TriplePoint Venture Growth Reports $49.2 Million Net Increase in Assets for 2025

TriplePoint Venture Growth BDC Corp. (TPVG) reported a net increase in net assets resulting from operations of $49.2 million for the year ended December 31, 2025, compared to $32.0 million for the previous year. This increase was primarily driven by net investment income of $42.3 million and net realized and unrealized gains of $6.9 million. On a per-share basis, net investment income was $1.05, and the net increase in net assets from operations was $1.22. This compares to $1.40 net investment income per share and a net increase in net assets from operations of $0.82 for the year ended December 31, 2024.

The company's total investment and other income decreased to $90.9 million in 2025 from $108.6 million in 2024, mainly due to lower yields on its income-bearing debt investment portfolio, partially attributed to decreases in the Prime Rate. Operating expenses totaled $48.7 million, which included a $5.3 million income incentive fee waiver, compared to $54.1 million in the prior year. The decrease in operating expenses was primarily due to the income incentive fee waiver. As of December 31, 2025, the company's asset coverage for borrowed amounts was 175%.

During 2025, TriplePoint Venture Growth entered into debt commitments with 28 new and seven existing portfolio companies, totaling $508.1 million. The company funded debt investments of $287.1 million in principal value to 31 portfolio companies, acquired warrant investments valued at $4.2 million, and made direct equity investments of $1.9 million. The debt investments funded during the year had a weighted average annualized portfolio yield of 12.1% at origination. The company also received $120.0 million in principal prepayments, $15.0 million in early repayments, and $76.7 million in scheduled principal amortization.

As of December 31, 2025, the company's portfolio consisted of 302 investments in 133 companies, including 96 debt investments, 132 warrant investments, and 74 direct equity and related investments. The aggregate cost and fair value of these investments were $820.4 million and $783.5 million, respectively. The company's investments are concentrated in technology and other high-growth industries, with significant allocations to business/productivity software (17.0%), consumer products and services (13.8%), and e-commerce - clothing and accessories (12.8%). The company assigned credit ratings to its borrowers, with the weighted average investment ranking of its debt investment portfolio at 2.16. As of December 31, 2025, investments in four portfolio companies were on non-accrual status, with an aggregate cost and fair value of $39.7 million and $17.1 million, respectively.

Looking ahead, TriplePoint Venture Growth intends to distribute all or substantially all of its taxable income to maintain its RIC status. The company's management believes that its current cash and cash equivalents, available borrowing capacity under its credit facility, and anticipated cash flows from operations will be adequate to meet its cash needs for daily operations and to fund its unfunded commitment obligations. On February 27, 2026, the Board declared a $0.23 per share regular quarterly distribution payable on March 31, 2026 to stockholders of record at the close of business on March 17, 2026.