio company, Prodigy Finance, to a third party for $43.8 million, consistent with our Q2 mark.

在季度結束後，我們將歐洲投資組合公司 Prodigy Finance 的債務與股權投資出售給第三方，交易金額為 4,380 萬美元，與我們第二季的估值一致。

Prodigy was our largest outstanding loan, as of Q2. The sale demonstrates continued progress on our goals of rotating our assets into newer vintages, diversifying the portfolio, and reducing our overall exposure to PIK income.

截至第二季，Prodigy 是我們未償還貸款餘額最大的單一案。此次出售顯示我們在將資產輪換至較新年度批次（newer vintages）、分散投資組合，以及降低整體 PIK 收入曝險等目標上持續取得進展。

Although we continue to see robust demand for debt financing from venture-growth stage companies, our quarterly target for new fundings continues to be in the $25 million to $50 million range for 2026.

儘管我們仍看到創投成長期公司對債務融資的需求強勁，但 2026 年我們每季新撥款的目標仍維持在 2,500 萬至 5,000 萬美元區間。

As Mike will cover shortly, we intend to redeploy the Prodigy proceeds strategically, as we continue to position TPVG for the long term.

正如 Mike 稍後將說明，我們打算策略性地重新部署 Prodigy 的出售所得，以持續為 TPVG 的長期發展做好定位。

With regards to credit activity during the second quarter, we downgraded [Trendly], an EBITDA-positive and cash flow-positive consumer company, from White (2) to Yellow (3); and made fair-value adjustments on other loans, as well, due to market factors and/or performance, including Roli.

就第二季的信用活動而言，我們將 [Trendly]（一家 EBITDA 為正且現金流為正的消費類公司）的評級由白色（2）下調至黃色（3）；並且也因市場因素及／或營運表現（包括 Roli）對其他貸款進行公允價值調整。

As Jim mentioned, during the quarter, portfolio company Kalderos was acquired by Model N. In connection with the acquisition, the company pre-paid its $12.4 million outstanding loan. We realized a $300,000 gain on our warrants.

如 Jim 所提及，本季投資組合公司 Kalderos 被 Model N 收購。與該收購相關，公司提前償還其 1,240 萬美元的未償貸款。我們在認股權證上實現 30 萬美元的收益。

As of Q2, we held warrants in 117 companies and Equity Investments in 60 companies, with a total fair value of $143 million.

截至第二季，我們持有 117 家公司的認股權證，並對 60 家公司持有股權投資，合計公允價值為 1.43 億美元。

Revolut continues to perform well, with the company announcing a transaction at $115 billion valuation and media reports mentioning the company's considering an IPO, with $150 billion to $200 billion valuation target.

Revolut 持續表現良好，公司宣布一筆交易，估值達 1,150 億美元；媒體報導亦提到公司正考慮 IPO，目標估值為 1,500 億至 2,000 億美元。

During the quarter, we participated in Revolut's share -buyback program; under which, we sold a portion of our equity shares, resulting in a $12.8 million realized gain, with our remaining warrant and Equity Investments having a fair value of $48 million, as of the end of the quarter.

本季我們參與了 Revolut 的股份回購計畫；在該計畫下，我們出售了部分股權股份，實現 1,280 萬美元的已實現收益；截至季末，我們剩餘的認股權證與股權投資公允價值為 4,800 萬美元。

Playbook continues to be focused on building a strong foundation for TPVG and positioning TPVG for the long term by further strengthening our balance sheet; driving portfolio scale and quality; rotating the portfolio into new vintages; increasing the earnings power of our business; and growing net asset value and shareholder value over the long term.

我們的行動方案（Playbook）仍聚焦於為 TPVG 建立穩固基礎並進行長期定位：進一步強化資產負債表；提升投資組合規模與品質；將投資組合輪換至新年度批次；提高業務獲利能力；並在長期提升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，我把電話會議交給 Mike。

Thank you, Sajal. Good afternoon, everyone.

謝謝你，Sajal。各位下午好。

Total investment and other income for the second quarter was $22.1 million.

第二季投資及其他收入總額為 2,210 萬美元。

Our weighted average annualized portfolio yield on Debt Investments was 12.9% compared to 13.5% in the prior quarter. The decrease primarily reflects lower accelerated income from pre-payment activity.

