Core Insights - The Conservative Income Portfolio aims to target high-value stocks with significant margins of safety while minimizing volatility through well-priced options [1][3] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields between 7-9% while reducing investment volatility [1] - Trapping Value offers a Covered Calls Portfolio focused on lower volatility income investing and capital preservation, while the Fixed Income Portfolio emphasizes high income potential and undervalued securities [2][3] Company Overview - Trapping Value consists of a team of analysts with over 40 years of combined experience in generating options income and capital preservation [3] - The Conservative Income Portfolio operates in partnership with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [3]

分组1 - TriplePoint Venture Growth (TPVG) reported quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.30 per share, and down from $0.33 per share a year ago, representing an earnings surprise of -6.67% [1] - The company posted revenues of $23.28 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 4.1%, and down from $27.11 million year-over-year [2] - The stock has underperformed the market, losing about 6.5% since the beginning of the year compared to the S&P 500's gain of 7.1% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.31 on revenues of $24.9 million, and for the current fiscal year, it is $1.20 on revenues of $96.78 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the top 41% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Horizon Technology Finance, another company in the same industry, is expected to report quarterly earnings of $0.28 per share, reflecting a year-over-year change of -22.2% [9]

Financial Data and Key Metrics Changes - The debt investment portfolio grew to $663 million at cost, marking the highest level of funding activity in the last ten quarters [6][21] - Total investment income for Q2 was $23.3 million with a portfolio yield of 14.5%, down from $27.1 million and 15.8% in the prior year [24] - Net investment income for Q2 was $11.3 million or $0.28 per share, compared to $12.6 million or $0.33 per share for the previous year [25] - The company's net increase in net assets resulting from operations was $13.2 million or $0.33 per share, compared to $8.6 million or $0.22 per share for the prior year [26] Business Line Data and Key Metrics Changes - In Q2, the company funded $79 million in debt investments, up from $28 million in the prior quarter [21][15] - The weighted average annualized portfolio yield for funded investments was 12.3%, down from 13.3% in Q1 [16] - Loan prepayments totaled $44 million during the quarter, impacting overall portfolio yield [16] Market Data and Key Metrics Changes - Venture growth stage investments reached $84 billion across approximately 499 deals in 2025, with a notable increase in M&A and IPO activity [7] - The company held warrants in 106 companies and equity investments in 52 companies, with a total fair value of $127 million, primarily due to a markup in holdings in Revolut [17] Company Strategy and Development Direction - The company aims to increase scale, durability, and income-generating assets while focusing on sectors like AI, verticalized software, FinTech, and health tech [5][9] - A discretionary share program was announced to acquire up to $14 million of the company's outstanding shares, enhancing alignment with shareholders [11] - The regular quarterly distribution was reduced to $0.23 per share to better align with funding levels and prepayment activity [12] Management's Comments on Operating Environment and Future Outlook - Management noted that while uncertainties remain in the venture capital market, investment activity continued to surge, particularly in the AI space [7] - The expectation is that portfolio growth will take longer due to prepayment activity and the rate of utilization of underfunded commitments [11] - Future refinancing plans are being considered to optimize the capital structure in light of upcoming debt maturities [28] Other Important Information - The company ended the quarter with total liquidity of $313 million, consisting of cash and available capacity under its revolving credit facility [21] - The leverage ratio stood at 1.22x, with net leverage at 1.04x after accounting for cash [23] Q&A Session Summary Question: Outlook for fundings and expectations for Q3 and Q4 - Management indicated that lower utilization of historical unfunded commitments and seasonality are factors affecting funding expectations, with Q4 expected to be busier [30][31] Question: Stock buybacks and capital allocation - The company is considering capital allocation strategies, including potential stock buybacks, while prioritizing financial flexibility [32] Question: Elevated repayment activity and future expectations - Elevated repayment activity is attributed to robust equity funding from portfolio companies, with expectations for a slowdown in prepayment activity in 2026 [36][38]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Unaudited consolidated financial statements detail asset and net asset growth, cash flows, and investment schedules, reflecting strategic debt management and investment gains [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited consolidated financial statements, including balance sheet, income statement, and cash flows, detail key financial metrics, asset growth, and investment income changes [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :--------------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Investments at fair value | $717,885 | $676,249 | +$41,636 | | Cash and cash equivalents | $62,391 | $45,899 | +$16,492 | | Restricted cash | $147 | $32,828 | -$32,681 | | Total assets | $788,250 | $763,040 | +$25,210 | | Revolving Credit Facility | $50,000 | $5,000 | +$45,000 | | 2025 Notes, net | — | $69,948 | -$69,948 | | 2028 Notes, net | $49,362 | — | +$49,362 | | Total liabilities | $439,573 | $417,353 | +$22,220 | | Total net assets | $348,677 | $345,687 | +$2,990 | | Net asset value per share | $8.65 | $8.61 | +$0.04 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) | Metric | For the Three Months Ended June 30, 2025 (in thousands) | For the Three Months Ended June 30, 2024 (in thousands) | For the Six Months Ended June 30, 2025 (in thousands) | For the Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------------------------------ | :------------------------------------------------------ | :---------------------------------------------------- | :---------------------------------------------------- | | Total investment and other income | $23,276 | $27,107 | $45,730 | $56,381 | | Total operating expenses (net of waiver) | $12,001 | $14,503 | $23,717 | $28,254 | | Net investment income | $11,275 | $12,604 | $22,013 | $28,127 | | Net realized and unrealized gains/(losses)| $1,899 | $(3,987) | $3,850 | $(11,531) | | Net increase (decrease) in net assets | $13,174 | $8,617 | $25,863 | $16,596 | | Net investment income per share | $0.28 | $0.33 | $0.55 | $0.74 | | Net increase (decrease) in net assets per share | $0.33 | $0.22 | $0.64 | $0.43 | | Regular distributions declared per share | $0.30 | $0.40 | $0.60 | $0.80 | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) | Metric | For the Six Months Ended June 30, 2025 (in thousands) | For the Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------------------------------ | :------------------------------------------------------ | | Balance as of December 31 | $345,687 | $346,306 | | Net increase in net assets from operations | $25,863 | $16,596 | | Distributions from distributable earnings | $(24,112) | $(31,037) | | Balance as of June 30 | $348,677 | $352,977 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Metric | For the Six Months Ended June 30, 2025 (in thousands) | For the Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------------------------------ | :------------------------------------------------------ | | Net cash (used in) provided by operating activities | $(17,578) | $94,576 | | Net cash provided by (used in) financing activities | $1,389 | $(215,483) | | Net change in cash, cash equivalents and restricted cash | $(16,189) | $(120,907) | | Cash, cash equivalents and restricted cash at end of period | $62,538 | $50,675 | [Consolidated Schedules of Investments](index=8&type=section&id=Consolidated%20Schedules%20of%20Investments) | Investment Type | Fair Value (June 30, 2025, in thousands) | Fair Value (December 31, 2024, in thousands) | | :---------------- | :--------------------------------------- | :------------------------------------------- | | Debt Investments | $590,565 | $560,105 | | Warrant Investments | $43,924 | $39,963 | | Equity Investments | $83,396 | $76,181 | | Total Investments | $717,885 | $676,249 | - As of June 30, 2025, the company had **297 investments** across **119 companies**, with **six portfolio companies** being publicly traded. Non-accrual investments totaled **$20.6 million** at fair value[45](index=45&type=chunk)[71](index=71&type=chunk) | Industry (June 30, 2025) | Fair Value (in thousands) | Percentage of Total Investments | | :------------------------- | :------------------------ | :------------------------------ | | E-Commerce - Clothing and Accessories | $109,712 | 15.3% | | Financial Institution and Services | $105,557 | 14.7% | | Consumer Products and Services | $89,663 | 12.5% | | Healthcare Technology Systems | $65,341 | 9.1% | [Notes to Consolidated Financial Statements](index=36&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Note 1. Organization](index=36&type=section&id=Note%201.%20Organization) - TriplePoint Venture Growth BDC Corp. is an externally-managed, closed-end investment company regulated as a Business Development Company (BDC) and intends to qualify annually as a Regulated Investment Company (RIC). Its investment objective is to maximize total return through current income and capital appreciation by lending, typically with warrants, to venture growth stage companies in technology and high-growth industries[78](index=78&type=chunk)[79](index=79&type=chunk) [Note 2. Significant Accounting Policies](index=36&type=section&id=Note%202.%20Significant%20Accounting%20Policies) - The financial statements are prepared in conformity with GAAP for interim financial information and include the consolidated accounts of the Company and its wholly-owned subsidiaries, TPVG Variable Funding Company LLC and TPVG Investment LLC[81](index=81&type=chunk)[82](index=82&type=chunk) [Note 3. Related Party Agreements and Transactions](index=36&type=section&id=Note%203.%20Related%20Party%20Agreements%20and%20Transactions) - The Company pays its Adviser a base management fee of **1.75%** of average adjusted gross assets and an incentive fee with net investment income and net capital gains components. For the three and six months ended June 30, 2025, the Adviser waived the full **$1.3 million** income incentive fee[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[94](index=94&type=chunk) | Fee Type | For the Three Months Ended June 30, 2025 (in thousands) | For the Three Months Ended June 30, 2024 (in thousands) | For the Six Months Ended June 30, 2025 (in thousands) | For the Six Months Ended June 30, 2024 (in thousands) | | :----------------------- | :------------------------------------------------------ | :------------------------------------------------------ | :---------------------------------------------------- | :---------------------------------------------------- | | Base management fee | $3,268 | $3,832 | $6,593 | $8,134 | | Income incentive fee | $1,259 | — | $1,259 | — | | Income incentive fee waiver | $(1,259) | — | $(1,259) | — | | Capital gains incentive fee | — | — | — | — | [Note 4. Investments](index=39&type=section&id=Note%204.%20Investments) - The Company measures the fair value of its investments in accordance with ASC Topic 820, primarily using Level 3 significant unobservable inputs for investments without readily available market quotations. The valuation process involves the Adviser, its VMA group, independent third-party valuation firms, and the Board[99](index=99&type=chunk)[101](index=101&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) | Investment Type | Fair Value (June 30, 2025, in thousands) | Fair Value (December 31, 2024, in thousands) | | :---------------- | :--------------------------------------- | :------------------------------------------- | | Debt investments | $590,565 | $560,105 | | Warrant investments | $43,924 | $39,963 | | Equity investments | $82,832 | $75,565 | | Total Level 3 Investments | $717,321 | $675,633 | | Metric | For the Six Months Ended June 30, 2025 (in thousands) | | :--------------------------------------- | :---------------------------------------------------- | | Net realized gains (losses) on investments | $2,222 | | Net change in unrealized gains (losses) on investments | $1,628 | [Note 5. Credit Risk](index=48&type=section&id=Note%205.%20Credit%20Risk) - Debt investments are exposed to business, financial market, or legal uncertainties, with repayment often dependent on additional funding, future sale, or IPO of portfolio companies. Default on obligations, insufficient collateral, or high collection costs could negatively impact investment value[132](index=132&type=chunk)[133](index=133&type=chunk) [Note 6. Borrowings](index=48&type=section&id=Note%206.%20Borrowings) | Liability | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------ | :----------------------------- | :------------------------------- | | Revolving Credit Facility | $50,000 | $5,000 | | 2025 Notes, net | — | $69,948 | | 2026 Notes, net | $199,701 | $199,483 | | 2027 Notes, net | $124,531 | $124,396 | | 2028 Notes, net | $49,362 | — | | Total liabilities | $439,573 | $417,353 | - The Company repaid the **$70.0 million 2025 Notes** in March 2025 and issued **$50.0 million** in 8.11% unsecured 2028 Notes due February 12, 2028. The Revolving Credit Facility was amended to extend its maturity to May 30, 2027, and total commitments were reduced to **$300 million** from **$350 million**[137](index=137&type=chunk)[143](index=143&type=chunk)[152](index=152&type=chunk) | Metric | For the Six Months Ended June 30, 2025 (in thousands) | For the Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------------------------------ | :------------------------------------------------------ | | Total interest expense and amortization of fees | $13,103 | $15,713 | [Note 7. Commitments and Contingencies](index=54&type=section&id=Note%207.