TPVG - Earnings call 4 2023 | TriplePoint Venture Growth BDC Corp.

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Operator

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp. Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions]. This conference is being recorded and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website.

to quarter you of and pleased for company's XXXX. is fourth the full management share the with results Company fiscal year and Today, Chief is company Chairman Officer representing Board. of Jim the the Executive Labe, President Officer. Financial Srivastava, Mathieu, and and Officer; Sajal Chris Investment Chief Chief

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

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

www.tpvg.com. filings, copies latest obtain our website visit SEC of company's the at To please

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

James Labe

Thanks. Good fourth TPVG's afternoon, call. everyone, and quarter earnings welcome to

investment NAV year, public other we changing disconnects, capital uncertainties, supply the chain industry and continued venture macroeconomic what on unrealized the been market contributed cover policies, growth especially venture versus landscape, current number markdowns seen hard the on inflationary decline. and had of have market issues. contributing the affected debt geopolitical the These certain companies, equity have including headwinds. the private valuation industry to quarterly to warrant be impacting stage markets Consistent factors, a and given losses last expected, about fourth markdowns are monetary As realized and be challenging issues, and continues a quarter. portfolio during market to restricted venture which by unrealized effects the We'll our some challenges, talking to over sectors the companies, portfolios our on

this our market earnings will including established future. which navigate on liquidity us believe through priorities, TPVG conditions, our we enable positioning Against current portfolio strong the power the to maintaining for remain we and these and and spectrum, focused in-place and our managing

Turning QX generated dividends us since quarter first to dividend, net share Enabling income years the going per shareholders power. or ago, Including our almost We overearn $X.XX totaled $XX.X regular to to $X.XX cumulative share. per again of public investment dividend. million our per share. earnings once $XX.XX quarterly now XX

on our income. During time, distributions maintain continue to a we've this sizable basis and exceeded spillover cumulative

TPVG a average quarter, yield yield driven additional supplemented weighted was weighted income by from once largely continued by maintained average that again we XX.X% fourth prepayments. the portfolio a For generated interest as strong favorable annualized and loan rate

capacity Notably, our we During activity to as exceeds and the to capitalize the us provides modestly repayment our quarter, recover. when enhanced liquidity the utilized we new experience now especially commitment continue program. market our ATM unfunded to opportunities, with on investment begins liquidity TPVG's and

While increase the this to expect in to second we've limited allocations half TPVG, allocating been our year. capital of we

highest were XXXX more deal half since deal sizes CB being Unicorn industry ] ] pitchbook, Nevin following proved Pick level XXXX venture at the ] to at NVCA's VC lows. such [ years. the ] Turning XXXX. any almost [ publications very as [ such research to at insets venture venture market, covering capital XX rounds XX-year investing year. heaters year Venture XXXX, and [ a challenging up or being Late-stage down U.S. their volume last be as

has And venture IPOs shutdowns venture since quarter vehicle XXXX. value was stage a exits prominent deal also quote and the or for U.S. capitalist, in in ] growth annual investors last This acquisition believe has increase. the the so had the investors and recently XXXX deal a decline remain investment bankruptcies XXXX word prime valuation Total capital-backed staggering growth for last venture value in our activity, by have of private planned A had market affected time disconnect VC-backed less company the the growth for investors the And which and deal change and than XXXX. growth one company period stage a for billion or round. companies. in the [ fewest been Nontraditional or an VC other its venture also companies. XX% and stated potential winter. public after the sidelines. it's most. either drop deal market a saw affected a in Many IPO stages We the acquisitions. paused To on quarterly $XXX financing

our portfolio. Given the our managing priority closely remains market downturn, on

investors, close and remaining heads working venture maintained teams situations. with while credit our companies contact their Our through down

the companies, and pressure challenging valuations see the capital environment Given for growth on some we for we potential companies, venture will continued believe raising rounds. for inside

rounds. market are exit compressed new on profitability. I've a path It's executing burn further Still reducing to the however, outlining. into reduced will about opportunities in detail raising multiples reality effectively Sajal others, or companies given the Some been outside more get operating as and and capital

