Declares Third Quarter 2016 Distribution of $0.36 Per Share
MENLO PARK, Calif.--(BUSINESS WIRE)--
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company” or
"TPVG"), 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 second quarter of 2016. TPVG
also declared a third quarter 2016 distribution of $0.36 per share.
Second Quarter 2016 Highlights:
-
GAAP net investment income and core net investment income1
of $5.0 million ($0.30 per share).
-
$35.0 million of signed term sheets; closed $35.0 million of new debt
commitments to venture growth stage companies.
-
Funded $22.4 million in new investments with a 14.8% weighted average
annualized portfolio yield, with approximately 70% of investment
funding occurring in the last week of June.
-
Total investment portfolio at June 30, 2016 of $299.6 million at fair
value, includes 36 warrant and equity investments with $12.8 million
of fair value.
-
13.2% weighted average annualized portfolio yield on debt investments
for the second quarter.
-
Declared a second quarter distribution of $0.36 per share, paid on
June 16, 2016.
-
Repurchased 190,242 shares during the second quarter representing $2.0
million including commissions.
-
Net asset value of $211.8 million, or $13.05 per share, as of June 30,
2016.
-
Subsequent to end of the second quarter, the Company submitted its
management assessment questionnaire and supporting documentation as
part of the Small Business Investment Company (“SBIC”) program
application process.2
“Our brand and reputation are the deciding factors when venture growth
stage companies seek financing,” said Jim Labe, Chairman and Chief
Executive Officer of TPVG. “We are focused on building the TPVG
franchise and working closely with our select venture capital investors
to structure attractive financing solutions for leading venture growth
stage companies.”
“We continue to see quality venture growth stage lending opportunities
to add to our pipeline,” said Sajal Srivastava, president and chief
investment officer of the Company. “We will maintain our discipline
while growing our portfolio, increase our use of leverage, and deliver
attractive risk-adjusted returns to our stockholders.”
Portfolio and Investment Activity
During the second quarter of 2016, the Company entered into $35.0
million of new commitments, funded five loans and one equipment lease
totaling $22.4 million in principal balance, and acquired warrants
valued at $0.7 million. All of the investment funding for the second
quarter occurred in June with 70% occurring during the last week of the
month. The new investments funded during the quarter had a 14.8%
weighted average annualized portfolio yield. The Company’s weighted
average annualized portfolio yield on debt investments for the second
quarter was 13.2% due to the absence of prepayments as well as
reductions on the yield of loans associated with Virtual Instruments in
conjunction with its acquisition. 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.3
As of June 30, 2016, the Company had 88 investments in 33 companies, and
the total cost and fair value of these investments were $301.2 million
and $299.6 million, respectively. Total portfolio investment activity as
of and for the three and six months ended June 30, 2016 and 2015 was as
follows:
|
|
|
|
|
For the Three Months Ended June 30,
|
|
|
For the Six Months Ended June 30,
|
|
|
(dollars in thousands)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
Beginning portfolio at fair value
|
|
$
|
282,757
|
|
|
$
|
251,714
|
|
|
$
|
271,717
|
|
|
$
|
257,971
|
|
|
New debt investments
|
|
|
21,910
|
|
|
|
7,300
|
|
|
|
77,273
|
|
|
|
16,909
|
|
|
Principal payments received on investments
|
|
|
(1,504
|
)
|
|
|
(5,895
|
)
|
|
|
(4,125
|
)
|
|
|
(11,634
|
)
|
|
Early pay-offs
|
|
|
(1,298
|
)
|
|
|
(46,881
|
)
|
|
|
(31,115
|
)
|
|
|
(56,881
|
)
|
|
Accretion of debt investment fees
|
|
|
1,730
|
|
|
|
168
|
|
|
|
2,525
|
|
|
|
2,101
|
|
|
New warrants
|
|
|
683
|
|
|
|
595
|
|
|
|
1,343
|
|
|
|
494
|
|
|
New equity investments
|
|
|
—
|
|
|
|
500
|
|
|
|
—
|
|
|
|
750
|
|
|
Payment-in-kind coupon
|
|
|
328
|
|
|
|
—
|
|
|
|
968
|
|
|
|
—
|
|
|
Net realized losses on investments
|
|
|
(21,336
|
)
|
|
|
—
|
|
|
|
(21,987
|
)
|
|
|
(317
|
)
|
|
Net unrealized losses on investments
|
|
|
16,379
|
|
|
|
753
|
|
|
|
3,050
|
|
|
|
(1,139
|
)
|
|
Ending portfolio at fair value
|
|
|
299,649
|
|
|
|
208,254
|
|
|
|
299,649
|
|
|
|
208,254
|
|
|
|
Unfunded Commitments
As of June 30, 2016, the Company’s unfunded commitments totaled $164.5
million, $100.0 million of which is dependent upon customers reaching
certain milestones before being permitted to request funding. Of the
$164.5 million of unfunded commitments, $75.5 million will expire during
2016 and $89.0 million will expire during 2017 if not drawn prior to
expiration. Since these commitments may expire without being drawn upon,
unfunded commitments do not necessarily represent future cash
requirements or future earning assets for the Company.
