TriplePoint Venture Growth(TPVG) - 2024 Q2 - Quarterly Results

Financial Performance - Net investment income for Q2 2024 was $12.6 million, or $0.33 per share, compared to $18.8 million, or $0.53 per share in Q2 2023[10] - Total investment income for Q2 2024 was $27.1 million, with a weighted average annualized portfolio yield of 15.8% on debt investments[10] - Total investment and other income for the three months ended June 30, 2024, was $27,107,000, a decrease of 22.9% from $35,151,000 for the same period in 2023[25] - Net investment income for the three months ended June 30, 2024, was $12,604,000, down 33.0% from $18,837,000 in the prior year[25] - The net realized and unrealized losses for the three months ended June 30, 2024, amounted to $(3,987,000), compared to losses of $(39,692,000) for the same period in 2023[25] - The weighted average portfolio yield on debt investments for the three months ended June 30, 2024, was 15.8%, an increase from 14.7% in 2023[26] - The coupon income for the three months ended June 30, 2024, was 11.6%, slightly down from 11.8% in the previous year[26] - Total operating expenses for the three months ended June 30, 2024, were $14,503,000, a decrease of 11.1% from $16,314,000 in 2023[25] - Net increase in net assets resulting from operations for the three months ended June 30, 2024, was $8,617,000, compared to a decrease of $(20,855,000) in the same period last year[25] - Net investment income per share for the three months ended June 30, 2024, was $0.33, down from $0.53 in 2023[25] - Total distributions declared per share remained stable at $0.40 for both the three months ended June 30, 2024, and 2023[25] Investment Activities - The company signed $188.4 million of term sheets with venture growth stage companies in Q2 2024, a 44% increase from the prior quarter[3] - Closed $52.0 million of new debt commitments in Q2 2024, representing a 420% increase from the prior quarter[3] - Funded $38.7 million in debt investments to five portfolio companies in Q2 2024, a 186% increase from the prior quarter[3] - Received $97.0 million from liquidity events, including $51.2 million of loan principal prepayments and $27.9 million of scheduled principal amortization[3] - The Company entered into $56.0 million of additional non-binding signed term sheets with venture growth stage companies since June 30, 2024[16] - The Company closed $11.0 million of additional debt commitments and funded $6.3 million in new investments during the same period[16] Asset and Liquidity Position - As of June 30, 2024, the net asset value was $353.0 million, or $8.83 per share, with total liquidity of $340.7 million[3] - The Company had total liquidity of $340.7 million, consisting of cash and cash equivalents of $50.7 million and available capacity under its Revolving Credit Facility of $290.0 million[14] - The Company held $713.8 million in investments at fair value as of June 30, 2024, down from $802.1 million as of December 31, 2023[23] - The gross leverage ratio was 1.15x, with an asset coverage ratio of 187% as of June 30, 2024[14] - The total liabilities decreased to $418.3 million as of June 30, 2024, from $632.5 million as of December 31, 2023[23] Distributions and Shareholder Returns - The company declared a distribution of $0.30 per share for Q3 2024, bringing total declared distributions to $15.75 per share since the IPO[3] - The Company declared a regular quarterly distribution of $0.30 per share for the third quarter, payable on September 30, 2024[15] - The weighted average shares of common stock outstanding increased to 38,729,000 from 35,398,000 year-over-year[25] Credit Quality and Financial Stability - The weighted average investment ranking of the debt investment portfolio was 2.24 as of June 30, 2024, indicating stable credit quality[11] - Estimated undistributed taxable earnings from net investment income were $39.3 million, or $0.98 per share, as of June 30, 2024[4] - The Company maintains an ATM Program with $56.5 million in shares available for sale as of June 30, 2024[14] - The Revolving Credit Facility was renewed, extending the revolving period to November 30, 2025, and the scheduled maturity date to May 30, 2027, with total commitments set to $300 million[16]