Triplepoint Venture Growth Bdc Corp. · NYSE:TPVG
Triplepoint Venture Growth Bdc — Q1 2026 Earnings Presentation
46 slides from Triplepoint Venture Growth Bdc's earnings presentation, May 6, 2026
Slide 1: Investor Presentation
Investor Presentation A GLOBAL LEADER IN VENTURE FINANCE Quarter Ended March 31, 2026 May 6, 2026 www.tpvg.com 20 26
Slide 2: Disclaimers
Disclaimers FORWARD LOOKING STATEMENTS Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, inc
Slide 3: TriplePoint Capital Overview
TriplePoint Capital Overview Externally- Managed BDC Focused on Providing Customized Debt Financing With Warrants and Direct Equity Investments to Venture Growth A GLOBAL LEADER IN VENTURE FINANCE Stage Companies in Technology and Other High Growth Industries Backed by a Select Group of Venture Capi
Slide 4: TriplePoint Venture Growth BDC Corp. Overview
TriplePoint Venture Growth BDC Corp. Overview MARKET CAP (1) NII Return (Average Equity & Average Assets) COMMON STOCK $203 million Price / NAV (1) TPVG (NYSE) 0.58x DISTRIBUTIONS DECLARED EQUITY RESEARCH COVERAGE 6 analysts $0.23 For Q2 2026 CREDIT RATING (2) BBB (low) A GLOBAL LEADER IN VENTURE FI
Slide 5: Competitive Advantage – Reputation
Reputation Exceptional reputation globally attracts higher quality obligors and enables premium pricing Stability from 23+ year partnership of co-founders provides Competitive continuity among investment focus, processes & credit monitoring Relationships Advantage – Extensive relationships with prem
Slide 6: Highly Differentiated
Highly Differentiated • Lend to venture capital backed companies primarily at the venture growth stage • Target companies backed by a select group of leading venture capital investors Investment • Focus on technology and other high - growth industries Strategy • Venture growth stage companies have d
Slide 7: Built for Success
Built for Success • Externally- managed business development company (BDC) • Common stock trades on the New York Stock Exchange: “TPVG” Structure • $250.0 million in aggregate principal amount of private institutional notes as of March 31, 2026 • Managed by an affiliate of TriplePoint Capital, a lea
Slide 8: Aligned With Public Shareholders
Aligned With Public Shareholders • 1.75% management fee • 8% annualized hurdle rate for income incentive fee Shareholder - • Total return requirement whereby incentive fees are capped at 20% of cumulative net increase in net assets resulting from operations since IPO date Friendly • The Adviser has
Slide 9: Delivering Results
Delivering Results • $10.1 billion of cumulative signed non - binding venture growth stage term sheets at TPC (2) Demonstrated • $4.5 billion of cumulative originations Originations • $3.1 billion of cumulative fundings Copiabilities (1) • $785.6 million portfolio at fair value, consisting of $641.3
Slide 10: First Quarter 2026 Highlights
First Quarter 2026 Highlights • Net investment income (NII) of $9.1 million, or $0.23 per share • Net increase in net assets from operations of $6.2 million, or $0.15 per share Financial Results • Net asset value of $351.0 million, or $8.65 per share • Declared and paid quarterly distribution totali
Slide 11: First Quarter 2026 Highlights (continued)
First Quarter 2026 Highlights (continued) • Ended the quarter with a 1.27x leverage ratio and a 1.25x net leverage ratio • Ended the quarter with liquidity of $112.0 million, comprised of $9.0 million of cash and restricted cash and $103.0 million of available capacity under the Revolving Credit Fac
Slide 12: Trailing Five Quarter KPIs
