TPVG - Earnings call transcript Q3 2021 | TriplePoint Venture Growth BDC Corp.

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Operator

Good afternoon, ladies and gentlemen, welcome to the TriplePoint Venture Growth BDC Corp.

Third Quarter 2021 Earnings Conference Call. At this time, all lines have been placed in a listen-only mode. After the speaker's remarks, there will be an opportunity to ask questions and instructions will follow at that time. This conference is being record and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website. to quarter you XXXX. pleased for company's is third the management share the with results Company Srivastava, Investment Today Chief Financial Chairman Sajal Executive the Officer. Officer and representing company and of is the Mathieu, and Chris Officer Jim Labe, President Chief Chief Board;

to your forward-looking in and Before direct relates the release, forward-looking future call statements will company's you financial like make the federal certain the customary during future the turn to events Mr. press securities to I I'd that safe remind call, Labe, company's that or over to this management condition, attention statements harbor which statements law. disclosure the performance or are considered under regarding

place cautioned the today. cause any To Exchange projections that unless or does Securities which company's please of the opinions important factors You as required The results these of obligations actual to for to and the only during statements update reflect forward-looking company's asked are refer www.tpvg.com. by on with to are website Commission could to differ undertake any company visit management's the call, obtain law. statements. statements not materially to forward-looking not made from filings at any latest most undue filings, SEC our Investors copies reliance recent

like I'd Labe. to Now turn the Mr. conference to over

Jim Labe

The and differentiated you and was playbook potential join TPVG's on second all on XXXX exciting call a quarter venture outlined earnings to demonstrate We're third TPVG's could promising of the The half a continued unfolded lending quarter’s has This continues as one of stronger Thank expected for strategy. our glad model performance you, year growth outlook everyone. have investment Good for XXXX. Operator. conference of and today. in track we afternoon, calls. the quarter execution

quarters ahead. this that highest our share net significantly the a Notably, increase this $XXX achieving to we expectation our the investment accretion asset by continue We to on in quarterly are trends our grew quarterly path value, started portfolio is per encouraged since playbook earlier IPO. record the And NAV in And year. million. we the

reflects December since $X.XX pre-pandemic sheets $X.X level TPC well Our companies stage increased than in by of over term XXXX of TPVG's per for the the we This for the bodes at level the more the is consecutive and the since from which increased $X.XX QX paid is of debt share quarter XXXX. level up growth origination XX, second the year future quarter and last in NAV, commitments quarter This previous start sheets. term XX% representing dividend quarter venture in pandemic the sixth highest IPO. signed beyond. fourth Signed

squarely represented customer IPO. million at fell and more for third New than quarter funding the our were highest range $XXX total quarterly the forecasted debt XX% fundings up in since our

of TPVG's Demonstrating the fundraising by which is shareholder value. kickers contributors rounds investments. as the shows into create that continued our increasing we benefit to value of of overall the and our strategy growth NAV high were increase than measured quarter, this increased venture select investments the companies, our warrants equity our of quality, portfolio significant portfolio a our increases transactions. part long-term the our most close of technology-driven continue our in back portfolio's leverage The enterprise and underscores the Among our debt strong by ratio, we diversify quarters from companies end. potential focusing better as to of of NAV quarterly system. negotiate also debt at for quality as upside strengthen XX% performing built During scoring the equity credit to the portfolio or power model with our the categories. This potential considerable quarter and expectation on stage

privately quarter, at equity most Exit welcome ever notable back company with Revolut’s that of companies also the highest the a part to our valuation venture portfolio NAV. to a remain achieved contributors Kingdom. company the our realm. This events United proud We're held financing be was technology in

experience and expect exit to portfolio, translating our shareholders. gains realized in all capital future continue We increased activity for into

completed mergers completed next popular quarter during avenue the ahead. during for SPAC cloud Runway, mergers its a track exit, Enjoy on continue complete Rent quarter, restaurant Nerdy SPAC ForgeRock, generation including the the Toast, to industry subsequent the theirs fashion in platform others to completed security the IPO its a and company to quarter. Technology October quarters another last now completing for IPO the management the IPO in four also platform its quarter. provide and

