TriplePoint Venture Growth (NYSE: TPVG) Q1 2026 yield, dividend and buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
TriplePoint Venture Growth BDC Corp. reported first quarter 2026 results highlighting strong income generation and active portfolio activity. Net investment income was $9.1 million, or $0.23 per share, with a 13.5% weighted average annualized portfolio yield on debt investments.
The debt investment portfolio grew to $716.8 million at cost, and total investments at fair value were $785.6 million. Net asset value was $351.0 million, or $8.65 per share. The company funded $26.5 million in new debt investments and saw $25.3 million of principal prepayments and early repayments.
Leverage remained elevated but stable, with a 1.27x leverage ratio and a 1.25x net leverage ratio, supported by $112.0 million of liquidity. The board declared a $0.23 per share regular distribution for the second quarter and authorized a $12.5 million stock repurchase program. Estimated spillover income totaled $42.6 million, or $1.05 per share, providing support for future distributions.
Positive
- None.
Negative
- None.
Insights
Quarter shows solid yield and liquidity, but earnings softer versus last year.
TriplePoint Venture Growth generated first quarter 2026 net investment income of $9.1 million or $0.23 per share, versus $0.27 per share a year earlier. The debt portfolio produced a strong 13.5% weighted average annualized yield, with total investment and other income of $22.8 million.
Operating expenses rose to $13.2 million, including higher interest expense and base management fees, partly offset by a $1.8 million income incentive fee waiver through fiscal 2026. Realized and unrealized losses of $3.0 million reduced the net increase in net assets resulting from operations to $6.2 million, or $0.15 per share.
Credit quality metrics were mixed, with the weighted average investment ranking at 2.25 and some migration from White to Yellow categories. At the same time, net assets were $351.0 million, leverage at 1.27x, and liquidity at $112.0 million. A $0.23 quarterly distribution, substantial spillover income of $42.6 million, and a $12.5 million repurchase authorization collectively support capital return, while actual impact will depend on future portfolio performance and buyback execution.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net investment income: $9.1M, $0.23 per share
Weighted portfolio yield: 13.5% annualized
Debt investment portfolio: $716.8M at cost
+5 more
8 metrics
Net investment income
$9.1M, $0.23 per share
For the three months ended March 31, 2026
Weighted portfolio yield
13.5% annualized
Yield on debt investments for Q1 2026
Debt investment portfolio
$716.8M at cost
Debt portfolio size as of March 31, 2026
Net asset value
$351.0M, $8.65 per share
Net assets as of March 31, 2026
Leverage ratio
1.27x (net 1.25x)
Leverage metrics at March 31, 2026
Signed term sheets
$256.1M
Non-binding term sheets in Q1 2026 via TPC
Unfunded commitments
$206.8M
Total unfunded commitments as of March 31, 2026
Stock repurchase authorization
$12.5M program
12‑month buyback authorization approved May 5, 2026
Key Terms
net investment income, weighted average annualized portfolio yield on debt investments, unfunded commitments, net leverage ratio, +1 more
5 terms
net investment income financial
"Earned net investment income of $9.1 million, or $0.23 per share"
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
weighted average annualized portfolio yield on debt investments financial
"Achieved a 13.5% weighted average annualized portfolio yield on debt investments for the quarter"
unfunded commitments financial
"As of March 31, 2026, the Company’s unfunded commitments totaled $206.8 million"
Unfunded commitments are promises by investors to provide capital to an investment vehicle or fund that have been agreed upon but not yet called or paid. They matter because they represent future cash obligations and potential buying power—like agreeing to pay for future work on a house—which affects an investor’s liquidity, risk exposure and a fund’s ability to make new investments or meet obligations.
net leverage ratio financial
"The Company ended the quarter with a 1.27x leverage ratio, a 1.25x net leverage ratio"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
spillover income financial
"Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $42.6 million"
Spillover income is money a business earns indirectly from its main activities, like fees, royalties, sales of related products, or revenue from partners that benefit from the company’s core operations. It matters to investors because it can boost total revenue, smooth out ups and downs in the main business, and indicate scalability—like a restaurant that rents out its unused kitchen for extra income, providing added stability and growth potential without changing its main product.
