Press Release · TriplePoint Venture Growth BDC Corp.
TriplePoint Venture Growth BDC Corp. Announces
- Third Quarter 2026 Financial Results
- Declared Fourth Quarter 2026 Regular Distribution of $0.23 per Share
- Seven Portfolio Companies Raised an Aggregate $2.6 Billion of Capital
Distributed by News Echo Today · Originally issued via SEC EDGAR
Menlo Park, Calif., November 4, 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 third quarter ended September 30, 2026. The Company previously announced on October 14, 2026 that its Board of Directors declared its fourth quarter 2026 regular distribution of $0.23 per share.
Third Quarter 2026 Highlights
▪Signed $106.0 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”) and TPVG closed $43.0 million of new debt commitments;
▪Funded $0.7 million in debt investments to four portfolio companies, with an 11.2% weighted average annualized yield at origination. Subsequent to the end of the quarter, TPVG funded $57.4 million in new investments;
▪Ended the quarter with a debt investment portfolio at $665.3 million at cost;
▪Achieved a 12.4% weighted average annualized portfolio yield on debt investments for the quarter1;
▪Earned net investment income of $6.6 million, or $0.16 per share;
▪Net decrease in net assets resulting from operations of $1.7 million, or $0.04 per share;
▪Seven portfolio companies raised an aggregate $2.6 billion of capital in private financings during the quarter, five of which are active debt portfolio companies that raised an aggregate $1.5 billion;
▪Held debt investments in 50 portfolio companies, warrants in 120 portfolio companies and equity investments in 57 portfolio companies as of September 30, 2026;
▪Debt investment portfolio weighted average investment ranking of 2.24 as of quarter’s end;
▪Net asset value of $339.9 million, or $8.32 per share, as of September 30, 2026;
▪Ended the quarter with a gross leverage ratio of 1.18x and a net leverage ratio of 1.12x;
▪Our sponsor, TPC, purchased 313,865 shares of the Company’s common stock in a private transaction, bringing total shares held by TPC to 2,312,354, which represents 5.7% of the Company’s outstanding shares of common stock as of September 30, 2026;
▪Sold its investments in Prodigy Investments Limited to a third party for total cash consideration of $43.8 million, which reflected its fair value as of June 30, 2026 plus accrued cash interest;
▪Subsequent to quarter-end, our investment adviser, TriplePoint Advisers LLC (the “Adviser”) amended its existing income incentive fee waiver to waive, in full, its quarterly income incentive fee through the end of fiscal year 2027; and
▪Subsequent to quarter-end, declared a fourth quarter regular distribution of $0.23 per share, payable on December 30, 2026, bringing total declared distributions to $18.17 per share since the Company’s initial public offering.
Year to Date 2026 Highlights
▪Signed $668.9 million of term sheets with venture growth stage companies at TPC and TPVG closed $73.8 million of new debt commitments;
▪Funded $75.1 million in debt investments to 15 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 $24.0 million, or $0.59 per share;
▪Net increase in net assets resulting from operations of $15.1 million, or $0.37 per share;
▪Paid distributions of $0.75 per share;
▪12 debt portfolio companies raised an aggregate $2.8 billion of capital in private financings;
▪Achieved a 12.9% weighted average annualized portfolio yield on debt investments;
▪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; and
▪Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $36.9 million, or $0.90 per share, as of September 30, 2026.
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
“We continue to advance our sector rotation and diversification strategy, as we invest in companies across AI and other attractive sectors and take advantage of strong demand for debt financing from high-quality, venture-growth stage companies,” said Jim Labe, chairman and chief executive officer of TPVG. “We remain focused on disciplined underwriting, further strengthening our portfolio and financial position, and capitalizing on market opportunities that enhance our earnings power and grow NAV over the long term.”
“We are pleased with the success of a number of TPVG portfolio companies raising capital,” said Sajal Srivastava, president and chief investment officer of the Company. “During the third quarter, seven of our portfolio companies raised $2.6 billion, of which five are active debt portfolio companies that raised an aggregate $1.5 billion.”
