Good afternoon, and welcome to TriplePoint Venture Growth Fourth Quarter 2017 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Andrew Olson, Chief Financial Officer. Please go ahead.

Thank you, operator, and thank you everyone for joining us today. We are pleased to share with you the results for our fourth quarter and fiscal year 2017. Here with me are Jim Labe, Chief Executive Officer and Chairman of the Board; and Sajal Srivastava, President and Chief Investment Officer. Before I turn the call over to Jim, I would like to direct your attention to the customary Safe Harbor disclosure in our press release regarding forward-looking statements, and remind you that during this call, we may make certain statements that relate to future events or the Company's future performance or financial condition, which may be considered forward-looking statements under Federal Securities Law. We ask that you refer to the most recent filings with the Securities and Exchange Commission for important factors that could cause actual results to differ materially from these statements. We do not undertake any obligations to update our forward-looking statements or projections unless required by law. To obtain copies of our latest SEC filings, please visit the Company's website at tpvg.com. And with that, I’ll turn it over to Jim.

Thanks Andrew, and good afternoon. We had another great quarter to finish off what was a record-setting year. I'm proud of several records that we achieved, as well as some momentum at quarter's end which has already resulted in a great start and a very strong 2018 underway. Specifically for the quarter, we had our second largest quarter for customer fundings. This was right behind the previous record quarter which was only 2 million higher. We funded $81 million of investments during the fourth quarter. This was bringing the year to a total of $240 million, almost 50% more than the previous year. With new debt financing commitments, we closed $65 million in the quarter bringing it to a total of $330 million for the entire year which was 15% above 2016. We signed $55 million of new term sheets last quarter. This brought it to $515 million for the entire year, again up significantly 60% more over the previous year, another yearly record. We also continue to diversify the portfolio adding 16 new companies across various technologies and sectors that was up 80% over 2016. Probably the most impressive to me is our weighted average portfolio yield for the year 16.4%. I am also pleased to highlight that last year once again it was another year that several of our portfolio companies became part of the higher profile exits that happened within the Venture Capital markets. This included the IPO of MongoDB and the acquisitions of Blue Bottle Coffee and SimpliVity among others. And this all followed nicely in the wake of the previous year's Jet.com, Nutanix, Dollar Shave Club other high profile exits we had the year before. To me this attest to the continued high quality of companies in the Venture Capital investors that we work with.…

Thank you, Jim and good afternoon everyone. During the fourth quarter we added 5 new companies to the portfolio bringing our total additions for the year to 60. New customers in the quarter included FabFitFun, an exciting and capital efficient women's lifestyle subscription service and Media Company backed by new enterprise associates and upfront ventures. Prodigy Finance, the financial technologies or Fintech as its known company which provides student loans to international students attending top-tier postgraduate programs. The company has raised over 340 million of equity capital and debt capital for Index Ventures, Balderton Capital and other. RetailNext, a company which enables retailers and manufacturers to collect, analyze and visualize data about in-store customer engagement and has raised more than 180 million for investors including August Capital, Qualcomm Ventures and others. Innovid, a video platform company that empowers advertisers to create, deliver and measure innovative video experiences on any device and media outlet and has raised more than 65 million from Sequoia Capital, Cisco, Deutsche Telekom and others. We also made an equity investment in GoEuro, a leading website for booking travel that compares and combines rail, air, buses and cars across Europe. GoEuro has raised more than 140 million from new enterprise associates Kleiner Perkins, Goldman Sachs, Atomico and Silver Lake Kraftwerk. During Q4 we funded more than $80 million of debt investments to seven companies, $1.3 million in equity investment to two companies and acquired warrants valued at $1 million in four companies. The new debt investments funding through the quarter had a weighted average portfolio yield of 14%. For the year, we funded $237 million to 21 companies and are particularly proud to have grown the investment portfolio in the second half of the year despite meaningful prepayment activity during the first half helping us reach the…

Thank you, Sajal. I'm pleased to report the fourth quarter and annual results. As discussed by Jim and Sajal, we had another strong quarter of investment funding to cap an outstanding year. We ended the quarter with long-term investments of $372 million up over $60 million or 20% from the prior quarter. At quarter end, we held 106 investments to 42 companies with the cost of $374 million. The company's debt portfolio ended in cost of $355 million and generated a weighted average portfolio yield of 13.6% including prepayments. Our core portfolio yield excluding the impact of prepayments and other activity was 13.5% or remains steady relative to the prior quarter. Given 65% of our debt investments carry floating rates, we feel we are very well-positioned in the event of rising interest rate environment. Our weighted average portfolio for the year ended December 31, 2017 was 16.4% inclusive of prepayments and 13.2% excluding the impact of prepaid and other activity. As Sajal mentioned, we anticipate our core yields to remain constant or maintain between 13% and 14% in 2018 as we continue to grow the portfolio. At year-end, our unfunded commitments totaled $100 million to 10 companies of which $18 million is depended upon the company's reaching milestones. Of the total commitment outstanding, $87 million will expire in 2018 and $13 million will expire in 2019 if not previously dropped. Turning to capital, we continue to be creative managers of our capital sources. We identify and execute opportunities which allow us to thoughtfully grow the capital base. This is evidenced by a private placement during the quarter and the expansion of our credit facility at post quarter end. At quarter end, we ended the quarter with $235 million of equity capital which includes the $23 million private placement which we…