%20Commitments%20and%20Contingencies) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------ | :----------------------------- | :------------------------------- | | Unfunded commitments | $184,671 | $104,540 | | Dependent on milestones | $27,300 | $9,100 | | Fair Value of Unfunded Commitment Liability | $1,808 | $920 | - Unfunded commitments increased significantly, with a portion dependent on portfolio companies reaching specific milestones. The fair value of the unfunded commitment liability also increased, reflecting the value of these future funding commitments[159](index=159&type=chunk)[162](index=162&type=chunk) [Note 8. Financial Highlights](index=56&type=section&id=Note%208.%20Financial%20Highlights) | Metric | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Net asset value at end of period | $8.65 | $8.83 | | Net investment income per share | $0.55 | $0.74 | | Net increase in net assets per share | $0.64 | $0.43 | | Total return based on net asset value | 9.7% | 5.6% | | Total return based on stock price | 3.8% | (18.7)% | | Weighted average portfolio yield on debt investments | 14.5% | 15.6% | [Note 9. Net Increase (Decrease) in Net Assets per Share](index=57&type=section&id=Note%209.%20Net%20Increase%20(Decrease)%20in%20Net%20Assets%20per%20Share) | Metric | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Net investment income per share | $0.55 | $0.74 | | Net increase (decrease) in net assets per share | $0.64 | $0.43 | | Weighted average shares outstanding | 40,186 | 38,189 | [Note 10. Equity](index=57&type=section&id=Note%2010.%20Equity) - As of June 30, 2025, the Company had **40,323,741 shares** of common stock outstanding. No shares were sold under the 2024 Sales Agreement during the six months ended June 30, 2025, but **$56.5 million** in shares remained available for sale under the program[180](index=180&type=chunk)[183](index=183&type=chunk) | Issuance Type | For the Six Months Ended June 30, 2025 (in thousands) | For the Year Ended December 31, 2024 (in thousands) | | :---------------------------- | :---------------------------------------------------- | :-------------------------------------------------- | | Total shares issued | 186 | 2,517 | | Total gross proceeds raised | $1,238 | $22,766 | [Note 11. Distributions](index=58&type=section&id=Note%2011.%20Distributions) - The Company declared **$0.30 per share** in regular quarterly distributions for both Q1 and Q2 2025, a decrease from **$0.40 per share** in the prior year. Total cash distributions since inception amount to **$16.65 per share**. As of June 30, 2025, estimated undistributed taxable earnings from net investment income were **$42.0 million**, or **$1.04 per share**[189](index=189&type=chunk)[190](index=190&type=chunk) | Period Ended | Per Share Amount | | :---------------- | :--------------- | | March 31, 2025 | $0.30 | | June 30, 2025 | $0.30 | | March 31, 2024 | $0.40 | | June 30, 2024 | $0.40 | [Note 12. Operating Segments](index=62&type=section&id=Note%2012.%20Operating%20Segments) - The Company operates as a single operating segment, with its Chief Executive Officer and Chief Financial Officer acting as the Chief Operating Decision Maker (CODM). The CODM assesses performance and allocates resources based on the single investment objective of maximizing total return to stockholders primarily through current income from secured loans and secondarily through capital gains from equity kickers[191](index=191&type=chunk) [Note 13. Subsequent Events](index=62&type=section&id=Note%2013.%20Subsequent%20Events) - Subsequent to June 30, 2025, the Board declared a **$0.23 per share** regular quarterly distribution payable on September 30, 2025. The Company closed **$114.0 million** in additional debt commitments and funded **$20.5 million** in new investments. TriplePoint Capital LLC announced a discretionary share purchase program of up to **$14 million** of the Company's common stock, and the Adviser amended its income incentive fee waiver to waive the fee in full for the remainder of fiscal year 2025[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, investment strategy, portfolio composition, asset quality, operating results, liquidity, and capital resources, emphasizing venture growth and market impacts [Overview](index=64&type=section&id=Overview) - TriplePoint Venture Growth BDC Corp. is an externally managed BDC and RIC, listed on the NYSE (TPVG). Its investment objective is to maximize total return through current income and capital appreciation by lending to venture growth stage companies in technology and high-growth industries, backed by leading venture capital investors[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) [Portfolio Composition, Investment Activity and Asset Quality](index=65&type=section&id=Portfolio%20Composition%2C%20Investment%20Activity%20and%20Asset%20Quality) - As of June 30, 2025, the Company held **297 investments** in **119 companies**, comprising **107 debt**, **120 warrant**, and **70 direct equity investments**. The aggregate fair value of these investments was **$717.9 million**. The portfolio is concentrated in E-Commerce - Clothing and Accessories (**15.3%**), Financial Institution and Services (**14.7%**), and Consumer Products and Services (**12.5%**)[206](index=206&type=chunk)[208](index=208&type=chunk)[211](index=211&type=chunk) | Metric | For the Six Months Ended June 30, 2025 (in thousands) | For the Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------------------------------ | :------------------------------------------------------ | | Total Debt Commitments | $236,643 | $62,000 | | Funded Debt Investments | $106,185 | $52,174 | | Equity Investments | $1,097 | — | | Non-Binding Term Sheets | $556,895 | $318,819 | - The weighted average investment ranking for the debt portfolio remained stable at **2.17** as of June 30, 2025. Four portfolio companies were on non-accrual status, with an aggregate fair value of **$20.6 million**[228](index=228&type=chunk)[229](index=229&type=chunk) [Results of Operations](index=71&type=section&id=Results%20of%20Operations) - Net increase in net assets from operations for the six months ended June 30, 2025, was **$25.9 million**, an increase from **$16.6 million** in the prior year, primarily due to a positive shift in net realized and unrealized gains[232](index=232&type=chunk) | Metric | For the Six Months Ended June 30, 2025 (in thousands) | For the Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :------------------------------------------------------ | :------------------------------------------------------ | | Total investment and other income | $45,730 | $56,381 | | Total operating expenses (net of waiver) | $23,717 | $28,254 | | Net realized gains (losses) on investments | $2,222 | $(27,653) | | Net change in unrealized gains (losses) on investments | $1,628 | $16,122 | - The weighted average annualized portfolio yield on debt investments decreased to **14.5%** for the six months ended June 30, 2025, from **15.6%** in the prior year, mainly due to lower Prime rate and less prepayment income. Total return based on NAV increased to **9.7%** from **5.6%** year-over-year[173](index=173&type=chunk)[234](index=234&type=chunk)[253](index=253&type=chunk) [Critical Accounting Policies](index=77&type=section&id=Critical%20Accounting%20Policies) - The most critical accounting policy is the valuation of the investment portfolio, which involves significant management judgment due to the use of unobservable inputs (Level 3) for privately held investments. The Board, with assistance from the Adviser and independent valuation agents, determines fair value quarterly[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk) [Liquidity and Capital Resources](index=78&type=section&id=Liquidity%20and%20Capital%20Resources) - The Company's liquidity is supported by cash, available borrowing capacity under its Credit Facility, and anticipated cash flows from operations. Net cash used in operating activities was **$17.6 million** for the six months ended June 30, 2025, a significant change from **$94.6 million** provided in the prior year[262](index=262&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) | Debt Type | Total Commitment (in thousands) | Balance Outstanding (in thousands) | Unused Commitment (in thousands) | | :------------------------ | :------------------------------ | :------------------------------- | :------------------------------- | | Revolving Credit Facility | $300,000 | $50,000 | $250,000 | | 2026 Notes | $200,000 | $200,000 | — | | 2027 Notes | $125,000 | $125,000 | — | | 2028 Notes | $50,000 | $50,000 | — | | Total | $675,000 | $425,000 | $250,000 | - The Company's asset coverage for borrowed amounts was **182%** as of June 30, 2025, exceeding the minimum **150%** requirement under the 1940 Act. Unfunded commitments totaled **$184.7 million**, with **$27.3 million** dependent on milestones[279](index=279&type=chunk)[281](index=281&type=chunk)[283](index=283&type=chunk) [Distributions](index=83&type=section&id=Distributions) - To maintain RIC tax treatment, the Company must distribute at least **90%** of its net ordinary income and net realized short-term capital gains. The Company was subject to a **4%** U.S. federal excise tax for 2024 and 2023. Distributions for Q1 and Q2 2025 were **$0.30 per share**, down from **$0.40** in the prior year[289](index=289&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) [Recent Developments](index=86&type=section&id=Recent%20Developments) - The Board declared a **$0.23 per share** quarterly distribution payable September 30, 2025. The Company closed **$114.0 million** in additional debt commitments and funded **$20.5 million** in new investments from July 1 to August 5, 2025. TriplePoint Capital LLC announced a **$14 million** discretionary share purchase program, and the Adviser waived its income incentive fee for the remainder of fiscal year 2025[295](index=295&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=86&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the Company's exposure to financial market risks, including interest rate and foreign currency exchange rate risks, and their impact on net investment income and portfolio values - The Company is exposed to interest rate risk, affecting both funding costs and investment income. Approximately **62.3%** (**$388.3 million** principal balance) of debt investments bear floating rates with interest rate floors of **3.25%** or higher. Floating rate borrowings totaled **$50.0 million**, representing **11.8%** of outstanding debt[300](index=300&type=chunk)[301](index=301&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) | Change in Interest Rates | Net increase (decrease) in net investment income (in thousands) | | :----------------------- | :------------------------------------------------------------ | | Up 300 basis points | $9,128 | | Up 200 basis points | $5,896 | | Up 100 basis points | $2,664 | | Up 50 basis points | $1,201 | | Down 50 basis points | $(903) | | Down 100 basis points | $(1,560) | | Down 200 basis points | $(1,817) | | Down 300 basis points | $(1,703) | - As of June 30, 2025, the Company had **$62.9 million** of investments denominated in foreign currencies, exposing it to foreign currency exchange rate risk. No hedging transactions were in place for interest rates or foreign currency, but the Company may consider them in the future[305](index=305&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk) [Item 4. Controls and Procedures](index=88&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and procedures, reporting no material changes in internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025. No material changes in internal control over financial reporting occurred during the quarter[309](index=309&type=chunk)[310](index=310&type=chunk) [PART II. OTHER INFORMATION](index=89&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, exhibits, and signatures [Item 1. Legal Proceedings](index=89&type=section&id=Item%201.%20Legal%20Proceedings) The Company is not currently involved in any material pending legal proceedings beyond routine litigation incidental to its business operations - Neither the Company, its Adviser, nor its subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their businesses[312](index=312&type=chunk) [Item 1A. Risk Factors](index=89&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes during the three months ended June 30, 2025, to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024[314](index=314&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=89&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales or repurchases of equity securities occurred during the quarter, with issuances noted under the dividend reinvestment plan - The Company did not sell any equity securities that were not registered under the Securities Act, nor did it repurchase any shares during the quarter ended June 30, 2025. Under its dividend reinvestment plan, **90,912 shares** of common stock were issued, totaling **$0.6 million** in cash[315](index=315&type=chunk)[316](index=316&type=chunk) [Item 3. Defaults Upon Senior Securities](index=89&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[317](index=317&type=chunk) [Item 4. Mine Safety Disclosures](index=89&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the Company - Not applicable[318](index=318&type=chunk) [Item 5. Other Information](index=90&type=section&id=Item%205.