TriplePoint Venture Growth BDC (TPVG)
Market Price (8/20/2026): $5.4 | Market Cap: $219.2 MilSector: Financials | Industry: Asset Management & Custody Banks
TriplePoint Venture Growth BDC (TPVG)
Market Price (8/20/2026): $5.4Market Cap: $219.2 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 34%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 30% Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Venture Capital, and Private Credit. | Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -93% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.92 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 193% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -20% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63% Key risksTPVG key risks include [1] deteriorating portfolio credit quality leading to high non-accrual rates and investment losses, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 34%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 30% |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Venture Capital, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -93% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.92 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 193% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -20% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63% |
| Key risksTPVG key risks include [1] deteriorating portfolio credit quality leading to high non-accrual rates and investment losses, Show more. |
Qualitative Assessment
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Updated on 8/6/2026
TriplePoint Venture Growth BDC (TPVG) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Mixed Q2 2026 Earnings and Declining Core Income Streams.
TriplePoint Venture Growth BDC (TPVG) reported Q2 2026 net investment income (NII) of $8.3 million, or $0.21 per share, which missed analyst consensus estimates of $0.24 per share. Total investment and other income of $22.1 million also fell short of the $22.95 million forecast. This decline in NII was primarily attributed to higher interest expense and lower accelerated income from prepayment activity, contributing to a decrease in the weighted average annualized portfolio yield on debt investments to 12.9% in Q2 2026 from 13.5% in the prior quarter and 14.5% in Q2 2025.
2. Significant Realized Gains and Stable Net Asset Value Counteracted by Modest Credit Quality Weakening.
Despite the pressures on recurring income, TPVG recognized a substantial net realized gain of $12.9 million in fiscal Q2 2026, largely stemming from a partial sale of Revolut equity. This contributed positively to the net increase in net assets from operations, which reached $10.7 million, or $0.26 per share, exceeding analyst expectations of $0.24. The company's Net Asset Value (NAV) per share remained relatively stable, increasing slightly to $8.67 as of June 30, 2026, from $8.65 at March 31, 2026. However, these positive factors were somewhat balanced by a modest weakening of credit quality, as indicated by the weighted average debt investment ranking moving to 2.28 from 2.25, with one portfolio company with a $28.0 million principal balance being downgraded.
Show more
TriplePoint Venture Growth BDC (TPVG) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Mixed Q2 2026 Earnings and Declining Core Income Streams.
TriplePoint Venture Growth BDC (TPVG) reported Q2 2026 net investment income (NII) of $8.3 million, or $0.21 per share, which missed analyst consensus estimates of $0.24 per share. Total investment and other income of $22.1 million also fell short of the $22.95 million forecast. This decline in NII was primarily attributed to higher interest expense and lower accelerated income from prepayment activity, contributing to a decrease in the weighted average annualized portfolio yield on debt investments to 12.9% in Q2 2026 from 13.5% in the prior quarter and 14.5% in Q2 2025.
2. Significant Realized Gains and Stable Net Asset Value Counteracted by Modest Credit Quality Weakening.
Despite the pressures on recurring income, TPVG recognized a substantial net realized gain of $12.9 million in fiscal Q2 2026, largely stemming from a partial sale of Revolut equity. This contributed positively to the net increase in net assets from operations, which reached $10.7 million, or $0.26 per share, exceeding analyst expectations of $0.24. The company's Net Asset Value (NAV) per share remained relatively stable, increasing slightly to $8.67 as of June 30, 2026, from $8.65 at March 31, 2026. However, these positive factors were somewhat balanced by a modest weakening of credit quality, as indicated by the weighted average debt investment ranking moving to 2.28 from 2.25, with one portfolio company with a $28.0 million principal balance being downgraded.
Show more
Updated on 8/6/2026
TriplePoint Venture Growth BDC (TPVG) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Mixed Q2 2026 Earnings and Declining Core Income Streams.
TriplePoint Venture Growth BDC (TPVG) reported Q2 2026 net investment income (NII) of $8.3 million, or $0.21 per share, which missed analyst consensus estimates of $0.24 per share. Total investment and other income of $22.1 million also fell short of the $22.95 million forecast. This decline in NII was primarily attributed to higher interest expense and lower accelerated income from prepayment activity, contributing to a decrease in the weighted average annualized portfolio yield on debt investments to 12.9% in Q2 2026 from 13.5% in the prior quarter and 14.5% in Q2 2025.
2. Significant Realized Gains and Stable Net Asset Value Counteracted by Modest Credit Quality Weakening.
Despite the pressures on recurring income, TPVG recognized a substantial net realized gain of $12.9 million in fiscal Q2 2026, largely stemming from a partial sale of Revolut equity. This contributed positively to the net increase in net assets from operations, which reached $10.7 million, or $0.26 per share, exceeding analyst expectations of $0.24. The company's Net Asset Value (NAV) per share remained relatively stable, increasing slightly to $8.67 as of June 30, 2026, from $8.65 at March 31, 2026. However, these positive factors were somewhat balanced by a modest weakening of credit quality, as indicated by the weighted average debt investment ranking moving to 2.28 from 2.25, with one portfolio company with a $28.0 million principal balance being downgraded.
