TriplePoint Venture Growth BDC Corp. Announces Third Quarter 2025 Financial Results
Highest Level of Signed Term Sheets, Commitments, and Fundings Since Fiscal Year 2022
Net Increase in Net Assets Resulting from Operations of
Declared Fourth Quarter 2025 Regular Distribution of
Third Quarter 2025 Highlights
-
Signed
$421.1 million $181.8 million 14% increase from the prior quarter, and the highest amount in over three years; -
Funded
$88.2 million 12% increase from the prior quarter and the highest level of funding activity in the last 11 quarters, to 10 portfolio companies with a11.5% weighted average annualized yield at origination; -
Grew the debt investment portfolio to
$736.9 million $663.8 million 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 $0.26 -
Net increase in net assets resulting from operations of
$15.2 million $0.38 -
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 - Weighted average investment ranking of 2.18 on the debt investment portfolio as of quarter’s end;
-
Net asset value of
$355.1 million $8.79 $348.7 million $8.65 - 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 $0.02 $17.13 - 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 $418.4 million -
Funded
$194.4 million 12.1% weighted average annualized portfolio yield at origination, and funded$1.6 million -
Earned net investment income of
$32.3 million $0.80 -
Net increase in net assets resulting from operations of
$41.1 million $1.02 -
Paid distributions of
$0.83 -
13 debt portfolio companies raised an aggregate
$402.5 million -
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 $1.07
| _____________________________________ |
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
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
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 Ended September 30, |
|
For the Nine Months 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
UNFUNDED COMMITMENTS
As of September 30, 2025, the Company’s unfunded commitments totaled
RESULTS OF OPERATIONS
Total investment and other income was
For the third quarter of 2025, total operating expenses, inclusive of an income incentive fee waiver of
For the third quarter of 2025, the Company recorded net investment income of
During the third quarter of 2025, the Company recognized net realized losses on investments of
Net change in unrealized gains on investments during the three months ended September 30, 2025 was
The Company’s net increase in net assets resulting from operations for the third quarter of 2025 was
CREDIT QUALITY
The Adviser maintains a credit watch list with portfolio companies placed into one of five credit risk categories, with Clear, or 1, being the best rating and Red, or 5, being the lowest. Generally, all new loans receive an initial grade of White, or 2, unless the portfolio company’s credit quality meets the characteristics of another credit category.
As of September 30, 2025, the weighted average investment ranking of the Company’s debt investment portfolio was 2.18, as compared to 2.17 at the end of the prior quarter. During the quarter ended September 30, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of
The following table shows the credit categories for the Company’s debt investments at fair value as of September 30, 2025 and December 31, 2024:
|
|
September 30, 2025 |
|
December 31, 2024 |
||||||||||||
Credit Category (dollars in thousands) |
|
Fair Value |
|
Percentage of
|
|
Number of
|
|
Fair Value |
|
Percentage of
|
|
Number of
|
||||
Clear (1) |
|
$ |
58,434 |
|
8.8 |
% |
|
3 |
|
$ |
51,986 |
|
9.3 |
% |
|
3 |
White (2) |
|
|
472,078 |
|
71.0 |
|
|
36 |
|
|
392,237 |
|
70.0 |
|
|
31 |
Yellow (3) |
|
|
97,481 |
|
14.7 |
|
|
4 |
|
|
84,847 |
|
15.1 |
|
|
4 |
Orange (4) |
|
|
32,630 |
|
4.9 |
|
|
5 |
|
|
30,979 |
|
5.5 |
|
|
5 |
Red (5) |
|
|
4,244 |
|
0.6 |
|
|
1 |
|
|
56 |
|
0.1 |
|
|
1 |
|
|
$ |
664,867 |
|
100.0 |
% |
|
49 |
|
$ |
560,105 |
|
100.0 |
% |
|
44 |
NET ASSET VALUE
As of September 30, 2025, the Company’s net assets were
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2025, the Company had total liquidity of
DISTRIBUTION
On October 14, 2025, the Company’s board of directors declared a regular quarterly distribution of
TPC STOCK PURCHASE PROGRAM
On August 6, 2025, our sponsor, TPC, announced a twelve-month discretionary share purchase program to acquire up to
