TriplePoint Venture Growth BDC Corp. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
TriplePoint Venture Growth BDC (NYSE: TPVG) reported its Q4 and fiscal year 2024 financial results. The company achieved net investment income of $1.40 per share for FY2024 and declared a Q1 2025 distribution of $0.30 per share.
Q4 2024 highlights include: $72.0 million in new debt commitments, $49.9 million funded in debt investments with 13.5% weighted average yield, and 15.8% portfolio yield on debt investments. The company maintained a net asset value of $345.7 million ($8.61 per share) and total liquidity of $373.7 million.
FY2024 performance showed: $108.6 million in total investment income, $735.6 million in signed term sheets, and $175.0 million in new debt commitments. The company funded $135.1 million in debt investments across 13 portfolio companies with a 14.1% weighted average yield at origination. Notable was the $1.8 billion aggregate capital raised by 26 debt portfolio companies in private financings.
TriplePoint Venture Growth BDC (NYSE: TPVG) ha riportato i risultati finanziari del Q4 e dell'anno fiscale 2024. L'azienda ha raggiunto un reddito da investimenti netto di $1,40 per azione per l'anno fiscale 2024 e ha dichiarato una distribuzione per il Q1 2025 di $0,30 per azione.
I punti salienti del Q4 2024 includono: $72,0 milioni in nuovi impegni di debito, $49,9 milioni finanziati in investimenti in debito con un rendimento medio ponderato del 13,5%, e un rendimento del portafoglio del 15,8% sugli investimenti in debito. L'azienda ha mantenuto un valore netto degli attivi di $345,7 milioni ($8,61 per azione) e una liquidità totale di $373,7 milioni.
Le performance dell'anno fiscale 2024 hanno mostrato: $108,6 milioni in reddito totale da investimenti, $735,6 milioni in fogli di termini firmati, e $175,0 milioni in nuovi impegni di debito. L'azienda ha finanziato $135,1 milioni in investimenti in debito attraverso 13 società del portafoglio con un rendimento medio ponderato del 14,1% all'origine. Notevole è stato il capitale aggregato di $1,8 miliardi raccolto da 26 società di portafoglio in finanziamenti privati.
TriplePoint Venture Growth BDC (NYSE: TPVG) informó sus resultados financieros del Q4 y del año fiscal 2024. La empresa logró un ingreso neto por inversiones de $1.40 por acción para el año fiscal 2024 y declaró una distribución de $0.30 por acción para el Q1 2025.
Los aspectos destacados del Q4 2024 incluyen: $72.0 millones en nuevos compromisos de deuda, $49.9 millones financiados en inversiones de deuda con un rendimiento promedio ponderado del 13.5%, y un rendimiento de portafolio del 15.8% en inversiones de deuda. La empresa mantuvo un valor neto de activos de $345.7 millones ($8.61 por acción) y una liquidez total de $373.7 millones.
El desempeño del año fiscal 2024 mostró: $108.6 millones en ingresos totales por inversiones, $735.6 millones en hojas de términos firmadas, y $175.0 millones en nuevos compromisos de deuda. La empresa financió $135.1 millones en inversiones de deuda a través de 13 compañías de cartera con un rendimiento promedio ponderado del 14.1% al momento de la originación. Notable fue el capital agregado de $1.8 mil millones recaudado por 26 compañías de cartera en financiamientos privados.
TriplePoint Venture Growth BDC (NYSE: TPVG)는 2024 회계연도 4분기 및 연간 재무 결과를 발표했습니다. 이 회사는 2024 회계연도에 대해 주당 $1.40의 순 투자 수익을 달성했으며, 2025년 1분기 배당금으로 주당 $0.30을 선언했습니다.
2024년 4분기 주요 내용에는: 새로운 부채 약정 $72.0백만, 13.5%의 가중 평균 수익률로 자금 지원된 부채 투자 $49.9백만, 그리고 부채 투자에 대한 포트폴리오 수익률 15.8%가 포함됩니다. 이 회사는 $345.7백만 ($8.61 per share)의 순 자산 가치를 유지했고 총 유동성은 $373.7백만입니다.