3. Supportive Shareholder Returns Strategy Amidst Portfolio Repositioning Efforts.
TPVG's commitment to shareholder returns provided a stabilizing force. The company declared a regular third-quarter 2026 distribution of $0.23 per share, along with supplemental distributions totaling $0.12 per share, supported by an estimated $41.7 million in spillover income. This translates to a high dividend yield, which typically offers a floor for the stock price. Additionally, the Board authorized a $12.5 million stock repurchase program on May 5, 2026, signaling potential future support for the stock value, although no shares were repurchased by June 30, 2026. Concurrently, TPVG continued its strategic portfolio repositioning, reducing Payment-in-Kind (PIK) income to less than 14% of total investment income and making new debt investments of $47.8 million in Q2 2026.
Show less
TriplePoint Venture Growth BDC (TPVG) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Mixed Q2 2026 Earnings and Declining Core Income Streams.
TriplePoint Venture Growth BDC (TPVG) reported Q2 2026 net investment income (NII) of $8.3 million, or $0.21 per share, which missed analyst consensus estimates of $0.24 per share. Total investment and other income of $22.1 million also fell short of the $22.95 million forecast. This decline in NII was primarily attributed to higher interest expense and lower accelerated income from prepayment activity, contributing to a decrease in the weighted average annualized portfolio yield on debt investments to 12.9% in Q2 2026 from 13.5% in the prior quarter and 14.5% in Q2 2025.
2. Significant Realized Gains and Stable Net Asset Value Counteracted by Modest Credit Quality Weakening.
Despite the pressures on recurring income, TPVG recognized a substantial net realized gain of $12.9 million in fiscal Q2 2026, largely stemming from a partial sale of Revolut equity. This contributed positively to the net increase in net assets from operations, which reached $10.7 million, or $0.26 per share, exceeding analyst expectations of $0.24. The company's Net Asset Value (NAV) per share remained relatively stable, increasing slightly to $8.67 as of June 30, 2026, from $8.65 at March 31, 2026. However, these positive factors were somewhat balanced by a modest weakening of credit quality, as indicated by the weighted average debt investment ranking moving to 2.28 from 2.25, with one portfolio company with a $28.0 million principal balance being downgraded.
3. Supportive Shareholder Returns Strategy Amidst Portfolio Repositioning Efforts.
TPVG's commitment to shareholder returns provided a stabilizing force. The company declared a regular third-quarter 2026 distribution of $0.23 per share, along with supplemental distributions totaling $0.12 per share, supported by an estimated $41.7 million in spillover income. This translates to a high dividend yield, which typically offers a floor for the stock price. Additionally, the Board authorized a $12.5 million stock repurchase program on May 5, 2026, signaling potential future support for the stock value, although no shares were repurchased by June 30, 2026. Concurrently, TPVG continued its strategic portfolio repositioning, reducing Payment-in-Kind (PIK) income to less than 14% of total investment income and making new debt investments of $47.8 million in Q2 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 4.8% change in TPVG stock from 4/30/2026 to 8/19/2026 was primarily driven by a 29.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.24 | 5.49 | 4.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 46 | -20.0% |
| Net Income Margin (%) | 85.8% | 87.5% | 2.0% |
| P/E Multiple | 4.3 | 5.5 | 29.0% |
| Shares Outstanding (Mil) | 40 | 41 | -0.5% |
| Cumulative Contribution | 4.8% |
Market Drivers
4/30/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| TPVG | 4.8% | |
| Market (SPY) | 7.0% | 16.4% |
| Sector (XLF) | 10.3% | 12.4% |
Fundamental Drivers
The 0.6% change in TPVG stock from 1/31/2026 to 8/19/2026 was primarily driven by a 13.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.46 | 5.49 | 0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | 46 | 4.2% |
| Net Income Margin (%) | 76.9% | 87.5% | 13.7% |
| P/E Multiple | 6.5 | 5.5 | -14.5% |
| Shares Outstanding (Mil) | 40 | 41 | -0.7% |
| Cumulative Contribution | 0.6% |
Market Drivers
1/31/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| TPVG | 0.6% | |
| Market (SPY) | 11.4% | 30.0% |
| Sector (XLF) | 8.1% | 26.5% |
Fundamental Drivers
The -6.0% change in TPVG stock from 7/31/2025 to 8/19/2026 was primarily driven by a -13.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.84 | 5.49 | -6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50 | 46 | -8.2% |
| Net Income Margin (%) | 73.5% | 87.5% | 19.0% |
| P/E Multiple | 6.4 | 5.5 | -13.0% |
| Shares Outstanding (Mil) | 40 | 41 | -1.1% |
| Cumulative Contribution | -6.0% |
Market Drivers
7/31/2025 to 8/19/2026| Return | Correlation | |
|---|---|---|
| TPVG | -6.0% | |
| Market (SPY) | 22.7% | 23.7% |
| Sector (XLF) | 11.1% | 24.4% |
Fundamental Drivers
The -29.3% change in TPVG stock from 7/31/2023 to 8/19/2026 was primarily driven by a -702.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.77 | 5.49 | -29.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -8 | 46 | -702.8% |
| P/S Multiple | -36.1 | 4.9 | -113.5% |
| Shares Outstanding (Mil) | 35 | 41 | -12.9% |
| Cumulative Contribution | -29.3% |
Market Drivers
7/31/2023 to 8/19/2026| Return | Correlation | |
|---|---|---|
| TPVG | -29.3% | |
| Market (SPY) | 73.9% | 33.4% |
| Sector (XLF) | 70.0% | 36.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TPVG Return | 51% | -35% | 20% | -20% | 4% | -8% | -10% |
| Peers Return | 19% | -19% | 17% | 18% | 17% | 6% | 66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| TPVG Win Rate | 83% | 33% | 58% | 25% | 50% | 50% | |
| Peers Win Rate | 53% | 35% | 58% | 62% | 57% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TPVG Max Drawdown | -12% | -38% | -24% | -36% | -27% | -30% | |
| Peers Max Drawdown | -22% | -39% | -23% | -14% | -24% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTS, SLRC, GEG, BLK, BNY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/19/2026 (YTD)
How Low Can It Go
| Event | TPVG | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.7% | -7.8% |
| % Gain to Breakeven | 15.8% | 8.5% |
| Time to Breakeven | 88 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.4% | -6.7% |
| % Gain to Breakeven | 14.2% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -78.6% | -33.7% |
| % Gain to Breakeven | 367.5% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.3% | -19.2% |
| % Gain to Breakeven | 23.9% | 23.8% |
| Time to Breakeven | 46 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.5% | -12.2% |
| % Gain to Breakeven | 32.5% | 13.9% |
| Time to Breakeven | 151 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.2% | -6.8% |
| % Gain to Breakeven | 49.6% | 7.3% |
| Time to Breakeven | 279 days | 15 days |
In The Past
TriplePoint Venture Growth BDC's stock fell -13.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 15.8% gain to breakeven.