我們債務投資的加權平均年化投資組合收益率為 12.9%，相較前一季的 13.5%。下降主要反映因提前償還活動而帶來的加速收入較低。

Excluding accelerated income from pre-payments, our weighted average annualized portfolio yield was 12.3% compared to 12.6% in the prior quarter. The decline primarily reflects lower fees from the expiration of unfunded commitments.

若排除提前償還帶來的加速收入，我們的加權平均年化投資組合收益率為 12.3%，相較前一季的 12.6%。下降主要反映因未動用承諾到期而導致的費用收入較低。

Roughly two-thirds of our Debt Investments remain floating rate. The majority of those loans remain at their prime-rate floors. Combined with our mix of fixed- and floating-rate liabilities, we believe the portfolio maintains an appropriate balance, as we navigate an evolving interest-rate environment.

我們的債務投資約有三分之二仍為浮動利率。其中多數貸款仍處於其最優惠利率（prime rate）下限（floors）。結合我們固定與浮動利率負債的組合，我們認為在利率環境持續演變之際，投資組合仍維持適當的平衡。

Net investment income for the quarter was $8.3 million or $0.21 per share compared to $9.1 million or $0.23 per share in the prior quarter. The sequential decline primarily reflects lower accelerated income from repayments, together with higher interest expense, following the $200 million March refinancing.

本季淨投資收益為 830 萬美元，或每股 0.21 美元；相較前一季為 910 萬美元，或每股 0.23 美元。環比下降主要反映償還所帶來的加速收入較低，並且在 3 月完成 2 億美元再融資後，利息費用上升。

Including realized and unrealized investment activity, net increase in net assets resulting from operations was $10.7 million or $0.26 per share.

包含已實現與未實現的投資活動後，營運所帶來的淨資產淨增加為 1,070 萬美元，或每股 0.26 美元。

PIK income continued to decline during the quarter to approximately $3 million, representing less than 14% of total investment income compared to 15% in the prior quarter and down from nearly 23% from the same prior-year period.

本季 PIK 收入持續下降至約 300 萬美元，占總投資收入比重低於 14%；相較前一季為 15%，並且較去年同期接近 23% 進一步下降。

Reducing PIK exposure remains central to our repositioning strategy and a key driver of durable, high-quality earnings, over time.

降低 PIK 曝險仍是我們重新定位策略的核心，並將隨時間推進成為可持續、高品質收益的關鍵驅動因素。

As Sajal noted, the disposition of Prodigy represents another meaningful step in that repositioning process and is expected to further reduce PIK income, while improving the quality of the portfolio's recurring earnings.

如 Sajal 所述，處分 Prodigy 代表該重新定位流程中的另一項重要進展，預期將進一步降低 PIK 收入，同時提升投資組合經常性收益的品質。

Net asset value increased modestly to $8.67 per share from $8.65 per share at the end of the prior quarter.

每股淨資產價值小幅上升至 8.67 美元，高於前一季末的每股 8.65 美元。

During the quarter, we recognized $12.9 million of net realized gains, primarily from the partial monetization of our investment in Revolut, as well as consideration received upon the exercise of warrants in two portfolio companies.

本季我們認列了1,290萬美元的淨已實現收益，主要來自我們對Revolut投資的部分變現，以及在兩家投資組合公司行使認股權證時所收到的對價。

These realized gains were largely offset by net unrealized appreciation, primarily reflecting the reversal of previously recorded unrealized appreciation on investments realized during the quarter, together with unrealized depreciation within certain Debt Investments.

這些已實現收益大多被淨未實現增值所抵銷，主要反映本季已實現之投資先前所認列的未實現增值回轉，以及部分債務投資的未實現減值。

Total operating expenses for the quarter was $13.6 million, net of the income-incentive fee waiver, compared to $13.2 million in the prior quarter. As mentioned earlier, the increase primarily reflects the higher cost of debt associated with the March refinancing.

本季營運費用總額為1,360萬美元（已扣除收益型激勵費用豁免），相較前一季為1,320萬美元。如先前所述，增加主要反映與3月再融資相關的較高債務成本。

Turning to the balance sheet, we funded $47.8 million in Debt Investments during the quarter, while receiving $45.3 million of principal repayments and scheduled amortization. This reflects our continued disciplined approach towards portfolio construction and capital deployment.

