TriplePoint Venture Growth BDC Corp. Announces Special Distribution of $0.10 per Share
December 21 2020 - 5:06PM
Business Wire
SPECIAL DIVIDEND REFLECTS SIGNIFICANT
CAPITAL GAINS EARNED FROM WARRANT AND EQUITY PORTFOLIO
TOTAL DISTRIBUTIONS DECLARED IN 2020
INCREASES TO $1.54
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the
“Company,” “TPVG,” “we,” “us,” or “our”), the leading financing
provider to venture growth stage companies backed by a select group
of venture capital firms in the technology and other high growth
industries, today announced that its Board of Directors declared a
special distribution of $0.10 per share, payable on January 13,
2021, to shareholders of record at the close of business on
December 31, 2020. Shareholders have the option to receive the
distribution payment in cash or receive shares of common stock
pursuant to the Company’s dividend reinvestment plan.
During fiscal year 2020, the Company declared distributions of
$1.54 per share, bringing the total cumulative distributions
declared since its IPO to $10.06 per share. The special dividend
represents a portion of the Company’s estimated net capital gain
income earned during the fiscal year. The anticipated remaining
undistributed net capital gain income along with the Company’s
estimated undistributed taxable earnings from net investment
income, which was $10.0 million or $0.33 per share, as of September
30, 2020, will spill-over into 2021.
“We benefited from our warrant and equity portfolio in 2020,
generating significant capital gains for shareholders,” stated Jim
Labe, chairman and chief executive officer of the Company. “The
declaration of our third special distribution since our IPO
highlights the powerful warrant and equity investment components of
our returns and underscores TPVG’s differentiated business
model.”
“We are uniquely positioned to generate additional long-term
shareholder returns from our warrant and equity investments,”
stated Sajal Srivastava, president and chief investment officer of
the Company. “This complements our high yielding venture debt
portfolio, which has enabled TPVG to generate income in excess of
our distributions since our IPO on a cumulative basis and for the
past 4 years in a row.”
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
The Company was formed to expand the venture growth stage
business segment of TriplePoint Capital LLC, the leading global
provider of financing across all stages of development to
technology, life sciences and other high growth companies backed by
a select group of venture capital firms. 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 lending primarily with warrants to venture growth
stage companies. The Company 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, as amended.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking
statements,” which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future events, performance, condition or results and
involve a number of risks and uncertainties. Actual results and
conditions 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 SEC.
You should not place undue reliance on these forward-looking
statements. The Company undertakes no duty to update any
forward-looking statements made herein, whether as a result of new
information, future events or otherwise, except as may be required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201221005759/en/
The IGB Group Leon Berman 212-477-8438 lberman@igbir.com
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