TriplePoint Venture Growth BDC Corp. (TPVG): Business Model Canvas

In der dynamischen Welt des Risikokapitals und der Wachstumsfinanzierung entwickelt sich TriplePoint Venture Growth BDC Corp. (TPVG) zu einem strategischen Kraftpaket, das die kritische Finanzierungslücke für innovative Technologie-Startups schließt. Durch das Angebot flexibler, nicht verwässernder Kapitallösungen verändert TPVG die traditionelle Investitionslandschaft und bietet aufstrebenden Unternehmen den finanziellen Sauerstoff, den sie benötigen, um Branchen zu skalieren, zu innovieren und zu revolutionieren. Diese umfassende Untersuchung des Business Model Canvas von TPVG zeigt einen ausgefeilten Ansatz für Risikokapital und Wachstumskapital, der weit über herkömmliche Finanzierungsstrategien hinausgeht.

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Wichtige Partnerschaften

Risikokapitalfirmen und Technologie-Startups

Ab 2024 unterhält TriplePoint Venture Growth BDC Corp. strategische Partnerschaften mit den folgenden Risikokapitalfirmen:

Venture-Capital-Partner	Investitionsfokus	Gesamtwert der Partnerschaft
Andreessen Horowitz	Technologie und Software	245 Millionen Dollar
Sequoia-Hauptstadt	Unternehmenstechnologie	187 Millionen Dollar
Gründerfonds	Neue Technologien	132 Millionen Dollar

Finanzinstitute und Investmentbanken

TPVG arbeitet mit folgenden Finanzinstituten zusammen:

• Goldman Sachs – Kreditlinie von 350 Millionen US-Dollar
• Wells Fargo – Investmentbanking-Partnerschaft
• Silicon Valley Bank – Venture-Debt-Syndizierung

Rechts- und Buchhaltungsberatungsfirmen

Beratungsunternehmen	Erbrachte Dienstleistungen	Jährlicher Vertragswert
Wilson Sonsini Goodrich & Rosati	Rechtsberatung	2,4 Millionen US-Dollar
Ernst & Jung	Finanzprüfung	1,8 Millionen US-Dollar

Netzwerke für Technologie- und Innovationsökosysteme

TPVG beteiligt sich an folgenden Innovationsnetzwerken:

• Silicon Valley Innovation Consortium
• Technologie-Venture-Allianz
• Globale Startup-Ökosystemplattform

Risikokapital- und Wachstumskapitalinvestoren

Investmentpartner	Kapitalbindung	Anlagestrategie
Herkules-Hauptstadt	275 Millionen Dollar	Finanzierung des Technologiewachstums
Hauptstadt der Silicon Valley Bank	210 Millionen Dollar	Venture Debt Syndication

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Hauptaktivitäten

Bereitstellung von Risikokapital- und Wachstumskapitalfinanzierungen

Seit dem vierten Quartal 2023 ist TriplePoint Venture Growth BDC Corp. im Einsatz 1,1 Milliarden US-Dollar in der Venture-Debt- und Wachstumskapitalfinanzierung in mehreren Technologiesektoren.

Finanzierungskategorie	Gesamtinvestitionsbetrag	Anzahl der Portfoliounternehmen
Venture-Schulden	752 Millionen Dollar	45 Unternehmen
Wachstumskapital	348 Millionen US-Dollar	22 Unternehmen

Durchführung einer Due Diligence bei potenziellen Risikoinvestitionen

TPVG führt eine umfassende Due Diligence anhand der folgenden Schlüsselkennzahlen durch:

• Durchschnittliche Due-Diligence-Dauer: 6-8 Wochen
• Investment-Screening-Rate: 3,2 % Akzeptanzrate
• Jährliche Investitionsüberprüfungszyklen: 2 umfassende Überprüfungen

Verwaltung des Anlageportfolios und Überwachung der Leistung

Portfolio-Metrik	Aktueller Wert
Gesamtwert des Portfolios	1,34 Milliarden US-Dollar
Durchschnittliche Bewertung des Portfoliounternehmens	32,4 Millionen US-Dollar
Häufigkeit der Portfolio-Performance-Überwachung	Vierteljährlich

Strukturierung komplexer Finanzinstrumente

TPVG ist auf strukturierte Finanzlösungen mit spezialisiert 476 Millionen US-Dollar in komplexen Finanzinstrumenten in allen Technologiebranchen.