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Asset Allocation
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| Event | TPVG | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -78.6% | -33.7% |
| % Gain to Breakeven | 367.5% | 50.9% |
| Time to Breakeven | 245 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.5% | -12.2% |
| % Gain to Breakeven | 32.5% | 13.9% |
| Time to Breakeven | 151 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.2% | -6.8% |
| % Gain to Breakeven | 49.6% | 7.3% |
| Time to Breakeven | 279 days | 15 days |
In The Past
TriplePoint Venture Growth BDC's stock fell -13.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 15.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TriplePoint Venture Growth BDC (TPVG)
TriplePoint Venture Growth BDC Corp. (TPVG) operates as a Business Development Company (BDC) specializing in providing financing to venture capital-backed companies. Its core mission is to support these companies as they enter their growth stage by offering various forms of capital. TPVG's business model primarily involves providing structured debt financing solutions, often in the form of secured loans and lines of credit, complemented by strategic, smaller direct equity investments.
The company's main products include growth capital loans, ranging from $5 million to $50 million, and equipment financings, typically between $5 million and $25 million. It also offers revolving loans, generally from $1 million to $25 million. For direct equity investments, TPVG usually invests between $0.1 million and $5 million, careful not to exceed 5% of a company's total equity. These investments are structured to achieve targeted returns of 10% to 18%, and the company generally uses warrants and secured loans without seeking board seats in its portfolio companies.
TPVG serves a broad spectrum of high-growth industries, with a primary focus on technology and life sciences sectors. Within technology, it targets subsectors such as cybersecurity, cloud computing, big data, software (including SaaS), internet, media, and networking. In life sciences, TPVG invests in areas like biotechnology, pharmaceuticals, medical devices, and healthcare information systems. Additionally, the company provides financing to companies in the e-commerce and entertainment sectors, all of which are typically backed by venture capital firms and are in a crucial growth phase.
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Here are 1-3 brief analogies for TriplePoint Venture Growth BDC (TPVG):
A publicly-traded fund that acts as a **specialized bank for growth-stage tech and life science companies**, much like **Silicon Valley Bank** (pre-collapse) did for startups.
It's like a **publicly-traded mutual fund or ETF** for investors seeking exposure to **loans made to promising, venture-backed tech and life science startups**.
Imagine a **venture capital firm that primarily provides loans (venture debt)** instead of equity, to established, high-growth tech and life science startups, but you can invest in it publicly.
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- Growth Capital Loans: Debt financing provided to support the expansion and operational needs of venture capital-backed companies.
- Secured and Customized Loans: Tailored debt solutions backed by collateral, designed to meet the specific financial requirements of growth-stage businesses.
- Equipment Financings: Loans specifically for the purchase or leasing of essential equipment for portfolio companies.
- Revolving Loans: Flexible lines of credit that companies can draw upon, repay, and redraw as their working capital needs evolve.
- Direct Equity Investments: Minority equity stakes taken in portfolio companies, often acquired through warrants, for potential capital appreciation.
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TriplePoint Venture Growth BDC (TPVG) Major Customers
TriplePoint Venture Growth BDC (TPVG) sells primarily to other companies. Based on the provided background information, TPVG's major customers are:
- Venture capital-backed companies at the growth stage.
- These companies operate across various high-growth sectors, including:
- Technology: Subsectors include Security, wireless communication equipment, network system and software, business applications software, conferencing equipment/services, big data, cloud computing, data storage, electronics, energy efficiency, hardware, information services, internet and media, networking, semiconductors, software, software as a service, and other technology-related subsectors.
- Life Sciences: Subsectors include biotechnology, biofuels/biomass, diagnostic testing and bioinformatics, drug delivery, drug discovery, healthcare information systems, healthcare services, medical, surgical and therapeutic devices, pharmaceuticals, and other life science-related subsectors.
- E-commerce
- Entertainment
The provided background description does not list the names of specific customer companies that TriplePoint Venture Growth BDC provides financing to.
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James P. Labe, Chief Executive Officer and Chairman of the Board
James P. Labe is the Chief Executive Officer and Chairman of the Board of TriplePoint Venture Growth BDC Corp.. He is also the co-founder and co-CEO of TriplePoint Capital LLC (TPC), which is TPVG's sponsor. Mr. Labe is widely recognized as a pioneer in the venture leasing and lending segment of the commercial finance industry. He previously founded and led Comdisco Ventures, where he was responsible for over $3 billion in venture loan and lease transactions across more than 970 venture capital-backed companies. He also serves as CEO and Chairman of TriplePoint Private Venture Credit Inc. (TPVC), a non-listed BDC affiliated with TriplePoint. Mr. Labe holds an Executive MBA from the University of Chicago and a B.A. from Middlebury College.
