TriplePoint Venture Growth (NYSE: TPVG) Q2 2026 income, NAV and distributions
Rhea-AI Filing Summary
TriplePoint Venture Growth BDC Corp. reported second‑quarter 2026 net investment income of $8.3 million, or $0.21 per share, on total investment and other income of $22.1 million, down from $23.3 million in the prior‑year quarter. Net increase in net assets resulting from operations was $10.7 million, or $0.26 per share. The debt portfolio produced a 12.9% weighted average annualized yield on debt investments, and net asset value was $352.8 million, or $8.67 per share, as of June 30, 2026. Realized gains of $12.9 million were driven largely by a secondary sale of Revolut equity, while the remaining Revolut position had a fair value of $47.9 million.
The company held investments in 53 debt, 117 warrant and 60 equity positions totaling $780.7 million at fair value, with a gross leverage ratio of 1.26x, net leverage of 1.22x and liquidity of $119.8 million, including $105.0 million of undrawn revolver capacity. The Board declared a third‑quarter regular distribution of $0.23 per share plus supplemental distributions totaling $0.12 per share, supported by estimated spillover income of $41.7 million, or $1.03 per share. The Board also authorized a 12‑month stock repurchase program of up to $12.5 million, and DBRS confirmed an investment‑grade BBB (low) rating with a stable trend.
Positive
- Generated $12.9 million of realized gains in Q2 2026, primarily from a secondary sale of Revolut equity, while retaining Revolut warrant and equity holdings with fair value of $47.9 million as of June 30, 2026.
- Declared a third‑quarter regular distribution of $0.23 per share plus supplemental distributions totaling $0.12 per share, supported by estimated spillover income of $41.7 million, or $1.03 per share.
Negative
- Net investment income fell to $8.3 million, or $0.21 per share, for Q2 2026 from $11.3 million, or $0.28 per share, in Q2 2025, driven primarily by higher interest expense and less prepayment income.
- Weighted average portfolio yield on debt investments declined to 12.9% in Q2 2026 from 14.5% a year earlier, contributing to a modest drop in total investment and other income to $22.1 million from $23.3 million.
- For the six months ended June 30, 2026, net realized and unrealized results were a combined loss of $0.6 million, compared with gains of $3.9 million for the same period in 2025, reflecting fair value adjustments and reversal of prior unrealized gains.
Filing Explained
The August 5 filing reports a completed $43.8 million Prodigy sale, but $306.8 million of term sheets remains non-binding and repurchases remain unused.
A Form 8-K reports specified material events; this filing furnishes the company’s second-quarter results and related disclosures. The completed sale of Prodigy Investments Limited for
The term sheets are subject to due diligence, definitive documentation, investment committee approval and allocation-policy compliance, with no assurance that they will be completed or assigned to TPVG. Separately, the company had
The filing says unfunded commitments may expire without being drawn, so the disclosed amount is capacity and not necessarily a future cash requirement or earning asset. The company also reported that the Prodigy sale occurred on
The
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 Q2 2026: $8.3 million
Total investment and other income Q2 2026: $22.1 million
Weighted average portfolio yield Q2 2026: 12.9%
+5 more
8 metrics
Net investment income Q2 2026
$8.3 million
Quarter ended June 30, 2026; $0.21 per share
Total investment and other income Q2 2026
$22.1 million
Quarter ended June 30, 2026; weighted average yield on debt investments 12.9%
Weighted average portfolio yield Q2 2026
12.9%
Annualized yield on debt investments for the quarter ended June 30, 2026
Net asset value per share
$8.67
As of June 30, 2026; total net assets $352.8 million
Debt investment portfolio at cost
$722.8 million
Debt investment portfolio cost as highlighted in Q2 2026 summary
Net leverage ratio
1.22x
As of June 30, 2026; total debt less cash divided by net assets
Spillover income per share
$1.03
Estimated undistributed taxable earnings from net investment income as of June 30, 2026
Unfunded commitments
$140.6 million
Total unfunded commitments outstanding as of June 30, 2026
Key Terms
weighted average annualized portfolio yield, spillover income, Revolving Credit Facility, 1940 Act asset coverage ratio, +2 more
6 terms
weighted average annualized portfolio yield financial
"Achieved a 12.9% weighted average annualized portfolio yield on debt investments"
A weighted average annualized portfolio yield is the single annual income rate you’d expect from a collection of investments, calculated by taking each holding’s income return (like interest or dividends), multiplying it by that holding’s share of the portfolio, and adding those results. Think of a fruit basket where each fruit gives different juice — this number tells you the overall juice-per-year you’ll get. Investors use it to compare income potential, set cash-flow expectations, and evaluate tradeoffs between yield and risk.
