Financial Data and Key Metrics Changes - The company generated net investment income of $42.3 million, or $1.05 per share, on total investment and other income of $90.9 million for the full year [28] - The weighted average annualized portfolio yield on debt investments was 13.7% for the year, down from 15.7% in the prior year, reflecting a lower interest rate environment [28] - Net asset value (NAV) increased year-over-year to $8.73 per share at December 31, 2025, compared to $8.61 per share at December 31, 2024 [31] Business Line Data and Key Metrics Changes - The investment portfolio grew by over $100 million, or 15%, as a result of new fundings exceeding prepayment, repayment, and amortization within the portfolio [19] - The company closed $508 million of new debt commitments to venture growth stage companies, a significant increase from $175 million in 2024 [5] - Fundings for the year reached $287 million, more than double the previous year's $135 million [17] Market Data and Key Metrics Changes - Venture capital deal value increased to $339 billion across more than 16,000 deals as of the end of 2025, marking the second highest in a decade [7] - Deal value in the core venture growth market segment rose 131% year-over-year [7] - The company ended the year with a pipeline exceeding $2 billion, benefiting from increased venture capital investment activity [6] Company Strategy and Development Direction - The company aims to create enduring shareholder value by increasing scale, durability, income-generating assets, and NAV [4] - There is a focus on portfolio diversification, geographic and investment sector rotation, particularly in high-potential sectors leveraging AI [8] - The company is positioning itself to benefit from trends in aerospace, defense, infrastructure, and advanced manufacturing, aligning with national priorities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the venture market's health and signs of liquidity with M&A and IPOs, indicating a well-positioned stance for realizing shareholder value [12] - The company is cautious about macroeconomic impacts but is actively resolving credit situations and making progress [51] - Management believes that the combination of durable AI tailwinds, strong demand, and disciplined underwriting will position the company well for growth in 2026 and beyond [15] Other Important Information - The advisor's income incentive fee waiver has been extended through 2026, and the sponsor purchased more than 1.8 million shares of the company during the third and fourth quarters [15] - The company ended the year with total liquidity of $252.4 million, consisting of cash equivalents and available capacity under the revolving credit facility [34] Q&A Session Summary Question: Is the number of companies raising money this quarter low in historical context? - Management indicated that the low number reflects the freshness of the portfolio vintages and expects fundraising activity to increase in 2026 and 2027 [43] Question: Is there a change in the long-term strategy given the current market conditions? - Management stated that the strategy is refined each year based on market conditions, focusing on strengthening the balance sheet and improving income-earning assets [44][46] Question: Have most negative marks been worked through in the portfolio? - Management expressed that while credit has stabilized, they are still proactive in resolving known situations and making progress [51] Question: What is the visibility on prepayments for the remainder of the quarter? - Management noted that there is currently not much visibility on prepayments for the remainder of the quarter but is monitoring the situation [53] Question: What are the expectations for M&A and IPO activity in 2026? - Management indicated that while IPO optimism may be delayed, M&A activity is picking up, and they remain cautiously optimistic about unique opportunities [62]

Financial Data and Key Metrics Changes - The company generated net investment income of $42.3 million, or $1.05 per share, on total investment and other income of $90.9 million for the full year [27] - The weighted average annualized portfolio yield on debt investments was 13.7% for the year, down from 15.7% in the prior year, reflecting a lower interest rate environment [27] - Net asset value (NAV) increased year-over-year to $8.73 per share at December 31, 2025, compared to $8.61 per share at December 31, 2024 [30] Business Line Data and Key Metrics Changes - The investment portfolio grew by over $100 million, or 15%, as a result of new fundings exceeding prepayment, repayment, and amortization within the portfolio [18] - The company closed $508 million of new debt commitments to venture growth stage companies, a significant increase from $175 million in 2024 [4] - Fundings for the year totaled $287 million, more than double the previous year's $135 million [16] Market Data and Key Metrics Changes - Venture capital deal value increased to $339 billion across more than 16,000 deals in 2025, marking the second highest in a decade [6] - Deal value in the core venture growth market segment rose 131% year-over-year [6] - The company ended the year with a pipeline exceeding $2 billion, benefiting from increased venture capital investment activity [5] Company Strategy and Development Direction - The company aims to create a more durable platform and portfolio supportive of increasing NAV over time, focusing on high-quality U.S.