TriplePoint Venture Growth BDC Corp. Files 2023 Annual Report

TL;DR

<b>TriplePoint Venture Growth BDC Corp. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

TriplePoint Venture Growth BDC Corp. (TPVG) filed a Annual Report (10-K) with the SEC on March 6, 2024. TriplePoint Venture Growth BDC Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Maryland (MD) and its fiscal year ends on December 31. Key addresses include 2755 Sand Hill Road, Suite 150, Menlo Park, CA 94025 for both business and mailing. The filing was made on March 6, 2024, under the 1934 Act with SEC file number 814-01044. The report covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking TriplePoint Venture Growth BDC Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, investment portfolio, and risk factors for the fiscal year 2023, which is crucial for investors to assess performance and future outlook. The detailed risk factors section highlights potential challenges such as economic downturns, market volatility, regulatory changes, and operational risks, which are essential for understanding the company's operating environment and potential headwinds.

Risk Assessment

Risk Level: medium — TriplePoint Venture Growth BDC Corp. shows moderate risk based on this filing. The company faces medium risk due to numerous identified risks including economic deterioration, market volatility, regulatory changes, and operational challenges, as detailed in the filing.

Analyst Insight

Investors should carefully review the detailed risk factors and financial statements in the 10-K to understand the potential impacts on TriplePoint Venture Growth BDC Corp.'s future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period)
• 2024-03-06 — Filing Date (The date the 10-K was filed with the SEC)
• 814-01044 — SEC File Number (The company's SEC file number)
• 463082016 — IRS Number (The company's IRS number)

Key Players & Entities

• TriplePoint Venture Growth BDC Corp. (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end
• 2024-03-06 (date) — Filing date
• 2755 Sand Hill Road (address) — Business and mailing address
• Menlo Park, CA (location) — City and state for business address
• 814-01044 (other) — SEC file number
• 1934 Act (regulation) — SEC Act under which the filing was made
• MD (state) — State of incorporation

FAQ

Risk Factors

• Risk Of Adverse Effects From Deterioration In The Economy And Financial Markets [high — market]: Deterioration in the economy and financial markets could adversely affect the company's business, financial condition, and results of operations.
• Risk Of Not Maintaining BDC Status [high — regulatory]: Failure to maintain status as a Business Development Company (BDC) could have material adverse effects.
• Risk Of Loss Of Adviser Access [medium — operational]: Loss of access to the company's investment adviser could materially and adversely affect its business.
• Risk Of Highly Competitive Market Environment [medium — market]: The market for investments is highly competitive, which could limit the company's investment opportunities.
• Risk Of Default Under The Credit Facility [medium — financial]: Default under the credit facility could lead to a material adverse effect on the company's financial condition.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share TPVG The New York Stock Excha
• $11.78 — ed on the closing price on that date of $11.78 on the New York Stock Exchange was $ 41
• $20 million — r or on an annualized run rate at least $20 million in revenues and a strong outlook for co

Filing Documents

• tpvg-20231231.htm (10-K) — 7136KB
• tpvg123123ex-211.htm (EX-21.1) — 3KB
• tpvg123123ex-231.htm (EX-23.1) — 3KB
• tpvg123123ex-311.htm (EX-31.1) — 8KB
• tpvg123123ex-312.htm (EX-31.2) — 8KB
• tpvg123123ex-321.htm (EX-32.1) — 5KB
• tpvg123123ex-322.htm (EX-32.2) — 4KB
• tpvg123123ex-971.htm (EX-97.1) — 36KB
• tpvg123123ex-991.htm (EX-99.1) — 4KB
• tpvg-20231231_g1.jpg (GRAPHIC) — 6KB
• tpvg-20231231_g2.jpg (GRAPHIC) — 81KB
• 0001580345-24-000005.txt (&nbsp;) — 23284KB
• tpvg-20231231.xsd (EX-101.SCH) — 120KB
• tpvg-20231231_cal.xml (EX-101.CAL) — 56KB
• tpvg-20231231_def.xml (EX-101.DEF) — 411KB
• tpvg-20231231_lab.xml (EX-101.LAB) — 949KB
• tpvg-20231231_pre.xml (EX-101.PRE) — 608KB
• tpvg-20231231_htm.xml (XML) — 5353KB

Risk Factors

Item 1A. Risk Factors 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 53

Cybersecurity

Item 1C. Cybersecurity 53

Properties

Item 2. Properties 54

Legal Proceedings

Item 3. Legal Proceedings 54

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 54 PART II

Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55

[ Reserved .]

Item 6. [ Reserved .] 57

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 58

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 76

Consolidated Financial Statements and Supplementary Data

Item 8. Consolidated Financial Statements and Supplementary Data 78

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 138

Controls and Procedures

Item 9A. Controls and Procedures 138

Other Information

Item 9B. Other Information 139

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 142 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 143

Executive Compensation

Item 11. Executive Compensation 143

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 143

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 143

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 143 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 144

Signatures

Signatures 147 PART I Except as otherwise indicated in this Annual Report on Form 10-K, the terms: "we," "us" and "our" refer to TriplePoint Venture Growth BDC Corp., a Maryland corporation, and its wholly owned subsidiaries; "Adviser" refers to TriplePoint Advisers LLC, a Delaware limited liability company, our investment adviser and a subsidiary of TPC; "Administrator" refers to TriplePoint Administrator LLC, a Delaware limited liability company, our administrator and a subsidiary of our Adviser; "Credit Facility" refers to our and our Financing Subsidiary's secured revolving credit facility with the lenders and agents party thereto from time to time and Deutsche Bank AG, New York Branch, as facility agent, as amended or otherwise modified from time to time; "TPC" and "TriplePoint Capital" refers to TriplePoint Capital LLC, a Delaware limited liability company; and "Financing Subsidiary" refers to TPVG Variable Funding Company LLC, a Delaware limited liability company and our wholly owned, bankruptcy remote special purpose subsidiary established for utilizing the Credit Facility.

Business

Item 1. Business Overview We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company, or "BDC," under the Investment Company Act of 1940, as amended, or the "1940 Act." We have also elected to be treated, and intend to qualify annually, as a regulated investment company, or "RIC," under Subchapter M of the Internal Revenue Code of 1986, as amended, or the "Code," for U.S. federal income tax purposes. We were formed as a Maryland corporation on June 28, 2013 to expand the venture growth stage business segment of TPC's investment platform. Our investment objective is to maximize our total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies focused in technology and other high growth industries backed by TPC's select group of leading venture capital investors. We commenced investment activities in March 2014, at which time we acquired our initial portfolio in order to expedite the ramp-up of our investment activities and further our ability to meet our investment objectives. On March 11, 2014, we completed our initial public offering and concurrent private placement. We originate and invest primarily in loans that have a secured collateral position and are generally used by venture growth stage companies to finance their continued expansion and growth, equipment financings and, on a select basis, revolving loans, together with, in many cases, attached equity "kickers" in the form of warrant investments, and direct equity investments to venture capital-backed companies. We underwrite our investments seeking an unlevered yield-to-maturity on our growth capital loans and equipment financings generally ranging from 10% to 18% and on our revolving loans generally ranging from 1% to 10% above the applicable prime rate, in each case, with potential for hig

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View this 10-K filing on SEC EDGAR