RECENT DEVELOPMENTS
Since September 30, 2025 and through November 4, 2025:
-
TPC’s direct originations platform entered into
$122.9 million -
The Company closed
$17.3 million -
The Company funded
$17.5 million -
The Company received
$47.5 million
CONFERENCE CALL
The Company will host a conference call at 5:00 p.m. Eastern Time, today, November 5, 2025, to discuss its financial results for the quarter ended September 30, 2025. To listen to the call, investors and analysts should dial (844) 826-3038 (domestic) or +1 (412) 317-5184 (international) and ask to join the TriplePoint Venture Growth BDC Corp. call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through December 5, 2025, by dialing (877) 344-7529 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 3190267. The conference call also will be available via a live audio webcast in the investor relations section of the Company’s website, https://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for one year after the call.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing customized debt financing with warrants and direct equity investments primarily to venture growth stage companies in technology and other high growth industries backed by a select group of venture capital firms. The Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform which provides customized debt financing, leasing, direct equity investments and other complementary solutions to venture capital-backed companies in technology and other high growth industries at every stage of their development with unparalleled levels of creativity, flexibility and service. For more information about TriplePoint Venture Growth BDC Corp., visit https://www.tpvg.com. For more information about TriplePoint Capital, visit https://www.triplepointcapital.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, investment activity, financial condition or results of operations and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual events, investment activity, performance, condition or results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, and the impact of such changes on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. In addition, there is no assurance that the Company or any of its affiliates will purchase additional shares of the Company’s common stock at any specific discount levels or in any specific amounts. There is no assurance that the market price of the Company’s shares, either absolutely or relative to NAV, will increase as a result of any share purchase program, or that any purchase plan will enhance stockholder value over the long term. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
NON-GAAP FINANCIAL MEASURES
To provide additional information about the Company’s results, the Company’s management has discussed in this press release the Company’s net leverage ratio (calculated as (i) total debt less (ii) cash, cash equivalents and restricted cash divided by total net assets), which is not prepared in accordance with GAAP. This non-GAAP measure is included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measure to monitor and evaluate its leverage and financial condition and believes this presentation enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability to take on additional debt. However, this non-GAAP measure has limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.
This non-GAAP measure is not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, this non-GAAP measure is not based on any comprehensive set of accounting rules or principles and should only be used to evaluate the Company’s results of operations in conjunction with its corresponding GAAP measure.
TriplePoint Venture Growth BDC Corp. Consolidated Statements of Assets and Liabilities (in thousands, except per share data) |
|||||||
|
September 30, 2025 |
|
December 31, 2024 |
||||
Assets |
(unaudited) |
|
|
||||
Investments at fair value (amortized cost of |
$ |
798,462 |
|
|
$ |
676,249 |
|
Cash and cash equivalents |
|
20,033 |
|
|
|
45,899 |
|
Restricted cash |
|
8,582 |
|
|
|
32,828 |
|
Deferred credit facility costs |
|
2,711 |
|
|
|
3,904 |
|
Prepaid expenses and other assets |
|
5,725 |
|
|
|
4,160 |
|
Total assets |
$ |
835,513 |
|
|
$ |
763,040 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Revolving Credit Facility |
$ |
95,000 |
|
|
$ |
5,000 |
|
