TriplePoint Venture Growth BDC Corp.
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Range $5 – $5
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About the company
TriplePoint Venture Growth BDC Corp. (TPVG) functions as a business development company, primarily concentrating its investments on growth-stage enterprises backed by venture capital. The firm's core offering involves providing debt financing solutions to companies within the venture growth ecosystem.
- CEO
- James Peter Labe
- IPO
- 2014
- HQ
- Menlo Park, CA, US
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Similar companies
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- Market Cap
- $220.45M
- P/E
- 5.48
- Fwd P/E
- 6.07
- PEG
- -1.14
- P/S
- 2.62
- P/B
- 0.62
- EV/EBITDA
- 11.77
- Div Yield
- 17.31%
- Gross Margin
- 76.04%
- Op Margin
- 65.62%
- Net Margin
- 45.97%
- ROE
- 10.97%
- ROIC
- 6.90%
Latest fiscal year · YoY change
- Revenue
- $97.21M+36.6%
- Gross Profit
- $81.18M+78.3%
- Op Income
- $75.73M
- Net Income
- $49.21M+53.6%
- EPS
- $1.22+48.8%
- OCF Growth
- -137.3%
- FCF Growth
- -137.3%
- 52W High
- $6.95
- 52W Low
- $4.39
- 50D MA
- $4.92
- 200D MA
- $5.56
- Beta
- 1.35
- RSI (14)
- 65
- Avg Volume
- 266.77K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
TPVG reported Q1 2026 NII coverage and higher portfolio yields, while continuing to manage legacy credit issues, reduce unfunded commitments, and add balance-sheet flexibility.· May 6, 2026
- NII was $0.23 per share and fully covered the $0.23 dividend.
- Debt portfolio yield rose to 13.5% from 12.7% last quarter, helped by amendments and prepayment income.
- Liquidity was $112 million at quarter-end, with gross leverage at 1.27x and unfunded commitments reduced to $207 million.
- AI remains the company’s main deployment focus, alongside cybersecurity, robotics, aerospace and defense, and vertical software.
- Management highlighted shareholder-friendly actions: a 2026 fee waiver and a new $12.5 million share repurchase authorization.
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.
The bull case from this call is that TPVG is seeing stronger venture activity, especially in AI, and management believes that should support both lending demand and warrant/equity upside. The company also covered its dividend, improved debt yields, reduced leverage, and secured a new share repurchase authorization while maintaining liquidity.
The main bear case is that credit pressure has not disappeared: three consumer-related names were downgraded, and unrealized losses on the debt portfolio were driven primarily by those downgrades. NAV slipped quarter-over-quarter, fees are being waived because earnings remain under pressure, and management still sees significant work ahead to rotate out of legacy consumer vintages and manage unfunded commitments and maturities.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.5%
- Shares Outstanding
- 40.60M
- Float Shares
- 37.97M
of shares held by institutions
80 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Two Sigma Advisers, LP | 480.19K | ▼ 12.00K |
| U.S. Capital Wealth Advisors, LLC | 35.80K | ▲ 2.50K |
| Cibc Private Wealth Group, LLC | 4.43K | 0 |
| Cwm, LLC | 646 | ▲ 18 |
Held by 9 ETFs
Biggest fund positions in TPVG by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jan 12, 26 | Labe James | buy | 23,799 |
| Jan 9, 26 | Labe James | buy | 16,000 |
| Jan 12, 26 | Srivastava Sajal | buy | 23,799 |
| Jan 9, 26 | Srivastava Sajal | buy | 16,000 |
| Jan 8, 26 | Srivastava Sajal | buy | 16,833 |
| Jan 7, 26 | Srivastava Sajal | buy | 30,877 |
| Jan 8, 26 | Labe James | buy | 16,833 |
| Jan 7, 26 | Labe James | buy | 30,877 |
| Jan 6, 26 | Labe James | buy | 34,000 |
| Jan 5, 26 | Labe James | buy | 40,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our TPVG coverage
Recent articles, reports, and earnings notes.
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