acquisitions portfolio of gain as future and also reminder, mergers contributors. represent capital potential companies Finally, a

select is portfolio the investments a class entities. by enterprise we exit all this double team, XX% by we VC than respectively already XXXX. totals strong. XX%. Public outlook course, offerings The have in acquired the During last believe and value of high, last quarter, venture quarter, a categories transaction, was incredibly Demand have year's we third for company accounted already right and XX% remains of value capital partners Mindbody further deal Total backed consumer value on VC in year-to-date. IPOs pass on Year-to-date and was all continues and To in for year's healthy private pace higher of VC investment positive FinTech combined capitalize record model, the exit VC the be to through surpassed the market, remarkably foresee companies. strategy. tech, by market XX%, to tech for XX% total. total

backed to knitting the our focusing for growing leading capital by and to group growth. of of venture simply companies continue firms and investment exercise not on our select sake discipline, We stick

the now developing continuing and TPVG good live, have robust well produce the for to a portfolio the off our earlier selective we shareholders, with growth is Sajal. strong companies benefit year play. plan to how new great grow is is of start total, with year's NAV here in our and long the to We for liquidity, long continue to sector are the positioned call remainder pace to over over The that We're momentum in in the covers grow technologies, eyes term. on the distribution our companies and continue well comfortably redefining it to criteria in and term. surpass the the positioned planned fruition playbook execute the I'll are to provide is strong shareholders. believe last really to With positions our deal central TPVG generate of we financing a of coming and returns highly are A year our on to We prospects work to to and Investments that technology NII continue fourth game on strong already pipeline this that to meet the quarter. we continuing which us turn requirements. and that, for

Sajal Srivastava

and Thank afternoon. you, Jim, good

As TPVG. and debt achieved quarter, million and the for for we growth $XXX for quarter remain million at closed year XXXX. Jim positioned remainder venture TriplePoint mentioned, we of sheets the activity With objectives of and the Capital regards well seven companies we of the during companies the identified stage with to commitments signed term $XXX investment third to

such and to enables partner that e-commerce platform. and platform company, take as Forum the Good in with financial companies meal data a a their of an FinTech, kit acquisition driven Eggs, and Earnin, control Amazon online future. users financial company grocery Brands, continue NXX, business names ecosystems a new exciting our We marquee this companies consumer, portfolio mobile in quarter and some banking promising to includes

us also off We lifestyle an a shopping welcome company, back equity XXXX previously in after closing the focus portfolio. FabFitFun, has round returned experience and had women's paid now and which to

warrant conjunction third both portfolio million the companies received of XX in in valued at our added in with total debt increasing worth During portfolios. We our in portfolio equity warrant warrants quarter, we $X.X debt XX conjunction our companies commitments with our million. received year-to-date to commitments, and $X.X

of made investments also robust access $X.X company’s at equity environment. have equity valued quality XX direct to investment $X.X million to we our high direct We and six brings opportunities reflecting in million, This the total equity investments year-to-date. the

had with commitments we've new All rare commitments increase XX the fully funded third targeted hit quarter, the QX. gross an during range XX% debt in investments portion we of million more the made been in our than which year-to-date. or debt to fundings have new quarter a $XXX or for from During funded of quarter companies, XXXX presented our all the of fundings made and XX% QX funded partially in of

this of at companies, XX funding the prior almost quarter. of quarter, we the result strong end increase As to XX debt investments the companies the XX% from outstanding of as had activity, of an end a third

gross funding million million range fourth yield $XX here be funded So quarter. in fourth loans to the strong. quarter the our of million to far, new and have remains $XXX continues $XXX for Portfolio we target

carried of annualized a average During portfolio the quarter weighted investments debt yield XX.X%. funded

