TriplePoint Venture Growth BDC Corp. (TPVG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de capital de risco e financiamento de crescimento, o TriplePoint Venture Growth BDC Corp. (TPVG) surge como uma potência estratégica, preenchendo a lacuna crítica de financiamento para startups inovadoras de tecnologia. Ao oferecer soluções de capital flexíveis e não diluentes, o TPVG transforma o cenário tradicional de investimento, fornecendo às empresas emergentes o oxigênio financeiro necessário para escalar, inovar e perturbar as indústrias. Essa exploração abrangente do modelo de negócios da TPVG, Canvas, revela uma abordagem sofisticada para aventurar dívidas e capital de crescimento que vai muito além das estratégias de financiamento convencionais.

Triplepoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: Parcerias -chave

Empresas de capital de risco e startups de tecnologia

A partir de 2024, o TriplePoint Venture Growth BDC Corp. mantém parcerias estratégicas com as seguintes empresas de capital de risco:

Parceiro de capital de risco	Foco de investimento	Valor total da parceria
Andreessen Horowitz	Tecnologia e software	US $ 245 milhões
Sequoia Capital	Tecnologia corporativa	US $ 187 milhões
Fundo dos Fundadores	Tecnologias emergentes	US $ 132 milhões

Instituições financeiras e bancos de investimento

O TPVG colabora com as seguintes instituições financeiras:

• Goldman Sachs - linha de crédito de US $ 350 milhões
• Wells Fargo - Parceria bancária de investimento
• Silicon Valley Bank - Sindicação da dívida de risco

Empresas de consultoria legal e contábil

Empresa de consultoria	Serviços prestados	Valor anual do contrato
Wilson Sonsini Goodrich & Rosati	Consultoria jurídica	US $ 2,4 milhões
Ernst & Jovem	Auditoria financeira	US $ 1,8 milhão

Redes de ecossistemas de tecnologia e inovação

O TPVG participa das seguintes redes de inovação:

• Consórcio de Inovação do Vale do Silício
• Technology Venture Alliance
• Plataforma de ecossistema de inicialização global

Dívida de risco e investidores de capital de crescimento

Parceiro de investimento	Compromisso de capital	Estratégia de investimento
Hercules Capital	US $ 275 milhões	Financiamento de crescimento tecnológico
Capital do banco do Vale do Silício	US $ 210 milhões	SIDAÇÃO DA DÍVIDA DE VENTURO

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: Atividades -chave

Fornecendo dívida de risco e financiamento de capital de crescimento

A partir do quarto trimestre 2023, o TriplePoint Venture Growth BDC Corp. US $ 1,1 bilhão em dívida de risco e financiamento de capital de crescimento em vários setores de tecnologia.

Categoria de financiamento	Valor total do investimento	Número de empresas de portfólio
Dívida de risco	US $ 752 milhões	45 empresas
Capital de crescimento	US $ 348 milhões	22 empresas

Conduzindo a devida diligência em possíveis investimentos em risco

O TPVG realiza a devida diligência abrangente com as seguintes métricas -chave:

• Duração média da due diligence: 6-8 semanas
• Taxa de triagem de investimentos: Taxa de aceitação de 3,2%
• Ciclos anuais de revisão de investimentos: 2 revisões abrangentes

Gerenciando portfólio de investimentos e desempenho de monitoramento

Métrica do portfólio	Valor atual
Valor total do portfólio	US $ 1,34 bilhão
Avaliação média da empresa de portfólio	US $ 32,4 milhões
Frequência de monitoramento de desempenho do portfólio	Trimestral

Estruturar instrumentos financeiros complexos

O TPVG é especializado em soluções financeiras estruturadas com US $ 476 milhões em instrumentos financeiros complexos nas verticais da tecnologia.

