TriplePoint Venture Growth BDC Corp. [TPVG] Filings

10-Q 1 tpvg-20240630.htm 10-Q tpvg-20240630

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 JUNE 30, 2024


¨			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.)

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

________________________________________________________________________________________________________________________________________________

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 x 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

There were 39,952,690 shares of the Registrant’s common stock outstanding as of August 7, 2024.

TRIPLEPOINT VENTURE GROWTH BDC CORP.

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2024 (unaudited) and December 31, 2023	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 (unaudited) and June 3 0 , 2023 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 3 0 , 2024 (unaudited) and June 3 0 , 2023 (unaudited)	3
	Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 (unaudited) and June 3 0 , 2023 (unaudited)	4
	Consolidated Schedules of Investments as of J une 3 0 , 2024 (unaudited) and December 31, 2023	5
	Notes to Consolidated Financial Statements (unaudited)	33
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	66
Item 4.	Controls and Procedures	68
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	71
Item 6.	Exhibits	73
	Signatures	75

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)


	June 30, 2024		December 31, 2023

Assets	(unaudited)
Investments at fair value (amortized cost of $745,644 and $850,142, respectively)	$	713,770	$	802,145
Cash and cash equivalents	50,434		153,328
Restricted cash	241		18,254
Deferred credit facility costs	2,507		2,714
Prepaid expenses and other assets	4,316		2,384
Total assets	$	771,268	$	978,825

Liabilities
Revolving Credit Facility	$	10,000	$	215,000
2025 Notes, net	69,843		69,738
2026 Notes, net	199,262		199,041
2027 Notes, net	124,257		124,117
Base management fee payable	3,832		4,490
Income incentive fee payable	—		—
Other accrued expenses and liabilities	11,097		20,133
Total liabilities	$	418,291	$	632,519
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	399		376
Paid-in capital in excess of par value	514,023		492,934
Total distributable earnings (loss)	(161,445)		(147,004)
Total net assets	$	352,977	$	346,306
Total liabilities and net assets	$	771,268	$	978,825

Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)	39,953		37,620
Net asset value per share	$	8.83	$	9.21

See accompanying notes to consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Investment income
Interest income from investments	$	22,769	$	31,904	$	47,510	$	62,072
Payment-in-kind interest income	3,821		2,597		7,608		4,682
Other income
Expirations/terminations of unfunded commitments	—		100		294		1,072
Other fees	517		550		969		953
Total investment and other income	27,107		35,151		56,381		68,779

Operating expenses
Base management fee	3,832		4,496		8,134		8,807
Income incentive fee	—		—		—		—

Interest expense and amortization of fees	8,702		9,944		15,713		19,189
Administration Agreement expenses	648		567		1,259		1,140
General and administrative expenses	1,321		1,307		3,148		2,227
Total operating expenses	14,503		16,314		28,254		31,363

Net investment income	12,604		18,837		28,127		37,416

Net realized and unrealized gains/(losses)
Net realized gains (losses) on investments	(18,846)		1,859		(27,653)		1,826
Net change in unrealized gains (losses) on investments	14,859		(41,551)		16,122		(52,418)

Net realized and unrealized gains/(losses)	(3,987)		(39,692)		(11,531)		(50,592)

Net increase (decrease) in net assets resulting from operations	$	8,617	$	(20,855)	$	16,596	$	(13,176)

TriplePoint Venture Growth BDC Corp. [TPVG] Filings
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10-K	[2024-03-06]
10-Q	[2023-11-01]
10-Q	[2023-08-02]
10-Q	[2023-05-03]
10-K	[2023-03-01]
10-Q	[2022-11-02]
10-Q	[2022-08-03]
10-Q	[2022-05-04]
10-K	[2022-03-02]
10-Q	[2021-11-03]
10-Q	[2021-08-04]
10-Q	[2021-05-05]
10-K	[2021-03-03]
10-Q	[2020-11-05]
10-Q	[2020-08-05]
10-Q	[2020-05-06]
10-K	[2020-03-04]
10-Q	[2019-11-06]
10-Q	[2019-07-31]
10-Q	[2019-05-02]
10-K	[2019-03-06]
10-Q	[2018-10-31]
10-Q	[2018-08-01]
10-Q	[2018-05-02]
10-K	[2018-03-12]
10-Q	[2017-11-06]
10-Q	[2017-08-08]
10-Q	[2017-05-09]
10-K	[2017-03-13]
10-Q	[2016-11-07]
10-Q	[2016-08-08]
10-Q	[2016-05-10]
10-K	[2016-03-14]
10-Q	[2015-11-10]
10-Q	[2015-08-11]
10-Q	[2015-05-06]
10-K	[2015-03-18]
10-Q	[2014-10-27]
10-Q	[2014-08-11]
10-Q	[2014-05-14]