TriplePoint Venture Growth (NYSE:TPVG) Q1 2024 Earnings Conference Call May 1, 2024 5:00 PM ET Company Participants James Labe - Co-Founder, Chairman and CEO Sajal Srivastava - Co-Founder, President, CIO, Secretary and Treasurer Christopher Mathieu - CFO Conference Call Participants Finian O'Shea - Wells Fargo Crispin Love - Piper Sandler Vilas Abraham - UBS Paul Johnson - KBW Christopher Nolan - Ladenburg Thalmann Operator Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) This section presents the unaudited consolidated financial statements for TriplePoint Venture Growth BDC Corp. for Q1 2024, including assets, operations, and cash flows [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of March 31, 2024, total assets decreased to **$782.6 million** from **$978.8 million** at year-end 2023, with liabilities also decreasing, resulting in a slight decline in NAV per share to **$9.02** Consolidated Balance Sheet Highlights (in thousands, except per share data) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$782,630** | **$978,825** | | Investments at fair value | $773,605 | $802,145 | | Cash and cash equivalents | $124 | $153,328 | | **Total Liabilities** | **$441,363** | **$632,519** | | Revolving Credit Facility | $39,000 | $215,000 | | **Total Net Assets** | **$341,267** | **$346,306** | | **Net Asset Value Per Share** | **$9.02** | **$9.21** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2024, total investment income decreased to **$29.3 million** and net investment income to **$15.5 million**, resulting in a net increase in net assets from operations of **$8.0 million** or **$0.21 per share** Q1 2024 vs. Q1 2023 Operating Results (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total investment and other income | $29,273 | $33,629 | | Total operating expenses | $13,750 | $15,050 | | **Net investment income** | **$15,523** | **$18,579** | | Net realized and unrealized gains/(losses) | ($7,544) | ($10,900) | | **Net increase in net assets from operations** | **$7,979** | **$7,679** | | Net investment income per share | $0.41 | $0.53 | | Net increase in net assets per share | $0.21 | $0.22 | | Distributions declared per share | $0.40 | $0.40 | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased from **$346.3 million** at year-end 2023 to **$341.3 million** as of March 31, 2024, primarily due to **$15.1 million** in distributions offsetting the net increase from operations and stock issuances Changes in Net Assets for the Three Months Ended March 31, 2024 (in thousands) | Description | Amount | | :--- | :--- | | **Net Assets at December 31, 2023** | **$346,306** | | Net increase from operations | $7,979 | | Issuance of common stock, net | $1,255 | | Distributions reinvested in common stock | $828 | | Distributions from distributable earnings | ($15,101) | | **Net Assets at March 31, 2024** | **$341,267** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2024, net cash provided by operating activities was **$18.2 million**, a significant shift from Q1 2023, while net cash used in financing activities was **$189.0 million** primarily due to credit facility repayments Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $18,199 | ($32,960) | | Net cash provided by (used in) financing activities | ($189,018) | $31,329 | | **Net change in cash, cash equivalents and restricted cash** | **($170,819)** | **($1,631)** | | Cash, cash equivalents and restricted cash at end of period | $763 | $57,629 | [Consolidated Schedules of Investments](index=7&type=section&id=Consolidated%20Schedules%20of%20Investments) The schedules detail the company's diversified portfolio of debt, warrant, and equity investments, with total fair value decreasing to **$773.6 million** as of March 31, 2024 Total Investments (in thousands) | Date | Cost | Fair Value | | :--- | :--- | :--- | | **March 31, 2024** | **$820,339** | **$773,605** | | **December 31, 2023** | **$850,142** | **$802,145** | - As of March 31, 2024, the portfolio consisted of **314 investments** in **106 companies**, including **145 debt investments**, **110 warrant investments**, and **59 equity investments**[198](index=198&type=chunk)[200](index=200&type=chunk) - The top five industry concentrations by fair value as of March 31, 2024 were: **Consumer Products and Services (17.5%)**, **E-Commerce - Clothing and Accessories (15.1%)**, **Financial Institution and Services (9.2%)**, **Healthcare Technology Systems (8.4%)**, and **Business/Productivity Software (8.3%)**[203](index=203&type=chunk) - As of March 31, 2024, debt investments on non-accrual status had a total cost of **$64.1 million** and a fair value of **$47.1 million**[49](index=49&type=chunk) [Notes to Consolidated Financial Statements](index=36&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28unaudited%29) This section provides detailed explanations of the company's accounting policies, related-party agreements, investment valuations, borrowings, and equity transactions [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and Q1 2024 operating results, highlighting decreased investment income, reduced expenses, and changes in portfolio composition, liquidity, and capital resources - Net increase in net assets for Q1 2024 was **$8.0 million** (**$0.21/share**), compared to **$7.7 million** (**$0.22/share**) for Q1 2023. The change was driven by **$15.5 million** in net investment income and **$7.5 million** in net realized and unrealized losses[218](index=218&type=chunk)[219](index=219&type=chunk) - Total investment income decreased to **$29.3 million** in Q1 2024 from **$33.6 million** in Q1 2023, primarily due to a lower weighted average principal amount outstanding on the income-bearing debt portfolio[220](index=220&type=chunk) - Total operating expenses decreased to **$13.8 million** in Q1 2024 from **$15.1 million** in Q1 2023, mainly due to lower interest expense on the Credit Facility[223](index=223&type=chunk)[225](index=225&type=chunk) - As of March 31, 2024, the weighted average investment ranking of the debt portfolio was **2.21** (on a scale of 1 to 5, with 1 being best), a slight decline from **2.14** at year-end 2023. Investments on non-accrual status increased in fair value to **$47.1 