Mike L. Wilhelms, Chief Financial Officer
Mike L. Wilhelms was appointed Chief Financial Officer of TriplePoint Venture Growth BDC Corp. effective January 6, 2025. He also serves as CFO for TriplePoint Capital LLC and other affiliated entities. Mr. Wilhelms brings over 30 years of financial leadership and private credit experience, including working with public and private companies in the business development company (BDC) and asset management sectors. Prior to joining TriplePoint, he served as CFO of Sabal Capital Holding Company, LLC, and Sabal Capital Partners, LLC, a commercial real estate lending platform that was sold to Regions Bank in December 2021. Before Sabal, he was at Crescent Capital Group LP, where he was CFO of Crescent Capital BDC, Inc. and the publicly-listed Crescent Acquisition Corp. His career also includes roles at Triad Financial Corporation and as an audit manager at KPMG. Mr. Wilhelms holds a B.A. in Business Economics from the University of California Santa Barbara and is a Certified Public Accountant (inactive).
Sajal K. Srivastava, President and Chief Investment Officer
Sajal K. Srivastava serves as the President and Chief Investment Officer of TriplePoint Venture Growth BDC Corp.. He also holds the titles of Treasurer, Secretary, and Director for the company.
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Key Risks to the Business
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Deteriorating Credit Quality of Portfolio Companies: A primary risk for TriplePoint Venture Growth BDC is the potential for deteriorating credit quality among its portfolio companies. As a lender to venture capital-backed growth-stage companies, TPVG faces inherent risks associated with these less mature businesses. The company has experienced elevated non-accrual rates, which are reported to be significantly above the broader Business Development Company (BDC) industry average, directly impacting its profitability and net asset value.
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Sustainability of Dividend and Pressure on Net Investment Income: TPVG has faced concerns regarding the sustainability of its dividend, evidenced by past dividend cuts and a high dividend payout ratio. This risk is closely tied to fluctuations and declines in the company's net investment income and a reduction in portfolio yields, which place considerable pressure on its ability to cover dividend distributions.
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Volatility and Valuation Risks in the Venture Capital Market: TriplePoint Venture Growth BDC's investments in venture growth-stage companies make it highly susceptible to the inherent volatility of the venture capital market. This includes broad market trends, changes in venture funding, technology valuations, and the pace of initial public offerings (IPOs) and mergers & acquisitions (M&A) activity. Declines in the valuations of its portfolio companies, particularly in concentrated positions, can significantly impact TPVG's net asset value and lead to potential write-downs. Concerns have also been raised about the timeliness and accuracy of the company's valuation practices for its underlying investments.
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A clear emerging threat for TriplePoint Venture Growth BDC (TPVG) is the sustained and challenging exit environment for venture capital-backed companies. TPVG specializes in providing debt and equity financing to growth-stage companies that are typically backed by venture capital. The ability of these portfolio companies to repay loans and generate returns for TPVG often relies on future equity funding rounds or successful liquidity events such as initial public offerings (IPOs) or strategic acquisitions. A prolonged downturn or structural shift in the M&A and IPO markets for venture-backed companies severely impacts the ability of TPVG's borrowers to access follow-on capital or achieve exits, thereby increasing the risk of defaults and impairing TPVG's investment performance. This shift in the venture capital liquidity cycle represents a fundamental threat to the business model of venture debt providers like TPVG.
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TriplePoint Venture Growth BDC (TPVG) operates within the addressable markets of venture debt and growth equity, providing financing to venture capital-backed companies at the growth stage.
The addressable markets for TPVG's main products and services are:
- Venture Debt and Growth Capital Loans: The global venture debt market expanded to an aggregate deal value of $83.4 billion in 2024. In the United States, venture debt deals reached $53.3 billion in investments in 2024. The European venture debt market reached €26.5 billion in 2024, which is approximately $28.5 billion.
- Direct Equity Investments in Growth Stage Companies: Equity capital investments in late-stage private companies reached $350 billion in 2025. The equity value for companies targeted by growth credit, which includes private equity growth equity investments and venture capital late-stage investments, was $720 billion in the U.S. at the end of 2024.
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TriplePoint Venture Growth BDC (TPVG) is anticipated to experience revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics:
- Increased Capital Deployment and Robust Investment Pipeline: TPVG demonstrated a substantial increase in its investment activity during 2025, securing $508 million in new debt commitments and funding $287 million, which represents a significant rise from the previous year. This strong momentum, coupled with a stated quarterly funding target of $25 million to $50 million for 2026, and an active unfunded commitments pipeline of $260.4 million, indicates a continued ability to deploy capital and expand its income-generating asset base.
- Strategic Focus on the High-Growth Artificial Intelligence (AI) Sector: The company has strategically aligned its investment focus with the rapidly expanding AI sector. In 2025, AI represented 65% of the total U.S. venture deal value and 39% of the deal count. TPVG's commitment to backing "category-defining companies at the forefront of applied AI infrastructure and deployment," with 70% of its new software investments in 2024-2025 being AI-enabled or AI-native, positions it to capitalize on significant growth opportunities within this sector.
- Enhanced Capital Structure and Liquidity: TPVG has proactively strengthened its capital structure by refinancing its 2026 notes in the first quarter of 2025 and extending its revolving credit facility. This improved financial flexibility and liquidity, including maintaining operating flexibility through its credit facility and at-the-market equity program, supports its capacity to originate new loans and make direct equity investments, thereby fueling future revenue growth.
