TriplePoint Venture Growth BDC Corp.

For Q1 2026, total investment and other income was $22.8 million. Net investment income was $9.1 million, or $0.23 per share, versus $9.9 million, or $0.25 per share, in the prior quarter, and it fully covered the $0.23 dividend. Net asset value was $8.65 per share at March 31, 2026, down from $8.73 at December 31, 2025. The weighted average annualized portfolio yield on debt investments was 13.5% versus 12.7% in the prior quarter. Management funded $26.5 million of investments in the quarter, within its $25 million to $50 million quarterly funding target, and ended with $112 million of total liquidity, including $9 million of cash and $103 million of revolver availability. Gross leverage was 1.27x versus 1.33x last quarter, and unfunded commitments were $207 million versus $260 million at year-end. For Q2 so far, management said it had $103 million of new term sheets and $26 million of funding, and it reiterated a 2026 quarterly funding target of $25 million to $50 million.

Jim Labe said TPVG is focused on strengthening the portfolio, increasing durability, and rotating away from legacy 2020-2022 consumer exposure toward higher-quality venture growth names, especially in AI. He emphasized that AI is driving venture activity, valuations, and lending demand, and that the company wants to finance “disruptors, not the disruptive,” especially AI-native and AI-enabled software. His tone was constructive but measured, noting there is still “meaningful work ahead” to improve portfolio quality and earnings power.

Mike Wilhelms said the quarter’s income mix benefited from a 13.5% debt yield, with about two-thirds of the debt portfolio floating rate and 79% of those loans at prime floors, which should limit the impact of further rate cuts on NII. He walked through the quarter’s economics: $22.8 million of total investment and other income, $9.1 million of NII, $13.2 million of operating expenses net of fee waivers, and $8.65 NAV per share. He also said $1.8 million of income incentive fees were earned but fully waived, that the March debt maturity was addressed using the revolver and cash, that fixed-rate debt now represents 56% of total debt versus 80% at year-end, and that the firm remains within its leverage target.

Analysts focused on where incremental capital will go, especially whether software remains attractive amid public-market volatility. Management said the priority is AI-related investing, plus cybersecurity, robotics, aerospace and defense, and other vertical software, while avoiding legacy software businesses that AI could disrupt. Questions also centered on unrealized losses and the share buyback; management said the $7 million debt-related unrealized losses were mainly tied to three downgrades, offset partly by warrant/equity gains, and that the $12.5 million repurchase program was sized with leverage, unfunded commitments, and liquidity in mind, with timing still TBD.