with more the migrate of sectors to given conditions. favorable market past, continue multiples Investors in and outlooks sectors these to the

robotics, continue hardware AI, tech, investment investors as capital focus interest and examples. as vertical fields and sustainability digital into environmental semiconductors, increased clean in shift or technologies venture aerospace health. have such to applied renewed climate increasing and There's to tech, cybersecurity, software, select and Our in

with and While number geographic efforts of already limit are our portfolio categories that making there we investment favorable in some a considerable to are exposure, across our continue progress. diversify sectors our these companies operating

portfolio plans in We're in pleased they're companies portfolio Loft [ which industries. regulatory year's to notable its as This their and which $X.X and announced example, of approval developments. HOVER, making equity Orbital, Power, few achieving end. Flash, these Overtime secured and Cadre an Metropolis, includes expected highlight Corelight, of subject notable are also company Arcadia to close As Plus is such ], reflective by others to SP progress acquisition favor and and billion in a debt,

company, Another combined protection expect large business its with data planned billion. very Veritas' development of see we of Cohesity this quarter. companies more current a received have a acquisition where portfolio which $X value sheets to announced other for There's equity in rounds few term

We're long-term focus to venture much be through market a Another expect on on what we priority will slowdown enhancing us. believe industry XXXX. promising XXXX to continue for more TPVG. the behind in lending positioning we with And still while the year our focusing of

stage to companies. will on opportunities We continue today's venture that investment to capitalize position for market new ourselves reflect growth

the million term more than we sheets of signed We're the signed than more of on remain term and encouraged this making quarter XX% the in additional these versus have last active outside and on previous our $X sector calls portfolio quarter. in increase U.S. to be intend e-commerce sheets. by to diversifying expect date, quarter have less and been path Already the describing to rotation we investments of We

management rates. and backing these Really, enterprise investing fresh have capital, from in We raised that prudent companies unit business teams ample have companies economics large have whose have investors recently have will models runways, customers. cash our having focus high that retention attractive venture select further on and

current for and our remain to the [ have in deal the debt-to-equity a market. companies market active in to evaluate We'll in additional for position many summary, a also potential create for while for stage We tough metrics shareholder and build developments, companies in us continue sizes, will near stabilization long for ] to to continue that critical key expect And consisting portfolio. recoveries elements pipeline result positioned ratios, build venture hold for conditions, which the believe we NAV sustainable to the challenges industry. growth continue all under capital term structures and we'll this value. strength XXXX are we it environment. venture In believe of And and this continues the was growth positive other year venture the the racks term, in we path

M&A a are It average to We that companies attract our market. come venture growth-stage growth within stage activity the into back markets at will believe market. this investors be for companies come outperforming back levels. in portfolio that the and change more those picks once marked also will especially back IPO up It

As our strong this and earning year credit progresses, over investment dividend, we managing will quality on and our concentrate on pipeline, income, delivering strong building liquidity. our building portfolio our

the With call to over turn that, Sajal. I'll

Sajal Srivastava

Thank and you, good Jim, afternoon.

by XXXX full and QX expectations as our well begin me XXXX. Let highlight performance as in key reviewing for year

term of in venture in XXXX. of activity with portfolio million sheets investment ] the of which companies will reflecting compared activity $XXX QX, in pipeline, during Regarding result $XX TriplePoint the Capital we to investment million higher sheets QX, [ on-stage believe in strength our increase signed term

were ratio, commitments For during million Capital investment fourth term companies the current to fourth we With allocated conditions commitments companies market to a and $XXX stage with $X.X allocation TPVG regards during to compared made X of new to given The leverage full quarter companies. new X portfolio million $X.X TPVG's TriplePoint modest sheets the TPVG QX. quarter, with year, in both venture million signed in the to growth existing companies. to

portfolio with XX were of closed and new full TPVG, the debt were we existing For companies X companies. of year, X commitments $XX.X million companies which at

quarter, in utilization XX.X% the yield the funding average investments to portfolio in During This range the unfunded of in investments up up a from QX. $XX.X for QX. annualized of TPVG came funded commitments. from origination, in X level XX.X% lower lower end portfolio a These fourth $XX.X debt funded guided our million at of carried reflecting million weighted quarter, companies, at

we average year, at to portfolio funded yield For weight XX the million XX.X with full a origination. $XXX.X companies

we from in of loan yield an portfolio had XX.X%, of resulting $XX.X During up overall QX, QX. prepayments, in average million XX.X%