- Portfolio Repositioning Towards Higher Quality and Stability: Management has emphasized a strategy of active portfolio repositioning, shifting towards higher-quality, larger-scale venture growth companies. This deliberate shift is intended to stabilize the company's income stream over the long term and enhance overall credit quality, which is expected to lead to more consistent interest income and reduce the impact of non-accruals, thereby contributing to more durable revenue generation.
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<h3>Share Repurchases</h3>
<ul>
<li>TriplePoint Capital LLC (TPC), TPVG's sponsor, purchased 1,809,827 shares of common stock in the open market under its discretionary share purchase program during 2025.</li>
<li>By early 2026, TPC's total purchases under this program reached approximately 2 million shares, representing nearly 5% of TPVG's outstanding shares.</li>
</ul>
<h3>Share Issuance</h3>
<ul>
<li>In August 2022, TriplePoint Venture Growth BDC Corp. commenced an underwritten public offering of 3,750,000 shares of its common stock.</li>
<li>The company intended to grant the underwriters an option to purchase up to an additional 562,500 shares in connection with this offering.</li>
<li>Shares outstanding increased from 31 million at the end of 2021 to 40.491 million by December 31, 2025.</li>
</ul>
<h3>Outbound Investments</h3>
<ul>
<li>In 2025, TPVG closed $508.1 million of new debt commitments to venture growth stage companies, marking its highest amount in over two years.</li>
<li>The company funded $287.1 million in debt investments to 31 portfolio companies during 2025.</li>
<li>The total investment portfolio grew by $107.3 million, reaching a fair value of $783.5 million by December 31, 2025, with a strategic focus on the AI sector.</li>
</ul>Peer Outperformance in Asset Management & Custody Banks
TPVG has trailed 76% of its 82 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that TPVG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
70%
of 101 industry peers · 4.1% return
3Y
21%
of 94 industry peers · -18.9% return
5Y
24%
of 82 industry peers · -27.3% return
No Asset Management & Custody Banks peer with a comparable growth profile has beaten TPVG by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is TPVG's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 6.3% | 130.7% | 137.3% | IBKR 501% · SNEX 237% · GS 191% |
| Reinsurance | 6 | 21.6% | 83.3% | 115.7% | SPNT 139% · MTG 132% · RGA 129% |
| Diversified Banks | 12 | 43.1% | 129.6% | 111.2% | JPM 162% · CM 159% · RY 142% |
| Life & Health Insurance | 19 | 14.9% | 55.7% | 88.3% | UNM 301% · FG 210% · MFC 181% |
| Property & Casualty Insurance | 42 | 13.7% | 74.7% | 66.5% | ASIC 2448900% · HRTG 423% · UVE 271% |
| Regional Banks | 265 | 32.1% | 79.7% | 65.1% | GCBC 389% · ESQ 367% · NBN 285% |
| Multi-line Insurance | 9 | 15.3% | 82.1% | 58.3% | GNW 196% · L 106% · SLF 90% |
| Consumer Finance | 30 | 14.7% | 85.8% | 37.6% | ENVA 710% · EZPW 356% · AGM 171% |
| Multi-Sector Holdings | 6 | -2.4% | 17.8% | 34.9% | JEF 90% · BRK-B 75% · VOYA 68% |
| Insurance Brokers | 15 | -11.0% | 10.3% | 31.9% | LIFE 616% · AJG 90% · ARX 86% |
| Asset Management & Custody Banks ← | 83 | -6.7% | 22.2% | 27.7% | SII 312% · WT 300% · VCTR 290% |
| Financial Exchanges & Data | 15 | -2.1% | 14.4% | 20.5% | VIRT 183% · CBOE 131% · CME 66% |
| Commercial & Residential Mortgage Finance | 12 | -27.2% | 18.8% | 9.1% | FNMA 543% · FMCC 523% · ESNT 64% |
| Specialized Finance | 3 | 22.3% | 55.7% | 0.5% | EFC 39% · CACC 1% · HASI -7% |
| Mortgage REITs | 34 | -4.2% | 15.4% | -10.4% | RITM 77% · NREF 59% · DX 45% |
| Transaction & Payment Processing Services | 15 | 3.1% | 5.5% | -40.2% | MA 66% · V 64% · CPAY 58% |
| Diversified Capital Markets | 21 | -26.8% | 0.5% | -43.5% | BTCS 538% · OPY 184% · LPLA 158% |
| Diversified Financial Services | 5 | -6.0% | 61.5% | -55.9% | FRHC 164% · EQH 88% · TMS -56% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 86.24 |
| Mkt Cap | 0.9 |
| Rev LTM | 452 |
| Op Inc LTM | 131 |
| FCF LTM | 83 |
| FCF 3Y Avg | 104 |
| CFO LTM | 83 |
| CFO 3Y Avg | 104 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.8% |
| Rev Chg 3Y Avg | 14.4% |
| Rev Chg Q | 1.0% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Inc Chg LTM | -28.3% |
| Op Inc Chg 3Y Avg | -1.4% |
| Op Mgn LTM | 16.0% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | -2.0% |
| CFO/Rev LTM | 15.7% |
| CFO/Rev 3Y Avg | 18.2% |
| FCF/Rev LTM | 10.2% |
| FCF/Rev 3Y Avg | 13.4% |
Price Behavior
Price Behavior
| Market Price | $5.49 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 03/06/2014 | |
| Distance from 52W High | -10.8% | |
| 50 Days | 200 Days | |
| DMA Price | $4.90 | $5.22 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 12.1% | 5.3% |
| 3M | 1YR | |
| Volatility | 40.9% | 34.8% |
| Downside Capture | 76.87 | 80.49 |
| Upside Capture | 66.55 | 67.22 |
| Correlation (SPY) | 21.4% | 24.7% |
TPVG Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.86 | 0.59 | 0.48 | 0.88 | 0.65 | 0.71 |
| Up Beta | -1.12 | -0.79 | -0.18 | 0.63 | 0.35 | 0.59 |
| Down Beta | 0.57 | 0.07 | 0.62 | 0.95 | 0.44 | 0.69 |
| Up Capture | 90% | 71% | 20% | 57% | 48% | 30% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 32 | 60 | 127 | 372 |