million** from **$29.0 million**[215](index=215&type=chunk)[216](index=216&type=chunk) - Unfunded commitments decreased to **$73.1 million** as of March 31, 2024, from **$118.1 million** at the end of 2023[263](index=263&type=chunk) [Portfolio Composition, Investment Activity and Asset Quality](index=64&type=section&id=Portfolio%20Composition,%20Investment%20Activity%20and%20Asset%20Quality) As of Q1 2024, the investment portfolio's fair value decreased to **$773.6 million**, with debt investments forming the majority, while asset quality saw a slight decline Portfolio Investment Activity (in thousands) | Activity | Three Months Ended March 31, 2024 | | :--- | :--- | | Beginning portfolio at fair value | $802,145 | | New debt investments, net | $13,155 | | Scheduled principal amortization | ($6,812) | | Principal prepayments | ($30,842) | | Net realized (losses) on investments | ($8,951) | | Net change in unrealized gains on investments | $1,263 | | **Ending portfolio at fair value** | **$773,605** | Debt Portfolio Credit Quality by Fair Value | Credit Category | March 31, 2024 (%) | December 31, 2023 (%) | | :--- | :--- | :--- | | 1 - Clear | 11.5% | 13.8% | | 2 - White | 64.1% | 64.5% | | 3 - Yellow | 16.1% | 16.1% | | 4 - Orange | 8.2% | 5.5% | | 5 - Red | 0.1% | 0.1% | [Liquidity and Capital Resources](index=74&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash and its **$350 million** credit facility, with borrowings reduced to **$39.0 million** and an asset coverage ratio of **179%** Outstanding Debt (in thousands) | Liability | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Revolving Credit Facility | $39,000 | $215,000 | | 2025 Notes | $70,000 | $70,000 | | 2026 Notes | $200,000 | $200,000 | | 2027 Notes | $125,000 | $125,000 | | **Total** | **$434,000** | **$610,000** | - The company's asset coverage ratio was **179%** as of March 31, 2024, exceeding the required minimum of **150%**[261](index=261&type=chunk) - During Q1 2024, the company sold **132,478 shares** under its ATM Program for net proceeds of **$1.3 million**. As of March 31, 2024, **$27.0 million** remained available for sale under the program[172](index=172&type=chunk)[260](index=260&type=chunk) - Subsequent to quarter-end, on April 29, 2024, the company amended its Credit Facility to extend the revolving period to August 31, 2024[187](index=187&type=chunk)[278](index=278&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=81&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk, with a majority of its debt portfolio bearing floating rates, and a 100 basis point rate increase estimated to boost annual net investment income by **$3.7 million** - As of March 31, 2024, approximately **67.3%** (**$469.2 million**) of the debt portfolio bore floating interest rates, all with interest rate floors of **3.25%** or higher[283](index=283&type=chunk) Hypothetical Annual Impact of Interest Rate Changes on Net Investment Income (in thousands) | Change in Interest Rates | Net increase (decrease) in net investment income | | :--- | :--- | | Up 300 basis points | $11,204 | | Up 200 basis points | $7,469 | | Up 100 basis points | $3,735 | | Down 100 basis points | ($3,647) | | Down 200 basis points | ($6,929) | | Down 300 basis points | ($9,733) | - The company may also have exposure to foreign currency exchange rate risk, but as of March 31, 2024, it had no hedging transactions in place for either interest rate or currency risk[287](index=287&type=chunk)[288](index=288&type=chunk) [Controls and Procedures](index=84&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[290](index=290&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2024 that materially affected, or are reasonably likely to materially affect, the company's internal controls[291](index=291&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=85&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in legal proceedings, including a putative securities class action and consolidated shareholder derivative complaints alleging federal securities law violations and breaches of fiduciary duty - A putative securities class action complaint was filed against the Company and certain officers in June 2023. A motion to dismiss was filed by the defendants in January 2024[293](index=293&type=chunk) - Two shareholder derivative complaints were filed in late 2023/early 2024, which were consolidated in March 2024. The complaints allege breaches of fiduciary duty[294](index=294&type=chunk) [Risk Factors](index=85&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023, have occurred during the three months ended March 31, 2024[296](index=296&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=85&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the company issued **93,330 shares** of common stock for **$0.8 million** under its dividend reinvestment plan, exempt from registration - In Q1 2024, **93,330 shares** of common stock were issued under the dividend reinvestment plan for **$0.8 million**[297](index=297&type=chunk) [Other Information](index=86&type=section&id=Item%205.%20Other%20Information) This section reports no changes in Rule 10b5-1 trading plans, an amendment to the Credit Facility extending its revolving period, and updated estimated annual expenses totaling **19.86%** of net assets - On April 29, 2024, the Company amended its Credit Facility to extend the revolving period to August 31, 2024[301](index=301&type=chunk) Annual Expenses (as a percentage of net assets) | Expense Category | Percentage | | :--- | :--- | | Base management fee | 5.07% | | Incentive fee | 3.66% | | Interest payments on borrowed funds | 8.26% | | Other expenses | 2.87% | | **Total annual expenses** | **19.86%** |

Exhibit 99.1 TriplePoint Venture Growth BDC Corp. Announces First Quarter 2024 Financial Results Achieved Net Investment Income of $0.41 Per Share and 15.4% Portfolio Yield on Debt Investments for the First Quarter DECLARES SECOND QUARTER 2024 DISTRIBUTION OF $0.40 PER SHARE Menlo Park, Calif., May 1, 2024 - TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the "Company," "TPVG," "we," "us," or "our"), the leading financing provider to venture growth stage companies backed by a select group of venture capi ...

