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 MARCH 31 ...

Financial Data and Key Metrics Changes - The investment portfolio grew to a record $865 million with a weighted average portfolio yield of almost 15% for Q4 2021, compared to a yield of 15.2% in the prior year period [8][50] - Net investment income (NII) for Q4 was $12.9 million or $0.42 per share, an increase from $11.9 million or $0.39 per share in the prior year period [54] - Net asset value (NAV) increased to $434 million or $14.01 per share, up from $400 million or $12.97 per share at the end of the previous year, marking an 8% increase [55] Business Line Data and Key Metrics Changes - In Q4, the company funded $161 million in debt investments to 19 companies, representing a 38% increase from Q3 [31] - For the full year, the company funded $411 million of debt investments to 39 companies with a weighted average portfolio yield of 13.5% at origination [32] - The number of funded portfolio companies increased by 50% to 49 outstanding obligors as of Q4 compared to 33 as of Q4 2020 [34] Market Data and Key Metrics Changes - The venture capital market remained robust, with total venture deal value reaching $330 billion in 2021, nearly double that of 2020 [13] - The company’s portfolio companies raised $5.8 billion of fresh equity capital in 2021, indicating strong fundraising activity [35] - The weighted average credit ranking improved to 1.87 in Q4 from 1.94 in Q3 and 2.13 in Q4 2020, reflecting enhanced credit quality [36] Company Strategy and Development Direction - The company aims to capitalize on the thriving venture capital environment and maintain a disciplined approach to working with select venture capital investors [7][12] - The strategy includes increasing debt financing as companies seek to complement equity raises amid market uncertainties [15][16] - The company expects to maintain a deliberate and disciplined approach to growth while focusing on generating strong returns for shareholders [47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the venture lending outlook for 2022, citing increased demand for debt solutions due to market volatility [12][88] - The company anticipates continued execution and growth in 2022, with a forecast for gross investment fundings between $400 million and $600 million [58][44] - Management highlighted the strong position of portfolio companies, which have substantial cash runway and are well-positioned to benefit from current market conditions [17][19] Other Important Information - The company declared a regular quarterly distribution of $0.36 per share, with NII covering the dividend by 113% for Q4 [56][57] - The company ended the year with total liquidity of $209 million, consisting of cash and amounts under the revolving credit facility [63] - The company successfully closed its third investment grade private notes offering, raising $125 million, which will support future growth [64][65] Q&A Session Summary Question: Are there improvements in items like warrants, EOT, coupon, or conditions for new origination? - Management confirmed that they are always looking to maximize debt pricing and warrant structures, indicating positive conditions for new origination [69] Question: What were the key drivers of strength in Q4? - Management noted that late fundings from Q3 contributed to Q4 performance, and they expect continued benefits from these fundings in Q1 and Q2 [78] Question: Is there a trend of companies looking for debt solutions due to equity market volatility? - Management acknowledged that current market dynamics are indeed leading to increased pipeline and activity, reflecting a shift towards debt solutions [88] Question: What is the weighted average prime floor for floating rate investments? - The weighted average prime floor for floating rate investments is set at $3.25 [89] Question: How does the company expect to maintain leverage levels amid prepayments? - Management emphasized that strong prepayment activity is a positive indicator of credit quality and reflects the strength of their venture growth stage lending strategy [110]

