Declares Fourth Quarter 2018 Distribution of $0.36 Per Share
MENLO PARK, Calif.--(BUSINESS WIRE)--
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 capital firms
in the technology, life sciences and other high growth industries, today
announced its financial results for the third quarter ended September
30, 2018 and declared a fourth quarter 2018 distribution of $0.36 per
share.
Third Quarter 2018 Highlights
-
Generated record total investment income of $17.7 million, or $0.82
per share;
-
Earned record net investment income of $10.0 million, or $0.46 per
share;
-
Net increase in net assets of $10.9 million, or $0.50 per share;
-
Net asset value increased by $0.14 per share to $13.59;
-
Signed $204.3 million of new term sheets and closed $63.2 million of
new debt commitments to venture growth stage companies;
-
Funded $53.4 million in debt investments with a 13.5% weighted average
annualized portfolio yield at origination;
-
Achieved a 19.3% weighted average annualized portfolio yield on debt
investments;
-
Realized a 14.8% return on average equity in the third quarter of 2018;
-
Raised $94.6 million of net proceeds from the issuance of 6.9 million
shares of common stock;
-
TPVG portfolio company Farfetch Ltd. completed an $855 million initial
public offering; and
-
Declared a fourth quarter distribution of $0.36 per share, payable on
December 14, 2018.
Year-To-Date 2018 Highlights
-
Generated record total investment income of $46.8 million, or $2.46
per share;
-
Earned record net investment income of $24.8 million, or $1.30 per
share;
-
Increased net asset value by $0.34 per share;
-
Signed $562.3 million of term sheets and closed $318.6 million of new
debt commitments to venture growth stage companies;
-
Funded $145.2 million in debt and equity investments to nineteen
portfolio companies;
-
Amended and renewed the Company’s revolving credit facility,
increasing funding capacity to $210 million and reducing undrawn rates
and applicable margin;
-
Received exemptive relief from the SEC to co-invest with TriplePoint
Capital LLC (“TPC”) and/or investment vehicles managed by TPC;
-
Obtained shareholder approval for reduced asset coverage requirement
from 200% to 150% effective June 22, 2018; and
-
Paid $21.7 million of distributions, or $1.08 per share, bringing
total distributions to $6.62 per share since the Company’s initial
public offering.
“2018 continues to be a year of achieving new records and outstanding
portfolio performance,” stated Jim Labe, chairman and chief executive
officer of TriplePoint Capital. “Strengthened by our position in the
market as the premier venture lender, 2018 is on track for a strong
finish,” added Mr. Labe.
“We continue to see record global demand for debt from high-quality
venture growth stage companies,” stated Sajal Srivastava, president and
chief investment officer of the Company. “Our strong financial position
gives us the unique ability to thoughtfully and efficiently deploy
capital to meet the needs of our innovative venture growth stage
portfolio companies while offering attractive risk-adjusted returns to
our shareholders.”
PORTFOLIO AND INVESTMENT ACTIVITY
During the third quarter of 2018, the Company entered into $63.2 million
of new debt commitments with six companies, funded 16 debt investments
totaling $53.4 million to eight companies, made one equity investment of
$0.2 million and acquired warrant investments valued at $0.9 million in
nine companies. Debt investments funded during the quarter carried a
weighted average annualized portfolio yield of 13.5% at origination.
