Good afternoon ladies and gentlemen and welcome to the TriplePoint Venture Growth BDC Fourth Quarter 2020 Earnings Conference Call. At this time, all lines have been placed in a listen-only mode. After the speakers’ prepared remarks, there will be an opportunity to ask questions and instructions will follow at that time. This conference call is being recorded and a replay of the call will be available and an audio webcast on the TriplePoint Venture Growth BDC website. Company management is pleased to share with you the company’s results for the fourth quarter and full fiscal year 2020. Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Chris Mathieu, Chief Financial Officer. Before I turn the call over to Mr. Labe, I would like to direct your attention to the customary Safe Harbor disclosure in the company’s release regarding forward-looking statements and remind you that during this call, management may make certain statements that relate to future events or the company’s future performance or financial condition, which are considered forward-looking statements under federal securities law. You’re asked to refer to the company’s most recent filing with the Securities and Exchange Commission for important factors that could cause actual results to differ materially from these statements. The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call, which reflect management’s opinions only as of today. To obtain copies of our latest SEC filings, please visit the company’s website at www.tpvg.com. Now, I would like to turn the call over to Mr. Labe.

Thank you, operator. Good afternoon and thanks for joining us for our fourth quarter and year end 2020 earnings call. 2020 was clearly an unprecedented year and we would like to acknowledge our dedicated professionals for their unrelenting commitment last year, as well as take this opportunity to thank our venture capital partners and entrepreneurs for their ongoing support and collaboration, which remains a core differentiator for us and also a critical driver in our success. Before we review the quarter and talk about 2020, I'd like to mention that the TriplePoint team is off to the races in a big way in 2021 already. This past Monday, we closed $200 million in our private notes offering; in January, we upsize our revolving credit facilities and we continue to see liquidity events in the portfolio this year. The pipeline and deals under evaluation are also continuing to grow significantly and our strategic financing expansion plans are underway. This is the power of the TriplePoint platform at work and we are demonstrating our experience in leadership in the venture lending market bar none. The great start to this year is all part of the continuing story coming off a very successful 2020. The strong results in 2020, in fact, amid the global pandemic, highlights further our unique TriplePoint Venture lending platform, the quality and resilience of our portfolio, and our long standing relationships with our select venture capital investors. We're pleased with the performance of the portfolio and the significant progress we have made advancing our playbook quarter-by-quarter for all of last year, including deploying capital strategically and taking steps to position TPVG for growth. While Chris and Sajal will go into greater detail in the quarter and years end result, I wanted to share just a few of the key…

Thank you, Jim and good afternoon. As we look back to 2020, we were pleased with our performance during a very challenging period of time. Our outperformance on so many fronts was a direct result of the more than 21-year track record that Jim and I have together. The playbook we put together in response to the pandemic, having been through periods of significant volatility together before, the quality and perseverance of our team and equally important, being sponsored by a well-established highly regarded and proven global investment platform, TriplePoint Capital. Our playbook for 2020 was to take a quarter-by-quarter approach and in Q1, despite coming off a particularly strong 2019, we took actions to set TPVG up to weather the storm and further sharpened our focus on our team, our portfolio companies, and our venture capital relationships, as well as strategically raised equity and our first investment-grade debt offering to give us significant liquidity. In Q2, investors really began to see the benefit of our differentiated venture growth stage lending approach, our resilient portfolio, and in particular, the benefit of our sponsor relationship, whereby our platform stepped up with a $50 million backstop facility to provide a supportive TPVG and enhance our financial strength. While TPVG never needed to use the facility, we appreciated the commitment during a volatile period. Q3 was generally consistent with Q2, but based on feedback from our venture capital partners, activity of our investment team and continued real-time strategic planning, we began to see -- we began to shift to offence again, so to speak. The strategy paid off in Q4 with a strong finish for 2020 that has set us up for success and growth here in 2021. In every quarter of 2020, we generated income in excess of our distribution and increased…

