Company Quick10K Filing
TriplePoint Venture Growth BDC
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-03-04
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-06
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-11
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-18
10-Q 2014-09-30 Filed 2014-10-27
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-14
8-K 2020-05-06 Earnings, Regulation FD, Exhibits
8-K 2020-03-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-03-04 Earnings, Regulation FD, Exhibits
8-K 2020-01-08 Earnings
8-K 2020-01-08 Enter Agreement, Exhibits
8-K 2019-11-06 Earnings, Regulation FD, Exhibits
8-K 2019-09-05 Regulation FD, Exhibits
8-K 2019-08-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-12 Officers, Regulation FD, Exhibits
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-05-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-01 Earnings, Regulation FD, Exhibits
8-K 2019-04-26 Shareholder Vote
8-K 2019-03-06 Earnings, Regulation FD, Exhibits
8-K 2019-01-10 Earnings, Regulation FD, Exhibits
8-K 2018-12-06 Regulation FD, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-21 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-04-24 Shareholder Vote, Other Events
8-K 2018-03-12 Earnings, Exhibits
8-K 2018-01-25 Enter Agreement, Off-BS Arrangement, Exhibits

TPVG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Organization
Note 2. Significant Accounting Policies
Note 3. Related Party Agreements and Transactions
Note 4. Investments
Note 5. Credit Risk
Note 6. Borrowings
Note 7. Commitments and Contingencies
Note 8. Financial Highlights
Note 9. Net Increase (Decrease) in Net Assets per Share
Note 10. Equity
Note 11. Distributions
Note 12. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 ex102-033120.htm
EX-31.1 ex311-033120.htm
EX-31.2 ex312-033120.htm
EX-32.1 ex321-033120.htm
EX-32.2 ex322-033120.htm

TriplePoint Venture Growth BDC Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 tpvg03312010-q.htm 10-Q Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________________________________________________________________
Form 10-Q
________________________________________________________________________________________________________________________________________________
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
COMMISSION FILE NUMBER: 814-01044
________________________________________________________________________________________________________________________________________________
TriplePoint Venture Growth BDC Corp.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________________________________________________________________
MARYLAND
 
46-3082016
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
TriplePoint Venture Growth BDC Corp.
2755 Sand Hill Road, Suite 150, Menlo Park, California 94025
(Address of principal executive office)
(650) 854-2090
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class 
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered 
Common Stock, par value $0.01 per share
 
TPVG
 
The New York Stock Exchange
5.75% Notes due 2022
 
TPVY
 
The New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
________________________________________________________________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x   No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
x
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ¨    No    x
As of May 6, 2020, the Registrant had 30,746,131 shares of common stock, $0.01 par value per share, outstanding.

 



TriplePoint Venture Growth BDC Corp.
TABLE OF CONTENTS
 
 
Page
PART I. FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 



PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements
TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
 
March 31, 2020
 
December 31, 2019
 
(unaudited)
 
 
Assets
 
 
 
Investments at fair value (amortized cost of $737,726 and $660,675, respectively)
$
713,155

 
$
653,129

Cash
84,693

 
20,285

Restricted cash
887

 
6,156

Deferred credit facility costs
1,319

 
1,603

Prepaid expenses and other assets
2,971

 
2,975

Total assets
$
803,025

 
$
684,148

 
 
 
 
Liabilities
 
 
 
Revolving Credit Facility
$
257,000

 
$
262,300

2022 Notes, net
73,581

 
73,454

2025 Notes, net
69,054

 

Base management fee payable
2,774

 
2,462

Income incentive fee payable

 
1,362

Payable to directors and officers

 
86

Other accrued expenses and liabilities
5,620

 
11,978

Total liabilities
$
408,029

 
$
351,642

Commitments and Contingencies (Note 7)
 
 
 
 
 
 
 
Net assets
 
 
 
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)
$

 
$

Common stock, par value $0.01 per share (450,000 shares authorized; 30,746 and 24,923 shares issued and outstanding, respectively)
307

 
249

Paid-in capital in excess of par value
411,644

 
333,052

Total distributable earnings (loss)
(16,955
)
 
(795
)
Total net assets
$
394,996

 
$
332,506

Total liabilities and net assets
$
803,025

 
$
684,148

 
 
 
 
Net asset value per share
$
12.85

 
$
13.34


See accompanying notes to consolidated financial statements.

