TriplePoint Venture Growth BDC Corp.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow stands for an open operating question, not a view on the stock price. A substance risk is not documented as of June 30, 2026: assets cover the debt 179 percent, all covenants are met, and the notes have been serviced on time. What is open is earning power: net investment income nearly halved from 2023 to 2025, it only roughly covers the distribution thanks to a temporary fee waiver, and almost a third of the loans are on the watch list. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
In early October 2026, TriplePoint Venture Growth costs about 57 cents per dollar of net assets and pays a high distribution. Against that stand net assets that have shrunk 38% since 2021, income that only roughly covers the payout with the help of a temporary fee waiver, a growing watch list and the departure of the chief investment officer. Not investment advice.
Net assets
Net asset value per share down from $14.01 (12/31/2021) to $8.67 (06/30/2026); 2025 brought the first slight rise again ($8.61 → $8.73).
Earning power
Net investment income $2.07 (2023) → $1.05 (2025) → $0.21 in Q2 2026; regular $0.23 distribution only about 91% covered, about $0.17 without the fee waiver.
Loan book
30.9% in watch-list grades 3–5 (12/31/2025: 17.9%); four non-accruals with $38.6M of cost and $16.4M of fair value (06/30/2026).
Warrants
Rights in 117 companies; Revolut fair value $47.9M, $12.8M gain from a partial sale in Q2 2026; Prodigy sold for $43.8M on 08/05/2026.
Balance sheet and funding
Asset coverage 179% versus 150% required, covenants met (06/30/2026); but $125M at 5.00% due 02/28/2027 and a step-up to 9.11% on the 2028 notes.
Management
President and CIO Srivastava leaves 12/31/2026 and is named in key man clauses covering $370M of $445M in debt; no amendment reported (as of 10/03/2026).
Worth Noting
Version of October 3, 2026, based on the 2025 annual report (10-K), the 10-Q for the period ended June 30, 2026 (latest periodic report, filed August 5, 2026), the August 5, 2026 earnings release, the 8-K of September 21, 2026 and the Schedule 13D of September 22, 2026. The hook was the wallstreet-online forum ranking (as of October 3, 2026), not a hit in our fundamentals scanner.
A BDC’s net asset value rests largely on estimated fair values of unlisted loans and stakes (Level 3). Coverage without the fee waiver, the cushion to the 150 percent limit and the extra cost of refinancing the 2027 notes at the rate of the latest notes (7.50%) are our own calculations.
The price anchor is the $4.90 close on October 2, 2026 (Source: fundamental data). Market value cross-checked against the filing price of $4.7061 (Schedule 13D, September 18, 2026): $191.6 million versus $199.5 million.
Stock Watch
This analysis is as of October 3, 2026. Stock Watch will tell you what's changed at TPVG since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.10 $ to 6.80 $ · Last price: 3.90 $ (As of: November 12, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/12/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Asset Management
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| TriplePoint Venture Growth BDC Corp. TPVG | 0.2 | 3.9 | 9.2 | 100.0 | 76.3 | 36.6 | -14.3 |
| BlackRock Inc BLK | 205.2 | 30.0 | 15.2 | 48.3 | 35.6 | 18.7 | 13.6 |
| Blackstone Group Inc BX | 148.7 | 30.5 | 15.7 | 100.0 | 38.0 | 21.6 | -14.5 |
| KKR & Co. Inc. KKR | 93.9 | 32.6 | 1.1 | 55.3 | 11.0 | -11.0 | -17.0 |
| Brookfield Asset Management Ltd. BAM | 82.6 | 32.7 | 20.3 | 74.4 | 64.5 | 15.8 | 1.0 |