Triplepoint Venture Growth (NYSE:TPVG) Q4 2023 Earnings Conference March 6, 2024 5:00 PM ET Company Participants James Labe - Co-Founder, Chairman & CEO Sajal Srivastava - Co-Founder, President, CIO, Secretary, Treasurer & Director Christopher Mathieu - CFO Conference Call Participants Brian McKenna - Citizens JMP Casey Alexander - Compass Point Research & Trading Christopher Nolan - Ladenburg Thalmann & Co. Paul Johnson - KBW Operator Good afternoon, ladies and gentlemen. Welcome to the Triplepoint Venture ...

Part I [Business](index=3&type=section&id=Item%201.%20Business) TPVG is an externally managed BDC focused on providing debt financing with warrants to venture growth stage technology companies backed by leading venture capital investors - TPVG operates as an externally managed, closed-end, non-diversified management investment company, treated as a **BDC** and a **RIC** for tax purposes[12](index=12&type=chunk) - The company's objective is to maximize total return through current income and capital appreciation by lending to venture growth stage companies, often with warrants, in high-growth sectors[13](index=13&type=chunk) - TPVG's investment activities are managed by **TriplePoint Advisers LLC**, a subsidiary of TPC, with administrative functions provided by **TriplePoint Administrator LLC**[20](index=20&type=chunk)[23](index=23&type=chunk) [Investment Strategy](index=5&type=section&id=Investment%20Strategy) The company's investment strategy emphasizes long-term relationships, targeting venture growth stage companies in high-growth sectors with equity kickers - The company's core investment philosophy, the "Four Rs," emphasizes building long-term partnerships for attractive risk-adjusted returns[24](index=24&type=chunk)[25](index=25&type=chunk) - TPVG targets venture growth stage companies with completed technology development, expected revenue of at least **$20 million**, and backing from TPC's select venture capital investors[25](index=25&type=chunk)[26](index=26&type=chunk) - The company focuses on technology and other high-growth industries, including artificial intelligence, cloud computing, fintech, and health-tech[30](index=30&type=chunk)[32](index=32&type=chunk) - TPVG generally receives warrant investments with secured loans, typically ranging from **2% to 10%** of the committed loan amount, enhancing potential returns through equity appreciation[34](index=34&type=chunk) [Investment Structure](index=8&type=section&id=Investment%20Structure) TPVG's investment structure includes various debt financing products, primarily secured loans with warrants, and opportunistic direct equity investments Key Attributes of Debt Financing Products | Financing Product | Size Range | Typical Yield-to-Maturity | Key Features | | :--- | :--- | :--- | :--- | | **Growth Capital Loans** | $5M - $50M | 10% - 18% | Senior secured lien, 36-60 month terms, equity kickers (warrants) | | **Equipment Financings** | $5M - $50M | 10% - 15% | Secured by underlying equipment, 36-48 month terms, equity kickers | | **Revolving Loans** | $1M - $50M | 1% - 10% above prime rate | Secured by specific assets (e.g., accounts receivable), 12-36 month terms, equity kickers | - Warrant investments, typically obtained with secured loans, are a key component of TPVG's strategy, providing potential equity appreciation with coverage generally ranging from **2% to 10%** of the committed loan amount[40](index=40&type=chunk) - The company may make direct equity investments, typically ranging from **$100,000 to $5.0 million**, usually as passive investments without board seats[41](index=41&type=chunk) [Investment Process and Portfolio Management](index=10&type=section&id=Investment%20Process%20and%20Portfolio%20Management) The investment process involves rigorous diligence and committee approval, followed by active portfolio management using a 5-category risk rating scale - The investment process involves sourcing through TPC's relationships, rigorous diligence, and Investment Committee approval by TPC's co-founders[43](index=43&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk) - The Adviser employs active portfolio management using a **5-category risk rating scale** (Credit Watch List) to monitor performance, with new loans generally assigned a rating of **2 (White)**[50](index=50&type=chunk)[54](index=54&type=chunk) Credit Watch List Categories | Category | Rating | Definition | | :--- | :--- | :--- | | Clear | 1 | Performing above expectations | | White | 2 | Performing at expectations (initial rating for new loans) | | Yellow | 3 | Performing generally below expectations | | Orange | 4 | Needs close attention, materially below expectations | | Red | 5 | Serious concern/trouble, pending or actual default | [Management Agreements](index=13&type=section&id=Management%20Agreements) Management agreements detail advisory fees, including base and incentive fees, and outline administrative reimbursements and staffing arrangements Advisory Fee Structure | Fee Type | Rate/Structure | | :--- | :--- | | **Base Management Fee** | 1.75% annually on average adjusted gross assets | | **Incentive Fee (Income)** | 20% of pre-incentive fee net investment income over a 2.0% quarterly hurdle rate (8% annualized), subject to a catch-up and a total return requirement | | **Incentive Fee (Capital Gains)** | 20% of cumulative realized capital gains, net of cumulative realized and unrealized losses, less previously paid capital gains fees | - The company reimburses the Administrator for allocable overhead, including rent and the costs of the Chief Compliance Officer and Chief Financial Officer and their staffs[76](index=76&type=chunk)[77](index=77&type=chunk) - The Adviser has a Staffing Agreement with TPC, providing access to TPC's investment professionals