Earnings Snapshot
Total investment and other income: $22.8M
Q1 2026
Total investment and other income
$22.8M
Net investment income per share
$0.23
Net asset value per share
$8.65
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
TriplePoint Venture Growth BDC Corp. | ||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(650 ) 854-2090
(Registrant’s telephone number, including area code)
n/a
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2026, TriplePoint Venture Growth BDC Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 7.01 Regulation FD Disclosure.
Additionally, on May 6, 2026, the Company made available on its website, www.tpvg.com, a supplemental investor presentation with respect to the first quarter 2026 earnings release. The information furnished in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated May 6, 2026 (furnished herewith) | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TriplePoint Venture Growth BDC Corp. | |||||
| By: | /s/ James P. Labe | ||||
| Name: | James P. Labe | ||||
| Title: | Chief Executive Officer | ||||
Date: May 6, 2026
Exhibit 99.1
TriplePoint Venture Growth BDC Corp. Announces
First Quarter 2026 Financial Results
Net Investment Income of $0.23 per Share
Weighted Average Annualized Portfolio Yield on Debt Investments of 13.5%
Declares Second Quarter 2026 Regular Distribution of $0.23 per Share
Menlo Park, Calif., May 6, 2026 - TriplePoint Venture Growth BDC Corp. (NYSE: 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 first quarter ended March 31, 2026 and the declaration by its Board of Directors of its second quarter 2026 regular distribution of $0.23 per share.
First Quarter 2026 Highlights
▪Signed $256.1 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”) and TPVG closed $1.0 million of new debt commitments;
▪Funded $26.5 million in debt investments to seven portfolio companies with a 12.9% weighted average annualized yield at origination;
▪Grew the debt investment portfolio to $716.8 million at cost;
▪Achieved a 13.5% weighted average annualized portfolio yield on debt investments for the quarter1;
▪Earned net investment income of $9.1 million, or $0.23 per share;
▪Net increase in net assets resulting from operations of $6.2 million, or $0.15 per share;
▪Realized a 10.4% return on average equity, based on net investment income during the quarter;
▪Eight debt portfolio companies raised an aggregate $1.2 billion of capital in private financings during the quarter;
▪Held debt investments in 55 portfolio companies, warrants in 117 portfolio companies and equity investments in 60 portfolio companies as of March 31, 2026;
▪Debt investment portfolio weighted average investment ranking of 2.25 as of quarter’s end;
▪Net asset value of $351.0 million, or $8.65 per share, as of March 31, 2026;
▪Decreased the leverage ratio to 1.27x and ended the quarter with a net leverage ratio of 1.25x;
▪Raised $75 million in aggregate principal amount from the issuance of senior unsecured investment grade notes in a private offering and repaid the outstanding $200 million unsecured notes due March 2026;
▪Our sponsor, TPC, purchased 188,662 shares of the Company’s common stock in the open market under TPC’s previously announced discretionary share purchase program, bringing total shares purchased to 1,998,489, which represents 4.9% of the Company’s outstanding shares of common stock as of March 31, 2026;
▪Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $42.6 million, or $1.05 per share, as of March 31, 2026;
▪Subsequent to quarter-end, declared a second quarter regular distribution of $0.23 per share, payable on June 30, 2026, bringing total declared distributions to $17.59 per share since the Company’s initial public offering;
▪Subsequent to quarter-end, DBRS, Inc. reaffirmed TPVG’s investment grade rating, with a BBB (low) Long-Term Issuer rating, with a stable trend outlook; and
▪Subsequent to quarter-end, the Company’s Board of Directors authorized a 12-month stock repurchase program for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market.
“Our focus remains on increasing TPVG’s durability, income-generating assets, earnings power and NAV over the long-term,” said Jim Labe, chairman and chief executive officer of TPVG. “We also continue on our path of investment sector rotation and portfolio diversification across AI and other attractive markets.”