2024 회계연도 성과는: 총 투자 수익 $108.6백만, 서명된 약정서 $735.6백만, 새로운 부채 약정 $175.0백만을 보여주었습니다. 이 회사는 13개의 포트폴리오 회사에 대해 $135.1백만의 부채 투자를 자금 지원했으며, 원금 기준으로 14.1%의 가중 평균 수익률을 기록했습니다. 특히 26개의 부채 포트폴리오 회사가 사모 금융에서 조달한 총 자본이 $1.8억 달러에 달했습니다.
TriplePoint Venture Growth BDC (NYSE: TPVG) a publié ses résultats financiers pour le T4 et l'exercice fiscal 2024. L'entreprise a réalisé un revenu net d'investissement de 1,40 $ par action pour l'exercice fiscal 2024 et a déclaré une distribution de 0,30 $ par action pour le T1 2025.
Les points forts du T4 2024 comprennent : 72,0 millions de dollars en nouveaux engagements de dette, 49,9 millions de dollars financés dans des investissements en dette avec un rendement moyen pondéré de 13,5 %, et un rendement de portefeuille de 15,8 % sur les investissements en dette. L'entreprise a maintenu une valeur nette d'actifs de 345,7 millions de dollars (8,61 $ par action) et une liquidité totale de 373,7 millions de dollars.
La performance de l'exercice fiscal 2024 a montré : 108,6 millions de dollars de revenus totaux d'investissement, 735,6 millions de dollars en feuilles de termes signées, et 175,0 millions de dollars en nouveaux engagements de dette. L'entreprise a financé 135,1 millions de dollars en investissements en dette à travers 13 sociétés de portefeuille avec un rendement moyen pondéré de 14,1 % à l'origine. Notable est le capital agrégé de 1,8 milliard de dollars levé par 26 sociétés de portefeuille dans des financements privés.
TriplePoint Venture Growth BDC (NYSE: TPVG) hat seine finanziellen Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht. Das Unternehmen erzielte einen Nettoinvestitionsertrag von $1,40 pro Aktie für das Geschäftsjahr 2024 und erklärte eine Ausschüttung von $0,30 pro Aktie für das 1. Quartal 2025.
Die Highlights des 4. Quartals 2024 umfassen: $72,0 Millionen an neuen Schuldenverpflichtungen, $49,9 Millionen, die in Schuldeninvestitionen mit einer gewichteten Durchschnittsrendite von 13,5 % finanziert wurden, und eine Portfoliorendite von 15,8 % auf Schuldeninvestitionen. Das Unternehmen hielt einen Nettowert der Vermögenswerte von $345,7 Millionen ($8,61 pro Aktie) und eine Gesamtl Liquidität von $373,7 Millionen.
Die Leistung im Geschäftsjahr 2024 zeigte: $108,6 Millionen an Gesamterträgen aus Investitionen, $735,6 Millionen an unterzeichneten Term Sheets und $175,0 Millionen an neuen Schuldenverpflichtungen. Das Unternehmen finanzierte $135,1 Millionen in Schuldeninvestitionen über 13 Portfoliounternehmen mit einer gewichteten Durchschnittsrendite von 14,1 % bei der Entstehung. Bemerkenswert war das aggregierte Kapital von $1,8 Milliarden, das von 26 Schuldenportfoliounternehmen in privaten Finanzierungen gesammelt wurde.