spillover income financial
"Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $41.7 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.
Revolving Credit Facility financial
"available capacity under its Revolving Credit Facility of $105.0 million"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
1940 Act asset coverage ratio regulatory
"ended the quarter with a 1.26x leverage ratio, a 1.22x net leverage ratio and a 1940 Act asset coverage ratio of 179%"
The 1940 Act asset coverage ratio is a legally required measure that compares a registered investment company's assets to the claims of its creditors and holders of senior securities. It shows how many dollars of assets are available for each dollar of debt or preferred obligation, acting like a safety cushion — similar to how much cash someone has in the bank for each bill they owe. Investors use it to judge a fund's leverage limits and the relative risk that creditors or preferred holders could be left short if asset values fall.
income incentive fee waiver financial
"total operating expenses, inclusive of an income incentive fee waiver of $1.3 million"
non-accrual status financial
"includes debt investments on non-accrual status"
A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.
Earnings Snapshot
Net investment income Q2: $8.3 million; $0.21 per share
quarter and six months ended June 30, 2026
Net investment income Q2
$8.3 million; $0.21 per share
Compared to $11.3 million; $0.28 per share in Q2 2025
Total investment and other income Q2
$22.1 million
Compared to $23.3 million in Q2 2025
Net increase in net assets from operations Q2
$10.7 million; $0.26 per share
Compared to $13.2 million; $0.33 per share in Q2 2025
Weighted average portfolio yield on debt investments Q2
12.9%
Compared to 14.5% in Q2 2025
Net asset value per share
$8.67 as of June 30, 2026
Compared to $8.73 as of December 31, 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were TriplePoint Venture Growth (TPVG)’s Q2 2026 net investment income and EPS?
TPVG reported net investment income of $8.3 million, or $0.21 per share, for Q2 2026. This compares with $11.3 million, or $0.28 per share, in Q2 2025, reflecting higher interest expense and lower prepayment income.
What distributions did TPVG declare for the third quarter of 2026?
TPVG’s Board declared a regular Q3 2026 distribution of $0.23 per share and supplemental distributions totaling $0.12 per share. The supplemental amounts will be paid in two $0.06 installments on September 30 and December 30, 2026.
What were TPVG’s portfolio yield and leverage metrics in Q2 2026?
For Q2 2026, TPVG’s weighted average annualized portfolio yield on debt investments was 12.9%. As of June 30, 2026, the company reported a gross leverage ratio of 1.26x, a net leverage ratio of 1.22x, and a 1940 Act asset coverage ratio of 179%.
What is TPVG’s liquidity and unfunded commitments position as of June 30, 2026?
As of June 30, 2026, TPVG had total liquidity of $119.8 million, including $14.8 million in cash and $105.0 million of revolver availability. Unfunded commitments totaled $140.6 million, with various expirations from 2026 through 2031.
How did TPVG’s year-to-date 2026 results compare with 2025?
For the six months ended June 30, 2026, TPVG generated net investment income of $17.5 million, or $0.43 per share, versus $22.0 million, or $0.55 per share, in 2025. Net increase in net assets from operations was $16.8 million versus $25.9 million a year earlier.