Signed Term Sheets
During the second quarter of 2016, TriplePoint Capital LLC (“TPC”)
entered into $35.0 million of non-binding term sheets to venture growth
stage companies. All of these opportunities are subject to a number of
conditions including 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.
Results of Operations
For the second quarter of 2016, the Company’s total investment and other
income was $9.4 million as compared to $11.6 million for the second
quarter of 2015, representing a weighted average annualized portfolio
yield on its debt investments of 13.2% during the second quarter of 2016
as compared to 17.9% for the second quarter of 2015. For the six months
ended June 30, 2016, the Company’s total investment and other income was
$20.5 million, representing a weighted average annualized portfolio
yield on its debt investments of 14.4% as compared to $21.4 million and
a weighted average annualized portfolio yield on its debt investments of
16.2% for the six months ended June 30, 2015.
Operating expenses for the second quarter of 2016 were $4.4 million as
compared to $5.3 million for the second quarter of 2015. Operating
expenses for the second quarter of 2016 consisted of $1.9 million of
interest expense and amortization of deferred credit facility costs,
$1.3 million of base management fees, $0.4 million of administration
agreement expenses and $0.8 million of general and administrative
expenses. Due to the total return requirement under the investment
income component of the Company’s advisory fee, the Company did not pay
any incentive fees in the second quarter of 2016. The Company’s
operating expenses were $8.8 million and $10.2 million for the six
months ended June 30, 2016 and 2015, respectively.
For the second quarter of 2016, the Company recorded net investment
income and core net investment income4 of $5.0 million, or
$0.30 per share, as compared to $6.3 million, or $0.38 per share for the
second quarter of 2015. These per share calculations are based on the
average number of Company’s shares of common stock outstanding during
the respective periods and include the impact of the Company’s common
stock equity offering and share repurchases. The Company believes an
important measure of the investment income that the Company distributes
each year is core net investment income, since capital gains incentive
fees are accrued based on net realized and unrealized gains but are not
earned until net realized gains occur. The Company’s net investment
income and core net investment income was $11.7 million, or $0.72 per
share during the six months ended June 30, 2016. This compares to $11.2
million of net investment income and $11.0 million of core net
investment income during the six months ended June 30, 2015.
For the second quarter of 2016, the Company recorded net realized and
unrealized losses of $5.0 million, or $0.30 per share, as compared to
net realized and unrealized gains of $0.8 million, or $0.05 per share,
for the second quarter of 2015. Realized losses on investments for the
second quarter of 2016 consisted of $20.5 million net realized losses on
debt investments to two portfolio companies that were on the Company’s
credit watch list, HouseTrip Ltd. credit rated Red (5) and Intermodal
Data, Inc. credit rated Orange (4), and $0.8 million on warrant
investments to four portfolio companies. $5.8 million of the net
realized loss associated with Intermodal Data, Inc. was not previously
recognized as an unrealized loss. Net change in unrealized gains on
investments for the second quarter of 2016 consisted of the reversal of
$14.7 million of unrealized losses related to HouseTrip Ltd. and
Intermodal Data, Inc., $0.9 million of net unrealized gains on other
debt investments, $0.6 million net unrealized gains on warrant
investments and $0.2 million net unrealized gains on equity investments.
The Company’s net increase in net assets resulting from operations for
the second quarter of 2016 was approximately $3 thousand, or $0.00 per
share, as compared to a net increase of $7.0 million, or $0.43 per
share, for the second quarter of 2015. For the six months ended June 30,
2016, the Company’s net decrease in net assets resulting from operations
was approximately $7.3 million, or $0.45 per share, as compared to $9.8
million of net increase in net assets, or $0.73 per share, for the six
months ended June 30, 2015.
1 Core net investment income is a non-GAAP measure and is
provided in addition to, but not as a substitute for, net investment
income. Core net investment income represents net investment income
excluding the Company’s capital gains incentive fee. See additional
information under “Reconciliation of Core Net Investment Income” below.
