TriplePoint Venture Growth BDC (TPVG) Tops Q4 EPS by 6c

TriplePoint Venture Growth BDC (NYSE: TPVG) reported Q4 EPS of $0.45, $0.06 better than the analyst estimate of $0.39. Revenue for the quarter came in at $21.27 million versus the consensus estimate of $20.08 million.

Fourth Quarter 2019 Highlights

• Signed $114.1 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed $129.1 million of new debt commitments to venture growth stage companies;
• Earned net investment income of $11.1 million, or $0.45 per share;
• Funded $170.9 million in debt investments to 16 portfolio companies with a 13.5% weighted average annualized portfolio yield at origination;
• Grew the investment portfolio to a record level of $660.7 million at cost as of December 31, 2019;
• Received $31.0 million of principal prepayments and $7.0 million of scheduled amortization and repayments;
• Achieved a 15.3% weighted average annualized portfolio yield on total debt investments for the quarter, including the impact of prepayments;
• Realized a 12.9% return on average equity, based on net investment income during the quarter;
• Realized $1.3 million of equity gains from the sale of shares of Farfetch UK Ltd.;
• Generated a net increase in net assets of $5.6 million, or $0.23 per share;
• Net asset value of $332.5 million, or $13.34 per share, at December 31, 2019;
• Ended the quarter with a 1.01x leverage ratio; and
• Declared a first quarter distribution of $0.36 per share, payable on March 30, 2020; bringing total declared distributions to $8.88 per share since the Company’s initial public offering.

“We are pleased with the strong portfolio growth and overall pipeline activity during 2019, as we experienced strong deal flow from long-standing relationships with our select group of venture capital investors,” said Jim Labe, chairman and chief executive officer of TPVG, adding “We are pleased to report a record in annual originations and overall portfolio size as we continue to focus on quality portfolio growth and diversification.”

“We achieved our target leverage ratio during the quarter and strengthened our liquidity by completing an accretive common stock equity offering right after the end of the year,” said Sajal Srivastava, president and chief investment officer of the Company. “This additional liquidity along with our plans to take advantage of our investment grade credit rating to increase our leverage will support the funding of our high-quality pipeline of venture growth stage opportunities.”

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

You May Also Be Interested In

• Sinda raises $331M in IPO, reports Q2 net loss of $16.6M
• Pro Diversity Network (IPDN) Reports Q2 Loss of $0.15
• Hydrofarm Holdings Group, Inc. (HYFM) Misses Q2 EPS by 134c