Download PDF

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.

Show Full description

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. TriplePoint Venture Growth BDC Corp. Delivers Strong FY 2025 Results

TriplePoint Venture Growth BDC Corp. reported net investment income of $0.25 per share for the fourth quarter of 2025, slightly below analyst estimates of $0.26 per share. The company's investment portfolio grew by over $100 million or 15% as a result of new fundings exceeding prepayment, repayment, and amortization within the portfolio. The weighted average annualized portfolio yield on debt investments was 13.7% for the year, compared to 15.7% in the prior year, primarily reflecting the lower interest rate environment and a shift in portfolio mix toward lower-yielding, higher-quality borrowers.

Publication Date: Mar -08

📋 Highlights
  • Portfolio Growth & Debt Commitments:: Closed $508M in new debt commitments (vs. $175M in 2024), with $287M in fundings, doubling prior year's total.
  • Investment Expansion:: Portfolio grew $100M ($784M total at fair value) with 28 new borrowers added (250% YoY increase) in AI-driven, high-potential sectors.
  • Yield & Leverage:: Weighted average debt yield fell to 13.7% (vs. 15.7% in 2024) amid lower interest rates, while leverage ratios stabilized at 1.33x gross and 1.20x net.
  • Liquidity & Capital Structure:: Maintained $252.4M liquidity (cash + revolver capacity) after extending credit facility to 2029, with $85M net portfolio growth from repayments.

Portfolio Growth and Diversification

The company closed $508 million of new debt commitments to venture growth stage companies in 2025, a significant increase from $175 million in 2024. The demand for venture debt remains active, with the platform ending the year with a pipeline exceeding $2 billion. The investment portfolio is diversified across various sectors, including aerospace and defense, infrastructure, and advanced manufacturing, with a significant exposure to AI-enabled companies.

Capital Structure and Liquidity

TriplePoint Venture Growth BDC Corp. successfully refinanced its $200 million in 2026 notes in the first quarter of 2026, further strengthening its capital structure. The company had total liquidity of $252.4 million, consisting of $47.4 million of cash, cash equivalents, and restricted cash, and $205 million of available capacity under its revolving credit facility. The gross leverage ratio was 1.33x, and the net leverage ratio was 1.20x.

Valuation and Dividend Yield

The company's P/E Ratio is 4.33, and the Dividend Yield is 20.49%. The low P/E ratio and high dividend yield may indicate that the stock is undervalued. With a ROE of 14.02% and a Net Debt / EBITDA ratio of 5.93, the company's financial performance is stable. The adviser's waiver of the quarterly income incentive fee through the end of fiscal year 2026 is also a positive factor.

Outlook and Strategic Initiatives

The company is well-positioned for growth, with a higher quality portfolio mix and a solid capital structure. The management is focused on building a foundation, positioning for the long term, strengthening the balance sheet, and driving new investments and portfolio scale. The company's utilization of AI software in due diligence processes and other aspects of its business is also expected to drive efficiency gains.

3. NewsRoom

Card image cap

Dare I Say It, My Top BDCs Are The Most Shorted Ones And Here's My Take

Apr -12

Source: seekingalpha.com

Card image cap

Dividend Power: 6 Ideal Buys In April

Apr -08

Source: seekingalpha.com

Card image cap

20 BDCs And 13 Of Them Are Likely To Slash Their Dividends This Year

Apr -06

Source: seekingalpha.com

Card image cap

Financial Review: TriplePoint Venture Growth BDC (NYSE:TPVG) & Saratoga Investment (NYSE:SAR)

Apr -06

Source: defenseworld.net

Card image cap

14%+ Yield Is A Red Flag For Most -- But A Buy For These 2 Stocks

Apr -03

Source: seekingalpha.com

Card image cap

Finally Using My Cash For Big Yields

Mar -28

Source: seekingalpha.com

Card image cap

Triple Point Venture Growth: 19% Yield Attractive For Income, But Comes With Extreme Risk (Upgrade)

Mar -24

Source: seekingalpha.com

Card image cap

How I'd Build My Own $1,000 Monthly Paycheck With 3 Likely Safe Picks

Mar -21

Source: seekingalpha.com

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

Stock-Card
Horizon Technology Finance

A-Score: 7.3/10

Value: 8.4

Growth: 3.7

Quality: 5.9

Yield: 9.0

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Saratoga Investment

A-Score: 6.7/10

Value: 6.3

Growth: 5.1

Quality: 5.9

Yield: 10.0

Momentum: 3.5

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
TriplePoint Venture Growth BDC

A-Score: 6.6/10

Value: 7.8

Growth: 3.8

Quality: 7.6

Yield: 10.0

Momentum: 3.5

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Grosvenor Capital Management

A-Score: 6.4/10

Value: 5.1

Growth: 4.3

Quality: 6.1

Yield: 8.0

Momentum: 5.0

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
BlackRock TCP Capital

A-Score: 5.7/10

Value: 8.6

Growth: 3.2

Quality: 3.4

Yield: 10.0

Momentum: 1.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
WisdomTree

A-Score: 5.5/10

Value: 3.8

Growth: 6.3

Quality: 7.0

Yield: 3.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.26$

Current Price

5.26$

Potential

-0.00%

Expected Cash-Flows