and deal flow[81](index=81&type=chunk) [Regulation and Taxation](index=19&type=section&id=Regulation%20and%20Taxation) The company operates under RIC and BDC regulations, adhering to income, asset diversification, and leverage requirements, with co-investment flexibility - To qualify as a **RIC**, the company must derive at least **90%** of its gross income from specified sources and meet quarterly asset diversification tests[91](index=91&type=chunk)[93](index=93&type=chunk) - As a **BDC**, the company must invest at least **70%** of its total assets in "qualifying assets," typically securities of private or small public U.S. companies[109](index=109&type=chunk) - The company is subject to a minimum asset coverage ratio of **150%**, limiting leverage, with the ratio at **157%** as of December 31, 2023[114](index=114&type=chunk) - The company has an SEC exemptive order allowing co-investment flexibility with TPC and affiliates, subject to independent director approval[131](index=131&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from adviser dependence, market competition, leverage, illiquid investments, industry concentration, conflicts of interest, and regulatory compliance - **Business & Structural Risks:** The company is highly dependent on its Adviser, TPC's relationships, and key executives, operating in a competitive market with leverage that magnifies gains and losses[142](index=142&type=chunk)[143](index=143&type=chunk)[147](index=147&type=chunk) - **Investment Risks:** The portfolio is concentrated in volatile technology and high-growth industries, with venture growth stage companies facing capital needs, intense competition, and limited operating histories, compounded by illiquid investments[209](index=209&type=chunk)[214](index=214&type=chunk)[234](index=234&type=chunk) - **Conflicts of Interest:** The advisory fee structure, valuation of illiquid assets, and arrangements with TPC and the Administrator present potential conflicts of interest[201](index=201&type=chunk)[202](index=202&type=chunk)[205](index=205&type=chunk) - **Market & Economic Risks:** Global economic conditions, public health crises, geopolitical conflicts, and inflation could negatively affect portfolio companies and financial results, with limited IPO/M&A opportunities dampening returns[269](index=269&type=chunk)[273](index=273&type=chunk)[280](index=280&type=chunk) [Unresolved Staff Comments](index=55&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - There are no unresolved staff comments[289](index=289&type=chunk) [Cybersecurity](index=55&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program, managed by its Adviser with Board oversight, has identified no material threats to its business or financial condition - The company's cybersecurity program is managed by the Adviser, with oversight from the Board of Directors and the Chief Compliance Officer[290](index=290&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk) - The company has not identified any cybersecurity threats reasonably likely to materially affect its business[298](index=298&type=chunk) [Properties](index=56&type=section&id=Item%202.%20Properties) The company does not own real estate; its executive offices are provided by the Administrator - The company does not own any real estate; its principal executive offices are provided by its Administrator[299](index=299&type=chunk) [Legal Proceedings](index=56&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in legal proceedings, including a securities class action and consolidated shareholder derivative complaints - A securities class action complaint was filed against the company and certain directors and officers in June 2023[300](index=300&type=chunk) - Two shareholder derivative complaints were filed in December 2023 and January 2024, consolidated in March 2024[301](index=301&type=chunk) [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[302](index=302&type=chunk) Part II [Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=57&type=section&id=Item%205.%20Market%20For%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section covers the company's common stock market, including trading, distributions, and the absence of equity repurchases 2023 Quarterly Stock Price and NAV Per Share | Quarter | NAV per Share | High Closing Price | Low Closing Price | | :--- | :--- | :--- | :--- | | Q1 2023 | $11.69 | $12.72 | $10.75 | | Q2 2023 | $10.70 | $12.27 | $9.81 | | Q3 2023 | $10.37 | $12.62 | $10.12 | | Q4 2023 | $9.21 | $10.99 | $9.20 | - Total distributions of **$1.60 per share** were declared and paid for 2023, with a **$0.40 per share** dividend declared for Q1 2024[308](index=308&type=chunk) - The company did not repurchase any equity securities during the fiscal year ended December 31, 2023[318](index=318&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=60&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the company's financial performance, highlighting changes in net assets, investment income, portfolio value, and liquidity Key Financial Results (Year Ended Dec 31) | Metric (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Total Investment Income | $137.5 | $119.4 | | Net Investment Income | $73.8 | $63.6 | | Net Realized/Unrealized Losses | $(113.6) | $(83.6) | | Net (Decrease) in Net Assets | $(39.8) | $(20.1) | | Portfolio Fair Value (EOP) | $802.1 | $949.3 | - The increase in total investment income in 2023 was primarily due to a greater weighted average principal amount outstanding and higher investment yields[348](index=348&type=chunk) - Net realized losses of **$75.8 million** in 2023 were primarily from investment write-offs, with a net change in unrealized losses of **$37.9 million**[355](index=355&type=chunk)[357](index=357&type=chunk) - As of December 31, 