Highest Level of Signed Term Sheets, Commitments, and Fundings Since Fiscal Year 2022
Net Increase in Net Assets Resulting from Operations of $0.38 per Share for the Third Quarter
Declared Fourth Quarter 2025 Regular Distribution of $0.23 per Share and Supplemental Distribution of $0.02 per Share
MENLO PARK, Calif.--(BUSINESS WIRE)--November 05, 2025--
TriplePoint Venture Growth BDC Corp. $(TPVG)$ (the "Company," "TPVG, " "we," "us," or "our"), a leading financing provider to venture growth stage companies backed by a select group of venture capital firms in technology and other high growth industries, today announced its financial results for the third quarter ended September 30, 2025. The Company previously announced on October 14, 2025 that its Board of Directors declared its fourth quarter 2025 regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share.
Third Quarter 2025 Highlights
-- Signed $421.1 million of term sheets with venture growth stage companies
at TriplePoint Capital LLC ("TPC"), and TPVG closed $181.8 million of new
debt commitments, representing a 14% increase from the prior quarter, and
the highest amount in over three years;
-- Funded $88.2 million in debt investments, representing a 12% increase
from the prior quarter and the highest level of funding activity in the
last 11 quarters, to 10 portfolio companies with a 11.5% weighted average
annualized yield at origination;
-- Grew the debt investment portfolio to $736.9 million at cost, up from
$663.8 million in Q2 2025, representing an 11% increase from the prior
quarter;
-- Achieved a 13.2% weighted average annualized portfolio yield on debt
investments for the quarter1;
-- Earned net investment income of $10.3 million, or $0.26 per share;
-- Net increase in net assets resulting from operations of $15.2 million, or
$0.38 per share;
-- Realized a 11.7% return on average equity, based on net investment income
during the quarter;
-- Four debt portfolio companies raised an aggregate $50.0 million of
capital in private financings during the quarter;
-- Weighted average investment ranking of 2.18 on the debt investment
portfolio as of quarter's end;
-- Net asset value of $355.1 million, or $8.79 per share, as of September
30, 2025 compared to $348.7 million, or $8.65 per share, as of June 30,
2025;
-- Ended the quarter with a 1.32x leverage ratio and a 1.24x net leverage
ratio;
-- Declared a fourth quarter regular distribution of $0.23 per share and a
supplemental distribution of $0.02 per share, each payable on December
30, 2025; bringing total declared distributions to $17.13 per share since
the Company's initial public offering;
-- Our investment adviser, TriplePoint Advisers LLC (the "Adviser") amended
its existing income incentive fee waiver to waive, in full, its quarterly
income incentive fee for the remainder of fiscal year 2025. Subsequent to
quarter-end, the Adviser agreed to extend the waiver period through the
end of fiscal year 2026; and
-- Our sponsor, TPC, purchased 591,235 shares of the Company's shares of
common stock in the open market under TPC's previously announced
discretionary share purchase program.
Year to Date 2025 Highlights
-- Signed $978.0 million of term sheets with venture growth stage companies
at TPC and TPVG closed $418.4 million of new debt commitments;
-- Funded $194.4 million in debt investments to 22 portfolio companies with
a 12.1% weighted average annualized portfolio yield at origination, and
funded $1.6 million in direct equity investments in private rounds of
financing to six portfolio companies;
-- Earned net investment income of $32.3 million, or $0.80 per share;
-- Net increase in net assets resulting from operations of $41.1 million, or
$1.02 per share;
-- Paid distributions of $0.83 per share;
-- 13 debt portfolio companies raised an aggregate $402.5 million of capital
in private financings;
-- Achieved a 14.0% weighted average annualized portfolio yield on debt
investments[1];
-- In April 2025, DBRS, Inc. confirmed TPVG's investment grade rating, with
a BBB (low) Long-Term Issuer rating, with a stable trend outlook; and
-- Estimated undistributed taxable earnings from net investment income (or
"spillover income") of $43.4 million, or $1.07 per share, as of September
30, 2025.
_____________________________________
(1) Please see the last table in this press release, titled "Weighted Average
Portfolio Yield on Debt Investments," for more information on the calculation
of the weighted average annualized portfolio yield on debt investments.
"During the third quarter, we took advantage of strong demand from high-quality venture growth stage companies in AI, software and other attractive sectors to grow the debt investment portfolio," said Jim Labe, chairman and chief executive officer of TPVG. "TPVG experienced its highest level of debt commitments and fundings since 2022, resulting in Q3 fundings that significantly exceeded our guided range and reached the highest level in 11 quarters."
"We continue to position TPVG for the future with a focus on furthering our strategy to increase TPVG's scale, durability, income-generating assets, and NAV over the long-term," said Sajal Srivastava, president and chief investment officer of the Company. "As we progress on our selective path of portfolio diversification, we are pleased to have added 19 new portfolio companies year to date."
PORTFOLIO AND INVESTMENT ACTIVITY
During the three months ended September 30, 2025, the Company entered into $181.8 million of new debt commitments with 12 portfolio companies, funded debt investments totaling $88.2 million to 10 portfolio companies, acquired warrants in 10 portfolio companies with a cost basis of $0.8 million, and made a direct equity investment of $0.6 million in one portfolio company. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 11.5% at origination. During the quarter, the Company received $15.0 million of principal prepayments, $0.5 million of early repayments and $4.0 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the third quarter was 13.2%. The Company calculates weighted average portfolio yield as the annualized rate of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The return on average equity for the third quarter was 11.7% based on net investment income. The Company calculates return on average equity as the annualized rate of net investment income recognized during the period divided by the Company's average net asset value during the period.
As of September 30, 2025, the Company held debt investments in 49 portfolio companies, warrants in 112 portfolio companies and equity investments in 53 portfolio companies. The total cost and fair value of these investments were $828.7 million and $798.5 million, respectively.
The following table shows the total portfolio investment activity for the three and nine months ended September 30, 2025 and 2024:
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
----------------------- ------------------------
(in thousands) 2025 2024 2025 2024
---------------- ------- ------- ------- --------
Beginning
portfolio at
fair value $717,885 $713,770 $676,249 $ 802,145
New debt
investments,
net(a) 86,906 32,672 192,420 83,555
Scheduled
principal
amortization (4,000) (4,618) (25,192) (39,314)
Principal
prepayments and
early
repayments (15,489) (35,739) (78,249) (117,820)
Net amortization
and accretion of
premiums and
discounts and
end-of-term
payments 1,648 756 7,376 3,343
Payment-in-kind
coupon 4,796 4,224 13,803 11,833
New warrant
investments 837 124 2,597 560
New equity
investments 1,001 916 2,984 1,716
Proceeds from
dispositions of
investments (55) -- (2,364) (22,142)
Net realized
gains (losses)
on investments (694) (5,019) 1,583 (32,913)
Net change in
unrealized gains
(losses) on
investments 5,627 13,888 7,255 30,011
------- ------- ------- --------
Ending portfolio
at fair value $798,462 $720,974 $798,462 $ 720,974
======= ======= ======= ========
_____________
(a) Debt balance is net of fees and discounts applied to the loan at
origination.
SIGNED TERM SHEETS
During the three months ended September 30, 2025, TPC entered into $421.1 million of non-binding term sheets to venture growth stage companies. These opportunities are subject to underwriting conditions including, but not limited to, the completion of due diligence, negotiation of definitive documentation and investment committee approval, as well as compliance with the allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or assigned to the Company.
UNFUNDED COMMITMENTS
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