2 There is no assurance that our application for an SBIC
license will be approved, or that, if approved, we will be able to draw
up to the maximum amount of leverage funds available under the SBIC
program.
3 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.
4 Core net investment income is a non-GAAP measure and is
provided in addition to, but not as a substitute for, net investment
income. Core net investment income represents net investment income
excluding the Company’s capital gains incentive fee. See additional
information under “Reconciliation of Core Net Investment Income” below.
Credit Quality
The Company maintains a credit watch list with borrowers placed into one
of five categories based on management’s judgment of credit quality,
where Clear, or 1, is the highest rating and all new loans are initially
assigned a rating of White, or 2. As of June 30, 2016, the weighted
average investment ranking of the Company’s debt investment portfolio
was 2.06 as compared to 2.09 at the end of the prior quarter. Additional
information regarding our credit rating methodology is detailed in our
Form 10-Q for the period ended June 30, 2016.
The following table shows the credit rankings for the Company’s debt
investments at fair value as of June 30, 2016 and as of March 31, 2016.
|
|
|
|
|
|
|
|
|
|
As of June 30, 2016
|
|
|
As of March 31, 2016
|
|
(dollars in thousands)
Category
|
|
Fair Value
|
|
|
Percentage of Debt
Investment Portfolio
|
|
|
|
Number of Portfolio
Companies
|
|
|
Fair Value
|
|
|
Percentage of Debt
Investment Portfolio
|
|
|
|
Number of Portfolio
Companies
|
|
Clear (1)
|
|
$
|
40,140
|
|
|
|
14.0
|
|
%
|
|
|
2
|
|
|
$
|
69,045
|
|
|
|
25.5
|
|
%
|
|
|
2
|
|
White (2)
|
|
|
205,323
|
|
|
|
71.6
|
|
|
|
|
13
|
|
|
|
152,770
|
|
|
|
56.5
|
|
|
|
|
12
|
|
Yellow (3)
|
|
|
26,345
|
|
|
|
9.2
|
|
|
|
|
1
|
|
|
|
6,165
|
|
|
|
2.3
|
|
|
|
|
1
|
|
Orange (4)
|
|
|
15,008
|
|
|
|
5.2
|
|
|
|
|
2
|
|
|
|
41,427
|
|
|
|
15.3
|
|
|
|
|
3
|
|
Red (5)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
1,173
|
|
|
|
0.4
|
|
|
|
|
1
|
|
|
|
$
|
286,816
|
|
|
|
100.0
|
|
%
|
|
|
18
|
|
|
$
|
270,580
|
|
|
|
100.0
|
|
%
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
As of June 30, 2016, the Company’s net assets were $211.8 million, or
$13.05 per share, compared to $218.5 million, or $13.40 per share, as of
March 31, 2016.
Share Repurchase Program
As part of the Company’s $25 million share repurchase program approved
in October 2015, during the quarter ended June 30, 2016, 190,242 shares
were repurchased at a weighted average price of $10.52, including
commissions, with a total cost of approximately $2.0 million, bringing
total repurchases to 656,462 shares representing $7.6 million including
commissions.
Liquidity and Capital Resources
As of June 30, 2016, the Company had total cash of $20.1 million, with
available capacity of $147.0 million under its revolving credit
facility. As of June 30, 2016, the Company had cash equivalents of $70.0
million in face value, consisting of short-term investments of U.S.
Treasury bills that the Company sold on July 5, 2016.
Distribution
The Company’s board of directors declared a quarterly distribution of
$0.36 per share for the third quarter of 2016 payable on September 16,
2016, to stockholders of record as of August 31, 2016.
Subsequent Events
Since June 30, 2016:
-
The Company closed $15.0 million of additional debt commitments.
-
The Company funded $5.2 million in new investments.
-
TriplePoint Capital’s direct originations platform entered into $27.0
million of additional non-binding signed term sheets with venture
growth stage companies.
-
Dollar Shave Club announced its acquisition by Unilever for $1
billion, which is expected to result in an approximately $725,000 of
realized gains and fees for the Company.
-
Walmart announced it agreed to acquire Jet.com for $3 billion of cash
and $300 million of Walmart shares. Any realized gains and fees earned
by the Company will be determined once further details are known.