%20Other%20Information) This section provides updates on custody arrangements, income incentive fee waiver, trading plans, and a detailed breakdown of fees and expenses - The Company entered into new custody agreements with Computershare Trust Company, N.A. for document, securities, and cash custody services, effective August 5, 2025. The Adviser amended its income incentive fee waiver to waive the fee in full for the remainder of fiscal year 2025[319](index=319&type=chunk)[320](index=320&type=chunk)[322](index=322&type=chunk) | Annual Expenses (as a percentage of net assets) | | :---------------------------------------------- | | Base management fee | 3.81% | | Incentive fee | 2.55% | | Interest payments on borrowed funds | 7.58% | | Other expenses | 2.32% | | Total annual expenses | 16.26% | | Period | NAV per Share | High Closing Sales Price | Low Closing Sales Price | Declared Distributions | | :----- | :------------ | :----------------------- | :---------------------- | :--------------------- | | Q2 2025 | $8.65 | $7.37 | $5.76 | $0.30 | | Q1 2025 | $8.62 | $8.14 | $6.98 | $0.30 | | Q4 2024 | $8.61 | $8.39 | $6.50 | $0.30 | | Q3 2024 | $9.10 | $8.99 | $6.86 | $0.30 | [Item 6. Exhibits](index=94&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed, including custody agreements, certifications, and the amended income incentive fee waiver letter - Key exhibits include the Custody Agreement and Custodial Agreement with Computershare Trust Company, N.A., certifications from the CEO and CFO, and the Amended Income Incentive Fee Waiver Letter[339](index=339&type=chunk) [Signatures](index=95&type=section&id=Signatures) This section contains the duly authorized signatures of the Chief Executive Officer and Chief Financial Officer, confirming report submission - The report is signed by James P. Labe, Chief Executive Officer and Chairman of the Board of Directors, and Mike L. Wilhelms, Chief Financial Officer, on August 6, 2025[343](index=343&type=chunk)

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) TriplePoint Venture Growth BDC Corp. reported strong Q2 2025 results, achieving the highest level of closed commitments and fundings since FY2022, with significant increases from the prior quarter. The company declared a third-quarter distribution of $0.23 per share and saw a net increase in net assets from operations of $0.33 per share - Closed **$160.1 million** of new debt commitments, a **109% increase** from the prior quarter and the highest amount in three years[4](index=4&type=chunk) - Funded **$78.5 million** in debt investments, a **188% increase** from the prior quarter and the highest level of funding activity in the last 10 quarters[4](index=4&type=chunk) Q2 2025 Financial Metrics | Metric | Q2 2025 | Q2 2024 | | :----------------------------------- | :------ | :------ | | Net Investment Income (NII) | $11.3M | $12.6M | | NII per Share | $0.28 | $0.33 | | Net Increase in Net Assets from Operations | $13.2M | $8.6M | | Net Increase in Net Assets per Share | $0.33 | $0.22 | | Weighted Average Annualized Portfolio Yield on Debt Investments | 14.5% | 15.8% | | Return on Average Equity | 13.0% | - | | NAV per Share | $8.65 | $8.62 (as of Mar 31, 2025) | | Declared Q3 2025 Distribution per Share | $0.23 | - | - The Adviser amended its income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025[4](index=4&type=chunk) - Sponsor, TPC, announced a discretionary share purchase program to acquire up to **$14 million** of the Company's outstanding common stock[4](index=4&type=chunk) [Year to Date 2025 Highlights](index=1&type=section&id=Year%20to%20Date%202025%20Highlights) For the first six months of 2025, TPVG continued to demonstrate strong origination activity and maintained a solid portfolio yield. The company's credit rating was confirmed as investment grade, and it reported substantial undistributed taxable earnings - Signed **$556.9 million** of term sheets and closed **$236.6 million** of new debt commitments[4](index=4&type=chunk) - Funded **$106.2 million** in debt investments with a **12.6% weighted average annualized portfolio yield** at origination, and **$1.1 million** in direct equity investments[4](index=4&type=chunk) YTD 2025 Financial Metrics | Metric | YTD 2025 | YTD 2024 | | :----------------------------------- | :------- | :------- | | Net Investment Income (NII) | $22.0M | $28.1M | | NII per Share | $0.55 | $0.74 | | Net Increase in Net Assets from Operations | $25.9M | $16.6M | | Net Increase in Net Assets per Share | $0.64 | $0.43 | | Paid Distributions per Share | $0.60 | - | | Weighted Average Annualized Portfolio Yield on Debt Investments | 14.5% | 15.6% | - DBRS, Inc. confirmed TPVG's investment grade rating, with a **BBB (low) Long-Term Issuer rating** and a stable trend outlook in April 2025[4](index=4&type=chunk) - Estimated undistributed taxable earnings (spillover income) of **$42.0 million**, or **$1.04 per share**, as of June 30, 2025[4](index=4&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) Management highlighted robust portfolio growth driven by strong commitments and fundings, emphasizing a continued focus on increased scale, diversification, and sector rotation to capitalize on demand from venture-growth stage companies. They also underscored efforts to strengthen shareholder alignment and build long-term value - Chairman and CEO, Jim Labe, noted that the debt investment portfolio grew in Q2 driven by robust commitments and fundings, with a strong pipeline at TPC, and a continued path of increased scale, diversification, and sector rotation[6](index=6&type=chunk) - President and CIO, Sajal Srivastava, emphasized implemented steps to strengthen alignment with shareholders and demonstrate continued support from TriplePoint Capital, focusing on positioning TPVG for the future and building long-term shareholder value[6](index=6&type=chunk) [Operational and Investment Review](index=3&type=section&id=Operational%20and%20Investment%20Review) [Portfolio and Investment Activity](index=3&type=section&id=PORTFOLIO%20AND%20INVESTMENT%20ACTIVITY) During Q2 2025, the Company significantly increased its debt commitments and fundings, while also acquiring warrants and making direct equity investments. The debt investment portfolio showed a strong weighted average annualized yield, and the overall portfolio at fair value increased compared to the prior year - Entered into **$160.1 million** of new debt commitments with eight portfolio companies and funded debt investments totaling **$78.5 million** to nine portfolio companies[7](index=7&type=chunk) - Acquired warrants in nine portfolio companies with a cost basis of **$1.0 million** and made direct equity investments of **$1.1 million** in five portfolio companies[7](index=7&type=chunk) - Debt investments funded during the quarter carried a weighted average annualized portfolio yield of **12.3%** at origination, with the overall weighted average annualized portfolio yield on debt investments for the quarter at **14.5%**[7](index=7&type=chunk) Investment Activity | Investment Activity (in thousands) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--------------------------------- | :------ | :------ | :------- | :------- | | Beginning portfolio at fair value | $682,012 | $773,605 | $676,249 | $802,145 | | New debt investments, net | $78,187 | $37,727 | $105,514 | $50,882 | | Scheduled principal amortization | $(11,311) | $(27,884) | $(21,192) | $(34,696) | | Principal