TriplePoint Venture Growth BDC Corp. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

MENLO PARK, Calif.--( BUSINESS WIRE)--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 fourth quarter and fiscal year ended December 31, 2025 and the declaration by its Board of Directors of its first quarter 2026 distribution of $0.23 per share.

Fourth Quarter 2025 Highlights

Fiscal Year 2025 Highlights

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.

“2025 was a year of progress and improved performance across our portfolio,” said Jim Labe, chairman and chief executive officer of TPVG. “During the year, we expanded our originations activities, continued with our portfolio rotation into newer vintages and targeted investment sectors, strengthened our balance sheet, and increased our net asset value.”

“Our playbook in 2026 continues to be focused on building a strong foundation for TPVG and positioning for the long term,” said Sajal Srivastava, president and chief investment officer of the Company. “We will continue our plan to drive portfolio scale and quality, earnings power, NAV and shareholder value over the long-term.”

PORTFOLIO AND INVESTMENT ACTIVITY

During the three months ended December 31, 2025, the Company entered into $89.7 million of new debt commitments with 12 portfolio companies, funded debt investments totaling $92.8 million to 16 portfolio companies, acquired warrants in 12 portfolio companies with a cost basis of $1.6 million, and made direct equity investments of $0.3 million. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 12.0% at origination. During the quarter, the Company received $44.4 million of principal prepayments, $12.4 million of early repayments and $51.5 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the fourth quarter was 12.7%. The Company calculates weighted average portfolio yield as the annualized rate of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The return on average equity for the fourth quarter was 11.0% 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 December 31, 2025, the Company held debt investments in 55 portfolio companies, warrants in 118 portfolio companies and equity investments in 55 portfolio companies. The total cost and fair value of these investments were $820.4 million and $783.5 million, respectively.

The following table shows the total portfolio investment activity for the three months and years ended December 31, 2025 and 2024:

For the Three Months Ended

December 31,

For the Year Ended

December 31,

(in thousands)

2025

2024

2025

2024

Beginning portfolio at fair value

798,462

720,974

676,249

802,145

New debt investments, net (a)

90,896

49,331

283,316

132,886

Scheduled principal amortization

(51,477

)

(15,687

)

(76,669

)

(55,001

)

Principal prepayments and early repayments

(56,799

)

(61,289

)

(135,048

)

(179,109

)

Net amortization and accretion of premiums and discounts and end-of-term payments

(2,897

)

(1,307

)

4,479

2,038

Payment-in-kind coupon

4,740

3,230

18,542

15,062

New warrant investments

1,562

282

4,159

842

New equity investments

730

575

3,714

2,291

Proceeds from dispositions of investments

—

(57

)

(2,364

)

(22,200

)

Net realized gains (losses) on investments

4,918

(306

)

6,502

(33,219

)

Net change in unrealized gains (losses) on investments

(6,591

)

(19,497

)

664

10,514

Ending portfolio at fair value

783,544

676,249

783,544

676,249

_____________

(a) Debt balance is net of fees and discounts applied to the loan at origination.

SIGNED TERM SHEETS

During the three months ended December 31, 2025, TPC entered into $207.3 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 December 31, 2025, the Company’s unfunded commitments totaled $260.4 million, of which $50.7 million was dependent upon portfolio companies reaching certain milestones. Of the $260.4 million of unfunded commitments, $150.9 million will expire during 2026, $83.1 million will expire during 2027, and $26.5 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 $22.5 million for the fourth quarter of 2025, representing a weighted average annualized portfolio yield of 12.7% on debt investments, as compared to $25.8 million and 15.8% for the fourth quarter of 2024. The decrease in total investment and other income was primarily due to lower yields on our income-bearing debt investment portfolio due in part to decreases in the Prime Rate. For the year ended December 31, 2025, the Company’s total investment and other income was $90.9 million, as compared to $108.6 million for the year ended December 31, 2024, representing a weighted average annualized portfolio yield on debt investments of 13.7% and 15.7%, respectively.

For the fourth quarter of 2025, total operating expenses, inclusive of an income incentive fee waiver of $2.0 million, were $12.6 million as compared to $13.1 million for the fourth quarter of 2024. Operating expenses for the fourth quarter of 2025 consisted of $6.6 million of interest expense and amortization of fees, $3.6 million of base management fees, $0.6 million of Administration Agreement expenses and $1.8 million of general and administrative expenses, which includes a $0.4 million accrual for excise taxes. The Adviser has 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, $2.0 million of income incentive fees were waived during the three months ended December 31, 2025. Total operating expenses for the fourth quarter of 2024 consisted of $7.6 million of interest expense and amortization of fees, $3.4 million of base management fees, $0.5 million of Administration Agreement expenses and $1.6 million of general and administrative expenses, which includes a $0.4 million accrual for excise taxes. Due to the total return requirement under the income component of our incentive fee structure, our income incentive fees were reduced by $2.5 million during the three months ended December 31, 2024. The Company’s total operating expenses, inclusive of an income incentive fee waiver of $5.3 million, were $48.7 million, for the year ended December 31, 2025. The Company’s total operating expenses were $54.1 million for the year ended December 31, 2024, during which period there was no income incentive fee or related waiver.