Conference Call
The Company will host a conference call at 5:00 p.m. Eastern time today,
August 8, 2016, to discuss its financial results for the quarter ended
June 30, 2016. To listen to the call, investors and analysts should dial
1 (866) 652-5200 (domestic) or 1 (412) 317-6060 (international) and ask
to join the TriplePoint Venture Growth call. Please dial in at least
five minutes before the scheduled start time. A replay of the call will
be available through August 22, 2016, by dialing 1 (877) 344-7529
(domestic) or 1 (412) 317-0088 (international) and entering conference
ID 10091065. 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.
TriplePoint Venture Growth BDC Corp., 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, 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.
It was formed to expand the venture growth stage business segment of
TriplePoint Capital LLC. 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
focused in technology, life sciences and other high growth industries
backed by a select group of leading venture capital investors. 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
|
|
(unaudited)
|
|
(dollars in thousands, except share data)
|
|
|
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Investments at fair value (amortized cost of $301,235 and $276,352,
respectively)
|
|
$
|
299,649
|
|
|
$
|
271,717
|
|
|
Short-term investments at fair value (cost of $69,886 and $69,998,
respectively)
|
|
|
69,881
|
|
|
|
69,995
|
|
|
Cash
|
|
|
16,854
|
|
|
|
32,451
|
|
|
Restricted cash
|
|
|
3,280
|
|
|
|
6,028
|
|
|
Deferred credit facility costs and other assets
|
|
|
4,502
|
|
|
|
2,132
|
|
|
Total Assets
|
|
|
394,166
|
|
|
|
382,323
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Revolving credit facility payable
|
|
|
53,000
|
|
|
|
18,000
|
|
|
2020 Notes, net
|
|
|
53,099
|
|
|
|
52,910
|
|
|
Payable for U.S. Treasury bill assets
|
|
|
69,886
|
|
|
|
69,998
|
|
|
Other payables, accrued expenses, and liabilities
|
|
|
6,374
|
|
|
|
9,769
|
|
|
Total Liabilities
|
|
|
182,359
|
|
|
|
150,677
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
211,807
|
|
|
$
|
231,646
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value $0.01 per share (50,000,000 shares
authorized; no shares issued and outstanding as of June 30, 2016 and
December 31, 2015)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Common stock, par value $0.01 per share (450,000,000 shares
authorized; 16,226,772 and 16,302,036 shares issued and outstanding
as of June 30, 2016 and December 31, 2015, respectively)
|
|
|
162
|
|
|
|
163
|
|
|
Paid-in capital in excess of par value
|
|
|
234,347
|
|
|
|
235,205
|
|
|
Net investment income
|
|
|
46,453
|
|
|
|
34,767
|
|
|
Accumulated net realized losses on investments
|
|
|
(22,304
|
)
|
|
|
(317
|
)
|
|
Accumulated net unrealized losses on investments
|
|
|
(1,591
|
)
|
|
|
(4,638
|
)
|
|
Distributions
|
|
|
(45,260
|
)
|
|
|
(33,534
|
)
|
|
Net Assets
|
|
$
|
211,807
|
|
|
$
|
231,646
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value per Share
|
|
$
|
13.05
|
|
|
$
|
14.21
|
|
|
|
|
TRIPLEPOINT VENTURE GROWTH BDC CORP
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(dollars in thousands, except share data)
|
|
|
|
|
|
For the Three Months Ended June 30,
|
|
|
For the Six Months Ended June 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income from investments
|
|
$
|
9,282
|
|
|
$
|
10,487
|
|
|
$
|
20,007
|
|
|
$
|
19,648
|
|
|
Other income
|
|
|
123
|
|
|
|
1,119
|
|
|
|
477
|
|
|
|
1,766
|
|
|
Total investment and other income
|
|
|
9,405
|
|
|
|
11,606
|
|
|
|
20,484
|
|
|
|
21,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee
|
|
|
1,335
|
|
|
|
1,404
|
|
|
|
2,700
|
|
|
|
2,563
|
|
|
Income incentive fee
|
|
|
—
|
|
|
|
1,575
|
|
|
|
—
|
|
|
|
2,737
|
|
|
Capital gains incentive fee
|
|
|
—
|
|
|
|
6
|
|
|
|
—
|
|
|
|
(290
|
)
|
|
Interest expense and amortization of fees
|
|
|
1,903
|
|
|
|
1,194
|
|
|
|
3,697
|
|
|
|
2,838
