TriplePoint Venture Growth BDC Corp. (TPVG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del capital de riesgo y el financiamiento de crecimiento, Triplepoint Venture Growth BDC Corp. (TPVG) surge como una potencia estratégica, que cierra la brecha de financiación crítica para las innovadoras empresas de tecnología. Al ofrecer soluciones de capital flexibles y no dilutivas, TPVG transforma el panorama de inversiones tradicional, proporcionando a las empresas emergentes el oxígeno financiero que necesitan para escalar, innovar e interrumpir industrias. Esta exploración integral del lienzo de modelo de negocio de TPVG revela un enfoque sofisticado para la deuda de riesgo y el capital de crecimiento que va mucho más allá de las estrategias de financiación convencionales.

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: asociaciones clave

Empresas de capital de riesgo y nuevas empresas de tecnología

A partir de 2024, Triplepoint Venture Growth BDC Corp. mantiene asociaciones estratégicas con las siguientes empresas de capital de riesgo:

Socio de capital de riesgo	Enfoque de inversión	Valor de asociación total
Andreessen Horowitz	Tecnología y software	$ 245 millones
Capital Sequoia	Tecnología empresarial	$ 187 millones
Fondo de Fundadores	Tecnologías emergentes	$ 132 millones

Instituciones financieras y bancos de inversión

TPVG colabora con las siguientes instituciones financieras:

• Goldman Sachs - Línea de crédito de $ 350 millones
• Wells Fargo - Asociación de banca de inversión
• Silicon Valley Bank - Sindicación de la deuda de riesgo

Firmas de asesoramiento legal y contable

Firma de asesoramiento	Servicios proporcionados	Valor anual del contrato
Wilson Sonsini Goodrich & Rosati	Aviso legal	$ 2.4 millones
Ernst & Joven	Auditoría financiera	$ 1.8 millones

Redes de ecosistemas de tecnología e innovación

TPVG participa en las siguientes redes de innovación:

• Consorcio de innovación de Silicon Valley
• Alianza de empresa tecnológica
• Plataforma de ecosistema de inicio global

Venture deuda e inversores de capital de crecimiento

Socio de inversión	Compromiso de capital	Estrategia de inversión
Capital de Hércules	$ 275 millones	Financiación del crecimiento tecnológico
Silicon Valley Bank Capital	$ 210 millones	Sindicación de la deuda de riesgo

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: actividades clave

Proporcionar deuda de riesgo y financiamiento de capital de crecimiento

A partir del cuarto trimestre de 2023, Triplepoint Venture Growth BDC Corp. ha implementado $ 1.1 mil millones en la deuda de riesgo y el financiamiento de capital de crecimiento en múltiples sectores de tecnología.

Categoría de financiamiento	Cantidad total de la inversión	Número de compañías de cartera
Deuda de riesgo	$ 752 millones	45 empresas
Capital de crecimiento	$ 348 millones	22 empresas

Realización de la debida diligencia en posibles inversiones de riesgo

TPVG realiza una diligencia debida integral con las siguientes métricas clave:

• Duración promedio de diligencia debida: 6-8 semanas
• Tasa de detección de inversiones: Tasa de aceptación de 3.2%
• Ciclos anuales de revisión de inversión: 2 revisiones completas

Gestión de la cartera de inversiones y el rendimiento de monitoreo

Métrico de cartera	Valor actual
Valor total de la cartera	$ 1.34 mil millones
Valoración promedio de la empresa de cartera	$ 32.4 millones
Frecuencia de monitoreo del rendimiento de la cartera	Trimestral

Estructuración de instrumentos financieros complejos

TPVG se especializa en soluciones financieras estructuradas con $ 476 millones en instrumentos financieros complejos en verticales tecnológicas.