PORTFOLIO AND INVESTMENT ACTIVITY
During the three months ended September 30, 2026, the Company entered into $43.0 million of new debt commitments with four new and four existing portfolio companies, funded debt investments totaling $0.7 million to four portfolio companies and acquired warrant investments representing $0.6 million at fair value. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 11.2% at origination. During the quarter, the Company received $11.0 million of principal prepayments, $1.0 million of early repayments and $5.4 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the third quarter was 12.4%1. The return on average equity for the third quarter was 7.4% 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 September 30, 2026, the Company held debt investments in 50 portfolio companies, warrants in 120 portfolio companies and equity investments in 57 portfolio companies. The total cost and fair value of these investments were $749.3 million and $717.3 million, respectively.
The following table shows the total portfolio investment activity for the three and nine months ended September 30, 2026 and 2025:
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Beginning portfolio at fair value | $ | 780,742 | $ | 717,885 | $ | 783,544 | $ | 676,249 | ||||||||||||||||||
| New debt investments, net(a) | 705 | 86,906 | 73,345 | 192,420 | ||||||||||||||||||||||
| Scheduled principal amortization | (5,394) | (4,000) | (19,509) | (25,192) | ||||||||||||||||||||||
| Principal prepayments and early repayments | (12,038) | (15,489) | (70,425) | (78,249) | ||||||||||||||||||||||
| Net amortization and accretion of premiums and discounts and end-of-term payments | 2,037 | 1,648 | 5,879 | 7,376 | ||||||||||||||||||||||
| Payment-in-kind coupon | 2,462 | 4,796 | 8,996 | 13,803 | ||||||||||||||||||||||
| New warrant investments | 639 | 837 | 1,485 | 2,597 | ||||||||||||||||||||||
| New equity investments | — | 1,001 | 303 | 2,984 | ||||||||||||||||||||||
| Proceeds from dispositions of investments | (43,500) | (55) | (57,345) | (2,364) | ||||||||||||||||||||||
| Net realized gains (losses) on investments | (26,433) | (694) | (13,778) | 1,583 | ||||||||||||||||||||||
| Net change in unrealized gains (losses) on investments | 18,121 | 5,627 | 4,846 | 7,255 | ||||||||||||||||||||||
| Ending portfolio at fair value | $ | 717,341 | $ | 798,462 | $ | 717,341 | $ | 798,462 | ||||||||||||||||||
_____________
(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, 2026, TPC entered into $106.0 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 September 30, 2026, the Company’s unfunded commitments totaled $171.6 million, of which $14.8 million was dependent upon portfolio companies reaching certain milestones. Of the $171.6 million of unfunded commitments, $54.0 million will expire during 2026, $109.7 million will expire during 2027 and $7.9 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.
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
RESULTS OF OPERATIONS
Total investment and other income was $20.2 million for the third quarter of 2026, representing a weighted average annualized portfolio yield of 12.4% on debt investments, as compared to $22.7 million and 13.2% for the third quarter of 2025. The decrease in total investment and other income was primarily due to lower investment yields in part due to a lower Prime rate. For the nine months ended September 30, 2026, the Company’s total investment and other income was $65.1 million, as compared to $68.4 million for the nine months ended September 30, 2025, representing a weighted average annualized portfolio yield on total debt investments of 12.9% and 14.0%, respectively.
For the third quarter of 2026, total operating expenses were $13.2 million as compared to $12.0 million, inclusive of an income incentive fee waiver of $2.1 million for the third quarter of 2025. Total operating expenses for the third 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 $1.1 million of general and administrative expenses. There were no income incentive fees for the three months ended September 30, 2026. Total operating expenses for the third quarter of 2025 consisted of $6.8 million of interest expense and amortization of fees, $3.4 million of base management fees, $0.6 million of Administration Agreement expenses and $1.2 million of general and administrative expenses. For the three months ended September 30, 2025, the Adviser earned and waived $2.1 million in income incentive fees. For each of the third quarters of 2026 and 2025, the Company recorded excise tax expenses of $0.4 million. The Adviser waived $3.2 million in income incentive fees earned for the nine months ended September 30, 2026, pursuant to a waiver agreement whereby the Adviser had agreed to waive, in full, any and all of the income incentive fee until and including the quarter ending December 31, 2026. The Company’s total operating expenses for the nine months ended September 30, 2026, inclusive of the $3.2 million income incentive fee waiver, were $40.1 million as compared to $34.9 million, inclusive of income incentive fee waivers of $3.3 million for the nine months ended September 30, 2025. For the nine months ended September 30, 2026 and 2025, the Company recorded $1.0 million and $1.1 million, respectively, for an excise tax accrual.
