Triplepoint Venture Growth BDC | 8-K: FY2025 Q3 Revenue: USD 22.66 M

LB filings
2025.11.05 22:05
portai
I'm PortAI, I can summarize articles.

Revenue: As of FY2025 Q3, the actual value is USD 22.66 M.

EPS: As of FY2025 Q3, the actual value is USD 0.38, beating the estimate of USD 0.2936.

EBIT: As of FY2025 Q3, the actual value is USD -5.064 M.

Third Quarter 2025 Highlights

  • Signed Term Sheets: $421.1 million with venture growth stage companies at TriplePoint Capital LLC (TPC), and TPVG closed $181.8 million of new debt commitments, representing a 14% increase from the prior quarter, and the highest amount in over three years.
  • Funded Debt Investments: $88.2 million, representing a 12% increase from the prior quarter and the highest level of funding activity in the last 11 quarters, to 10 portfolio companies with an 11.5% weighted average annualized yield at origination.
  • Debt Investment Portfolio: Grew to $736.9 million at cost, up from $663.8 million in Q2 2025, representing an 11% increase from the prior quarter.
  • Weighted Average Annualized Portfolio Yield: 13.2% on debt investments for the quarter.
  • Net Investment Income: $10.3 million, or $0.26 per share.
  • Net Increase in Net Assets: Resulting from operations of $15.2 million, or $0.38 per share.
  • Return on Average Equity: 11.7%, based on net investment income during the quarter.
  • Capital Raised by Debt Portfolio Companies: Four companies raised an aggregate $50.0 million in private financings during the quarter.
  • Weighted Average Investment Ranking: 2.18 on the debt investment portfolio as of quarter’s end.
  • Net Asset Value: $355.1 million, or $8.79 per share, as of September 30, 2025, compared to $348.7 million, or $8.65 per share, as of June 30, 2025.
  • Leverage Ratio: Ended the quarter with a 1.32x leverage ratio and a 1.24x net leverage ratio.
  • Distributions: Declared a fourth quarter regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share, each payable on December 30, 2025; bringing total declared distributions to $17.13 per share since the Company’s initial public offering.
  • Income Incentive Fee Waiver: The Adviser amended its existing income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025. Subsequent to quarter-end, the Adviser agreed to extend the waiver period through the end of fiscal year 2026.
  • Share Purchase Program: Our sponsor, TPC, purchased 591,235 shares of the Company’s shares of common stock in the open market under TPC’s previously announced discretionary share purchase program.

Year to Date 2025 Highlights

  • Signed Term Sheets: $978.0 million with venture growth stage companies at TPC and TPVG closed $418.4 million of new debt commitments.
  • Funded Debt Investments: $194.4 million to 22 portfolio companies with a 12.1% weighted average annualized portfolio yield at origination, and funded $1.6 million in direct equity investments in private rounds of financing to six portfolio companies.
  • Net Investment Income: $32.3 million, or $0.80 per share.
  • Net Increase in Net Assets: Resulting from operations of $41.1 million, or $1.02 per share.
  • Distributions Paid: $0.83 per share.
  • Capital Raised by Debt Portfolio Companies: 13 companies raised an aggregate $402.5 million in private financings.
  • Weighted Average Annualized Portfolio Yield: 14.0% on debt investments.
  • Investment Grade Rating: In April 2025, DBRS, Inc. confirmed TPVG’s investment grade rating, with a BBB (low) Long-Term Issuer rating, with a stable trend outlook.
  • Estimated Undistributed Taxable Earnings: From net investment income (or “spillover income”) of $43.4 million, or $1.07 per share, as of September 30, 2025.

Portfolio and Investment Activity

  • New Debt Commitments: $181.8 million with 12 portfolio companies.
  • Funded Debt Investments: $88.2 million to 10 portfolio companies.
  • Warrants Acquired: In 10 portfolio companies with a cost basis of $0.8 million.
  • Direct Equity Investment: $0.6 million in one portfolio company.
  • Principal Prepayments: $15.0 million of principal prepayments, $0.5 million of early repayments, and $4.0 million of scheduled principal amortization.
  • Total Portfolio Investments: As of September 30, 2025, the Company held debt investments in 49 portfolio companies, warrants in 112 portfolio companies, and equity investments in 53 portfolio companies. The total cost and fair value of these investments were $828.7 million and $798.5 million, respectively.

Results of Operations

  • Total Investment and Other Income: $22.7 million for the third quarter of 2025, representing a weighted average annualized portfolio yield of 13.2% on debt investments, as compared to $26.5 million and 15.7% for the third quarter of 2024.
  • Total Operating Expenses: $12.3 million for the third quarter of 2025, inclusive of an income incentive fee waiver of $2.1 million, as compared to $12.7 million for the third quarter of 2024.
  • Net Investment Income: $10.3 million, or $0.26 per share, for the third quarter of 2025, as compared to $13.8 million, or $0.35 per share, for the third quarter of 2024.
  • Net Realized Losses on Investments: $0.7 million for the third quarter of 2025, as compared to $5.0 million for the third quarter of 2024.
  • Net Change in Unrealized Gains on Investments: $5.6 million for the third quarter of 2025, as compared to $13.9 million for the third quarter of 2024.
  • Net Increase in Net Assets: Resulting from operations for the third quarter of 2025 was $15.2 million, or $0.38 per share, as compared to $22.6 million, or $0.57 per share, for the third quarter of 2024.

Liquidity and Capital Resources

  • Total Liquidity: $233.6 million, consisting of cash, cash equivalents, and restricted cash of $28.6 million and available capacity under its Revolving Credit Facility of $205.0 million as of September 30, 2025.
  • Leverage Ratio: Ended the quarter with a 1.32x leverage ratio, a 1.24x net leverage ratio, and a 1940 Act asset coverage ratio of 176%.

Distribution

  • Declared Distributions: On October 14, 2025, the Company’s board of directors declared a regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share for the fourth quarter, payable on December 30, 2025, to stockholders of record as of December 16, 2025.
  • Estimated Spillover Income: $43.4 million, or $1.07 per share, as of September 30, 2025.

Recent Developments

  • Non-Binding Signed Term Sheets: TPC’s direct originations platform entered into $122.9 million of additional non-binding signed term sheets with venture growth stage companies.
  • Closed Debt Commitments: $17.3 million of additional debt commitments.
  • Funded New Investments: $17.5 million in new investments.
  • Principal Prepayments: $47.5 million of principal prepayments.
Source: LB filings The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.