prepayments and early repayments | $(44,979) | $(51,239) | $(62,761) | $(82,081) | | Ending portfolio at fair value | $717,885 | $713,770 | $717,885 | $713,770 | [Signed Term Sheets](index=3&type=section&id=SIGNED%20TERM%20SHEETS) TPC entered into $241.5 million of non-binding term sheets with venture growth stage companies during Q2 2025, indicating a strong pipeline of potential investment opportunities, though these are subject to various underwriting conditions - TPC entered into **$241.5 million** of non-binding term sheets with venture growth stage companies during the three months ended June 30, 2025[9](index=9&type=chunk) - These opportunities are subject to underwriting conditions, including due diligence, definitive documentation, and investment committee approval, with no assurance of completion or assignment to the Company[9](index=9&type=chunk) [Unfunded Commitments](index=3&type=section&id=UNFUNDED%20COMMITMENTS) As of June 30, 2025, the Company's total unfunded commitments stood at $184.7 million, with a portion dependent on portfolio companies achieving specific milestones. These commitments are scheduled to expire over the next few years, but do not necessarily represent future cash requirements as they may not be drawn - Total unfunded commitments were **$184.7 million** as of June 30, 2025, with **$27.3 million** dependent upon portfolio companies reaching certain milestones[10](index=10&type=chunk) Unfunded Commitments by Expiration Year | Expiration Year | Unfunded Commitments (in millions) | | :-------------- | :--------------------------------- | | 2025 | $19.6 | | 2026 | $88.6 | | 2027 | $76.5 | - Unfunded commitments do not necessarily represent future cash requirements or future earning assets as they may expire without being drawn[10](index=10&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) [Results of Operations](index=4&type=section&id=RESULTS%20OF%20OPERATIONS) The Company's Q2 2025 results showed a decrease in total investment and other income primarily due to a lower weighted average principal outstanding and reduced prepayment income. Despite this, net increase in net assets from operations improved significantly year-over-year, driven by lower operating expenses and reduced net realized losses Consolidated Results of Operations | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total Investment and Other Income | $23.3M | $27.1M | $45.7M | $56.4M | | Weighted Average Annualized Portfolio Yield | 14.5% | 15.8% | 14.5% | 15.6% | | Total Operating Expenses (net of waiver) | $12.0M | $14.5M | $23.7M | $28.3M | | Net Investment Income | $11.3M | $12.6M | $22.0M | $28.1M | | Net Investment Income per Share | $0.28 | $0.33 | $0.55 | $0.74 | | Net Realized Gains (Losses) on Investments | $(32K) | $(18.8M) | $2.2M | $(27.7M) | | Net Change in Unrealized Gains (Losses) on Investments | $1.9M | $14.9M | $1.6M | $16.1M | | Net Increase in Net Assets from Operations | $13.2M | $8.6M | $25.9M | $16.6M | | Net Increase in Net Assets per Share | $0.33 | $0.22 | $0.64 | $0.43 | - The decrease in total investment and other income was primarily due to a lower weighted average principal amount outstanding on income-bearing debt, lower investment yields (partially due to decreases in the Prime rate), and less prepayment income[12](index=12&type=chunk) - Total operating expenses for Q2 2025 included a **$1.3 million** income incentive fee waiver, contributing to a decrease from **$14.5 million** in Q2 2024 to **$12.0 million**[13](index=13&type=chunk) [Credit Quality](index=4&type=section&id=CREDIT%20QUALITY) The Company's debt investment portfolio maintained a weighted average investment ranking of 2.17 as of June 30, 2025, a slight increase from the prior quarter. While most investments remained in the 'White' category, there were some downgrades for specific portfolio companies - The weighted average investment ranking of the Company's debt investment portfolio was **2.17** as of June 30, 2025, compared to **2.12** at the end of the prior quarter[19](index=19&type=chunk) - During Q2 2025, one portfolio company (**$2.1 million** principal) was downgraded from White (2) to Yellow (3), and another (**$11.1 million** principal) was downgraded from White (2) to Orange (4)[19](index=19&type=chunk) Debt Investment Portfolio Credit Quality | Credit Category | June 30, 2025 Fair Value (in thousands) | June 30, 2025 % of Total Debt Investments | June 30, 2025 Number of Portfolio Companies | Dec 31, 2024 Fair Value (in thousands) | Dec 31, 2024 % of Total Debt Investments | Dec 31, 2024 Number of Portfolio Companies | | :-------------- | :-------------------------------------- | :---------------------------------------- | :------------------------------------------ | :------------------------------------- | :---------------------------------------- | :------------------------------------------ | | Clear (1) | $28,391 | 4.8% | 2 | $51,986 | 9.3% | 3 | | White (2) | $467,423 | 79.0% | 33 | $392,237 | 70.0% | 31 | | Yellow (3) | $58,307 | 9.9% | 4 | $84,847 | 15.1% | 4 | | Orange (4) | $36,388 | 6.2% | 6 | $30,979 | 5.5% | 5 | | Red (5) | $56 | 0.1% | 1 | $56 | 0.1% | 1 | | **Total** | **$590,565** | **100.0%** | **46** | **$560,105** | **100.0%** | **44** | [Capital Management and Outlook](index=5&type=section&id=Capital%20Management%20and%20Outlook) [Net Asset Value](index=5&type=section&id=NET%20ASSET%20VALUE) The Company's Net Asset Value (NAV) per share increased slightly to $8.65 as of June 30, 2025, reflecting a modest growth from the end of the previous fiscal year Net Asset Value Summary | Metric | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Net Assets | $348.7M | $345.7M | | Net Asset Value per Share | $8.65 | $8.61 | [Liquidity and Capital Resources](index=5&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of June 30, 2025, the Company maintained strong liquidity, primarily composed of cash and available capacity under its Revolving Credit Facility. Its leverage ratios remained within prudent levels, demonstrating sound capital management - Total liquidity was **$312.5 million**, consisting of **$62.5 million** in cash, cash equivalents, and restricted cash, and **$250.0 million** in available capacity under its Revolving Credit Facility[22](index=22&type=chunk) Leverage Ratios | Metric | Value | | :-------------------------- | :---- | | Gross Leverage Ratio | 1.22x | | Net Leverage Ratio | 1.04x | | 1940 Act Asset Coverage Ratio | 182% | [Distribution](index=5&type=section&id=DISTRIBUTION) The Board of Directors declared a regular quarterly distribution of $0.23 per share for the third quarter of 2025. The Company also reported a significant amount of estimated undistributed taxable earnings, providing flexibility for future distributions - A regular quarterly distribution of **$0.23 per share** for the third quarter was declared, payable on September 30, 2025[23](index=23&type=chunk) - Estimated undistributed taxable earnings (spillover income) were **$42.0 million**, or **$1.04 per share**, as of June 30, 2025[23](index=23&type=chunk) [TPC Stock Purchase