Trailing Five Quarter KPIs KPI Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $315m signed venture $242m signed venture $421m signed venture $207m signed venture $256m signed venture (1) growth stage term sheets growth stage term sheets growth stage term sheets growth stage term sheets growth stage term sh
Slide 13: Highlights of the TriplePoint Venture Growth
Highlights of the TriplePoint Venture Growth 1 2 3 Industry Leading Diversified Strategy Experienced Sponsor with Premium Focused on Venture -Stage Management Team Led Brand and Strong Direct & Growth Opportunities in by Pioneers of the Origination Platform the U.S. and Europe Venture Lending Space
Slide 14: TriplePoint Capital Management Team
TriplePoint Capital Management Team Jim Labe Sajal Srivastava Mike Wilhelms Co - founder & CEO Co - founder & CEO Chief Financial Officer • Pioneer of the • 25+ Years in • Joined TriplePoint Venture Leasing Venture Leasing in 2025 as CFO and Lending and Lending • 30+ Years Industry • Global Visionar
Slide 15: TriplePoint Platform Overview
Key Highlights ▪ Launched in 2005 by Jim Labe and Sajal Srivastava ▪ Headquartered on Sand Hill Road in Silicon Valley with regional offices in New York City, San Francisco and Boston ▪ Provides debt, equity and complementary services to privately - held, venture capital - backed companies across al
Slide 16: TriplePoint’s Strategy
TriplePoint’s Strategy Target venture capital Invest with TPC’s Select backed companies Group of leading venture across the globe capital investors A GLOBAL LEADER IN VENTURE FINANCE Primary focus in Unique, multi-stage technology and other investment approach – high-growth industries the Lifespan A
Slide 17: TriplePoint Capital – Financed 1000+ Leading Companies
A GLOBAL LEADER IN VENTURE FINANCE TriplePoint Capital – Financed 1000+ Leading Companies 20 Note: For illustrative purposes only. Investments made by TriplePoint Capital LLC and affiliates. The performance and investments noted on this slide relate only to selected funds/strategies and may not be r
Slide 18: High-Growth Industry Focus
High - Growth Industry Focus Target select companies in high- growth industries • Technology • Media & Entertainment • Consumer & Retail • Others based on investment from select top - tier venture capital funds A GLOBAL LEADER IN VENTURE FINANCE Companies must have: • Large market opportunities & ra
Slide 19: TriplePoint’s Lifecycle Approach to Investing
TriplePoint’s Lifecycle Approach to Investing Pre- emptive future financing opportunities as the customer grows Differentiator for premium pricing Specialized information and ability to monitor customer progress and assess risk A GLOBAL LEADER IN VENTURE FINANCE IPO Middle Market Venture Later Growt
Slide 20: Why Do High-Growth Companies Use Venture Debt?
Why Do High - Growth Companies Use Venture Debt? Value proposition of venture debt 1 2 3 Helps finance Provides runway Additional business acceleration and/or extension for validation provides expansion of the achieving additional negotiating leverage business milestones for higher valuations A GLOB
Slide 21: Venture Debt Provides Compelling Relative Risk-Adjusted Returns
Venture Debt Provides Compelling Relative Risk - Adjusted Returns High yields to maturity with VC equity support and low total leverage • Generally short - term financings (3 - 4 years) Higher Return Potential Through Warrants and • Typically amortizing facilities Prepayments • Prepayments typically
Slide 22: Venture Growth Stage Market
Venture Growth Stage Market S E E D S T AG E EARLY STAGE E A R LY S T AG E DEBT FUNDS L AT E R S T AG E A GLOBAL LEADER IN VENTURE FINANCE LATER STAGE OTHER DEBT FUNDS VENTURE BDCs VENTURE BANKS V E N T U R E G R O W T H S T AG E OPPORTUNISTIC DEBT FUNDS PUBLIC 20 26 22
