Companies

TriplePoint Venture Growth Restarts Supplemental Distributions

The Tip Desk · August 5, 2026 · 4 min read

The board declared a $0.23 regular payout plus $0.12 of supplemental distributions after a $12.8 million Revolut sale lifted net assets to $0.26 a share.

TriplePoint Venture Growth BDC Corp. (TPVG) declared supplemental distributions of $0.12 a share alongside its $0.23 regular third-quarter payout, returning extra cash after the prior quarter’s regular-only distribution.

The Menlo Park, Calif., business development company, which lends to venture-growth companies backed by venture capital firms, reported net assets rose $0.26 a share in the second quarter ended June 30, 2026, to $352.8 million, or $8.67 a share, from $351.0 million, or $8.65 a share, at March 31.

The per-share increase was $0.26, compared with $0.15 a share in the first quarter. Net investment income, however, was $8.3 million, or $0.21 a share, down from $9.1 million, or $0.23 a share, in the prior quarter. Higher interest expense and less prepayment income drove the year-over-year drop in net investment income.

Total investment and other income was $22.1 million, versus $23.3 million a year earlier, reflecting less prepayment income and lower yields from Prime-rate declines. The weighted average annualized portfolio yield on debt investments was 12.9% in the second quarter, down from 13.5% in the first quarter.

Funding activity picked up. The company funded $47.8 million of debt investments to 10 portfolio companies, an 80% increase from $26.5 million across seven companies in the first quarter, at a 12.8% weighted average annualized yield at origination. It closed $29.8 million of new debt commitments with five companies, versus $1.0 million in the prior quarter. TriplePoint Capital LLC signed $306.8 million of non-binding term sheets. The debt portfolio at cost grew to $722.8 million from $716.8 million.

The company received $28.6 million of principal prepayments, $4.6 million of early repayments and $12.2 million of scheduled amortization. Unfunded commitments totaled $140.6 million as of June 30, of which $23.0 million was milestone-dependent. It held debt investments in 53 companies, warrants in 117 and equity in 60.

A $12.8 million realized gain from a secondary sale of Revolut equity was the quarter’s main mark-to-market offset. Remaining Revolut warrants and equity had a fair value of $47.9 million. Net realized gains on investments were $12.9 million. Net unrealized losses were $10.6 million, including $11.9 million from reversing previously recorded gains on investments realized in the period, $9.6 million of fair-value losses on the existing debt book and $0.5 million of foreign-currency losses, partly offset by $11.4 million of unrealized gains on warrants and equity.

Credit quality slipped modestly. The weighted average investment ranking of the debt portfolio moved to 2.28 from 2.25 after one $28.0 million loan was downgraded from White (2) to Yellow (3). Yellow loans were 27.2% of debt fair value, or $173.4 million across seven companies, versus 13.4% at year-end 2025.

Liquidity was $119.8 million, including $14.8 million of cash and $105.0 million of revolver capacity. Gross leverage ended at 1.26x and net leverage at 1.22x. The 1940 Act asset coverage ratio was 179%. In April, DBRS confirmed a BBB (low) long-term issuer rating with a stable outlook.

The board authorized a 12-month program to repurchase up to $12.5 million of common stock below net asset value; no shares had been bought as of June 30. Sponsor TriplePoint Capital had purchased 1,998,489 shares, or 4.9% of outstanding common stock, under a discretionary program.

Estimated spillover income was $41.7 million, or $1.03 a share. The first $0.06 supplemental installment is payable September 30, 2026, and the second on December 30, 2026. Total declared distributions since the IPO were $17.94 a share.

After quarter-end and through August 5, the company sold its Prodigy Investments Limited investments for $43.8 million of cash, closed $1.0 million of additional debt commitments and received $1.0 million of principal prepayments. Chairman and chief executive Jim Labe said the firm continued diversifying into venture-growth companies across AI and other sectors.