-based venture growth stage companies [3] - There is a strategic emphasis on portfolio diversification, geographic and investment sector rotation, particularly in AI and sectors aligned with national priorities such as aerospace and defense [11][10] - The company intends to continue building on the momentum from 2025, positioning for growth and shareholder value creation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the venture market's health and signs of liquidity with M&A and IPOs, indicating a well-positioned stance to realize value for shareholders [11] - The company is cautious about macroeconomic impacts but is actively resolving credit situations and making progress [50] - Management believes that AI is a structural, multi-decade transformation reshaping every sector of the economy, with expectations for sustained venture investment activity [8] Other Important Information - The advisor's income incentive fee waiver has been extended through 2026, and the sponsor purchased more than 1.8 million shares of the company under a discretionary share purchase program [14][38] - The company held warrant positions in 118 portfolio companies and equity investments in 55, with a total fair value of $138 million, up from $116 million the previous year [25] Q&A Session Summary Question: Is the number of companies raising money this quarter low in historical context? - Management indicated that the low number reflects the freshness of the portfolio vintages and expects fundraising activity to increase in 2026 and 2027 [42] Question: Is there a change in the long-term strategy given current market conditions? - Management confirmed that the strategy is refined annually based on market conditions, focusing on strengthening the balance sheet and improving income-earning assets [44][46] Question: Have most negative marks been worked through in the portfolio? - Management stated that while credit has stabilized, they are still proactive in resolving situations and making progress [50] Question: What is the visibility for prepayments in the current quarter? - Management noted that there is currently limited visibility for prepayments for the remainder of the quarter [52] Question: What are the expectations for M&A and IPO activity in 2026? - Management expressed cautious optimism about M&A activity picking up but noted that IPO activity may be delayed due to recent market volatility [61][62]

Financial Data and Key Metrics Changes - The company generated net investment income (NII) of $0.18 per share for Q4 2025, down from $0.32 per share in Q3 2025 and $0.27 per share in Q4 2024 [24] - The net asset value (NAV) per share was $6.98 as of December 31, 2025, compared to $7.12 as of September 30, 2025, and $8.43 as of December 31, 2024 [27] - Total investment income for Q4 was $21 million, compared to $24 million in the prior year period, primarily due to lower interest income on the debt investment portfolio [23] Business Line Data and Key Metrics Changes - The current portfolio stood at $647 million, with new originations totaling $103 million in Q4, offset by $13 million in scheduled principal payments and $15 million in principal prepayments [10][26] - The debt portfolio yield was 14.3% for Q4, down from 14.9% in the previous year's Q4, while onboarding yields were 12% for Q4, consistent with historical levels [12][23] - The company ended the year with a committed and approved backlog of $154 million, an increase from $119 million at the end of Q3 [13] Market Data and Key Metrics Changes - Approximately $92 billion was invested in VC-backed companies in Q4 2025, with 2025 being the largest year of investment since 2021 [15] - The demand for venture debt capital remains high, and the company expects to be a key supplier of such capital in the coming year [9] Company Strategy and Development Direction - The merger with Monroe Capital is expected to significantly increase equity capital available for investment and allow for larger venture loans [5][7] - The company aims to optimize returns and create future value through collaboration with portfolio companies and a disciplined approach to underwriting new loans [14][19] - The focus remains on targeting larger venture loan opportunities for both private and small-cap public companies post-merger [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but expressed optimism about the groundwork laid for long-term success [4] - The company anticipates that the size of its portfolio and growth expectations will enable it to generate NII that covers distributions over time [25] - The management highlighted the importance of navigating the changing environment, particularly in AI and defense technology sectors [17] Other Important Information - The company redeemed its notes due in 2026 and issued new 7% notes due in 2028 [8] - The company has a strong liquidity position with $189 million in available liquidity as of December 31, 2025 [20] Q&A Session Summary Question: Can you elaborate on the new dividend level decision? - The company reviews distribution levels with the board each quarter, considering the current portfolio, run rate, spillover, and growth opportunities to determine a sustainable level [29][30] Question: What drove the lower interest income? - The lower interest income was primarily due to reduced prepayment activity and the timing of fundings, with significant prepayments occurring in Q3 but only one in Q4 [34][36] Question: What are the opportunities for public company financing? - The company sees opportunities in providing flexible capital structures to companies that may not be profitable and typically resort to equity financing, which is more dilutive [40] Question: Can you provide details on the non-accrual portfolio companies? - The company is working to maximize recoveries on non-accruals, which are at various levels, and has improved the percentage of non-accruals quarter-over-quarter [44][45] Question: What was the driver of the realized loss? - The realized loss included a small position in Tallac Therapeutics, but the overall impact was minimal, with net realized and unrealized results being slightly positive [49][51]

