TriplePoint Venture Growth BDC (TPVG) Tops Q4 EPS by 1c
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TriplePoint Venture Growth BDC (NYSE: TPVG) reported Q4 EPS of $0.39, $0.01 better than the analyst estimate of $0.38.
Fourth Quarter 2020 Highlights
- Earned net investment income of $11.9 million, or $0.39 per share;
- Recorded $4.2 million from the realization of gains from the sale of CrowdStrike, Inc. shares, the sale of Medallia, Inc. shares and the acquisition of Freshly Inc. by Nestle USA;
- TPVG portfolio company View, Inc. announced plans to go public through a SPAC merger and subsequent to the fourth quarter, Hims, Inc. closed its SPAC merger and listed on the NYSE and GROOP Internet Platform, Inc. (d/b/a Talkspace) announced plans to go public through a SPAC merger;
- Signed $172.3 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed $73.4 million of new debt commitments to venture growth stage companies;
- Funded $67.4 million in debt investments to nine portfolio companies, an increase of 77% from prior quarter;
- Achieved a 15.2% weighted average annualized portfolio yield on total debt investments for the quarter;
- Realized an 11.4% return on average equity, based on net investment income during the quarter;
- Increased the capacity of revolving credit facility to $325 million from $300 million, extended the revolving period to November 30, 2022 and extended the scheduled maturity date to May 31, 2024;
- Ended the year with a 0.66x leverage ratio;
- Declared a special dividend of $0.10 per share, paid on January 13, 2021;
- Net asset value of $400.4 million, or $12.97 per share, at December 31, 2020; and
- Declared a first quarter distribution of $0.36 per share, payable on March 31, 2021; bringing total declared distributions to $10.42 per share since the Company’s initial public offering, including $0.35 per share of cumulative special dividends.
“TPVG’s strong performance in a challenging year underscores the strength of our platform, the quality and resiliency of our portfolio and the value of our warrant and equity investments,” said Jim Labe, chairman and chief executive officer of TPVG. “We are pleased to have generated NII in excess of our distributions for the fourth year in a row and, based on last year’s substantial capital gains, paid our third special distribution since going public while still maintaining substantial spillover income.”
“We have entered 2021 well positioned to capitalize on the robust venture capital market and strong demand for our debt financing from venture growth stage companies,” said Sajal Srivastava, president and chief investment officer of the Company. “We expect to utilize our strong liquidity position to grow our portfolio in a highly disciplined fashion while delivering attractive returns to our stakeholders.”
For earnings history and earnings-related data on TriplePoint Venture Growth BDC (TPVG) click here.
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