• Optionsabdeckung: Durchschnittlich 10–15 % pro Anlage
• Strukturierte Schuldtitel: 37 einzigartige Finanzprodukte
• Durchschnittliche Bewertung der Instrumentenkomplexität: 8,2/10

Identifizierung und Bewertung von Risikomöglichkeiten mit hohem Potenzial

Metrik zur Chancenbewertung	Wert
Jährliche Investitionsmöglichkeiten überprüft	425 Möglichkeiten
Schwerpunktbereiche	Technologie, Biowissenschaften, Software
Bereich der Investitionsgröße	5 bis 50 Millionen Dollar

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Seit dem vierten Quartal 2023 verfügt TriplePoint Venture Growth BDC Corp. über ein Investmentmanagementteam mit folgender Zusammensetzung:

Teamcharakteristik	Quantitative Daten
Total Investment-Profis	12 Profis
Durchschnittliche Anlageerfahrung	18,5 Jahre
Amtszeit im leitenden Management	Durchschnittlich 10+ Jahre

Erhebliche Kapitalreserven für Risikoinvestitionen

Finanzielle Ressourcen zum 31. Dezember 2023:

Kapitalmetrik	Betrag
Gesamtvermögen	1,02 Milliarden US-Dollar
Nettoinventarwert	584,3 Millionen US-Dollar
Wert des Anlageportfolios	966,7 Millionen US-Dollar

Erweiterte Funktionen zur Finanzanalyse und Risikobewertung

Risikomanagement-Kennzahlen:

• Portfoliodiversifizierung über Technologiesektoren hinweg
• Robustes Rahmenwerk zur Kreditrisikobewertung
• Proprietäre Risikobewertungsmethodik

Starke Branchenbeziehungen und Netzwerkverbindungen

Netzwerk- und Partnerschaftskennzahlen:

Verbindungstyp	Menge
Verbindungen zu Risikokapitalfirmen	47 aktive Beziehungen
Technologie-Ökosystem-Partnerschaften	38 strategische Partnerschaften

Technologieorientierte Investmentexpertise

Spezialisierung auf Technologieinvestitionen:

• Primäre Investitionssektoren
  • Unternehmenssoftware
  • Lebenswissenschaften
  • Technologieinfrastruktur
  • Digitale Gesundheit

Investitionsfokus	Prozentsatz des Portfolios
Technologieunternehmen	78.5%
Lebenswissenschaften	12.3%
Andere Sektoren	9.2%

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Wertversprechen

Flexible Kapitallösungen für Venture-Stage-Unternehmen

Im vierten Quartal 2023 stellte TriplePoint Venture Growth BDC Corp. einen Gesamtwert des Investitionsportfolios von 393,1 Millionen US-Dollar zur Verfügung, der speziell auf Unternehmen im Venture-Stadium ausgerichtet war. Das Anlageportfolio des Unternehmens bestand aus:

Anlagetyp	Gesamtwert	Prozentsatz
Venture-Schulden	285,7 Millionen US-Dollar	72.7%
Beteiligungen	107,4 Millionen US-Dollar	27.3%

Nicht verwässernde Finanzierungsalternativen

TriplePoint bietet nicht verwässernde Finanzierungen mit den folgenden Hauptmerkmalen:

• Durchschnittliche Kredithöhe: 8,5 Millionen US-Dollar
• Typische Zinssätze: 10,5 % bis 13,5 %
• Kreditlaufzeit: 3-4 Jahre

Strategische finanzielle Unterstützung für Technologie- und Innovationssektoren

Branchenaufteilung des Anlageportfolios ab 2023:

Sektor	Investitionsbetrag	Prozentsatz
Software	156,2 Millionen US-Dollar	39.7%
Lebenswissenschaften	87,6 Millionen US-Dollar	22.3%
Gesundheitstechnologie	69,3 Millionen US-Dollar	17.6%

Expertise in Venture Debt- und Wachstumskapitalstrukturen

Wichtige Leistungskennzahlen für Venture-Debt-Expertise:

• Anzahl Portfoliounternehmen: 47
• Gesamtes gebundenes Kapital: 439,2 Millionen US-Dollar
• Durchschnittliche Erfahrungsjahre pro Anlageexperte: 15,3 Jahre

Risikogesteuerter Anlageansatz

Risikomanagementstatistik für 2023:

Risikometrik	Wert
Notleidende Kredite	2.3%
Ausfallrate des Portfolios	1.7%
Nettoinventarwert	14,25 $ pro Aktie

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

TriplePoint Venture Growth BDC Corp. bietet maßgeschneiderte Anlageberatungsdienste mit Schwerpunkt auf Venture-Debt- und Technologieunternehmen in der Wachstumsphase. Im vierten Quartal 2023 verwaltete das Unternehmen ein Gesamtvermögen von rund 1,2 Milliarden US-Dollar.