During the quarter, the Company experienced $91.0 million of prepayments
from four portfolio companies, one portfolio company repaid its
outstanding growth capital loan at maturity of approximately $5.0
million, and principal amortization on the remaining debt portfolio
totaled $7.0 million. The weighted average annualized portfolio yield on
debt investments for the third quarter was 19.3%, including the impact
of prepayments and other activity, and 14.0% excluding the impact of
prepayments. The Company calculates weighted average portfolio yield as
the annualized rate of the interest income recognized during the period
divided by the average amortized cost of debt investments in the
portfolio at the beginning of each month in the period.1
As of September 30, 2018, the Company held 73 debt investments with 22
companies and 55 warrant and equity investments in 46 companies. The
total cost and fair value of these investments were $352.1 million and
$351.3 million, respectively. Total portfolio investment activity for
the three and nine months ended September 30, 2018 and 2017 was as
follows:
|
|
|
|
|
|
|
|
|
For the Three Months Ended
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
Portfolio & Investment Activity
(in thousands)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Beginning portfolio at fair value
|
|
$
|
398,405
|
|
|
$
|
253,804
|
|
|
$
|
372,103
|
|
|
$
|
374,311
|
|
New debt investments
|
|
|
52,274
|
|
|
|
79,996
|
|
|
|
140,340
|
|
|
|
146,485
|
|
Scheduled principal payments from debt investments
|
|
|
(6,963
|
)
|
|
|
(3,136
|
)
|
|
|
(18,308
|
)
|
|
|
(7,796
|
)
|
Early principal payments, repayments and recoveries
|
|
|
(95,990
|
)
|
|
|
(21,750
|
)
|
|
|
(154,338
|
)
|
|
|
(204,524
|
)
|
Accretion of debt investment fees
|
|
|
2,012
|
|
|
|
775
|
|
|
|
7,821
|
|
|
|
637
|
|
Payment-in-kind coupon
|
|
|
662
|
|
|
|
611
|
|
|
|
1,951
|
|
|
|
1,501
|
|
New warrant investments
|
|
|
909
|
|
|
|
1,538
|
|
|
|
2,770
|
|
|
|
2,939
|
|
New equity investments
|
|
|
250
|
|
|
|
304
|
|
|
|
1,000
|
|
|
|
3,703
|
|
Proceeds and dispositions of investments
|
|
|
(1,182
|
)
|
|
|
(1,417
|
)
|
|
|
(4,553
|
)
|
|
|
(1,491
|
)
|
Net realized gains (losses)
|
|
|
942
|
|
|
|
1,044
|
|
|
|
1,723
|
|
|
|
(2,351
|
)
|
Net unrealized gains (losses) on investments
|
|
|
(4
|
)
|
|
|
(633
|
)
|
|
|
806
|
|
|
|
(2,278
|
)
|
Ending portfolio at fair value
|
|
$
|
351,315
|
|
|
$
|
311,136
|
|
|
$
|
351,315
|
|
|
$
|
311,136
|
|
SIGNED TERM SHEETS
During the third quarter of 2018, TPC entered into $204.3 million of
non-binding term sheets to venture growth stage companies. These
opportunities are subject to underwriting conditions including, but not
limited to, the completion of due diligence, negotiation of definitive
documentation and investment committee approval, as well as compliance
with TPC’s allocation policy. Accordingly, there is no assurance that
any or all of these transactions will be completed or assigned to the
Company, even though the Company is the primary vehicle through which
TPC focuses its venture growth stage business.
UNFUNDED COMMITMENTS
As of September 30, 2018, the Company’s unfunded commitments totaled
$242.4 million, of which $72.4 million is dependent upon portfolio
companies reaching certain milestones. Of the $242.4 million of unfunded
commitments, $26.4 million will expire during 2018, $146.0 million will
expire during 2019 and $70.0 million will expire during 2020, if not
drawn prior to expiration. Since these commitments may expire without
being drawn, unfunded commitments do not necessarily represent future
cash requirements or future earning assets for the Company.
RESULTS OF OPERATIONS
Total investment and other income was $17.7 million for the third
quarter of 2018, representing a weighted average annualized portfolio
yield of 19.3%, as compared to $10.4 million and 15.4%, for the third
quarter of 2017. The increase in investment income and portfolio yield
was driven by higher weighted average principal outstanding on our
investment portfolio and an increase in prepayment and other income as
compared to the prior year. For the nine months ended September 30,
2018, the Company’s total investment and other income was $46.8 million,
as compared to $40.4 million for the nine months ended September 30,
2017, representing a year-to-date weighted average annualized portfolio
yield on debt investments of 16.8% and 17.4%, respectively.
Operating expenses for the third quarter of 2018 were $7.7 million as
compared to $6.1 million for the third quarter of 2017. Operating
expenses for the third quarter of 2018 consisted of $2.2 million of
interest expense and amortization of deferred costs, $1.8 million of
base management fees, $2.5 million of income incentive fees, $0.5
million of administration agreement expenses and $0.7 million of general
and administrative expenses. Operating expenses for the third quarter of
2017 consisted of $2.3 million of interest expense and amortization of
deferred costs, $1.6 million of base management fees, $1.1 million of
income incentive fees, $0.3 million of administration agreement expenses
and $0.8 million of general and administrative expenses. The Company’s
operating expenses were $22.1 million and $19.3 million for the nine
months ended September 30, 2018 and 2017, respectively.
For the third quarter of 2018, the Company recorded net investment
income of $10.0 million, or $0.46 per share, as compared to $4.4
million, or $0.27 per share for the third quarter of 2017. Higher
revenue in the third quarter of 2018, as compared to the third quarter
of 2017, was partially offset by an increase in income incentive fee.