1


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
 
For the Three Months Ended March 31,
 
2020
 
2019
Investment income
 
 
 
Interest income from investments
$
20,274

 
$
17,147

Other income
 
 
 
Expirations / terminations of unfunded commitments
548

 
158

Other fees
19

 
186

Total investment and other income
20,841

 
17,491

 
 
 
 
Operating expenses
 
 
 
Base management fee
2,774

 
1,761

Income incentive fee

 
2,479

Interest expense and amortization of fees
4,162

 
2,203

Administration agreement expenses
681

 
422

General and administrative expenses
987

 
711

Total operating expenses
8,604

 
7,576

 
 
 
 
Net investment income
12,237

 
9,915

 
 
 
 
Net realized and unrealized gains (losses)
 
 
 
Net realized gains (losses) on investments
(330
)
 
(29
)
Net change in unrealized gains (losses) on investments
(17,025
)
 
1,183

Net realized and unrealized gains (losses)
(17,355
)
 
1,154

 
 
 
 
Net increase (decrease) in net assets resulting from operations
$
(5,118
)
 
$
11,069

 
 
 
 
Basic and diluted net investment income per share
$
0.41

 
$
0.40

Basic and diluted net increase (decrease) in net assets per share
$
(0.17
)
 
$
0.45

Basic and diluted weighted average shares of common stock outstanding
29,883

 
24,782


See accompanying notes to consolidated financial statements.

2


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)
 
 
 
Paid-in capital in excess of par value
 
Total distributable earnings (loss)
 
Net assets
 
Common stock
 
 
 
 
Shares
 
Par value
 
 
 
Balance at December 31, 2018
24,780

 
$
248

 
$
331,329

 
$
2,954

 
$
334,531

Net increase (decrease) in net assets resulting from operations

 

 

 
11,069

 
11,069

Distributions reinvested in common stock
40

 

 
518

 

 
518

Distributions from net investment income

 

 

 
(8,919
)
 
(8,919
)
Balance at March 31, 2019
24,820

 
$
248

 
$
331,847

 
$
5,104

 
$
337,199

 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
24,923

 
$
249

 
$
333,052

 
$
(795
)
 
$
332,506

Net increase (decrease) in net assets resulting from operations

 

 

 
(5,118
)
 
(5,118
)
Issuance of common stock
5,750

 
57

 
78,180

 

 
78,237

Distributions reinvested in common stock
73

 
1

 
412

 

 
413

Distributions from net investment income

 

 

 
(11,042
)
 
(11,042
)
Balance at March 31, 2020
30,746

 
$
307

 
$
411,644

 
$
(16,955
)
 
$
394,996


See accompanying notes to consolidated financial statements.

3


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
 
For the Three Months Ended March 31,
 
2020
 
2019
Cash Flows from Operating Activities:
 
 
 
Net increase (decrease) in net assets resulting from operations
$
(5,118
)
 
$
11,069

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
 
 
 
Fundings and purchases of investments, net
(79,519
)
 
(89,629
)
Sales (purchase) of short-term investments, net

 
(29,995
)
Principal payments and proceeds from investments
6,813

 
70,550

Payment-in-kind interest on investments
(852
)
 
(771
)
Net change in unrealized (gains) losses on investments
17,025

 
(1,183
)
Net realized (gains) losses on investments
330

 
29

Amortization and accretion of premiums and discounts, net
(1,335
)
 
(906
)
(Accretion) reduction of end-of-term payments, net of prepayments
(2,488
)
 