Great. Thanks Sajal and hello everybody. Before I get into the quarterly figures, I'd like to again highlight just a few of the milestones reached for the year 2020 as we ended the year on a strong note. For the full year 2020, we had a record high total investment income of $91.2 million and a record high NII of $47.9 million. We enhanced our overall liquidity on both sides of the balance sheet, diversified the portfolio, fully covered our quarterly distributions, and increased spillover income even after the declaration of a special dividend. Let me take you through an update on the financial results for the fourth quarter and full year 2020. Total investment income was $23 million for the fourth quarter of 2020 or increase of 10% as compared to $21 million for the fourth quarter of 2019. Total investment income was $91 million for the full year 2020 or an increase of 24% as compared to $73 million in 2019. Totaling -- total operating expenses were $11.5 million for the fourth quarter of 2020 as compared to $10 million for the fourth quarter of 2019. Total operating expenses for the full year 2020 were $43.3 million as compared to $35.1 million for the full year of 2019. The increase here on overall operating expenses is primarily driven by an increase in the asset base. Net investment income for the fourth quarter was $11.9 million or $0.39 per share, compared to $11.1 million or $0.45 per share in the fourth quarter of 2019. Net investment income for the full year of 2020 was $47.9 million or $1.57 per share compared to $83 million or $1.54 per share for the full year of 2019. NII per share for the quarter and for the year was impacted by a higher…

And we will now begin the question-and-answer session. [Operator Instructions] First question today will come from Devin Ryan with JMP Securities. Please go ahead.

All right, great. Good afternoon, everyone.

Hi Devin.

So, really appreciate all the outlook commentary, but I want to dig in a little bit more on the portfolio and leverage levels right now is still well below the target of one times. And so you've got a lot of capacity and appreciate some of the commentary on investment expectation. But how are you thinking about kind of overall portfolio growth or the potential for that in 2021 just given some of the commentary kind of on the pre-payment side and maybe a little bit elevated exit activity, kind of, how that all plays through? And then tied into that kind of the impact or how we should be thinking about portfolio yield with that?

Great. I'll start and then Chris and Jim, please jump in. So, Devin, I think we definitely have line of sight on portfolio growth this year. Obviously, we want to be balanced since we're focused on quality and return thresholds and things of that nature. But given the pipeline that we have term sheets outstanding, plus the unfunded commitments that we have or backlog coming into this year, we feel pretty confident in terms of our ability to grow the investment portfolio. And so we view using both the term debt offering as well as our revolver as the primary sources of portfolio growth and then we'll take it from there as we see portfolio, amortization and pre-pays. We -- as mentioned in my write-up, we do have some thoughts on how we can keep those high quality assets from those companies that raise huge rounds of financing to not pre-pay us and have some thoughts to help mitigate. It's a balance situation of wanting to get pre-pays to get your capital back as a lender and get that accelerated income. But at the same time, keeping a large diversified high quality portfolio is also very important. And so I think we'll continue to always have pre-pays, it's the nature of the beast. But our goal this year is to do what we can in a smart way to slow that down a bit. Chris, anything to add?

Yes, I would just say I think you're right. It's a constant challenge between portfolio growth, which is a great thing given the spreads that we have in our business, but also pre-payment income with the fee accelerations and pre-payment fees are also nice kickers for enhancing the NII for the year. So, the pre-pays are hard to project, they are built into the portfolio, and with the mature portfolio that we have here, I would expect those to continue, just not sure of the frequency and velocity of when they come.

Okay, terrific. That's great color. And then just a follow-up, maybe taking a step back, I wanted to -- kind of your overall thoughts on the implications of kind of what we're seeing in the SPAC market, obviously, you have a few portfolio companies that are [indiscernible] -- I think the expectation is that this trend, maybe it's a little bit hot right now, but it's really structurally not going anywhere. And so I'm curious kind of how you guys view that as whether it's an opportunity, or the changes at all, how you're thinking about underwriting frames, or even kind of the overall investment funnel. Just the bigger picture because it feels like, obviously, we've seen a pretty big acceleration over the past year, and there's going to be a lot to come over this upcoming year and perhaps the SPAC raise isn't necessarily going anywhere?

Yes. Let me start and then Jim, I think you've got some great insights from the sponsor world. So, Devin, great question. I think one of our bankers use the word SPAC factory to refer to our platform since I think we're approaching almost two dozen, both announced and soon to be announced SPAC exit across the global TriplePoint Capital platform. So, I would say, again, it's a testament to the quality of the VC sponsors that we work with, again, focusing on the select group of venture capital investors. And so I think, keep in mind, we're a lender. So, as a lender, we look to liquidity for portfolio companies as a great thing. So, if they're raising capital in the private markets or the public markets, we're indifferent and we like more cash, and it helps service our debt. From the other perspective, right, we have -- that we talked about the football field analogy and playing for the end zone or the touchdown, right. And so a SPAC is an exit event. It's liquidity for equity kickers and our warrants. And so, we view that we're appreciative to have an exit event. And if it means that our portfolio companies can go public faster through a SPAC then they can through a traditional IPO. I think conceptually, we're supportive or we're indifferent. We'll let our select VCs and other Board members determine which exit path they prefer. But I'd say from our perspective, as a lender, we have nothing against them. We're supportive of exit in general, and we're supportive of more liquidity for our portfolio companies. Jim, how about your thoughts?