Net investment income for the nine months ended September 30, 2018 was
$24.8 million, or $1.30 per share compared to $21.1 million, or $1.32
per share during the nine months ended September 30, 2017.
During the third quarter of 2018, the Company recorded $0.9 million, or
$0.04 per share, of net realized gains, compared to net realized gains
of $1.0 million, or $0.07 per share, for the third quarter of 2017. Net
unrealized depreciation for the third quarter of 2018 was $(5) thousand,
or $0.00 per share, mainly consisting of the reversal of previously
recognized unrealized gains into realized income offset by appreciation
on the investment portfolio. This compares to net unrealized
depreciation of $(0.6) million, or $(0.04) per share, for the third
quarter of 2017. The Company’s net realized and unrealized gains and
losses were $2.5 million and $(4.6) million for the nine months ended
September 30, 2018 and 2017, respectively.
The Company’s net increase in net assets resulting from operations for
the third quarter of 2018 was approximately $10.9 million, or $0.50 per
share, as compared to approximately $3.7 million, or $0.23 per share,
for the third quarter of 2017. For the nine months ended September 30,
2018, the Company’s net increase in net assets resulting from operations
was approximately $27.3 million, or $1.43 per share, as compared to a
$15.4 million, or $0.96 per share, for the nine months ended September
30, 2017.
CREDIT QUALITY
The Company maintains a credit watch list with borrowers placed into one
of five categories, with Clear, or 1, being the highest rating and Red,
or 5, being the lowest. All new loans are initially assigned a rating of
White, or 2. As of September 30, 2018, the weighted average investment
ranking of the Company’s debt investment portfolio was 2.09, as compared
to 1.92 at the end of the prior quarter. During the three months ended
September 30, 2018, portfolio company credit category changes consisted
of two portfolio companies removed from Clear (1) due to prepayments;
two portfolio companies upgraded from White (2) to Clear (1); two
portfolio companies added to White (2) due to new fundings; one
portfolio company removed from White (2) due to prepayment; and one
portfolio company downgraded from White (2) to Yellow (3). Additional
information regarding our credit rating methodology is detailed in our
Form 10-Q for the three months ended September 30, 2018.
The following table shows the credit rankings for the Company’s debt
investments at fair value as of September 30, 2018 and as of June 30,
2018.
|
|
As of September 30, 2018
|
|
|
As of June 30, 2018
|
Category
(dollars in thousands)
|
|
Fair Value
|
|
|
% of Debt Investment
Portfolio
|
|
|
# of Portfolio
Companies
|
|
|
Fair Value
|
|
|
% of Debt Investment
Portfolio
|
|
|
# of Portfolio
Companies
|
Clear (1)
|
|
$
|
39,512
|
|
|
|
12.2
|
|
%
|
|
5
|
|
|
$
|
96,618
|
|
|
|
25.7
|
|
%
|
|
5
|
White (2)
|
|
|
224,566
|
|
|
|
69.4
|
|
|
|
12
|
|
|
|
223,977
|
|
|
|
59.7
|
|
|
|
14
|
Yellow (3)
|
|
|
50,330
|
|
|
|
15.5
|
|
|
|
3
|
|
|
|
43,778
|
|
|
|
11.7
|
|
|
|
2
|
Orange (4)
|
|
|
9,399
|
|
|
|
2.9
|
|
|
|
2
|
|
|
|
10,866
|
|
|
|
2.9
|
|
|
|
2
|
Red (5)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
$
|
323,807
|
|
|
|
100.0
|
|
%
|
|
22
|
|
|
$
|
375,239
|
|
|
|
100.0
|
|
%
|
|
23
|
NET ASSET VALUE
As of September 30, 2018, the Company’s net assets were $336.0 million,
or $13.59 per share, as compared to $239.0 million, or $13.45 per share,
as of June 30, 2018.
LIQUIDITY AND CAPITAL RESOURCES
The Company raised $94.6 million of net proceeds from the issuance of
common stock in a public offering and a concurrent private placement
offering in August 2018. As of September 30, 2018, the Company had total
liquidity of $273.9 million, consisting of cash and short-term
investments of $63.9 million, and available capacity under its revolving
credit facility of $210.0 million, subject to existing advance rates,
terms and covenants.
DISTRIBUTION
The Company’s board of directors declared a quarterly distribution of
$0.36 per share for the fourth quarter of 2018 payable on December 14,
2018, to stockholders of record as of November 30, 2018.
