TriplePoint Venture Growth BDC Corp. (TPVG) reported a net increase in net assets resulting from operations of $32.0 million for the year ended December 31, 2024, compared to a net decrease of $39.8 million in 2023. This change reflects $54.5 million in net investment income in 2024, contrasted with $73.8 million in 2023, offset by net realized and unrealized losses of $22.5 million and $113.6 million, respectively. Total investment and other income decreased to $108.6 million in 2024 from $137.5 million in 2023, primarily due to a lower average principal amount outstanding on the debt investment portfolio. Total operating expenses decreased to $54.1 million in 2024 from $63.7 million in 2023.
The company's investment portfolio consisted of 300 investments in 109 companies as of December 31, 2024, including 128 debt investments (fair value: $560.1 million), 112 warrant investments (fair value: $39.9 million), and 60 direct equity and related investments (fair value: $76.2 million). In 2024, TPVG entered into debt commitments totaling $175.0 million, funded $135.1 million in debt investments, acquired $0.8 million in warrants, and made $0.7 million in direct equity investments. Debt investments funded in 2024 had a weighted average annualized portfolio yield of 14.1% at origination. The company received $170.6 million in principal prepayments, $8.5 million in early repayments, and $55.0 million in scheduled principal amortization during 2024.
Significant changes in portfolio composition occurred between 2023 and 2024. The number of debt investments decreased from 151 to 128, while warrant investments remained relatively stable at 111 and 112, respectively. Direct equity and related investments also saw a slight decrease from 59 to 60. The weighted average loan-to-enterprise value ratio at underwriting for debt investments was 7.8% in 2024 and 7.9% in 2023. As of December 31, 2024, the company had investments in four portfolio companies on non-accrual status, with an aggregate fair value of $20.6 million.
TPVG's financial performance is subject to various risks, including interest rate fluctuations, changes in the capital markets, and the performance of its portfolio companies. The company uses leverage to finance investments, and its net investment income depends on the difference between its investment and borrowing rates. The company's investments are concentrated in technology and other high-growth industries, exposing it to sector-specific risks. The company's outlook includes continued efforts to originate new loans and investments, manage its portfolio, and maintain its qualification as a RIC and a BDC. The company also notes the potential for volatility in quarterly operating results and the impact of global economic and political conditions. On February 25, 2025, the Board declared a $0.30 per share regular quarterly dividend. The company also issued $50 million in senior unsecured notes due February 2028.
About TriplePoint Venture Growth BDC Corp.
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