TPVG - Earnings call transcript Q4 2017 | TriplePoint Venture Growth BDC Corp.

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Operator

Good afternoon, and welcome to TriplePoint Venture Growth Fourth Quarter 2017 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Andrew Olson, Chief Financial Officer. Please go ahead.

Andrew Olson

Thank you, operator, and thank you everyone for joining us today.

share fiscal the year to fourth for pleased and quarter XXXX. are with results you our We

Here with President me and Officer. Chairman are Jim Labe, the and Chief Board; Sajal Srivastava, and Investment of Chief Executive Officer

results financial I and to your disclosure remind during like in you Before required turn I unless press release Safe that SEC at To statements do to the obligations projections with certain Company's Commission Securities I’ll direct we relate which the that the that, our future important to filings, attention or Exchange call not events Jim, considered to to visit recent turn make the regarding statements copies from Law. would latest or call, update and or customary tpvg.com. Federal future the filings the performance forward-looking please our to to these statements Harbor by that over forward-looking statements. condition, Company's differ website undertake be to Jim. you materially this cause any statements, may it of We Securities factors may with under We most our actual for refer ask law. that forward-looking could over And obtain

Jim Labe

we XXXX Thanks already that a underway. and has was achieved, afternoon. to a which as a momentum strong Andrew, quarter as quarter's of We in what end records and well good finish great record-setting proud very off had great another several year. at resulted I'm start some

was funded million to XX% bringing This brought new quarter more to XX% closed million almost of year, sheets a million $XX right signed previous the above to fourth With over the for year, quarter, This which yearly million $XX quarter. largest of million behind total the previous million, the of XXXX. another quarter Specifically investments which new million for it financing a This quarter entire debt was $XXX record $XX commitments, XX% $XXX we entire We during for of $XXX for significantly year was second We previous X we in the year our only term than record. higher. was more bringing the the year. total fundings. the up the it had quarter. again customer last

with. Blue acquisitions profile work high the Capital it we Amazon's this that me even announcement quality this nicely before. the the and Jet.com, Coffee to quarter the of of the high agreed in among We we highlight portfolio investors this wake our was also to yield several me various once that to adding across within was new Probably another part technologies that XX% XXXX. continue Capital diversify of it average Venture year to happened weighted over higher of profile the portfolio that for that year am last our and again included the exits year this other And to Venture continued also I Bottle IPO Nutanix, companies and the that of This year Ring. our sectors companies most up portfolio others. pleased companies in the company XX.X%. markets. To year's the Shave XX MongoDB acquire Club impressive became the SimpliVity is And Dollar doesn't the of portfolio attest include all had exits has followed previous

year refinanced rate during Finally Baby the our base, the the reducing and Bonds we capital turning to the interest cost.

line. rates we fall. the Sachs placement And facility revolving improved $XX did the announced from quarter was we here in first also million Goldman that a just and of quarter's private to credit overall capital this where renewing We equity in availability the prior premium We a on that additional book at recently that our raised value. past

for impressively all paid are was net records more dividend of and accomplishments was XXXX, investment but excess XX% I per above these income or XX% to for that that even share in yearly only of over saved proud NII year achievements, notable the shareholders. $X.XX our very the last. have the and We're best not While up we

compete various In year fact deliver we we actually TPVG say less exceeding have philosophy out really the market we to so Sajal in venture to like run think the target dedicated feel and XXXX the knowledge, cover our I But our to different only covering detail to focus and see, strong out really pay have for that dividends others publicly now with for completely these covered our about can I as the our to twice, the And held much underway shareholders our and NII. that setting or some have to I more I tendency income. XXXX already there's with and going approach, like to on goal performance on momentum its What a incredibly is from do us that dividend I in this lending dividend into in of we underway business Andrew business we you outlook far. leave to and am our record across a was it go there we and to XXXX. comparison firm model, NII. with be charts profile. customer that