(2,329
)
Amortization of debt fees and issuance costs
412

 
390

Change in operating assets and liabilities:
 
 
 
Payable for U.S. Treasury bill assets

 
29,995

Prepaid expenses and other assets
4

 
(1,273
)
Base management fee payable
312

 
36

Income incentive fee payable
(1,362
)
 
(79
)
Payable to directors and officers
(86
)
 
3

Other accrued expenses and liabilities
(6,358
)
 
(3,244
)
Net cash (used in) provided by operating activities
(72,222
)
 
(17,337
)
Cash Flows from Financing Activities:
 
 
 
(Repayments) borrowings under revolving credit facility, net
(5,300
)
 
57,776

Distributions paid, net
(10,629
)
 
(8,401
)
Proceeds from issuance of 2025 Notes
69,054

 

Proceeds from issuance of common stock
78,236

 

Net cash provided by (used in) financing activities
131,361

 
49,375

Net change in cash and restricted cash
59,139

 
32,038

Cash and restricted cash at beginning of period
26,441

 
9,949

Cash and restricted cash at end of period
$
85,580

 
$
41,987

 
 
 
 
Supplemental Disclosures of Cash Flow Information:
 
 
 
Cash paid for interest
$
3,685

 
$
1,693

Distributions reinvested
$
413

 
$
518

Offering costs yet to be paid
$

 
$
20

 
 
 
 
 
For the Three Months Ended March 31,
 
2020
 
2019
Cash
$
84,693

 
$
35,973

Restricted cash
887

 
6,014

Total cash and restricted cash shown in the statement of cash flows
$
85,580

 
$
41,987


See accompanying notes to consolidated financial statements.

4


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2020
Venture Growth Stage Company
 
Type of Investment
 
Acquisition
Date(12)
 
Outstanding
Principal
 
Cost(6)
 
Fair Value
 
Maturity
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Biofuels / Biomass
 
 
 
 
 
 
 
 
 
 
 
 
Harvest Power, Inc.(7)
 
Growth Capital Loan (7.00% interest rate, 9.00% EOT payment)
 
3/5/2014
 
$
9,579

 
$
11,085

 
$
400

 
4/30/2021
Total Biofuels / Biomass - 0.10%*
 
 
 
9,579

 
11,085

 
400

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Buildings and Property
 
 
 
 
 
 
 
 
 
 
 
 
Knotel, Inc.
 
Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)
 
2/28/2019
 
9,000

 
9,179

 
8,732

 
8/31/2022
 
 
Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)
 
3/25/2019
 
6,000

 
6,104

 
5,792

 
9/30/2022
 
 
Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)
 
4/18/2019
 
9,000

 
9,134

 
8,646

 
10/31/2022
 
 
Growth Capital Loan (Prime + 4.25% interest rate, 9.00% EOT payment)
 
9/30/2019
 
6,000

 
6,002

 
5,615

 
3/31/2023
Total Buildings and Property - 7.29%*
 
 
 
30,000

 
30,419

 
28,785

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Applications Software
 
 
 
 
 
 
 
 
 
 
 
 
Farmer's Business Network, Inc.
 
Growth Capital Loan (12.00% interest rate)
 
2/13/2020
 
3,333

 
3,296

 
3,272

 
2/28/2022
 
 
Growth Capital Loan (12.00% interest rate)
 
3/11/2020
 
6,667

 
6,590

 
6,539

 
3/31/2022
 
 
 
 
 
 
10,000

 
9,886

 
9,811

 
 
HI.Q, Inc.
 
Growth Capital Loan (11.00% interest rate, 2.00% EOT payment)
 
12/17/2018
 
13,250

 
13,153

 
13,050

 
6/30/2023
OneSource Virtual, Inc.
 