Financial Condition and Risks - The company may pledge up to 100% of its assets or the assets of its Financing Subsidiary under the terms of any debt instrument, which could limit operational discretion and adversely affect financial condition [187]. - Adverse developments in credit markets could impair the company's ability to enter into future borrowing facilities, similar to the downturn experienced in mid-2007 [188]. - If the company loses its BDC status, it would face more regulatory restrictions, significantly decreasing operational flexibility and potentially harming financial condition [190]. - Cybersecurity risks, including potential attacks and unauthorized access, could disrupt operations and negatively impact financial condition [200]. - The company is obligated to maintain effective internal controls over financial reporting, and failure to do so could adversely affect investor confidence and financial results [193]. - The company may incur significant legal fees related to any future securities litigation or activist shareholder matters, which could adversely affect its financial performance [270]. - The company may face challenges in extending the maturity of or refinancing existing indebtedness, which could limit its ability to make new commitments [282]. - The ongoing military conflict in Ukraine could materially disrupt operations of portfolio companies in Europe and increase their costs, adversely affecting financial conditions [289]. - Economic slowdowns or recessions could lead to financial losses in the portfolio and a decrease in revenues, net income, and assets [295]. Investment Strategy and Portfolio Risks - The investment strategy includes secured loans with equity "kickers" and direct equity investments, potentially leading to conflicts in allocating investment opportunities among various funds managed by the Adviser [204]. - The investment strategy focuses on venture growth stage companies, which are subject to significant risks including dependence on additional capital and intense competition [221]. - The portfolio is concentrated in technology, life sciences, and clean technology sectors, increasing exposure to downturns in these industries [218]. - The lack of diversification among portfolio companies may lead to significant losses if one or more companies default on their debt obligations [219]. - The company primarily invests in venture growth stage companies that generally do not have sufficient cash resources to repay loans in full at origination [238]. - The company has no fixed guidelines for diversification, which may increase susceptibility to poor performance of a small number of investments [216]. - Changes in regulations could adversely impact the business and industries of portfolio companies, affecting investment returns [217]. - The company may face challenges in recovering principal investments due to negative pledges or lack of security interests on intellectual property [231]. - The actual borrowing needs of portfolio companies may exceed expected funding requirements, especially in challenging economic conditions [227]. - The company may experience losses if portfolio companies default on loans, including potential loss of accrued interest and fees [249]. Valuation and Incentive Structures - The investment portfolio is recorded at fair value, with most investments classified as Level 3, leading to uncertainty in net asset value due to reliance on management judgment [191]. - The valuation process for investments is subject to potential conflicts of interest, as the Board determines fair value based on recommendations from the Adviser's senior investment team [212]. - The advisory fee structure may create misaligned incentives, encouraging the Adviser to incur debt or leverage for additional investments, potentially impacting stockholder returns [208]. - The incentive fee structure may lead the Adviser to pursue riskier investments or use leverage, increasing the likelihood of default and negatively affecting stockholders [209]. - The company may pay an incentive fee based on accrued interest that has not yet been received in cash, which could affect the calculation of the incentive fee [211]. Market and Economic Conditions - The market price and liquidity of the company's common stock may be significantly affected by various factors, including price fluctuations in the overall stock market and the financial performance of the industries in which the company invests [269]. - The effect of global climate change may impact the operations of portfolio companies, potentially increasing operating costs [264]. - The impact of the COVID-19 pandemic has led to significant disruptions in business operations, affecting supply chains and demand [283]. - The COVID-19 pandemic has materially adversely impacted the venture capital fundraising environment, increasing the risk that portfolio companies may not raise additional financing or may do so on unfavorable terms [285]. - Portfolio companies have experienced significant increases in commodity, parts, and material component inflation in 2021 and 2022, which could negatively impact productivity and margin performance [286]. Regulatory and Compliance Issues - The company is restricted by the 1940 Act from entering into certain transactions with affiliates without prior approval from independent directors and, in some cases, the SEC [203]. - Being a public company incurs significant legal, accounting, and governance costs, which may strain resources and divert management attention from core business [192]. - The License Agreement with TPC creates conflicts of interest, as the company cannot prevent TPC from licensing the "TriplePoint" name to competitors [213]. - The Investment Advisory Agreement was not negotiated at arm's length, potentially resulting in less favorable terms compared to agreements with unaffiliated third parties [214]. Interest Rate and Financial Market Risks - The company is subject to financial market risks, including changes in interest rates and capital market disruptions due to the COVID-19 pandemic [432]. - An increase of 300 basis points in interest rates would result in a net increase of $5,157,000 in net investment income [438]. - The company anticipates growth in its portfolio funded in part with additional borrowings, which will increase investment income sensitivity to interest rates [438]. - The company does not anticipate any changes in credit performance of loans due to interest rate changes at this time [438]. - The company also had no hedging transactions for foreign currency exchange rate risk as of December 31, 2021, considering the risk acceptable [440].