SUBSEQUENT EVENTS
Since September 30, 2018:
-
The Company closed $65.0 million of additional debt commitments;
-
The Company funded $55.3 million in new investments; and
-
TPC’s direct originations platform entered into $86.0 million of
additional non-binding signed term sheets with venture growth stage
companies.
CONFERENCE CALL
The Company will host a conference call at 5:00 p.m. Eastern time today,
October 31, 2018, to discuss its financial results for the third quarter
ended September 30, 2018. To listen to the call, investors and analysts
should dial 1 (844) 826-3038 (domestic) or 1 (412) 317-5184
(international) and ask to join the TriplePoint Venture Growth BDC Corp.
call. Please dial in at least five minutes before the scheduled start
time. A replay of the call will be available through November 30, 2018,
by dialing 1 (877) 344-7529 (domestic) or 1 (412) 317-0088
(international) and entering conference ID10125480. The conference call
also will be available via a live audio webcast in the investor
relations section of the Company’s website, http://www.tpvg.com.
An online archive of the webcast will be available on the Company’s
website for 30 days after the call.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
The Company serves as the primary financing source for the venture
growth stage business segment of TriplePoint Capital LLC, the leading
global provider of financing across all stages of development to
technology, life sciences and other high growth companies backed by a
select group of venture capital firms. The Company’s investment
objective is to maximize its total return to stockholders primarily in
the form of current income and, to a lesser extent, capital appreciation
by primarily lending with warrants to venture growth stage companies.
The Company is an externally managed, closed-end, non-diversified
management investment company that has elected to be regulated as a
business development company under the Investment Company Act of 1940,
as amended. More information is available at http://www.tpvg.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute
forward-looking statements. Forward-looking statements are not
guarantees of future performance, condition or results and involve a
number of substantial risks and uncertainties, many of which are
difficult to predict and are generally beyond the Company's control.
Words such as "anticipates," "expects," "intends," "plans," "will,"
"may," "continue," "believes," "seeks," "estimates," "would," "could,"
"should," "targets," "projects," and variations of these words and
similar expressions are intended to identify forward-looking statements.
Actual results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those described
from time to time in the Company’s filings with the Securities and
Exchange Commission. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required
by law.
|
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
Assets
|
|
|
(unaudited)
|
|
|
|
|
|
Investments at fair value (amortized cost of $352,082 and $373,669,
respectively)
|
|
$
|
351,315
|
|
|
$
|
372,103
|
|
Short-term investments at fair value (cost of $69,866 and $124,909,
respectively)
|
|
|
69,866
|
|
|
|
124,909
|
|
Cash
|
|
|
13,277
|
|
|
|
4,484
|
|
Restricted cash
|
|
|
783
|
|
|
|
5,522
|
|
Deferred credit facility costs and other assets
|
|
|
3,640
|
|
|
|
3,266
|
|
Total assets
|
|
$
|
438,881
|
|
|
$
|
510,284
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Revolving credit facility payable
|
|
$
|
—
|
|
|
$
|
67,000
|
|
2022 Notes, net
|
|
|
72,816
|
|
|
|
72,433
|
|
Payable for U.S. Treasury bill assets
|
|
|
19,982
|
|
|
|
124,909
|
|
Other payables, accrued expenses, and liabilities
|
|
|
10,080
|
|
|
|
10,997
|
|
Total liabilities
|
|
$
|
102,878
|
|
|
$
|
275,339
|
|
|
|
|
|
|
|
|
|
|
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 (450,000 shares authorized;
24,727 and 17,730 shares issued and outstanding, respectively)
|
|
|
247
|
|
|
|
177
|
|
Paid-in capital in excess of par value
|
|
|
330,891
|
|
|
|
235,488
|
|
Undistributed net investment income
|
|
|
4,071
|
|
|
|
976
|
|