Growth Capital Loan (Prime + 5.25% interest rate, 2.00% EOT payment)
 
6/29/2018
 
9,109

 
9,533

 
9,580

 
6/30/2022
 
 
Growth Capital Loan (Prime + 2.00% interest rate, 0.25% EOT payment)
 
11/5/2019
 
5,000

 
5,012

 
5,016

 
5/31/2020
 
 
Growth Capital Loan (Prime + 0.75% interest rate, 0.25% EOT payment)
 
1/31/2020
 
3,000

 
2,986

 
2,987

 
4/30/2020
 
 
 
 
 
 
17,109

 
17,531

 
17,583

 
 
Passport Labs, Inc.
 
Growth Capital Loan (9.75% interest rate, 5.25% EOT payment)
 
10/11/2018
 
19,000

 
18,983

 
18,266

 
8/31/2023
 
 
Growth Capital Loan (10.25% interest rate, 5.25% EOT payment)
 
5/15/2019
 
6,000

 
5,940

 
5,689

 
3/31/2024
 
 
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)
 
5/15/2019
 
5,000

 
4,971

 
4,760

 
5/31/2024
 
 
 
 
 
 
30,000

 
29,894

 
28,715

 
 
Quantcast Corporation
 
Growth Capital Loan (Prime + 6.25% interest rate, 6.00% EOT payment)
 
3/12/2018
 
7,930

 
8,557

 
8,575

 
3/31/2021
Total Business Applications Software - 19.68%*
 
 
 
78,289

 
79,021

 
77,734

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business to Business Marketplace
 
 
 
 
 
 
 
 
 
 
Adjust GmbH(1)(3)
 
Growth Capital Loan (Prime + 4.75% interest rate, 2.50% PIK interest rate)
 
1/29/2019
 
20,603

 
20,366

 
20,473

 
1/31/2022
 
 
Growth Capital Loan (Prime + 4.75% interest rate, 2.50% PIK interest rate)
 
1/18/2019
 
8,247

 
8,153

 
8,196

 
1/31/2022
 
 
 
 
 
 
28,850

 
28,519

 
28,669

 
 
Factual, Inc.
 
Growth Capital Loan (Prime + 6.25% interest rate, 7.75% EOT payment)
 
12/23/2019
 
10,000

 
9,904

 
9,981

 
12/31/2022
Total Business to Business Marketplace - 9.78%*
 
 
 
38,850

 
38,423

 
38,650

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Services
 
 
 
 
 
 
 
 
 
 
 
 
Transfix, Inc.
 
Growth Capital Loan (Prime + 5.00% interest rate, 2.00% EOT payment)
 
12/23/2019
 
10,000

 
9,853

 
9,785

 
12/31/2021
Total Commercial Services - 2.48%*
 
 
 
10,000

 
9,853

 
9,785

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2020
Venture Growth Stage Company
 
Type of Investment
 
Acquisition
Date(12)
 
Outstanding
Principal
 
Cost(6)
 
Fair Value
 
Maturity
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Non-Durables
 
 
 
 
 
 
 
 
 
 
 
 
Imperfect Foods, Inc.
 
Growth Capital Loan (Prime + 4.10% interest rate, 5.35% EOT payment)
 
10/11/2019
 
$
10,000

 
$
9,832

 
$
9,751

 
4/30/2023
Total Consumer Non-Durables - 2.47%*
 
 
 
10,000

 
9,832

 
9,751

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Products and Services
 
 
 
 
 
 
 
 
 
 
Clutter, Inc.
 
Growth Capital Loan (Prime + 3.00% interest rate, 4.00% EOT payment)
 
10/30/2018
 
6,303

 
6,416

 
6,416

 
10/31/2020
 
 
Growth Capital Loan (Prime + 4.50% interest rate, 4.00% EOT payment)
 
10/30/2018
 
5,000

 
5,040

 
5,040

 
10/31/2021
 
 
Growth Capital Loan (Prime + 3.00% interest rate, 4.00% EOT payment)
 
12/27/2018
 
1,391

 
1,408

 
1,408

 
12/31/2020
 
 
Growth Capital Loan (Prime + 4.50% interest rate, 4.00% EOT payment)
 
2/1/2019
 
1,932

 
1,934

 
1,934

 
1/31/2022
 
 
 
 
 
 
14,626

 
14,798

 
14,798

 
 
Outdoor Voices, Inc.
 