Yes, I guess what comes to my mind is that, we're not running our business these days on SPAC fever, or the portfolio is not based on all kinds of suppositions, hypothetical cases of when and if there'll be a SPAC, I mean, currently, SPACs are certainly in favor depends on who you talk to whether they're going to last for a month or 10 years. And we're not going to get into running our business based on that kind of speculation. But when I think -- it's 75 billion plus out there, which is -- out there looking for targets, 250 plus vehicles, a bunch of our select, and other venture funds, themselves have SPAC. And for most of the companies Sajal already mentioned, we have over 20 now, one way or another at the platform level in the process and more even growing. It's not just for what we call moon shot technology companies, you know, R&D companies, electric batteries, and so forth. But it's also for a number of revenue generating companies, some which are doing extremely well, and cash flow positive, which are also getting out. And as you go across the board in SPAC land, with the venture funds, for some companies, it's a great way to get out earlier, instead of going through that long year plus cycle and process. And again, these could be good revenue generating companies, while for others it takes away that whole administrative issue and hassle of having to raise that next equity round. So, again, we think it's a good trend right now, but we're not dependent on running our business on it.

Okay. Thank you, guys. Appreciate you taking the questions, and congrats on a nice end of the year.

Thank you.

And our next question will come from Finn O'Shea with Wells Fargo Securities. Please go ahead.

Hi, everyone. Thank you. Just to continue on that interesting dialogue there. With the SPAC markets, apparently taking, digging farther from pre-IPO down to earlier stage. Then you have, as you mentioned, the high level of VC capital raising you have new venture lenders raising funds. Can you just tie all this together and talk about what the competition is like, for a venture growth stage loan right now?

Yes. I'll take a first stab at that, Sajal, feel free to add. But having been in this, in my case, over 30 years, and Sajal and I doing this together for 22 plus, this business is not about rates. It's not about interest terms. It's a very specialized market. Yes, there is some very attractive returns in this and obviously in good times, it's going to attract various names and entrance. But we've been through the cycles. We've seen folks come and go and at the end of the day, it's about the experience. It's about the expertise. It's about the reputation, the references and relationships about the firm. It's not about, what's the spread, what's the percentage over this or that or for many cases, not even about the name as much as about the party. The reputation, the team, the deal flow and there's a reason that we believe we're the leader in the segment.

Yes. Maybe I could add some. Finn, so I think what we're seeing is particularly coming off, the resiliency of the pandemic, to the venture and the tech ecosystem. And then, signs of, hopefully recovery of the global economy, as you talked about, the capital markets are heating up. So I think what that's causing is a catalyst for companies to grow. And so I think that's kind of the fundamental, most important factor, right? Venture-backed companies, tech companies are growing, they're growing, which means they need capital. And so that capital -- and if anything, because of the environment they're in. They're actually turning up a burn, right. So, when we saw in the midst of COVID, companies or portfolio companies, other tech and venture backed companies were cutting burn, cutting marketing spent, cutting headcount to preserve runway. Now we're seeing again, signs of growth, acceleration, increase in burn, which is causing the demand for more capital. So as, right, there are two sides of the equation, there's the equity side and the debt side. So, our thesis has always been to venture backed companies get equity from quality sponsors, right? That's important, that's a critical source of capital for your business. There's strategic value associated with certain venture capital firms and private equity funds, you want them in your cap table. And then the role of venture debt is to minimize the dilution of the total raise and to complement the equity capital. So, don't over raise equity, raise it from the right parties, the right sponsors, the right valuations, and then layer on venture debt. So that you get to the total capital needs of your business, but you entrepreneur minimize or -- the total dilution that you take. And at the same time for the existing…

Finn, I guess I can only add as a footnote, and you hit the competitive nerd question here -- competitive nerve question that is. But so as Sajal says, it's definitely a balance on the equity depth spectrum. And in the competition, adventure at the venture growth stage primarily remains equity. It's not others, so called venture lenders, as much as four companies with so much equity out there, and so many alternatives hitting that right spectrum of the amount of triple point debt and the amount of equity

Sure. I think it's all very helpful. And just a follow-up, I guess, I think both Jim and Sajal mentioned new financing products, new products. Can you just give us any color on this platform growth? How it relates to the BDC? And actually, let me throw it in there. I think I also see the term life sciences more in your website, correct me if that's not new, but just to make sure you address that as well. Tell us about the new products.

