TriplePoint Venture Growth BDC (TPVG) Misses Q3 EPS by 10c

TriplePoint Venture Growth BDC (NYSE: TPVG) reported Q3 EPS of $0.29, $0.10 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $15.69 million versus the consensus estimate of $18.74 million.

Third Quarter 2019 Highlights

• Signed $301.2 million of new term sheets at TriplePoint Capital LLC (“TPC”), and TPVG closed $81.2 million of new debt commitments to venture growth stage companies;
• Funded $84.7 million in debt investments with a 13.0% weighted average annualized portfolio yield at origination;
• Grew the investment portfolio to a record level of $526.0 million as of September 30, 2019;
• Received $1.0 million of principal prepayments and $41.2 million of scheduled amortization and repayments;
• Appointed Christopher M. Mathieu as Chief Financial Officer;
• Announced that TPVG received an investment grade rating of BBB from DBRS, Inc.;
• Increased funding capacity under the Company’s revolving credit facility to $300.0 million;
• Earned net investment income of $7.1 million, or $0.29 per share;
• Reduction in net unrealized gains on public stock portfolio of $4.6 million during the quarter, or $0.19 per share;
• Net asset value of $335.4 million, or $13.47 per share, at September 30, 2019;
• TPVG portfolio company Medallia Inc. completed a $326 million initial public offering;
• Declared a fourth quarter distribution of $0.36 per share, payable on December 16, 2019; bringing total declared distributions to $8.52 per share since the Company’s initial public offering; and
• Subsequent to the third quarter, the Company funded $94.3 million in new debt investments.

“We continued to experience strong demand from venture growth stage companies seeking debt financing and ended the quarter with a record portfolio size,” said Jim Labe, chairman and chief executive officer of TPVG, adding “and based on funding activity so far in the fourth quarter we are on track for further portfolio growth.”

“Our investment grade credit rating reflects our proven long-term credit performance,” said Sajal Srivastava, president and chief investment officer of the Company. “It also provides flexibility in deploying capital and growing our investment portfolio in a disciplined fashion to maximize returns to our shareholders.”

For earnings history and earnings-related data on TriplePoint Venture Growth BDC (TPVG) click here.

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