“We continue to position TPVG for the future to create enduring shareholder value over the long-term,” said Sajal Srivastava, president and chief investment officer of the Company. “Consistent with alignment with our shareholders, TPVG’s Board authorized a stock buy-back program.”
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.
1
PORTFOLIO AND INVESTMENT ACTIVITY
During the three months ended March 31, 2026, the Company entered into $1.0 million of new debt commitments with two portfolio companies, funded debt investments totaling $26.5 million to seven portfolio companies, acquired warrants in five portfolio companies with a cost basis of $0.6 million, and made direct equity investments of $0.3 million in five portfolio companies. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 12.9% at origination. During the quarter, the Company received $23.6 million of principal prepayments, $1.6 million of early repayments and $1.9 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the first quarter was 13.5%1. The return on average equity for the first quarter was 10.4% 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 March 31, 2026, the Company held debt investments in 55 portfolio companies, warrants in 117 portfolio companies and equity investments in 60 portfolio companies. The total cost and fair value of these investments were $825.1 million and $785.6 million, respectively.
The following table shows the total portfolio investment activity for the three months ended March 31, 2026 and 2025:
| For the Three Months Ended March 31, | ||||||||||||||
| (in thousands) | 2026 | 2025 | ||||||||||||
| Beginning portfolio at fair value | $ | 783,544 | $ | 676,249 | ||||||||||
New debt investments, net(a) | 25,910 | 27,327 | ||||||||||||
| Scheduled principal amortization | (1,926) | (9,881) | ||||||||||||
| Principal prepayments and early repayments | (25,256) | (17,782) | ||||||||||||
| Net amortization and accretion of premiums and discounts and end-of-term payments | 2,253 | 1,466 | ||||||||||||
| Payment-in-kind coupon | 3,495 | 3,756 | ||||||||||||
| New warrant investments | 573 | 762 | ||||||||||||
| New equity investments | 303 | 448 | ||||||||||||
| Proceeds from dispositions of investments | (301) | (2,308) | ||||||||||||
| Net realized gains (losses) on investments | (297) | 2,278 | ||||||||||||
| Net change in unrealized gains (losses) on investments | (2,663) | (303) | ||||||||||||
| Ending portfolio at fair value | $ | 785,635 | $ | 682,012 | ||||||||||
_____________
(a) Debt balance is net of fees and discounts applied to the loan at origination.
SIGNED TERM SHEETS
During the three months ended March 31, 2026, TPC entered into $256.1 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
As of March 31, 2026, the Company’s unfunded commitments totaled $206.8 million, of which $51.0 million was dependent upon portfolio companies reaching certain milestones. Of the $206.8 million of unfunded commitments, $96.4 million will expire during 2026, $83.4 million will expire during 2027, and $27.0 million will expire during 2028, if not drawn prior to expiration. Since these commitments may expire without being drawn, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.
RESULTS OF OPERATIONS
Total investment and other income was $22.8 million for the first quarter of 2026, representing a weighted average annualized portfolio yield of 13.5% on debt investments, as compared to $22.5 million and 14.4% for the first quarter of 2025. The increase in total investment and other income was primarily due to a higher weighted average principal amount outstanding on our income-bearing debt investment portfolio and greater prepayment income, partially offset from lower investment yields due in part to decreases in the Prime rate.
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.
2
For the first quarter of 2026, total operating expenses, inclusive of an income incentive fee waiver of $1.8 million, were $13.2 million as compared to $11.3 million for the first quarter of 2025. Total operating expenses for the first quarter of 2026 consisted of $7.9 million of interest expense and amortization of fees, $3.6 million of base management fees, $0.7 million of Administration Agreement expenses and $1.0 million of general and administrative expenses. The Adviser agreed to waive, in full, any and all of the investment income component of the quarterly incentive fee through the end of fiscal year 2026, and as such, $1.8 million of income incentive fees were waived during the three months ended March 31, 2026. The Company also recorded a $0.4 million accrual for excise taxes during the first quarter of 2026. Total operating expenses for the first quarter of 2025 consisted of $6.4 million of interest expense and amortization of fees, $3.3 million of base management fees, $0.6 million of Administration Agreement expenses and $1.0 million of general and administrative expenses. Due to the total return requirement under the income component of our incentive fee structure, there were no income incentive fees during the first quarter of 2025. The Company also recorded a $0.4 million accrual for excise taxes during the first quarter of 2025.
