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TPVG

TriplePoint Venture Growth BDC Corp.

TPVG

TriplePoint Venture Growth BDC Corp. • NYSE
$6.50 ▲ 2.04% (+0.13)
Market Cap $262.53 M
52w High $8.50
52w Low $5.24
Dividend Yield 1.08%
P/E 7.83
Volume 212.57K
Outstanding Shares 40.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.158M ▲ $1.338M ▼ $15.233M ▲ 68.747% ▲ $0 ▼ $15.233M ▲
Q2-2025 $20.648M ▼ $1.961M ▼ $13.174M ▲ 63.803% ▲ $0.33 ▲ $13.174M ▲
Q1-2025 $21.079M ▲ $3.277M ▼ $12.689M ▲ 60.197% ▲ $0.32 ▲ $12.689M ▲
Q4-2024 $2.526M ▼ $3.594M ▲ $-7.184M ▼ -284.402% ▼ $-0.18 ▼ $-7.184M ▼
Q3-2024 $31.946M $3.357M $22.634M 70.851% $0.57 $22.634M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $20.033M ▼ $835.513M ▲ $480.46M ▲ $355.053M ▲
Q2-2025 $62.391M ▲ $788.25M ▲ $439.573M ▲ $348.677M ▲
Q1-2025 $34.672M ▼ $734.837M ▼ $387.869M ▼ $346.968M ▲
Q4-2024 $45.899M ▼ $763.04M ▼ $417.353M ▲ $345.687M ▼
Q3-2024 $48.283M $778.345M $414.074M $364.271M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $15.233M ▲ $-846K ▼ $-69.199M ▼ $36.122M ▲ $-33.923M ▼ $-846K ▼
Q2-2025 $13.174M ▲ $11.761M ▲ $-24.431M ▼ $33.498M ▲ $20.828M ▲ $11.761M ▲
Q1-2025 $12.689M ▲ $-4.908M ▼ $0 $-32.109M ▼ $-37.017M ▼ $-4.908M ▼
Q4-2024 $-7.184M ▼ $46.601M ▲ $0 $-16.446M ▼ $30.155M ▲ $46.601M ▲
Q3-2024 $22.634M $11.744M $0 $-13.847M $-2.103M $11.744M

Five-Year Company Overview

Income Statement

Income Statement TriplePoint Venture Growth has remained a revenue‑generating lender throughout the last five years, but its earnings pattern has been bumpy. The business produced solid profits earlier in the period, then swung to notable losses in the middle years, and has recently returned to a modest level of profitability. This shift suggests that credit costs, valuation marks on its investment portfolio, or both, put pressure on results during the weaker years. Overall, the income statement tells a story of a specialized lender that can earn attractive returns in good conditions, but is exposed to volatility when portfolio companies or the broader venture market come under stress.

Balance Sheet

Balance Sheet The balance sheet shows a lending business that scaled up its asset base, then pulled back somewhat more recently. Debt increased meaningfully over time to fund growth, but has started to edge down, which reduces financial risk somewhat. Equity has stayed relatively stable, implying the company has not dramatically diluted shareholders or rebuilt its capital base, despite the loss years. Cash levels have moved around but generally sit at a modest level for a leveraged finance company. Overall, the balance sheet looks typical for a venture‑focused BDC: loan‑heavy, reliant on borrowing, and sensitive to asset quality and funding conditions.

Cash Flow

Cash Flow Cash generation has been uneven, reflecting the nature of venture lending. Operating cash flow was positive at the start and end of the period, but turned negative in the middle years when the company was more aggressively deploying capital and likely dealing with portfolio strain. In the most recent years, cash flow has swung back to healthy positive territory, and because the business has very limited capital spending needs, almost all operating cash turns into free cash. This pattern indicates TPVG can generate good cash in more stable environments, but cash flows can tighten when it leans into growth or faces higher credit stress.

Competitive Edge

Competitive Edge TPVG occupies a focused niche in venture debt, backed by the broader TriplePoint Capital platform. Its main edge is relationship‑driven rather than technology‑driven: long‑standing ties with venture capital firms, a recognized brand in startup lending, and an experienced team that understands high‑growth companies. Access to a proprietary pipeline of deals and repeat business from sponsors supports its position and can reduce direct competition on each loan. The flip side is concentration in a cyclical corner of the market—venture‑backed tech and life sciences—where downturns, weak IPO markets, or funding droughts can quickly pressure both new business and credit quality. Overall, TPVG’s moat is based on ecosystem and expertise, not on unique software or hard‑to‑replicate IP.

Innovation and R&D

Innovation and R&D The company’s “innovation” is centered on structuring and strategy, not traditional research and development. TPVG differentiates itself by tailoring loan structures—combining growth loans, equipment financing, revolving lines, and equity kickers like warrants—to suit each portfolio company. It has also adopted a “lifespan” approach, staying with companies across stages, and is actively rotating its focus toward areas like artificial intelligence and enterprise software, where it sees stronger long‑term growth. There is little evidence of proprietary technology platforms or heavy internal R&D spend; instead, its innovation is mainly financial engineering, portfolio construction, and using its network to underwrite risk in emerging sectors.

Summary

TriplePoint Venture Growth is a specialized venture lender with a relationship‑driven model that can produce attractive cash flows and profits in favorable markets, but has shown meaningful earnings volatility when conditions worsen. The balance sheet is typical for a business development company: loan‑centric and leveraged, with results highly dependent on the health and valuation of its portfolio companies. Recent years suggest a move back toward profitability and stronger cash generation after a period of stress, alongside a modest reduction in leverage. Strategically, TPVG’s strengths lie in its sponsor ecosystem, brand, and flexible deal structures, while its main risks stem from concentration in venture‑backed growth companies and a lack of clear proprietary technology advantages. Future performance will hinge on credit discipline, execution of its pivot toward areas like AI, and the broader health of the venture and IPO markets rather than on traditional product R&D.

NEWS

November 5, 2025 · 4:20 PM UTC

TriplePoint Venture Growth BDC Corp. Announces Third Quarter 2025 Financial Results

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October 14, 2025 · 4:15 PM UTC

TriplePoint Venture Growth BDC Corp. Declares Fourth Quarter 2025 Distribution of $0.23 Per Share and Supplemental Distribution of $0.02 Per Share

Read more