Thanks again, Andrew. At this point, we’ll be happy to take your questions. Operator, can you please open up the line.

[Operator Instructions] Our first question comes from Jonathan Bock with Wells Fargo. Please go ahead.

Fin O'Shea in for Jonathan this afternoon. Thanks for taking our question. Just to kind of start out with some of the more broad level themes tying together, growing the portfolio and exemptive relief, can you kind of walk us through how just having more mouths to feed whether they be more flexible funds or similar direct lending funds, how this will help one of TriplePoint’s challenges which has been maintaining strong leverage?

Fin, this is Sajal, I’ll go first in answering Jim please join in. So I think the beauty of again the overall the TriplePoint platform is our ability to meet the strong and kind of insatiable demand of our high-quality sponsors and their portfolio companies. And so as we look to the benefits from JVs and exemptive relief and co-investing in other things that are in the works, I think it addresses a couple of issues which is diversification and so we know we have some great but lumpy positions. And so we think the benefit of that is not only from diversifying but also it actually gets us access to more capital under our credit lines because of concentrations. And so I think from a total leverage perspective I think shareholders should be happy given the strong pipeline and unfunded commitments that we have a near-term path to continue to grow and this just lets us allocate the larger transactions which clearly TPVG may miss out in general to the extent that we didn’t have the ability to allocate or put into with our partners or JV investments or co-invest.

And then on to - I heard you say diversification a couple of times or expansion, does this mean we'll see some new verticals versus what we're used to seeing here maybe something life-sci, med-tech et cetera or something else?

Again our strategy has been the same; we work with the best VCs and support their portfolio companies across all industry. So no change in the strategy and no change in terms of our approach. I do think again we are portfolio represents where these top tier VCs are investing which again is primarily technology, some life sciences or healthcare technology. But no change in strategy for either an industry or from a product perspective from us sticking with our venture debt and the yield profile and the structures that we’ve done in the past.

And just couple of more small ones on portfolio names. Is the Ring equity announced deal price above or materially above your latest mark?

They haven’t announced the specific number publicly, so I don’t think we’ll go ahead and disclose it today.

Our next question comes from Casey Alexander with Compass Point Research. Please go ahead.

Is it your anticipation that Ring will close before first quarter ends?

Casey they have not publicly disclosed what the timing is. All they have announced is that Amazon's agreed to acquire them. So I don't think we have any more information that we can share from…

All right. In this quarter was the Ring loans a category one or category two investment?

I believe Andrew it was category 2.

Correct.

So but so arguably in light of an acquisition by Amazon those would almost automatically move up to category one.

Correct. I mean the announcement was later in the quarter relatively close to…

For Q1 as opposed to this year.

So as we look at the credit profile, obviously we would upgrade those.

But maybe to your point Casey unlike HP, we should assume that this fund when they close we'd pay out the loans versus HP which assumes the SimpliVity leases.

And those are leases so maybe there is difference there in terms of structures that might make a difference, but I doubt Amazon is going to let 10% loans hang around in the portfolio. How if I understand what you're saying about the coinvestment privileges that you're saying, I mean is the diversification in the portfolio - greater diversification going to come from changing the loan sizes that are allocated to the TPVG portfolio or simply just increasing the size of the portfolio and thereby having more names but similar loan sizes?

Well I think it's all the above Casey. I think we benefit from the ability to get bigger but then I think it's also the ability to optimize transaction hold size for TPVG. And so it gives us multiple levers on a deal-by-deal, case-by-case basis at the point in time depending on where TPVG is out from a scale and funding perspective, it's really both.

I mean I think it's a fair question to ask if you know you're comfortable with some of the investment concentration that you do have in the portfolio of Ring which is obviously going to be a pleasant result at the end of the day, still does represent yield almost $3 a share in NAV. So I would love to hear your thoughts about your comfort level with concentration sizes like that?