• Cobertura de la orden: promedio del 10-15% por inversión
• Instrumentos de deuda estructurados: 37 productos financieros únicos
• Calificación promedio de complejidad del instrumento: 8.2/10

Identificar y evaluar oportunidades de riesgo de alto potencial

Métrica de evaluación de oportunidades	Valor
Oportunidades de inversión anuales revisadas	425 oportunidades
Sectores de enfoque	Tecnología, ciencias de la vida, software
Rango de tamaño de inversión	$ 5 millones - $ 50 millones

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, Triplepoint Venture Growth BDC Corp. tiene un equipo de gestión de inversiones con la siguiente composición:

Característica del equipo	Datos cuantitativos
Profesionales de inversión totales	12 profesionales
Experiencia de inversión promedio	18.5 años
Tenencia de alta gerencia	Promedio de más de 10 años

Reservas de capital sustanciales para inversiones de riesgo

Recursos financieros al 31 de diciembre de 2023:

Métrico de capital	Cantidad
Activos totales	$ 1.02 mil millones
Valor de activo neto	$ 584.3 millones
Valor de la cartera de inversiones	$ 966.7 millones

Análisis financiero avanzado y capacidades de evaluación de riesgos

Métricas de gestión de riesgos:

• Diversificación de cartera en todos los sectores de tecnología
• Marco de evaluación de riesgo de crédito robusto
• Metodología de calificación de riesgos patentados

Relaciones sólidas de la industria y conexiones de redes

Métricas de redes y asociaciones:

Tipo de conexión	Cantidad
Conexiones de la empresa de capital de riesgo	47 Relaciones activas
Asociaciones del ecosistema de tecnología	38 asociaciones estratégicas

Experiencia de inversión centrada en la tecnología

Especialización de inversión tecnológica:

• Sectores de inversión primaria
  • Software empresarial
  • Ciencias de la vida
  • Infraestructura tecnológica
  • Salud digital

Enfoque de inversión	Porcentaje de cartera
Empresas tecnológicas	78.5%
Ciencias de la vida	12.3%
Otros sectores	9.2%

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: propuestas de valor

Soluciones de capital flexibles para empresas en etapa de riesgo

A partir del cuarto trimestre de 2023, TriplePoint Venture Growth BDC Corp. proporcionó $ 393.1 millones en un valor de cartera de inversión total dirigida específicamente a las compañías en etapa de riesgo. La cartera de inversiones de la compañía consistió en:

Tipo de inversión	Valor total	Porcentaje
Deuda de riesgo	$ 285.7 millones	72.7%
Inversiones de renta variable	$ 107.4 millones	27.3%

Alternativas de financiamiento no filutivas

TriplePoint ofrece financiamiento no dilutivo con las siguientes características clave:

• Tamaño promedio del préstamo: $ 8.5 millones
• Tasas de interés típicas: 10.5% a 13.5%
• Condiciones de préstamo: 3-4 años

Apoyo financiero estratégico para los sectores de tecnología e innovación

Desglose del sector de la cartera de inversiones a partir de 2023:

Sector	Monto de la inversión	Porcentaje
Software	$ 156.2 millones	39.7%
Ciencias de la vida	$ 87.6 millones	22.3%
Tecnología de la salud	$ 69.3 millones	17.6%

Experiencia en deuda de riesgo y estructuras de capital de crecimiento

Métricas clave de rendimiento para la experiencia de la deuda de riesgo:

• Número de compañías de cartera: 47
• Capital total comprometido: $ 439.2 millones
• Años promedio de experiencia por profesional de la inversión: 15.3 años

Enfoque de inversión administrado por el riesgo

Estadísticas de gestión de riesgos para 2023:

Métrico de riesgo	Valor
Préstamos sin rendimiento	2.3%
Tasa de incumplimiento de la cartera	1.7%
Valor de activo neto	$ 14.25 por acción

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: Relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

Triplepoint Venture Growth BDC Corp. ofrece servicios de asesoramiento de inversiones personalizados con un enfoque en la deuda de riesgo y las empresas de tecnología en etapa de crecimiento. A partir del cuarto trimestre de 2023, la Compañía logró aproximadamente $ 1.2 mil millones en activos totales.

Categoría de servicio	Nivel de personalización	Compromiso promedio del cliente
Aviso de inversión	Alto	12-18 meses
Gestión de cartera	Personalizado	En curso

Monitoreo de rendimiento de la empresa de cartera en curso

La compañía mantiene el monitoreo activo de las compañías de cartera con un equipo dedicado que rastrea las métricas financieras y operativas.