Growth Capital Loan (Prime + 5.00% interest rate, 9.75% EOT payment)
 
2/26/2019
 
4,000

 
4,030

 
3,912

 
2/28/2022
 
 
Growth Capital Loan (Prime + 5.00% interest rate, 9.75% EOT payment)
 
4/4/2019
 
6,000

 
6,014

 
5,824

 
4/30/2022
 
 
 
 
 
 
10,000

 
10,044

 
9,736

 
 
Quip NYC, Inc.
 
Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)
 
4/16/2019
 
10,000

 
9,961

 
9,730

 
4/30/2022
 
 
Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)
 
6/26/2019
 
5,000

 
4,956

 
4,833

 
6/30/2022
 
 
Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)
 
6/26/2019
 
5,000

 
4,956

 
4,833

 
6/30/2022
 
 
Growth Capital Loan (Prime + 6.75% interest rate, 6.25% EOT payment)
 
9/26/2019
 
5,000

 
4,923

 
4,789

 
9/30/2022
 
 
 
 
 
 
25,000

 
24,796

 
24,185

 
 
Total Consumer Products and Services - 12.33%*
 
 
 
49,626

 
49,638

 
48,719

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Retail
 
 
 
 
 
 
 
 
 
 
 
 
LovePop, Inc.
 
Growth Capital Loan (Prime + 4.75% interest rate, 6.75% EOT payment)
 
11/5/2018
 
10,000

 
10,174

 
10,031

 
11/30/2021
Total Consumer Retail - 2.54%*
 
 
 
10,000

 
10,174

 
10,031

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Database Software
 
 
 
 
 
 
 
 
 
 
 
 
Qubole Inc.
 
Growth Capital Loan (Prime + 6.00% interest rate, 6.75% EOT payment)
 
12/27/2019
 
10,000

 
9,897

 
9,795

 
12/31/2023
 
 
Growth Capital Loan (Prime + 6.00% interest rate, 6.75% EOT payment)
 
12/27/2019
 
5,000

 
4,948

 
4,897

 
12/31/2023
Total Database Software - 3.72%*
 
 
 
15,000

 
14,845

 
14,692

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
E-Commerce - Clothing and Accessories
 
 
 
 
 
 
 
 
 
 
FabFitFun, Inc.
 
Growth Capital Loan (10.50% interest rate, 6.00% EOT payment)
 
2/26/2018
 
3,149

 
3,357

 
3,357

 
2/28/2021
 
 
Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)
 
11/19/2019
 
5,000

 
4,887

 
4,887

 
11/30/2022
 
 
Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)
 
11/19/2019
 
5,000

 
4,887

 
4,887

 
11/30/2022
 
 
Growth Capital Loan (Prime + 6.50% interest rate, 6.50% EOT payment)
 
11/19/2019
 
5,000

 
4,887

 
4,887

 
11/30/2022
 
 
 
 
 
 
18,149

 
18,018

 
18,018

 
 

6


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2020
Venture Growth Stage Company
 
Type of Investment
 
Acquisition
Date(12)
 
Outstanding
Principal
 
Cost(6)
 
Fair Value
 
Maturity
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
Outfittery GMBH(1)(3)
 
Growth Capital Loan (Prime + 8.25% interest rate, 11.00% EOT payment)(2)
 
8/11/2017
 
$
6,925

 
$
7,149

 
$
6,519

 
8/31/2022
 
 
Growth Capital Loan (12.00% interest rate, 9.00% EOT payment)(2)
 
6/7/2018
 
2,118

 
2,196

 
2,031

 
6/30/2021
 
 
Growth Capital Loan (12.75% interest rate, 9.00% EOT payment)(2)
 