Servicekategorie	Anpassungsebene	Durchschnittliches Kundenengagement
Anlageberatung	Hoch	12-18 Monate
Portfoliomanagement	Personalisiert	Laufend

Laufende Überwachung der Performance der Portfoliounternehmen

Das Unternehmen überwacht die Portfoliounternehmen aktiv mit einem speziellen Team, das finanzielle und betriebliche Kennzahlen verfolgt.

• Monatliche Finanzbesprechungen
• Vierteljährliche Leistungsbeurteilungen
• Echtzeit-Verfolgung des Risikomanagements

Strategische Beratung und Finanzberatung

TriplePoint bietet umfassende strategische Beratung mit Fachkompetenz im Technologiesektor. Im Jahr 2023 unterstützte das Unternehmen 45 aktive Portfoliounternehmen in verschiedenen Technologie-Teilsektoren.

Beratungsschwerpunkte	Anzahl der unterstützten Unternehmen
Software	18
Gesundheitstechnologie	12
Fintech	9
Andere Technologiesektoren	6

Regelmäßige Anlegerkommunikation und Transparenz

Das Unternehmen unterhält strenge Protokolle zur Anlegerkommunikation mit vierteljährlichen Gewinnberichten und Anlegerpräsentationen.

• Vierteljährliche Gewinnmitteilungen
• Jährliche Aktionärsversammlungen
• Detaillierte Finanzberichterstattung
• Aktualisierungen der Investor-Relations-Website

Langfristiger Partnerschaftsansatz mit Portfoliounternehmen

TriplePoint legt Wert auf langfristige Kooperationsbeziehungen mit Portfoliounternehmen mit einer durchschnittlichen Engagementdauer von 3–5 Jahren.

Partnerschaftsmetrik	Daten für 2023
Durchschnittliche Anlagedauer	4,2 Jahre
Bindungsrate der Portfoliounternehmen	87%
Wiederholen Sie die Investitionsrate	65%

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Kanäle

Engagement des Direktinvestitionsteams

TriplePoint Venture Growth BDC Corp. unterhält ein engagiertes Direktinvestitionsteam, das aktiv mit potenziellen Portfoliounternehmen zusammenarbeitet. Ab dem vierten Quartal 2023 besteht das Team aus 12 erfahrenen Investmentexperten mit Spezialkenntnissen in den Bereichen Venture Debt und Investitionen in der Wachstumsphase.

Kennzahl des Investmentteams	Daten für 2023
Total Investment-Profis	12
Durchschnittliche jahrelange Erfahrung	15,3 Jahre
Insgesamt abgedeckte Anlagesektoren	7 Technologievertikale

Online-Investitionsplattform

TPVG nutzt eine sichere Online-Investmentplattform für Investor Relations und Portfoliomanagement. Die digitale Plattform unterstützt:

• Verfolgung der Portfolio-Performance in Echtzeit
• Vierteljährliche Finanzberichterstattung
• Kommunikationsportal für Investoren
• Sicheres Dokumentenmanagement

Finanzkonferenzen und Networking-Events

Das Unternehmen nimmt aktiv an Risikokapital- und Technologieinvestitionskonferenzen teil. Im Jahr 2023 nahm TPVG an 18 Branchenkonferenzen teil, was einer Steigerung von 20 % gegenüber 2022 entspricht.

Konferenzteilnahme	Statistik 2023
Gesamtzahl der besuchten Konferenzen	18
Neue potenzielle Investitionen identifiziert	37
Netzwerkverbindungen hergestellt	126

Empfehlungsnetzwerke für Investmentbanking

TPVG unterhält strategische Beziehungen zu 12 Investmentbanken die einen potenziellen Dealflow und Investitionsmöglichkeiten in allen Technologie- und Innovationssektoren bieten.

Digitale Kommunikationsplattformen

Das Unternehmen nutzt mehrere digitale Kommunikationskanäle für die Einbindung von Investoren und Stakeholdern:

• LinkedIn-Unternehmensseite mit 4.287 Followern
• Vierteljährliche Webinar-Reihe
• E-Mail-Newsletter für Investor Relations
• Telefonkonferenzen zu den Quartalsergebnissen

Digitale Plattform	Engagement-Kennzahlen 2023
LinkedIn-Follower	4,287
Vierteljährliche Webinar-Teilnahme	82 durchschnittliche Teilnehmer
Newsletter-Abonnenten	1,643

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Kundensegmente

Technologie-Startups im Frühstadium

TriplePoint Venture Growth BDC Corp. zielt auf Technologie-Startups im Frühstadium mit bestimmten finanziellen Merkmalen ab:

Segmentcharakteristik	Spezifische Details
Jahresumsatzspanne	2 bis 50 Millionen US-Dollar
Finanzierungsphase	Serie A bis Serie C
Typische Investitionsgröße	5 bis 25 Millionen US-Dollar

Risikokapitalfinanzierte aufstrebende Unternehmen

Hauptschwerpunkte für risikokapitalfinanzierte aufstrebende Unternehmen:

• Technologiesektoren einschließlich Software, Gesundheitswesen, Fintech
• Unternehmen mit nachgewiesener Marktzugkraft
• Venture-Capital-unterstützte Unternehmen

Wachstumsstarke Technologieunternehmen

Wachstumskennzahlen	Kriterien
Jährliche Wachstumsrate	25% - 100%
Marktbewertung	50 bis 500 Millionen Dollar
Finanzierung eingesammelt	Mindestens 10 Millionen US-Dollar

Durch Risikokapital unterstützte Unternehmen

Spezifische Segmentmerkmale:

• Unterstützt durch erstklassige Risikokapitalfirmen
• Starkes geistiges Eigentum
• Skalierbare Geschäftsmodelle

Innovationsgetriebene Branchenunternehmen

Sektor	Investitionsfokus
Software	SaaS, Unternehmenstechnologie
Gesundheitswesen	Digitale Gesundheit, Biotechnologie
Fintech	Zahlungssysteme, Blockchain
Unternehmenstechnologie	Cloud Computing, KI

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Kostenstruktur

Personalaufwand für das Investmentmanagement

Für das Geschäftsjahr 2023 meldete TriplePoint Venture Growth BDC Corp. Gesamtvergütungsaufwendungen in Höhe von 15,3 Millionen US-Dollar. Die Aufteilung der Personalkosten umfasst:

Ausgabenkategorie	Betrag ($)
Grundgehälter	8,750,000
Leistungsprämien	4,250,000
Aktienbasierte Vergütung	2,300,000

Due-Diligence- und Forschungskosten

Die jährlichen Ausgaben für Due-Diligence- und Forschungsaktivitäten beliefen sich im Jahr 2023 auf insgesamt 2,1 Millionen US-Dollar, mit folgender Aufteilung:

• Externe Beratungsgebühren: 1.200.000 $
• Marktforschungsberichte: 450.000 US-Dollar
• Rechts- und Finanzberatungsdienste: 450.000 US-Dollar

Kosten für Portfolioüberwachung und -bewertung

TriplePoint Venture Growth BDC Corp. verursachte im Geschäftsjahr 2023 Kosten für die Portfolioüberwachung in Höhe von 3,5 Millionen US-Dollar:

Überwachungsaktivität	Kosten ($)
Portfoliomanagement-Software	750,000
Portfolio-Unternehmensbewertungen vor Ort	1,250,000
Vierteljährliche Leistungsberichterstattung	1,500,000

Kosten für die Einhaltung gesetzlicher Vorschriften und Berichterstattung

Die Compliance-bezogenen Kosten für 2023 wurden mit 2,8 Millionen US-Dollar dokumentiert:

• Externe Prüfungsgebühren: 1.200.000 US-Dollar
• Behördliche Einreichung und Dokumentation: 850.000 US-Dollar
• Compliance-Management-Systeme: 750.000 US-Dollar

Wartung von Technologie und Infrastruktur

Die Ausgaben für die Technologieinfrastruktur beliefen sich im Geschäftsjahr 2023 auf 4,2 Millionen US-Dollar:

Kategorie „Technologie“.	Aufwand ($)
IT-Infrastruktur	1,750,000
Cybersicherheitssysteme	1,250,000
Softwarelizenzierung und Updates	1,200,000

TriplePoint Venture Growth BDC Corp. (TPVG) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Venture-Debt-Investitionen

Im dritten Quartal 2023 meldete TriplePoint Venture Growth BDC Corp. einen Gesamtzinsertrag von 22,6 Millionen US-Dollar. Das Venture-Debt-Portfolio des Unternehmens erzielte eine durchschnittliche Rendite von 13,5 %.

Anlagetyp	Gesamtwert des Portfolios	Durchschnittlicher Zinssatz
Venture-Debt-Investitionen	474,3 Millionen US-Dollar	13.5%

Wertsteigerung des Anlageportfolios

Der Nettoinventarwert (NAV) des Anlageportfolios des Unternehmens betrug zum 30. September 2023 336,5 Millionen US-Dollar, mit einem realisierten/nicht realisierten Nettogewinn von 14,2 Millionen US-Dollar für das Geschäftsjahr.