Program](index=5&type=section&id=TPC%20STOCK%20PURCHASE%20PROGRAM) TriplePoint Capital LLC, the Company's sponsor, initiated a discretionary share purchase program to acquire up to $14 million of TPVG's common stock over the next twelve months, aiming to purchase shares below the then-current NAV per share - Sponsor, TriplePoint Capital LLC, announced a discretionary share purchase program to acquire up to **$14 million** of the Company's outstanding common stock[24](index=24&type=chunk) - Purchases will occur over the next twelve months at prices below the then-current NAV per share, through various methods including open market and privately negotiated transactions[24](index=24&type=chunk) [Recent Developments](index=5&type=section&id=RECENT%20DEVELOPMENTS) Subsequent to the second quarter end, the Company continued its strong origination and funding activities, securing additional non-binding term sheets and closing new debt commitments, alongside funding new investments - From June 30, 2025, through August 5, 2025, TPC's direct originations platform entered into **$57.7 million** of additional non-binding signed term sheets[26](index=26&type=chunk) - The Company closed **$114.0 million** of additional debt commitments and funded **$20.5 million** in new investments[26](index=26&type=chunk) [Corporate Information](index=6&type=section&id=Corporate%20Information) [About TriplePoint Venture Growth BDC Corp.](index=6&type=section&id=ABOUT%20TRIPLEPOINT%20VENTURE%20GROWTH%20BDC%20CORP.) TriplePoint Venture Growth BDC Corp. is an externally-managed business development company specializing in customized debt financing, warrants, and direct equity investments for venture growth stage companies in technology and other high-growth industries, supported by TriplePoint Capital - TPVG is an externally-managed BDC providing customized debt financing with warrants and direct equity investments to venture growth stage companies[27](index=27&type=chunk) - It focuses on companies in technology and other high-growth industries, backed by select venture capital firms[27](index=27&type=chunk) - TriplePoint Capital, the sponsor, is a global investment platform offering comprehensive financing solutions to venture capital-backed companies at all development stages[27](index=27&type=chunk) [Forward-Looking Statements](index=6&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section contains standard cautionary language regarding forward-looking statements, emphasizing that actual results may differ materially due to various risks and uncertainties, and the Company undertakes no obligation to update these statements - The press release contains forward-looking statements that are not guarantees of future performance and involve substantial risks and uncertainties[28](index=28&type=chunk) - Actual events, investment activity, performance, condition, or results may differ materially due to factors including changes in economic, market, or other conditions, as detailed in SEC filings[28](index=28&type=chunk) - Readers are cautioned not to place undue reliance on these statements, and the Company undertakes no obligation to publicly update or revise them[28](index=28&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) The Company discusses its net leverage ratio as a non-GAAP financial measure to provide additional insight into its leverage and financial condition. This measure is used internally for monitoring but should not be considered in isolation or as a substitute for GAAP-compliant financial analysis - The Company uses the non-GAAP net leverage ratio (total debt less cash, cash equivalents, and restricted cash divided by total net assets) to supplement GAAP financial information[29](index=29&type=chunk) - This measure helps management monitor and evaluate leverage and financial condition, enhancing investors' ability to analyze trends[29](index=29&type=chunk) - It has limitations and should not be considered in isolation or as a substitute for GAAP results, nor is it necessarily comparable to non-GAAP measures used by other companies[29](index=29&type=chunk)[30](index=30&type=chunk) [Investor Relations and Media Contact](index=6&type=section&id=INVESTOR%20RELATIONS%20AND%20MEDIA%20CONTACT) Contact information for investor relations and media inquiries is provided through The IGB Group - For investor relations and media inquiries, contact Leon Berman at The IGB Group[31](index=31&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Consolidated Statements of Assets and Liabilities](index=7&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) The consolidated statement of assets and liabilities shows an increase in total assets and net assets as of June 30, 2025, compared to December 31, 2024, driven by growth in investments and cash, while liabilities also increased due to higher Revolving Credit Facility utilization and new notes Consolidated Statements of Assets and Liabilities | (in thousands) | June 30, 2025 (unaudited) | December 31, 2024 | | :------------------------------------------------ | :------------------------ | :---------------- | | **Assets** | | | | Investments at fair value | $717,885 | $676,249 | | Cash and cash equivalents | $62,391 | $45,899 | | Restricted cash | $147 | $32,828 | | Total assets | $788,250 | $763,040 | | **Liabilities** | | | | Revolving Credit Facility | $50,000 | $5,000 | | 2025 Notes, net | — | $69,948 | | 2026 Notes, net | $199,701 | $199,483 | | 2027 Notes, net | $124,531 | $124,396 | | 2028 Notes, net | $49,362 | — | | Total liabilities | $439,573 | $417,353 | | **Net Assets** | | | | Total net assets | $348,677 | $345,687 | | Shares of common stock outstanding | 40,324 | 40,137 | | Net asset value per share | $8.65 | $8.61 | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations show a decrease in total investment and other income for both the three and six months ended June 30, 2025, compared to the prior year. However, a significant reduction in net realized losses and an increase in net change in unrealized gains led to a higher net increase in net assets resulting from operations for the current periods Consolidated Statements of Operations | (in thousands, except per share data) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------------ | :------ | :------ | :------- | :------- | | Interest income from investments | $22,504 | $26,590 | $44,089 | $55,118 | | Total investment and other income | $23,276 | $27,107 | $45,730 | $56,381 | | Total operating expenses net of Income incentive fee waiver | $12,001 | $14,503 | $23,717 | $28,254 | | Net investment income | $11,275 | $12,604 | $22,013 | $28,127 | | Net investment income per share | $0.28 | $0.33 | $0.55 | $0.74 | | Net realized gains (losses) on investments | $(32) | $(18,846) | $2,222 | $(27,653) | | Net change in unrealized gains (losses) on investments | $1,931 | $14,859 | $1,628 | $16,122 | | Net increase (decrease) in net assets resulting from operations | $13,174 | $8,617 | $25,863 | $16,596 | | Net increase (decrease) in net assets per share | $0.33 | $0.22 | $0.64 | $0.43 | | Regular distributions declared per share | $0.30 | $0.40 | $0.60 | $0.80 | [Weighted Average Portfolio Yield on Debt Investments](index=9&type=section&id=Weighted%20Average%20Portfolio%20Yield%20on%20Debt%20Investments) The weighted average annualized portfolio yield on debt investments for Q2 and YTD 2025 remained strong at 14.5%, though slightly lower than the prior year. This yield is composed of coupon income, accretion of discounts and end-of-term payments, and the impact of prepayments Weighted Average Portfolio Yield Components | Ratios (Percentages, on an annualized basis) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------------- | :------ | :------ | :------- | :------- | | Weighted average portfolio yield on debt investments | 14.5% | 15.8% | 14.5% | 15.6% | | Coupon income | 11.5% | 11.6% | 11.5% | 11.9% | | Accretion of discount | 0.9% | 0.8% | 1.0% | 0.9% | | Accretion of end-of-term payments | 1.2% | 1.5% | 1.3% | 1.5% | | Impact of prepayments during the period | 0.9% | 1.9% | 0.7% | 1.3% | - The weighted average portfolio yields are calculated as the annualized rate of interest income recognized divided by the average amortized cost of debt investments, excluding non-income producing debt but including non-accrual status debt[37](index=37&type=chunk)

Group 1 - The article promotes a portfolio strategy that generates income without the need for selling assets, aiming to simplify retirement investing [1][2] - It emphasizes community and education, suggesting that investors should not navigate the investment landscape alone [2][4] - The service offers features such as model portfolios, buy/sell alerts, and regular market updates to assist investors [2][4] Group 2 - The article mentions a long position in TPVG shares, indicating a positive outlook on this investment [3] - It highlights the importance of monitoring investment positions and providing alerts to members [4] - The content stresses that past performance does not guarantee future results, underscoring the need for careful investment consideration [5]

Core Viewpoint - A high dividend yield, such as TriplePoint Venture Growth's (NYSE: TPVG) current yield of 17.9%, often indicates potential concerns regarding the company's financial health [1] Group 1 - TriplePoint Venture Growth has a current dividend yield of 17.9% [1]

Core Insights - TriplePoint Venture Growth BDC (NYSE: TPVG) reduced its dividend in Q3 2024, indicating potential ongoing challenges in maintaining dividend payouts [1] Group 1: Dividend Performance - The company has shown weakening dividend payout metrics since the dividend cut, raising concerns about the sustainability of even the reduced dividend [1]

Company Performance - TriplePoint Venture Growth (TPVG) reported quarterly earnings of $0.27 per share, missing the Zacks Consensus Estimate of $0.30 per share, and down from $0.41 per share a year ago, representing an earnings surprise of -10% [1] - The company posted revenues of $22.45 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 7.90%, compared to year-ago revenues of $29.27 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] Stock Performance - TriplePoint Venture Growth shares have lost about 17.9% since the beginning of the year, while the S&P 500 has declined by -4.7% [3] - The current status of estimate revisions is unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.30 on revenues of $24.67 million, and $1.24 on revenues of $99.61 million for the current fiscal year [7] - The outlook for the industry, specifically the Financial - SBIC & Commercial Industry, is in the bottom 37% of Zacks industries, which may materially impact stock performance [8]

Financial Data and Key Metrics Changes - For Q1 2025, total investment income was $22.5 million with a portfolio yield of 14.4%, compared to $29.3 million and 15.4% in the prior year period [26] - Net investment income for Q1 2025 was $10.7 million or $0.27 per share, down from $15.5 million or $0.41 per share in Q1 2024 [27] - The company's net increase in net assets resulting from operations for Q1 2025 was $12.7 million or $0.32 per share, compared to $8 million or $0.21 per share in Q1 2024 [28] Business Line Data and Key Metrics Changes - In Q1 2025, the company signed $315 million in term sheets with venture growth stage companies, up from $130 million in Q1 2024 [14] - Funded investments in Q1 2025 totaled $28 million, compared to $14 million in Q1 2024 [15] - The weighted average annualized portfolio yield for funded investments was 13.3%, slightly down from 13.5% in Q4 2024 [15] Market Data and Key Metrics Changes - The company noted a significant increase in demand for venture lending driven by a backlog of high-quality companies in the IPO queue and companies seeking financing for growth and acquisitions [8] - The company has observed no material impact from tariffs on its AI, software, B2B, and enterprise-focused portfolio companies [17] Company Strategy and Development Direction - The company is focused on portfolio diversification and investment sector rotation, particularly in high-potential sectors such as AI, software solutions, and cybersecurity [11] - The management aims to increase net investment income through debt investment portfolio growth and increasing balance sheet leverage [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market conditions in the venture capital market, with increased fundraising activity and positive outlook for capital markets [21] - The company is monitoring the impact of geopolitical uncertainties and tariffs on its portfolio, but has not seen immediate effects [20][36] Other Important Information - The company ended Q1 2025 with total liquidity of $337 million, consisting of cash and available capacity under its revolving credit facility [25] - The Board declared a regular quarterly dividend of $0.30 per share, with an estimated spillover income of $42.5 million at the end of the period [29] Q&A Session Summary Question: Can you share your fundings outlook for the second quarter and beyond? - Management confirmed that the outlook for Q2 remains unchanged at $25 million to $50 million in fundings, expecting to make up for the shortfall from Q1 [33] Question: Can you speak to your views on credit today and the outlook going forward? - Management noted improved market conditions and increased fundraising activity, but acknowledged the challenges posed by geopolitical uncertainty [34][36] Question: What is your willingness to do share repurchase versus making new investments? - Management indicated a preference for growing the portfolio with debt capital rather than repurchasing shares, aiming to achieve long-term objectives [39] Question: What is the expected repayment and prepayment activity in the second quarter? - Management expects one to two prepayments per quarter, primarily from older vintages, which should have a low impact on net investment income [42] Question: Can you walk me through the dynamic of your debt investments at their floors? - Management explained that 35% of the portfolio is at the floor, which means they will not see a reduction in yield as rates go down [65][68]