Slide 23: Illustrative TPVG Product Pricing Summary
Illustrative TPVG Product Pricing Summary Product Transaction Size Term Collateral Warrants Growth Capital $5m – $50m 36 – 60 months Senior On All Assets Typically Loans Equipment $5m – $25m 36 – 48 months $17.5m Typically Financings A GLOBAL LEADER IN VENTURE FINANCE Revolving Loans $1m – $25m 12 –
Slide 24: Time-Tested Investment Process & Portfolio Management
Time- Tested Investment Process & Portfolio Management Benefits from more than 25 years of experience & expertise INVESTMENT & INVESTMENT ORIGINATIONS LEGAL CREDIT ANALYSIS COMMITTEE INVESTMENT PROCESS • Leads and initial • Initial screening • Transaction • Transaction screening performed presented
Slide 25: Strong, Disciplined Portfolio Growth – As of 3/31/26
Strong, Disciplined Portfolio Growth – As of 3/31/26 Signed Term Sheets at TPC; Commitments and Fundings at TPVG ($mm)(1) A GLOBAL LEADER IN VENTURE FINANCE 20 26 (1) Signed term sheet amounts not necessarily indicative of opportunities available to TPVG. 25
Slide 26: High Yielding, High Quality Portfolio
High Yielding, High Quality Portfolio (1) $641.3 MILLION 13.5% YIELD (2)(3) $52.1 MILLION $92.3 MILLION Debt Portfolio Yield Profile Warrant Portfolio Equity Portfolio $645.4 million at Q4 ‘25 $12.7% at Q4 ‘25 $49.2 million at Q4 ‘25 $89.0 million at Q4 ‘25 A GLOBAL LEADER IN VENTURE FINANCE DEBT IN
Slide 27: Warrant & Direct Equity Investments
Warrant & Direct Equity Investments Future Potential Book Value Upside Significant Realized Gains Multiple of $11.6m Company Realized Gain Cost Basis GAAP unrealized Gain $24.4m GAAP unrealized Gain $27.1M 26x $6.5M 13x $27.7m $80.7m $3.4M 4x GAAP Cost Basis GAAP Cost Basis $2.9M 105x A GLOBAL LEADE
Slide 28: Portfolio Overview – Secured, Diversified Lending
Portfolio Overview – Secured, Diversified Lending (1) Diversified Across Subsectors of High Secured by Either the Entire Enterprise or Growth Industries Specific Assets A GLOBAL LEADER IN VENTURE FINANCE Portfolio of Fixed and Floating Rate Loans (Based on Outstanding Principal) 20 26 (1) Figures ba
Slide 29: Impact from Changes in Interest Rates
Impact from Changes in Interest Rates Approximate Annual NII Per Share Impact Resulting from Changes in Prime Rate (1) 64% Floating Rate Portfolio 79% of the floating rate portfolio is at their Prime Rate floors. Commitments float until funding. A GLOBAL LEADER IN VENTURE FINANCE 56% Fixed Rate Debt
Slide 30: Credit Watch List Overview
A GLOBAL LEADER IN VENTURE FINANCE Credit Watch List Overview (1) Q1 2026 Detailed Credit Categories (2) Category Fair Value ($mm) % Of Debt Investment # Of Portfolio Companies Clear (1) $45.2 7.0% 3 White (2) $422.7 65.9% 41 Yellow (3) $145.4 22.7% 6 Orange (4) $25.0 3.9% 4 Red (5) $3.0 0.5% 1 $641
Slide 31: Active Companies with Debt Outstanding
Active Companies with Debt Outstanding A GLOBAL LEADER IN VENTURE FINANCE 20 26 Note: For illustrative purposes only. The investments noted on this slide may not be representative of the investment portfolio composition of TPVG at any time or of a TPVG investor’s experience and should not be viewed
Slide 32: Active Customers with Warrants and/or Equity Outstanding
Active Customers with Warrants and/or Equity Outstanding A GLOBAL LEADER IN VENTURE FINANCE 20 26 Note: For illustrative purposes only. The investments noted on this slide may not be representative of the investment portfolio composition of TPVG at any time or of a TPVG investor’s experience and sho
Slide 33: Active Customers with Warrants and/or Equity Outstanding (Continued)