XX.X% Excluding was XX.X%, yield portfolio QX. core up from in prepayments,

resulting prepayments, XX.X% XXXX. For up Core million was XX.X% an of in the XX.X%, year, weighted 'XX. had year, in excluding for we yield, XX.X% $XXX.X from portfolio of the average overall repayments portfolio up loan full from in full

raised raised fundraising $XX debt companies materially raising with activity, last XX XX $X.X Metropolis of with This debt include million financing our outstanding does With companies not to over close total companies In billion quarter, million outstanding $XXX to $XXX during to capital. quarter, XXXX. from in expect XXXX, portfolio up which during five data we regards QX. announced the million acquisition, portfolio bringing

are fundraising in picking a companies discussions fundraising number XXXX, of here QX, or process portfolio As we in beginning look over raised of raising and a to within companies activity are either capital portfolio shortly. portfolio launch million we active to see up $XXX capital X having with our expecting to already

should bode round credit valuations We for higher equity our the sizes are as prior seeing as companies the [ This long a activity long-term well portfolio in cases, our ] well few of increase fundraising of and than value routes. quality for portfolio. potential and

exit during IPOs ], Lola to events form within was by to by ALEC regards portfolio for existing known company, [ were acquired year Closed from M&A our our ] brands as the were ], quarter, our in flat and was XXXX With brands full [ loan activity, with company XXXX. [ full. assumed and down foreign Lola portfolio portfolio the also levels

held of As XXXX, XX fair in XX and of value held and companies of $XX equity cost million million. with December total warrants investments XX, in we $XX companies

per market by and warrant $XX.X the raises. fair private impact of primarily new as with capital value $X.XX companies fair per XX.X% in reduction multiples and for million a well portfolio new experienced equity public the year, down $X.XX some quarter for net raised in have valuations share Our or the or full valuing as driven not unrealized disparity the share cases, that between rounds from and

companies, million or our roughly was value since considerable last of time $X.X given that WorldRemit are attributable QX the raised the private at of in technology and to reduction peak Upgrade their which elapsed market now Revolut, them on We companies, compared traded value ] [ ] round as during performance of has available with X current based fair XX% valuation financial for utilize rather publicly technology multiples and current of valuation for to pure multiple comparables financial for performance technology multiples actual range than generally [ financial companies. well. the periods financing,

for potentially meaningful should from quarter be private another speaking, a by It our also they we marks raise company, although ultimately [ they round our [ the billion of the discounts companies have financial be technology of exit these valuation, not for event fair last $XXX Mongo companies. for at Generally potential technology believe of Mongo experience rounds valuation value noted ], here helpful significant they at this fintech an yesterday's when will supporting point, financial our a value all their upside future post-money announcement other that ] only where value QX, data $X million raising portfolio but in for finance.

portfolio of segments, could which were our we XXXX the potential We drive and cyber, our as that either Cohesity, is on number are a have ahead [ ] health cases, into and as include well many EBITDA. executing and Event plan, occur all companies Mando value anticipate why continue to are to that [ to equity growing from and for in great continue of investments. that of according including ] enterprise, examples positive or, fintech gains achieving warrant are travel software, These some wellness, to track Metropolis portfolio. companies in for

Turning to realized losses.

the unrealized the quarters, it already QX on in watchlist in with during additional unanticipated losses that companies now at been these fourth but incurred. the of quarter, Events X/X previously approximately these were been were having few companies basis QX. have losses realized reflected realized of on our of during as been from quarter, actual losses companies our had at an a concluded prior All developments