Accumulated net realized gains (losses)
|
|
|
1,557
|
|
|
|
(128
|
)
|
Accumulated net unrealized gains (losses) on investments
|
|
|
(763
|
)
|
|
|
(1,568
|
)
|
Total net assets
|
|
$
|
336,003
|
|
|
$
|
234,945
|
|
Total liabilities and net assets
|
|
$
|
438,881
|
|
|
$
|
510,284
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value per Share
|
|
$
|
13.59
|
|
|
$
|
13.25
|
|
|
|
|
|
|
|
|
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income from investments
|
|
$
|
16,969
|
|
|
$
|
10,310
|
|
|
$
|
44,995
|
|
|
$
|
39,061
|
|
Other income
|
|
|
709
|
|
|
|
109
|
|
|
|
1,854
|
|
|
|
1,344
|
|
Total investment and other income
|
|
|
17,678
|
|
|
|
10,419
|
|
|
|
46,849
|
|
|
|
40,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee
|
|
|
1,848
|
|
|
|
1,567
|
|
|
|
5,144
|
|
|
|
4,805
|
|
Income incentive fee
|
|
|
2,503
|
|
|
|
1,066
|
|
|
|
6,190
|
|
|
|
4,520
|
|
Capital gains incentive fee
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Interest expense and amortization of fees
|
|
|
2,141
|
|
|
|
2,306
|
|
|
|
7,191
|
|
|
|
6,861
|
|
Administration agreement expenses
|
|
|
456
|
|
|
|
346
|
|
|
|
1,308
|
|
|
|
1,058
|
|
General and administrative expenses
|
|
|
720
|
|
|
|
767
|
|
|
|
2,259
|
|
|
|
2,044
|
|
Total operating expenses
|
|
|
7,668
|
|
|
|
6,052
|
|
|
|
22,092
|
|
|
|
19,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
10,010
|
|
|
|
4,367
|
|
|
|
24,757
|
|
|
|
21,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized & Unrealized Gains (Losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) on investments
|
|
|
904
|
|
|
|
1,044
|
|
|
|
1,685
|
|
|
|
(2,351
|
)
|
Net change in unrealized gains (losses) on investments
|
|
|
(5
|
)
|
|
|
(620
|
)
|
|
|
805
|
|
|
|
(2,277
|
)
|
Net realized loss on extinguishment of debt
|
|
|
—
|
|
|
|
(1,112
|
)
|
|
|
—
|
|
|
|
(1,112
|
)
|
Net realized and unrealized gains (losses)
|
|
|
899
|
|
|
|
(688
|
)
|
|
|
2,490
|
|
|
|
(5,740
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
$
|
10,909
|
|
|
$
|
3,679
|
|
|
$
|
27,247
|
|
|
$
|
15,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net investment income per share
|
|
$
|
0.46
|
|
|
$
|
0.27
|
|
|
$
|
1.30
|
|
|
$
|
1.32
|
|
Basic and diluted net increase in net assets per share
|
|
$
|
0.50
|
|
|
$
|
0.23
|
|
|
$
|
1.43
|
|
|
$
|
0.96
|
|
Basic and diluted weighted average shares of common stock outstanding
|
|
|
21,641
|
|
|
|
16,023
|
|
|
|
19,056
|
|
|
|
16,001
|
|
|
|
|
|
|
|
|
Weighted Average Portfolio Yield On Debt Investments
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average portfolio yield on debt investments
|
|
|
19.3
|
%
|
|
|
15.4
|
%
|
|
|
16.8
|
%
|
|
|
17.4
|
%
|
Coupon income
|
|
|
10.7
|
%
|
|
|
10.4
|
%
|
|
|
10.7
|
%
|
|
|
10.4
|
%
|
Net amortization and accretion of premiums and discounts
|
|
|
1.1
|
%
|
|
|
0.9
|
%
|
|
|
1.0
|
%
|
|
|
0.7
|
%
|
Net accretion of end-of-term payments
|
|
|
2.2
|
%
|
|
|
2.2
|
%
|
|
|
2.1
|
%
|
|
|
1.9
|
%
|
Impact of prepayments
|
|
|
5.3
|
%
|
|
|
1.9
|
%
|
|
|
3.0
|
%
|
|
|
4.4
|
%
|
Weighted average portfolio yield on debt investments for periods shown
are the annualized rate of the interest income recognized during the
period divided by the average amortized cost of debt investments in the
portfolio at the beginning of each month in the period.
1 The Company’s weighted average annualized portfolio yield
on debt investments may be higher than an investor’s yield on an
investment in shares of its common stock. The weighted average
annualized portfolio yield on debt investments does not reflect
operating expenses that may be incurred by the Company. In addition, the
Company’s weighted average annualized portfolio yield on debt
investments disclosed above does not consider the effect of any sales
commissions or charges that may be incurred in connection with the sale
of shares of its common stock.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181031005753/en/
INVESTOR RELATIONS AND MEDIA CONTACT
Abernathy MacGregor
Group
Alan Oshiki, 212-371-5999
aho@abmac.com
Sheila
Ennis, 415-745-3294
sbe@abmac.com
Source: TriplePoint Venture Growth BDC Corp.