Our core was slightly from XX.X% and XX% XX.X% QX. portfolio in quarter yield last up

annualized Our overall only weighted loan as result a million during the XX.X% quarter. was yield prepayments $XX portfolio of of average

the which from term will $X quarter, $XX prepayment, So million generate payment. far fourth loan of in a had we've approximately the million end accelerated

and in within activity industry is portfolio’s capital to specifically, our a equity generally, testament to substantial continue see our venture the portfolio We fundraising quality. which

capital. quarter, eight third the of $X.X billion companies approximately raised During portfolio

whose half us of One capital during the that financing have increase an XXXX. billion gains companies is $XX portfolio unrealized of in at in Revolut In of addition billion $XX million million this $XXX quarter. a valuation raise, that to highlight XX $X.X first raised the of resulted for

at are $XX and Our fair investments in valued equity warrant Revolut total now value. in million

one no debt this of of placed QX half X.XX year, and of non-accrual X.XX four or investment to were the achieved to the with quality, credit portfolio of The compared first to companies improved the of ranking categories end quarter. to credit five, quarter, added Moving weighted the our as of companies were our QX. quarterly end ranking. and the no X.XX we average as highest investment during quality three, on Consistent

and two. three upgraded to company remaining one quarter, was our upgraded category category was the one from QX category from one During two company category to

on portfolio our our loan only company X.X% debt total one Our category at four represents investments is of value. and non-accrual fair Roli

emerged capital the company in secure debt. the administration has with all new lead this investor, newly successfully with the team an worked company to the quarter, assumed conjunction whereby we During fund. outstanding process of at our Luminary from called financing venture And Roli put through VC a

received also as well. ownership have equity Luminary in We

events, in full interest, term of loan Although these fair end during quarter. against $X based on accrued prior values payments million the our loan and assumed was our including we loss recorded an full, unrealized

they woods, piano, for Peloton some hardware and While the position company is we not in software now on time and out believe the their capitalize they're been have the best to offering.

in quarter, ForgeRock at the During the companies which end TPVG QX. IPOs, ForgeRock million portfolio completed has is in $X.X the $XX successfully And Toast. with lent Since two million valued resulting the of at of unrealized company warrants beginning the gain $XX million still partnership during XXXX, $X.X and million in outstanding. quarter our our were company

Toast of merger on our and value SPAC Our of initial QX, Inspirato, resulting unused. announced $XX Bird the a regards announced XXXX. they And warrants represent was the their gain, quarter, completed And expired with as quarter. process. unfunded Rides, Nerdy loan though SPAC million in $X.X fee their Transfix of SPACs, drew the four fair unrealized during to end was million $X as never and their SPAC commitment in our success commitment million result. their million company deadline the Sonder and a With cash we even made Toast in $X.X merger along in received to merger

and the IPO their QX, far So completed in Enjoy completed SPAC Rent merger. their Runway

publicly unrealized includes shares in are warrants we million, of As $XX gains. which end, of million valued holding cumulative traded quarters at and companies $XX.X

of the based In gains TPVG warrant has private as of valuations on portfolio million record cumulative $XX QX. round held equity addition, and private by a unrealized current

value. winners is Toast, occur, As our exit CrowdStrike, Farfetch sheet the gain and from for do have ForgeRock, balance events above more the potential proven when others there even

of dividend sight of with to discipline focused on continue solid down growing covering a our in for our and some With some We for capital and I venture without that, backed maintaining optimistic credit in prepays, manner turn We're our with of the what's the will XXXX. XXXX the heads a best growing stage most exciting now benefit over strong to finish in call growth funds. for industry's store TPVG excited here by of the to NAV, line be profile, portfolio venture in companies working Chris.

Chris Mathieu

Great. you, hello Thank and Sajal, everyone.

quarter, rose we administrative During grew while the operating assets significantly and only expenses modestly.

excellent credit We with commitments. the high ready. leverage ratio while see we new in our our to QX liquidity rates And quality on continued entered increased We utilization maintaining the at ample portfolio.

period. results year our investment a loan significant to lower debt take on half to levels quarter, me the QX in investment $XX.X for for the from debt with primarily quarter. prior income reduced the as million for total the let portfolio third XX.X% Total you reflects was activity million XXXX. yield XX.X% first a due through of the investments average and Total of financial XXXX compared investment $XX.X and income prepayments year-over-year balance third prepayment income of current during lower So

of million We yields million are were of $X.X year to pleased G&A $XX.X fees, quarter the for continue million agreement of of million compared that as management income period. and $X.X $XX.X Total incentive of Operating strong expenses. expenses expenses, for expenses interest million XXXX of and the the third onboarding consisted $X be to million, fees, administrative operating $X.X of stable. $X.X expense, million prior