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): August 5, 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 August 5, 2026, TriplePoint Venture Growth BDC Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 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 August 5, 2026, the Company made available on its website, www.tpvg.com, a supplemental investor presentation with respect to the second 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 August 5, 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: August 5, 2026
Exhibit 99.1
TriplePoint Venture Growth BDC Corp. Announces
Second Quarter 2026 Financial Results
Net Increase in Net Assets Resulting from Operations of $0.26 per Share for the Second Quarter
Declares Third Quarter 2026 Regular Distribution of $0.23 per Share and Supplemental Distributions Totaling $0.12 per Share
Menlo Park, Calif., August 5, 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 second quarter ended June 30, 2026 and the declaration by its Board of Directors of its third quarter 2026 regular distribution of $0.23 per share and supplemental distributions totaling $0.12 per share to be paid in two equal installments of $0.06 per share on September 30, 2026 and December 30, 2026.
Second Quarter 2026 Highlights
▪Signed $306.8 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”) and TPVG closed $29.8 million of new debt commitments;
▪Funded $47.8 million in debt investments to 10 portfolio companies, representing an 80% increase from the prior quarter, with a 12.8% weighted average annualized yield at origination;
▪Grew the debt investment portfolio to $722.8 million at cost;
▪Realized gain of $12.8 million from the secondary sale of equity shares in Revolut Ltd (“Revolut”); remaining warrant and equity position in Revolut with a fair value of $47.9 million as of June 30, 2026;
▪Achieved a 12.9% weighted average annualized portfolio yield on debt investments for the quarter1;
▪Earned net investment income of $8.3 million, or $0.21 per share;
▪Net increase in net assets resulting from operations of $10.7 million, or $0.26 per share;
▪Three debt portfolio companies raised an aggregate $44.8 million of capital in private financings during the quarter;
▪Held debt investments in 53 portfolio companies, warrants in 117 portfolio companies and equity investments in 60 portfolio companies as of June 30, 2026;
▪Debt investment portfolio weighted average investment ranking of 2.28 as of quarter’s end;
▪Net asset value of $352.8 million, or $8.67 per share, as of June 30, 2026 compared to $351.0 million, or $8.65 per share, as of March 31, 2026;
▪Ended the quarter with a gross leverage ratio of 1.26x and a net leverage ratio of 1.22x;
▪In April 2026, DBRS, Inc. confirmed TPVG’s investment grade rating, with a BBB (low) Long-Term Issuer rating, with a stable trend outlook;
▪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;
▪Subsequent to quarter-end, declared a third quarter regular distribution of $0.23 per share, payable on September 30, 2026; and
▪Subsequent to quarter-end, declared supplemental distributions totaling $0.12 per share, payable in two equal installments of $0.06 per share on September 30, 2026 and December 30, 2026, bringing total declared distributions to $17.94 per share since the Company’s initial public offering.
Year to Date 2026 Highlights
▪Signed $562.9 million of term sheets with venture growth stage companies at TPC and TPVG closed $30.8 million of new debt commitments;
▪Funded $74.4 million in debt investments to 14 portfolio companies with a 12.8% weighted average annualized portfolio yield at origination, and funded $0.3 million in direct equity investments in private rounds of financing to five portfolio companies;
▪Earned net investment income of $17.5 million, or $0.43 per share;
▪Net increase in net assets resulting from operations of $16.8 million, or $0.41 per share;
▪Paid distributions of $0.46 per share;
▪10 debt portfolio companies raised an aggregate $1.2 billion of capital in private financings;
▪Achieved a 13.2% weighted average annualized portfolio yield on debt investments;
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
▪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 June 30, 2026; and
▪Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $41.7 million, or $1.03 per share, as of June 30, 2026.
“During the second quarter, we made steady progress in strengthening TPVG’s portfolio and financial position to enhance our portfolio’s durability, grow our income-generating assets, and increase net asset value over the long-term,” said Jim Labe, chairman and chief executive officer of TPVG. “We continued our diversification strategy by investing in venture-growth-stage companies across AI and other attractive venture investment sectors.”
