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Sep 30
TriplePoint Q3 2025 Earnings Report
TriplePoint Venture Growth BDC Corp. announced its financial results for the third quarter ended September 30, 2025, highlighting the highest level of signed term sheets, commitments, and fundings since fiscal year 2022, a net increase in net assets resulting from operations of $0.38 per share, and declared a fourth quarter 2025 regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share.
Key Takeaways
TriplePoint Venture Growth BDC Corp. reported a strong third quarter in 2025, with significant growth in its debt investment portfolio and increased funding activity. The company achieved its highest level of debt commitments and fundings since 2022, driven by strong demand from venture growth stage companies. Despite a decrease in total investment and other income compared to the previous year, net investment income remained positive, and the company's net asset value per share increased.
Signed $421.1 million of term sheets and closed $181.8 million of new debt commitments, a 14% increase from the prior quarter and the highest in over three years.
Funded $88.2 million in debt investments, a 12% increase from the prior quarter and the highest level of funding activity in the last 11 quarters.
Grew the debt investment portfolio to $736.9 million at cost, an 11% increase from the prior quarter.
Net asset value increased to $8.79 per share as of September 30, 2025, up from $8.65 per share in the prior quarter.
TriplePoint
TriplePoint
Forward Guidance
TriplePoint Venture Growth BDC Corp. is focused on increasing its scale, durability, income-generating assets, and NAV over the long-term, with an emphasis on portfolio diversification and selective investments in high-quality venture growth stage companies.
Positive Outlook
- Adviser amended its income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025 and extended it through the end of fiscal year 2026.
- TPC purchased 591,235 shares of the Company’s common stock under its discretionary share purchase program, demonstrating confidence.
- Entered into $122.9 million of additional non-binding signed term sheets since quarter-end, indicating continued strong deal flow.
- Closed $17.3 million of additional debt commitments and funded $17.5 million in new investments since quarter-end.
- Declared a fourth quarter regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share.
Challenges Ahead
- Unfunded commitments of $263.7 million, with $59.8 million dependent on portfolio companies reaching certain milestones, indicating potential for some commitments not to be drawn.
- The decrease in total investment and other income was primarily due to lower investment yields due in part to decreases in the Prime rate and less prepayment income.
- Net investment income decreased to $0.26 per share from $0.35 per share in the prior year.
- Net increase in net assets resulting from operations decreased to $0.38 per share from $0.57 per share in the prior year.
- The company's forward-looking statements involve substantial risks and uncertainties, and actual results may differ materially.