total operating the given actually up credit calculate the which increased Interest higher offset fee continued XXXX, administrator. in this while of in sharply economies management is gross include with in expenses along used the elimination up scale fee two the at two cost G&A with increase in significant allocation the to quarters we and lower the – lower only given on were the of were a earlier assets, accruals overhead baby expenses modestly, efficiency workout administrative were first experienced leverage management half income spillover over to quarter-over-quarter, quarter successfully during year. one-time expense trailing increase bonds the in gross on income assets per of related with compared at associated $X.X assets, down the total to share assets the QX third portfolio $X.XX quarter, the second share in $X.XX quarter. Net per the base While or as debt, investment or Again, from income exceeded facility generated the distributions where under XXXX, this tax, $X.X was of effective excise million quarter, savings QX. periods, of for for million for was we cost by quarter our costs time.

$X.X Jim the the investments, on $XX.X realized gains debt write-off the NAV company's unrealized losses warrant partially earlier, quarter of million quarter, we from quarter-over-quarter of warrant fair of from net on million and the equity increased third $X.X and company achieved the as and equity other $XX.X adjustments value portfolio the million Sajal net quarter net net million, unrealized investment accretions highest were highlighted losses of that by unrealized value offset gains from year-to-date recorded while IPO. primarily the third During both for since company's and resulting portfolio. Net and asset our

$XX.X third the $X.XX resulting in was net or share. per For quarter, assets increase from net operations million

the was for While in ended operations quarter, share. third increase nine period our month from net assets $XX.X the or $X.XX per resulting million net

$XX.XX of per Board to $XXX net XX $XX.XX as per per share end, that or on has quarterly gains. pleased of long be of stockholders million per a of of year-end. share, share declared $X.XX regular This announce from record $XXX.X as to was million or As compared includes our ordinary We total November income $X.XX value share quarter Directors asset with $X.XX paid capital to and December per XX. share term from distribution of

million share in support $X or to future. the totaled which of at the the end quarter income, spillover significant retain distributions to continued We $X.XX per additional

current to record. As loan we level our to net income and we term cover record to prepayments, our a sustained long portfolio experience investment track consistent growth with time continue to further regular distribution expect over see grow portfolio

continue prior companies. set these existing third rates, note new during the that expire loan of rates the portfolio to XXXX, million of during we compares our investment rate have let contractual not interest This move portfolio higher. quarter our commitments ended had interest utilization the the million or XXXX commitments. Now, during unfunded experience if with $XXX to floating We which rates. to XX% XX% floating unfunded high contractually X.XX% million a all end, commitments of commitments on of outstanding another the We're quarter. pleased to to expire will to total which $XX drawn have to $XX million, and expiration. me quarter Of $XXX XX at primary will

credit a our quick our Now update liquidity. term on facility, just and notes overall

compared efficiently term quarter of on As on is our credit notes. $XXX facility million term to facility end, to we outstanding fixed had investment rate $XX revolving and grade debt outstanding credit allows us of fixed our expense million The increase at outstanding We quarter reducing an levels end occur. quarter. ended leverage second interest our X.XXx a X.XXx the pre-payments our from ratio, with manage debt times the when of the by just leverage

excuse company $XXX cash liquidity credit million of quarter of the $XX in of had quarter facility. million the end, As our me, $XXX second consisting -- of million, total as under the and available

the the we part diversified natural We a lending credit by We benefit expect see our Sajal provided on debt call. as to we funds portfolio repayments draw high facility And contractual which earlier that our funding when and liquidity financing, needed of to shareholders. available quality estimates the have accretive to portfolio. believe with sufficient have on and been our the continue important will prepayments execute that ongoing grow under to

existing bodes into well seasoned In addition flows, and for to our cash strong currently provides liquidity diversified sustained continuous XXXX. liquidity, the portfolio which

prepared your questions. completes we'd So be this take remarks, to and our happy

at could this time? And the so line you Operator, please open

Operator

come today session. Crispin [Operator Sandler. Piper Love will now Instructions] begin the We with question question-and-answer from first Our will

