# TriplePoint Venture Growth BDC (TPVG) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TPVG/thesis · /stocks/TPVG/memo

## Financial Snapshot

---
source: coverage-next-full | ticker: TPVG | step: "04" | created: 2026-05-29
---

### Step 04 — Financial Snapshot: TPVG (FY2021–FY2024)

#### Key Financial Summary — Annual

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Total Investment Income ($M) | ~$85M | ~$105M | ~$115M | ~$100M |
| Net Investment Income ($M) | ~$52M | ~$64M | ~$65M | ~$56M |
| NII per Share | ~$1.56 | ~$1.95 | ~$1.97 | ~$1.65 |
| Net Increase in Net Assets ($M) | ~$55M | -~$75M | -~$60M | -~$30M |
| Total Dividends Declared per Share | $1.44 | $1.44 | $1.56 | $1.44 |
| Net Asset Value per Share | ~$15.00 | ~$13.25 | ~$12.50 | ~$12.00 |
| Total Net Assets ($M) | ~$494M | ~$437M | ~$410M | ~$393M |
| Total Investments at Fair Value ($M) | ~$940M | ~$970M | ~$820M | ~$760M |
| Debt/Equity Ratio | ~0.92x | ~1.04x | ~0.88x | ~0.80x |
| Shares Outstanding (M) | ~33.0 | ~33.0 | ~32.8 | ~32.7 |

*Note: FY2024E figures are estimates based on available quarterly data and management guidance. Exact figures subject to final 10-K filing.*

#### NAV Per Share Trajectory — The Central Concern

NAV/share is the most important metric for BDC investors. TPVG's NAV/share has exhibited a structurally declining trend:

| Period | NAV/Share | Quarterly Change | Driver |
|--------|-----------|-----------------|--------|
| Q4 2020 | ~$14.50 | — | COVID recovery |
| Q4 2021 | ~$15.00 | +3.4% | VC boom; warrant appreciation |
| Q1 2022 | ~$14.50 | -3.3% | Tech selloff; initial marks |
| Q2 2022 | ~$14.00 | -3.4% | Continued VC valuation pressure |
| Q3 2022 | ~$13.50 | -3.6% | Portfolio write-downs accelerate |
| Q4 2022 | ~$13.25 | -1.9% | Non-accruals rising |
| Q1 2023 | ~$13.00 | -1.9% | SVB crisis; sector stress |
| Q2 2023 | ~$12.75 | -1.9% | Elevated non-accruals |
| Q3 2023 | ~$12.50 | -2.0% | Realized losses from failures |
| Q4 2023 | ~$12.50 | flat | Stabilization |
| Q1 2024 | ~$12.25 | -2.0% | Continued mild pressure |
| Q2 2024 | ~$12.00 | -2.0% | Slow recovery trajectory |
| Q3 2024 | ~$12.00 | flat | Signs of stabilization |
| Q4 2024E | ~$12.00 | flat | Stable |

**Key observation:** TPVG has eroded approximately $3.00/share (~20%) in NAV since peak. This represents permanent capital loss not reflected in income statement performance alone.

#### Net Investment Income vs. Dividends — Coverage Analysis

| Year | NII/Share | DPS Declared | Coverage Ratio | Status |
|------|-----------|-------------|---------------|--------|
| 2021 | ~$1.56 | $1.44 | 108% | Covered; building spillover |
| 2022 | ~$1.95 | $1.44 | 135% | Well covered; benefit of rising rates |
| 2023 | ~$1.97 | $1.56 | 126% | Well covered; dividend raised in 2023 |
| 2024E | ~$1.65 | $1.44 | 115% | Still covered but tightening |

**Dividend history:**
- 2014–2019: $1.44/share annual ($0.36/quarter) — paid quarterly
- 2020 (COVID): Dividend cut from $0.36 → $0.31/quarter
- 2021 recovery: Returned to $0.36/quarter ($1.44/year)
- 2023: Increased to $0.39/quarter (+ special dividends in some quarters)
- 2024: Returned to $0.36/quarter as portfolio income declined with portfolio payoffs

TPVG adopted a **monthly dividend** structure in later years ($0.12–$0.13/month) to better match BDC cash flow patterns.

#### Income Statement Detail (FY2023 — Most Recent Full Year)

| Line Item | Amount |
|-----------|--------|
| Interest income (cash) | ~$95M |
| PIK interest income | ~$8M |
| Fee income | ~$10M |
| Dividend income | ~$2M |
| **Total Investment Income** | **~$115M** |
| Management fees (base) | (~$17M) |
| Incentive fees (Part 1) | (~$9M) |
| Interest and debt fees | (~$20M) |
| Other operating expenses | (~$4M) |
| **Total Expenses** | **(~$50M)** |
| **Net Investment Income** | **~$65M** |
| Net realized losses | (~$35M) |
| Net change in unrealized | (~$25M) |
| **Net Decrease in Net Assets** | **(~$60M)** |

#### Balance Sheet Snapshot (FY2023)

| Item | Amount |
|------|--------|
| Total investments at fair value | ~$820M |
| Cash and equivalents | ~$20M |
| Other assets | ~$5M |
| **Total Assets** | **~$845M** |
| Senior secured notes (public) | ~$180M |
| Revolving credit facility | ~$240M |
| Other liabilities | ~$15M |
| **Total Liabilities** | **~$435M** |
| **Net Assets (NAV)** | **~$410M** |
| Shares outstanding | ~32.8M |
| **NAV per Share** | **~$12.50** |

#### Portfolio Quality Metrics

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Non-accrual loans (% fair value) | ~1.5% | ~3.0% | ~5.5% | ~6.0% |
| Non-accrual loans (% cost) | ~2.0% | ~4.5% | ~8.0% | ~8.5% |
| Number of portfolio companies | ~50 | ~55 | ~48 | ~42 |
| New commitments ($M) | ~$650M | ~$700M | ~$400M | ~$350M |
| Portfolio repayments ($M) | ~$450M | ~$580M | ~$550M | ~$380M |

#### Valuation Context

| Metric | Historical Range | Current (2024) |
|--------|-----------------|----------------|
| Price / NAV | 0.7x – 1.1x | ~0.80–0.90x |
| Dividend Yield | 7% – 14% | ~10–12% |
| P/NII | 7x – 12x | ~8–9x |

**Trading at a discount to NAV** is normal for BDCs facing elevated credit stress. TPVG has consistently traded below HTGC's premium, reflecting the external management fee structure and higher portfolio risk perception.

#### Key Financial Risks to Track

1. **NAV erosion:** The $3/share decline since 2021 peak is permanent capital loss — not cyclical
2. **Non-accrual creep:** Every 1% increase in non-accrual rate costs ~$8–$10M in foregone annual income
3. **Leverage headroom:** At 0.8–1.0x debt/equity, TPVG has limited ability to grow without dilutive equity issuance
4. **Dividend sustainability:** NII coverage has improved with rising rates but could fall if portfolio shrinks or rates decline
5. **Fair value volatility:** Mark-to-market adjustments on Level 3 assets can cause large quarter-to-quarter NAV swings

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TPVG/fundamental

## Navigation

- Overview: /stocks/TPVG
- Financials (this page): /stocks/TPVG/financials
- Thesis: /stocks/TPVG/thesis
- Investment Memo: /stocks/TPVG/memo
- Coverage universe: /stocks