four-year current long-term in portfolio Venture years Simply XXXX of said, debt asset it business the is same and Venture alone $XX capital this existing invested Capital drivers into ever. is be will the translates year course for Capital firms new billion capital this financing One highest the all is Venture of debt it's into total activity for investing all actively the billion and companies, current There lack record, the we're deploying raised across equity market. Capital investment well deals financing billion past $XXX deals. on than candidates firms an the Capital more venture second was investments. funds near-term year, nor class period that all-time the significant continues into that new last and Venture Venture themselves of financing and amounts translates alive into opportunities. At standpoint of of of Capital are XX,XXX was last Venture to demand years deploying finding $XX debt no large. the the Capital to into potential attract Capital XXXX. four our from for market. have dry and invest of also and this capital over This and $XXX in for alone, reduce Venture the of turned record by which at kicking This powder time behind highest billion four in

about may the only demand first as every the as recall single you we were This lending since we debt increased quarter the As venture year, then. financing. seeing market last in for the for is of growing us early from quality looking quarter were companies talking

ever As high the We're we level our originations to quality. also speak strong of it pipeline see and continuing today, been stands with largest yields. the same has at growing

on optimistic in strong is outlook demand very the pipeline. explanation we're large why seeing simple We’re This the XXXX. the for

enough. is of time. unique Our test and long been the withstood it doing We've venture has lending model

Capital with a the leading Venture and we back the and and considered deals very deal other defined firms we’ll select high-quality investors have parameters Silicon We Venture Venture type best impressive go and the with Capital long-standing of often investors appreciate class have selective stage Valley of these relationships. work from out a and with best for the by are in that who centers group technology and performing specific in asset Capital finance. the We as will had VCs. focus to of relationships. profitable and whom having best only deep long-standing flow company many here narrowly highly We These benefit

investing Our select in activity investors as of This up. Venture last well funds account our demand years. financing significant few as particular is also for during another for why the the raised, is Capital reason a debt amount the

growth an position that's and financing of investing with number products event many select have they're venture so and their in They are be The amounts their enterprise a We a only are XX specific rounds and rapidly at the million growth times in to our or model These differentiated. companies more selective less rapid only in raised growing stage of generally may companies case meaningful yet market to IPO, company. have XX a generally are not revenues, away. further heavily value. Venture because the all in year of addition they what venture investors, development. is two profitable In companies Capital. is in that on of often growth. to and these call as we usually significant leaders lend These or such our or are liquidity a services kind They focus

quality that portfolio. the in stage venture growth the profile and reaching in XXXX, we the of we These of take growth have and equity the given than out believe venture companies risk growth. way Capital at on lending great opportunities our look plan We a lower a companies of see in those platform, us. Just our offer the continue significant market. Venture the and capitalize opportunities other in our crossed here up, To stages both wrap chasm XXXX to a are companies generally to pipeline global in these reputation strength in to and

With call that our continue sponsored Sajal. quality Venture group select few leading will and of backed have tech Capital turn of life our the over with Capital As to firms some decades, and companies. over the always, the science we of to drive biggest investors, what's work I'll past the successes high that, Venture

Sajal Srivastava

everyone. you, Thank afternoon Jim good and

additions year During X companies the our the to new fourth bringing the total quarter XX. portfolio we to added for

service for about Cisco, Finance, retailers efficient than create, company student deliver Qualcomm attending August loans its and Deutsche the others. collect, in enterprise others. raised a students Capital, a ventures. Fintech visualize and has international capital company and which and to than experiences more video to backed postgraduate financial advertisers associates Index and innovative exciting million equity any and company customers data and XXX million media million quarter Company as of provides company raised investors on the from capital and which engagement and Telekom Capital FabFitFun, enables Balderton known lifestyle Capital, outlet and The XXX empowers included that including other. debt and Innovid, to customer more over has Media manufacturers upfront and in-store Prodigy and video programs. measure RetailNext, device Ventures, women's an subscription for new technologies top-tier by analyze Sequoia has capital raised XX or platform Ventures New

Sachs, Goldman for Europe. across from GoEuro buses cars and We compares Lake has also combines and enterprise a and associates more Kleiner new investment GoEuro, Perkins, air, XXX travel booking that website raised an Atomico million in equity leading made than Silver Kraftwerk. rail,