Crispin Love

my Good And thank for you question. afternoon. taking

of it's that $XXX you've think you in be first, know there in fundings, the million forecasting, high end that quarter, to the funding in to quarter. debt expect said fourth the at on we path fourth think would million $XXX I I debt you're So the so

So give seasonality? still Do pullback if a would in there I'm remain due Or should just, then stands. expect some think actually also the you XXXX? elevated? wondering think on color what directionally, able a to of little do would you could kind to And you be that the of of bit quarter be first there you momentum

Sajal Srivastava

Hi, that, I quarter. say, key away Sajal. with I'll think the in is fundings take with to is too, late the – portfolio listen, start I'd they occur Crispin, thing this

but as quarter, the regard, give income To And we're necessarily so when into so I point point. the subsequent starting first because a contribute range. do so contribute happen, the occur, second don't we comfortable quarters, they they likely in they which occur to think listen, more with a with range

listen, And so range $XX about generally had is but reason the continue the be to but think and we a give demand I quarter. we’re again, wrong but high With a I given cautiously – venture that would million in momentum quarter-to-date, regards cautiously continue we've optimistic why towards continue this increase and the will optimistic 'XX. 'XX, momentum equity or venture this word, being step we've we're really to busiest that say, of confident fundings into we feel, Obviously, range. not the about debt QX to we this there's be end, is

I don't half first the the we're slower QX yet to I although not 'XX haven't ready compared the I would that to I half 'XX, would to first half but year over to think for I'm think be plan so formulated kind numbers definitely business as 'XX, of our but of be expect yet 'XX to take And of is original 'XX. ready QX, first up of surprised generally say I we yet our would than say, and that higher the year we we'd – say say wouldn't

Crispin Love

Okay, great. helpful. Sajal. very That's Thanks, all

having pipeline, the I question other in that so one today. billion about talked from past, think I Just but a you've think was mentioned don't $X me,

holds So still and that's I'm just curious know whole the if that I platform. TriplePoint

of So TPVG a whole? now kind whatever that I'm is as is $X to bit of also billion what platform pipeline or pipeline also the curious TriplePoint related to a the little or related

Jim Labe

Yes. Crispin. Great question,

ask quarter So very platform answer and stage TPVG the over over the your with question the pipeline of higher billion – growth that. strong, billion and to level it's than it's venture companies, last be to $X continues $X at

Crispin Love

you, Thank questions. my for thank Great. Jim. And taking you both

Operator

Point. Alexander Casey Our comes next question Compass with from

Casey Alexander

with funding be for prepayment third the fourth cover quarter, the Hi, it that Would good fourth achieved income afternoon. already the that net you quarter? you you the that that in you given quarter quarter. fourth as that amount of enough the be would in your the Would see to in investment dividend well expectation believe in as the

Sajal Srivastava

Chris, do take question? to that you want

Chris Mathieu

Yes.

Casey, clearly So, question. our on the is It that's something thanks for mind.

journey working and of $X.XX. on going here the $X.XX way dividend we're think from to our I up a to $X.XX current

have first line we've little the of in half So sight Prepayments activity. been of luckily on I what lighter have origination think we a year. the than seen

see, So successfully up as portfolio. the you can we leveraged

to So current of drive the ultimately combined those trying we're what it's that to will which end, dividend. covering things all year at get $X.XX to or to is the get

of a So sight we towards see line that.

One the funding. everyone of time has is that of challenges

target origination million would activity if December, when happen? to be be that. origination those them And with million late obviously does so hit $XXX we numbers in So would make more all fund and it to activity challenging or that $XXX funding

when and and over is our timing next to will be XX days of the So I in the proof of NII. think putting to fundings margin the the contribution

tell, too path. it. early we're sight line It's still have but we So of definitely on the on to

Casey Alexander

you Thank for that. Okay.

of portfolio. plans How quarter? fourth think Secondly, that you portfolio higher fourth lot the a $XX be be we discussed is in measurably do prepayment had And then quarter? in taking a companies, about your into have guys you Sajal, a already of you that you where million, the works for that we do are lot Should that sightline thinking your markets feel a out you've of place capital number I transactions than thinking of one should about? capital know the