• Cobertura de mandado: média de 10 a 15% por investimento
• Instrumentos de dívida estruturada: 37 produtos financeiros exclusivos
• Classificação média de complexidade do instrumento: 8.2/10

Identificando e avaliando oportunidades de risco de alto potencial

Métrica de avaliação de oportunidades	Valor
Oportunidades anuais de investimento revisadas	425 oportunidades
Setores de foco	Tecnologia, ciências da vida, software
Faixa de tamanho de investimento	US $ 5 milhões - US $ 50 milhões

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre 2023, o TriplePoint Venture Growth BDC Corp. possui uma equipe de gerenciamento de investimentos com a seguinte composição:

Característica da equipe	Dados quantitativos
Total de profissionais de investimento	12 profissionais
Experiência média de investimento	18,5 anos
Possuir da gerência sênior	Média de mais de 10 anos

Reservas de capital substanciais para investimentos em risco

Recursos financeiros em 31 de dezembro de 2023:

Métrica de capital	Quantia
Total de ativos	US $ 1,02 bilhão
Valor líquido do ativo	US $ 584,3 milhões
Valor da portfólio de investimentos	US $ 966,7 milhões

Análise financeira avançada e recursos de avaliação de risco

Métricas de gerenciamento de riscos:

• Diversificação de portfólio entre os setores de tecnologia
• Estrutura robusta de avaliação de risco de crédito
• Metodologia de pontuação de risco proprietária

Relacionamentos fortes da indústria e conexões de rede

Métricas de rede e parceria:

Tipo de conexão	Quantidade
Conexões da empresa de capital de risco	47 relacionamentos ativos
Parcerias do ecossistema de tecnologia	38 parcerias estratégicas

Experiência em investimentos focados em tecnologia

Especialização em investimento em tecnologia:

• Setores de investimento primário
  • Software corporativo
  • Ciências da vida
  • Infraestrutura de tecnologia
  • Saúde digital

Foco de investimento	Porcentagem de portfólio
Empresas de tecnologia	78.5%
Ciências da vida	12.3%
Outros setores	9.2%

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: proposições de valor

Soluções de capital flexíveis para empresas de estágio de risco

A partir do quarto trimestre 2023, o TriplePoint Venture Growth BDC Corp. forneceu US $ 393,1 milhões em valor total de portfólio de investimentos, direcionando especificamente empresas de estágio de risco. O portfólio de investimentos da empresa consistia em:

Tipo de investimento	Valor total	Percentagem
Dívida de risco	US $ 285,7 milhões	72.7%
Investimentos em ações	US $ 107,4 milhões	27.3%

Alternativas de financiamento não diluentes

O TriplePoint oferece financiamento não diluído com as seguintes características-chave:

• Tamanho médio do empréstimo: US $ 8,5 milhões
• Taxas de juros típicas: 10,5% a 13,5%
• Termos de empréstimo: 3-4 anos

Apoio financeiro estratégico para setores de tecnologia e inovação

Redução do setor do portfólio de investimentos a partir de 2023:

Setor	Valor do investimento	Percentagem
Software	US $ 156,2 milhões	39.7%
Ciências da vida	US $ 87,6 milhões	22.3%
Tecnologia de saúde	US $ 69,3 milhões	17.6%

Especialização em dívidas de risco e estruturas de capital de crescimento

Métricas principais de desempenho para experiência em dívidas de risco:

• Número de empresas de portfólio: 47
• Capital Comprometido Total: US $ 439,2 milhões
• Anos médios de experiência por investimento profissional: 15,3 anos

Abordagem de investimento gerenciada pelo risco

Estatísticas de gerenciamento de riscos para 2023:

Métrica de risco	Valor
Empréstimos não-desempenho	2.3%
Taxa de padrão de portfólio	1.7%
Valor líquido do ativo	US $ 14,25 por ação

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: Relacionamentos do cliente

Serviços de consultoria de investimento personalizados

O TriplePoint Venture Growth BDC Corp. fornece serviços de consultoria de investimento personalizados, com foco em empresas de dívida de risco e tecnologia de crescimento. A partir do quarto trimestre de 2023, a empresa conseguiu aproximadamente US $ 1,2 bilhão em ativos totais.

Categoria de serviço	Nível de personalização	Engajamento médio do cliente
Aviso de investimento	Alto	12-18 meses
Gerenciamento de portfólio	Personalizado	Em andamento

Monitoramento de desempenho da empresa em andamento

A empresa mantém o monitoramento ativo de empresas de portfólio com uma equipe dedicada que rastreia métricas financeiras e operacionais.