[ booked company ] able another rejected also company, find Unfortunately, was insurance [ to Insurance closing. in to But going that one, to the a agree Direct well which ] business a as all year demand, was acquired acquisition involved, Admiral ], as Gluco ] last quickly other through was the of the dates to its [ process. the units certain by parties acquire Alion previously bankruptcy X. and company, Category agreement announced lower to Venture ultimately however, liquidated. The the [ assets known intent to first be for as The sell and to surprise price. to the Admiral Court raised from it prior parties Neuro company

a loan given been $XX rejection from previously of previously removed million subsequent unrealized to [ developments was in $X company which basis both Mystery quarter and from recognized have failed In $X our asset the We sale the was QX, has realized million during unanticipated we million, Tackle given and the realized loss previously additional of and as an recognized Box a removed rated on process, X. during Category an of negative a M&A watchlist. ] loss leg the recognized include their amounts exposure our QX, quarter remaining watchlist. to third-party the the our and

Renovations reduced recovery Untitled rated we Labs, which operated Category QX, under equal of the name realized In expectation for $X.X exposure previously remaining our company and sale the unrealized negative to to was loss to our Made $XXX,XXX have and X. million third-party during as an a list. developments watch on a asset our quarter the recognized previously removed given basis, their from subsequent and amounts

loan Finally, in Micro Category closed quarter, in X its a Holdings. VanMoof, the sale

position. future investment been an ] loan on potential QX on the the and or in exit to grows has value realized added and $X.X Our of the previously our removed. unrealized event. convertible as [ value has recognized M&A a consistent basis. wins fair value over company upside of watchlist of include and million X has Micro convertible Category the new been QX The Holdings VanMoof combination in a investment We a an to investments the company for loss investments with debt amount in equal these time

markets power of and M&A We due a combination viable lower and this the M&A Our for of alternatives companies had the venture recoveries away that greater fewer walked willing to negotiating are give more intellectual equity even been have active what companies. is final and deals, away to capital, players lack raising experienced as validation walk to we've have than or conditions capital, historically. lower recoveries, will capital acquirers the -- believe customer invested in profile, from resulting portfolio set revenue have and such the

the of primarily or watch term strategic due Category name runway their rest to X, and credit were events we X or with result X to the companies the to have Three from sector of now Category rounds. the activity sheets those closing Category during equity for as for financing conduction [ X to although X ] downgraded signed portfolio, Category events. concern X upgraded list from X regards With quarter, of a short

in inspector as well mature specific The portfolio fundraising in explained e-commerce ongoing the through companies Category X market and comprise difficulty consumer as last as experiencing companies, as quarter, manage we are which, challenges and they M&A markets. issues continued

in Two due Category X quarter fundraising during companies their were the developments downgraded strategics. and/or to to

X are and Roli, XXXX, both include making remaining strong strategic pursue Project substantial incremental and fundraising and The a width which X progress. including However, ] raised to capital as continues revenue capital incremental known XXXX, also companies growth efforts. had [ and Category which have raises

Category and liquidation expect our finalize this capital market to through XXXX, the our recovery earlier, remove may it goals course improve the regards in over objectives process our of enterprises, With Underground year. to over that X and X mentioned the as category conditions year. loan venture believe from the continues and of course we we

our In in forecast growth expectations quarterly each our million growth, portfolio for is for the $XX to range quarter. investment million funding $XX terms growth, for of of

quarter, Given increased we continued have sizes, portfolio and focusing our significant believe industry rebalance. our on returning to of for growth, and sector position liquidity diversification least at we our prepayment hold existing that expectations X along per smaller by portfolio goal by

will ability cover growth, profile, to strong continue anticipated to loans, our only rate we with continuing but bode our dividend. well fixed investments, spreads by we which look intend to onboard also As to holding incorporate by our new along portfolio not for maintain to yield

and for to and [ continue the be market conditions the situations to in private potential existing and moving be should existing manage monitor our will public markets ] priority credit helpful. portfolio Our

our strong of and and for could In strong be a relationships and our we capital for goal durable all build with developing our returns period believe on to high-quality lending aspects order further in to we'll for our portfolio a what closing, shareholders remain generating asset we returns. and net partners net capital peak focused select follow business, venture value of long-term nurturing continue growing

turn Chris. that, With to will call I over the now

Christopher Mathieu

Thank you, Sajal, hello, and everyone.