During debt in at million two companies. million QX had we to $XX of warrants debt more average companies, $X of investments companies than investments four investment weighted The and million new to seven funded XX%. yield equity valued $X.X through a portfolio funding the quarter in acquired

target the to a year, portfolio conjunction million us Blue the during reach its we $XXX tranche end activity loans its with are the the and million early particularly months prepaid prepaid first second lease Also small sale funded quarter, the of lower the to ratio the meaningful of despite companies and leverage XX end $XX during to Bottle Nestlé. in half for at For Coffee of helping prepayment the in grown the investment two proud year our HP have of SimpliVity, quarter. XXX,XXX half

generally So our maturity portfolio compared the XX.X% these mature brought as XX.X%, without investments at-or-close to to dates yield prepaids. and were to only up prepayments

XX.X% QX of we as year, of from end of the as QX. the core the to end boosted of During portfolio our XX.X% yield

XX, average from Moving debt on as unchanged December rating of quality, of the investment portfolio to internal credit was credit X.XX the weighted QX.

our the reminder, rating, were previously are to were with rated system one being initially Two X companies and of which to of which the from discussed was rating are rated added fundings. new one As removed Bottle and credit new generally strongest loans under from X. like loans portfolio a X watch-list X repayments part Blue as part credit was as rated to orange both prepayments. clear KnCMiner and rated

to in TPVG have Andrew, would over Before to sense hand here we some call the strategic goals objectives it make share thought XXXX. for and I I

company. debt breakout said, point an evolution our we of that seeing year the quality that exciting high and in XXXX a terms very Select to venture a we growth. in VCs potential stage Jim are their As in be has yield increase growth TPVG's believe from flow direct strong and for We're demand from in

have more is we of BDC to the diligent size our and result, a IPO as more TPVG's exciting TPVG and with a an a the our in specifically, more and quarterly in and from product since but exceptional clear direct More skilled near-term $XX TVPG. $XX from up larger, look on As our quarter. a our million platform per BDC line in year diversified very $XXX path gross we work $XX a to grow This to a as TriplePoint of for small-cap for target strategy of to whole. investment fundings to more importantly million basis is prior range expectation future the the million years this million scale

million million So the on between see investment and a for potential full-year basis, $XXX fundings. we $XXX of

we perspective an the XXXX month commitments have QX of Considering and the occur typically so $XXX in million have As quarter a $XXX closed far unfunded quarter. with reminder, $XX new investments of million income last from don't the of signed ended next in and of term meaningfully contribute until sheets. million fundings

than have XXXX. year funded assets towards there portfolio closed in of to $XXX is that signed million in We greater which come last deals almost right sheets points but again exciting and potential growth term we meaningful expect the thing

QX. the will the to XX% industry of that profile they the yield core the range without of benefit portfolio to we had With are while far again leading haven't and will be stable business our of still expect regards We any be prepay's. prepay's, part to in XX% in continue

we closes, as activity scale and expect much loan Although saw leads $XX actually as for we in outlook million acquisition strong prepay at think the The in XXXX. XXXX portfolio don't expect to we growth when Ring to us capacity. about

for Capital platform, the of Capital stages demand Given stage originating our point opportunities externally Venture for managed our the of proprietary growth investors built our primary venture our has transactions. of part structure select large from a TriplePoint global that allocating is like flow as high sponsor's investment companies portfolio. across vehicle serves as deal all capital market quality backed oz sponsorship quite TPVG in venture

growth be when However which originate our during other of to its new us constant to TPVG its continually commitment company's those ratio, source venture periods stage funding to seeking enable target approaches capital allocates high-end deal the and of a leverage vehicles debt. sponsor flow

we the a TPVG Having XXXX. all high demand of larger we our platform cap to benefit to So our here think the have BDC. we're to there's the real for deal vehicles from capacity seeing of across quality in meet cross benefit said a that, flow over to

to So make initiatives we've on working been that happen. several

to best front. example equity The first raises Sachs was through a A success publicly in equity the just-in-time see We can capital raising that ideally quickly on ourselves QX of we our placement very Goldman QX recognize million raising equity exciting To $XX in which on is the these our of and some the clearly investment some so as concentrated work. view from of private put largest very venture are our this privately market front. and acquisition both We Amazon's currently $XX is others Ring but considering we in clear, deals is do funded of at be positions. million. that portfolio large the