• Reuniões mensais de revisão financeira
• Avaliações de desempenho trimestrais
• Rastreamento de gerenciamento de risco em tempo real

Orientação estratégica e consultoria financeira

TriplePoint fornece consultoria estratégica abrangente com Especialização da experiência do setor de tecnologia. Em 2023, a empresa apoiou 45 empresas de portfólio ativo em vários subsectores tecnológicos.

Consultoria de áreas de foco	Número de empresas apoiadas
Software	18
Tecnologia de saúde	12
Fintech	9
Outros setores de tecnologia	6

Comunicações regulares de investidores e transparência

A empresa mantém protocolos rigorosos de comunicação de investidores com relatórios trimestrais de ganhos e apresentações de investidores.

• Chamadas de ganhos trimestrais
• Reuniões anuais de acionistas
• Relatórios financeiros detalhados
• Atualizações do site de relações com investidores

Abordagem de parceria de longo prazo com empresas de portfólio

O TriplePoint enfatiza relações colaborativas de longo prazo com empresas de portfólio, com duração média de engajamento de 3-5 anos.

Métrica de Parceria	2023 dados
Duração média do investimento	4,2 anos
Taxa de retenção da empresa de portfólio	87%
Repetir taxa de investimento	65%

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: canais

Engajamento da equipe de investimento direto

O TriplePoint Venture Growth BDC Corp. mantém uma equipe de investimento direto dedicado que se envolve ativamente com possíveis empresas de portfólio. No quarto trimestre 2023, a equipe consiste em 12 profissionais de investimento seniores com experiência especializada em dívidas de risco e investimentos em estágio de crescimento.

Equipe de investimento Métrica	2023 dados
Total de profissionais de investimento	12
Anos médios de experiência	15,3 anos
Setores de investimento total cobertos	7 verticais de tecnologia

Plataforma de investimento online

O TPVG utiliza uma plataforma de investimento on -line segura para relações com investidores e gerenciamento de portfólio. A plataforma digital suporta:

• Rastreamento de desempenho em tempo real do portfólio
• Relatórios financeiros trimestrais
• Portal de comunicação de investidores
• Gestão de documentos seguros

Conferências financeiras e eventos de rede

A empresa participa ativamente de conferências de investimento em capital de risco e tecnologia. Em 2023, o TPVG participou de 18 conferências do setor, representando um aumento de 20% em relação a 2022.

Participação da conferência	2023 Estatísticas
As conferências totais compareceram	18
Novos investimentos em potencial identificados	37
Conexões de rede feitas	126

Redes de referência bancária de investimento

O TPVG mantém relacionamentos estratégicos com 12 empresas bancárias de investimento que fornecem possíveis oportunidades de fluxo de negócios e investimentos entre os setores de tecnologia e inovação.

Plataformas de comunicação digital

A empresa aproveita vários canais de comunicação digital para o engajamento de investidores e partes interessadas:

• Página corporativa do LinkedIn com 4.287 seguidores
• Série de webinar trimestral
• Newsletter de e -mail de relações com investidores
• Chamadas de conferência de ganhos trimestrais

Plataforma digital	2023 Métricas de engajamento
Seguidores do LinkedIn	4,287
Participação trimestral do webinar	82 participantes médios
Assinantes de boletim informativo	1,643

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: segmentos de clientes

Startups de tecnologia em estágio inicial

TriplePoint Venture Growth BDC Corp. tem como alvo as startups de tecnologia em estágio inicial com características financeiras específicas:

Característica do segmento	Detalhes específicos
Faixa de receita anual	US $ 2 milhões - US $ 50 milhões
Estágio de financiamento	Série A à Série C
Tamanho típico de investimento	US $ 5 milhões - US $ 25 milhões

Empresas emergentes apoiadas por empreendimentos

Principais áreas de foco para empresas emergentes apoiadas por empreendimentos:

• Setores de tecnologia, incluindo software, saúde, fintech
• Empresas com tração de mercado comprovada
• Empresas apoiadas por capital de risco

Empresas de tecnologia de alto crescimento

Métricas de crescimento	Critérios
Taxa de crescimento anual	25% - 100%
Avaliação de mercado	US $ 50 milhões - US $ 500 milhões
Financiamento levantado	Mínimo de US $ 10 milhões