For the fourth quarter of 2025, the Company recorded net investment income of $9.9 million, or $0.25 per share, as compared to $12.6 million, or $0.32 per share, for the fourth quarter of 2024. The decrease in net investment income between periods was driven primarily by lower total investment and other income. Net investment income for the year ended December 31, 2025 was $42.3 million, or $1.05 per share, compared to $54.5 million, or $1.40 per share, for the year ended December 31, 2024.

During the fourth quarter of 2025, the Company recognized net realized gains on investments of $4.8 million, resulting primarily from the restructuring of an investment in one portfolio company. During the fourth quarter of 2024, the Company recognized net realized losses on investments of $0.3 million.

Net change in unrealized losses on investments for the fourth quarter of 2025 was $6.6 million, consisting of $11.6 million of net unrealized losses on the existing warrant and equity portfolio resulting from fair value adjustments, offset by $3.3 million of net unrealized gains on the existing debt investment portfolio from fair value adjustments and $1.7 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period. Net change in unrealized losses on investments for the fourth quarter of 2024 was $19.5 million.

The Company’s net increase in net assets resulting from operations for the fourth quarter of 2025 was $8.1 million, or $0.20 per share, as compared to a net decrease in net assets resulting from operations of $7.2 million, or $0.18 per share, for the fourth quarter of 2024. For the year ended December 31, 2025, the Company’s net increase in net assets resulting from operations was $49.2 million, or $1.22 per share, as compared to a net increase in net assets resulting from operations of $32.0 million, or $0.82 per share, for the year ended December 31, 2024.

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 December 31, 2025, the weighted average investment ranking of the Company’s debt investment portfolio was 2.16, as compared to 2.18 at the end of the prior quarter. During the quarter ended December 31, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one debt investment rated Orange (4) with a principal balance of $10.3 million was restructured into a White (2) rated debt investment with a principal balance of $0.1 million and a hybrid instrument categorized now as an equity investment with a fair value of $15.2 million.

The following table shows the credit categories for the Company’s debt investments at fair value as of December 31, 2025 and 2024:

December 31, 2025

December 31, 2024

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)

45,042

7.0

51,986

9.3

White (2)

484,866

75.1

392,237

70.0

Yellow (3)

86,255

13.4

84,847

15.1

Orange (4)

25,212

3.9

30,979

5.5

Red (5)

3,991

0.6

0.1

645,366

100.0

560,105

100.0

NET ASSET VALUE

As of December 31, 2025, the Company’s net assets were $353.6 million, or $8.73 per share, as compared to $345.7 million, or $8.61 per share, as of December 31, 2024.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2025, the Company had total liquidity of $252.4 million, consisting of cash, cash equivalents and restricted cash of $47.4 million and available capacity under its Revolving Credit Facility of $205.0 million. As of December 31, 2025, the Company held $0.7 million of stock and warrant positions in publicly traded companies. The Company ended the quarter with a 1.33x leverage ratio, a 1.20x net leverage ratio and a 1940 Act asset coverage ratio of 175%.

DISTRIBUTION

On February 27, 2026, the Company’s board of directors declared a regular quarterly distribution of $0.23 per share for the first quarter, payable on March 31, 2026 to stockholders of record as of March 17, 2026. As of December 31, 2025, the Company had estimated spillover income of $42.3 million, or $1.04 per share.

RECENT DEVELOPMENTS

Since December 31, 2025 and through March 3, 2026:

CONFERENCE CALL

The Company will host a conference call at 5:00 p.m. Eastern Time, today, March 4, 2026, to discuss its financial results for the quarter and fiscal year ended December 31, 2025. To listen to the call, investors and analysts should dial (844) 826-3038 (domestic) or +1 (412) 317-5184 (international) and ask to join the TriplePoint Venture Growth BDC Corp. call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through April 4, 2026, by dialing (855) 669-9658 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 4113348. The conference call also will be available via a live audio webcast in the investor relations section of the Company’s website, https://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for one year after the call.

ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.

TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing customized debt financing with warrants and direct equity investments primarily to venture growth stage companies in technology and other high growth industries backed by a select group of venture capital firms. The Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform which provides customized debt financing, leasing, direct equity investments and other complementary solutions to venture capital-backed companies in technology and other high growth industries at every stage of their development with unparalleled levels of creativity, flexibility and service. For more information about TriplePoint Venture Growth BDC Corp., visit https://www.tpvg.com. For more information about TriplePoint Capital, visit https://www.triplepointcapital.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, investment activity, financial condition or results of operations and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual events, investment activity, performance, condition or results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, and the impact of such changes on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. In addition, there is no assurance that the Company or any of its affiliates will purchase additional shares of the Company’s common stock at any specific discount levels or in any specific amounts. There is no assurance that the market price of the Company’s shares, either absolutely or relative to NAV, will increase as a result of any share purchase program, or that any purchase plan will enhance stockholder value over the long term. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

NON-GAAP FINANCIAL MEASURES

To provide additional information about the Company’s results, the Company’s management has discussed in this press release the Company’s net leverage ratio (calculated as (i) total debt less (ii) cash, cash equivalents and restricted cash, 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.

TriplePoint Venture Growth BDC Corp.

Consolidated Statements of Assets and Liabilities

(in thousands, except per share data)

December 31, 2025

December 31, 2024

Assets

Investments at fair value

Non-controlled/unaffiliated investments (amortized cost of $804,090 and $713,732, respectively)

767,304

676,249

Non-controlled/affiliated investments (amortized cost of $16,273 and $—, respectively)

16,240

—

Total Investments at fair value (amortized cost of $820,363 and $713,732, respectively)

783,544

676,249

Cash and cash equivalents

20,364

45,899

Restricted cash

27,003

32,828

Deferred credit facility costs

4,643

3,904

Prepaid expenses and other assets

4,095

4,160

Total assets

839,649

763,040

Liabilities

Revolving Credit Facility

95,000

5,000

2025 Notes, net

—

69,948

2026 Notes, net

199,925

199,483

2027 Notes, net

124,671

124,396

2028 Notes, net

49,484

—

Base management fee payable

3,581

3,408

Other accrued expenses and liabilities

13,367

15,118

Total liabilities

486,028

417,353

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

405

401

Paid-in capital in excess of par value

514,399

513,719

Total distributable earnings (loss)

(161,183

)

(168,433

)

Total net assets

353,621

345,687

Total liabilities and net assets

839,649

763,040

Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)

40,491

40,137

Net asset value per share

8.73

8.61

TriplePoint Venture Growth BDC Corp.

Consolidated Statements of Operations

(in thousands, except per share data)

For the Three Months Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

(unaudited)

Investment income

Interest income from investments

22,032

25,314

88,264

106,383

Other income

509

440

2,663

2,266

Total investment and other income

22,541

25,754

90,927

108,649

Operating expenses

Base management fee

3,581

3,408

13,534

14,960

Income incentive fee

1,988

—

5,309

—

Interest expense and amortization of fees

6,646

7,587

26,520

30,448

Administration agreement expenses

615

538

2,495

2,376

General and administrative expenses

1,761

1,585

6,117

6,317

Total operating expenses before Income incentive fee waiver

14,591

13,118

53,975

54,101

Income incentive fee waiver

(1,988

)

—

(5,309

)

—

Total operating expenses net of Income incentive fee waiver

12,603

13,118

48,666

54,101

Net investment income

9,938

12,636

42,261

54,548

Net realized and unrealized gains/(losses)

Net realized gains (losses) on investments

4,764

(323

)

6,282

(33,016

)

Net change in unrealized gains (losses) on investments

(6,591

)

(19,497

)

664

10,514

Net realized and unrealized gains/(losses)

(1,827

)

(19,820

)

6,946

(22,502

)

Net increase (decrease) in net assets resulting from operations

8,111

(7,184

)

49,207

32,046

Per share information (basic and diluted)

Net investment income per share

0.25

0.32

1.05

1.40

Net increase (decrease) in net assets per share

0.20

(0.18

)

1.22

0.82

Weighted average shares of common stock outstanding

40,402

40,054

40,276

39,101

Regular distributions declared per share

0.23

0.30

1.06

1.40

Supplemental distributions declared per share

0.02

—

0.02

—

Total distributions declared per share

0.25

0.30

1.08

1.40

Weighted Average Portfolio Yield

on Debt Investments

Ratios

(Percentages, on an annualized basis) (1)

For the Three Months Ended

December 31,

For the Year Ended

December 31,

2025

2024

2025

2024

Weighted average portfolio yield on debt investments (2)

12.7

15.8

13.7

15.7

Coupon income

10.1

12.0

10.9

12.1

Accretion of discount

0.9

Accretion of end-of-term payments

1.1

1.3

1.2

1.5

Impact of prepayments during the period

0.6

1.6

0.7

1.2

_____________