average Our transaction remaining companies have Runway, XX%. View X% yield with millions LTV capital raised under the WorldRemit an very and large Rent and are equity positions hundreds of FinancialForce, an each average robust of all of that

several for announced Rent of portfolio they IPO which by the just size the round More be of increasing however this are additional a round in today ways, the likely to importantly targets to we announced confident diversify capital. Runway very year. we all do these continue achieve believe the course and simplest attractive that raise and will portfolio M&A WorldRemit candidates of we'll believe couple next total in are in is years. our We QX

through portfolio TriplePoint strategic and We our also expect sponsor syndication partnerships joint to and among the venture partners. co-investment, us, diversify Capital potential our

making the our we of the me notice notice We're and look event be February the issued after as has are we exemptive orders future period what March team As our forward counsel occur. in to to our updates issued an happen that, public SEC expected proud step, XXXX. in important of application of of and on expires XXXX hard excited to relief the very of XX, first the With particularly we and work they let sharing in as this look store. say actual

investment. We key fiscal disciplined with some now them will Andrew and to during that's attractive in in highlight year. highly our their and stockholders yield accretive the the be continue the grow on portfolio to financial of quarter over call provide to our turn a metrics manner I'll achieved an to

Andrew Olson

report Thank results. you, the and to Sajal. annual pleased fourth quarter I'm

by up discussed of Sajal, ended strong an investment funding million We had long-term At quarter of companies including quarter we generated million investments and quarter. from average outstanding cost XX $XXX XX.X% end, Jim weighted The prior debt or another $XX portfolio with million portfolio of cap and over million. XX% investments year. quarter prepayments. $XXX As to the to a yield XXX we $XXX in with held the cost the ended company's of of

Our core quarter. to activity the portfolio prepayments other excluding steady or yield relative XX.X% prior and remains the was of impact

floating Given interest we event very XX% rate well-positioned of environment. our we rates, rising in debt carry are the feel of investments

of and other portfolio the average December of weighted ended Our XX.X% inclusive impact for prepayments XX, excluding the activity. year was XXXX and XX.X% prepaid

in $XX if million our dropped. depended to our portfolio. previously million Sajal which remain in of reaching total will we is will $XX the outstanding, the totaled expire Of upon As and between core million commitment the not yields companies year-end, as XXXX $XXX XX% constant grow company's in milestones. $XX we or XXXX XX expire million to XXXX maintain anticipate to mentioned, At and continue XX% commitments unfunded

be ended evidenced identify which our We we capital during creative sources. This execute outstanding our managers facility our we capital, of QX. capital and unsecured through a equity quarter financing the is and debt combination of were able of and we $XXX a to quarter maturing the We ended quarter We the with and cash thoughtfully which long-term carries with manage manage bonds $XX to a our post continue which in our by private through of with just time $XXX to grow trend. in the placement efficiently quarter and plus facility in million financing placement to X.XX% million credit which allow quarter borrowings XXX. revolving rate long-term the work at us of of includes credit million credit Turning consisting under XXXX expansion at facility $XX $XX of base. of fixed capital end, put million at the end. At cost to notes million private outstanding a our rate opportunities capital

applicable Xx. million That rates million liquidity $XX to cash $XXX $XXX the million leverage we of availability our Given will shareholders. direct of a our extended any XXXX X.Xx our incremental cost XXXX overall highly the by and revolving improve cost total commitment under the in in credit and we quarter margin us within facility. and our amended maturity undrawn ratio facility ended of of be of and economics. the will credit total of which range to X.Xx in to undrawn reduced XX January increase borrowings with accretive the an our renewed included capital put lower target facility, From million, to a standpoint, and Furthermore, credit

ample liquidity market. the regulatory to and leverage headroom demand opportunity have for and give in the us We see runway we strong