Yes. Well, Finn, I'll start. So first, we're not going to tell you all of our products so that the -- overall those. So I just generally say as we said, listen, we've given our expertise and track record and the relationships. We've just and the pattern recognition, and the needs of our companies. We've identified certain sectors, I think we mentioned again, in the consumer, Fintech and software in particular, those companies have growing and unique needs given the asset base, the burn profile, and the exit profile. And so we've -- for many years have been putting together financing products for them and given our large platform have -- multiple vehicles and allocate appropriately. And so we just see a growing opportunity to help those companies with their growth and really to target our capital for the specific use case that they're focused on. And so I think it's exciting, it's a pretty nifty and we've had some real successes. And I think the other key is we're definitely seeing our companies again going back to thesis of growth and scale. I mean, our companies are getting bigger, several $100 million worth of reoccurring revenue, and they want to continue to be a triple point portfolio company. And so, the needs of a company like that are very different than a company that's just on the cusp but the $20 million to $25 million venture growth stage limit for us or qualifying the metric and so it's important for us to have the broad products and needs for those earlier growth and those later growth, whatever you want to call them. And so I think that's the exciting thing for us.

And I would only add to the extent Life Sciences is a large word, a big sector and means a lot to different folks. But we're definitely have been active in call it the digital health sector, health and wellness is a number of TPVG portfolio companies in that broader definition. And what we do in that segment is a function of what our select investors do. And that is an area that's starting to grow and certainly platform wide, so not just TPVG. Particularly at the early stages, we're seeing a little bit more activity and continuing to work in that market to an extent as well.

Very well, thank you.

And our next question will come from Casey Alexander with Compass Point. Please go ahead.

Yes. Hi, good afternoon. And Jim, I think your slip of the tongue competitive nerds was an attempt to describe every single person on this call.

Got it. Take it back.

Congratulations on the $200 million financing. I'm not surprised to see and a lot of people are going to be sad to see the baby bonds go by everybody certainly enjoyed those. Do you know what the -- and this is for Chris actually, do you know what the remaining deferred amortization offering costs on the baby bonds is going to be? I assume that'll be a second quarter charge?

That -- yes. So that'll be a charge as a cost from a realized loss from extinguishment of debt, so not part of NII will be below the line about $600,000.

Okay. That'll be below the line $600,000. Great. Thank you. All right. Seeing as you self-described as the SAPC factory, does the preponderance of SAPCs hitting your portfolio companies? Is that going to make it create some difficulty for you to get to the target leverage ratio? Because generally, when a company is bought by a SAPC, there are additional investors brought in who brings substantial capital. And at the end of the day, the lenders to the non-public company get taken out. So is that going to make it difficult to get to the target leverage ratio or create some difficulty?

Casey, I think it depends on the profile of the company, if we look at maybe our historical SAPCs, those are been companies that have paid us off some time ago. And so I would say it's a function of the bar that is set for SAPCs. And so, we -- and the platform, we had a portfolio company 11 years ago we lend originally to them. So I would say so far, we have not seen a case where an obligor with existing loans outstanding has pursued the SPAC merger. It's been some time after our debts paid off. And so we haven't had any near-term impact from existing debt outstanding, but yes, to the extent that they can attract cheaper capital. Although again, I'd say most of the time these pipes are equity, not necessarily debt and so there's an opportunity clearly to -- if you know the credit and if you have a history there to provide capital in a potential de-SPAC company post IPO.

Okay, great. Thank you. I'm curious about Prodigy. In that Prodigy came down to the 11th hour before they were able to pay essentially at maturity. And it was clearly a little bit of a dicey situation and one that you had marked down in the credit bucket. So you then extended a new loan at a lower rate than the last loan and picking. And so I'm just curious as to the code because those are sort of an incongruous combination of facts that would result in a new loan at a lower rate, but picking the interest?