- Record high $72.0M new debt commitments in Q4, highest in two years
- 15.8% portfolio yield on debt investments in Q4
- Strong liquidity position of $373.7M
- Portfolio companies raised $1.8B in private financing during 2024
- Maintained investment grade rating with stable outlook
- Net investment income decreased to $1.40/share in 2024 from $2.07 in 2023
- Total investment income declined to $108.6M in 2024 from $137.5M in 2023
- NAV per share decreased to $8.61 from $9.21 year-over-year
- Net unrealized losses of $19.5M in Q4 2024
Insights
TPVG's Q4 results reveal mixed financial performance with encouraging signs of market recovery in the venture lending space. The company achieved $1.40 per share in net investment income for fiscal year 2024, comfortably covering the $1.40 in distributions paid during the year. The 15.8% portfolio yield on debt investments demonstrates strong earning potential despite challenging market conditions.
Notably, Q4 showed significant improvement in origination activity with $72.0 million in new debt commitments - the highest in two years - signaling potential for renewed portfolio growth. However, quarterly NII of $0.32 per share represents a 32% decline from Q4 2023's $0.47, reflecting the smaller investment portfolio.
The company's NAV declined 6.5% year-over-year to $8.61 per share, primarily due to $19.5 million in net unrealized losses during Q4. This compression in book value warrants attention but is partially offset by the $1.08 per share in undistributed spillover income, which provides substantial dividend coverage.
TPVG's leverage ratio of 1.16x and strong liquidity position of $373.7 million give it ample capacity to capitalize on improving venture lending opportunities. The subsequent activity after quarter-end (additional $53.0 million in debt commitments and $23.5 million in new investments) suggests momentum is building.
Management's comments about "improving market conditions" align with the increased deal flow, though investors should monitor whether this translates into portfolio growth substantial enough to reverse the downward trend in NII.
TPVG's earnings reveal a company at an inflection point, with results best characterized as stabilizing rather than thriving. The headline 15.8% portfolio yield remains impressive in the current rate environment, but hasn't translated into bottom-line growth.
The structural disconnect between TPVG's performance metrics is particularly noteworthy. Despite generating substantial portfolio yield, the company experienced $19.5 million in unrealized losses this quarter, suggesting potential underlying credit concerns. The weighted average investment ranking remained unchanged at 2.17, but credit migration bears watching - one company was downgraded to Orange (4), indicating significant underperformance.
TPVG's current dividend provides an attractive 15.1% annualized yield at current market prices. However, Q4's NII of $0.32 per share provides only a narrow 7% coverage cushion over the $0.30 distribution. The substantial $1.08 per share in spillover income offers important protection, essentially providing over three quarters of dividend coverage if needed.
The key catalyst lies in TPVG's ability to deploy its substantial liquidity into high-quality assets. With $373.7 million in available capital and early 2025 showing accelerated deployment ($23.5 million funded already), the company has the potential to reverse the declining NII trend. However, BDCs often face a difficult trade-off between growth and maintaining credit quality.
The market appears to be discounting TPVG significantly, with shares trading at a 7.9% discount to NAV. This creates potential upside if management can successfully navigate the improving but still challenging venture lending environment.