the XX% and the December compared year and $X.XX or of was XXXX the per for share to of the XXXX $X.XX income in quarter $XX.X the and We per statement, approximately of of investment the a from December in year XXXX of the losses realized quarter year a net for up million the totaled the ended quarter of Total mark-to-market or depreciation XXXX. in to other gains $XX per income $XX.X million per $X.X for the recognition million net investment the realized approximately XX% sale Net third $X.XX quarter the and to million fourth per of consisting million was and $X.XX the publicly activity $X.X for million from other for net reversal $X.XX third of year $XX.X investment Nutanix were to income to fourth investment the income Total of traded for ended primarily up of unrealized realized million December appreciation share gains debt to or company. share for XXXX. $X.X the million million due $XX.X December $XX.X and fourth quarter of share from compared $X.X per amount share the unrealized $X.XX million million fourth in investments Nutanix, of ended the XXXX. ended the Turning sale $XX.X portfolio. sale the and share quarter of unrealized Net income was quarter gains on or of recognized investment XXXX. related consisting XXXX for

million losses, a for our December unrealized gains quarter $X.XX and or realized prior the result to and XXXX. million million ended share or in year net share up per assets December and $X.X year was for share $X.X the from $XX.X $XX.X XXXX per quarter. per As per ended $X.XX or $X.XX million compared $X.XX increase income or the for the the share net was Net of

for our the million reminder, December XXXX. notes or net a average generated an notes. includes per return $X.XX the share. of On for average income non-cash on losses basis, X.X% to net year investment excluding return one-time a XX% assets the our for related Adjusted reduction XX, equity of net ended on annualized and As was of return the XXXX and a $XX.X our income of issuance $X.X realized million income XXXX the charge XXXX year of

share. from in the year fiscal $X.XX per of XXXX, a amount investment income, million $X.XX $XX.X or the per share company distributions the made During net up

per un-distributable share of exceeded taxable per income estimate distributions that be QX, or end $X.XX our our forward the million into will $X.XX roughly we carry $X of XXXX by further from dividend Furthermore, XXXX projection. stable solidifying NII As share. our

over Directors our of more even value XX marks As on our yield dividend March fourth $X.XX quarter This to that, is record nearly quarter With payable for have XX% dividend net the XXXX a XX%. is of announce but to asset our I'm the of Board share today, pleased of yield declared impressive quarterly distribution XX. distribution our consecutive April of on we per X maintained stockholders and rate.

with call over that, the Now I’ll to Jim. back turn

Jim Labe

At Thanks open to point, this your the again, be up take we’ll happy Andrew. questions. line. Operator, please can you

Operator

[Operator with Instructions] Fargo. Our first question ahead. comes from go Wells Please Jonathan Bock

Fin O'Shea

O'Shea our afternoon. for for Fin Thanks in Jonathan this taking question.

kind to direct they tying growing whether portfolio leverage? start will the lending this the with be strong more funds you through relief, mouths out funds, has maintaining similar of can kind walk and of feed broad more how having been of just Just exemptive to flexible themes some which us more challenges of one how level or TriplePoint’s together, help

Sajal Srivastava

join go please I’ll answering in in. Jim Sajal, is this first Fin,

platform their the to of is of and TriplePoint So demand our sponsors I ability insatiable of our think meet beauty kind overall high-quality portfolio companies. the again the and strong the

some as and are we in the we other have great we think a which co-investing but things so lumpy relief so works, I is positions. and from it diversification to couple the look And JVs know of issues that exemptive in benefits addresses and

access us capital And our because concentrations. we that of think credit is not gets benefit to diversifying under only actually more it of so but lines the from also

and shareholders perspective should think to the a a think unfunded I this be so to total just and happy leverage that And strong I grow lets commitments from continue we have path ability given miss near-term larger that TPVG with the in to may allocate transactions didn’t or extent partners put us into or co-invest. investments have we our or the clearly which JV allocate general the out pipeline to

Fin O'Shea

we're expansion, you maybe then what we'll I diversification of And life-sci, see new couple something heard mean on or - used to times some cetera something does here verticals et else? this a med-tech seeing or say to versus

Jim Labe

best with the and portfolio been all strategy their has VCs our work we across support the industry. Again companies same;