Active Customers with Warrants and/or Equity Outstanding (Continued) A GLOBAL LEADER IN VENTURE FINANCE 20 26 Note: For illustrative purposes only. The investments noted on this slide may not be representative of the investment portfolio composition of TPVG at any time or of a TPVG investor’s experi
Slide 34: Financial Highlights
A GLOBAL LEADER IN VENTURE FINANCE 26 20 Q1 – 2026 Financial Highlights
Slide 35: Portfolio Summary
Portfolio Summary Total Investment Income ($mm) Net Investment Income ($mm) A GLOBAL LEADER IN VENTURE FINANCE Total Investments (1) ($mm) Total Assets (1) ($mm) 20 26 (1) At fair value 35
Slide 36: High-Yielding Portfolio
A GLOBAL LEADER IN VENTURE FINANCE High - Yielding Portfolio (1) (1) Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the
Slide 37: Strong Yields Enhanced By Prepayments
Strong Yields Enhanced By Prepayments (1) Yields on Debt Investments(2) A GLOBAL LEADER IN VENTURE FINANCE Prepayments 20 26 (1) (2) Weighted Average Portfolio Yield on Debt Investments includes all prepayment income. Please refer to footnote (1) on slide 36 of this presentation for more information
Slide 38: Financial Highlights
Financial Highlights NII Return on Average Equity (ROAE) and NII Return on Average Assets (ROAA) A GLOBAL LEADER IN VENTURE FINANCE Gross Leverage Ratio 20 26 38
Slide 39: Balance Sheet
Balance Sheet (1) As of March 31, 2026 As of December 31, 2025 Assets (unaudited) Investments at Fair Value $785,635 $783,544 Cash and Cash Equivalents 8,574 20,364 Restricted Cash 474 27,003 Deferred Credit Facility Costs 4,304 4,643 Prepaid Expenses and Other Assets 8,102 4,095 Total Assets $807,0
Slide 40: Income Statement
Income Statement (1) 3 Months Ended 3 Months Ended March 31, 2026 March 31, 2025 Investment Income Interest Income from Investments $22,089 $21,585 Other Income 686 869 Total Investment and Other Income 22,775 22,454 Operating Expenses Base Management Fee 3,614 3,326 Income Incentive Fee 1,824 – Int
Slide 41: QTD NAV Roll Forward Per Common Share
QTD NAV Roll Forward Per Common Share $0.23 A GLOBAL LEADER IN VENTURE FINANCE ($0.23) $ 8.73 $(0.08) $ 8.65 NAV as of 12/31/2025 Net Investment Income Dividends to Shareholders Realized and Unrealized NAV as of 3/31/2026 Changes in Fair Value 20 26 41
Slide 42: Disciplined and Diversified Capital Raising Since IPO
Disciplined and Diversified Capital Raising Since IPO (1) Equity Capital Raises (2) A GLOBAL LEADER IN VENTURE FINANCE Debt Capital Raises (2)(3) Private Private Placement Placement Private Notes Notes Placement 3yr - 8.11% 2yr – 7.50% Private Notes BBB Low BBB Low Placement 5yr - 5.00% (DBRS) (DBRS
Slide 43: Diversification of Debt & Laddered Maturities
Diversification of Debt & Laddered Maturities Debt Facility/ Interest Primary Financial Security Outstanding (2) Rating Maturity Instrument Issuance Size Rate (3) Covenants Revolving Revolving 2.85% + 3 - Period: Asset coverage, SPV Credit $300 Million (1) $197 Million(1) N/A Month 11/30/2027 minimu
Slide 44: Research Coverage
Research Coverage Brian McKenna Casey Alexander Paul Johnson (212) 906 - 3545 (646) 452 - 7083 (617) 848 - 2777 Brian.McKenna@citizensbank.com calexander@compasspointllc.com johnsonpa@kbw.com A GLOBAL LEADER IN VENTURE FINANCE Finian O’Shea, CFA Mitchel Penn, CFA Crispin Love (212) 214- 5082 (212) 6
Slide 45: Strong Demand for Venture Debt
Strong Demand for Venture Debt VC - backed companies rely on a combination of equity and debt to fund growth Demand for venture debt is driven by VC fundraising and investment activity Over $600 billion raised by US VCs over More than 80,000 investments made representing the past 5 years over $1 tri
Slide 46: Thank You
A GLOBAL LEADER IN VENTURE FINANCE 26 20 You Thank
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