For the third quarter of 2026, the Company recorded net investment income of $6.6 million, or $0.16 per share, as compared to $10.3 million, or $0.26 per share, for the third quarter of 2025. The decrease in net investment income between periods was driven primarily by lower total investment and other income and higher interest expense. Net investment income for the nine months ended September 30, 2026 was $24.0 million, or $0.59 per share, compared to $32.3 million, or $0.80 per share, for the nine months ended September 30, 2025.
During the third quarter of 2026, the Company recognized net realized losses on investments of $26.4 million, resulting primarily from the sale of the Company’s debt, warrant and equity investments in one portfolio company and the write-off of a debt investment in one portfolio company, partially offset by net realized gains from the realization of a warrant investment in one portfolio company and equity investments in two portfolio companies. During the third quarter of 2025, the Company recognized net realized losses on investments of $0.7 million from the dissolution of one portfolio company.
Net change in unrealized gains on investments for the third quarter of 2026 was $18.1 million, consisting of $26.1 million of net unrealized gains from the reversal of previously recorded unrealized losses on investments realized during the period and $5.4 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments, partially offset by $13.0 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments and $0.4 million of net unrealized losses from foreign currency adjustments. Net change in unrealized gains on investments for the third quarter of 2025 was $5.6 million. The Company’s net realized and unrealized losses were $8.9 million for the nine months ended September 30, 2026, compared to net realized and unrealized gains of $8.8 million for the nine months ended September 30, 2025.
The Company’s net decrease in net assets resulting from operations for the third quarter of 2026 was $1.7 million, or $0.04 per share, as compared to a net increase in net assets resulting from operations of $15.2 million, or $0.38 per share, for the third quarter of 2025. For the nine months ended September 30, 2026, the Company’s net increase in net assets resulting from operations was $15.1 million, or $0.37 per share, as compared to a net increase in net assets resulting from operations of $41.1 million, or $1.02 per share, for the nine months ended September 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.
As of September 30, 2026, the weighted average investment ranking of the Company’s debt investment portfolio was 2.24, as compared to 2.28 at the end of the prior quarter. During the quarter ended September 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 upgraded from Yellow (3) to White (2), and two portfolio companies with an aggregate principal balance of $33.8 million were downgraded from White (2) to Yellow (3).
3
The following table shows the credit categories for the Company’s debt investments at fair value as of September 30, 2026 and December 31, 2025:
| September 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) | $ | 45,310 | 7.9 | % | 3 | $ | 45,042 | 7.0 | % | 3 | ||||||||||||||||||||||||||||
| White (2) | 371,593 | 64.7 | 35 | 484,866 | 75.1 | 43 | ||||||||||||||||||||||||||||||||
| Yellow (3) | 136,497 | 23.8 | 7 | 86,255 | 13.4 | 4 | ||||||||||||||||||||||||||||||||
| Orange (4) | 17,320 | 3.0 | 4 | 25,212 | 3.9 | 4 | ||||||||||||||||||||||||||||||||
| Red (5) | 3,168 | 0.6 | 1 | 3,991 | 0.6 | 1 | ||||||||||||||||||||||||||||||||
| $ | 573,888 | 100.0 | % | 50 | $ | 645,366 | 100.0 | % | 55 | |||||||||||||||||||||||||||||
NET ASSET VALUE
As of September 30, 2026, the Company’s net assets were $339.9 million, or $8.32 per share, as compared to $353.6 million, or $8.73 per share, as of December 31, 2025.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2026, the Company had total liquidity of $168.0 million, consisting of cash, cash equivalents and restricted cash of $18.0 million and available capacity under its Revolving Credit Facility of $150.0 million (subject to borrowing base restrictions). As of September 30, 2026, the Company held $0.4 million of stock and warrant positions in publicly traded companies. The Company ended the quarter with a 1.18x leverage ratio, a 1.12x net leverage ratio and a 1940 Act asset coverage ratio of 185%.