Financial Data and Key Metrics Changes - The company generated net investment income (NII) of $0.18 per share for Q4 2025, down from $0.32 per share in Q3 2025 and $0.27 per share in Q4 2024 [23][24] - The net asset value (NAV) per share was $6.98 as of December 31, 2025, compared to $7.12 as of September 30, 2025, and $8.43 as of December 31, 2024 [26] - Total investment income for Q4 2025 was $21 million, down from $24 million in the prior year period [21] Business Line Data and Key Metrics Changes - The portfolio yield on debt investments was over 14% for Q4 2025 and nearly 16% for the full year 2025, maintaining a competitive position within the BDC industry [7] - The company funded nine debt investments totaling $103 million in Q4 2025, with a total investment portfolio of $647 million at year-end [9][25] - The committed backlog increased by $35 million from Q3 2025, reaching $154 million by year-end [12] Market Data and Key Metrics Changes - Approximately $92 billion was invested in VC-backed companies in Q4 2025, indicating a recovery in investment activity [13] - The exit markets remained open but slow, with about $100 billion of exit value primarily driven by tech IPOs [14] - The demand for venture debt capital remains high, positioning the company as a key supplier in the coming year [8] Company Strategy and Development Direction - The impending merger with Monroe Capital is expected to significantly increase equity capital available for investment and enhance economies of scale [5] - The company aims to originate larger venture loans to both private and small-cap public companies, leveraging the merger to grow its portfolio and NII over time [9][17] - The focus on venture debt as a compelling option for companies to access capital with lower dilution is a strategic priority [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but expressed optimism about the groundwork laid for long-term success [4] - The company expects to see increased NII over time as it grows its portfolio and capitalizes on high-quality investment opportunities [17] - The management highlighted the importance of navigating the changing environment, particularly in AI and defense technology sectors [16] Other Important Information - The company redeemed its notes due in 2026 and issued new 7% notes due 2028, improving its debt structure [7][19] - The liquidity position as of December 31, 2025, included $189 million in available liquidity, consisting of $143 million in cash and $46 million in funds available to be drawn [20] Q&A Session Summary Question: About the new dividend level decision - The company reviews its distribution level with the board each quarter, considering the current portfolio, run rate, spillover, and growth opportunities to determine a sustainable level [28] Question: Clarification on the percentage at contractual floor - The percentage at contractual floor is indeed 71% [29] Question: Understanding the earnings slide quarter-over-quarter - The lower interest income was primarily driven by reduced prepayment activity and the timing of fundings, which impacted NII [33][35] Question: Opportunities for public company financing - The company sees a combination of refinancing existing debt and providing new capital as significant opportunities in the market [38] Question: Status of non-accrual portfolio companies - The company is actively working on maximizing recoveries for non-accruals, which are at various levels [43] Question: Drivers of realized loss - The realized loss included a small position in Tallac Therapeutics, but specific details on private companies cannot be disclosed [47] Question: Support for the new dividend - The advisor has agreed to waive $4 million of fees for four quarters following the merger to support the dividend [51]

Financial Data and Key Metrics Changes - In Q3 2025, the company funded $88 million in new debt investments, an increase from $79 million in Q2 2025, resulting in a net increase of approximately $73 million in the debt investment portfolio, totaling $737 million at quarter end, a 17% increase from $627 million at the end of 2024 [26][28] - Total investment income for Q3 was $22.7 million, with a weighted average portfolio yield of 13.2%, down from 14.5% in the prior quarter [28][30] - Net investment income for the quarter was $10.3 million, or $0.26 per share, compared to $11.3 million, or $0.28 per share, in the prior quarter [31] Business Line Data and Key Metrics Changes - The company signed $421 million of term sheets with venture growth stage companies in Q3 2025, compared to $93 million in Q3 2024 and $242 million in Q2 2025 [14] - 75% of the portfolio companies that received commitments during the quarter were new customers, with 90% in AI, enterprise software, and semiconductor sectors [15] - The debt investment portfolio grew by over $73 million due to new fundings exceeding prepayments, marking the third consecutive quarter of growth [19] Market Data and Key Metrics Changes - The overall venture capital market saw increased investment activity, particularly in the AI sector, which accounted for more than two-thirds of venture deal value last quarter [5][6] - M&A and IPO activity generated over $75 billion across 362 exits, marking the strongest quarter for venture-backed companies since the pandemic [6] - The number of equity rounds closed by select venture capital investors year-to-date exceeded the total for all of last year by 34% [6] Company Strategy and Development Direction - The company aims to increase scale, durability, income-generating assets, and NAV over the long term, focusing on portfolio diversification and investment sector rotation [4][13] - There is a strong emphasis on sectors leveraging AI for product differentiation and market disruption, with a belief that AI will be a significant megatrend for years to come [10][12] - The company is actively investing in various sectors