Triplepoint Venture Growth BDC Corporation (NYSE:TPVG) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET

Company Participants

James Labe - Co-Founder, Chairman & CEO

Sajal Srivastava - Co-Founder, President, CIO, Secretary, Treasurer & Director

Christopher Mathieu - CFO

Conference Call Participants

Finian O’Shea - Wells Fargo Securities

Crispin Love - Piper Sandler & Co.

Christopher Nolan - Ladenburg Thalmann & Co.

Casey Alexander - Compass Point Research & Trading

Ryan Lynch - KBW

Vilas Abraham - UBS

Operator

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp. Third Quarter 2023 Earnings Conference Call. [Operator Instructions].

This conference is being recorded, and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website. Company management is pleased to share with you the company's results for the third quarter of 2023. Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Chris Mathieu, Chief Financial Officer.

Before I turn the call over to Mr. Labe, I'd like to direct your attention to the customary safe harbor disclosure in the company's press release regarding forward-looking statements and remind you that during this call, management will make certain statements that relate to future events or the company's future performance or financial condition, which are considered forward-looking statements under federal securities law. The company does not undertake any obligation to update any forward-looking statements or projections unless required by law.

Investors are cautioned not to place undue reliance on any forward-looking statements made during the call, which reflect management's opinions only as of today. To update copies of our latest SEC filings, please visit the company's website at www.tpvg.com.

Now I'd like to turn the conference over to Mr. Labe. Please go ahead, sir.

James Labe

Good afternoon, everyone, and welcome to TPVG's third quarter earnings call. Turning to the results for the quarter. Our focus continued to be on the priorities we believe will enable us to navigate through the current challenging markets. Specifically, our focus is maintaining our earnings power and our strong liquidity, managing the portfolio and positioning TPVG for the future.

Regarding our earnings power, TPVG generated net investment income, or NII, of $19.1 million during the quarter or $0.54 per share. We once again overearned the regular quarterly distribution of $0.40 per share. Since our IPO, we have provided shareholders cumulative distributions of $14.65 per share, and our focus remains on producing NII that covers the distribution over the long term. As of quarter's end, we have an estimated $1.03 per share of spillover income. TPVG also achieved a weighted average portfolio yield for the third quarter of 15.1%, benefiting from both prepayment income as well as the favorable interest rate increase during May and July.