“We continue to monetize our investment in Revolut, generating total proceeds of $12.9 million this quarter, in addition to the $2.3 million from Q1 2025, while maintaining a sizeable position in Revolut,” said Sajal Srivastava, president and chief investment officer of the Company. “We intend to use these proceeds along with proceeds from other liquidity events to continue building a strong foundation for TPVG and position it for the long term.”
PORTFOLIO AND INVESTMENT ACTIVITY
During the three months ended June 30, 2026, the Company entered into $29.8 million of new debt commitments with five portfolio companies, funded debt investments totaling $47.8 million to 10 portfolio companies and acquired warrants in five portfolio companies representing $0.3 million at fair value. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 12.8% at origination. During the quarter, the Company received $28.6 million of principal prepayments, $4.6 million of early repayments and $12.2 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the second quarter was 12.9%1. The return on average equity for the second quarter was 9.5% 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 June 30, 2026, the Company held debt investments in 53 portfolio companies, warrants in 117 portfolio companies and equity investments in 60 portfolio companies. The total cost and fair value of these investments were $830.8 million and $780.7 million, respectively.
The following table shows the total portfolio investment activity for the three and six months ended June 30, 2026 and 2025:
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Beginning portfolio at fair value | $ | 785,635 | $ | 682,012 | $ | 783,544 | $ | 676,249 | ||||||||||||||||||
New debt investments, net(a) | 46,730 | 78,187 | 72,640 | 105,514 | ||||||||||||||||||||||
| Scheduled principal amortization | (12,188) | (11,311) | (14,114) | (21,192) | ||||||||||||||||||||||
| Principal prepayments and early repayments | (33,132) | (44,979) | (58,388) | (62,761) | ||||||||||||||||||||||
| Net amortization and accretion of premiums and discounts and end-of-term payments | 1,589 | 4,263 | 3,843 | 5,728 | ||||||||||||||||||||||
| Payment-in-kind coupon | 3,039 | 5,250 | 6,533 | 9,007 | ||||||||||||||||||||||
| New warrant investments | 272 | 997 | 846 | 1,760 | ||||||||||||||||||||||
| New equity investments | — | 1,535 | 303 | 1,982 | ||||||||||||||||||||||
| Proceeds from dispositions of investments | (13,544) | — | (13,845) | (2,308) | ||||||||||||||||||||||
| Net realized gains (losses) on investments | 12,952 | — | 12,655 | 2,278 | ||||||||||||||||||||||
| Net change in unrealized gains (losses) on investments | (10,611) | 1,931 | (13,275) | 1,628 | ||||||||||||||||||||||
| Ending portfolio at fair value | $ | 780,742 | $ | 717,885 | $ | 780,742 | $ | 717,885 | ||||||||||||||||||
_____________
(a) Debt balance is net of fees and discounts applied to the loan at origination.
SIGNED TERM SHEETS
During the three months ended June 30, 2026, TPC entered into $306.8 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.
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
UNFUNDED COMMITMENTS
As of June 30, 2026, the Company’s unfunded commitments totaled $140.6 million, of which $23.0 million was dependent upon portfolio companies reaching certain milestones. Of the $140.6 million of unfunded commitments, $47.6 million will expire during 2026, $84.8 million will expire during 2027, $7.7 million will expire during 2028 and $0.5 million will expire during 2031, 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 $22.1 million for the second quarter of 2026, representing a weighted average annualized portfolio yield of 12.9% on debt investments, as compared to $23.3 million and 14.5% for the second quarter of 2025. The decrease in total investment and other income was primarily due to less prepayment income and lower investment yields due in part to decreases in the Prime rate. For the six months ended June 30, 2026, the Company’s total investment and other income was $44.9 million, as compared to $45.7 million for the six months ended June 30, 2025, representing a weighted average annualized portfolio yield on total debt investments of 13.2% and 14.5%, respectively.
