TriplePoint Venture Growth BDC (TPVG) Tops Q3 EPS by 3c

TriplePoint Venture Growth BDC (NYSE: TPVG) reported Q3 EPS of $0.40, $0.03 better than the analyst estimate of $0.37.

Third Quarter 2020 Highlights

• Earned net investment income of $12.2 million, or $0.40 per share;
• Net increase in net assets of $14.4 million, or $0.47 per share;
• Recorded $4.9 million from the realization of gains from the sale of CrowdStrike, Inc. shares, with 16,747 shares still held as of September 30, 2020;
• Recorded $1.1 million from the realization of gains from the sale of Medallia, Inc. shares, with 18,616 shares still held as of September 30, 2020;
• Net asset value of $409.4 million, or $13.28 per share, at September 30, 2020, an increase of 0.9% from prior quarter;
• Signed $145.5 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed $86.8 million of new debt commitments to venture growth stage companies, an increase of 5x from prior quarter;
• Funded $38.0 million in debt investments to five portfolio companies, an increase of 85% from prior quarter;
• Achieved a 14.1% weighted average annualized portfolio yield on total debt investments for the quarter;
• Realized an 11.8% return on average equity, based on net investment income during the quarter;
• Ended the quarter with a 0.63x leverage ratio;
• Declared a fourth quarter distribution of $0.36 per share, payable on December 14, 2020; bringing total declared distributions to $9.96 per share since the Company’s initial public offering; and
• Portfolio company exit and liquidity events subsequent to the third quarter include: Nestle USA announced that it acquired TPVG portfolio company, Freshly Inc.; TPVG portfolio company Hims, Inc. announced plans to go public through a merger with Oaktree Acquisition Corp.; and TPVG portfolio company Qubole, Inc. was acquired by Idera, Inc.

“We had another quarter of strong performance, reflecting the quality of our portfolio and our disciplined approach,” said Jim Labe, chairman and chief executive officer of TPVG, adding, “We continue to see growing demand for debt from venture growth stage companies and anticipate a strong finish for 2020, as well as robust momentum going into 2021.”

“We are pleased to see the levels of exit, liquidity and prepayment events within our portfolio,” said Sajal Srivastava, president and chief investment officer of the Company. “These events generate exceptional returns on our investments and give us the flexibility to efficiently redeploy our capital.”

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

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