Financial Data and Key Metrics Changes - The company generated net investment income (NII) of $0.27 per share, unchanged from the previous quarter but down from $0.38 per share in the same quarter last year [27] - The net asset value (NAV) decreased to $7.57 per share from $8.43 at the end of the previous quarter and $9.64 a year ago, primarily due to fair value adjustments and distributions [28] - Investment income for the first quarter was $25 million, a slight decrease from $26 million in the prior year period, attributed to lower interest and fee income [25] Business Line Data and Key Metrics Changes - The total investment portfolio at the end of the first quarter stood at $690 million, with debt investments in 53 companies valued at $644 million and equity investments in 110 companies valued at $46 million [27] - New originations totaled $102 million, offset by $11 million in scheduled principal payments and $68 million in prepayments [27] - The debt portfolio yield was 15%, slightly down from 15.6% in the same quarter last year, while onboarding yields were 13%, up from 12.6% in the previous quarter [25][12] Market Data and Key Metrics Changes - Approximately $92 billion was invested in VC-backed companies in the first quarter, a 19% increase from the previous quarter, driven largely by significant AI deals [18] - The S&P Biotech Select Industry Index is down 14% year-over-year, indicating cooling investor sentiment in the life sciences market [19] - The exit market for VC-backed tech and life science companies remains nearly shut due to macroeconomic uncertainties, impacting the overall venture capital ecosystem [20] Company Strategy and Development Direction - The company aims to grow its portfolio while maintaining a focus on high-quality, well-sponsored tech and life science companies [20] - The management remains selective in originating loans due to the current macro environment, with a commitment to optimizing returns from stressed investments [16] - The partnership with Monroe Capital is expected to provide additional capital and scale, enhancing the company's ability to navigate current market challenges [9] Management's Comments on Operating Environment and Future Outlook - Management expressed guarded optimism for the year despite recent macroeconomic headwinds, including tariff-related uncertainties impacting recovery from stressed assets [5] - The company anticipates that as the macro environment normalizes, it will be positioned to grow its portfolio and increase NII to cover distributions over time [16] - Management highlighted the importance of maintaining a strong liquidity position, with $126 million in available liquidity as of March 31 [23] Other Important Information - The company declared regular monthly distributions of $0.11 per share through September 2025, supported by undistributed spillover income of $1 per share [27] - The advisor has agreed to waive a portion of its quarterly income incentive fees if NII falls below declared distributions [7] - The company is actively managing its portfolio to optimize returns and mitigate risks associated with stressed investments [15] Q&A Session Summary Question: How is the company managing spillover earnings in the current uncertain environment? - Management indicated that they plan to continue growing distributions through 2025 and will manage spillover earnings quarterly, reviewing them in discussions with the board [32][34] Question: What is the quality of deals currently being pursued? - Management noted a higher bar for selecting transactions, focusing on companies performing well operationally and backed by quality VCs, while being selective due to the current market conditions [36][38] Question: Is there a plan to raise leverage ratios to grow the portfolio? - The target leverage ratio is around 1.2x to 1.3x, with the current ratio at 1.29x, indicating a cautious approach to leverage [42][43] Question: How does the company plan to address the high dividend payout relative to debt yields? - Management stated that they review equity needs and funding pipelines quarterly, considering the balance between dividends and investment returns [47][48] Question: What is the impact of tariffs on the portfolio? - Management indicated that while there is some uncertainty due to tariffs, most portfolio companies have planned for potential impacts, and the overall effect has been more about market volatility than specific tariff issues [65][66] Question: What resources are available from the recent Monroe partnership? - The partnership is expected to provide support in stabilizing and growing the business, with ongoing collaboration to enhance operational effectiveness [68][69]

Investor Presentation F i s c a l Ye a r E n d e d D e c e m b e r 3 1 , 202 4 M a r c h 5 , 2 025 w w w. t p v g . c o m Forward Looking Statements Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our ...

Financial Data and Key Metrics Changes - For Q4 2024, total investment income was $26 million with a portfolio yield of 15.8%, compared to $33 million and a yield of 15.6% in the prior year period [42] - Net investment income for Q4 totaled $12.6 million or $0.32 per share, down from $17.3 million or $0.47 per share in the prior year [44] - For the full year 2024, total investment income was $109 million with a portfolio yield of 15.7%, compared to $137 million and a yield of 15.4% in the prior year [43] Business Line Data and Key Metrics Changes - New debt commitments to venture growth stage companies reached $72 million in Q4, a 75% increase from $41 million in Q3 [10][26] - The number of signed term sheets with venture growth stage companies increased 246% to $323 million in Q4, compared to $93 million in Q3 [9][25] - For the full year, $736 million of term sheets were signed, up almost 60% from $471 million in fiscal year 2023 [25] Market Data and Key Metrics Changes - The venture capital investment market saw deal value increase to $209 billion across more than 15,000 deals last quarter, surpassing pre-pandemic and 2023 levels [17] - 26 of TPVG's active debt portfolio companies raised $1.8 billion in 2024, an increase of almost 200% over 2023 [13][31] - The demand for venture lending significantly strengthened in Q4, reflecting a recovery in the venture capital market [19] Company Strategy and Development Direction - The company is focused on portfolio diversification and investment sector rotation, particularly in sectors like AI, health tech, and aerospace [20][22] - TPVG aims to capitalize on improving market conditions and increasing demand for venture debt, with expectations of renewed portfolio growth in 2025 [19][38] - The company plans to maintain a careful discipline in capital deployment, prioritizing quality over quantity [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of credit outlook into 2025, contingent on market conditions and portfolio performance [56] - The company noted that while prepayment activity was elevated, it was part of a strategy to rotate out of certain sectors, particularly consumer and e-commerce [59] - Management anticipates that improving market conditions will lead to higher funding levels and lower prepayment activity in 2025 [65] Other Important Information - The company ended 2024 with a net asset value of $345.7 million, or $8.61 per share, and declared a regular quarterly dividend of $0.30 per share [47] - TPVG's leverage ratio improved to 1.16x at year-end 2024, down from 1.76x at the end of 2023 [50] - The company has $105 million of floating rate unfunded investment commitments, representing an 11% decline from a year ago [49] Q&A Session Summary Question: What are the views on credit into 2025? - Management is pleased with the improvement in the watch list and believes the credit outlook should be stable or improving if market conditions remain favorable [56] Question: What are the key drivers for elevated prepayments? - Prepayment activity is partly due to a strategy of rotating out of certain sectors, particularly consumer-related companies [59] Question: Is the company comfortable with the $0.30 quarterly dividend? - Management is realistic about dividend coverage and will adjust based on portfolio growth and prepayment activity [65] Question: How should the overall yield of the portfolio be viewed as assets turn over in 2025? - Management expects to maintain the yield profile of the portfolio despite recent base rate changes [67] Question: Will leverage increase through 2025? - Management anticipates that leverage will increase as portfolio growth occurs, contingent on market conditions [82] Question: How does the company view AI investments? - AI is becoming prevalent in investments, but management emphasizes caution regarding inflated valuations [86] Question: Are fintech investments dependent on bank partnerships? - Most lending-related fintechs have multiple credit facilities with syndicates of lenders, reducing risk [105]