For the second quarter of 2026, total operating expenses, inclusive of an income incentive fee waiver of $1.3 million, were $13.6 million as compared to $11.7 million, inclusive of an income incentive fee waiver of $1.3 million, for the second quarter of 2025. 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, $1.3 million of income incentive fees were waived during the three months ended June 30, 2026. Total operating expenses for the second quarter of 2026 consisted of $8.3 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 Company also recorded a $0.2 million accrual for excise taxes during the second quarter of 2026. Total operating expenses for the second quarter of 2025 consisted of $6.7 million of interest expense and amortization of fees, $3.3 million of base management fees, $0.7 million of Administration Agreement expenses and $1.0 million of general and administrative expenses. The Company also recorded a $0.4 million accrual for excise taxes during the second quarter of 2025. For the three months ended June 30, 2025, our income incentive fee of $2.3 million was reduced by $1.0 million due to the total return requirement under the income component of our incentive fee structure, and the Adviser earned and waived the remaining $1.3 million in income incentive fees. The Company’s total operating expenses for the six months ended June 30, 2026, inclusive of an income incentive fee waiver of $3.2 million, were $26.8 million as compared to $23.0 million, inclusive of income incentive fee waiver of $1.3 million for the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, the Company recorded $0.6 million and $0.8 million, respectively, for an excise tax accrual.
For the second quarter of 2026, the Company recorded net investment income of $8.3 million, or $0.21 per share, as compared to $11.3 million, or $0.28 per share, for the second quarter of 2025. The decrease in net investment income between periods was driven primarily by higher interest expense and less prepayment income. Net investment income for the six months ended June 30, 2026 was $17.5 million, or $0.43 per share, compared to $22.0 million, or $0.55 per share, for the six months ended June 30, 2025.
During the second quarter of 2026, the Company recognized net realized gains on investments of $12.9 million, resulting primarily from the partial sale of equity in one portfolio company and consideration for warrants in two portfolio companies. During the second quarter of 2025, the Company recognized net realized losses on investments of $32,000.
Net change in unrealized losses on investments for the second quarter of 2026 was $10.6 million, consisting of $11.9 million of net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period, $9.6 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments and $0.5 million of net unrealized losses from foreign currency adjustments, partially offset by $11.4 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments. Net change in unrealized gains on investments for the second quarter of 2025 was $1.9 million. The Company’s net realized and unrealized losses were $0.6 million for the six months ended June 30, 2026, compared to net realized and unrealized gains of $3.9 million for the six months ended June 30, 2025.
The Company’s net increase in net assets resulting from operations for the second quarter of 2026 was $10.7 million, or $0.26 per share, as compared to a net increase in net assets resulting from operations of $13.2 million, or $0.33 per share, for the second quarter of 2025. For the six months ended June 30, 2026, the Company’s net increase in net assets resulting from operations was $16.8 million, or $0.41 per share, as compared to a net increase in net assets resulting from operations of $25.9 million, or $0.64 per share, for the six months ended June 30, 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.
3
As of June 30, 2026, the weighted average investment ranking of the Company’s debt investment portfolio was 2.28, as compared to 2.25 at the end of the prior quarter. During the quarter ended June 30, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $28.0 million was 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 June 30, 2026 and December 31, 2025:
| June 30, 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) | $ | 45,260 | 7.1 | % | 3 | $ | 45,042 | 7.0 | % | 3 | ||||||||||||||||||||||||||||
| White (2) | 395,339 | 62.1 | 38 | 484,866 | 75.1 | 43 | ||||||||||||||||||||||||||||||||
| Yellow (3) | 173,390 | 27.2 | 7 | 86,255 | 13.4 | 4 | ||||||||||||||||||||||||||||||||
| Orange (4) | 20,075 | 3.1 | 4 | 25,212 | 3.9 | 4 | ||||||||||||||||||||||||||||||||
| Red (5) | 3,357 | 0.5 | 1 | 3,991 | 0.6 | 1 | ||||||||||||||||||||||||||||||||
| $ | 637,421 | 100.0 | % | 53 | $ | 645,366 | 100.0 | % | 55 | |||||||||||||||||||||||||||||
NET ASSET VALUE
As of June 30, 2026, the Company’s net assets were $352.8 million, or $8.67 per share, as compared to $353.6 million, or $8.73 per share, as of December 31, 2025.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2026, the Company had total liquidity of $119.8 million, consisting of cash, cash equivalents and restricted cash of $14.8 million and available capacity under its Revolving Credit Facility of $105.0 million. As of June 30, 2026, the Company held $1.1 million of stock and warrant positions in publicly traded companies. The Company ended the quarter with a 1.26x leverage ratio, a 1.22x 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. As of June 30, 2026, the Company had not repurchased any shares of common stock pursuant to the Board’s stock repurchase authorization.
