TriplePoint Venture Growth BDC Corp.

Good afternoon, ladies and gentlemen. Welcome to the Triple Point Venture Growth BDC Corporation first quarter 2026 earnings conference call. At this time, all lines have been placed in a listen-only mode. After the speaker's remarks, there will be an opportunity to ask questions and instructions will follow at that time. This conference is being recorded in and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website. Company management is pleased to share with you the company's results for the first quarter of 2026. Today, representing the company is Jim LeBay, Chief Executive Officer and Chairman of the Board, Sajal Srivasta, President and Chief Investment Officer, and Mike Wilhelms, Chief Financial Officer. Before I turn the call over to Mr. LeBay, 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. The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call which reflect management's opinions only as of today. To obtain copies of our latest SEC filings, please visit the company's website at www.tpvg.com. Now, I'd like to turn the conference over to Mr. LeBay. Please go ahead.

Thank you, Operator. Good afternoon, everyone, and welcome to TPVG's first quarter earnings call. During the first quarter, we continued to take steps to position TPVG to strengthen its portfolios. 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. Touching on some highlights in the first quarter, we generated NII of 23 cents 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 percent compared to 12.7 percent in the previous quarter. During the quarter, we lowered our gross leverage ratio and reduced our outstanding unfunded commitment obligations by 20 percent 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. 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. 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 U.S. market value, and companies within the sector are completing new funding rounds at materially higher valuations, larger step-ups, and a faster cadence in 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 in equity investment portfolio. 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. Our focus remains on borrowers and 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 experience value appreciation in the quarter. This includes companies such as Etched AI, Standard Bots, Valor Atomics, and Eridu, all of which raise 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. 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 disrupted. 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. 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. 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 a 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. 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 lists, 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. 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. 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 advisor waived its full quarterly income incentive fee for each quarter in 2026. Further demonstrating the company's commitment to implementing shareholder-friendly measures, The Board of TPVG has authorized the 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. We recognize there is meaningful work ahead to further strengthen the portfolio. We remain diligent on that effort and aiming to capture the powerful AEI 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. 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. With that, let me turn the call over to Sajil.

Thank you, Jim, and good afternoon. Q1 was another quarter of discipline, execution, and progress as we continue to build a strong foundation and position TBVG 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. 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 advisor allocated $1 million in new commitments with two 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. During the quarter, our fundings of $26.5 million to seven companies were within our guided range of $25 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 OIDs. 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 yield was 12.7% with prepays and 12.1% without prepays in Q4. During the first quarter, our investment portfolio remained relatively flat as new fundings were offset by prepayment, repayment, 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 to 50 million range for 2026. With regards to credit activity during the first quarter, Flink was upgraded from yellow three to white two 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. 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 category. 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. Alfitteri, which is a German custom fashion subscription service for men and women, in 2025 merged with its direct competitor in Spain, Loquiero, 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. Finally, Hydro, 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. 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. 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 to $200 billion valuation targets. 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. With that, I will now hand the call over to Mike.