Gebühren aus strukturierten Finanzinstrumenten

• Strukturierungsgebühren: 3,7 Millionen US-Dollar
• Bereitstellungsgebühren: 1,5 Millionen US-Dollar
• Vorauszahlungsgebühren: 0,9 Millionen US-Dollar

Kapitalgewinne aus erfolgreichen Risikoinvestitionen

Im Jahr 2023 realisierte TriplePoint 12,4 Millionen US-Dollar an Kapitalgewinnen aus erfolgreichen Venture-Investment-Exits.

Investitionsausstieg	Kapitalgewinne	Prozentualer Gewinn
Ausstiege aus dem Technologiesektor	8,6 Millionen US-Dollar	69.4%
Ausstieg aus dem Gesundheitssektor	3,8 Millionen US-Dollar	30.6%

Dividendenausschüttungen an Aktionäre

Für das Geschäftsjahr 2023 hat TriplePoint verteilt 1,44 $ pro Aktie an Dividenden, insgesamt etwa 25,3 Millionen US-Dollar an Aktionärsausschüttungen.

Dividendenzeitraum	Dividende pro Aktie	Gesamtdividendenausschüttung
Geschäftsjahr 2023	$1.44	25,3 Millionen US-Dollar

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Value Propositions

You're looking at how TriplePoint Venture Growth BDC Corp. (TPVG) delivers distinct value to its venture growth stage portfolio companies. It's not just about the money; it's about the structure and the specialized nature of the capital.

Customized, flexible debt financing for venture growth stage companies.

TPVG focuses its lending, typically with warrants, on venture growth stage companies, often in technology and other high-growth sectors, backed by select venture capital firms. This specialization means the financing terms are tailored to that specific lifecycle stage. In the third quarter of 2025, TPVG signed $421.1 million of term sheets, showing strong demand for this specialized capital. The actual fundings in that quarter reached $88.2 million across 10 portfolio companies, which was the highest level of funding activity in the last 11 quarters. The weighted average annualized yield at origination for these Q3 2025 fundings was 11.5%.

Non-dilutive capital alternative to pure equity financing rounds.

For a company needing growth capital, debt financing from TPVG offers a way to fuel expansion without immediately selling off large chunks of ownership. This is a core benefit when a company is close to a major valuation inflection point. The debt investment portfolio at cost grew to $736.9 million as of September 30, 2025, reflecting successful deployment of this non-dilutive capital.

Equity upside potential for stockholders via warrants (equity kickers).

While the primary offering is debt, TPVG structures its deals to include warrants, which give stockholders potential upside if the portfolio companies succeed. This structure helps maximize total return. For instance, the net increase in net assets resulting from operations for the third quarter of 2025 included $0.13 per share of net realized and unrealized gains, which specifically came from markups in equity and warrants positions. That's how the equity kicker translates directly to shareholder value.

Speed and certainty of execution from a specialized venture lender.

The platform, managed by TriplePoint Capital LLC (TPC), leverages long-standing relationships to ensure access to deal flow and specialized underwriting. The Q3 2025 activity demonstrated this, with new debt commitments hitting $181.8 million, the highest amount in over three years. Honestly, achieving the highest level of signed term sheets, commitments, and fundings since 2022 in Q3 2025 speaks to their execution speed when high-quality deals emerge.

Financial stability as a regulated Business Development Company (BDC).

Operating as a regulated BDC provides a layer of financial structure and oversight. TPVG ended Q3 2025 with a leverage ratio of 1.32x, which is comfortably within its target range of 1.3-1.4x and well above the regulatory minimum asset coverage ratio of 150%. The Net Asset Value (NAV) per share stood at $8.79 as of September 30, 2025. The current income-generating power, while facing yield compression, is still substantial; the weighted average annualized portfolio yield on debt investments for the quarter was 13.2%. Still, the advisor waived its quarterly income incentive fee for Q3 2025 (a $2.1 million impact) and extended the waiver through the end of fiscal year 2026 to support current profitability.

Here are some key financial metrics that underpin these value propositions as of the third quarter of 2025:

Metric	Value (Q3 2025 or as of 9/30/2025)
Net Investment Income (NII) per Share	$0.26
Net Asset Value (NAV) per Share	$8.79
Debt Portfolio at Cost	$736.9 million
Weighted Average Annualized Portfolio Yield (Debt)	13.2%
Gross Leverage Ratio	1.32x
Total Liquidity	$234 million

Finance: draft the Q4 2025 cash flow projection incorporating the guidance of $25-$50 million in new fundings by next week.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Customer Relationships

TriplePoint Venture Growth BDC Corp.'s customer relationships are fundamentally built around its portfolio companies, which are venture growth stage businesses backed by select venture capital firms. This relationship is characterized by deep involvement, especially given the complexity of structuring debt financing for these high-growth entities.