DISTRIBUTIONS
On July 29, 2026, the Company’s Board of Directors declared a regular quarterly distribution of $0.23 per share for the third quarter, payable on September 30, 2026 to stockholders of record as of September 16, 2026. On August 4, 2026, the Company’s Board of Directors also declared supplemental distributions totaling $0.12 per share to be paid in two equal installments. The first $0.06 per share supplemental distribution will be paid on September 30, 2026 to stockholders of record as of September 16, 2026, and the second $0.06 per share supplemental distribution will be paid on December 30, 2026 to stockholders of record as of December 16, 2026. As of June 30, 2026, the Company had estimated spillover income of $41.7 million, or $1.03 per share.
RECENT DEVELOPMENTS
Since June 30, 2026 and through August 5, 2026:
▪TPC’s direct originations platform entered into $50.0 million of additional non-binding signed term sheets with venture growth stage companies;
▪The Company closed $1.0 million of additional debt commitments;
▪The Company received $1.0 million of principal prepayments and had no material fundings; and
▪On August 5, 2026, the Company sold its investments in Prodigy Investments Limited to a third party for total cash consideration of $43.8 million, which reflects its fair value as of June 30, 2026 plus accrued cash interest.
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CONFERENCE CALL
The Company will host a conference call at 5:00 p.m. Eastern Time, today, August 5, 2026, to discuss its financial results for the quarter ended June 30, 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 September 5, 2026, by dialing (855) 669-9658 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 8717732. 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, 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
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TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except per share data)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Investments at fair value | |||||||||||
| Non-controlled/unaffiliated investments (amortized cost of $814,562 and $804,090, respectively) | $ | 764,961 | $ | 767,304 | |||||||
| Non-controlled/affiliated investments (amortized cost of $16,273 and $16,273, respectively) | 15,781 | 16,240 | |||||||||
| Total Investments at fair value (amortized cost of $830,835 and $820,363, respectively) | 780,742 | 783,544 | |||||||||
| Cash and cash equivalents | 13,999 | 20,364 | |||||||||
| Restricted cash | 811 | 27,003 | |||||||||
| Deferred credit facility costs | 3,981 | 4,643 | |||||||||
| Prepaid expenses and other assets | 9,511 | 4,095 | |||||||||
| Total assets | $ | 809,044 | $ | 839,649 | |||||||
| Liabilities | |||||||||||
| Revolving Credit Facility | $ | 195,000 | $ | 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 $188 and $329, respectively | 124,812 | 124,671 | |||||||||
| 8.11% 2028 Notes, net of unamortized debt issuance costs of $394 and $516, respectively | 49,606 | 49,484 | |||||||||
| 7.50% 2028 Notes, net of unamortized debt issuance costs of $238 and $—, respectively | 74,762 | — | |||||||||
| Base management fee payable | 3,592 | 3,581 | |||||||||
| Other accrued expenses and liabilities | 8,447 | 13,367 | |||||||||
| Total liabilities | $ | 456,219 | $ | 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 | 407 | 405 | |||||||||
| Paid-in capital in excess of par value | 515,424 | 514,399 | |||||||||
| Total distributable earnings (loss) | (163,006) | (161,183) | |||||||||
| Total net assets | $ | 352,825 | $ | 353,621 | |||||||
| Total liabilities and net assets | $ | 809,044 | $ | 839,649 | |||||||
| Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized) | 40,710 | 40,491 | |||||||||