For the first quarter of 2026, the Company recorded net investment income of $9.1 million, or $0.23 per share, as compared to $10.7 million, or $0.27 per share, for the first quarter of 2025. The decrease in net investment income between periods was driven primarily by interest expense and amortization of fees.
During the first quarter of 2026, the Company recognized net realized losses on investments of $0.3 million, resulting primarily from the write-off of warrants in one portfolio company. During the first quarter of 2025, the Company recognized net realized gains on investments of $2.3 million.
Net change in unrealized losses on investments for the first quarter of 2026 was $2.7 million, consisting of $7.0 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments, $1.8 million of net unrealized losses from foreign currency adjustments and $0.2 million net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period, partially offset by $6.3 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments. Net change in unrealized losses on investments for the first quarter of 2025 was $0.3 million.
The Company’s net increase in net assets resulting from operations for the first quarter of 2026 was $6.2 million, or $0.15 per share, as compared to a net increase in net assets resulting from operations of $12.7 million, or $0.32 per share, for the first quarter of 2025.
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 March 31, 2026, the weighted average investment ranking of the Company’s debt investment portfolio was 2.25, as compared to 2.16 at the end of the prior quarter. During the quarter ended March 31, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $29.9 million was upgraded from Yellow (3) to White (2) and three portfolio companies with a principal balance of $102.9 million were downgraded from White (2) to Yellow (3).
The following table shows the credit categories for the Company’s debt investments at fair value as of March 31, 2026 and December 31, 2025:
| March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||||
| Credit Category (dollars in thousands) | Fair Value | Percentage of Total Debt Investments | Number of Portfolio Companies | Fair Value | Percentage of Total Debt Investments | Number of Portfolio Companies | ||||||||||||||||||||||||||||||||
| Clear (1) | $ | 45,194 | 7.0 | % | 3 | $ | 45,042 | 7.0 | % | 3 | ||||||||||||||||||||||||||||
| White (2) | 422,670 | 65.9 | 41 | 484,866 | 75.1 | 43 | ||||||||||||||||||||||||||||||||
| Yellow (3) | 145,453 | 22.7 | 6 | 86,255 | 13.4 | 4 | ||||||||||||||||||||||||||||||||
| Orange (4) | 24,990 | 3.9 | 4 | 25,212 | 3.9 | 4 | ||||||||||||||||||||||||||||||||
| Red (5) | 2,979 | 0.5 | 1 | 3,991 | 0.6 | 1 | ||||||||||||||||||||||||||||||||
| $ | 641,286 | 100.0 | % | 55 | $ | 645,366 | 100.0 | % | 55 | |||||||||||||||||||||||||||||
NET ASSET VALUE
As of March 31, 2026, the Company’s net assets were $351.0 million, or $8.65 per share, as compared to $353.6 million, or $8.73 per share, as of December 31, 2025.
3
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2026, the Company had total liquidity of $112.0 million, consisting of cash, cash equivalents and restricted cash of $9.0 million and available capacity under its Revolving Credit Facility of $103.0 million. As of March 31, 2026, the Company held $1.0 million of stock and warrant positions in publicly traded companies. The Company ended the quarter with a 1.27x leverage ratio, a 1.25x net leverage ratio and a 1940 Act asset coverage ratio of 179%.
SHARE REPURCHASE PROGRAM
On May 5, 2026, the Company’s Board of Directors authorized a 12-month stock repurchase program for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market at certain thresholds below its then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any share repurchases will be determined by the Company based upon an evaluation of economic and market conditions, stock price, applicable legal, contractual and regulatory requirements and other factors.The authorized stock repurchase program is scheduled to expire on May 6, 2027.