談到資產負債表，本季我們投入4,780萬美元於債務投資，同時收到4,530萬美元的本金償還與按期攤還。這反映我們在投資組合建構與資本部署上持續採取嚴謹自律的做法。

At quarter end, total liquidity was approximately $120 million, including roughly $15 million in cash and $105 million of available capacity under our revolving-credit facility, an increase from $112 million at March 31.

截至季末，總流動性約為1.20億美元，包括約1,500萬美元現金及循環信用額度下約1.05億美元的可用額度，較3月31日的1.12億美元增加。

We also ended the quarter with gross leverage of 1.26 times and net leverage of 1.22 times, both modestly improved from the prior quarter and within our targeted leverage range.

我們亦於季末的總槓桿倍數為1.26倍、淨槓桿倍數為1.22倍，兩者均較前一季小幅改善，且落在我們目標槓桿區間內。

In addition, during the quarter, DBRS reaffirmed the company's investment-grade credit rating of BBB (low), with a stable trend.

此外，本季DBRS再次確認本公司投資等級信用評等為BBB（低），展望穩定。

We believe that affirmation reflects the progress we've made strengthening the company's balance sheet and supports our ongoing liability-management strategy.

我們認為，此次確認反映我們在強化公司資產負債表方面所取得的進展，並支持我們持續的負債管理策略。

Unfunded commitments declined meaningfully during the quarter to $141 million from $207 million at March 31. Approximately $23 million of those commitments were dependent upon portfolio companies reaching certain milestones, with the balance well-laddered over the next several years.

本季未撥付承諾金額顯著下降，從3月31日的2.07億美元降至1.41億美元。其中約2,300萬美元的承諾取決於投資組合公司達成特定里程碑，其餘則在未來數年內分期分段安排良好。

As Jim noted earlier, given the strength of origination activity across the broader platform, we would expect unfunded commitments to normalize modestly, over time, as we selectively commit capital to new investment opportunities, while maintaining our disciplined approach with leverage and liquidity.

如Jim先前提到，鑑於整體平台的案源活動強勁，我們預期隨著時間推移，未撥付承諾將小幅回歸常態；我們將在維持槓桿與流動性紀律的同時，有選擇地承諾資本投入新的投資機會。

During the quarter, the advisor earned approximately $1.3 million of income-incentive fees, all of which were waived.

本季顧問公司賺取約130萬美元的收益型激勵費用，且全數予以豁免。

As a reminder: The existing income-incentive fee waiver remains in place through the end of fiscal 2026.

提醒一下：現行的收益型激勵費用豁免將持續至2026財政年度結束。

Subsequent to quarter end, we completed the disposition of our Prodigy investment at their June 30 fair value, together with accrued cash interest.

在季末之後，我們以其6月30日的公允價值完成處分我們的Prodigy投資，並一併收取應計現金利息。

Combined with the partial monetization of our Revolut investment, these transactions have meaningfully enhanced our financial flexibility and provide additional optionality, as we continue to thoughtfully allocate capital across new originations and actively manage the balance sheet.

結合我們對Revolut投資的部分變現，這些交易顯著提升了我們的財務彈性並提供更多選擇性；在我們持續審慎地於新案源間配置資本並積極管理資產負債表之際，這些交易帶來額外的操作空間。

Also, subsequent to quarter end, our Board declared a supplemental dividend totaling $0.12 per share, payable in two equal installments on September 30, 2026, and December 30, 2026.

此外，在季末之後，我們董事會宣告每股合計0.12美元的補充股利，將於2026年9月30日及2026年12月30日分兩期等額支付。

The supplemental dividend reflects the distribution of undistributed taxable income from the prior year and should be viewed separately from the company's recurring quarterly dividend.

該補充股利反映分配前一年度未分配的應稅所得，應與公司經常性的季度股利分開看待。

Our objective continues to be to improve the quality of the portfolio and its long-term earnings power, while strengthening the balance sheet, maintaining prudent leverage, and preserving the financial flexibility to allocate capital to opportunities we believe will create long-term shareholder value.

