TriplePoint Venture Growth Q2 net investment income falls on higher interest costs
TPVG•Overview
- US venture lender's Q2 net investment income fell on higher interest expense and lower prepayment income
- Company announced $12.5 mln share repurchase program
- Declared Q3 regular and supplemental distributions totaling $0.35 per share
Result drivers
- Lower prepayment income and yields - Co said decrease in total investment and other income was mainly due to less prepayment income and lower investment yields, partly from decreases in the Prime rate
- Higher interest expense - Co attributed decline in net investment income to higher interest expense and less prepayment income
- Realized gains from Revolut sale - Co recognized net realized gains of $12.9 mln, mainly from partial sale of equity in Revolut Ltd and warrants in two portfolio companies
Outlook and distributions
- TriplePoint Venture Growth declares Q3 regular distribution of $0.23 per share
- Company declares supplemental distributions totaling $0.12 per share for Q3 and Q4
- Company says it continues diversification strategy in venture-growth-stage sectors