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 September 30, 2026, the Company had not repurchased any shares of common stock pursuant to the Board’s stock repurchase authorization.
DISTRIBUTIONS
On October 14, 2026, the Company’s Board of Directors declared a regular quarterly distribution of $0.23 per share for the fourth quarter, payable on December 30, 2026 to stockholders of record as of December 16, 2026. As previously announced, on August 4, 2026, the Company’s Board of Directors declared supplemental distributions totaling $0.12 per share to be paid in two equal installments. The first $0.06 per share supplemental distribution was 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 September 30, 2026, the Company had estimated spillover income of $36.9 million, or $0.90 per share.
RECENT DEVELOPMENTS
Since September 30, 2026 and through November 3, 2026:
▪TPC’s direct originations platform entered into $125.0 million of additional non-binding signed term sheets with venture growth stage companies;
▪The Company closed $60.0 million of additional debt commitments;
▪The Company funded $57.4 million in new investments; and
▪The Company received $72.6 million of principal prepayments generating more than $2.0 million of accelerated income.
4
CONFERENCE CALL
The Company will host a conference call at 5:00 p.m. Eastern Time, today, November 4, 2026, to discuss its financial results for the quarter ended September 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 December 4, 2026, by dialing (855) 669-9658 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 8855278. 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.
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
5
TriplePoint Venture Growth BDC Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except per share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Investments at fair value | |||||||||||
| Non-controlled/unaffiliated investments (amortized cost of 733,040 and 804,090, respectively) | $ | 701,650 | $ | 767,304 | |||||||
| Non-controlled/affiliated investments (amortized cost of 16,273 and 16,273, respectively) | 15,691 | 16,240 | |||||||||
| Total Investments at fair value (amortized cost of $749,313 and $820,363, respectively) | 717,341 | 783,544 | |||||||||
| Cash and cash equivalents | 17,607 | 20,364 | |||||||||
| Restricted cash | 393 | 27,003 | |||||||||
| Deferred credit facility costs | 3,695 | 4,643 | |||||||||
| Prepaid expenses and other assets | 10,613 | 4,095 | |||||||||
| Total assets | $ | 749,649 | $ | 839,649 | |||||||
| Liabilities | |||||||||||
| Revolving Credit Facility | $ | 150,000 | $ | 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 $118 and $329, respectively | 124,882 | 124,671 | |||||||||
| 8.11% 2028 Notes, net of unamortized debt issuance costs of $333 and $516, respectively | 49,667 | 49,484 | |||||||||
| 7.50% 2028 Notes, net of unamortized debt issuance costs of $202 and $—, respectively | 74,798 | — | |||||||||
| Base management fee payable | 3,564 | 3,581 | |||||||||
| Other accrued expenses and liabilities | 6,818 | 13,367 | |||||||||
| Total liabilities | $ | 409,729 | $ | 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 | 408 | 405 | |||||||||
| Paid-in capital in excess of par value | 516,037 | 514,399 | |||||||||
| Total distributable earnings (loss) | (176,525) | (161,183) | |||||||||
| Total net assets | $ | 339,920 | $ | 353,621 | |||||||
| Total liabilities and net assets | $ | 749,649 | $ | 839,649 | |||||||
| Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized) | 40,843 | 40,491 | |||||||||
| Net asset value per share | $ | 8.32 | $ | 8.73 | |||||||
6
