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1. Company Snapshot

1.a. Company Description

TriplePoint Venture Growth BDC Corp.is a business development company specializing investments in venture capital-backed companies at the growth stage investments.It also provides debt financing to venture growth space companies which includes growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.


The fund seeks to invest in e-commerce, entertainment, technology and life sciences sector.Within technology the areas of focus include: Security, wireless communication equipments, network system and software, business applications software, conferencing equipments/services .big data, cloud computing, data storage, electronics, energy efficiency, hardware, information services, internet and media, networking, semiconductors, software, software as a service, and other technology related subsectors and within life sciences the areas of focus include: biotechnology, bio fuels/bio mass, diagnostic testing and bioinformatics, drug delivery, drug discovery, healthcare information systems, healthcare services, medical, surgical and therapeutic devices, pharmaceuticals and other life science related subsectors.Within growth capital loans it invests between $5 million and $50 million, for equipment financings it invests between $5 million and $25 million, for revolving loans it invests between $1 million and $25 million, and for direct equity investments it may invest between $0.1 million and $5 million (generally not exceeding 5% of the company's total equity).


The debt financing products are typically structured as lines of credit and it invests through warrants and secured loans.It targeted returns between 10% and 18%.It does not take board seat in the company.

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1.b. Last Insights on TPVG

TriplePoint Venture Growth BDC Corp.'s recent performance was negatively impacted by a disappointing Q4 earnings release, which missed estimates with a net investment income of $0.32 per share. The company's high non-accruals and declining net asset value (NAV) contributed to the earnings miss, with a 5.4% decline in NAV in Q4 2024. Additionally, the company's high dividend yield of 16.3% is unsustainable, and another dividend reduction is likely this year due to ongoing financial headwinds.

1.c. Company Highlights

2. TPVG's Q3 2025 Earnings: A Strong Performance Amidst a Favorable Venture Landscape

TriplePoint Venture Growth BDC Corp. (TPVG) reported a net investment income of $10.3 million or $0.26 per share for Q3 2025, slightly missing analyst estimates of $0.29 per share. The company's total operating expenses were $12.3 million, and it earned $2.1 million in income incentive fees, which were waived by the adviser. TPVG's debt investment portfolio grew by over $73 million, driven by new fundings exceeding prepayment, repayment, and amortization within the portfolio. The portfolio yield was 13.2%, with a weighted average debt portfolio yield of 13.2% and a core portfolio yield of 12.8%.

Publication Date: Nov -19

📋 Highlights
  • Record Debt Fundings:: Q3 2025 debt fundings hit $182M in new commitments, up from $51M in Q3 2024, driven by $421M in term sheets signed.
  • Portfolio Growth:: Debt portfolio expanded by $73M in Q3 2025 due to new fundings surpassing repayments and amortization.
  • High Yield Performance:: Portfolio yield maintained at 13.2%, with core portfolio yielding 12.8%, reflecting strong interest income generation.
  • Significant Prepayments:: Received $47.5M in prepayments from 2 portfolio companies (Thirty Madison, Moda Operandi) in Q4 2025.
  • Liquidity and Leverage:: Ended Q3 with $234M liquidity ($29M cash + $205M revolver) and net leverage of 1.24x, within target range.

Investment Activity and Portfolio Performance

TPVG experienced its highest level of debt commitments and fundings since 2022, with $421 million of term sheets signed with venture growth stage companies in Q3 2025, compared to $93 million in Q3 2024. The company's debt investment portfolio is well-positioned, with a focus on companies that have recently raised capital, have ample cash runways, and have backing from select venture investors. As the venture landscape continues to improve, TPVG is seeing a notable decrease in equity financing down rounds and an increase in up rounds.

Liquidity and Capital Structure

As of September 30, 2025, TPVG had total liquidity of $234 million, consisting of $29 million of cash and cash equivalents and $205 million of available capacity under its Revolving Credit Facility. The company's leverage ratio was 1.32x, and its net leverage ratio was 1.24x, well within its target range. TPVG received $47.5 million of prepayments in Q4, mostly from two portfolio companies, Thirty Madison and Moda Operandi, and subsequent to quarter end, it received an additional $48 million in principal payments.