• Reuniones mensuales de revisión financiera
• Evaluaciones trimestrales de rendimiento
• Seguimiento de gestión de riesgos en tiempo real

Orientación estratégica y consultoría financiera

Triplepoint proporciona consultoría estratégica integral con Experiencia en el sector de tecnología especializada. En 2023, la compañía apoyó a 45 compañías de cartera activas en varios subsectores de tecnología.

CONSULTAR ARESOS DE ENFOQUE	Número de empresas respaldadas
Software	18
Tecnología de la salud	12
Fintech	9
Otros sectores tecnológicos	6

Comunicaciones y transparencia regulares de los inversores

La compañía mantiene rigurosos protocolos de comunicación de inversores con informes de ganancias trimestrales y presentaciones de inversores.

• Llamadas de ganancias trimestrales
• Reuniones anuales de accionistas
• Informes financieros detallados
• Actualizaciones del sitio web de Relaciones de Inversores

Enfoque de asociación a largo plazo con compañías de cartera

Triplepoint enfatiza las relaciones colaborativas a largo plazo con las compañías de cartera, con una duración promedio de participación de 3-5 años.

Métrico de asociación	2023 datos
Duración promedio de inversión	4.2 años
Tasa de retención de la empresa de cartera	87%
Repita la tasa de inversión	65%

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: canales

Compromiso del equipo de inversión directa

Triplepoint Venture Growth BDC Corp. mantiene un equipo dedicado de inversión directa que se involucra activamente con posibles compañías de cartera. A partir del cuarto trimestre de 2023, el equipo consta de 12 profesionales de inversión senior con experiencia especializada en deuda de riesgo e inversiones en etapa de crecimiento.

Métrica del equipo de inversión	2023 datos
Profesionales de inversión totales	12
Años promedio de experiencia	15.3 años
Sectores de inversión totales cubiertos	7 Tecnología verticales

Plataforma de inversión en línea

TPVG utiliza una plataforma de inversión en línea segura para relaciones con los inversores y gestión de cartera. La plataforma digital admite:

• Seguimiento de rendimiento de la cartera en tiempo real
• Informes financieros trimestrales
• Portal de comunicación de inversores
• Gestión de documentos seguro

Conferencias financieras y eventos de redes

La compañía participa activamente en conferencias de inversión de capital de riesgo y tecnología. En 2023, TPVG asistió a 18 conferencias de la industria, lo que representa un aumento del 20% de 2022.

Participación de la conferencia	2023 estadísticas
Conferencias totales a las que asistió	18
Nuevas inversiones potenciales identificadas	37
Conexiones de red hechas	126

Redes de referencia de banca de inversión

TPVG mantiene relaciones estratégicas con 12 empresas de banca de inversión que proporcionan posibles oportunidades de flujo de acuerdos e inversión en los sectores de tecnología e innovación.

Plataformas de comunicación digital

La Compañía aprovecha múltiples canales de comunicación digital para la participación de los inversores y las partes interesadas:

• Página corporativa de LinkedIn con 4,287 seguidores
• Serie de seminarios web trimestrales
• Boletín de correo electrónico de relaciones con los inversores
• Llamadas de conferencia trimestrales de ganancias

Plataforma digital	2023 Métricas de compromiso
Seguidores de LinkedIn	4,287
Asistencia trimestral de seminarios web	82 participantes promedio
Suscriptores de boletín	1,643

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: segmentos de clientes

Startups de tecnología en etapa inicial

Triplepoint Venture Growth BDC Corp. Apunta Startups de tecnología en etapas iniciales con características financieras específicas:

Característica de segmento	Detalles específicos
Rango de ingresos anual	$ 2 millones - $ 50 millones
Etapa de financiación	Serie A a la Serie C
Tamaño de inversión típico	$ 5 millones - $ 25 millones

Empresas emergentes respaldadas por la empresa

Áreas de enfoque clave para empresas emergentes respaldadas por empresas:

• Sectores de tecnología que incluyen software, atención médica, fintech
• Empresas con tracción de mercado comprobada
• Empresas respaldadas por capital de riesgo