| Down Capture | 211% | 156% | 104% | 122% | 107% | 100% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 31 | 64 | 116 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPVG | |
|---|---|---|---|---|
| TPVG | 6.5% | 34.8% | 0.23 | - |
| Sector ETF (XLF) | 10.8% | 14.5% | 0.49 | 23.5% |
| Equity (SPY) | 20.7% | 12.8% | 1.19 | 24.7% |
| Gold (GLD) | 35.0% | 28.8% | 1.04 | 4.3% |
| Commodities (DBC) | 41.4% | 20.2% | 1.60 | -6.5% |
| Real Estate (VNQ) | 15.3% | 13.9% | 0.78 | 23.1% |
| Bitcoin (BTCUSD) | -44.7% | 42.7% | -1.27 | 9.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPVG | |
|---|---|---|---|---|
| TPVG | -6.5% | 32.4% | -0.16 | - |
| Sector ETF (XLF) | 10.0% | 18.4% | 0.41 | 40.0% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 39.9% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 5.9% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 9.4% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 40.2% |
| Bitcoin (BTCUSD) | 7.2% | 52.6% | 0.32 | 16.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPVG | |
|---|---|---|---|---|
| TPVG | 6.0% | 67.9% | 0.28 | - |
| Sector ETF (XLF) | 13.4% | 22.0% | 0.55 | 29.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 26.1% |
| Gold (GLD) | 12.5% | 16.2% | 0.63 | -0.3% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 13.0% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 28.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.0% | 1.00 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 13.2% | 17.1% | |
| 5/6/2026 | 7.0% | 3.0% | -3.9% |
| 3/4/2026 | 1.7% | -0.4% | 1.0% |
| 11/5/2025 | 3.4% | 7.4% | 20.6% |
| 8/6/2025 | -8.3% | -8.3% | -1.0% |
| 5/7/2025 | 7.5% | 12.4% | 22.5% |
| 3/5/2025 | -5.4% | -4.5% | -9.2% |
| 11/6/2024 | 10.7% | 16.7% | 21.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 10 | 11 | 11 |
| Median Positive | 3.6% | 6.4% | 5.7% |
| Median Negative | -6.3% | -6.5% | -6.0% |
| Max Positive | 13.2% | 17.1% | 22.5% |
| Max Negative | -12.3% | -12.2% | -11.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 13.2% | 17.1% | |
| 5/6/2026 | 7.0% | 3.0% | -3.9% |
| 3/4/2026 | 1.7% | -0.4% | 1.0% |
| 11/5/2025 | 3.4% | 7.4% | 20.6% |
| 8/6/2025 | -8.3% | -8.3% | -1.0% |
| 5/7/2025 | 7.5% | 12.4% | 22.5% |
| 3/5/2025 | -5.4% | -4.5% | -9.2% |
| 11/6/2024 | 10.7% | 16.7% | 21.3% |
| 8/7/2024 | -7.2% | -9.7% | -7.0% |
| 5/1/2024 | -1.5% | -3.2% | -0.8% |
| 3/6/2024 | -12.3% | -10.4% | -11.3% |
| 11/1/2023 | 2.3% | 5.3% | 9.1% |
| 8/2/2023 | -10.4% | -10.1% | -10.7% |
| 5/3/2023 | -8.6% | -2.9% | 0.6% |
| 3/1/2023 | 5.2% | 7.8% | 5.7% |
| 11/2/2022 | 1.5% | 0.6% | 4.4% |
| 8/3/2022 | 3.4% | -1.9% | -7.1% |
| 5/4/2022 | 1.3% | -6.5% | -6.0% |
| 3/2/2022 | 4.2% | 5.3% | 9.3% |
| 11/3/2021 | 3.8% | 7.9% | 2.3% |
| 8/4/2021 | -1.2% | 0.3% | -0.0% |
| 5/5/2021 | -4.2% | -12.2% | -1.7% |
| 3/3/2021 | -0.1% | 3.4% | 4.1% |
| 11/5/2020 | 0.3% | 0.3% | 13.9% |
| 8/5/2020 | 3.6% | 8.9% | 1.1% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 10 | 11 | 11 |
| Median Positive | 3.6% | 6.4% | 5.7% |
| Median Negative | -6.3% | -6.5% | -6.0% |
| Max Positive | 13.2% | 17.1% | 22.5% |
| Max Negative | -12.3% | -12.2% | -11.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/02/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/03/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Regular Distribution | 0.23 | 0.0% | Affirmed | Actual: 0.23 for Q2 2026 | |||
| Q3 2026 Supplemental Distribution | 0.12 | ||||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Dividends | 0.23 | 0.0% | Same New | Actual: 0.23 for Q1 2026 | |||
| 2026 Share Repurchases | 12.50 Mil | ||||||
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Dividends | 0.23 | 0 | Affirmed | Guidance: 0.23 for Q4 2025 | |||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Regular Distribution | 0.23 | 0 | Same New | Actual: 0.23 for Q3 2025 | |||
| Q4 2025 Supplemental Distribution | 0.02 | ||||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 1072026 | 6.61 | 34,000 | 224,886 | 12,639,795 | Form |
| 2 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 1072026 | 6.61 | 34,000 | 224,886 | 12,639,795 | Form |
| 3 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 1072026 | 6.70 | 40,000 | 267,988 | 12,575,203 | Form |
| 4 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 1072026 | 6.70 | 40,000 | 267,988 | 12,575,203 | Form |
| 5 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 1052026 | 6.60 | 27,153 | 179,327 | 12,131,967 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 1072026 | 6.61 | 34,000 | 224,886 | 12,639,795 | Form |
| 2 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 1072026 | 6.61 | 34,000 | 224,886 | 12,639,795 | Form |
| 3 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 1072026 | 6.70 | 40,000 | 267,988 | 12,575,203 | Form |
| 4 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 1072026 | 6.70 | 40,000 | 267,988 | 12,575,203 | Form |
| 5 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 1052026 | 6.60 | 27,153 | 179,327 | 12,131,967 | Form |
| 6 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 1052026 | 6.60 | 27,153 | 179,327 | 12,131,967 | Form |
| 7 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 1052026 | 6.55 | 30,459 | 199,375 | 11,846,585 | Form |
| 8 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 1052026 | 6.55 | 30,459 | 199,375 | 11,846,585 | Form |