2025 Notes, net |
|
— |
|
|
|
69,948 |
|
2026 Notes, net |
|
199,812 |
|
|
|
199,483 |
|
2027 Notes, net |
|
124,600 |
|
|
|
124,396 |
|
2028 Notes, net |
|
49,423 |
|
|
|
— |
|
Base management fee payable |
|
3,359 |
|
|
|
3,408 |
|
Other accrued expenses and liabilities |
|
8,266 |
|
|
|
15,118 |
|
Total liabilities |
$ |
480,460 |
|
|
$ |
417,353 |
|
|
|
|
|
||||
Net assets |
|
|
|
||||
Preferred stock, par value |
$ |
— |
|
|
$ |
— |
|
Common stock, par value |
|
404 |
|
|
|
401 |
|
Paid-in capital in excess of par value |
|
515,372 |
|
|
|
513,719 |
|
Total distributable earnings (loss) |
|
(160,723 |
) |
|
|
(168,433 |
) |
Total net assets |
$ |
355,053 |
|
|
$ |
345,687 |
|
Total liabilities and net assets |
$ |
835,513 |
|
|
$ |
763,040 |
|
|
|
|
|
||||
Shares of common stock outstanding (par value |
|
40,400 |
|
|
|
40,137 |
|
Net asset value per share |
$ |
8.79 |
|
|
$ |
8.61 |
|
TriplePoint Venture Growth BDC Corp. Consolidated Statements of Operations (in thousands, except per share data) |
|||||||||||||||
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||
Investment income |
|
|
|
|
|
|
|
||||||||
Interest income from investments |
$ |
22,144 |
|
|
$ |
25,951 |
|
|
$ |
66,233 |
|
|
$ |
81,069 |
|
Other income |
|
512 |
|
|
|
564 |
|
|
|
2,153 |
|
|
|
1,826 |
|
Total investment and other income |
$ |
22,656 |
|
|
$ |
26,515 |
|
|
$ |
68,386 |
|
|
$ |
82,895 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
Base management fee |
$ |
3,359 |
|
|
$ |
3,418 |
|
|
|
9,952 |
|
|
$ |
11,552 |
|
Income incentive fee |
|
2,062 |
|
|
|
— |
|
|
|
3,321 |
|
|
|
— |
|
Interest expense and amortization of fees |
|
6,770 |
|
|
|
7,148 |
|
|
|
19,874 |
|
|
|
22,861 |
|
Administration agreement expenses |
|
649 |
|
|
|
580 |
|
|
|
1,880 |
|
|
|
1,838 |
|
General and administrative expenses |
|
1,568 |
|
|
|
1,584 |
|
|
|
4,357 |
|
|
|
4,732 |
|
Total operating expenses before Income incentive fee waiver |
$ |
14,408 |
|
|
$ |
12,730 |
|
|
$ |
39,384 |
|
|
$ |
40,983 |
|
Income incentive fee waiver |
|
(2,062 |
) |
|
|
— |
|
|
|
(3,321 |
) |
|
|
— |
|
Total operating expenses net of Income incentive fee waiver |
$ |
12,346 |
|
|
$ |
12,730 |
|
|
$ |
36,063 |
|
|
$ |
40,983 |
|
|
|
|
|
|
|
|
|
||||||||
Net investment income |
$ |
10,310 |
|
|
$ |
13,785 |
|
|
$ |
32,323 |
|
|
$ |
41,912 |
|
|
|
|
|
|
|
|
|
||||||||
Net realized and unrealized gains/(losses) |
|
|
|
|
|
|
|
||||||||
Net realized gains (losses) on investments |
$ |
(704 |
) |
|
$ |
(5,040 |
) |
|
$ |
1,517 |
|
|
$ |
(32,693 |
) |
Net change in unrealized gains (losses) on investments |
|
5,627 |
|
|
|
13,889 |
|
|
|
7,255 |
|
|
|
30,011 |
|
Net realized and unrealized gains/(losses) |
$ |
4,923 |
|
|
$ |
8,849 |
|
|
$ |
8,772 |
|
|
$ |
(2,682 |
) |
|
|
|
|
|
|
|
|
||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
15,233 |
|
|
$ |
22,634 |
|
|
$ |
41,095 |
|
|
$ |
39,230 |
|
|
|
|
|
|
|
|
|
||||||||
Per share information (basic and diluted) |
|
|
|
|
|
|
|
||||||||
Net investment income per share |
$ |
0.26 |
|
|
$ |
0.35 |
|
|
$ |
0.80 |
|
|
$ |
1.08 |
|
Net increase (decrease) in net assets per share |
$ |
0.38 |
|
|
$ |
0.57 |
|
|
$ |
1.02 |
|
|
$ |
1.01 |
|
Weighted average shares of common stock outstanding |
|
40,325 |
|
|
|
39,954 |
|
|
|
40,233 |
|
|
|
38,782 |
|
|
|
|
|
|
|
|
|
||||||||
Regular distributions declared per share |
$ |
0.23 |
|
|
$ |
0.30 |
|
|
$ |
0.83 |
|
|
$ |
1.10 |
|
Weighted Average Portfolio Yield on Debt Investments |
||||||||||||
Ratios (Percentages, on an annualized basis)(1) |
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||
Weighted average portfolio yield on debt investments(2) |
|
13.2 |
% |
|
15.7 |
% |
|
14.0 |
% |
|
15.6 |
% |
Coupon income |
|
10.8 |
% |
|
12.7 |
% |
|
11.2 |
% |
|
12.2 |
% |
Accretion of discount |
|
0.8 |
% |
|
0.9 |
% |
|
1.0 |
% |
|
0.9 |
% |
Accretion of end-of-term payments |
|
1.2 |
% |
|
1.3 |
% |
|
1.3 |
% |
|
1.4 |
% |
Impact of prepayments during the period |
|
0.4 |
% |
|
0.8 |
% |
|
0.5 |
% |
|
1.1 |
% |
| (1) | Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. |
|
| (2) | The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to the Company’s stockholders. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105289335/en/
INVESTOR RELATIONS AND MEDIA
The IGB Group
Leon Berman
212-477-8438
lberman@igbir.com
Source: TriplePoint Venture Growth BDC Corp.