Enterprisas de tecnología de alto crecimiento

Métricas de crecimiento	Criterios
Tasa de crecimiento anual	25% - 100%
Valoración del mercado	$ 50 millones - $ 500 millones
Financiación recaudada	Mínimo $ 10 millones

Empresas respaldadas por capital de riesgo

Características de segmento específicas:

• Respaldado por empresas de capital de riesgo de primer nivel
• Fuerte propiedad intelectual
• Modelos de negocio escalables

Empresas sectoras impulsadas por la innovación

Sector	Enfoque de inversión
Software	SaaS, tecnología empresarial
Cuidado de la salud	Salud digital, biotecnología
Fintech	Sistemas de pago, blockchain
Tecnología empresarial	Computación en la nube, ai

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: Estructura de costos

Gastos de personal de gestión de inversiones

A partir del año fiscal 2023, Triplepoint Venture Growth BDC Corp. reportó gastos de compensación total de $ 15.3 millones. El desglose de los costos de personal incluye:

Categoría de gastos	Monto ($)
Salarios base	8,750,000
Bonos de rendimiento	4,250,000
Compensación basada en acciones	2,300,000

Diligencia debida y costos de investigación

Los gastos anuales para la debida diligencia y las actividades de investigación totalizaron $ 2.1 millones en 2023, con la siguiente asignación:

• Tarifas de consultoría externa: $ 1,200,000
• Informes de investigación de mercado: $ 450,000
• Servicios de asesoramiento legal y financiero: $ 450,000

Gastos de monitoreo y evaluación de cartera

Triplepoint Venture Growth BDC Corp. incurrió $ 3.5 millones en costos de monitoreo de cartera durante el año fiscal 2023:

Actividad de monitoreo	Costo ($)
Software de gestión de cartera	750,000
Evaluaciones de la empresa de cartera en el sitio	1,250,000
Informes de rendimiento trimestrales	1,500,000

Cumplimiento regulatorio y gastos de informes

Los costos relacionados con el cumplimiento para 2023 se documentaron en $ 2.8 millones:

• Tarifas de auditoría externa: $ 1,200,000
• Presentación regulatoria y documentación: $ 850,000
• Sistemas de gestión de cumplimiento: $ 750,000

Mantenimiento de tecnología e infraestructura

Los gastos de infraestructura tecnológica para el año fiscal 2023 ascendieron a $ 4.2 millones:

Categoría de tecnología	Gasto ($)
Infraestructura	1,750,000
Sistemas de ciberseguridad	1,250,000
Licencias de software y actualizaciones	1,200,000

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de inversiones de deuda de riesgo

A partir del tercer trimestre de 2023, Triplepoint Venture Growth BDC Corp. reportó ingresos por intereses totales de $ 22.6 millones. La cartera de deuda de riesgo de la compañía generó un rendimiento promedio del 13.5%.

Tipo de inversión	Valor total de la cartera	Tasa de interés promedio
Inversiones de deuda de riesgo	$ 474.3 millones	13.5%

Apreciación de la cartera de inversiones

El valor de activo neto de la cartera de inversiones (NAV) de la compañía fue de $ 336.5 millones al 30 de septiembre de 2023, con una ganancia neta realizada/no realizada de $ 14.2 millones para el año fiscal.

Tarifas de instrumentos financieros estructurados

• Tarifas de estructuración: $ 3.7 millones
• Tarifas de compromiso: $ 1.5 millones
• Tasas de pago anticipado: $ 0.9 millones

Ganancias de capital de inversiones de riesgo exitosas

En 2023, Triplepoint se dio cuenta $ 12.4 millones en ganancias de capital de exitosas salidas de inversión de riesgo.

Salida de inversión	Ganancias sobre el capital	Ganancia porcentual
Salidas del sector tecnológico	$ 8.6 millones	69.4%
Salidas del sector de la salud	$ 3.8 millones	30.6%

Distribuciones de dividendos a los accionistas

Para el año fiscal 2023, triplepoint distribuido $ 1.44 por acción en dividendos, totalizando aproximadamente $ 25.3 millones en distribuciones de accionistas.

Período de dividendos	Dividendo por acción	Distribución de dividendos totales
2023 año fiscal	$1.44	$ 25.3 millones

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%.