2023, the company had **$610.0 million** in total debt outstanding, an asset coverage ratio of **157%**, and unfunded commitments decreased to **$118.1 million**[389](index=389&type=chunk)[390](index=390&type=chunk)[393](index=393&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure, with a hypothetical 100 basis point increase yielding a $2.2 million NII increase - As of December 31, 2023, **60.1%** of the debt investment portfolio bore floating rates, while **35.2%** of outstanding debt was floating rate[414](index=414&type=chunk)[415](index=415&type=chunk) Hypothetical Annual Impact of Interest Rate Changes on Net Investment Income | Change in Interest Rates | Net (Decrease) / Increase in NII (in thousands) | | :--- | :--- | | Up 100 basis points | $2,176 | | Down 100 basis points | $(2,038) | [Consolidated Financial Statements and Supplementary Data](index=80&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements and notes, with an unqualified audit opinion Consolidated Balance Sheet Highlights (as of Dec 31) | (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Total Investments at Fair Value | $802,145 | $949,276 | | Total Assets | $978,825 | $1,014,533 | | Total Liabilities | $632,519 | $594,593 | | Total Net Assets | $346,306 | $419,940 | | Net Asset Value per Share | $9.21 | $11.88 | Consolidated Income Statement Highlights (Year Ended Dec 31) | (in thousands) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total Investment Income | $137,490 | $119,424 | $87,392 | | Total Operating Expenses | $63,684 | $55,869 | $46,288 | | Net Investment Income | $73,806 | $63,555 | $41,104 | | Net (Decrease)/Increase in Net Assets | $(39,821) | $(20,070) | $76,558 | - The critical audit matter identified was the valuation of **Level 3 investments** due to significant judgments required for valuation techniques and unobservable inputs[429](index=429&type=chunk)[430](index=430&type=chunk)[431](index=431&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=141&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[466](index=466&type=chunk) [Controls and Procedures](index=141&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective, with no material changes - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the period end[467](index=467&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2023, attested by the independent registered public accounting firm[651](index=651&type=chunk)[652](index=652&type=chunk) [Other Information](index=142&type=section&id=Item%209B.%20Other%20Information) This section provides updated annual expense percentages relative to net assets and a hypothetical investor expense example Annual Expenses (as a percentage of net assets) | Expense Category | Percentage | | :--- | :--- | | Base management fee | 5.17% | | Incentive fee | 4.26% | | Interest payments on borrowed funds | 10.63% | | Other expenses | 2.60% | | **Total annual expenses** | **22.66%** | - No directors or officers adopted or terminated any Rule 10b5-1 trading plans during the fourth quarter of 2023[654](index=654&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=145&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[671](index=671&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=146&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) The information required for this item, concerning directors, executive officers, and corporate governance, is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the Registrant's 2024 Proxy Statement[673](index=673&type=chunk) [Executive Compensation](index=146&type=section&id=Item%2011.%20Executive%20Compensation) The information required for this item, concerning executive compensation, is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the Registrant's 2024 Proxy Statement[675](index=675&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=146&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) The information required for this item, concerning security ownership, is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the Registrant's 2024 Proxy Statement[676](index=676&type=chunk) [Certain Relationships and Related Transactions and Director Independence](index=146&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) The information required for this item, concerning related party transactions and director independence, is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the Registrant's 2024 Proxy Statement[677](index=677&type=chunk) [Principal Accountant Fees and Services](index=146&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) The information required for this item, concerning principal accountant fees and services, is incorporated by reference from the company's 2024 Proxy Statement - Information is incorporated by reference from the Registrant's 2024 Proxy Statement[678](index=678&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=147&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements included in Item 8 and provides a list of all exhibits filed as part of the report or incorporated by reference from previous SEC filings - This item lists the financial statements filed with the report and all exhibits, including key organizational and operational agreements[680](index=680&type=chunk)[681](index=681&type=chunk)

Please see the last table in this press release, titled "Weighted Average Portfolio Yield on Debt Investments," for more information on the calculation of the weighted average annualized portfolio yield on debt investments. 1 This yield excludes the impact of $2.0 million in short-term loans that were funded and repaid during the three months ended March 31, 2023, which carried a higher interest rate than our normal course investments, and the impact thereof on our weighted average adjusted annualized yield ...

