TriplePoint Venture Growth BDC Corp.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
TPVG$4.37-2.0%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets · (unaudited) | ||
| Investments at fair value (amortized cost of $719,798 and $713,732, respectively) | $682,012 | $676,249 |
| Cash and cash equivalents | 34,672 | 45,899 |
| Restricted cash | 7,038 | 32,828 |
| Deferred credit facility costs | 3,500 | 3,904 |
| Prepaid expenses and other assets | 7,615 | 4,160 |
| Total assets | $734,837 | $763,040 |
| Liabilities | ||
| Revolving Credit Facility | $5,000 | $5,000 |
| 2025 Notes, net | — | 69,948 |
| 2026 Notes, net | 199,594 | 199,483 |
| 2027 Notes, net | 124,466 | 124,396 |
| 2028 Notes, net | 49,328 | — |
| Base management fee payable | 3,326 | 3,408 |
| Income incentive fee payable | — | — |
| Other accrued expenses and liabilities | 6,155 | 15,118 |
| Total liabilities | $387,869 | $417,353 |
| Commitments and Contingencies (Note 7) | ||
| Net assets | ||
| Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively) | $— | $— |
| Common stock, par value $0.01 per share | 402 | 401 |
| Paid-in capital in excess of par value | 514,351 | 513,719 |
| Total distributable earnings (loss) | (167,785) | (168,433) |
| Total net assets | $346,968 | $345,687 |
| Total liabilities and net assets | $734,837 | $763,040 |
| Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized) | 40,233 | 40,137 |
| Net asset value per share | $8.62 | $8.61 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Investment income | ||
| Interest income from investments | $17,829 | $24,740 |
| Payment-in-kind interest income | 3,756 | 3,787 |
| Other income | ||
| Expirations/terminations of unfunded commitments | 423 | 294 |
| Other fees | 446 | 452 |
| Total investment and other income | 22,454 | 29,273 |
| Operating expenses | ||
| Base management fee | 3,326 | 4,302 |
| Income incentive fee | — | — |
| Interest expense and amortization of fees | 6,372 | 7,011 |
| Administration Agreement expenses | 602 | 611 |
| General and administrative expenses | 1,416 | 1,826 |
| Total operating expenses | 11,716 | 13,750 |
| Net investment income | 10,738 | 15,523 |
| Net realized and unrealized gains/(losses) | ||
| Net realized gains (losses) on investments | 2,254 | (8,807) |
| Net change in unrealized gains (losses) on investments | (303) | 1,263 |
| Net realized and unrealized gains/(losses) | 1,951 | (7,544) |
| Net increase (decrease) in net assets resulting from operations | $12,689 | $7,979 |
| Per share information (basic and diluted) | ||
| Net investment income per share | $0.27 | $0.41 |
| Net increase (decrease) in net assets per share | $0.32 | $0.21 |
| Weighted average shares of common stock outstanding | 40,138 | 37,649 |
| Regular distributions declared per share | $0.30 | $0.40 |
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(in thousands)
| Paid-in capital in excess of par value · Total distributable earnings (loss) · Net assets | |||||
|---|---|---|---|---|---|
| Common stock | |||||
| Shares · Par value | |||||
| Balance as of December 31, 2023 | 37,620 | $376 | $492,934 | $(147,004) | $346,306 |
| Net increase (decrease) in net assets resulting from operations | — | — | — | 7,979 | 7,979 |
| Issuance of common stock, net | 133 | 1 | 1,254 | — | 1,255 |
| Distributions reinvested in common stock | 93 | 1 | 827 | — | 828 |
| Distributions from distributable earnings | — | — | — | (15,101) | (15,101) |
| Balance as of March 31, 2024 | 37,846 | $378 | $495,015 | $(154,126) | $341,267 |
| Balance as of December 31, 2024 | 40,137 | $401 | $513,719 | $(168,433) | $345,687 |
| Net increase (decrease) in net assets resulting from operations | — | — | — | 12,689 | 12,689 |
| Distributions reinvested in common stock | 96 | 1 | 632 | — | 633 |
| Distributions from distributable earnings | — | — | — | (12,041) | (12,041) |
| Balance as of March 31, 2025 | 40,233 | $402 | $514,351 | $(167,785) | $346,968 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities: | ||
| Net increase (decrease) in net assets resulting from operations | $12,689 | $7,979 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
| Fundings and purchases of investments | (28,537) | (13,716) |
| Principal payments and proceeds from investments | 29,971 | 38,760 |
| Payment-in-kind interest on investments | (3,756) | (3,787) |
| Net change in unrealized (gains) losses on investments | 303 | (1,263) |
| Net realized (gains) losses on investments | (2,254) | 8,807 |
| Amortization and (accretion) of premiums and discounts, net | (885) | 878 |
| (Accretion) reduction of end-of-term payments, net of prepayments | (605) | (1,139) |
| Amortization of debt fees and issuance costs | 666 | 587 |
| Change in operating assets and liabilities: | ||
| Prepaid expenses and other assets | (3,455) | (3,518) |
| Base management fee payable | (82) | (188) |
| Income incentive fee payable | — | — |
| Other accrued expenses and liabilities | (8,963) | (15,201) |
| Net cash (used in) provided by operating activities | (4,908) | 18,199 |
| Cash Flows from Financing Activities: | ||
| Borrowings under revolving credit facility | — | 15,000 |
| Repayments under revolving credit facility | — | (191,000) |
| Distributions paid | (11,408) | (14,273) |
| Proceeds from issuance of 2028 Notes | 50,000 | — |
| Debt issuance costs | (701) | — |
| Repayment of 2025 Notes | (70,000) | — |
| Proceeds from the issuance of common stock, net | — | 1,255 |
| Net cash provided by (used in) financing activities | (32,109) | (189,018) |
| Net change in cash, cash equivalents and restricted cash | (37,017) | (170,819) |
| Cash, cash equivalents and restricted cash at beginning of period | 78,727 | 171,582 |
| Cash, cash equivalents and restricted cash at end of period | $41,710 | $763 |
| For the Three Months Ended March 31, | ||
| 2025 | 2024 | |
| Cash and cash equivalents | $34,672 | $124 |
| Restricted cash | 7,038 | 639 |
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $41,710 | $763 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Cash paid for interest | $9,782 | $11,121 |
| Distributions reinvested | $633 | $828 |
| Excise tax paid | $1,562 | $1,470 |
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