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TriplePoint Venture Growth (TPVG) came out with quarterly earnings of $0.26 per share, missing the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10.34%. A quarter ago, it was expected that this investment company would post earnings of $0.3 per share when it actually produced earnings of $0.28, delivering a surprise of -6.67%.Over the last four ...

Financial Data and Key Metrics Changes - In Q3 2025, the company funded $88 million in new debt investments, an increase from $79 million in Q2 2025, resulting in a net increase of approximately $73 million in the debt investment portfolio, totaling $737 million at quarter end, a 17% increase from $627 million at the end of 2024 [26][28] - Total investment income for Q3 was $22.7 million, with a weighted average portfolio yield of 13.2%, down from 14.5% in the prior quarter [28][30] - Net investment income for the quarter was $10.3 million, or $0.26 per share, compared to $11.3 million, or $0.28 per share, in the prior quarter [31] Business Line Data and Key Metrics Changes - The company signed $421 million of term sheets with venture growth stage companies in Q3 2025, compared to $93 million in Q3 2024 and $242 million in Q2 2025 [14] - 75% of the portfolio companies that received commitments during the quarter were new customers, with 90% in AI, enterprise software, and semiconductor sectors [15] - The debt investment portfolio grew by over $73 million due to new fundings exceeding prepayments, marking the third consecutive quarter of growth [19] Market Data and Key Metrics Changes - The overall venture capital market saw increased investment activity, particularly in the AI sector, which accounted for more than two-thirds of venture deal value last quarter [5][6] - M&A and IPO activity generated over $75 billion across 362 exits, marking the strongest quarter for venture-backed companies since the pandemic [6] - The number of equity rounds closed by select venture capital investors year-to-date exceeded the total for all of last year by 34% [6] Company Strategy and Development Direction - The company aims to increase scale, durability, income-generating assets, and NAV over the long term, focusing on portfolio diversification and investment sector rotation [4][13] - There is a strong emphasis on sectors leveraging AI for product differentiation and market disruption, with a belief that AI will be a significant megatrend for years to come [10][12] - The company is actively investing in various sectors beyond AI, including fintech, aerospace, defense, robotics, cybersecurity, and health tech [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the venture markets, noting improvements in credit quality and a decrease in equity financing down rounds [7][40] - The company remains focused on monitoring credit situations and is committed to resolving challenges within its portfolio [9][40] - Management anticipates continued strong demand for debt financing from venture growth stage companies, with expectations for robust activity in Q4 2025 [19][20] Other Important Information - The company ended Q3 with total liquidity of $234 million, consisting of $29 million in cash and $205 million in available capacity under its revolving credit facility [26] - The board declared a regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share, payable on December 31 [33] - The sponsor, TriplePoint Capital, launched a share repurchase program, purchasing about 591,000 shares for roughly $3.9 million [34] Q&A Session Summary Question: Discussion on increasing funding guidance - Management indicated that quality of opportunity and credit quality selectivity are key drivers for funding guidance, with a focus on upcoming debt refinancing [36][37] Question: Credit quality metrics and underwriting changes - Management noted stable credit performance with a slight uptick in non-approvals, emphasizing a balanced approach to sector-specific challenges and positive trends in venture equity markets [38][40] Question: Expectations for prepayment pace - Management expects one prepayment per quarter for 2026, with Q4 being an exception due to unique situations [44][45] Question: Debt refinance and investment grade status - Management confirmed that the upcoming $200 million note is investment grade and expects to issue new notes that will also be investment grade [48][52] Question: Leverage ratio expectations - Management anticipates the leverage ratio to remain around 1.3-1.4, with little to no growth expected in the fourth quarter due to prepayment activity [55][57]