Achieved Net Investment Income of
Declares First Quarter 2025 Distribution of
Fourth Quarter 2024 Highlights
-
Signed
of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed$323.4 million of new debt commitments, each representing the highest levels in the last two years;$72.0 million -
Funded
in debt investments, representing a$49.9 million 51% increase from the prior quarter, to three portfolio companies with a13.5% weighted average annualized yield at origination; -
Achieved a
15.8% weighted average annualized portfolio yield on debt investments for the quarter1; -
Earned net investment income of
, or$12.6 million per share;$0.32 -
Realized a
13.7% return on average equity, based on net investment income during the quarter; -
Six debt portfolio companies raised an aggregate
of capital in private financings during the quarter;$95.5 million - Held debt investments in 44 portfolio companies, warrants in 98 portfolio companies and equity investments in 47 portfolio companies as of December 31, 2024;
- Debt investment portfolio weighted average investment ranking of 2.17 as of quarter’s end;
-
Net asset value of
, or$345.7 million per share, as of December 31, 2024;$8.61 -
Total liquidity of
and total unfunded commitments of$373.7 million ;$104.5 million - Ended the quarter with a 1.16x gross leverage ratio;
-
Declared a first quarter distribution of
per share, payable on March 31, 2025; bringing total declared distributions to$0.30 per share since the Company’s initial public offering;$16.35 - Appointed Mike L. Wilhelms to serve as Chief Financial Officer of the Company effective as of January 6, 2025; and
-
Subsequent to quarter-end, the Company raised
in aggregate principal amount from the private issuance of senior unsecured investment grade notes due February 2028.$50 million
Fiscal Year 2024 Highlights
-
Earned net investment income of
, or$54.5 million per share;$1.40 -
Generated total investment income of
;$108.6 million -
Paid distributions of
per share;$1.40 -
Signed
of term sheets with venture growth stage companies at TPC and TPVG closed$735.6 million of new debt commitments to venture growth stage companies;$175.0 million -
Funded
in debt investments to 13 portfolio companies with a$135.1 million 14.1% weighted average annualized portfolio yield at origination and funded in direct equity investments in private rounds of financing to two portfolio companies;$0.7 million -
26 debt portfolio companies raised an aggregate
of capital in private financings;$1.8 billion -
Achieved a
15.7% weighted average annualized portfolio yield on debt investments1; -
In April 2024, DBRS, Inc. issued TPVG’s investment grade rating, with a BBB (low) Long-Term Issuer rating, with a stable trend
outlook; -
Renewed the Revolving Credit Facility to, among other things, extend the revolving period to November 30, 2025 and the scheduled maturity date to May 30, 2027, as well as set total commitments to
;$300 million -
Raised
of net proceeds under the ATM Program; and$19.4 million -
Estimated undistributed taxable earnings from net investment income (or “spillover income”) of
, or$43.4 million per share, as of December 31, 2024.$1.08
1 Please see the last table in this press release, titled "Weighted Average Portfolio Yield on Debt Investments," for more information on the calculation of the weighted average annualized portfolio yield on debt investments.
“We are seeing improving market conditions in the venture capital and venture lending markets,” said Jim Labe, chairman and chief executive officer of TPVG. “We are pleased that fourth quarter signed term sheets for venture growth stage companies at TPC and closed debt commitments at TPVG reached levels representing multiple year highs and that our pipeline continues to grow.”
