TriplePoint Venture Growth BDC Corp. (TPVG): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the engine room of a specialized lender, and frankly, understanding how TriplePoint Venture Growth BDC Corp. (TPVG) structures its venture debt is key to seeing where the returns come from. As an analyst who's spent years inside these capital structures, I can tell you their model is built on proprietary deal sourcing and managing a substantial $736.9 million debt portfolio, which, as of Q3 2025, was delivering a weighted average annualized yield of 13.2% on that debt. This Business Model Canvas distills exactly how TPVG balances that income against costs like the $6.8 million in interest expense and the management fees, all while maintaining $234 million in liquidity for new fundings. Keep reading; we break down the nine essential components that let them offer customized, non-dilutive capital to high-growth companies and generate income for you, the stockholder.

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

You're mapping out the core relationships that power TriplePoint Venture Growth BDC Corp.'s deal flow and funding, so let's look at the hard numbers defining these key partnerships as of late 2025.

TriplePoint Capital LLC (TPC) as the Sponsor and direct origination platform.

TriplePoint Capital LLC (TPC) serves as the Sponsor and the primary engine for deal sourcing. The origination platform's activity directly feeds TriplePoint Venture Growth BDC Corp. (TPVG). For the third quarter of 2025, TPC entered into non-binding term sheets totaling $421.1 million with venture growth stage companies. On a year-to-date basis for 2025, TPC signed term sheets amounting to $978 million, a significant increase from the $412 million signed over the same period in 2024. TPVG's new investment allocation from TPC in Q3 2025 was $182 million in new commitments across 12 companies. As of September 30, 2025, the total cost of debt investments held by TPVG was $828.7 million across 49 portfolio companies.

TriplePoint Advisers LLC as the external manager and investment adviser.

TriplePoint Advisers LLC acts as the external manager and investment adviser, guiding investment decisions. To show alignment, the Adviser amended its existing income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025, and further agreed to extend this waiver period through the end of fiscal year 2026. The Adviser's senior investment team also manages other vehicles, which may have prior investments outstanding to TPVG's borrowers. The firm's address is 2755 Sand Hill Road, Suite 150, Menlo Park, California 94025.

Select group of leading venture capital firms backing portfolio companies.

TriplePoint Venture Growth BDC Corp. focuses on firms backed by a select group of venture capital partners. Furthermore, an order was granted in June 2025 allowing certain registered closed-end management investment companies and business development companies, collectively the Regulated Funds, to co-invest in portfolio companies with TPVG and other affiliated investment entities. As of September 30, 2025, TPVG held warrants in 112 portfolio companies and equity investments in 53 portfolio companies.

Lenders providing the Revolving Credit Facility for funding capacity.

Liquidity is substantially supported by the Revolving Credit Facility, which was recently amended. As of September 30, 2025, TPVG had $205 million of available capacity under this facility, contributing to total liquidity of $234 million. The facility currently maintains $300 million in total commitments, with an accordion feature allowing an increase up to $400 million under certain conditions. The amendment extended the revolving period to November 30, 2027, and the scheduled maturity date to May 30, 2029. The lending group includes:

The amended terms include a reduced spread on borrowings, with margins set at 2.75%, 2.85%, or 3.00% over a floating index depending on utilization, and 4.50% after the revolving period ends.

Investment banks for issuing unsecured notes and other capital raising.

While specific unsecured note issuances in late 2025 aren't detailed in the Q3 reports, the presence of major financial institutions as lenders in the credit facility suggests established relationships with investment banks for capital markets activities. The list of lenders itself includes major banking entities. The company's total investment and other income for the nine months ended September 30, 2025, was $68.4 million.

You should track the next Form 8-K filing, expected around early December 2025, for any updates on capital structure beyond the credit facility amendment. Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine work TriplePoint Venture Growth BDC Corp. (TPVG) does every quarter to keep the business running and growing. This is where the deal-making, the checking-in, and the funding happen.

Originating and underwriting secured debt investments with warrants.

The origination engine was firing on all cylinders in the third quarter of 2025, hitting levels not seen since fiscal year 2022. TriplePoint Capital LLC ("TPC") signed $421.1 million of non-binding term sheets during the three months ended September 30, 2025.

The actual deployment followed this pipeline activity:

• Closed new debt commitments totaling $181.8 million in Q3 2025, a 14% increase from Q2 2025.
• Funded debt investments of $88.2 million across 10 portfolio companies in Q3 2025.
• The weighted average annualized yield at origination for these Q3 2025 funded debt investments was 11.5%.
• Year-to-date, through September 30, 2025, TriplePoint Venture Growth BDC Corp. had funded $194 million to 22 companies at a weighted average yield of 12.1%.
• Warrants were acquired in 10 portfolio companies with a cost basis of $0.8 million during the quarter.
• A direct equity investment of $0.6 million was made in one portfolio company in Q3 2025.

