TriplePoint Venture Growth(TPVG) - 2025 Q3 - Quarterly Results

Financial Performance - Achieved a net increase in net assets resulting from operations of $15.2 million, or $0.38 per share[16] - Earned net investment income of $10.3 million, or $0.26 per share, compared to $13.8 million, or $0.35 per share, for the same quarter last year[13] - Total investment and other income for the three months ended September 30, 2025, was $22.656 million, down from $26.515 million in the same period of 2024[34] - Net investment income for the three months ended September 30, 2025, was $10.310 million, compared to $13.785 million for the same period in 2024[34] Asset and Investment Growth - Signed $421.1 million of term sheets with venture growth stage companies, the highest amount in over three years[4] - Closed $181.8 million of new debt commitments, representing a 14% increase from the prior quarter[4] - Funded $88.2 million in debt investments, a 12% increase from the prior quarter, marking the highest funding activity in the last 11 quarters[4] - Grew the debt investment portfolio to $736.9 million at cost, an 11% increase from the prior quarter[4] - The Company funded $17.5 million in new investments during the quarter[25] Distribution and Shareholder Returns - Declared a fourth quarter 2025 regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share[1] - The Company declared a regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share for the fourth quarter, with estimated spillover income of $43.4 million, or $1.07 per share[22] - TPC's share purchase program has $10.1 million remaining for purchasing shares, with 591,235 shares bought during the three months ended September 30, 2025[23] Liquidity and Financial Position - The Company reported total liquidity of $233.6 million, including cash and cash equivalents of $28.6 million and available capacity under its Revolving Credit Facility of $205.0 million[21] - As of September 30, 2025, the net asset value was $355.1 million, or $8.79 per share[4] - As of September 30, 2025, the Company's net assets increased to $355.1 million, or $8.79 per share, compared to $345.7 million, or $8.61 per share, as of December 31, 2024[20] - The total assets of the Company as of September 30, 2025, were $835.5 million, an increase from $763.0 million as of December 31, 2024[32] Leverage and Ratios - The Company ended the quarter with a leverage ratio of 1.32x and a net leverage ratio of 1.24x[21] Portfolio Yield and Performance Metrics - The weighted average annualized portfolio yield on debt investments was 13.2% for the quarter[11] - For the three months ended September 30, 2025, the weighted average portfolio yield on debt investments was 13.2%, down from 15.7% in 2024[36] - Coupon income for the same period was 10.8%, a decrease from 12.7% in 2024[36] - The accretion of discount for the three months ended September 30, 2025, was 0.8%, compared to 0.9% in 2024[36] - The accretion of end-of-term payments was 1.2% for the three months ended September 30, 2025, slightly down from 1.3% in 2024[36] - The impact of prepayments during the period was 0.4%, a decrease from 0.8% in 2024[36] - For the nine months ended September 30, 2025, the weighted average portfolio yield on debt investments was 14.0%, down from 15.6% in 2024[36] - Coupon income for the nine months ended September 30, 2025, was 11.2%, compared to 12.2% in 2024[36] - The accretion of discount for the nine months ended September 30, 2025, was 1.0%, up from 0.9% in 2024[36] - The accretion of end-of-term payments for the nine months ended September 30, 2025, remained stable at 1.3% compared to 1.4% in 2024[36] - The impact of prepayments during the nine months ended September 30, 2025, was 0.5%, down from 1.1% in 2024[36] Investment Commitments - The Company entered into $122.9 million of additional non-binding signed term sheets with venture growth stage companies and closed $17.3 million of additional debt commitments[25] - The Company recorded net realized losses on investments of $0.7 million during the quarter[14]