Sajal Srivastava

Yes. I'd Casey. say,

great mean, is pay this IPOed QX they a in it's a I'll right? us and one I would pick to continue I didn't off. example, say, believe think I we two, They to ForgeRock quarter.

slowdown so efforts after prepay It's raise. in definitely a say, immediate loan of seeing we're side. capital I the kind our And reaction a on initial would to some good

so I'd company portfolio big now least to at continue this guide that that in prepays, to change lower least say time, quarter. developments And don't right happen rounds, can we but one to of but expect pace again, two we equity in at to a at

Casey Alexander

Thank Okay. queue. in Thank you. I'll back you. step the

Operator

comes question with Fargo Finian next Our from O'Shea Wells Securities.

Finian O'Shea

or venture you're there for capital Hi everyone. the afternoon. lending, new talk om origination impact Good Jim out you can formation of and Sajal, the sort impact forth? about new what if at seeing so all, the

Sajal Srivastava

your Sure. the dynamic like eventual It maybe correct? that's lending – of industry, sounds is question competitive in the is

Finian O'Shea

Yes. Yes.

Sajal Srivastava

equity So statement. primary Jim's I'll Listen, strong equity and our we're take is listen I'd market. usual competition a in say,

so competitive competitive a we've element. compete landscape. from and institutional significant this continues year, lending defend be – we've as been equity quality investors able from to to the And shown And venture appropriately

right? nuances similar to has the listen, very tech middle spots group from think similar market, we're focused quality particular, is, have and consumer. tech all perspective much market high our enabled venture select I our to funds, We or capital in only, very on our our

trusted the to their sponsors we're companies. and our so And partner portfolio core

like growing. a lending venture and the market, equity the think is very VC market whole, I just large as

we all have sweet be, see big whatever all kind I we I of think or our together. formation And so And it or capital and enough think new market a may as kind it's of happily we spots. entrance coexist

I not the seeing change or portfolio or, isn't I'd showing dynamics of pricing say, mean, any any activity. in competitive material prepay so And change we're

brand So continue based and reputation to track defend records. on

Finian O'Shea

there's in any similar for the across any industry? example, if have That's helpful. structures, in there that? shift you on come the EOT some pricing, we're And view Curious still that you like would say, down yield is spots

Jim Labe

Yes.

are So or least of the really Sajal lines really where be market life we're At about it about what focuses, in yields of And important TriplePoint, for in maybe record, to along references, holding various want competition have not good the not up about yield. reputation, different isn't And the all there very, track it's And saying, feeling whatever. to of very It's it of was just is terms it's terms price. add out about this market, science, equipment, parties price. more terms be differentiate just well. in price. of I price. relationships, it kinds middle

Finian O'Shea

That's Got the much congrats so helpful. and Thanks it. in quarter.

Jim Labe

Thank you.

Operator

comes from Christopher Our Ladenburg Thalmann. question with Nolan next

Christopher Nolan

dividend? wait before Hey the to the you guys, dividend the EPS until going it – considering are what's supplemental Is the base that? thinking cover on

Sajal Srivastava

Chris, Sajal, us, Yes, to, about talk Yes, listen, dividend. here. it's for supplemental I a think, to premature

would I but I too spillover. is where of and capital unless think these year warrant I the equity quarters cover, would to gains didn't good unlock, we have that realized earlier It's helping when the some soon this we say for the discuss news be obviously think timing. gains and

most so And we're still assets. locked up for of these IPO related

Christopher Nolan

leverage in? right ratio see direction the fourth quarter in sitting you now, Sajal, the you're do where of the And where

Sajal Srivastava

it we'll to we'd continue of up. target, if right? questions, fundings some we I mean, definitely prior leverage Oh, hit of right, our mean, our game love to the plan grow take as I

problem, prepayment I portfolio and amortizes. think the challenge the have again, we good activity, our is always

month every – back getting we actually, natural quarter, amortization. from every principle So we're

acceleration we So to growth leverage portfolio increase borrowing would prepayments and an I in of say, expect QX. here would

Christopher Nolan

Great. Thank you.

Operator

comes Our from Ryan next question with Lynch KBW.