Empresas apoiadas por capital de risco

Características específicas do segmento:

• Apoiado por empresas de capital de risco de primeira linha
• Forte propriedade intelectual
• Modelos de negócios escaláveis

Empresas do setor orientadas por inovação

Setor	Foco de investimento
Software	SaaS, tecnologia corporativa
Assistência médica	Saúde Digital, Biotecn
Fintech	Sistemas de pagamento, blockchain
Enterprise Tech	Computação em nuvem, ai

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: Estrutura de custos

Despesas de pessoal de gerenciamento de investimentos

No ano fiscal de 2023, o TriplePoint Venture Growth BDC Corp. registrou despesas totais de compensação de US $ 15,3 milhões. A quebra dos custos de pessoal inclui:

Categoria de despesa	Valor ($)
Salários da base	8,750,000
Bônus de desempenho	4,250,000
Remuneração baseada em ações	2,300,000

Due Diligence e Custos de pesquisa

As despesas anuais de devida diligência e atividades de pesquisa totalizaram US $ 2,1 milhões em 2023, com a seguinte alocação:

• Taxas de consultoria externa: US $ 1.200.000
• Relatórios de pesquisa de mercado: US $ 450.000
• Serviços de consultoria jurídica e financeira: US $ 450.000

Despesas de monitoramento e avaliação de portfólio

TriplePoint Venture Growth BDC Corp. incorreu em US $ 3,5 milhões em custos de monitoramento de portfólio durante o ano fiscal de 2023:

Atividade de monitoramento	Custo ($)
Software de gerenciamento de portfólio	750,000
Avaliações da empresa de portfólio no local	1,250,000
Relatórios trimestrais de desempenho	1,500,000

Despesas de conformidade regulatória e relatórios

Os custos relacionados à conformidade para 2023 foram documentados em US $ 2,8 milhões:

• Taxas de auditoria externa: US $ 1.200.000
• Arquivamento e documentação regulatórios: US $ 850.000
• Sistemas de gerenciamento de conformidade: US $ 750.000

Manutenção de tecnologia e infraestrutura

As despesas de infraestrutura tecnológica para o ano fiscal de 2023 totalizaram US $ 4,2 milhões:

Categoria de tecnologia	Despesa ($)
Infraestrutura de TI	1,750,000
Sistemas de segurança cibernética	1,250,000
Licenciamento e atualizações de software	1,200,000

TriplePoint Venture Growth BDC Corp. (TPVG) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida de risco

A partir do terceiro trimestre de 2023, o TriplePoint Venture Growth BDC Corp. reportou receita total de juros de US $ 22,6 milhões. A carteira de dívida de risco da empresa gerou um rendimento médio de 13,5%.

Tipo de investimento	Valor total do portfólio	Taxa de juros média
Investimentos em dívida de risco	US $ 474,3 milhões	13.5%

Apreciação do portfólio de investimentos

O valor líquido de ativos (NAV) do portfólio de investimentos da empresa foi de US $ 336,5 milhões em 30 de setembro de 2023, com um ganho líquido realizado/não realizado de US $ 14,2 milhões no ano fiscal.

Taxas de instrumentos financeiros estruturados

• Taxas de estruturação: US $ 3,7 milhões
• Taxas de compromisso: US $ 1,5 milhão
• Taxas de pré -pagamento: US $ 0,9 milhão

Ganhos de capital de investimentos bem -sucedidos de risco

Em 2023, o TriplePoint percebeu US $ 12,4 milhões em ganhos de capital de saídas de investimento de risco de sucesso.

Saída de investimento	Ganhos de capital	Ganho percentual
Setor de tecnologia sai	US $ 8,6 milhões	69.4%
Setor de assistência médica sai	US $ 3,8 milhões	30.6%

Distribuições de dividendos aos acionistas

Para o ano fiscal de 2023, o TriplePoint distribuído US $ 1,44 por ação Em dividendos, totalizando aproximadamente US $ 25,3 milhões em distribuições de acionistas.

Período de dividendos	Dividendo por ação	Distribuição total de dividendos
2023 ano fiscal	$1.44	US $ 25,3 milhões

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%.