Good afternoon, ladies and gentlemen. Welcome to the Triple Point Venture Growth BDC Corp. 2nd 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 call is being recorded and a replay of the call will be available in an audio webcast on the Triple Point Venture Growth website. Company Management is pleased to share with you the company's results for the second quarter of 2026. Today, representing the company is Jim LeBay, Chief Executive Officer, 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. 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 conditions which are considered forward-looking statements under federal securities law you are asked to refer to the company's most recent filings with the security securities and exchange Commission for important factors that could cause actual results to differ materially from these statements the company does not take 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 the 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 second quarter earnings call. 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 during the quarter we continued with our diversification strategy by investing in venture growth stage companies across ai and other attractive investment sectors starting with some key highlights 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. 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. During the quarter, we signed $306 million of term sheets with venture growth stage companies at our sponsor, Triple Point Capital, which was an increase of 20% over the previous quarter. Our venture growth stage pipeline now exceeds more than $3 billion in deals under evaluation. 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. Our debt investments allocated to TPVG also climbed notably during the second quarter. Our leverage remained steady in our target range. Our unfunded commitments continued to decrease significantly, and our NAV increased slightly. 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 Revolute, generating collectively total cash proceeds of approximately $57 million. These two transactions represent important steps in our ongoing efforts to rebalance the portfolio and strengthen our liquidity. They also demonstrate our progress in rotating through legacy positions, providing both liquidity and decreasing PIC income, and with Revolut, one of Europe's most valuable private technology companies, where we monetized only a portion of our sizable equity position. This enhanced liquidity from these two monetization events provides us with greater financial flexibility in the coming quarters. 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 the first quarter of 2026. Through the first half of the year, $413 billion was deployed into U.S. venture-backed companies, a half-year figure that already exceeds the full year 2025 total. AI continues to define market activity. AI companies represented 86% of all the venture dollars in the period, in fact. Venture-backed AI companies also command to demand materially higher valuations over their non-AI peers, and they're definitely achieving faster valuation step-ups between the rounds. 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, and OpenAI and Anthropic have confidentially filed for offerings of their own. During the quarter, one of our portfolio companies, Calderos, was acquired by Model N, a PE-backed company, for a sizable consideration. 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. As I'd mentioned previously, we maintain a sizable warrant and equity portfolio that continues to grow. When you exclude the $13 million we monetize from Revolute, this marks the sixth consecutive quarter, and ninth out of the previous 10 quarters where our warrant and equity portfolio increased in value. 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 lists of top candidates for venture-backed IPOs, not only here in the U.S., but also in Europe. Turning to the portfolio, we're pleased to see continued strengthening as fundraising activity increased significantly in the first half. Reflecting the strengths of the VC market, three of our debt portfolio companies raised incremental capital in private financing rounds during the quarter, including Inspirin, Eridu, and Hover, bringing the year-to-date total to 10 companies, raising approximately $1.2 billion. 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 Edged and SkyFlow, and our priority remains on backing what we believe are category-defining companies at the forefront of adopting and deploying AI across their product offerings. We're benefiting from the AI investment megacycle, bolstered by more than $1 trillion in AI infrastructure build-out, which helps fuel our demand. We also benefit from increasing investments in other sectors, such as cybersecurity, robotics, defense and aerospace, energy, resources, and health tech. Our deal flow has also increased from the VC firms that we work with, many of which have raised multibillion-dollar funds in the last few years alone. 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. In summary, we continue to make steady progress in strengthening our portfolio and positioning the company for long-term success. We recognize there is meaningful work ahead, for sure, and 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. With that, let me turn the call over to Sajal.