| Apollo Global Management, Inc. APO | 72.5 | 76.2 | 7.9 | 26.5 | 13.5 | 16.0 | -5.9 |
| State Street Corp STT | 48.3 | 17.3 | 0.0 | 100.0 | 27.8 | 3.0 | 49.3 |
| Ameriprise Financial Inc AMP | 46.7 | 12.8 | 0.0 | 54.6 | 37.2 | 9.6 | 13.3 |
| Ares Management LP ARES | 45.8 | 60.9 | 23.3 | 100.0 | 18.4 | 66.6 | -6.2 |
| Median of companies shown | 72.5 | 30.5 | 9.2 | 74.4 | 35.6 | 16.0 | -5.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 23 | 23 | 11 | 0.69 | -94 | 216 | 434 |
| 2017 | 34 | 26 | 19 | 1.18 | 25 | 235 | 510 |
| 2018 | 42 | 35 | 37 | 1.78 | -18 | 335 | 467 |
| 2019 | 40 | 32 | 32 | 1.28 | -188 | 348 | 684 |
| 2020 | 42 | 35 | 35 | 1.16 | 61 | 400 | 684 |
| 2021 | 83 | 77 | 77 | 2.47 | -145 | 434 | 928 |
| 2022 | 13 | -20 | -20 | -0.61 | -101 | 420 | 1,015 |
| 2023 | 6 | -40 | -40 | -1.12 | 49 | 346 | 979 |
| 2024 | 71 | 32 | 32 | 0.82 | 153 | 346 | 763 |
| 2025 | 97 | 76 | 49 | 1.22 | -57 | 354 | 840 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 0.35 | -35.20 | 32 | 125.20 | 70.90 | 12 | 12 |
| 2024: Q4 | 0.32 | -31.90 | 3 | 114.40 | -284.40 | 47 | 47 |
| 2025: Q1 | 0.27 | -34.10 | 21 | 21.00 | 60.20 | -5 | -5 |
| 2025: Q2 | 0.28 | -15.20 | 21 | 7.10 | 63.80 | -13 | -13 |
| 2025: Q3 | 0.26 | -25.70 | 22 | -30.60 | 68.70 | -70 | -70 |
| 2025: Q4 | 0.25 | -21.90 | 15 | 499.60 | 53.60 | 31 | 31 |
| 2026: Q1 | 0.23 | -14.80 | 23 | 6.60 | 27.40 | -7 | -7 |
| 2026: Q2 | 0.21 | -25.00 | 25 | 18.50 | 37.70 | 18 | 18 |
| 2026: Q3 | 0.16 | -38.50 | – | – | – | 60 | 60 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.81 | 0.77 – 0.88 | 86 | -22.9% | 4 |
| 12/31/2027 | 0.82 | 0.78 – 0.93 | 85 | 1.2% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $100.4M |
|---|---|
| Market cap | $160.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
TriplePoint Venture Growth verdient kein Geld mit KI-Produkten und setzt nach eigener Angabe keine KI für Anlageempfehlungen ein; der Geschäftsbericht 2025 nennt KI aber konkret als Risiko für das eigene Kreditbuch: KI verändere den Wettbewerb in den Branchen der Kreditnehmer, und Firmen, die nicht schnell genug mitziehen, könnten Marktanteile verlieren oder nicht mehr lebensfähig sein — für einen Venture-Kreditgeber mit Schwerpunkt Software bedeutet das Ausfallrisiko.
View the full file — quotes, sources, reviewed filings
„The rapid developments in AI are fundamentally reshaping competitive dynamics within the sectors in which our portfolio companies operate."
Die rasanten Entwicklungen bei KI verändern die Wettbewerbsdynamik in den Branchen, in denen unsere Portfoliounternehmen tätig sind, grundlegend.
10-K · 2026-03-04 · View SEC filing
„Portfolio companies that are unable to develop, integrate, or adopt AI tools at a competitive pace may face loss of market share or become unviable, while those that do deploy AI tools face risks of inaccurate or biased outputs, intellectual property infringement (including ownership disputes over AI-generated content and training data), cybersecurity vulnerabilities, and the potential leakage of confidential or proprietary information to third-party AI platforms."
Portfoliounternehmen, die KI-Werkzeuge nicht in wettbewerbsfähigem Tempo entwickeln, integrieren oder einführen können, drohen Marktanteile zu verlieren oder nicht mehr lebensfähig zu sein, während diejenigen, die KI-Werkzeuge einsetzen, Risiken durch ungenaue oder verzerrte Ergebnisse, Verletzungen geistigen Eigentums (einschließlich Streitigkeiten über die Rechte an KI-erzeugten Inhalten und Trainingsdaten), Cybersicherheitslücken und den möglichen Abfluss vertraulicher oder geschützter Informationen an KI-Plattformen Dritter ausgesetzt sind.