| Net asset value per share | $ | 8.67 | $ | 8.73 | |||||||
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TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Operations
(in thousands, except per share data)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||
| Investment income | |||||||||||||||||||||||
| Interest income from investments | $ | 22,036 | $ | 22,504 | $ | 44,125 | $ | 44,089 | |||||||||||||||
| Other income | 109 | 772 | 795 | 1,641 | |||||||||||||||||||
| Total investment and other income | $ | 22,145 | $ | 23,276 | $ | 44,920 | $ | 45,730 | |||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Base management fee | $ | 3,592 | $ | 3,268 | 7,207 | 6,593 | |||||||||||||||||
| Income incentive fee | 1,337 | 1,259 | 3,161 | 1,259 | |||||||||||||||||||
| Interest expense and amortization of fees | 8,288 | 6,732 | 16,149 | 13,103 | |||||||||||||||||||
| Administration Agreement expenses | 723 | 629 | 1,442 | 1,232 | |||||||||||||||||||
| General and administrative expenses | 1,005 | 1,022 | 2,023 | 2,033 | |||||||||||||||||||
| Total operating expenses before Income incentive fee waiver | $ | 14,945 | $ | 12,910 | $ | 29,982 | $ | 24,220 | |||||||||||||||
| Income incentive fee waiver | (1,337) | (1,259) | (3,161) | (1,259) | |||||||||||||||||||
| Total operating expenses net of Income incentive fee waiver | $ | 13,608 | $ | 11,651 | $ | 26,821 | $ | 22,961 | |||||||||||||||
| Net investment income before excise taxes | $ | 8,537 | $ | 11,625 | $ | 18,099 | $ | 22,769 | |||||||||||||||
| Excise tax expense | (200) | (350) | (640) | (756) | |||||||||||||||||||
| Net investment income after excise taxes | $ | 8,337 | $ | 11,275 | $ | 17,459 | $ | 22,013 | |||||||||||||||
| Net realized and unrealized gains/(losses) | |||||||||||||||||||||||
| Net realized gains (losses) on investments | $ | 12,941 | $ | (32) | $ | 12,642 | $ | 2,222 | |||||||||||||||
| Net change in unrealized gains (losses) on investments | (10,611) | 1,931 | (13,275) | 1,628 | |||||||||||||||||||
| Net realized and unrealized gains/(losses) | $ | 2,330 | $ | 1,899 | $ | (633) | $ | 3,850 | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 10,667 | $ | 13,174 | $ | 16,826 | $ | 25,863 | |||||||||||||||
| Per share information (basic and diluted) | |||||||||||||||||||||||
| Net increase (decrease) in net assets per share | $ | 0.26 | $ | 0.33 | $ | 0.41 | $ | 0.64 | |||||||||||||||
| Weighted average shares of common stock outstanding | 40,600 | 40,234 | 40,547 | 40,186 | |||||||||||||||||||
| Regular distributions declared per share | $ | 0.23 | $ | 0.30 | $ | 0.46 | $ | 0.60 | |||||||||||||||
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Weighted Average Portfolio Yield
on Debt Investments
Ratios (Percentages, on an annualized basis)(1) | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Weighted average portfolio yield on debt investments(2) | 12.9 | % | 14.5 | % | 13.2 | % | 14.5 | % | ||||||||||||||||||
| Coupon income | 10.5 | % | 11.5 | % | 10.5 | % | 11.5 | % | ||||||||||||||||||
| Accretion of discount | 0.7 | % | 0.9 | % | 0.8 | % | 1.0 | % | ||||||||||||||||||
| Accretion of end-of-term payments | 1.1 | % | 1.2 | % | 1.1 | % | 1.3 | % | ||||||||||||||||||
| Impact of prepayments during the period | 0.6 | % | 0.9 | % | 0.8 | % | 0.7 | % | ||||||||||||||||||
_____________
(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 June 30, 2026 and 2025 was 12.3% and 13.8%, respectively. Including non-income producing debt investments, the weighted average yield for the six months ended June 30, 2026 and 2025 was 12.5% and 13.7%, 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.
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