Yes. So good, Casey. So yes, during the quarter, we restructured our loans with Prodigy, which is for those international graduate student lending business. And actually, as you pointed out, it was a -- they raised a significant amount of capital during Q3 and Q4 on the leverage side, as well as other capital for the company. So a portion -- so we restructured a portion of our loans. Plus we actually did convert a portion of our loans into a preferred equity tranche into the company. And so the -- I think the really impressive thing is that the based on the company's kind of activities in progress, we are actually set up really well for long term success, their portfolio has actually held up pretty well. And I think more importantly, the securitization markets and have come back and are quite favorable. So I think we're -- we've -- our mark is the same in aggregate, essentially from where we were Q3 to Q4, so reflecting a little bit of the noise and some of the other factors. But more importantly, I think again, the company is set up for long term success in our opinion.

Do you have sort of a timeframe in mind at which you think you might be able to take it off of pick?

It actually has a structure. And so I don't think it's -- but yes, we do expect it too can off pick prior to -- in in the near future.

Okay. Next, I'd like to ask if anything, what you guys think you learned from the Knotel experience? And I asked that in light of the fact that I asked about it over several quarters, it was still marked in the mid to high-90s and ultimately resulted in a 50% payoff. Was there something to be learned? I mean, we all gained from experience and making mistakes, which I certainly make my fair share of them. What possibly could you guys have learned from the Knotel experience?

Yes, let me start and then Jim, please jump in. So I'd say again, Knotel is -- was quite the victim of COVID and sheltering in place, right. This company raised hundreds of millions of dollars of equity from premier venture capital funds, sovereign wealth funds, and large real estate organization. So, it had the backing of some very sophisticated intelligent equity investors as well as us on the leverage side. And so I think, as we discussed during the write up, the company had attempts and offers or had attempts for extra liquidity and strategic and pursued them and they were unsuccessful. So, I think our mark during that period of time represented, our assessment of the fact pattern, the facts and circumstances and the likelihood associated with those events. And once those events, the probabilities associated with them reduce then our fair value reflects that. So I would say, listen, I think we had hoped for a recovery sooner. We had hoped for events to occur, be at equity, be at strategic M&A. And when those didn't, that's when I think the takeaway is we moving fast, right. Things change, things change quickly. And so I think it's interesting scenario here. If you look, we've had success of working through challenge credits, I'll pick on Mind Candy, I'll pick on some other names, some that we exited in the quarter, in fact, gotten full repayment. And I think the difference here with Knotel was one, hey, we assess the situation, the complexity of it, the near-term and long-term needs of the company. And we determined, listen this isn't one where it makes sense for us to stay in, put more capital in, kind of have our workout teams and our investment teams kind of be engaged. For more,…

Yes.

All right. Great. Thank you for that. Okay. Jim, I’m sorry.

Well, actually, my comments were pretty much mirror what Sajal said and in terms of what would be different, most likely nothing, because it's a COVID casualty, and no one would have foresaw COVID coming. So and there were certainly multiple -- it's a privately held company. And so there's just so much we can say. But as Sajal mentioned, there were multiple equity, assigned term sheets, debt term sheets, et cetera, and things just didn't work out and all things considered to you Sajal’s exact words. So we actually, as credit managers, I think when you look at the larger picture, had not only a very good recovery here, but there's still more to go. And then we'll see where that goes on a portion of it, as well as from any perspective, we avoided what might otherwise have been years of bankruptcy proceedings and costs, and so on and so forth.

Okay, great. Thank you for that. Lastly, just any update on ROLI?

Yes. I mean, we -- if you look at the value accreted quarter-over-quarter for ROLI, so it's not out of the woods, but if you've seen some very favorable product reviews, and some awards that they won for their product in Q4. So we continue to be balanced, but we feel again, conditions continued to improve at ROLI.

All right. Great. Thank you for taking my questions. I really appreciate it.

Thank you, Casey.

Thank you.

And our next question will come from Christopher Nolan with Ladenburg Thalmann. Please go ahead.

Hey, guys. Jim, what invest -- as the company is growing, what investments do you see offer the best operating leverage for your company?

Well, by operating leverage, could you elaborate?

Sure. Which ones can grow revenues for the net growth expenses?

Oh, well, I'm not sure, we're at the level where we'd want to, again, these are privately held companies get into individual names. One of the biggest….

I'm not talking about TriplePoint. What investments you will make in your existing business back in systems, people or whatever, that you can actually grow the TriplePoint business?