DISTRIBUTION
On April 29, 2026, the Company’s Board of Directors declared a regular quarterly distribution of $0.23 per share for the second quarter, payable on June 30, 2026 to stockholders of record as of June 16, 2026. As of March 31, 2026, the Company had estimated spillover income of $42.6 million, or $1.05 per share.
RECENT DEVELOPMENTS
Since March 31, 2026 and through May 5, 2026:
▪TPC’s direct originations platform entered into $102.5 million of additional non-binding signed term sheets with venture growth stage companies;
▪The Company closed $21.3 million of additional debt commitments;
▪The Company funded $25.9 million in new investments;
▪The Company received $20.6 million of principal prepayments; and
▪The Company’s Board of Directors authorized a 12-month stock repurchase program for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market.
CONFERENCE CALL
The Company will host a conference call at 5:00 p.m. Eastern Time, today, May 6, 2026, to discuss its financial results for the quarter ended March 31, 2026. 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 June 6, 2026, by dialing (855) 669-9658 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 5704060. 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.
4
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, the Company’s authorized share repurchase program does not require the Company to repurchase any specific number of shares, and 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, with the result 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.
INVESTOR RELATIONS AND MEDIA CONTACT
The IGB Group
Leon Berman
212-477-8438
lberman@igbir.com
5
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except per share data)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Investments at fair value | |||||||||||
| Non-controlled/unaffiliated investments (amortized cost of 808,844 and 804,090, respectively) | $ | 769,720 | $ | 767,304 | |||||||
| Non-controlled/affiliated investments (amortized cost of 16,273 and 16,273, respectively) | 15,915 | 16,240 | |||||||||
| Total Investments at fair value (amortized cost of $820,363 and $713,732, respectively) | 785,635 | 783,544 | |||||||||
| Cash and cash equivalents | 8,574 | 20,364 | |||||||||
| Restricted cash | 474 | 27,003 | |||||||||
| Deferred credit facility costs | 4,304 | 4,643 | |||||||||
| Prepaid expenses and other assets | 8,102 | 4,095 | |||||||||
| Total assets | $ | 807,089 | $ | 839,649 | |||||||
| Liabilities | |||||||||||
| Revolving Credit Facility | $ | 197,000 | $ | 95,000 | |||||||
2026 Notes, net of unamortized debt issuance costs of $— and $75, respectively | — | 199,925 | |||||||||
2027 Notes, net of unamortized debt issuance costs of $259 and $329, respectively | 124,741 | 124,671 | |||||||||
8.11% 2028 Notes, net of unamortized debt issuance costs of $455 and $516, respectively | 49,545 | 49,484 | |||||||||
7.50% 2028 Notes, net of unamortized debt issuance costs of $106 and $—, respectively | 74,894 | — | |||||||||
| Base management fee payable | 3,614 | 3,581 | |||||||||
| Other accrued expenses and liabilities | 6,316 | 13,367 | |||||||||
| Total liabilities | $ | 456,110 | $ | 486,028 | |||||||
| Net assets | |||||||||||
| Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively) | $ | — | $ | — | |||||||
| Common stock, par value $0.01 per share | 406 | 405 | |||||||||
| Paid-in capital in excess of par value | 514,909 | 514,399 | |||||||||
| Total distributable earnings (loss) | (164,336) | (161,183) | |||||||||
| Total net assets | $ | 350,979 | $ | 353,621 | |||||||
| Total liabilities and net assets | $ | 807,089 | $ | 839,649 | |||||||
| Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized) | 40,599 | 40,491 | |||||||||
| Net asset value per share | $ | 8.65 | $ | 8.73 | |||||||
6
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Operations
(in thousands, except per share data)
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (unaudited) | (unaudited) | ||||||||||
| Investment income | |||||||||||
| Interest income from investments | $ | 22,089 | $ | 21,585 | |||||||
| Other income | 686 | 869 | |||||||||
| Total investment and other income | $ | 22,775 | $ | 22,454 | |||||||
