TriplePoint Venture Growth BDC Corp.

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 5, 2025

TPVG$4.37-2.0%Stored close · as of Nov 6, 2026

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Contents

Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

	September 30, 2025	December 31, 2024
Assets · (unaudited)
Investments at fair value (amortized cost of $828,691 and $713,732, respectively)	$798,462	$676,249
Cash and cash equivalents	20,033	45,899
Restricted cash	8,582	32,828
Deferred credit facility costs	2,711	3,904
Prepaid expenses and other assets	5,725	4,160
Total assets	$835,513	$763,040
Liabilities
Revolving Credit Facility	$95,000	$5,000
2025 Notes, net	—	69,948
2026 Notes, net	199,812	199,483
2027 Notes, net	124,600	124,396
2028 Notes, net	49,423	—
Base management fee payable	3,359	3,408
Income incentive fee payable	—	—
Other accrued expenses and liabilities	8,266	15,118
Total liabilities	$480,460	$417,353
Commitments and Contingencies (Note 7)
Net assets
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)	$—	$—
Common stock, par value $0.01 per share	404	401
Paid-in capital in excess of par value	515,372	513,719
Total distributable earnings (loss)	(160,723)	(168,433)
Total net assets	$355,053	$345,687
Total liabilities and net assets	$835,513	$763,040
Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)	40,400	40,137
Net asset value per share	$8.79	$8.61

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2025	2024	2025	2024
Investment income
Interest income from investments	$17,348	$21,727	$52,430	$69,236
Payment-in-kind interest income	4,796	4,224	13,803	11,833
Other income
Expirations/terminations of unfunded commitments	61	148	517	441
Other fees	451	416	1,636	1,385
Total investment and other income	22,656	26,515	68,386	82,895
Operating expenses
Base management fee	3,359	3,418	9,952	11,552
Income incentive fee	2,062	—	3,321	—
Interest expense and amortization of fees	6,770	7,148	19,874	22,861
Administration Agreement expenses	649	580	1,880	1,838
General and administrative expenses	1,568	1,584	4,357	4,732
Total operating expenses before Income incentive fee waiver	14,408	12,730	39,384	40,983
Income incentive fee waiver	(2,062)	—	(3,321)	—
Total operating expenses net of Income incentive fee waiver	12,346	12,730	36,063	40,983
Net investment income	10,310	13,785	32,323	41,912
Net realized and unrealized gains/(losses)
Net realized gains (losses) on investments	(704)	(5,040)	1,517	(32,693)
Net change in unrealized gains (losses) on investments	5,627	13,889	7,255	30,011
Net realized and unrealized gains/(losses)	4,923	8,849	8,772	(2,682)
Net increase (decrease) in net assets resulting from operations	$15,233	$22,634	$41,095	$39,230
Per share information (basic and diluted)
Net investment income per share	$0.26	$0.35	$0.80	$1.08
Net increase (decrease) in net assets per share	$0.38	$0.57	$1.02	$1.01
Weighted average shares of common stock outstanding	40,325	39,954	40,233	38,782
Regular distributions declared per share	$0.23	$0.30	$0.83	$1.10

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(in thousands)

Paid-in capital in excess of par value · Total distributable earnings (loss) · Net assets
	Common stock
Shares · Par value
Balance as of June 30, 2024	39,953	$399	$514,023	$(161,445)	$352,977
Net increase (decrease) in net assets resulting from operations	—	—	—	22,634	22,634
Distributions reinvested in common stock	96	1	645	—	646
Distributions from distributable earnings	—	—	—	(11,986)	(11,986)
Balance as of September 30, 2024	40,049	$400	$514,668	$(150,797)	$364,271
Balance as of June 30, 2025	40,324	$403	$514,956	$(166,682)	$348,677
Net increase (decrease) in net assets resulting from operations	—	—	—	15,233	15,233
Distributions reinvested in common stock	76	1	416	—	417
Distributions from distributable earnings	—	—	—	(9,274)	(9,274)
Balance as of September 30, 2025	40,400	$404	$515,372	$(160,723)	$355,053
Balance as of December 31, 2023	37,620	$376	$492,934	$(147,004)	$346,306
Net increase (decrease) in net assets resulting from operations	—	—	—	39,230	39,230
Issuance of common stock, net	2,127	21	19,404	—	19,425
Distributions reinvested in common stock	302	3	2,330	—	2,333
Distributions from distributable earnings	—	—	—	(43,023)	(43,023)
Balance as of September 30, 2024	40,049	$400	$514,668	$(150,797)	$364,271
Balance as of December 31, 2024	40,137	$401	$513,719	$(168,433)	$345,687
Net increase (decrease) in net assets resulting from operations	—	—	—	41,095	41,095
Distributions reinvested in common stock	263	3	1,653	—	1,656
Distributions from distributable earnings	—	—	—	(33,385)	(33,385)
Balance as of September 30, 2025	40,400	$404	$515,372	$(160,723)	$355,053

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.