Financial Data and Key Metrics Changes - The investment portfolio grew to a record $767 million, with net asset value (NAV) increasing by $0.58 per share from pre-pandemic levels and $1.7 since the start of the pandemic [7][9][39] - Total investment income for Q3 2021 was $21.2 million, down from $23.1 million in the prior year, with a portfolio yield of 12.3% [34] - Net investment income was $9.9 million or $0.32 per share, compared to $9.4 million or $0.30 per share in the previous quarter [37] Business Line Data and Key Metrics Changes - New customer debt fundings increased by over 54% to $117 million, marking the third highest quarterly total since the IPO [8][18] - The weighted average annualized portfolio yield was 12.3%, with core portfolio yield slightly up to 12.1% from 12% in the previous quarter [23][34] - The company signed $304 million of term sheets with venture growth stage companies during the quarter [18] Market Data and Key Metrics Changes - The venture capital market saw total deal value increase by 43% year-to-date compared to all of 2020, with significant growth in consumer tech, enterprise tech, and FinTech investments [13] - Eight portfolio companies raised approximately $1.8 billion of capital during Q3, contributing to the overall enterprise value of investments [24] Company Strategy and Development Direction - The company aims to capitalize on the strong venture capital market by focusing on high-quality venture growth stage companies and maintaining investment discipline [14][15] - The strategy includes diversifying the portfolio and strengthening credit quality, with 98% of debt investments performing at or better than expectations [8][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued growth in the second half of 2021 and a promising outlook for 2022, supported by a robust pipeline and strong liquidity [6][15] - The company anticipates that the momentum in venture equity and debt demand will continue into 2022, with expectations for higher first-half numbers compared to 2021 [49] Other Important Information - The company declared a regular quarterly distribution of $0.36 per share, including $0.30 from ordinary income and $0.06 from long-term capital gains [41] - The company retained significant spillover income totaling $8 million or $0.26 per share to support future distributions [41][79] Q&A Session Summary Question: What is the forecast for debt funding in Q4? - Management is cautiously optimistic about reaching the high end of the $100 million to $150 million range for Q4, with confidence in the funding activity [47][48] Question: Will the company cover the dividend with net investment income in Q4? - Management believes they have a line of sight towards covering the dividend, but timing of fundings will be crucial [54][56] Question: What is the current status of the $2 billion pipeline? - The pipeline remains strong, exceeding $2 billion at the platform level, with over $1 billion related to TPVG [50][51] Question: What is the outlook for supplemental dividends? - Management indicated it is premature to discuss supplemental dividends, focusing instead on covering the base dividend [69] Question: How does the company view competition in venture lending? - Management noted that their primary competition is equity, and they continue to maintain strong relationships with venture capital partners [62][63]

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 SEPTEMBE ...

| --- | --- | --- | |-------|---------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investor Presentation | | | | Q u a r t e r E n d e d J u n e 3 0 , 202 1 | | | | | | Forward Looking Statements 2 Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertaint ...

TriplePoint Venture Growth (NYSE:TPVG) Q2 2021 Earnings Conference Call August 4, 2021 5:00 PM ET Company Participants Jim Labe - Chairman & Chief Executive Officer Sajal Srivastava - President & Chief Investment Officer Chris Mathieu - Chief Financial Officer Conference Call Participants Finn O'Shea - Wells Fargo Securities Crispin Love - Piper Sandler Christopher Nolan - Ladenburg Thalmann Casey Alexander - Compass Point Devin Ryan - JMP Securities Ryan Lynch - KBW Operator Good afternoon, ladies and gent ...

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, ...

TriplePoint Venture Growth's (NYSE:TPVG) Q1 2021 Earnings Conference Call May 5, 2021 5:00 PM ET Company Participants Jim Labe - Chairman and CEO Sajal Srivastava - President and CIO Chris Mathieu - CFO Conference Call Participants Finn O'Shea - Wells Fargo Securities Casey Alexander - Compass Point Christopher Nolan - Ladenburg Thalmann Ryan Lynch - KBW Devin Ryan - JMP Securities Operator Good afternoon ladies and gentlemen and welcome to the TriplePoint Venture Growth BDC First Quarter 2021 Earnings Conf ...

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 MARCH 31 ...