| Operating expenses | |||||||||||
| Base management fee | $ | 3,614 | $ | 3,326 | |||||||
| Income incentive fee | 1,824 | — | |||||||||
| Interest expense and amortization of fees | 7,861 | 6,372 | |||||||||
| Administration Agreement expenses | 719 | 602 | |||||||||
| General and administrative expenses | 1,019 | 1,010 | |||||||||
| Total operating expenses before Income incentive fee waiver | $ | 15,037 | $ | 11,310 | |||||||
| Income incentive fee waiver | (1,824) | — | |||||||||
| Total operating expenses net of Income incentive fee waiver | $ | 13,213 | $ | 11,310 | |||||||
| Net investment income before excise taxes | $ | 9,562 | $ | 11,144 | |||||||
| Excise tax expense | (440) | (406) | |||||||||
| Net investment income after excise taxes | $ | 9,122 | $ | 10,738 | |||||||
| Net realized and unrealized gains/(losses) | |||||||||||
| Net realized gains (losses) on investments | $ | (299) | $ | 2,254 | |||||||
| Net change in unrealized gains (losses) on investments | (2,663) | (303) | |||||||||
| Net realized and unrealized gains/(losses) | $ | (2,962) | $ | 1,951 | |||||||
| Net increase (decrease) in net assets resulting from operations | $ | 6,160 | $ | 12,689 | |||||||
| Per share information (basic and diluted) | |||||||||||
| Net increase (decrease) in net assets per share | $ | 0.15 | $ | 0.32 | |||||||
| Weighted average shares of common stock outstanding | 40,492 | 40,138 | |||||||||
| Regular distributions declared per share | $ | 0.23 | $ | 0.30 | |||||||
7
Weighted Average Portfolio Yield
on Debt Investments
Ratios (Percentages, on an annualized basis)(1) | For the Three Months Ended March 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
Weighted average portfolio yield on debt investments(2) | 13.5 | % | 14.4 | % | ||||||||||
| Coupon income | 10.6 | % | 11.6 | % | ||||||||||
| Accretion of discount | 1.0 | % | 1.2 | % | ||||||||||
| Accretion of end-of-term payments | 1.0 | % | 1.3 | % | ||||||||||
| Impact of prepayments during the period | 0.9 | % | 0.3 | % | ||||||||||
_____________
(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. Including non-income producing debt investments, the weighted average yield for the three months ended March 31, 2026 and 2025 was 12.8% and 13.6%, respectively. 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.
8
FAQ
How did TriplePoint Venture Growth BDC Corp. (TPVG) perform in Q1 2026?
TriplePoint Venture Growth generated net investment income of $9.1 million, or $0.23 per share, in Q1 2026. Total investment and other income reached $22.8 million, supported by a 13.5% weighted average annualized portfolio yield on debt investments during the quarter.
What was TPVG’s net asset value and leverage at March 31, 2026?
As of March 31, 2026, TPVG reported net assets of $351.0 million, or $8.65 per share. The company’s leverage ratio was 1.27x, with a net leverage ratio of 1.25x and a 1940 Act asset coverage ratio of 179% at quarter-end.
What distribution did TPVG declare for the second quarter of 2026?
The board declared a regular quarterly distribution of $0.23 per share for the second quarter of 2026, payable June 30, 2026 to stockholders of record on June 16, 2026. Since its IPO, total declared distributions have reached $17.59 per share.
Did TPVG announce a stock repurchase program in this filing?
Yes. TPVG’s board authorized a 12-month stock repurchase program to buy up to $12.5 million of common stock in the open market. Repurchases will follow Rule 10b-18 guidelines and depend on market conditions, pricing, and other corporate considerations.
What was TPVG’s portfolio yield and size in Q1 2026?
The company reported a 13.5% weighted average annualized portfolio yield on debt investments for Q1 2026. The debt investment portfolio reached $716.8 million at cost, while total investments at fair value were $785.6 million across debt, warrant, and equity positions.
How much spillover income does TPVG have to support future distributions?
As of March 31, 2026, TPVG estimated undistributed taxable earnings, or spillover income, of $42.6 million, equal to $1.05 per share. This spillover provides an additional cushion to support regular distributions, subject to future earnings and board decisions.