Thank you, Jim, and good afternoon. Q2 was another quarter of discipline execution as we continue to build a strong foundation and position TDDG for the long term. Beginning with investment activity, Triple Point 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. 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. We expect to continue to increase our allocation of new commitments as unfunded commitments continue to expire and as we receive prepayments and repayments over the rest of the year. During the quarter, our fundings of 47.8 million to 10 companies were at the high end of our guided range of 25 to 50 million. 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%. During Q2, we had $28.6 million in loan prepays, resulting in an overall weighted average portfolio yield of 12.9%, and excluding prepays, our core portfolio yield was 12.3%. This compares to $23.6 million of loan prepays, an overall weighted average portfolio yield of 13.5% with prepays and 12.6% without prepays in Q1. 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. Prodigy was our largest outstanding loan as of Q2, and the sale demonstrates continued progress on our goals of rotating our assets into newer vintages, diversifying the portfolio, and reducing our overall exposure to pick income. 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 to $50 million range for 2026. As Mike will cover shortly, we intend to redeploy the Prodigy proceeds strategically as we continue to position TVVG for the long term. With regards to credit activity during the second quarter, we downgraded Trendly, an EBITDA positive and cash flow positive consumer company from white to the yellow three, and made fair value adjustments on other loans as well due to market factors and or performance, including Roli. As Jim mentioned, during the quarter, portfolio company Calderos was acquired by Model N, and in connection with the acquisition, the company prepaid its $12.4 million outstanding loan, and we realized a $300,000 gain on our warrants. As of Q2, we held warrants in 117 companies and equity investments in 60 companies, with a total fair value of $143 million. 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 to 200 billion valuation target. 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 Warren and equity investments having a fair value of 48 million as of the end of the quarter. The 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 advantages, increasing the earnings power of our business, and growing that asset value and shareholder value over the long term. With that, I will now hand the call over to Mike.

Thank you, Sajal, and good afternoon, and everyone. Total investment and other income for the second quarter was $22.1 million. Our weighted average annualized portfolio yield on debt investments was 12.9 percent, compared to 13.5 percent in the prior quarter. The decrease primarily reflects lower accelerated income from prepayment activity. Excluding accelerated income from prepayments, 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. Roughly two-thirds of our debt investments remain floating rate, and 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. 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, Including realized and unrealized investment activity, net increase in net assets resulting from operations was $10.7 million, or $0.26 per share. PIC 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. Reducing PIC exposure remains central to our repositioning strategy and a key driver of durable, high-quality earnings over time. As Sajal noted, the disposition of Prodigy represents another meaningful step in that repositioning process and is expected to further reduce PIC income while improving the quality of the portfolio's recurring earnings. Net asset value increased modestly to $8.67 per share from $8.65 per share at the end of the prior quarter. 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. These realized gains were largely offset by net unrealized depreciation, primarily reflecting the reversal of previously recorded unrealized appreciation on investments realized during the quarter, together with unrealized depreciation within certain debt investments. 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. 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 discipline approach towards portfolio construction and capital deployment. 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. 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. In addition, during the quarter, DBRS reaffirmed the company's investment-grade credit rating of BBB low with a stable trend. We believe that affirmation reflects the progress we've made, strengthened the company's balance sheet, and supports our ongoing liability management strategy. 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. 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. During the quarter, the advisor earned approximately $1.3 million of income incentive fees, all of which were waived. As a reminder, the existing income incentive fee waiver remains in place through the end of fiscal 2026. Subsequent to quarter end, we completed the disposition of our Prodigy investment at their June 30 fair value together with accrued cash interest. 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. 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. 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. 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. That concludes my prepared remarks. Operator, please open the lines for questions.

Thank you. We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2. And our first question for today will come from Crispin Love with Piper Sandler. Please go ahead.

Thank you. Good afternoon. I appreciate you taking my question. 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?

Yeah, I would say that, as Jim's speaking, there really hasn't been a meaningful change. From a competitive standpoint, at least for us, the biggest competition is equity, given what's going on in the market. And that hasn't changed, and that's been over time. 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, and there's been a trend, and we're part of it, of working and partnering with commercial banks as opposed to competing against them. I 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 kind of 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.

Great. Thank you, Jim. I appreciate that. 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 in the buyer, at least broadly?

Yeah, I mean, I think as we talk – oh, yeah, sorry, Mike. I would say, again, as we thought about, you know, our goals of repositioning TPVG and positioning it for the future. So I think we looked at criteria of portfolio diversification, income generating cash or income generating assets. So I think as part of our strategy, we identified that loan is one that would make sense to liquidate or generate liquidity against. And so we conducted a process in coordination with the company and were able to coordinate or identify a European lender that was familiar with the company. and we were able to transact the transaction with them. I think details will be in our queue, but relatively straightforward transaction.

Thank you. I appreciate you taking the questions.

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

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 everyone have a nice day.

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