10-K · 2026-03-04 · View SEC filing
„While the Adviser does not currently use AI to make investment recommendations, the use of AI could also exacerbate or create new and unpredictable risks to our business, the Adviser’s business, and the business of our portfolio companies, including by potentially significantly disrupting the markets in which we and our portfolio companies operate or subjecting us, our portfolio companies and the Adviser to increased competition and regulation, which could materially and adversely affect business, financial condition or results of operations of us, our portfolio companies and the Adviser."
Auch wenn der Berater derzeit keine KI für Anlageempfehlungen einsetzt, könnte der Einsatz von KI neue und unvorhersehbare Risiken für unser Geschäft, das Geschäft des Beraters und das unserer Portfoliounternehmen verschärfen oder schaffen, etwa indem er die Märkte, in denen wir und unsere Portfoliounternehmen tätig sind, erheblich umwälzt oder uns, unsere Portfoliounternehmen und den Berater stärkerem Wettbewerb und strengerer Regulierung aussetzt, was Geschäft, Finanzlage und Ergebnis erheblich beeinträchtigen könnte.
10-K · 2026-03-04 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-K 2026-03-04 · 10-K 2025-03-05
Rated on October 3, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 93.6%
- More than 10% revenue growth is expected for the coming year -7.7%
- Share count grows by less than 3% a year 7.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -22.1%
- Gross margin at 40% or higher and without meaningful erosion 83.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 5.9 x EBITDA
- Operating cash flow covers the profits of the last three years 104 m
- Return on capital at 15% or higher, or up versus two years ago no data
- Insiders hold at least 10% or are net buyers 9.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 17.1%
- Exp. sales growth 3Y > 5% -6.4%
- EBIT growth 10Y > 5% 14.2%
- Exp. EBIT growth 3Y > 5% -18.1%
- Net debt < 4x EBIT 5.9x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 13.9%
- ROCE > 15% –
- Expected return > 10% -47.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | Srivastava Sajal | President and CIO | Sell | 313,865 | 4.71 | 1,477,080 |
| Sep 18, 2026 | Labe James | Chief Executive Officer | Buy | 313,865 | 4.71 | 1,477,080 |
The company
About the Company
TriplePoint Venture Growth BDC Corp. is a business development company specializing investments in venture capital-backed companies at the growth stage investments. It also provides debt financing to venture growth space companies which includes growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments. The fund seeks to invest in e-commerce, entertainment, technology and life sciences sector. Within technology the areas of focus include: Security, wireless communication equipments, network system and software, business applications software, conferencing equipments/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 and within life sciences the areas of focus include: biotechnology, bio fuels/bio mass, 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. Within growth capital loans it invests between $5 million and $50 million, for equipment financings it invests between $5 million and $25 million, for revolving loans it invests between $1 million and $25 million, and for direct equity investments it may invest between $0.1 million and $5 million (generally not exceeding 5% of the company's total equity). The debt financing products are typically structured as lines of credit and it invests through warrants and secured loans. It targeted returns between 10% and 18%. It does not take board seat in the company.
- Headquarters
- Menlo Park, CA
- Address
- 2765 Sand Hill Road, 94025 Menlo Park, United States
- Phone
- 650 854 2090
- Website
- tpvg.com
- IPO Date
- 03/06/2014
- ISIN
- US89677Y1001
Management
| Name | Title | Birth Year |
|---|---|---|
| James Peter Labe | Co-Founder, Chairman & Co-CEO | 1957 |
| Sajal K. Srivastava | Co-Founder, President, Co-CEO, Chief Investment Officer, Secretary, Treasurer & Director | 1976 |
| Mike L. Wilhelms | CFO, Treasurer & Secretary | 1970 |
| Steven Mitchell Levinson | Chief Compliance Officer | 1967 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/04/2026 TriplePoint Venture Growth BDC Corp. (TPVG): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/14/2026 TriplePoint Venture Growth BDC Corp. (TPVG): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 09/21/2026 TriplePoint Venture Growth BDC Corp. (TPVG): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.