Financial Data and Key Metrics Changes - The company generated net investment income (NII) of $19.1 million or $0.54 per share, compared to $16.9 million or $0.51 per share in the same period in 2022, reflecting a year-over-year increase [51] - Total investment income increased by 20% to $35.7 million from $29.7 million in Q3 2022, driven by growth in average portfolio size and higher investment yields [49] - The weighted average portfolio yield for the third quarter was 15.1%, up from 13.8% in the prior year period [50] Business Line Data and Key Metrics Changes - During Q3, the company funded $12.7 million in debt investments to five portfolio companies, which was below the guided range for the quarter [40] - The core portfolio yield, excluding prepayment-related income, was 14.1% [36] - The company experienced $37.3 million in loan prepayments, contributing to the increase in portfolio yield [36] Market Data and Key Metrics Changes - Overall venture capital investment activity decreased, reaching the lowest quarterly total in the past six years, but late-stage and venture growth stage investments increased to $25 billion from $21.6 billion quarter-over-quarter [13][14] - The company noted a significant pickup in exit activity, with $35.8 billion in the third quarter compared to only $6.6 billion in the second quarter [14] Company Strategy and Development Direction - The company aims to maintain earnings power and strong liquidity while managing the portfolio to position itself for future opportunities [12] - There is a focus on diversification and sector rotation into fields such as artificial intelligence, enterprise SaaS, and health tech [31] - The company plans to continue evaluating hold sizes and debt-to-equity coverage in investment opportunities [31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a potential recovery in venture capital activity in 2024, citing early signs of increased investment momentum [26][27] - The company is preparing for a sustained recovery in overall venture capital activity, emphasizing the importance of managing cash burn and demonstrating a path to profitability [28][31] - Management acknowledged ongoing challenges in the e-commerce and consumer sectors, with some portfolio companies experiencing negative consumer sentiment and increased acquisition costs [42] Other Important Information - The company ended the quarter with total liquidity of $262.5 million, consisting of $122 million in cash and $140 million available under the revolving credit facility [58] - The leverage ratio at the end of the quarter was 1.62x, compared to a net leverage ratio of 1.29x, indicating a slight improvement from the previous quarter [60] Q&A Session Summary Question: What is the expectation for portfolio performance if recovery is delayed? - Management indicated that portfolio performance would be closely monitored, particularly regarding nonaccruals and credit quality, with a focus on managing leverage [4] Question: How does the company view the competitive landscape post-bank turmoil? - Management noted a continued pullback from non-traditional participants in the market, with deal volume slowing down, but emphasized that their competitive position remains strong [71] Question: What are the expectations for the dividend payout moving forward? - Management expressed confidence in maintaining the current dividend payout of $0.40 per share, despite the higher leverage ratio, as they expect to continue over-earning the dividend [64] Question: How is the company adapting to the current market conditions? - Management highlighted that portfolio companies have had time to adjust to the new market realities, focusing on profitability and managing cash burn [105] Question: What is the outlook for credit stress events in the portfolio? - Management expects a decline in credit stress events as portfolio companies adapt and improve their operational performance [38]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited financials as of September 30, 2023, reflect decreased assets and net assets, increased liabilities, and a net decrease in net assets for the nine months due to unrealized losses [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of September 30, 2023, total assets decreased, total liabilities increased due to higher borrowings, and total net assets and NAV per share declined Consolidated Statements of Assets and Liabilities (in thousands, except per share data) | | September 30, 2023 (unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Investments at fair value | $870,178 | $949,276 | | Cash and cash equivalents | $105,003 | $51,489 | | **Total assets** | **$998,480** | **$1,014,533** | | **Liabilities** | | | | Revolving Credit Facility | $210,000 | $175,000 | | Total Notes, net | $392,663 | $392,000 | | **Total liabilities** | **$624,380** | **$594,593** | | **Net Assets** | | | | **Total net assets** | **$374,100** | **$419,940** | | **Net asset value per share** | **$10.37** | **$11.88** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Total investment income increased, but significant net realized and unrealized losses led to a net decrease in net assets for the nine-month period Key Operating Results (in thousands, except per share data) | | For the Three Months Ended Sep 30, 2023 | For the Three Months Ended Sep 30, 2022 | For the Nine Months Ended Sep 30, 2023 | For the Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total investment and other income | $35,738 | $29,698 | $104,518 | $84,475 | | Total operating expenses | $16,634 | $12,838 | $47,998 | $41,414 | | **Net investment income** | **$19,104** | **$16,860** | **$56,520** | **$43,061** | | Net realized and unrealized gains/(losses) | $(16,956) | $(16,428) | $(67,548) | $(51,337) | | **Net increase (decrease) in net