TriplePoint Venture Growth BDC Corp (NYSE: TPVG) is a business development company that provides debt financing to venture capital-backed companies at the venture growth stage. It earns income primarily through interest on growth capital loans, which carry variable interest rates, plus end-of-term payments, and it also holds warrant and equity positions in portfolio companies as additional return. TPVG focuses specifically on the venture growth stage, distinct from early-stage venture lending, targeting companies across sectors including business applications software, consumer finance, real estate services, aerospace and defense, and others, as reflected in its consolidated schedule of investments as of December 31, 2025 and December 31, 2024. Investment advisory services are provided by an external adviser under an Investment Advisory Agreement. The portfolio is monitored through a five-tier grading system ranging from Clear (performing above expectations) to Red (default or equivalent). TPVG is externally managed and structured as a regulated investment company.

Revenue model

Interest income on floating-rate growth capital loans (Prime-plus structures with rate floors) and end-of-term payments, supplemented by gains or income from warrant and equity investments held in portfolio companies.

Products and services

Growth capital loans, revolving credit facilities, warrant investments, and equity co-investments in venture growth stage companies. Loan structures include variable rates tied to Prime with floors and end-of-term payment features.

Customers and end markets

Venture capital-backed companies at the venture growth stage. End markets represented in the portfolio as of December 31, 2024 and December 31, 2025 include business applications software, business/productivity software, consumer finance, real estate services, aerospace and defense, communication software, computer hardware, advertising/marketing, and travel and leisure.

Value-chain role

Direct lender and minority equity holder to venture-backed growth stage companies. Sits between venture capital equity investors and public capital markets, providing non-dilutive or minimally dilutive debt capital.

Geographic exposure

Primarily U.S.-based portfolio companies, with select non-U.S. investments including InMobi Pte Ltd. (Singapore), Flo Health Inc., Loft Orbital Solutions, and GoEuro Corp., as reflected in the December 31, 2024 and December 31, 2025 schedules of investments.

Source: SEC 10-K, filed 2026-03-04

Industry: UNKNOWN Peers: GAMCO INVESTORS, INC. ET AL Blackstone Inc Fidus Investment Corp GLADSTONE CAPITAL CORP Gladstone Investment Corp Horizon Technology Finance Corp NewtekOne Inc Pennantpark Investment Corp WhiteHorse Finance Inc