TriplePoint Venture Growth BDC (TPVG) Tops Q1 EPS by 2c

TriplePoint Venture Growth BDC (NYSE: TPVG) reported Q1 EPS of $0.41, $0.02 better than the analyst estimate of $0.39.

First Quarter 2020 Highlights

• Earned net investment income of $12.2 million, or $0.41 per share;
• Signed $79.5 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed $102.6 million of new debt commitments to venture growth stage companies;
• Funded $78.8 million in debt investments to 11 portfolio companies with a 13.4% weighted average annualized portfolio yield at origination;
• Raised $78.2 million of net proceeds from the public issuance of 5.75 million shares of common stock;
• Raised $70.0 million in aggregate principal amount from the private issuance of 4.50% institutional notes due 2025, initially assigned a BBB rating by DBRS, Inc.;
• Achieved a 12.7% weighted average annualized portfolio yield on total debt investments for the quarter;
• Realized a 12.2% return on average equity, based on net investment income during the quarter;
• TPVG portfolio company Casper Sleep, Inc. completed a $100 million initial public offering;
• Net asset value of $395.0 million, or $12.85 per share, at March 31, 2020;
• Ended the quarter with a 1.02x leverage ratio;
• Declared a second quarter distribution of $0.36 per share, payable on June 30, 2020; bringing total declared distributions to $9.24 per share since the Company’s initial public offering; and
• Subsequent to the end of the quarter, the Company’s investment adviser, TriplePoint Advisers LLC, provided TPVG with an unsecured revolving credit line of up to $50.0 million, with $25.0 million available at close and an accordion feature for an additional $25.0 million.

“We are grateful for the support and collaboration of our employees, our portfolio companies, our select group of venture capital firms, and other members of the venture community during the COVID-19 pandemic,” said Jim Labe, chairman and chief executive officer of TPVG, adding, “We believe that the strength of the venture capital ecosystem and our venture lending business, as well as the resilience of our portfolio companies, are never more evident than when they are tested. Even in a time of global crisis, we are able to build on that foundation and work toward a bright future for venture growth stage financing.”

“Our strong and diversified balance sheet, supported by proactive capital-raising here in 2020, puts us in a position of strength in this challenging environment,” said Sajal Srivastava, president and chief investment officer of the Company. “We will continue to deploy our capital and grow 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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