|
|
|
Administration agreement expenses
|
|
|
398
|
|
|
|
406
|
|
|
|
795
|
|
|
|
777
|
|
|
General and administrative expenses
|
|
|
811
|
|
|
|
726
|
|
|
|
1,606
|
|
|
|
1,549
|
|
|
Total Operating Expenses
|
|
|
4,447
|
|
|
|
5,311
|
|
|
|
8,798
|
|
|
|
10,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
4,958
|
|
|
|
6,295
|
|
|
|
11,686
|
|
|
|
11,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized losses on investments
|
|
|
(21,336
|
)
|
|
|
—
|
|
|
|
(21,987
|
)
|
|
|
(317
|
)
|
|
Net change in unrealized gains (losses) on investments
|
|
|
16,381
|
|
|
|
753
|
|
|
|
3,047
|
|
|
|
(1,136
|
)
|
|
Net realized and unrealized gains (losses) on investments
|
|
|
(4,955
|
)
|
|
|
753
|
|
|
|
(18,940
|
)
|
|
|
(1,453
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
$
|
3
|
|
|
$
|
7,048
|
|
|
$
|
(7,254
|
)
|
|
$
|
9,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net investment income per share
|
|
$
|
0.30
|
|
|
$
|
0.38
|
|
|
$
|
0.72
|
|
|
$
|
0.84
|
|
|
Basic and diluted net increase (decrease) in net assets per share
|
|
*
|
|
|
$
|
0.43
|
|
|
$
|
(0.45
|
)
|
|
$
|
0.73
|
|
|
Basic and diluted weighted average shares of common stock outstanding
|
|
|
16,288,544
|
|
|
|
16,569,406
|
|
|
|
16,295,290
|
|
|
|
13,444,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Less than $.005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE PORTFOLIO YIELD ON DEBT INVESTMENTS
|
|
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average portfolio yield on debt investments (1)
|
|
|
13.2
|
%
|
|
|
17.9
|
%
|
|
14.4
|
%
|
|
16.2
|
%
|
|
Coupon income (1)
|
|
|
10.1
|
%
|
|
|
10.6
|
%
|
|
10.3
|
%
|
|
10.8
|
%
|
|
Net amortization and accretion of premiums and discounts (1)
|
|
|
0.8
|
%
|
|
|
0.6
|
%
|
|
0.8
|
%
|
|
0.6
|
%
|
|
Net accretion of end-of-term payments (1)
|
|
|
2.3
|
%
|
|
|
3.1
|
%
|
|
2.6
|
%
|
|
3.0
|
%
|
|
Impact of prepayments (1)
|
|
|
0.0
|
%
|
|
|
3.6
|
%
|
|
0.7
|
%
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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.
|
|
|
|
RECONCILIATION OF CORE NET INVESTMENT INCOME
|
|
(dollars in thousands, except share data)
|
|
|
|
Net Investment Income and Core Net Investment Income
|
|
For the Three Months Ended June 30,
|
|
|
|
For the Six Months Ended June 30,
|
|
|
(dollars in thousands, except per share amounts)
|
|
2016
|
|
2015
|
|
|
|
2016
|
|
2015
|
|
|
Net Investment Income
|
|
$
|
4,958
|
|
$
|
6,295
|
|
|
|
$
|
11,686
|
|
$
|
11,240
|
|
|
Capital gains incentive fee
|
|
|
—
|
|
|
6
|
|
|
|
|
—
|
|
|
(290
|
)
|
|
Core Net Investment Income
|
|
$
|
4,958
|
|
$
|
6,301
|
|
|
|
$
|
11,686
|
|
$
|
10,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income per Share
|
|
$
|
0.30
|
|
$
|
0.38
|
|
|
|
$
|
0.72
|
|
$
|
0.84
|
|
|
Capital gains incentive fee per share
|
|
$
|
—
|
|
*
|
|
|
|
|
—
|
|
|
(0.03
|
)
|
|
Core Net Investment Income per Share
|
|
$
|
0.30
|
|
$
|
0.38
|
|
|
|
$
|
0.72
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Less than $.005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three and six months ended June 30, 2016, the Company had no
accrued capital gains incentive fee and for the three and six months
ended June 30, 2015, the Company recorded accrued capital gains
incentive fee of $6 thousand and a reversal of $0.3 million,
respectively. The capital gains incentive fee accrual, as reported under
generally accepted accounting principles, is calculated on the basis of
net realized and unrealized gains and losses at the end of each
applicable calendar year.
The actual capital gains incentive fee payable to the Company’s
investment adviser is calculated and paid as of the end of each calendar
year and is only based on net realized gains, if any, offset by gross
unrealized depreciation for the calendar year. No effect is given to
gross unrealized appreciation in this calculation.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160808006150/en/
Source: TriplePoint Venture Growth BDC Corp.