12/28/2018
 
2,294

 
2,292

 
2,173

 
12/31/2021
 
 
Growth Capital Loan (Prime + 7.25% interest rate, 9.00% EOT payment)(2)
 
8/7/2019
 
3,947

 
3,802

 
3,642

 
8/31/2022
 
 
Growth Capital Loan (Prime + 7.25% interest rate, 9.00% EOT payment)(2)
 
9/23/2019
 
3,305

 
3,028

 
2,968

 
9/30/2022
 
 
Revolver (11.00% interest rate, 2.00% EOT payment)(2)
 
3/5/2020
 
1,673

 
1,571

 
1,536

 
12/31/2020
 
 
 
 
 
 
20,262

 
20,038

 
18,869

 
 
Stance, Inc.
 
Growth Capital Loan (Prime + 4.50% interest rate, 5.50% EOT payment)
 
11/1/2018
 
2,000

 
2,103

 
2,104

 
4/30/2020
Total E-Commerce - Clothing and Accessories - 9.87%*
 
 
 
40,411

 
40,159

 
38,991

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
E-Commerce - Personal Goods
 
 
 
 
 
 
 
 
 
 
 
 
Enjoy Technology, Inc.
 
Growth Capital Loan (Prime + 5.25% interest rate, 5.50% EOT payment)
 
9/28/2018
 
10,000

 
10,155

 
10,063

 
9/30/2021
Grove Collaborative, Inc.
 
Growth Capital Loan (Prime + 1.25% interest rate, 1.25% EOT payment)
 
12/31/2019
 
2,750

 
2,746

 
2,743

 
6/30/2020
 
 
Growth Capital Loan (Prime + 1.25% interest rate, 1.25% EOT payment)(2)
 
1/31/2020
 
11,000

 
10,933

 
10,917

 
7/31/2020
 
 
Growth Capital Loan (Prime + 2.25% interest rate, 4.75% EOT payment)(2)
 
1/31/2020
 
8,250

 
8,190

 
8,153

 
4/30/2021
 
 
Growth Capital Loan (Prime + 2.25% interest rate, 4.75% EOT payment)(2)
 
1/31/2020
 
2,667

 
2,647

 
2,635

 
4/30/2021
 
 
 
 
 
 
24,667

 
24,516

 
24,448

 
 
Total E-Commerce - Personal Goods - 8.74%*
 
 
 
34,667

 
34,671

 
34,511

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Entertainment
 
 
 
 
 
 
 
 
 
 
 
 
Mind Candy Limited(1)(3)
 
Growth Capital Loan (9.00% PIK interest rate, 9.50% EOT payment)
 
6/25/2014
 
13,039

 
12,900

 
12,387

 
6/30/2022
 
 
Growth Capital Loan (9.00% PIK interest rate)(2)
 
3/17/2020
 
1,004

 
1,004

 
938

 
3/31/2023
 
 
 
 
 
 
14,043

 
13,904

 
13,325

 
 
Roli, Ltd.(1)(3)(7)
 
Growth Capital Loan (11.00% interest rate, 9.50% EOT payment)(2)
 
5/23/2018
 
10,732

 
10,767

 
6,952

 
5/31/2021
 
 
Growth Capital Loan (11.00% interest rate, 9.50% EOT payment)(2)
 
5/23/2018
 
1,341

 
1,346

 
869

 
5/31/2021
 
 
Growth Capital Loan (11.25% interest rate, 9.50% EOT payment)(2)
 
7/16/2018
 
1,325

 
1,317

 
861

 
7/31/2021
 
 
Revolver (Prime + 3.25% interest rate, 5.00% EOT payment)(2)
 
7/5/2018
 
129

 
129

 
85

 
10/31/2020
 
 
Revolver (Prime + 4.25% interest rate, 5.00% EOT payment)(2)
 
7/5/2018
 
1,898

 
1,898

 
1,245

 
10/31/2020
 
 
Revolver (Prime + 4.25% interest rate, 5.00% EOT payment)(2)
 