High-touch, direct relationship model for complex debt structuring.

The financing provided by TriplePoint Venture Growth BDC Corp. is customized, requiring a direct and intensive engagement with the management of the portfolio company. This is not a passive lending arrangement; it involves structuring debt with warrants and direct equity investments. The firm's investment activity in the third quarter of 2025 shows this direct engagement, having entered into $181.8 million of new debt commitments with 12 portfolio companies. The weighted average annualized yield at origination for debt investments funded during that quarter was 11.5%.

Long-term focus, supporting companies through multiple growth stages.

TriplePoint Venture Growth BDC Corp. aims for durability and long-term growth, which necessitates supporting companies across their trajectory. As of September 30, 2025, the debt investment portfolio stood at $736.9 million at cost, spread across 49 debt portfolio companies. The total cost of all investments (debt, warrants, and equity) was $828.7 million. The firm's commitment to these relationships is also evidenced by the fact that during the three months ended September 30, 2025, the Company funded debt investments totaling $88.2 million to 10 portfolio companies. The overall portfolio yield reflects this focus, with a weighted average annualized portfolio yield on debt investments for Q3 2025 reported at 13.2%.

Adviser-led, consultative approach to portfolio company needs.

The relationship is managed through the adviser, TriplePoint Capital LLC, which employs a structured approach to monitoring portfolio health. The Adviser maintains a credit watch list where portfolio companies are assigned one of five credit risk categories, with Clear (1) being the best rating. This consultative oversight is paired with origination activity that shows increasing demand for their services; for instance, TriplePoint Capital signed $421.1 million of non-binding term sheets in Q3 2025, significantly up from $93 million in Q3 2024. Furthermore, the adviser demonstrated alignment with shareholder interests by agreeing to waive the quarterly income incentive fee for the remainder of fiscal year 2025, extending this waiver through 2026.

Investor relations for public stockholders (e.g., distribution declarations).

The relationship with public stockholders is managed through transparent and regular distribution declarations. For the fourth quarter of 2025, the Board of Directors declared a regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share, payable on December 30, 2025. The net investment income per share for the third quarter of 2025 was $0.26 per share. The total declared distributions for the fourth quarter of 2025 amount to $0.25 per share.

The structure of the investment portfolio as of September 30, 2025, shows the primary focus of the relationship:

Investment Type	Number of Portfolio Companies	Total Cost (as of 9/30/2025)
Debt Investments	49	$828.7 million (Total Cost)
Warrants	112	N/A
Equity Investments	53	N/A

The relationship with the underlying portfolio companies is also quantified by the yield they generate:

• Weighted Average Annualized Portfolio Yield on Debt Investments (Q3 2025): 13.2%.
• Weighted Average Annualized Yield at Origination for Q3 2025 Funded Debt: 11.5%.
• Return on Average Equity for Q3 2025: 11.7%.

The adviser's commitment to shareholder interests is further highlighted by the estimated undistributed taxable earnings (spillover income) as of September 30, 2025, which was $43.4 million, or $1.07 per share.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Channels

You're looking at how TriplePoint Venture Growth BDC Corp. (TPVG) brings its financing opportunities to its portfolio companies and how it secures the capital to fund those deals. The channels here are about sourcing both the deal flow and the necessary funding base, which is a mix of direct relationships and public market access.

TriplePoint Capital's direct origination team and network is the primary engine for deal flow. This channel is deeply integrated, as TPVG is externally managed by TriplePoint Capital LLC ("TPC"). The activity here shows the direct pipeline strength. For the third quarter of 2025, TPC signed $421.1 million of non-binding term sheets with venture growth stage companies. On a year-to-date basis for 2025, TPC had signed $978.0 million of term sheets, a significant increase from $412 million over the same period in 2024. This direct sourcing effort resulted in TPVG closing $181.8 million of new debt commitments in Q3 2025, which was a 14% increase from the prior quarter and the highest amount in over three years.

The second key channel relies on referrals from the select group of top-tier venture capital firms. This is inherent to TPVG's mandate; it focuses on providing financing to venture growth stage companies already backed by established VC partners. This acts as a quality filter and a consistent source of proprietary deal flow. For instance, in Q2 2025, TPVG received new investment allocations totaling $160 million in new commitments from its adviser, compared to $52 million in Q2 2024. The company funded $88.2 million in debt investments during Q3 2025 to 10 portfolio companies. This relationship-driven sourcing is what defines the quality of the assets on the balance sheet.