Valuation and Outlook

With a P/E Ratio of 5.89 and a Dividend Yield of 18.68%, TPVG's valuation appears attractive, especially considering its robust sponsor support and growing investment pipeline. Analysts estimate next year's revenue growth at 4.2%. As the company continues to focus on sector rotation in its debt portfolio, maintaining credit quality and preserving balance sheet flexibility, it is well-positioned to generate long-term shareholder value. The recent launch of a $14 million share repurchase program by TPVG's sponsor, TriplePoint Capital, also underscores the attractiveness of the stock at current levels.

3. NewsRoom

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TriplePoint Venture Growth: Q3 Earnings Reinforce Structural Improvements

Dec -02

Source: seekingalpha.com

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Market Today: Crypto Rout, Omnicom Cuts, Nvidia--Synopsys Deal

Dec -01

Source: gurufocus.com

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Want $50,000 in Yearly Passive Income? Invest $50,000 in These Stocks

Dec -01

Source: 247wallst.com

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BDC Battle: The 16% Yield Comeback, Or 12% From The Rising Star

Nov -11

Source: seekingalpha.com

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TriplePoint Venture Growth BDC Corp. (TPVG) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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TriplePoint Venture Growth (TPVG) Q3 Earnings and Revenues Lag Estimates

Nov -06

Source: zacks.com

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2 Huge BDC Dividends Look Great Now (But They'll Be The Next To Crash)

Oct -21

Source: forbes.com

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TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) Receives $6.25 Average PT from Analysts

Oct -20

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.30%)

6. Segments

Investment and Related Activities

Expected Growth: 12.3%

Growing demand for debt financing among venture capital-backed companies, increasing interest income, and potential equity upside drive growth. Strong portfolio performance and expanding investment portfolio contribute to the company's growth prospects.

7. Detailed Products

Venture Debt Financing

Provides financing to venture-backed companies to support growth and expansion

Growth Capital

Offers flexible financing solutions to support companies' growth initiatives

Acquisition Financing

Provides financing for companies to acquire new businesses or assets

Recapitalization Financing

Offers financing solutions to recapitalize a company's balance sheet

Growth Equity Co-Investments

Co-invests in growth equity rounds alongside venture capital firms

8. TriplePoint Venture Growth BDC Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for TriplePoint Venture Growth BDC Corp. is medium, as there are some alternative investment options available to investors, but they may not offer the same level of returns or diversification benefits.

Bargaining Power Of Customers

The bargaining power of customers for TriplePoint Venture Growth BDC Corp. is low, as investors have limited negotiating power and are largely dependent on the company for investment opportunities.

Bargaining Power Of Suppliers

The bargaining power of suppliers for TriplePoint Venture Growth BDC Corp. is medium, as the company relies on a diverse range of portfolio companies and investment opportunities, but may still be influenced by key suppliers or partners.

Threat Of New Entrants

The threat of new entrants for TriplePoint Venture Growth BDC Corp. is high, as the venture capital and private equity industries are highly competitive and new entrants can easily disrupt the market.

Intensity Of Rivalry

The intensity of rivalry for TriplePoint Venture Growth BDC Corp. is high, as the company operates in a highly competitive industry with many established players, and must continually innovate and adapt to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 63.71%
Debt Cost 3.95%
Equity Weight 36.29%
Equity Cost 12.77%
WACC 7.15%
Leverage 175.54%

11. Quality Control: TriplePoint Venture Growth BDC Corp. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Saratoga Investment

A-Score: 7.0/10

Value: 6.0

Growth: 5.1

Quality: 6.2

Yield: 10.0

Momentum: 5.0

Volatility: 9.7

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A-Score: 7.0/10

Value: 8.2

Growth: 3.7

Quality: 6.1

Yield: 9.0

Momentum: 5.0

Volatility: 10.0

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TriplePoint Venture Growth BDC

A-Score: 6.7/10

Value: 7.8

Growth: 4.0

Quality: 8.1

Yield: 10.0

Momentum: 3.0

Volatility: 7.0

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Grosvenor Capital Management

A-Score: 6.5/10

Value: 4.9

Growth: 4.3

Quality: 6.0

Yield: 8.0

Momentum: 6.0

Volatility: 10.0

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WisdomTree

A-Score: 5.9/10

Value: 3.5

Growth: 6.3

Quality: 7.4

Yield: 3.0

Momentum: 8.0

Volatility: 7.3

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A-Score: 5.9/10

Value: 8.4

Growth: 3.3

Quality: 3.8

Yield: 10.0

Momentum: 2.0

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.75$

Current Price

6.75$

Potential

-0.00%

Expected Cash-Flows