9/27/2018
 
4,556

 
4,556

 
3,001

 
10/31/2020
 
 
Growth Capital Loan (10.00% PIK interest rate, 10.00% EOT payment)(2)
 
6/5/2019
 
1,283

 
1,340

 
911

 
10/31/2020
 
 
Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)(2)
 
7/9/2019
 
627

 
627

 
433

 
10/31/2020
 
 
Growth Capital Loan (10.00% PIK interest rate, 20.00% EOT payment)(2)
 
8/28/2019
 
538

 
538

 
381

 
10/31/2020
 
 
Growth Capital Loan (10.00% PIK interest rate)(2)
 
10/24/2019
 
4,925

 
4,925

 
3,292

 
10/31/2020
 
 
Growth Capital Loan (10.00% PIK interest rate)(2)
 
2/21/2020
 
387

 
387

 
371

 
3/15/2020
 
 
 
 
 
 
27,741

 
27,830

 
18,401

 
 
Total Entertainment - 8.03%*
 
 
 
 
 
41,784

 
41,734

 
31,726

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

7


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2020
Venture Growth Stage Company
 
Type of Investment
 
Acquisition
Date(12)
 
Outstanding
Principal
 
Cost(6)
 
Fair Value
 
Maturity
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Institution and Services
 
 
 
 
 
 
 
 
 
 
Prodigy Finance Limited(1)(3)
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
12/5/2017
 
$
18,000

 
$
19,124

 
$
18,448

 
12/31/2020
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
3/7/2018
 
2,200

 
2,310

 
2,204

 
3/31/2021
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
7/31/2018
 
3,300

 
3,413

 
3,210

 
7/31/2021
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
8/8/2018
 
2,500

 
2,579

 
2,417

 
8/31/2021
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
9/5/2018
 
1,500

 
1,542

 
1,440

 
9/30/2021
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
9/5/2018
 
2,500

 
2,570

 
2,401

 
9/30/2021
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
11/15/2018
 
6,000

 
6,124

 
5,681

 
11/30/2021
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
12/6/2018
 
4,000

 
4,068

 
3,761

 
12/31/2021
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
4/30/2019
 
133

 
134

 
122

 
4/30/2022
 
 
Growth Capital Loan (Prime + 7.75% interest rate, 10.00% EOT payment)
 
8/6/2019
 
267

 
264

 
238

 
8/31/2022
Total Financial Institution and Services - 10.11%*
 
 
 
40,400

 
42,128

 
39,922

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Food & Drug
 
 
 
 
 
 
 
 
 
 
 
 
Freshly Inc.
 
Growth Capital Loan (Prime + 6.50% interest rate, 5.00% EOT payment)
 
10/9/2019
 
6,000

 
5,745

 
5,691

 
10/31/2022
 
 
Growth Capital Loan (Prime + 4.50% interest rate, 6.75% EOT payment)
 
12/30/2019
 
3,000

 
2,865

 
2,843

 
12/31/2022
 
 
Growth Capital Loan (Prime + 6.00% interest rate, 6.50% EOT payment)
 
12/30/2019
 
3,000

 
2,863

 
2,839

 
6/30/2022
 
 
Growth Capital Loan (Prime + 4.50% interest rate, 6.75% EOT payment)
 
3/20/2020
 
3,000

 
2,837

 
2,812

 
3/31/2023
Total Food & Drug - 3.59%*
 
 
 
15,000

 
14,310

 
14,185

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Technology Systems
 
 
 
 
 
 
 
 
 
 
 
 
Nurx Inc.
 
Growth Capital Loan (Prime + 4.50% interest rate, 7.75% EOT payment)
 
11/5/2019
 
20,000

 
19,809

 
19,638

 
11/30/2023
Total Healthcare Technology Systems - 4.97%*
 
 
 
20,000

 
19,809

 
19,638

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Household & Office Goods
 
 
 
 
 
 
 
 
 
 
 
 
Brooklinen, Inc.
 