So do where primarily life no strategy represents is or strategy our done sticking a think from healthcare our no VCs debt we change tier I the change some technology. the again in from investing the technology, venture either are portfolio But for industry past. the we’ve of change profile with and and are or terms top perspective in these again yield an product no sciences which in in structures us and approach. that

Fin O'Shea

small on And names. deal of or mark? Ring more couple ones Is just materially latest above portfolio your price the equity announced above

Jim Labe

They think disclose so haven’t announced the specific I number and go today. it ahead don’t we’ll publicly,

Operator

comes next Alexander Research. Please Compass Our Point from question with ahead. Casey go

Casey Alexander

anticipation will your it Ring Is first that before close quarter ends?

Jim Labe

have they is Casey announced that not is. have All to what them. they publicly timing the agreed disclosed Amazon's acquire

information think that I don't can from… So any more share have we we

Casey Alexander

All quarter a right. In investment? two this was the loans Ring category one category or

Jim Labe.

X. category was it Andrew believe I

Andrew Olson

Correct.

Casey Alexander

almost one. would light up but an category automatically move by acquisition those to so So of in Amazon arguably

Andrew Olson

quarter in the later to… I Correct. relatively mean announcement was the close

Sajal Srivastava

year. to as For QX opposed this

Andrew Olson

So upgrade look as obviously we would profile, at those. we credit the

Sajal Srivastava

this we'd assume But HP, we that unlike maybe leases. pay Casey close to which the fund HP loans out should the your versus SimpliVity they point assumes when

Casey Alexander

but is - difference privileges might the structures difference, there you're about what and more portfolio. let the to XX% there of maybe make a that doubt coinvestment names that I of so the is leases are hang terms loans I but or just that How portfolio to going those in having sizes And thereby the around portfolio size the changing the portfolio mean similar TPVG simply diversification loan allocated sizes? to come going greater increasing you're in if the saying, saying in Amazon are understand loan I diversification the from is

Sajal Srivastava

I Casey. all think Well it's the above

bigger but the hold also the optimize benefit transaction to get ability ability I it's from for think to we I then TPVG. size think

so TPVG gives a where basis it and funding levers both. on at point really is it's deal-by-deal, scale on us perspective, in multiple out time case-by-case a depending from And the

Casey Alexander

be think Ring $X a I is portfolio ask do the concentration yield to mean represent in of it's share I does still to a fair obviously you with pleasant know end that almost a have comfortable NAV. the which question you're the going some in if of the investment of at day, result you

love would about level I that? thoughts with So concentration your to sizes like hear comfort your

Jim Labe

with Yes, as perspective not hunting shared business. think whale again we’re necessarily our you on we some not is not that's I our to goal originate,

looking quality great based relationship regardless find high with the on them opportunities our high and quality with restructure and We’re deals we and our high inside sponsors, for VC of return we size. deals

deals very from as structured. mentioned there some section, to think risk you I so said high and again from during very look announcements mean LTV, an these profile positions companies my I as I And return, the again some earlier we recent a are out the as larger best of of look thoughtfully the more some

So to I would for sizes, in pricing transactions. our particularly thoughtful the and in be in we say structures continue

Casey Alexander

my a I assuming $X.XX around share mid mean there of positive. accelerated is with a right Ring prepayment real math if drive income, income, obviously would a so that is it that's currently

on million of run unrealized value Let me a ask this quickly a little fair the you going value through you was K in it's source out quarter. the different while call put the this question, tough so the can of in sort Obviously fair the pin $X.X in depreciation? came to that X.X adjustments came but

Andrew Olson

of you’ll reach run a other a a a mean the there more specific company here were a little then that one. individual to market I see nothing assumptions couple mixed and equity drive there this speak on mark-to- we slight portfolio valuations, end at I kind bit mean of couple there tweak kind on is was Primarily as it a of kind that of portfolio, bag, - of a debt I may Yes, positions quarter can bit. mark of Andrew was was whole. issue incremental terms portfolio portfolio some the It per In se. of as each we on was our we in the little