Investment Portfolio - As of September 30, 2025, the aggregate cost and fair value of investments were $828.7 million and $798.5 million, respectively[203]. - The portfolio consisted of 310 investments in 126 companies, including 113 debt investments, 126 warrant investments, and 71 direct equity investments[203]. - The fair value of debt investments as of September 30, 2025, was $664.9 million, with unrealized losses of $72.1 million[205]. - Total portfolio company investments reached $676.2 million as of December 31, 2024, with consumer products and services representing 16.1% of the total[210]. - As of September 30, 2025, growth capital loans accounted for 92.3% of total debt investments, amounting to $613.6 million[211]. - The ending portfolio at fair value increased to $798.5 million as of September 30, 2025, compared to $720.9 million as of September 30, 2024[218]. - The company had investments in four portfolio companies on non-accrual status, with a fair value of $24.6 million as of September 30, 2025[228]. - Debt investments funded during the nine months ended September 30, 2025, totaled $194.4 million, with a weighted average annualized portfolio yield of 12.1%[214]. - The company made direct equity investments of $1.6 million during the nine months ended September 30, 2025[214]. Financial Performance - For the three months ended September 30, 2025, the net increase in net assets resulting from operations was $15.2 million, down from $22.6 million in the same period of 2024, representing a decrease of 32.6%[230]. - For the nine months ended September 30, 2025, the net increase in net assets resulting from operations was $41.1 million, compared to $39.2 million for the same period in 2024, an increase of 4.8%[231]. - Total investment and other income for the three months ended September 30, 2025, was $22.7 million, a decrease of 14.3% from $26.5 million in the same period of 2024[232]. - Total operating expenses for the three months ended September 30, 2025, were $12.3 million, a slight decrease from $12.7 million in the same period of 2024[236]. - The weighted average portfolio yield on debt investments for the three months ended September 30, 2025, was 13.2%, down from 15.7% in the same period of 2024[250]. - Net realized losses on investments for the three months ended September 30, 2025, were $704,000, compared to net realized losses of $5.0 million in the same period of 2024[243]. - Net change in unrealized gains on investments during the three months ended September 30, 2025, was $5.6 million, compared to $13.9 million in the same period of 2024[246]. - Net investment income for the three months ended September 30, 2025, was $10.3 million, down from $13.8 million in 2024[253]. - For the three months ended September 30, 2025, total return based on NAV was 5.9%, compared to 7.6% for the same period in 2024[252]. - For the nine months ended September 30, 2025, total return based on NAV was 16.1%, compared to 13.5% for the same period in 2024[252]. Debt and Financing - As of September 30, 2025, total commitments available under the Credit Facility were $300.0 million, with $205.0 million remaining capacity[266][267]. - The total contractual obligations for debt repayment as of September 30, 2025, amounted to $470 million, with $200 million due within the next year[280]. - Unfunded commitments increased significantly from $104.5 million as of December 31, 2024, to $263.7 million as of September 30, 2025[281]. - The company has $59.8 million in unfunded commitments dependent on portfolio companies reaching certain milestones as of September 30, 2025[283]. - Floating rate borrowings totaled $95.0 million, representing 20.2% of outstanding debt as of September 30, 2025[302]. - The 2028 Notes, issued in February 2025, have an annual interest rate of 8.11%, which has been increased to 9.11%[273]. Risk Factors - The company faces risks including interest rate volatility, credit availability, and potential economic downturns that could impact its operations and financial condition[201]. - As of September 30, 2025, the credit category distribution of debt investments showed 71.0% rated as White (2) and 8.8% rated as Clear (1)[226]. - The company has no interest rate hedging transactions in place as of September 30, 2025, but may seek to enter into such transactions in the future[303]. - Changes in interest rates and foreign currency exchange rates drive the company's performance more directly than inflation[306]. - There is no assurance that hedging strategies will be available for certain foreign investments[305]. - The company faces risks associated with hedging transactions[305]. Distributions and Tax Treatment - To maintain RIC tax treatment, the company must distribute at least 90% of its net ordinary income and net realized short-term capital gains[288]. - The company has authorized cash distributions per share since its IPO, with historical distributions potentially being less in the future[290]. - The Board declared a $0.23 per share regular quarterly distribution and a $0.02 per share supplemental distribution, payable on December 30, 2025[294]. - Approximately $0.24 per share of the distributions during the year ended December 31, 2016, represented a return of capital[290]. - As of September 30, 2025, estimated undistributed taxable earnings from net investment income were $43.4 million, or $1.07 per share[293]. Currency and Hedging - As of September 30, 2025, the company had $81.2 million of investments at fair value denominated in foreign currencies[304]. - The company may utilize instruments such as forward contracts to hedge against fluctuations in currency exchange rates[305]. - Hedging activities may mitigate exposure to adverse fluctuations in interest rates or foreign currency exchange rates[305]. - Certain hedging transactions may limit the company's ability to benefit from higher interest rates or favorable movements in foreign currency exchange rates[305]. - Changes in interest rates and foreign currency exchange rates do not necessarily correlate with changes in inflation rates[306].