Growth Capital Loan (Prime + 6.50% interest rate, 7.75% EOT payment)
 
11/5/2019
 
1,000

 
852

 
852

 
11/30/2022
Casper Sleep Inc.
 
Growth Capital Loan (Prime + 7.25% interest rate, 7.50% EOT payment)
 
8/9/2019
 
15,000

 
14,867

 
14,349

 
8/31/2023
 
 
Growth Capital Loan (Prime + 6.00% interest rate, 6.25% EOT payment)
 
11/1/2019
 
15,000

 
14,836

 
14,413

 
10/31/2022
 
 
 
 
 
 
30,000

 
29,703

 
28,762

 
 
Total Household & Office Goods - 7.50%*
 
 
 
31,000

 
30,555

 
29,614

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Human Resources/Recruitment
 
 
 
 
 
 
 
 
 
 
 
 
Hired, Inc.
 
Growth Capital Loan (Prime + 5.00% interest rate, 6.00% EOT payment)
 
3/6/2019
 
5,000

 
5,016

 
4,986

 
9/30/2022
 
 
Growth Capital Loan (Prime + 6.50% interest rate, 7.25% EOT payment)
 
3/6/2019
 
5,000

 
5,019

 
4,980

 
3/31/2022
Total Human Resources/Recruitment - 2.52%*
 
 
 
10,000

 
10,035

 
9,966

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multimedia and Design Software
 
 
 
 
 
 
 
 
 
 
Pencil and Pixel, Inc.
 
Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)
 
3/20/2020
 
10,000

 
9,753

 
9,502

 
3/31/2023
Total Multimedia and Design Software - 2.41%*
 
 
 
10,000

 
9,753

 
9,502

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

8


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of March 31, 2020
Venture Growth Stage Company
 
Type of Investment
 
Acquisition
Date(12)
 
Outstanding
Principal
 
Cost(6)
 
Fair Value
 
Maturity
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
Network Systems Management Software
 
 
 
 
 
 
 
 
 
 
Virtual Instruments Corporation
 
Growth Capital Loan (10.00% interest rate)
 
4/4/2016
 
$
5,000

 
$
5,000

 
$
5,218

 
4/4/2021
 
 
Growth Capital Loan (5.00% PIK interest rate)
 
8/7/2018
 
30,816

 
30,816

 
28,462

 
4/4/2022
Total Network Systems Management Software - 8.53%*
 
 
 
35,816

 
35,816

 
33,680

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Financial Services
 
 
 
 
 
 
 
 
 
 
 
 
Upgrade, Inc.
 
Growth Capital Loan (9.50% interest rate, 8.50% EOT payment)
 
1/18/2019
 
6,000

 
6,077

 
5,942

 
1/31/2023
 
 
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)
 
1/18/2019
 
1,522

 
1,539

 
1,505

 
1/31/2023
 
 
Growth Capital Loan (9.25% interest rate, 2.75% EOT payment)
 
1/18/2019
 
6,391

 
6,604

 
6,535

 
1/31/2021
 
 
Growth Capital Loan (9.50% interest rate, 6.25% EOT payment)
 
3/1/2019
 
5,857

 
5,957

 
5,886

 
2/28/2022
Total Other Financial Services - 5.03%*
 
 
 
19,770

 
20,177

 
19,868

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Services
 
 
 
 
 
 
 
 
 
 
 
 
HomeLight, Inc.
 
Growth Capital Loan (13.00% interest rate)
 
4/16/2019
 
2,000

 
1,973

 
1,973

 
4/30/2022
Sonder USA, Inc.
 
Growth Capital Loan (Prime + 5.75% interest rate, 5.25% EOT payment)
 
12/28/2018
 
20,000

 
20,174

 
19,868

 
6/30/2022
 
 
Growth Capital Loan (Prime + 5.75% interest rate, 4.75% EOT payment)