Jim Labe

As additions are the changes to no there two category again the removals. only and credit two during into the we then quality said quarter

Casey Alexander

in levels? the exercised given doing has again a results repurchasing $XX.XX understand that at wasn't company terms totally it of kind that up would stock this you consider end I discretion level this around In while of these also the Would And share. shares. that past the expectation your necessarily your some at year

Jim Labe

I and said for that’s Advisor question again our to Board take. the

happy where premium our shares in at in QX also Sachs a at we our as that fact not but is obviously well. at as Goldman look We’re stock nice just the purchased the friends

the think to so the the ridiculousness where balance And deploy versus out in trades we have the stock there opportunity the of I the assets we pipeline that capital. and

And our of to capital keep considered. managers we’re continuing and - down so are head for be things so, all our stockholders the just

Casey Alexander

rates undrawn what And this change was to credit the wrap the in the facility? on up,

Andrew Olson

rate from XX so undrawn QX went from XX but The points. XX, a that of basis it’s went it basis points to

Casey Alexander

That's great, terrific. And…

Jim Labe

down we as the up goes up. lever lever on we spread actually the as And margin

incentive to So an lever up.

Operator

go [Operator Landenburg Christopher with Our Nolan Thalmann. comes Instructions] next Please ahead. from question

Christopher Nolan

the On conversion the K GoGreen is that of KnCMiner?

Jim Labe

Yes, that’s correct.

GoGreenLight. all quarter rights participation to the then that in $X.X received million was from held the debt-to-equity it's about positions remaining During we and mirror the and distribution we from Trustee KnCMiner converted

Christopher Nolan

credits any any in K? have see you the do on nonaccrual didn’t currently, And I

Andrew Olson

No, not currently.

Christopher Nolan

comments mentioned the your there? just-in-time in thinking mean ATM be what's would equity then or that raises, in overnight I And you

Jim Labe

as we open in QX the the very that we’re example to transaction use put GSAM of in we well. minded, capital again work raise QX Again - and

just of to stock be we're so raises and impact how equity we so And and of just deploy thoughtful the of capital cognizant the we it? raise and and again want large mindful

Christopher Nolan

EPS the capital, What��s getting And accretion consideration that? preventing not down when priority dilution at what is you I is primarily line. - terms the so thinking in diluting number the of the it’s raise one mean that of benefit

Jim Labe

have don't net rate approval Well asset we value. below remember shareholder to

the can’t for others. destroy in some process asked we anything we hadn't it because So like

from support debt always to debt - high-yield approach strong demand financing quality capital use we our companies. so the for the has financing been these And venture-backed

that's so And motivated the us historically always capital side. and raise from

benefit overall volume I think capital and to though obviously from scale size too. and improving trading there's raising a

funds, they market. We to benefit great in are us so I scale than of for their their high that assets shareholders but have on great better percentages from the here it’s something institutions say fundamentally, hold some quality although they overall add sizes demand - that we’re there tiny can large and fund rounding support when percentagewise, the

Christopher Nolan

question on question following Casey's And the repurchases. up of just final and

view is the back XX% the your buying stock where how average you that XX%, relative here yield is, do I Given stock mean investments roughly portfolio? making in on to

Jim Labe

takes I the Board again think consideration. I Yes, all into factors mean

in who us have have shareholders I institutional some shareholders, XX think obviously level the given all we as well. great on our top their opinion

news portfolio so of mean think of I the on use ability capital. dividend things take the that good dividend some deploy our line perspective a coverage we have perspective. and again I sight and our and And announced, and the developments the for to stock of already year been have a to long-term approach is growth from perspective capital with the our we price for great

Operator

to conference would any This session. Jim I to remarks. for our like Labe over concludes the closing turn back question-and-answer

Jim Labe

close soon. TriplePoint to all also my the for Venture Growth. everyone by support listening excitement to year speak with interest to and we'll We'll you current again Thanks continued appreciation for and your expressing in again our your

Operator

has attending presentation. conference The for now concluded. today's Thank you

disconnect. You may now

TriplePoint Venture Growth BDC (TPVG) 12 Mar 182017 Q4 Earnings call transcript