Exhibit 99.1 TriplePoint Venture Growth BDC Corp. Announces Third Quarter 2025 Financial Results Highest Level of Signed Term Sheets, Commitments, and Fundings Since Fiscal Year 2022 Net Increase in Net Assets Resulting from Operations of $0.38 per Share for the Third Quarter Declared Fourth Quarter 2025 Regular Distribution of $0.23 per Share and Supplemental Distribution of $0.02 per Share Menlo Park, Calif., November 5, 2025 - TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the "Company," "TPVG," "we, ...

Core Insights - TriplePoint Venture Growth BDC Corp. reported its financial results for Q3 2025, highlighting its role as a financing provider for venture growth stage companies in technology and high growth industries [1] Financial Performance - The financial results for the third quarter ended September 30, 2025, were announced, indicating the company's ongoing operations and performance metrics [1] - The company had previously declared its fourth quarter 2025 regular dividend on October 14, 2025, reflecting its commitment to returning value to shareholders [1]

Core Insights - Business Development Companies (BDCs) have become increasingly popular due to their high dividend yields, often exceeding 12.9% [3][4] - BDCs serve as crucial financing sources for middle-market companies that are too large for local banks but too small for major institutional investors [4] - Caution is advised when investing in BDCs, particularly those with sector concentration or high management fees [5][6] BDC Performance and Risks - TriplePoint Venture Growth BDC Corp. (TPVG) has a yield of 16.6% but has seen a total return decline of 15% this year, despite the tech sector's overall increase of over 21% [6][7] - Goldman Sachs BDC (GSBD) has underperformed the S&P 500 and charges high management fees, totaling approximately 3.9% on $1.5 billion in assets [8][9] - GSBD's investment income for the first half of 2025 was $94.1 million, yielding a 12.4% annualized return, which is insufficient to fully cover its 12.9% dividend yield [12][13] Alternative Investment Options - The Columbia Seligman Premium Technology Growth Fund (STK) has outperformed both the S&P 500 and GSBD, offering a stable 5% dividend that has never been cut [15] - STK is currently trading at a 5.3% discount to its net asset value, presenting a buying opportunity for investors [16] - Compared to BDCs, STK offers fewer risks and potentially higher returns, making it a compelling alternative for income-focused investors [17]

Core Viewpoint - The article highlights TriplePoint Venture Growth BDC (TPVG) as a strong value stock, supported by various financial metrics indicating it is currently undervalued compared to its industry peers [4][8]. Financial Metrics - TPVG has a Zacks Rank of 2 (Buy) and an A for Value, indicating strong potential for value investors [4][8]. - The stock is trading at a P/E ratio of 5.82, significantly lower than the industry average of 8.38 [4]. - TPVG's P/B ratio stands at 0.72, which is attractive compared to the industry's average P/B of 0.91 [5]. - The P/S ratio for TPVG is 2.16, compared to the industry's average P/S of 3.18, suggesting better valuation based on sales [6]. - The P/CF ratio for TPVG is 6.87, which is lower than the industry's average P/CF of 8.16, indicating a favorable cash flow outlook [7]. Investment Outlook - The combination of these metrics suggests that TPVG is likely undervalued at present, making it an appealing option for value investors [8].

Core Insights - Business Development Companies (BDCs) are currently facing challenges due to elevated interest rates, which have impacted their portfolio quality and share prices over the past year [1]. Group 1: Industry Challenges - Elevated interest rates have highlighted the structural integrity of BDC portfolios, leading to a decline in share prices [1]. Group 2: Investment Strategies - A hybrid investment strategy combining classic dividend growth stocks with BDCs, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1].

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]