Yes, again I think as we shared with you some perspective on our goal is not to originate, we’re not necessarily whale hunting that's not our business. We’re looking for high quality deals and based on the inside and our relationship with our VC sponsors, we find great opportunities and we restructure high return high quality deals with them regardless of size. And so I think as we look to the larger positions as I said earlier during my section, these are some of the best deals out there some very high profile companies again mentioned some of the more recent announcements and as you look from an LTV, from a risk return, I mean again very thoughtfully structured. So I would say we continue to be particularly thoughtful in sizes, in the structures and in pricing for our transactions.

I mean if my math is right assuming that there is a prepayment with Ring it would currently drive around $0.11 a share of accelerated income, mid income, so that's obviously a real positive. Let me ask you different question, the 1.7 fair value adjustments that came in this quarter. Obviously the K came out while the call was going on so it's a little tough to run through this quickly but can you put a pin in sort of the source of the $1.7 million in fair value unrealized depreciation?

Yes, I mean this is Andrew here I can kind of speak to a little bit. Primarily it was kind of a little bit of a mixed bag, I mean there were couple individual positions on the debt portfolio that you’ll see there was a slight mark on and then a couple other one. In equity portfolio, there was nothing in terms of a specific portfolio company issue per se. It was more of - as we reach at the end of each quarter we run our valuations, we tweak assumptions that may drive kind of some incremental mark-to- market on the portfolio as a whole.

As we said there are no changes to credit quality during the quarter only again additions into the category two and then the two removals.

And also while I totally understand that it wasn't necessarily your expectation given your results this year that the stock would end up around $11.80 a share. In the past at this level the company has exercised some discretion in terms of repurchasing shares. Would you consider doing that again at these kind of levels?

I said again that’s question for the Advisor and our Board to take. We’re not obviously happy as where the stock is but we also look at the fact that in just in Q4 our friends at Goldman Sachs purchased our shares at a nice premium as well. And so I think we balance the ridiculousness of where the stock trades versus the pipeline and the opportunity in the assets that we have out there to deploy the capital. And so, we’re just keep our head down continuing to be the - managers of capital for our stockholders and so all things are considered.

And to wrap this up, what was the change in the undrawn rates on the credit facility?

The undrawn rate went from 75, so it’s a Q1 of that but it went from 75 basis points to 50 basis points.

That's great, terrific. And…

And as we lever up the margin on the spread actually goes down as we lever up. So an incentive to lever up.

[Operator Instructions] Our next question comes from Christopher Nolan with Landenburg Thalmann. Please go ahead.

On the K GoGreen is that the conversion of KnCMiner?

Yes, that’s correct. During the quarter we received distribution about $2.8 million from the Trustee and then the remaining positions that we held in KnCMiner was converted from debt-to-equity to mirror it's all participation rights and GoGreenLight.

And do you have any credits on nonaccrual currently, I didn’t see any in the K?

No, not currently.

And then in your comments you mentioned just-in-time equity raises, I mean would that be in ATM or overnight what's the thinking there?

Again we’re very open minded, again we use the GSAM transaction example of - we raise that in Q4 and put the capital to work in Q4 as well. And so we're just cognizant of large equity raises and the impact of the stock and so we just want to again be mindful and thoughtful of how we raise capital and deploy it?

And when you raise capital, I mean what is the thinking in terms of - is the consideration primarily preventing that dilution at the benefit of getting EPS accretion down the line. What’s number one priority so it’s not diluting that?

Well remember we don't have shareholder approval to rate below net asset value. So we can’t destroy anything in the process because we hadn't asked for it like some others. And so our approach has always been we use the capital to support the strong demand for debt financing - high-yield debt financing from these quality venture-backed companies. And so that's historically and always motivated us from the capital raise side. I think there's a benefit though from capital raising to overall improving scale and size and obviously trading volume too. We have some great institutions that hold us and although there are large shareholders percentagewise, we’re tiny percentages of their overall fund sizes - they benefit from scale so that they can add something better than rounding here on their funds, but when I say fundamentally, it’s to support the great demand for high quality assets in the market.

And the final question and just following up on Casey's question of repurchases. Given that your average yield is roughly 13%, 14% where the stock is, I mean how do you view buying back here on stock relative to making investments in the portfolio?

Yes, I mean again I think the Board takes all factors into consideration. I think obviously we have some great shareholders on the institutional level in our top 40 shareholders, who all have given us their opinion as well. And so I think we take a long-term approach to our perspective on the stock price and our ability to deploy the capital and our use of capital. I mean the good news is we have line of sight for portfolio growth and again with some of the developments already for the year that have been announced, great things from a dividend perspective and dividend coverage perspective.

This concludes our question-and-answer session. I would like to turn the conference back over to Jim Labe for any closing remarks.

We'll close again by expressing my appreciation to everyone for your continued interest to listening to our excitement for the current year and also your support in TriplePoint Venture Growth. Thanks and we'll speak with you all again soon.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.