TriplePoint Venture Growth BDC
Inside TriplePoint Venture Growth BDC’s $707M private-credit portfolio — 292 holdings disclosed in SEC filings. The portfolio is a weighted-average spread near 428 bps.
Aug 5 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read TPVG as a credit: NAV per share is the Q2 FY2026 book value ($8.69) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.61x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| NII Return on Equity | 12.0% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | -0.7% FY2025: ΔNAV/share + distributions 3-yr ≈-11.9%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 1.31x | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 176% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 19% of portfolio FV ≈ 38% of Q2 FY2026 NAV largest: Prodigy Investments Limited | Growth Capital Loan (5.3% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 18.5% (5.2% below 80) of marked debt FV (100% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 26.3% of debt FV carries a PIK component | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 68% floating, mostly SOFR of rate-classified debt (82% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $13.5M ≈1.61% of FY2025 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | $5.3M as filed, gross of any fee waivers | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-05 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (100% of debt FV carries a parsed maturity). The refinancing question: 33% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-05 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $41M | 6.4% |
| 2027 | $168M | 26.3% |
| 2028 | $135M | 21.2% |
| 2029 | $175M | 27.5% |
| 2030 | $77M | 12.1% |
| 2031+ | $41M | 6.5% |
Lien profile: TriplePoint’s 10-K describes its lending strategy as secured by a senior secured lien on all of the borrower’s assets, including a pledge or negative pledge of intellectual property; for certain borrowers it is the only form of secured debt aside from receivable or equipment lines. This is the manager’s portfolio-level characterization — the filed Schedule of Investments labels positions by loan type, not lien tier, so no per-position first-lien percentage is computed for this book. Source: TPVG FY2025 10-K (SEC accession 0001580345-26-000008)
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-06 and 2026-08-05 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 24
- Prodigy Investments Limited | Growth Capital Loan$38M
- Outfittery Gmbh | Revolver 2$33M
- Bestow Inc. | Growth Capital Loan 2$31M
- Flink Se | Growth Capital Loan 2$31M
- Total Expert Inc. | Growth Capital Loan$22M
- Hover Inc. | Growth Capital Loan 1$16M
Exited 7
- Revolut Ltd$48M
- Prodigy Investments Limited$42M
- Outfittery Gmbh$34M
- Mind Candy Limited$12M
- Monzo Bank Limited$11M
- Luminary Roli Limited$10M
Biggest mark moves
- K Health, Inc.↑ 125→150
- Trendly, Inc.↓ 107→92
- Panorama Education, Inc. | Growth Capital Loan↓ 103→98
- Fabfitfun, Inc.↑ 97→101
- Arcadia Power, Inc. | Growth Capital Loan 1↑ 105→106
- Savage X, Inc. | Growth Capital Loan 3↑ 90→91
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | Prodigy Investments Limited | Growth Capital Loan | DebtPIK 5.98% | Entertainment | — | Jun 2027 | $38M | 5.3% | 10.7% |
| 2 | PlanHub, Inc. | Growth Capital Loan 1 | Debt | SOFR + 7.40% | Aug 2031 | $26M | 3.7% | 7.3% | |
| 3 | Outfittery GMBH | Growth Capital Loan | DebtPIK 5.50% | — | Jan 2030 | $26M | 3.6% | 7.3% | |
| 4 | Bestow Inc. | Growth Capital Loan 2 | Debt | Insurance | SOFR + 3.15% | May 2029 | $22M | 3.1% | 6.3% |
| 5 | Total Expert Inc. | Growth Capital Loan | Debt | — | Sep 2029 | $22M | 3.1% | 6.3% | |
| 6 | FlashParking, Inc. | Growth Capital Loan | DebtPIK 2.50% | SOFR + 1.75% | Jun 2027 | $21M | 3.0% | 5.9% | |
| 7 | Jerry Services, Inc. | Growth Capital Loan | Debt | Insurance | — | May 2029 | $20M | 2.9% | 5.7% |
| 8 | Parry Labs, LLC | Growth Capital Loan | Debt | SOFR + 3.50% | Dec 2028 | $20M | 2.8% | 5.6% | |
| 9 | Minted, Inc. | Growth Capital Loan | Debt | SOFR + 4.25% | Jun 2029 | $18M | 2.6% | 5.1% | |
| 10 | Trendly, Inc. | Growth Capital Loan 1 | Debt | SOFR + 7.75% | Mar 2027 | $18M | 2.5% | 5.1% | |
| Full schedule — all 292 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q2 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — TriplePoint Venture Growth BDC shares 15 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 444 to 428 bps over 5 quarters while marks held near 90.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q2 2025 | 29 | 51 | 444 | 91.0 | $591M |
| Q3 2025 | 32 | 57 | 439 | 92.5 | $665M |
| Q4 2025 | 38 | 62 | 437 | 89.6 | $645M |
| Q1 2026 | 38 | 66 | 412 | 89.7 | $641M |
| Q2 2026 | 37 | 65 | 428 | 89.2 | $637M |
8 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
How large is TriplePoint Venture Growth BDC's portfolio?
TriplePoint Venture Growth BDC reported $707M in portfolio fair value across 292 holdings and 222 unique borrowers as of its 2026-08-05 SEC filing.
What do TriplePoint Venture Growth BDC's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across TriplePoint Venture Growth BDC's fixed-rate income-producing holdings is approximately 7.9%, measured over the fixed-rate holdings representing 19% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-05 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from TriplePoint Venture Growth BDC's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-05 filing date.
About TriplePoint Venture Growth BDC
TriplePoint Venture Growth BDC (TPVG) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. TriplePoint Venture Growth BDC discloses its full loan portfolio through SEC filings.