| 9 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12312025 | 6.45 | 25,000 | 161,250 | 11,381,373 | Form |
| 10 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12312025 | 6.45 | 25,000 | 161,250 | 11,381,373 | Form |
| 11 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12312025 | 6.34 | 27,410 | 173,911 | 11,037,122 | Form |
| 12 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12312025 | 6.34 | 27,410 | 173,911 | 11,037,122 | Form |
| 13 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12292025 | 6.30 | 31,600 | 199,064 | 10,785,651 | Form |
| 14 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12292025 | 6.30 | 31,600 | 199,064 | 10,785,651 | Form |
| 15 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12292025 | 6.30 | 26,756 | 168,635 | 10,591,965 | Form |
| 16 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12292025 | 6.30 | 26,756 | 168,635 | 10,591,965 | Form |
| 17 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12292025 | 6.29 | 31,910 | 200,596 | 10,396,208 | Form |
| 18 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12292025 | 6.29 | 31,910 | 200,596 | 10,396,208 | Form |
| 19 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12292025 | 6.29 | 26,900 | 169,185 | 10,200,639 | Form |
| 20 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12292025 | 6.29 | 26,900 | 169,185 | 10,200,639 | Form |
| 21 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12222025 | 6.25 | 29,000 | 181,267 | 9,969,569 | Form |
| 22 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12222025 | 6.25 | 29,000 | 181,267 | 9,969,569 | Form |
| 23 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12222025 | 6.30 | 25,000 | 157,548 | 9,868,637 | Form |
| 24 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12222025 | 6.30 | 25,000 | 157,548 | 9,868,637 | Form |
| 25 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12182025 | 6.19 | 27,900 | 172,832 | 9,545,896 | Form |
| 26 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12182025 | 6.19 | 27,900 | 172,832 | 9,545,896 | Form |
| 27 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12182025 | 6.18 | 39,044 | 241,378 | 9,354,151 | Form |
| 28 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12182025 | 6.18 | 39,044 | 241,378 | 9,354,151 | Form |
| 29 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12162025 | 6.46 | 30,000 | 193,680 | 9,516,364 | Form |
| 30 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12162025 | 6.46 | 30,000 | 193,680 | 9,516,364 | Form |
| 31 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12162025 | 6.64 | 19,919 | 132,292 | 9,590,552 | Form |
| 32 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12162025 | 6.64 | 19,919 | 132,292 | 9,590,552 | Form |
| 33 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12122025 | 6.69 | 24,590 | 164,505 | 9,527,187 | Form |
| 34 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12122025 | 6.69 | 24,590 | 164,505 | 9,527,187 | Form |
| 35 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12122025 | 6.78 | 27,200 | 184,473 | 9,491,719 | Form |
| 36 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12122025 | 6.78 | 27,200 | 184,473 | 9,491,719 | Form |
| 37 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12102025 | 6.72 | 5,591 | 37,572 | 9,222,161 | Form |
| 38 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12102025 | 6.72 | 5,591 | 37,572 | 9,222,161 | Form |
| 39 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12102025 | 6.68 | 48,514 | 324,238 | 9,134,430 | Form |
| 40 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12102025 | 6.68 | 48,514 | 324,238 | 9,134,430 | Form |
| 41 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12092025 | 6.81 | 47,741 | 325,002 | 8,973,914 | Form |
| 42 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12092025 | 6.81 | 47,741 | 325,002 | 8,973,914 | Form |
| 43 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12052025 | 6.62 | 47,713 | 316,084 | 8,416,542 | Form |
| 44 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12052025 | 6.62 | 47,713 | 316,084 | 8,416,542 | Form |
| 45 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12052025 | 6.57 | 24,000 | 157,658 | 8,032,472 | Form |
| 46 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12052025 | 6.57 | 24,000 | 157,658 | 8,032,472 | Form |
| 47 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12032025 | 6.37 | 50,000 | 318,550 | 7,637,338 | Form |
| 48 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12032025 | 6.37 | 50,000 | 318,550 | 7,637,338 | Form |
| 49 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12032025 | 6.40 | 50,000 | 319,910 | 7,350,035 | Form |
| 50 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12032025 | 6.40 | 50,000 | 319,910 | 7,350,035 | Form |
| 51 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12012025 | 6.46 | 14,868 | 96,119 | 7,103,302 | Form |
| 52 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12012025 | 6.46 | 14,868 | 96,119 | 7,103,302 | Form |
| 53 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12012025 | 6.38 | 50,000 | 319,195 | 6,919,496 | Form |
| 54 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12012025 | 6.38 | 50,000 | 319,195 | 6,919,496 | Form |