assets** | **$2,148** | **$432** | **$(11,028)** | **$(8,276)** | | Net investment income per share | $0.54 | $0.51 | $1.59 | $1.35 | | Net increase (decrease) in net assets per share | $0.06 | $0.01 | $(0.31) | $(0.26) | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased for the nine months ended September 30, 2023, primarily due to operational decrease and shareholder distributions, partially offset by common stock issuance Changes in Net Assets for the Nine Months Ended September 30, 2023 (in thousands) | Description | Amount | | :--- | :--- | | Balance as of December 31, 2022 | $419,940 | | Net decrease in net assets from operations | $(11,028) | | Issuance of common stock, net | $6,191 | | Distributions reinvested in common stock | $1,870 | | Distributions from distributable earnings | $(42,693) | | Offering costs | $(180) | | **Balance as of September 30, 2023** | **$374,100** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly reversed to positive for the nine months, driven by lower investment funding and higher principal payments, increasing total cash Cash Flow Summary for the Nine Months Ended September 30 (in thousands) | | 2023 | 2022 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $63,029 | $(107,297) | | Net cash provided by (used in) financing activities | $175 | $63,149 | | **Net change in cash, cash equivalents and restricted cash** | **$63,204** | **$(44,148)** | | Cash, cash equivalents and restricted cash at beginning of period | $59,260 | $59,147 | | **Cash, cash equivalents and restricted cash at end of period** | **$122,464** | **$14,999** | [Consolidated Schedules of Investments](index=7&type=section&id=Consolidated%20Schedules%20of%20Investments) Total investments at fair value decreased, with the portfolio diversified across high-growth industries, and non-accrual debt investments showing a significant fair value decline Total Investments by Type (in thousands) | Investment Type | Cost (Sep 30, 2023) | Fair Value (Sep 30, 2023) | Cost (Dec 31, 2022) | Fair Value (Dec 31, 2022) | | :--- | :--- | :--- | :--- | :--- | | Debt Investments | $851,489 | $782,853 | $888,586 | $852,951 | | Warrant Investments | $29,951 | $42,634 | $29,427 | $48,414 | | Equity Investments | $42,687 | $44,691 | $41,394 | $47,911 | | **Total Investments** | **$924,127** | **$870,178** | **$959,407** | **$949,276** | - As of September 30, 2023, debt investments on non-accrual status had a total cost of **$94.8 million** and a fair value of **$39.2 million**[52](index=52&type=chunk) [Notes to Consolidated Financial Statements](index=39&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's organization, accounting policies, related party agreements, borrowings, and commitments, including fee structure and unfunded commitments - The company is externally managed by TriplePoint Advisers LLC, a subsidiary of TriplePoint Capital LLC, and pays a base management fee of **1.75%** of average adjusted gross assets and a two-part incentive fee based on net investment income and capital gains[88](index=88&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - As of September 30, 2023, the company had **$141.9 million** in unfunded commitments to 17 portfolio companies, a significant decrease from **$324.0 million** to 37 companies at year-end 2022[162](index=162&type=chunk) - For the nine months ended September 30, 2023, the company's net investment income was **$1.59 per share**, and distributions from net investment income were **$1.20 per share**[174](index=174&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=70&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, portfolio activity, and liquidity, noting increased net investment income, a net decrease in net assets due to unrealized losses, and adequate liquidity [Portfolio Composition, Investment Activity and Asset Quality](index=73&type=section&id=Portfolio%20Composition%2C%20Investment%20Activity%20and%20Asset%20Quality) The investment portfolio's fair value decreased, investment activity slowed, and asset quality declined with an increase in the weighted average credit ranking and non-accrual investments Portfolio Composition by Fair Value (in thousands) | Investment Type | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Debt investments | $782,853 | $852,951 | | Warrant investments | $42,634 | $48,414 | | Equity investments | $44,691 | $47,911 | | **Total** | **$870,178** | **$949,276** | Investment Activity (Principal Funded, in thousands) | Period | Funded Debt Investments | Equity Investments | | :--- | :--- | :--- | | **Nine Months Ended Sep 30, 2023** | **$100,863** | **$202** | | Nine Months Ended Sep 30, 2022 | $321,988 | $5,688 | Debt Portfolio Credit Quality by Fair Value | Credit Category | Sep 30, 2023 (%) | Dec 31, 2022 (%) | | :--- | :--- | :--- | | Clear (1) | 11.7% | 6.6% | | White (2) | 74.6% | 81.9% | | Yellow (3) | 8.8% | 10.4% | | Orange (4) | 2.2% | 1.1% | | Red (5) | 2.7% | 0.0% | | **Weighted Avg. Ranking** | **2.10** | **2.06** | [Results of Operations](index=81&type=section&id=Results%20of%20Operations) Total investment income increased, but operating expenses rose, and net realized losses, partially offset by unrealized gains, led to a net decrease in net assets for the nine-month period - Total investment income for Q3 2023 increased to **$35.7 million** from **$29.7 million** in Q3 2022, primarily due to a larger income-bearing debt portfolio and higher yields[236](index=236&type=chunk) - Operating expenses for Q3 2023 rose to **$16.6 million** from **$12.8 million** year-over-year, largely because interest expense increased to **$9.3 million** from **$7.2 million** due to higher borrowings and interest rates[241](index=241&type=chunk)[245](index=245&type=chunk) - In Q3 2023, the company recognized net realized losses of **$25.6 million**, mainly from the write-off of