Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp. Second 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 Venture Growth website. Company management is pleased to share with you the company's results for the second quarter 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. 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 be -- 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. Labe.

Thank you, operator. Good afternoon, everyone, and welcome to TPVG's second quarter earnings call. Before I get into the second quarter update, I'll remind everyone that our focus remained on taking steps to increase the scale, durability and the income-generating assets of TPVG and our sights are set on setting the stage now for the future. I'd also like to highlight that TPVG sponsor and adviser implemented two measures that we believe further strengthen their alignment of interest with TPVG shareholders and which I'll get into a little later in my remarks as well as aligning our distribution level with our current earnings. The second quarter marked another quarter of increased investment activity. We grew the debt investment portfolio to $663 million at cost and continue to capitalize on the strong demand from venture growth stage companies in the favorable investment sectors that we're focused on these days. Signed term sheets with venture growth stage companies at our sponsor, TriplePoint Capital, finished strong last quarter. Over the last 3 quarters, we now have signed term sheets for venture growth stage companies that have exceeded $875 million. Both debt commitments and fundings also increased during the quarter, reaching their highest levels since fiscal 2022 and which helped translate into Q2 fundings that exceeded our guided range. This is the highest level of funding activity in the last 10 quarters. At quarter's end, our pipeline also continued to remain at near record highs since its peak back in 2021. While we anticipate that these notable increases in signed term sheets and commitments all bode well for future growth, we expect this portfolio growth is going to take some time and to materialize over the next several quarters because of the level and amount of prepayment and also the rate of utilization of…

Thank you, Jim, and good afternoon. Regarding investment portfolio activity during Q2, TriplePoint Capital signed $242 million of term sheets with venture growth stage companies compared to $188 million of term sheets in Q2 2024 and $315 million in Q1 2025. With regards to new investment allocation to TPVG during the second quarter, TPVG -- sorry, TPC allocated $160 million in new commitments with eight companies to TPVG compared to $52 million in Q2 2024 and $77 million in Q1 2025. 75% of the portfolio companies we extended commitments to during the quarter were new customers, all of which fall in the AI and enterprise software sectors, reflecting our focus on obligor diversification and sector rotation. During the second quarter, we exceeded our guided range and funded $79 million in debt investments to nine companies as compared to $39 million to five companies in Q2 2024 and $28 million to five companies in Q1 2025. These funded investments carried a weighted average annualized portfolio yield of 12.3%, down from 13.3% in Q1. During Q2, we had $44 million of loan prepayments, resulting in an overall weighted average debt portfolio yield of 14.5%. Excluding prepayments, our core portfolio yield was 13.6%, which was down from 14.1% in Q1. During the quarter, we grew our debt investment portfolio for the first time materially since Q1 2023 as a result of new fundings exceeding both prepayment, repayment and amortization activity within the portfolio by $31 million. Although we continue to see robust demand for debt financing from venture growth stage companies as demonstrated by our $114 million of new commitments and $21 million of funding so far in Q3, our quarterly target for new fundings continues to be in the $25 million to $50 million range for Q3 2025 with the potential to…

Thank you, Sajal, and hello, everyone. During the second quarter, we funded $79 million of new debt investments, up from $28 million in the prior quarter, and received $45 million in prepayments and early repayments, driving a net increase of $31 million in our debt investment portfolio at cost. As of June 30, 2025, the company had total liquidity of $313 million, consisting of cash, cash equivalents and restricted cash of $63 million and available capacity under its revolving credit facility of $250 million. Of the $250 million of available capacity under the revolving credit facility, there was $91 million of available borrowing base that could be drawn as of June 30, 2025. We ended the quarter with $185 million of floating rate unfunded investment commitments, of which $27 million was dependent upon certain portfolio companies reaching specific milestones. Our unfunded investment commitments expire over the next 2.5 years, with $20 million expiring in 2025, $88 million expiring in 2026, and $77 million expiring in 2027. The end of quarter unfunded commitments represent a 58% increase from the prior quarter, reflecting the continued expansion of our investment pipeline over recent quarters and successful conversion of signed term sheets into closed commitments. We ended the quarter with a leverage ratio of 1.22x. After netting the cash on our balance sheet, net leverage stood at 1.04x. Given the cash we have on our balance sheet, the available borrowing base at quarter end and our target leverage range of 1.3x to 1.4x, we believe we have ample funding capacity for unfunded commitments and for the upcoming refinancing discussed later in my prepared remarks. Turning to our operating results. For the second quarter, total investment income was $23.3 million, with a portfolio yield of 14.5% as compared to $27.1 million with a portfolio yield…

[Operator Instructions] Our first question comes from Crispin Love of Piper Sandler.

First, on the outlook for fundings. Second quarter is very strong. Pipeline still seems to be strong, but you're still expecting $25 million to $50 million per quarter, I think over the near term. Can you just dig into that a little bit more? I understand the third quarter can be a little bit seasonally slower for VC. So wondering if that's a factor and then just share some thoughts for the fourth quarter and 2026 just based on what you're seeing today?

Crispin, it's Sajal. I'll take it. So I think it's a combination of lower utilization of historical unfunded commitments, lower upfront utilization of new upfront commitments. So I'd say that's the combination, then for Q3, a little bit of seasonality, as you said, although we've got a strong start to the quarter so far. And then Q4, as I guided, expecting to be probably at the higher range and potentially above given, again, Q4 tends to be a busier quarter as well.

All right. Perfect. And then just a second question for me. I saw the TriplePoint Capital stock purchase program, definitely good to see there. But would you also expect to be active with stock buybacks? Or is that unlikely right now just as you preserve liquidity with some of the maturities coming up?

Yes, I'll take that, Crispin. I think it's mostly ourselves and the Board having in mind, creating long-term shareholder value. So we're always actively considering assessing really what comes down to capital allocation. And presently, in terms of capital allocation, it's financial flexibility. So we need to think about our unfunded commitments. We need to think about our upcoming debt maturities in 2026. We have to think about keeping within our targeted leverage range, refinancing the debt, as I mentioned, and really, the financial flexibility, we got the debt rating and some other things coming up and also having the liquidity and the capital that's right. But having said all that, we've done buybacks in the past. The Board will continue to consider actively all these capital allocation issues and balances including a buyback.

The next question comes from Douglas Harter of UBS.

I guess, can you just talk about the repayment activity. Kind of what is it that you're seeing that's kind of causing that to be somewhat elevated that's holding back growth? And why do you expect that to slow next year?

Yes. I'll take it, Doug. So I would say it continues to be robust equity funding raising activity from portfolio companies. And so we're seeing an element of that with the prepayment activity. We're seeing M&A and other activity as well, which is also occurring. And then I think as we look to just 2026, again, the seasonality of the portfolio, the vintages of the portfolio, we would expect, again, the older vintages have very much completed their prepayment activity. We will have fresher, newer vintages from the funding that we have. And so we'd expect prepayment activity to be more delayed in 2026, if anything, more back half loaded and into 2027.

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

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.

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