beyond AI, including fintech, aerospace, defense, robotics, cybersecurity, and health tech [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the venture markets, noting improvements in credit quality and a decrease in equity financing down rounds [7][40] - The company remains focused on monitoring credit situations and is committed to resolving challenges within its portfolio [9][40] - Management anticipates continued strong demand for debt financing from venture growth stage companies, with expectations for robust activity in Q4 2025 [19][20] Other Important Information - The company ended Q3 with total liquidity of $234 million, consisting of $29 million in cash and $205 million in available capacity under its revolving credit facility [26] - The board declared a regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share, payable on December 31 [33] - The sponsor, TriplePoint Capital, launched a share repurchase program, purchasing about 591,000 shares for roughly $3.9 million [34] Q&A Session Summary Question: Discussion on increasing funding guidance - Management indicated that quality of opportunity and credit quality selectivity are key drivers for funding guidance, with a focus on upcoming debt refinancing [36][37] Question: Credit quality metrics and underwriting changes - Management noted stable credit performance with a slight uptick in non-approvals, emphasizing a balanced approach to sector-specific challenges and positive trends in venture equity markets [38][40] Question: Expectations for prepayment pace - Management expects one prepayment per quarter for 2026, with Q4 being an exception due to unique situations [44][45] Question: Debt refinance and investment grade status - Management confirmed that the upcoming $200 million note is investment grade and expects to issue new notes that will also be investment grade [48][52] Question: Leverage ratio expectations - Management anticipates the leverage ratio to remain around 1.3-1.4, with little to no growth expected in the fourth quarter due to prepayment activity [55][57]

Financial Data and Key Metrics Changes - The company generated net investment income of $0.27 per share for Q1 2025, down from $0.41 per share in Q1 2024 [26] - Total investment income for Q1 2025 was $22.5 million, compared to $29.3 million in the prior year period, reflecting a decrease due to a lower average debt portfolio [25] - The company's net increase in net assets resulting from operations for Q1 2025 was $12.7 million or $0.32 per share, compared to $8 million or $0.21 per share in Q1 2024 [26] Business Line Data and Key Metrics Changes - The company signed $315 million in term sheets with venture growth stage companies in Q1 2025, compared to $130 million in Q1 2024 [13] - Funded debt investments totaled $28 million in Q1 2025, up from $14 million in Q1 2024 [13] - The weighted average annualized portfolio yield for funded investments was 13.3%, slightly down from 13.5% in Q4 2024 [14] Market Data and Key Metrics Changes - The company noted strong demand for venture lending driven by a backlog of high-quality companies in the IPO queue and growth stage companies delaying equity financing [6][10] - The company has seen no material impact from tariffs on its AI, software, B2B, and enterprise-focused portfolio companies, with risks primarily associated with consumer and e-commerce companies [17][19] Company Strategy and Development Direction - The company is focused on portfolio diversification and investment sector rotation, particularly in high-potential sectors such as AI, deep tech, and cybersecurity [10][11] - The management aims to increase net investment income through debt investment portfolio growth and increasing balance sheet leverage [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the venture capital market, citing improved fundraising activity and a positive outlook for capital markets [20] - The company is monitoring geopolitical uncertainties and their potential impact on portfolio company performance, but has not seen immediate effects from tariffs [34][20] Other Important Information - The company declared a regular quarterly dividend of $0.30 per share, with an estimated spillover income of $42.5 million or $1.06 per share at the end of the period [27] - As of March 31, 2025, the company had total liquidity of $337 million, consisting of cash and available capacity under its revolving credit facility [24] Q&A Session Summary Question: Can you share your fundings outlook for the second quarter and beyond? - Management confirmed that the outlook for Q2 remains unchanged at $25 million to $50 million in quarterly fundings [32] Question: Can you speak to your views on credit today and the outlook going forward? - Management noted improved market conditions and increased fundraising activity among portfolio companies, but acknowledged the challenges posed by geopolitical uncertainty [34] Question: Can you discuss your willingness to do share repurchase versus making new investments? - Management indicated a preference for growing the portfolio through debt capital rather than share repurchases, aiming to achieve long-term objectives [38] Question: What is your view on repayments and prepayments in the second quarter? - Management expects one to two prepayments per quarter, primarily from older vintages, which should not materially impact net investment income [41] Question: Can you elaborate on the sale of Revolut and its impact? - Management explained that the sale was part of a controlled process and aligned with their marks, resulting in a realized gain of $2.3 million [42][44] Question: What percentage of the debt investments are at their floors? - Approximately 35% of the portfolio is at the floor, with 62% of the portfolio being floating rate [64]

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]