Ryan Lynch

big could, guys achieve on could looking warrants you have Good those afternoon, with either question deals? be post has be guys that aggressive some fronts. in loans? companies. are quarter pricing equity and when that a for thanks Really my several you different guys taking on when at to like you quarter do of to influence the access seems different Would the with, several excellent or Because this, to like to questions. My this you that are yield games you influence all positions, that or how you aspect you you are the at some valuation warrant when it event private guys it's in in market, in see markets do those all, whether or guys does order significantly, approaching new companies that the looking to increased equity to market more increasing top public on these on rounds, value see

quarter the interplay instrumental high yield Just between access any sort companies? debt yield investments upfront to super like thoughts a this growth influencing that on versus in these on getting of big equity

Sajal Srivastava

Yes. question, Ryan. Great

be a lender. clear, we So let me are

are We not fund venture a venture capitalist. or capital

And let so investors. if debt returns that, me fantastic, providing say we of the in are business our to lawyers,

about yield, risk the the and that And participation it's profile debt that given so all yield ensuring risk kickers the with the ensuring our the equity we and and get warrants. and fundamentally assessment

I lost it one years? don't I for And count. subsidize so and XX the working now, other, I is know Jim we together, don't

billions is to closed So the I know I'll We we've just to capital but guess great Monzo. what been a just right? through the better. lend in but of space, Revolut, winner example of this, Revolut mean, FinTech a rounds TPVG And, the quarter compete Revolut. bellwether that NXX, is companies actually with where valuations. we're large which FinTech upticks we such a and deal bank – sector with fact FinTech continue despite And this are and seeing significant that challenger use

it's We what billion I valuation public pick while domain, continue during again, on at the million they to them. getting on lent a guess the $XXX I'll quarter, we kickers. equity and still round NXX, hold in debt the our pricing to mean, raised $X side

the because and Portfolio go-to work you the we're track for VCs shows with demand. candidly, because it want So of quality, again, premier expertise. just when expertise it the knowledge us of to sector and we the have the record, creates how companies

our one know the that for been knitting. again, And in other. just We've And never too that. we do to so, and would stick to we to this long yes, subsidize just,

Ryan Lynch

Got understood. you,

million. of you The or over which hit I different income other spill about look out $X.XX about way. but a guys forward, could would of of going addressed, I because a like or to $X year level number. question want maintain to big on two, now kind be was kind we that Is there Right as potentially in have assume that had, you a that or it changes

you're something comfortable Or at future? that that So level that you today, the is you a want something is meaningfully growing are to maintain? guys where in

Sajal Srivastava

Yes, start, add. or can Ryan, me let Jim Chris

than other over level to thing. we spill would I is, first glad haven't spill have, level the we're maybe over. appropriate established of So a important an say, what's It's of have formally to

So dividends doing of the think that is, make we for special and right? to that of shareholder's to And history shareholders distributing them. it's important again, we balance from that have benefit us, our those. a money, I for the returns

it twice, for do it's that. – so we've think to us important done I

to think, so And necessarily related and core again, have we not also but I strong events, capital earnings. gain when

I same say, time, of the the to and this distributions investors. terms quarters, had we great to our dividends of to we've to I I The wanting it's over some continue to So it's of demonstrate in ability earlier a profile to think make at benefit show have, the But be owning lumpy and confident. smooth like fine think special listen, listen, of year. sure and return would shares balance

the they return look strong you continue our profile continues at If assets, quality stable. of and credit to to be be

portfolio. We grow the continue to

covering. so of, we And and strong we And some over to looking will for through of prepay our and again, just as it's reloading us, be cover, covering matter not an should to portfolio. be quarters activity coming spill we're a excuse right

question. that answers your So hopefully

Ryan Lynch

time quarter appreciate afternoon. nice the Really guys. I Yes. this

Operator

concludes question-and-answer remarks. call I'd This our session. some over turn the for back to Labe closing the like Mr. to

Jim Labe

you, Thank Operator.

everyone on again, like forward quarter. talking I'd the call thank in with to again. care. you always, Take call. participating for look We to next the all As Thanks,

Operator

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

disconnect. now may You

TriplePoint Venture Growth BDC (TPVG) 4 Nov 212021 Q3 Earnings call transcript