“Our priority in 2025 is to take advantage of the strengthening demand for debt financing from well-positioned venture growth stage companies,” said Sajal Srivastava, president and chief investment officer of the Company. “We remain focused on executing on our plan for positioning TPVG for 2025 and beyond by increasing its scale, durability, portfolio diversification and income generating assets over time.”
PORTFOLIO AND INVESTMENT ACTIVITY
During the three months ended December 31, 2024, the Company entered into
As of December 31, 2024, the Company held debt investments in 44 portfolio companies, warrants in 98 portfolio companies and equity investments in 47 portfolio companies. The total cost and fair value of these investments were
The following table shows the total portfolio investment activity for the three months and years ended December 31, 2024 and 2023:
|
|
For the Three Months Ended
|
|
For the Year Ended
|
||||||||||||
(in thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Beginning portfolio at fair value |
|
$ |
720,974 |
|
|
$ |
870,178 |
|
|
$ |
802,145 |
|
|
$ |
949,276 |
|
New debt investments, net(a) |
|
|
49,331 |
|
|
|
23,687 |
|
|
|
132,886 |
|
|
|
122,654 |
|
Scheduled principal amortization |
|
|
(15,687 |
) |
|
|
(9,173 |
) |
|
|
(55,001 |
) |
|
|
(47,461 |
) |
Principal prepayments and early repayments |
|
|
(61,289 |
) |
|
|
(42,238 |
) |
|
|
(179,109 |
) |
|
|
(131,638 |
) |
Net amortization and accretion of premiums and discounts and end-of-term payments |
|
|
(1,307 |
) |
|
|
2,245 |
|
|
|
2,038 |
|
|
|
11,773 |
|
Payment-in-kind coupon |
|
|
3,230 |
|
|
|
3,702 |
|
|
|
15,062 |
|
|
|
11,648 |
|
New warrant investments |
|
|
282 |
|
|
|
1,120 |
|
|
|
842 |
|
|
|
2,622 |
|
New equity investments |
|
|
575 |
|
|
|
392 |
|
|
|
2,291 |
|
|
|
1,712 |
|
Proceeds from dispositions of investments |
|
|
(57 |
) |
|
|
(1,634 |
) |
|
|
(22,200 |
) |
|
|
(4,807 |
) |
Net realized gains (losses) on investments |
|
|
(306 |
) |
|
|
(52,086 |
) |
|
|
(33,219 |
) |
|
|
(75,769 |
) |
Net change in unrealized gains (losses) on investments |
|
|
(19,497 |
) |
|
|
5,952 |
|
|
|
10,514 |
|
|
|
(37,865 |
) |
Ending portfolio at fair value |
|
$ |
676,249 |
|
|
$ |
802,145 |
|
|
$ |
676,249 |
|
|
$ |
802,145 |
|
_____________ |
||||||||||||||||
(a) Debt balance is net of fees and discounts applied to the loan at origination. |
SIGNED TERM SHEETS
During the three months ended December 31, 2024, TPC entered into
UNFUNDED COMMITMENTS
As of December 31, 2024, the Company’s unfunded commitments totaled
RESULTS OF OPERATIONS
Total investment and other income was
Operating expenses for the fourth quarter of 2024 were
For the fourth quarter of 2024, the Company recorded net investment income of
During the fourth quarter of 2024, the Company recognized net realized losses on investments of
Net change in unrealized losses on investments for the fourth quarter of 2024 was
The Company’s net decrease in net assets resulting from operations for the fourth quarter of 2024 was
CREDIT QUALITY
The Adviser maintains a credit watch list with portfolio companies placed into one of five credit risk categories, with Clear, or 1, being the best rating and Red, or 5, being the lowest. Generally, all new loans receive an initial grade of White, or 2, unless the portfolio company’s credit quality meets the characteristics of another credit category.
As of December 31, 2024, the weighted average investment ranking of the Company’s debt investment portfolio was 2.17, consistent with the end of the prior quarter. During the quarter ended December 31, 2024, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of
The following table shows the credit categories for the Company’s debt investments at fair value as of December 31, 2024 and 2023:
|
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||
Credit Category
|
|
Fair Value |
|
Percentage of
|
|
Number of
|
|
Fair Value |
|
Percentage of
|
|
Number of
|
||||
Clear (1) |