by generate was increases quarter, 'XX. During rate increased those to fourth a prime loan portfolio. result compared multiple from as strong a continued of we to March driven yields in the U.S. interest the since diversified income at origination This of

Leverage increased in were commitments unfunded million offset in value. the new at our support satisfy fourth significant as $X portfolio result, quarter existing quarter. net asset unfunded has the the same to a we totaling the levels commitment prepayments by further make progress At a ready decline And as investments. companies, time, and our in liquidity TPVG reducing selective

portfolio For to to of investment XX% period. the year Total total million yield $XX million. was full the This for a as quarter, fourth a a million for of to million $XXX with portfolio the year yield $XXX 'XX year of period. income XX.X% compared $XX with record prior income XX.X% prior increased compared investment the for

of operating For compared million million $X.X as of were ] million $XX.X the and million in fees, $X.X prior management $XX.X period. expense, for G&A expenses expense interest administrative These quarter, $X.X base the of of million expense. year consisted $XXX,XXX fourth total expenses to [

operating requirement year under the no million the million prior there structure, this the full compared year quarter. 'XX XX% total were increase. expenses to shareholder-friendly to fees fee a of for totaled the Total $XX.X period, for return $XX.X as incentive Due incentive

period. as for year share XX%, $X.XX fourth million to or prior of totaled net million Total to investment or for income, share per prior $XX.X totaling period. $X.XX full the million the for the increased $XX.X $XX.X $XX.X quarter, compared investment the XXXX, million year For year income per compared

included primarily companies. million the unrealized XX% net realized previously was investments X Of of reclassified realized. the on million. $XX.X of losses For investments in fourth or to quarter, with portfolio note, This and was connection totaled amount unrealized $XX write-off of this was losses in from

realized asset the of value. had million such, QX on net As $XX.X no in losses net impact

million unrealized existing resulting million the was of the the losses $XX.X warrant [ of fair realized the by $XX.X from losses recorded reduced fourth all unrealized on from change on investments existing ] unrealized net on portfolio investments investment quarter, million, unrealized losses gains during For adjustments. from million of consisting period, of $X.X portfolio. net debt in $X value reversal the and net and equity previously

per As undistributed dividend share. of success year with to XX. of March was regular be dividend, net value million or Based XX year-end, spillover over paid of $X.XX of on March our share asset a $XXX.X a declared on as or record $XX.X $X.XX share have million end. income We date per $X.XX of earning the we quarterly per

of yields income-producing and size loan remains Given coverage all the portfolio, throughout XXXX. strong ongoing elevated the of dividend

We current level dividends, regular quarterly believe over-earned given the historically and substantial of level to be the spillover strong stable. that of income, expected are dividends

investment investment rate Now for $XXX the the ago We decline of balance million floating new dependent update bodes certain XXXX. $XX of commitments and from company in unfunded upon a of a and capacity which million leverage an sheet overall commitments, commitments, year reaching This ended year level investment represents the just unfunded XX% on well milestones. was portfolio liquidity. with

portfolio the XX% at approximately for floating XXXX, XX, December our of in debt principal interest rates. of balance in As portfolio

credit cash was our of ended was of facility. a net investment-grade hand, year-end, term of fixed ratio, is of notes. X.XXx. on gross outstanding million As leverage with $XXX million $XXX outstanding, We floating And our consisting aggregate ratio rate of of which the $XXX revolving an year on leverage rate net debt X.XX million and

program, expect half delever first ATM balance already selective Given the use the sheet of near-term we to the during XXXX. of levels, and commitment reduced unfunded the prepayments ongoing discussed the

XXXX million down had million our prior we facility cash of Act consisting end under down facility. drew the requirements. the to availability the paid leverage to on facility enhance Similar credit and the [ end, increased As available flexibility, quarter, the for million, revolving company to of investment appropriate. credit of $XXX Right the in on run certain near facility $XXX year-end, $XXX ] draws the decreased future credit to we credit quarters, as liquidity and after of our quarter

continue for access point, raised the under quarter, year, the operator, we the million our please could ATM full program. time. program. the markets ATM completes by line capital raised this $XX.X our this questions prepared And At million to open remarks. We at for using during and $XX.X And this you

Operator

We will from now Instructions]. And session. our begin JMP. question-and-answer of question Citizens the McKenna comes Brian first [Operator

Brian Mckenna

Okay. Great.