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, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| Investment income | |||||||||||||||||||||||||||||
| Interest income from investments | $ | 20,031 | $ | 22,144 | $ | 64,156 | $ | 66,233 | |||||||||||||||||||||
| Other income | 142 | 512 | 937 | 2,153 | |||||||||||||||||||||||||
| Total investment and other income | $ | 20,173 | $ | 22,656 | $ | 65,093 | $ | 68,386 | |||||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| Base management fee | $ | 3,564 | $ | 3,359 | 10,771 | 9,952 | |||||||||||||||||||||||
| Income incentive fee | — | 2,062 | 3,161 | 3,321 | |||||||||||||||||||||||||
| Interest expense and amortization of fees | 7,871 | 6,770 | 24,020 | 19,874 | |||||||||||||||||||||||||
| Administration Agreement expenses | 740 | 649 | 2,182 | 1,880 | |||||||||||||||||||||||||
| General and administrative expenses | 1,062 | 1,193 | 3,085 | 3,226 | |||||||||||||||||||||||||
| Total operating expenses before Income incentive fee waiver | $ | 13,237 | $ | 14,033 | $ | 43,219 | $ | 38,253 | |||||||||||||||||||||
| Income incentive fee waiver | — | (2,062) | (3,161) | (3,321) | |||||||||||||||||||||||||
| Total operating expenses net of Income incentive fee waiver | $ | 13,237 | $ | 11,971 | $ | 40,058 | $ | 34,932 | |||||||||||||||||||||
| Net investment income before excise taxes | $ | 6,936 | $ | 10,685 | $ | 25,035 | $ | 33,454 | |||||||||||||||||||||
| Excise tax expense | (350) | (375) | (990) | (1,131) | |||||||||||||||||||||||||
| Net investment income after excise taxes | $ | 6,586 | $ | 10,310 | $ | 24,045 | $ | 32,323 | |||||||||||||||||||||
| Net realized and unrealized gains/(losses) | |||||||||||||||||||||||||||||
| Net realized gains (losses) on investments | $ | (26,421) | $ | (704) | $ | (13,778) | $ | 1,517 | |||||||||||||||||||||
| Net change in unrealized gains (losses) on investments | 18,121 | 5,627 | 4,846 | 7,255 | |||||||||||||||||||||||||
| Net realized and unrealized gains/(losses) | $ | (8,300) | $ | 4,923 | $ | (8,932) | $ | 8,772 | |||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | (1,714) | $ | 15,233 | $ | 15,113 | $ | 41,095 | |||||||||||||||||||||
| Per share information (basic and diluted) | |||||||||||||||||||||||||||||
| Net increase (decrease) in net assets per share | $ | (0.04) | $ | 0.38 | $ | 0.37 | $ | 1.02 | |||||||||||||||||||||
| Weighted average shares of common stock outstanding | 40,711 | 40,325 | 40,602 | 40,233 | |||||||||||||||||||||||||
| Regular distributions declared per share | $ | 0.23 | $ | 0.23 | $ | 0.69 | $ | 0.83 | |||||||||||||||||||||
| Supplemental distributions declared per share | 0.12 | — | 0.12 | — | |||||||||||||||||||||||||
| Total distributions declared per share | $ | 0.35 | $ | 0.23 | $ | 0.81 | $ | 0.83 | |||||||||||||||||||||
7
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, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Weighted average portfolio yield on debt investments(2) | 12.4 | % | 13.2 | % | 12.9 | % | 14.0 | % | ||||||||||||||||||
| Coupon income | 10.3 | % | 10.8 | % | 10.5 | % | 11.2 | % | ||||||||||||||||||
| Accretion of discount | 0.7 | % | 0.8 | % | 0.8 | % | 1.0 | % | ||||||||||||||||||
| Accretion of end-of-term payments | 1.0 | % | 1.2 | % | 1.0 | % | 1.3 | % | ||||||||||||||||||
| Impact of prepayments during the period | 0.4 | % | 0.4 | % | 0.6 | % | 0.5 | % | ||||||||||||||||||
_____________
(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 September 30, 2026 and 2025 was 11.8% and 12.3%, respectively. Including non-income producing debt investments, the weighted average yield for the nine months ended September 30, 2026 and 2025 was 12.3% and 13.3%, 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
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.