|
$ |
51,986 |
|
9.3 |
% |
|
3 |
|
$ |
100,309 |
|
13.8 |
% |
|
7 |
White (2) |
|
|
392,237 |
|
70.0 |
|
|
31 |
|
|
471,195 |
|
64.5 |
|
|
28 |
Yellow (3) |
|
|
84,847 |
|
15.1 |
|
|
4 |
|
|
117,792 |
|
16.1 |
|
|
8 |
Orange (4) |
|
|
30,979 |
|
5.5 |
|
|
5 |
|
|
40,091 |
|
5.5 |
|
|
5 |
Red (5) |
|
|
56 |
|
0.1 |
|
|
1 |
|
|
908 |
|
0.1 |
|
|
1 |
|
|
$ |
560,105 |
|
100.0 |
% |
|
44 |
|
$ |
730,295 |
|
100.0 |
% |
|
49 |
NET ASSET VALUE
As of December 31, 2024, the Company’s net assets were
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2024, the Company had total liquidity of
DISTRIBUTION
On February 25, 2025, the Company’s board of directors declared a regular quarterly distribution of
RECENT DEVELOPMENTS
Since December 31, 2024 and through March 4, 2025:
-
TPC’s direct originations platform entered into
of additional non-binding signed term sheets with venture growth stage companies;$214.5 million -
The Company closed
of additional debt commitments; and$53.0 million -
The Company funded
in new investments.$23.5 million
CONFERENCE CALL
The Company will host a conference call at 5:00 p.m. Eastern Time, today, March 5, 2025, to discuss its financial results for the quarter and fiscal year ended December 31, 2024. To listen to the call, investors and analysts should dial (844) 826-3038 (domestic) or +1 (412) 317-5184 (international) and ask to join the TriplePoint Venture Growth BDC Corp. call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through April 5, 2025, by dialing (877) 344-7529 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 9371606. The conference call also will be available via a live audio webcast in the investor relations section of the Company’s website, https://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for one year after the call.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing customized debt financing with warrants and direct equity investments primarily to venture growth stage companies in technology and other high growth industries backed by a select group of venture capital firms. The Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform which provides customized debt financing, leasing, direct equity investments and other complementary solutions to venture capital-backed companies in technology and other high growth industries at every stage of their development with unparalleled levels of creativity, flexibility and service. For more information about TriplePoint Venture Growth BDC Corp., visit https://www.tpvg.com. For more information about TriplePoint Capital, visit https://www.triplepointcapital.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, investment activity, financial condition or results of operations and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual events, investment activity, performance, condition or results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, and the impact of such changes on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
TriplePoint Venture Growth BDC Corp.
|
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Investments at fair value (amortized cost of |
$ |
676,249 |
|
|
$ |
802,145 |
|
Cash and cash equivalents |
|
45,899 |
|
|
|
153,328 |
|
Restricted cash |
|
32,828 |
|
|
|
18,254 |
|
Deferred credit facility costs |
|
3,904 |
|
|
|
2,714 |
|
Prepaid expenses and other assets |
|
4,160 |
|
|
|
2,384 |
|
Total assets |
$ |
763,040 |
|
|
$ |
978,825 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Revolving Credit Facility |
$ |
5,000 |
|
|
$ |
215,000 |
|
2025 Notes, net |
|
69,948 |
|
|
|
69,738 |
|
2026 Notes, net |
|
199,483 |
|
|
|
199,041 |
|
2027 Notes, net |
|
124,396 |
|
|
|
124,117 |
|
Base management fee payable |
|
3,408 |
|
|
|
4,490 |
|
Other accrued expenses and liabilities |
|
15,118 |
|
|
|
20,133 |
|
Total liabilities |
$ |
417,353 |
|
|
$ |
632,519 |
|
|
|