我們的目標仍是提升投資組合品質及其長期獲利能力，同時強化資產負債表、維持審慎槓桿，並保有將資本配置於我們認為可創造長期股東價值之機會的財務彈性。

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

以上為我準備的發言。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Good afternoon. Appreciate you taking my question.

謝謝。下午好。感謝讓我提問。

First, can you discuss the competitive environment that you're seeing in venture lending today? What are you seeing with regards to banks and non-banks in the space?

首先，您能談談目前創投放款市場的競爭環境嗎？就銀行與非銀行機構而言，您觀察到什麼情況？

Yeah. I would say -- this is Jim, speaking - there really hasn't been a meaningful change, from a competitive standpoint.

是的。我會說——我是Jim——從競爭角度來看，確實沒有出現重大的變化。

At least, for us, the biggest competition is equity, given what's going on in the market. That hasn't changed. That's been over time.

至少對我們而言，最大的競爭是股權融資，考量到市場正在發生的情況。這點沒有改變。一直以來都是如此。

When it comes to other banks and non-banks, we're definitely seeing a step-up of interest in commercial banks, particularly given the increase in venture equity.

至於其他銀行與非銀行機構，我們確實看到商業銀行的興趣升溫，特別是在創投股權增加的背景下。

There's been a trend. We're part of it -- of working and partnering with commercial banks, as opposed to competing against them.

這是一個趨勢。我們也是其中一部分——我們選擇與商業銀行合作與夥伴關係，而不是與其競爭。

Haven't seen any significant changes on the non-bank versus non-bank side. There's still very few folks that are participating at any scale in this segment; as well as, none which have the advantages of the differentiators, relationship, reputation, experience, and other structural things that we have here at TriplePoint.

在非銀行對非銀行方面，沒有看到任何顯著變化。在這個細分領域，能以一定規模參與的機構仍然非常少；而且也沒有任何一家擁有我們在TriplePoint所具備的差異化優勢、關係、聲譽、經驗以及其他結構性優勢。

Great. Thank you, Jim. Appreciate that.

很好。謝謝你，Jim。感謝說明。

And then, can you discuss the process of selling the Prodigy loan, I think, subsequent to quarter end? Was this something that you've been looking to do for multiple quarters for this loan, specifically? And then, is there any detail that you're able to share on the buyer, at least, broadly?

另外，您能談談出售Prodigy貸款的流程嗎？我想是在季末之後完成的。這是否是您針對這筆貸款已經考慮了好幾季的事情？另外，關於買方，您是否能至少在大方向上分享一些細節？

(inaudible - microphone inaccessible) --

(聽不清楚——麥克風無法使用) --

Yeah. Sorry, Mike. I would say, again, as we thought about our goals of repositioning TPVG and positioning it for the future -- I think we looked at criteria of portfolio diversification, income-generating cash flow, income-generating assets.

是的。抱歉，Mike。我會說，再次回到我們重新定位TPVG並為未來布局的目標——我想我們看的是投資組合多元化、可產生收益的現金流、可產生收益的資產等標準。

I think, as part of our strategy, we identified that loan as one that would make sense to liquidate or generate liquidity against.

我想，作為我們策略的一部分，我們認定那筆貸款是適合變現或用以創造流動性的標的。

And so we conducted a process in coordination with the company. We were able to coordinate or identify a European lender that was familiar with the company. We were able to transact the transaction with them.

因此我們與該公司協同進行了一個流程。我們得以協調或找到一家熟悉該公司的歐洲放款機構。我們也得以與其完成這筆交易。

I think details will be in our [Q] but relatively straightforward transaction -- sale.

我想細節會在我們的[Q]中揭露，但這是一筆相對直接的交易——出售。

Thank you. Appreciate you taking the question.

謝謝。感謝讓我提問。

This concludes our question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to Mr. Jim Labe for any closing remarks. Please go ahead, sir.

我想把電話會議交回給Jim Labe先生作結語。先生，請開始。

As always, I'd like to thank everyone for listening and participating in today's call.

一如既往，我要感謝各位收聽並參與今天的電話會議。

We look forward to updating and talking with you all, again, next quarter.

我們期待在下個季度再次向各位更新並與大家交流。

Thanks, again. Everyone, have a nice day.

再次感謝。各位，祝大家有美好的一天。

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。感謝出席今天的簡報。您現在可以掛線。