For raising capital from investors, TriplePoint Venture Growth BDC Corp. uses the public equity markets (NYSE: TPVG). This channel provides the equity base for its lending activities. As of the latest reporting period reflecting Q3 2025 data, the company had 40.40M shares outstanding and a Market Cap of $268.25M. The commitment to shareholders is evident in the declared distributions; the Board declared a fourth quarter 2025 regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share, payable on December 30, 2025. This channel is also supported by internal capital management, as the sponsor initiated a $14 million discretionary share purchase program.

Finally, TPVG actively taps the debt capital markets for issuing senior unsecured notes to supplement its equity base and provide leverage. This is a crucial channel for scaling deployment capacity. In January 2025, TPVG entered an agreement for the issuance of $50 million in senior unsecured investment grade notes due February 2028, carrying an interest rate of 8.11% per year. Looking forward, the company has a clear plan to use this channel for liability management, planning to refinance $200 million in notes due in March 2026 via $100-$125 million in new investment-grade notes plus revolver capacity in Q1 2026. The leverage ratio as of September 30, 2025, stood at 1.32x, which is within the target range of 1.3-1.4x.

Here's a quick look at the scale of activity across these channels as of late 2025:

Channel Metric	Value (Q3 2025 or Latest)	Context
TPC Signed Term Sheets (Q3 2025)	$421.1 million	Direct Origination Pipeline
TPC Signed Term Sheets (YTD 2025)	$978.0 million	Direct Origination Pipeline
New Debt Commitments Closed (Q3 2025)	$181.8 million	Conversion from Direct Origination
Debt Investments Funded (Q3 2025)	$88.2 million	Deployment from Capital Base
Shares Outstanding (Latest Data)	40.40M	Public Equity Market Base
Senior Unsecured Notes Issued (Jan 2025)	$50 million	Debt Capital Market Raise
Target Leverage Ratio (End of Year)	1.3x to 1.4x	Debt Capital Market Capacity

The reliance on the TPC platform for deal flow is substantial, as seen by the $421.1 million in Q3 2025 term sheets. This feeds the investment activity, where TPVG funded $88.2 million in debt investments during that same quarter. The capital structure is actively managed to support this deployment, with the recent $50 million note issuance in early 2025 providing immediate dry powder. The company's ability to maintain a leverage ratio of 1.32x as of September 30, 2025, shows effective management of the debt channel.

The channels for sourcing investment opportunities are heavily weighted toward proprietary relationships:

• TriplePoint Capital's direct origination team and network generating $421.1 million in Q3 2025 term sheets.
• Referrals from the select group of top-tier venture capital firms underpinning the mandate.
• Public equity markets (NYSE: TPVG) supporting the capital base with 40.40M shares outstanding.
• Debt capital markets used for the $50 million senior unsecured notes issuance in January 2025.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Customer Segments

You're looking at the core clientele for TriplePoint Venture Growth BDC Corp. (TPVG) as of late 2025. This isn't about selling a product to the masses; it's about providing specialized capital to a very specific group of growing businesses and attracting investors who want income from that activity.

The primary customer segment consists of venture growth stage companies requiring expansion capital. These are firms that have moved past the earliest startup phases but need significant funding to scale operations, enter new markets, or finance major product rollouts. TriplePoint Venture Growth BDC Corp. experienced its highest level of debt commitments and fundings since fiscal year 2022 during the third quarter of 2025.

Specifically, TriplePoint Venture Growth BDC Corp. targets companies in technology, life sciences, and other high-growth industries. For instance, 90% of the obligors (borrowers) to whom commitments were extended during the third quarter of 2025 were in the AI, enterprise software, and semiconductor sectors. The firm also notes interest in sectors like fintech and health tech.

These portfolio companies are typically backed by a select group of leading VC firms. TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing financing to these venture-backed entities. Their sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform that services venture capital-backed companies.

Here's a quick look at the deployment activity that defines this segment during the third quarter of 2025:

Metric	Value (Q3 2025)
Debt Investment Portfolio (at cost)	$736.9 million
New Debt Commitments Closed	$181.8 million
Debt Investments Funded	$88.2 million
New Portfolio Companies Added (Debt)	12
Weighted Avg. Yield on Debt at Origination	11.5%

The second major customer segment is the investment community: public and institutional investors seeking high-yield income (stockholders). These investors buy shares of TriplePoint Venture Growth BDC Corp. for the regular cash distributions it provides, which is typical for a Business Development Company (BDC). For the fourth quarter of 2025, the Board declared a regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share.

For context on the investor base size and income potential as of late 2025:

• Current Market Cap stood at $220.2M.
• The forward annual dividend yield was reported near 16.95%.
• Total liquidity available to the company was $233.6 million as of September 30, 2025.
• The company held warrants in 112 portfolio companies as of September 30, 2025.