|
|
||||
Net assets |
|
|
|
||||
Preferred stock, par value |
$ |
— |
|
|
$ |
— |
|
Common stock, par value |
|
401 |
|
|
|
376 |
|
Paid-in capital in excess of par value |
|
513,719 |
|
|
|
492,934 |
|
Total distributable earnings (loss) |
|
(168,433 |
) |
|
|
(147,004 |
) |
Total net assets |
$ |
345,687 |
|
|
$ |
346,306 |
|
Total liabilities and net assets |
$ |
763,040 |
|
|
$ |
978,825 |
|
|
|
|
|
||||
Shares of common stock outstanding (par value |
|
40,137 |
|
|
|
37,620 |
|
Net asset value per share |
$ |
8.61 |
|
|
$ |
9.21 |
|
TriplePoint Venture Growth BDC Corp. Consolidated Statements of Operations (in thousands, except per share data) |
|||||||||||||||
|
For the Three Months Ended
|
|
For the Year Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
||||||||
Investment income |
|
|
|
|
|
|
|
||||||||
Interest income from investments |
$ |
25,314 |
|
|
$ |
32,424 |
|
|
$ |
106,383 |
|
|
$ |
133,249 |
|
Other income |
|
440 |
|
|
|
548 |
|
|
|
2,266 |
|
|
|
4,241 |
|
Total investment and other income |
$ |
25,754 |
|
|
$ |
32,972 |
|
|
$ |
108,649 |
|
|
$ |
137,490 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
Base management fee |
$ |
3,408 |
|
|
$ |
4,490 |
|
|
|
14,960 |
|
|
$ |
17,893 |
|
Income incentive fee |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest expense and amortization of fees |
|
7,587 |
|
|
|
8,309 |
|
|
|
30,448 |
|
|
|
36,795 |
|
Administration agreement expenses |
|
538 |
|
|
|
574 |
|
|
|
2,376 |
|
|
|
2,293 |
|
General and administrative expenses |
|
1,585 |
|
|
|
2,313 |
|
|
|
6,317 |
|
|
|
6,703 |
|
Total operating expenses |
$ |
13,118 |
|
|
$ |
15,686 |
|
|
$ |
54,101 |
|
|
$ |
63,684 |
|
|
|
|
|
|
|
|
|
||||||||
Net investment income |
$ |
12,636 |
|
|
$ |
17,286 |
|
|
$ |
54,548 |
|
|
$ |
73,806 |
|
|
|
|
|
|
|
|
|
||||||||
Net realized and unrealized gains/(losses) |
|
|
|
|
|
|
|
||||||||
Net realized gains (losses) on investments |
$ |
(323 |
) |
|
$ |
(52,032 |
) |
|
$ |
(33,016 |
) |
|
$ |
(75,762 |
) |
Net change in unrealized gains (losses) on investments |
|
(19,497 |
) |
|
|
5,953 |
|
|
|
10,514 |
|
|
|
(37,865 |
) |
Net realized and unrealized gains/(losses) |
$ |
(19,820 |
) |
|
$ |
(46,079 |
) |
|
$ |
(22,502 |
) |
|
$ |
(113,627 |
) |
|
|
|
|
|
|
|
|
||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
(7,184 |
) |
|
$ |
(28,793 |
) |
|
$ |
32,046 |
|
|
$ |
(39,821 |
) |
|
|
|
|
|
|
|
|
||||||||
Per share information (basic and diluted) |
|
|
|
|
|
|
|
||||||||
Net investment income per share |
$ |
0.32 |
|
|
$ |
0.47 |
|
|
$ |
1.40 |
|
|
$ |
2.07 |
|
Net increase (decrease) in net assets per share |
$ |
(0.18 |
) |
|
$ |
(0.79 |
) |
|
$ |
0.82 |
|
|
$ |
(1.12 |
) |
Weighted average shares of common stock outstanding |
|
40,054 |
|
|
|
36,457 |
|
|
|
39,101 |
|
|
|
35,706 |
|
|
|
|
|
|
|
|
|
||||||||
Total distributions declared per share |
$ |
0.30 |
|
|
$ |
0.40 |
|
|
$ |
1.40 |
|
|
$ |
1.60 |
|
Weighted Average Portfolio Yield
|
||||||||||||
Ratios
|
|
For the Three Months Ended
|
|
For the Year Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Weighted average portfolio yield on debt investments(2) |
|
15.8 |
% |
|
15.6 |
% |
|
15.7 |
% |
|
15.4 |
% |
Coupon income |
|
12.0 |
% |
|
12.0 |
% |
|
12.1 |
% |
|
12.1 |
% |
Accretion of discount |
|
0.9 |
% |
|
0.8 |
% |
|
0.9 |
% |
|
0.9 |
% |
Accretion of end-of-term payments |
|
1.3 |
% |
|
1.6 |
% |
|
1.5 |
% |
|
1.7 |
% |
Impact of prepayments during the period |
|
1.6 |
% |
|
1.2 |
% |
|
1.2 |
% |
|
0.7 |
% |
_____________ |
||
(1) |
Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. |
|
(2) |
The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to the Company’s stockholders. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250305146738/en/
INVESTOR RELATIONS AND MEDIA
The IGB Group
Leon Berman
212-477-8438
lberman@igbir.com
Source: TriplePoint Venture Growth BDC Corp.