Yes. So from that standpoint, we're talking about growing and scaling. And so across the platform, and again, TPVG is the focus here. But we are in a staff of mode, hiring mode and originations mode increase subtle talked about how our plans for some financing products, new ones expansions, or I'd say not only underway, but well underway. And so we are building and continue to build the infrastructure. There's just so much we want to say in terms of the expansion in the European markets. And it's always a trade-off between the cost of growing and growth itself. But I think that's how I do it.

I would just add, Christopher, so as we look to, what's -- it's the sponsor, really, our venture capital fund relationships are so critical, right, because they're investing in their portfolio companies that turn into potential and perspective portfolio companies for us. And so a key element to the platform strategy is lending to all stages of portfolio companies, right, early later in growth. TPVG focuses solely on the Venture Growth stage. So the leverage and the benefit to TPVG is as our sponsor is active in the early in the later stages, those other segments, those portfolio companies translate -- it's like a farm system, right. So as they grow and develop, they become potential TPVG portfolio companies and so the leverage and scale is not only continuing to foster and build our and deepen our select VC relationships from deal flow for growth stage obligors. But it's also to continue to foster our early stage and later stage business segments of the platform, because again, those portfolio companies will one day grow up or hopefully grow up to be TPVG portfolio companies. And so I think that's a critical element to that. And that's why we then elaborated on, so that's one vector or a couple of vectors of growth. And then to quote some of our consumer e-commerce portfolio companies, right, driving up LTV, right, you've got a certain CAC, right, there's a time and there's a credit underwriting, and then driving up lifetime value. And the way you drive up lifetime value is either multiple credit facilities with that portfolio company, or multiple different financing products. And so that's what we're focused on. And as we talked about some of these new strategies and structures, it's driving up LTV potential with existing portfolio companies, and potential new ones. And so that's what we're excited about.

Okay. That's it for me. Thank you.

And our next question will come from Ryan Lynch with KBW. Please go ahead.

Hey, good afternoon. I just have two questions. The first one is on Prodigy, your preferred shares, I don't believe that they have any yield component to them. Can you confirm that? And then assuming that they don't, I would assume that the structure of that would then allow you to participate on the upside and potentially gain into value in that investment if that company's performance turns out to perform well?

Yes. So Ryan, they do have a yield component associated with them. And they do have a senior ranking in the cap table. So they're not traditional equity. We don't have board seats or anything like that. We're not in a control position. And so I think that's kind of the one of the benefits, it's a very much a hybrid like structure.

What is the yield on the 8-K [ph] and 10-K?

Chris, do you have anything?

Yes. It's 8% pick consistent with the debt.

Okay. And then just the only other one that I had was you talked about quarterly funding going from $50 million to $75 million in Q1 and Q2 to $100 million to $150 million in Q3, and Q4. I guess, what sort of assumptions or changes in the market environment are you making relative to what that market environment looks like today that that gives you the confidence that you'll be able to basically double your fundings in the back half of 2021?

Yes. So Ryan, I'd say if we were to look at the track record of TPVG, let's say, we crossed out 2020. And if you looked at where we were 2019, basically, we're articulating a pattern you've seen before. And so it's -- a couple of factors. So one, it's not some hope or promise of great -- these guys have got to go generate back half the year. And that's where we've gotten a billion plus kind of pipeline as it is. What it is, is a couple things. One is, generally portfolio companies drawn debt towards the end of the year, right, because they want to use it before it expires. They want to boost their balance sheets for year-end audit purposes, and because if they're going to fundraise in the next year. So, that's why the second half of the year is generally larger fundings than the first half of the year. And then I think the other part of it is just there's this pent up of fundraising of people that were waiting to see how 2020 panned out before they look to raise more debt or raise more equity capital. And so we're also seeing that right now as we look to kind of the portfolio and the continued increase in demand that we're seeing there. So, I'd say, no change in methodology, no huge assumptions, no hiring lots of people to go find pipeline, we've got line of sight to it. It's kind of consistent with what we've demonstrated in prior growth years.

Okay, Understood. Thanks for taking my questions.

Great.

And this will conclude our question-and-answer session. I'd like to turn the conference back over to Jim Labe for any closing remarks.

Okay. Thank you, operator. I’d like to thank as always our stakeholders and all our TriplePoint friends, I’d like to thank there's quite a few on the line and everyone else for listening or participating in our call. And we hope everyone continues to remain healthy and look forward to talking with you next quarter. Thanks, everyone. Goodbye.

The conference is not concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.