So you had well that NAV, bringing in over $X per share in year-over-year of of net XX% quarter. the realized decline a an decline and unrealized And losses drove XX%.

is to it from way losses? NAV portfolio and higher. guess, will inflect about these across here when and trying think near end I start think think So losses a getting there Are of just the write-downs And forward? the through of we ultimately to future trajectory moving to I'm you the

Sajal Srivastava

Yes. Brian [indiscernible].

related So value to reduction position. $X.XX I mean, that more look I'd you say, our, equity in on it, in there's is fair also of marks again, the through if an NAV,

you the right historically, look cost warrant significantly if the you our of over equal. basis value as and the investment portfolio So higher. has basically And again, fair equity, years, fair that's look traded are value

as and fair on an and room we unrealized believe on us for a conditions there that realized basis value to for gains in have improve. basis come to So is excess market back basis

based current our conditions. on to our obligors reflect market regards again, [ credit, credit I on current scores our ] With think view existing

equity we're for ratings, We our in some companies. term the increase activity discussed points again, with each companies the good portfolio existing the in of so the sheets data specifics and raising some of seeing developments. some positive signed credit of And of

again, market so is challenging. the And

expect But to as this diligent fair profile remain improve manage credit to again, and improve, values and we We well. continue and environment. proactive conditions as both

Brian Mckenna

then here, pretty some Good. dynamics just post remains on the here. elevated And appreciate color at of there the kind I but kind leverage, just looking Okay. of leverage, of year-end of some it and

XX the of isn't But So equity and you I you're [ losses, would through pay capital you raise starts hand some leverage. I here write-downs know to down I ultimately or mean, still which of have helping to trying ], working some on maturities? look but it to some through these think lower. cash mean the of work to upcoming use just the I'm maybe how obviously some

Christopher Mathieu

Yes.

prepared we So we on of mentioned in expectations do some I of updates that think broader remarks, prepayments given our some market near-term we as the gave. some have

using ATM something the program, selectively remember, expecting in net the we're vein. now. also or but right X.X%. not an not currently cost looking is overnight we're overall in Again, do to at We that That's leverage are something

pretty net is X.XX% that's targeting, to are most target firms on our is think I range what the where where basis. a close

think but more to I XXXX. up So -- half we're first track, finish first kind head on do as the there's we still work of the to of

Operator

Alexander Casey from comes Compass question next Point. of The

Casey Alexander

knowledge, are the I shareholders you question. lower quarter. Yes. program to be going just X way the losses when material on into report shares presented NAV million be have the is significant How with ATM can the it market through appropriate to to significantly this sell the X.X

Sajal Srivastava

take it's this. Casey, Sajal. I'll Yes,

on the its ATM is own. So again, a that acts program

on [indiscernible]. So it's set and our operates

Casey Alexander

You it the to shut ability down. have

Sajal Srivastava

are are known, learned, adjust as we developments as act and accordingly. Yes. we And said, then then

Operator

Nolan Thalmann. The from question Ladenburg Christopher next of comes

Christopher Nolan

I guess, date, have I to they missed all unfunded commitments changed were it, [indiscernible]. the what at

Christopher Mathieu

-- didn't -- we new go commitments [ the of so new at ] had the then and million And as million. of a they end [ had new the fundings We decline against report of ]. would ], fundings year, we $XX.X me actually we $XXX million as XXXX of $XXX were since that far since then $X of [ where million kind yes, unfunded and, are and on let there didn't of X.X

Christopher Nolan

to going of use borrowings. investments living or to that elevated liquidity be cash comments to portfolio is basically your running of runoff deleveraging, pay down On basically the some --