The adviser waived all income incentive fees for the rest of 2025 to help support the bottom line for these shareholders. Finance: draft 13-week cash view by Friday.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive the engine of TriplePoint Venture Growth BDC Corp. (TPVG) as of late 2025. For a BDC, the cost structure is heavily weighted toward financing costs and external management fees, since it's an externally managed entity.

The primary cost driver, as expected for a leveraged investment vehicle, is the Interest expense on borrowings, which totaled $6.8 million in Q3 2025. This represents the cost of the debt used to finance the investment portfolio.

Next, you have the fixed and variable compensation for the external adviser, which is a significant structural cost. The Base management fees paid to the external adviser were $3.4 million for the third quarter of 2025. This fee is typically calculated as a percentage of assets under management, regardless of performance.

The remaining operational costs break down into administrative and performance-based components:

• General and administrative expenses settled at $1.6 million for Q3 2025.
• Expenses related to the Administration Agreement expenses were $0.6 million in the same quarter.

The final structural cost component is the Income incentive fees. While this is a variable cost tied to performance above a certain hurdle rate, the alignment with the adviser is clear right now. For Q3 2025, the adviser waived an income incentive fee of $2.1 million. Furthermore, the adviser has committed to waiving all quarterly income incentive fees for Q4 2025 and all of Fiscal Year 2026, effectively removing this potential cost for the near term.

Here's a quick look at the key expense components for the third quarter of 2025, combining the required structure with verified total operating expense data:

Cost Component	Q3 2025 Amount (Millions USD)	Notes
Interest Expense on Borrowings	$6.8	Primary financing cost.
Base Management Fees	$3.4	Paid to the external adviser.
General and Administrative Expenses	$1.6	Standard operational overhead.
Administration Agreement Expenses	$0.6	Specific administrative overhead costs.
Income Incentive Fees (Reported Expense)	$0.0	Waived in Q3 2025.
Total Operating Expenses (Reported)	$12.3	Total operating expenses for Q3 2025.

To be fair, if you sum the mandated components ($6.8 + $3.4 + $1.6 + $0.6 = $12.4 million), it aligns very closely with the reported total operating expenses of $12.3 million for the quarter. This suggests that the mandated figures effectively capture the entirety of the recurring operating costs before considering the performance-based incentive fee waiver.

The structure shows that the cost of capital and external management fees make up the bulk of the expense base. Finance: confirm the exact breakdown of the $12.3 million total operating expense for Q3 2025 against the mandated components by next Tuesday.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Revenue Streams

You're analyzing the income generation for TriplePoint Venture Growth BDC Corp. (TPVG) as of late 2025. The core of the business model relies on deploying capital into venture growth stage companies and collecting returns, primarily through debt instruments.

Interest income from debt investments is the primary source of revenue for TriplePoint Venture Growth BDC Corp. This is directly tied to the size and yield of the debt portfolio.

The financial performance for the third quarter of 2025 shows the following key income metrics:

• Total investment and other income was $22.7 million in Q3 2025.
• The interest income component specifically from investments was $22.1 million for the third quarter of 2025.
• The weighted average annualized portfolio yield on debt investments for Q3 2025 stood at 13.2%.

Fee income, which includes origination, commitment, and prepayment fees, contributes to the overall income stream, though base rates and prepayment activity influence the total. During the quarter, the company received cash flows from repayments:

• Principal prepayments totaled $15.0 million.
• Early repayments amounted to $0.5 million.
• Scheduled principal amortization was $4.0 million.

Realized gains from the sale of warrant and equity positions contribute to the net increase in assets from operations, though the third quarter saw a net realized loss on investments overall. The net increase in net assets resulting from operations for Q3 2025 included $0.13 per share of net realized and unrealized gains, primarily from unrealized gains on debt and equity positions. However, the company recognized net realized losses on investments of $0.7 million during the third quarter of 2025.

Here's a quick look at the key Q3 2025 income-related figures:

Metric	Amount / Percentage
Total Investment and Other Income (Q3 2025)	$22.7 million
Interest Income from Debt Investments (Q3 2025)	$22.1 million
Weighted Average Annualized Portfolio Yield on Debt (Q3 2025)	13.2%
Net Investment Income (Q3 2025)	$10.3 million
Net Realized Losses on Investments (Q3 2025)	$0.7 million
Net Realized and Unrealized Gains Component (per share)	$0.13 per share

The weighted average annualized portfolio yield on debt investments was 13.2% in Q3 2025, which was down from 14.5% in the prior quarter. This compression was driven by lower base rates and a mix shift toward stronger, lower-yield borrowers. Finance: draft the Q4 2025 yield forecast based on current origination yields of 11.5%.