| 55 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 12012025 | 6.39 | 15,000 | 95,816 | 6,604,230 | Form |
| 56 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 12012025 | 6.39 | 15,000 | 95,816 | 6,604,230 | Form |
| 57 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11252025 | 6.31 | 50,000 | 315,725 | 6,433,831 | Form |
| 58 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11252025 | 6.31 | 50,000 | 315,725 | 6,433,831 | Form |
| 59 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11252025 | 6.30 | 39,760 | 250,305 | 6,099,600 | Form |
| 60 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11252025 | 6.30 | 39,760 | 250,305 | 6,099,600 | Form |
| 61 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11212025 | 6.28 | 42,999 | 270,004 | 5,834,336 | Form |
| 62 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11212025 | 6.28 | 42,999 | 270,004 | 5,834,336 | Form |
| 63 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11212025 | 6.19 | 50,000 | 309,305 | 5,481,744 | Form |
| 64 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11212025 | 6.19 | 50,000 | 309,305 | 5,481,744 | Form |
| 65 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11192025 | 6.06 | 27,439 | 166,335 | 5,068,675 | Form |
| 66 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11192025 | 6.06 | 27,439 | 166,335 | 5,068,675 | Form |
| 67 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11192025 | 6.06 | 44,648 | 270,616 | 4,901,612 | Form |
| 68 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11192025 | 6.06 | 44,648 | 270,616 | 4,901,612 | Form |
| 69 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11172025 | 5.99 | 46,700 | 279,789 | 4,577,588 | Form |
| 70 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11172025 | 5.99 | 46,700 | 279,789 | 4,577,588 | Form |
| 71 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11172025 | 5.94 | 50,000 | 296,885 | 4,259,421 | Form |
| 72 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11172025 | 5.94 | 50,000 | 296,885 | 4,259,421 | Form |
| 73 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11132025 | 5.95 | 50,000 | 297,435 | 3,969,877 | Form |
| 74 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11132025 | 5.95 | 50,000 | 297,435 | 3,969,877 | Form |
| 75 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 11132025 | 5.76 | 26,117 | 150,538 | 3,558,417 | Form |
| 76 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 11132025 | 5.76 | 26,117 | 150,538 | 3,558,417 | Form |
| 77 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 9042025 | 6.77 | 48,800 | 330,220 | 4,000,769 | Form |
| 78 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 9042025 | 6.77 | 48,800 | 330,220 | 4,000,769 | Form |
| 79 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 9042025 | 6.72 | 54,000 | 362,966 | 3,646,031 | Form |
| 80 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 9042025 | 6.72 | 54,000 | 362,966 | 3,646,031 | Form |
| 81 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 9022025 | 6.73 | 65,000 | 437,158 | 3,284,970 | Form |
| 82 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 9022025 | 6.73 | 65,000 | 437,158 | 3,284,970 | Form |
| 83 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 9022025 | 6.64 | 44,630 | 296,165 | 2,809,915 | Form |
| 84 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 9022025 | 6.64 | 44,630 | 296,165 | 2,809,915 | Form |
| 85 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8282025 | 6.63 | 53,160 | 352,376 | 2,510,947 | Form |
| 86 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8282025 | 6.63 | 53,160 | 352,376 | 2,510,947 | Form |
| 87 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8282025 | 6.48 | 27,988 | 181,298 | 2,109,431 | Form |
| 88 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8282025 | 6.48 | 27,988 | 181,298 | 2,109,431 | Form |
| 89 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8262025 | 6.48 | 80,000 | 518,248 | 1,928,252 | Form |
| 90 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8262025 | 6.48 | 80,000 | 518,248 | 1,928,252 | Form |
| 91 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8262025 | 6.44 | 42,003 | 270,415 | 1,401,276 | Form |
| 92 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8262025 | 6.44 | 42,003 | 270,415 | 1,401,276 | Form |
| 93 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8222025 | 6.30 | 31,000 | 195,201 | 1,106,058 | Form |
| 94 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8222025 | 6.30 | 31,000 | 195,201 | 1,106,058 | Form |
| 95 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8222025 | 6.20 | 39,567 | 245,371 | 897,057 | Form |
| 96 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8222025 | 6.20 | 39,567 | 245,371 | 897,057 | Form |
| 97 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8202025 | 6.28 | 28,387 | 178,341 | 660,209 | Form |
| 98 | Labe, James | Chief Executive Officer | TriplePoint Capital LLC | Buy | 8202025 | 6.30 | 76,700 | 483,363 | 483,363 | Form |
| 99 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8132025 | 6.28 | 28,387 | 178,341 | 660,209 | Form |
| 100 | Srivastava, Sajal | President and CIO | TriplePoint Capital LLC | Buy | 8132025 | 6.30 | 76,700 | 483,363 | 483,363 | Form |
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Core Cache Last Updated: 8/19/2026