Christopher Mathieu

actually So both.

that of as -- during intentional the mentioned temporary. we done below range, end carrying letting the and of just to portfolio end a prepared cash that's so as delever part of net year low a to So the that's And lower we've are of sheet much And leverage. and balance cash the X.XXx amount then million then funding already the was amortize Sajal substantial balance. or paydown on his X.XXx of that's had much, prepay kind of look we the as And remarks, the we've naturally. single-digit the

Operator

question of Paul Johnson next The from KW. comes

Paul Johnson

you've already investments watchlist I XX.X% total the last it quarter-over-quarter, movements. rated was if I portfolio. some this kind below But provided it quarter, below commentary of XX.X% on at realize look of quarter, or the good

write-downs on guys, mean, and that can value you've you've yet big that So stuff comfortable market as you the there. the get troubled forward have stabilized that plan mentioned, the fair I from here a given accounting as identified for is and change how a It's situations jump there. confident the get obviously well. you, there's and guess I

Sajal Srivastava

The in at way it's as the think look element Jim So it I described right? first is, market detail is Yes. multifactor, we the conditions.

of in things winter capital. So are the venture all we

I high capital periods. a raise growth element these valuations rounds particular venture and peak in large So that stage the during critical at companies think of the particular, of technology subsector is, venture in

other are more capital So we're venture of stages than at companies seeing impacted these getting companies life span.

activity. is the amount investment significant a venture say capital to I'd related equity So

industry, increasing, data see capital the terms the we gives raises and portfolio. confidence overall as activity of raises us capital points of sector for and in so that outlook of And promising the the

the have of fair of described second have this essentially these in and too been acquisitions values. would challenge closed number more times, higher closed seen the of one because transactions dynamics transactions collapsing scenarios IPO these we of of markets, is, reasons in robust a the think where weak it about a particular, M&A at markets I element would why or the of we've -- the and we've talked amount M&A has what of

watchlist we look we -- name I the last think we our it at work basis a look perspective. the specific piece facts itself, is and at circumstances on and from

fair a from are naturally So very name to tabulary value to category, is they we would for look manage it's a [ to yellows ] perspective each can much, I of generalize it and market a what company's much teams situations. our it's and make very up. proactive end rating then for as rigs, for where credit if and say sure our outlook oranges from specific those at hard to is implies as the each a be appropriately it's going the directionally say certain in

good I that are positive the or ratings, is events upgrade positive remain within cautious in think happening. to and those events But news some I during until up sheets those think move environment, them close, and as some events this need companies they outlook call, And happening I close, optimistic when happen those and then them. and described the proactive. we term then given

Paul Johnson

about question then this me it. quarter this on rate XX% yield at. last the Got NAV is dividends. now, a dividend At is And it's where current point, for on

be you're can the guess half of kind this least rigs? to deleveraging that going your in to say at you what talked You thoughts level around of first about probably and confidence I year. of generate level that

Christopher Mathieu

Yes.

XX% So substantial is is portfolio that in I'd leverage when One things. floating the our fixed rate. portion There's you fixed. yields rate, elevation our a say think XX% the of is of is X also about of

So the I some well declining a margin environment. rate for interest mean period, at pretty is least in protected net

So we're with pretty comfortable that.

Also is with room. there declining the some leverage,

of areas. seen continue 'XX income spillover result, about were the 'XX for is one excessively was when the you've to as when up, going was yields in increased, but to it increased not during years X almost dividend and And increase. So the things think a those

to well, a ordinary be expected income pretty I So substantial given there's the that's think stable is the stored or income-producing strength stable income But dividend. as of ordinary portfolio. maintain to the NII

Operator

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

James Labe

Thank operator. you,

again, and would talking call. forward listening We day. again look all always, with in have everyone today's quarter. next nice for to thank As you participating I to Thanks and like a

Operator

The disconnect. conference has concluded. attending you now may today's now Thank presentation, and you for

TriplePoint Venture Growth BDC (TPVG) 6 Mar 242023 Q4 Earnings call transcript