This activity grew the debt investment portfolio to $736.9 million at cost as of September 30, 2025, up 11% from the prior quarter.

Active portfolio monitoring and management of credit quality.

Managing the existing book involves constant monitoring, especially as interest rates shift. The weighted average annualized portfolio yield on debt investments for the third quarter of 2025 was 13.2%.

Credit quality metrics show some stress but slight improvement:

The weighted average investment ranking for the debt portfolio was 2.12 as of March 31, 2025.

Capital raising through debt and equity issuances to maintain liquidity.

Maintaining liquidity is crucial for funding commitments and managing the balance sheet. As of September 30, 2025, TriplePoint Venture Growth BDC Corp. reported total liquidity of $233.6 million.

This liquidity position breaks down into:

• Cash, cash equivalents, and restricted cash: $28.6 million.
• Available capacity under the Revolving Credit Facility: $205.0 million.

The company also manages its capital structure through debt issuance; for example, in the first quarter of 2025, it issued $50 million of private senior unsecured investment grade notes due February 2028. The gross leverage ratio at the end of Q3 2025 was 1.32x.

Valuation of illiquid debt and equity/warrant positions.

Valuing the private assets is a core activity that determines Net Asset Value (NAV). As of September 30, 2025, the total cost of all investments was $828.7 million, with a corresponding fair value of $798.5 million.

The illiquid positions held include:

• Warrant positions in 112 portfolio companies.
• Equity investments in 53 portfolio companies.
• Stock and warrant positions in publicly traded companies valued at $0.5 million.

The resulting Net Asset Value per share as of September 30, 2025, was $8.79.

Strategic rotation into high-growth sectors like AI and enterprise software.

The investment adviser actively steers new capital toward specific high-growth areas. This strategic focus is evident in recent commitment allocations.

In the third quarter of 2025, 90% of the deal value for new commitments was allocated to companies in the AI, enterprise software, and semiconductor sectors. This follows a similar trend from Q1 2025, where 80% of commitments were directed to new portfolio companies in the AI and enterprise software sectors.

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

You're looking at the core assets that power TriplePoint Venture Growth BDC Corp.'s ability to originate and manage its specialized debt investments. These aren't just line items; they are the engines of deal flow and expertise.

Proprietary Relationship and Deal Flow Engine

The foundation of TriplePoint Venture Growth BDC Corp.'s resource base is its structure as the primary vehicle for the venture growth stage business segment of its Sponsor, TriplePoint Capital LLC (TPC). This relationship grants direct access to TPC's established infrastructure.

This access translates directly into high-quality, proprietary deal flow, evidenced by the activity on the origination side:

• TPC's direct originations platform signed $421.1 million of non-binding term sheets in Q3 2025.
• For the first nine months of 2025, TPC signed $978 million of term sheets.

Debt Investment Portfolio Scale

The primary asset is the debt investment portfolio, which has seen significant growth, reflecting successful deployment of capital. As of Q3 2025, the portfolio size was substantial:

Warrants and Equity Stakes in Pre-IPO Companies

Beyond debt, TriplePoint Venture Growth BDC Corp. secures equity 'kickers' in the form of warrants and direct equity stakes, which provide potential upside as portfolio companies mature toward an IPO or acquisition. The breadth of these positions is significant:

• Warrants held across 112 portfolio companies as of September 30, 2025.
• Equity investments held in 53 portfolio companies as of September 30, 2025.

The firm also holds positions in publicly traded securities, though this is a smaller component of the overall resource base. As of September 30, 2025, the value of stock and warrant positions in publicly traded companies was $0.5 million.

Liquidity for New Fundings

Sufficient liquidity is a critical resource for maintaining investment pace and meeting unfunded commitments. As of September 30, 2025, the company maintained a strong liquidity position to support near-term funding guidance of $25-$50 million per quarter.

The total liquidity figure is comprised of:

• Total Liquidity: $234 million.
• Cash and Cash Equivalents (and restricted cash): $28.6 million.
• Available Capacity under Revolving Credit Facility: $205.0 million.

The firm ended the quarter with a leverage ratio of 1.32x gross leverage, which is within the target range of 1.3-1.4x.

Experienced Management Team

The investment decisions and operational oversight rely heavily on the deep industry ties and experience of the leadership, particularly the co-founders of the Adviser, TPC.

Key personnel and their relevant experience include:

• Jim Labe, Chairman and Chief Executive Officer.
• Sajal Srivastava, President and Chief Investment Officer. Mr. Srivastava has over 18 years in venture lending and technology finance.

The shared history of the leadership is a resource in itself. Prior to co-founding TPC, Mr. Srivastava worked with Mr. Labe at Comdisco Ventures, where he managed the diligence and credit analysis team and structured/negotiated over $200 million of venture lending and leasing transactions. This shared background informs the investment committee's decisions.

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:

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:

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:

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:

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:

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:

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%.