Hi.Q, Inc. This was partially offset by net unrealized gains of **$8.6 million**[249](index=249&type=chunk)[252](index=252&type=chunk) Weighted Average Annualized Portfolio Yield on Total Debt Investments | Period | 2023 | 2022 | | :--- | :--- | :--- | | **Three Months Ended Sep 30** | **15.1%** | **13.8%** | | **Nine Months Ended Sep 30** | **14.8%** | **14.5%** | [Liquidity and Capital Resources](index=88&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with substantial cash and undrawn credit facility capacity, a healthy asset coverage ratio, and significantly reduced unfunded commitments Capital Resources as of September 30, 2023 (in millions) | Resource | Amount | | :--- | :--- | | Cash and cash equivalents (incl. restricted) | $122.5 | | Credit Facility Availability | $140.0 | | **Total Liquidity** | **$262.5** | Outstanding Debt as of September 30, 2023 (in millions) | Liability | Amount | | :--- | :--- | | Revolving Credit Facility | $210.0 | | 2025 Notes | $70.0 | | 2026 Notes | $200.0 | | 2027 Notes | $125.0 | | **Total** | **$605.0** | - The company's asset coverage ratio was **162%** as of September 30, 2023, exceeding the required minimum of **150%**[287](index=287&type=chunk) - Unfunded commitments totaled **$141.9 million** as of September 30, 2023, a substantial reduction from **$324.0 million** at the end of 2022[289](index=289&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=95&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk, affecting floating-rate assets and liabilities, with hypothetical rate changes impacting net investment income, and also has unhedged foreign currency risk - As of September 30, 2023, approximately **62.1%** (**$523.7 million**) of the debt portfolio bore floating interest rates, while **34.7%** (**$210.0 million**) of outstanding debt had floating rates[309](index=309&type=chunk)[310](index=310&type=chunk) Annual Impact on Net Investment Income from Hypothetical Interest Rate Changes (in thousands) | Change in Interest Rates | Net (decrease) in net investment income | | :--- | :--- | | Up 300 basis points | $8,185 | | Up 100 basis points | $2,728 | | Down 100 basis points | $(2,603) | | Down 300 basis points | $(6,803) | - The company has exposure to foreign currency exchange rate risk but deemed it acceptable and had no hedging transactions in place as of September 30, 2023[312](index=312&type=chunk) [Item 4. Controls and Procedures](index=97&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[315](index=315&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[316](index=316&type=chunk) [PART II. OTHER INFORMATION](index=97&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=97&type=section&id=Item%201.%20Legal%20Proceedings) The company is facing a putative securities class action lawsuit alleging federal securities law violations, with a lead plaintiff appointed and an amended complaint expected - A shareholder filed a putative securities class action complaint against the Company and certain officers and directors in June 2023, alleging violations of federal securities laws[318](index=318&type=chunk) [Item 1A. Risk Factors](index=97&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were noted, except for an added disclosure regarding geopolitical conflicts and their potential negative impact on portfolio companies - The company added a risk factor concerning geopolitical conflicts, such as the Israel-Hamas war and the Russia-Ukraine conflict, which could negatively affect portfolio companies with foreign operations and cause market volatility[321](index=321&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=99&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2023, the company issued common stock under its dividend reinvestment plan, exempt from Securities Act registration - In Q3 2023, **75,545** shares of common stock were issued under the dividend reinvestment plan for a total of **$0.8 million**[323](index=323&type=chunk) [Item 3. Defaults Upon Senior Securities](index=99&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[324](index=324&type=chunk) [Item 5. Other Information](index=100&type=section&id=Item%205.%20Other%20Information) This section provides an updated table of the company's fees and expenses, including base management, incentive, interest, and other expenses, along with historical common stock data Annual Expenses (as a percentage of net assets) | Expense Type | Percentage | | :--- | :--- | | Base management fee | 4.79% | | Incentive fee | 4.04% | | Interest payments on borrowed funds | 10.18% | | Other expenses | 2.18% | | **Total annual expenses** | **21.19%** | - The closing sales price of the company's common stock was **$9.46 per share** on October 31, 2023[336](index=336&type=chunk) [Item 6. Exhibits](index=103&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications and Inline XBRL documents - The report includes CEO and CFO certifications under Rule 13a-14 and Section 906 of the Sarbanes-Oxley Act, along with XBRL data files[339](index=339&type=chunk)

TriplePoint Venture Growth (NYSE:TPVG) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM ET Company Participants Jim Labe - Chief Executive Officer & Chairman Sajal Srivastava - President & Chief Investment Officer Chris Mathieu - Chief Financial Officer Conference Call Participants Crispin Love - Piper Sandler Vilas Abraham - UBS Casey Alexander - Compass Point Ryan Lynch - KBW Christopher Nolan - Ladenburg Thalmann Operator Good afternoon ladies and gentlemen. Welcome to the TriplePoint Venture Grow ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________________________________________________________________________________ Form 10-Q ________________________________________________________________________________________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, ...