TriplePoint Venture Growth(TPVG) - 2025 Q4 - Annual Results

Financial Performance - Achieved net investment income of $1.05 per share for fiscal year 2025, down from $1.40 per share in fiscal year 2024[13] - Total investment income for fiscal year 2025 was $90.9 million, a decrease from $108.6 million in fiscal year 2024, with a weighted average annualized portfolio yield of 13.7%[11] - Interest income from investments for the year ended December 31, 2025, was $88.3 million, down from $106.4 million in 2024[33] - The net investment income for the year ended December 31, 2025, was $42.3 million, compared to $54.5 million in 2024[33] Investment Activities - Funded $287.1 million in debt investments to 31 portfolio companies during fiscal year 2025, with a 12.1% weighted average annualized portfolio yield at origination[4] - Signed $1.2 billion of term sheets with venture growth stage companies, closing $508.1 million of new debt commitments, the highest amount in over two years[4] - The Company entered into $155.7 million of additional non-binding signed term sheets with venture growth stage companies and funded $14.5 million in new investments[24] Asset and Liability Management - Net asset value increased to $353.6 million, or $8.73 per share, as of December 31, 2025, compared to $345.7 million, or $8.61 per share, at December 31, 2024[4] - The Company had total liquidity of $252.4 million, including cash and cash equivalents of $47.4 million and available capacity under its Revolving Credit Facility of $205.0 million as of December 31, 2025[21] - Total liabilities increased to $486.0 million as of December 31, 2025, from $417.4 million as of December 31, 2024[31] Distribution and Returns - Declared a first quarter 2026 distribution of $0.23 per share, bringing total declared distributions to $17.36 per share since the company's IPO[4] - The Company declared a regular quarterly distribution of $0.23 per share for the first quarter, with estimated spillover income of $42.3 million, or $1.04 per share, as of December 31, 2025[22] Portfolio Performance - Recorded net realized gains on investments of $4.8 million during the fourth quarter of 2025, compared to net realized losses of $0.3 million in the fourth quarter of 2024[14] - The weighted average investment ranking of the company's debt investment portfolio was 2.16 as of December 31, 2025, compared to 2.18 at the end of the prior quarter[18] - Total investments at fair value increased to $783.5 million as of December 31, 2025, up from $676.2 million as of December 31, 2024[31] Leverage Ratios - The company ended the fourth quarter of 2025 with a gross leverage ratio of 1.33x and a net leverage ratio of 1.20x[4] - The Company ended the quarter with a leverage ratio of 1.33x and a net leverage ratio of 1.20x as of December 31, 2025[21] Yield and Income Metrics - Weighted average portfolio yield on debt investments for Q4 2025 is 12.7%, down from 15.8% in Q4 2024[35] - Coupon income for Q4 2025 is 10.1%, compared to 12.0% in Q4 2024[35] - The impact of prepayments during Q4 2025 is 0.6%, a decrease from 1.6% in Q4 2024[35] - For the year ended December 31, 2025, the weighted average portfolio yield on debt investments is 13.7%, down from 15.7% in 2024[35] - Coupon income for the year ended December 31, 2025, is 10.9%, compared to 12.1% in 2024[35] - Accretion of end-of-term payments for Q4 2025 is 1.1%, down from 1.3% in Q4 2024[35] - Accretion of discount remains stable at 0.9% for both Q4 2025 and Q4 2024[35] - The weighted average yields reported are annualized and reflect the weighted average yields to maturities[35] - The calculations exclude non-income producing debt investments but include those on non-accrual status[35] - The reported weighted average portfolio yields do not represent actual investment returns to the company's stockholders[35]