TriplePoint Venture Growth BDC (TPVG) investor relations material

Executive summary

• Net investment income for Q1 2026 was $9.1 million ($0.23 per share), fully covering the dividend, with a net increase in net assets from operations of $6.2 million ($0.15 per share).

• Portfolio at fair value totaled $785.6 million, with $641.3 million in loans to 55 obligors and $144.3 million in warrants and equity investments.

• Board declared a $0.23 per share quarterly distribution and authorized a 12-month, $12.5 million share buyback program.

• Advisor waived all quarterly income incentive fees for 2026, waiving $1.8 million in 2026.

• Eight portfolio companies raised $1.2 billion in equity during the quarter, with continued focus on AI and high-growth sectors.

Financial highlights

• Total investment and other income for Q1 2026 was $22.8 million, up from $22.5 million in Q1 2025.

• Weighted average annualized portfolio yield on debt investments was 13.5% for Q1 2026, down from 14.4% in Q1 2025.

• Net asset value per share was $8.65 at March 31, 2026, down from $8.73 at year-end.

• Operating expenses were $13.2 million, including a full waiver of $1.8 million in income incentive fees.

• Total return based on NAV was 3.8% for Q1 2026.

Outlook and guidance

• Board authorized a 12-month, $12.5 million stock repurchase program and reaffirmed commitment to shareholder alignment.

• Adviser agreed to waive quarterly income incentive fees through fiscal year 2026.

• Quarterly target for new fundings remains $25 million-$50 million for 2026.

• Focus remains on disciplined underwriting, prudent balance sheet management, and further portfolio diversification, especially in AI and high-growth sectors.

• From April 1 to May 5, 2026, $21.3 million in new debt commitments were closed and $25.9 million in new investments funded.