TriplePoint Venture Growth BDC Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net investment income for the quarter ended September 30, 2026, was $6.6 million ($0.16 per share), compared to $10.3 million ($0.26 per share) in the same period in 2025.
• Total investment and other income was $20.2 million for the quarter, down from $22.7 million in the third quarter of 2025.
• Net decrease in net assets resulting from operations was $1.7 million ($0.04 per share) for the quarter, compared to a net increase of $15.2 million ($0.38 per share) in the prior year period.
• For the nine months ended September 30, 2026, net investment income was $24.0 million ($0.59 per share), down from $32.3 million ($0.80 per share) in the prior year period.
• Net increase in net assets resulting from operations for the nine months ended September 30, 2026, was $15.1 million ($0.37 per share), compared to $41.1 million ($1.02 per share) in the prior year period.
• Net realized losses on investments were $26.4 million for the quarter, primarily due to the sale of investments in one portfolio company and the write-off of a debt investment in another, compared to net realized losses of $0.7 million in the prior year quarter.
• Net change in unrealized gains on investments was $18.1 million for the quarter, compared to $5.6 million in the prior year quarter.
• Total operating expenses were $13.2 million for the quarter, compared to $12.0 million in the prior year quarter (inclusive of a $2.1 million income incentive fee waiver in 2025).
• Interest expense and amortization of fees were $7.9 million for the quarter, up from $6.8 million in the prior year quarter.
• Net asset value was $339.9 million ($8.32 per share) as of September 30, 2026, down from $353.6 million ($8.73 per share) as of December 31, 2025.
• The Company recorded excise tax expenses of $0.4 million for the quarter and $1.0 million for the nine-month period.
• Return on average equity for the third quarter was 7.4%.
• Debt investment portfolio at cost was $665.3 million as of September 30, 2026.
• Gross leverage ratio was 1.18x and net leverage ratio was 1.12x as of September 30, 2026.
• 1940 Act asset coverage ratio was 185% as of September 30, 2026.

Guidance and Future Outlook:

• Management stated a continued focus on advancing sector rotation and diversification strategies, investing in AI and other attractive sectors.
• The Adviser amended its income incentive fee waiver to waive fees in full through the end of fiscal year 2027.
• Subsequent to quarter-end, the Company declared a fourth quarter regular distribution of $0.23 per share, payable December 30, 2026.
• The Company has an authorized 12-month stock repurchase program for up to $12.5 million, expiring May 6, 2027, though no shares were repurchased as of September 30, 2026.
• Subsequent to quarter-end, the Company closed $60.0 million of additional debt commitments and funded $57.4 million in new investments.

Business Segments and Product Lines:

• The Company signed $106.0 million of term sheets with venture growth stage companies during the quarter and closed $43.0 million of new debt commitments.
• The Company funded $0.7 million in debt investments to four portfolio companies during the quarter, with an 11.2% weighted average annualized yield at origination.
• Subsequent to quarter-end, the Company funded $57.4 million in new investments.
• The Company held debt investments in 50 portfolio companies, warrants in 120 portfolio companies, and equity investments in 57 portfolio companies as of September 30, 2026.
• Seven portfolio companies raised an aggregate $2.6 billion of capital in private financings during the quarter; five of these were active debt portfolio companies raising $1.5 billion.
• The Company sold its investments in Prodigy Investments Limited for $43.8 million, reflecting fair value plus accrued interest.
• The Company received $11.0 million in principal prepayments, $1.0 million in early repayments, and $5.4 million in scheduled principal amortization during the quarter.
• Subsequent to quarter-end, the Company received $72.6 million in principal prepayments generating over $2.0 million in accelerated income.
• Unfunded commitments totaled $171.6 million as of September 30, 2026, with $14.8 million dependent on milestones.

Market and Competitive Landscape:

• The Company operates as a financing provider to venture growth stage companies backed by a select group of venture capital firms in technology and high-growth industries.
• DBRS, Inc. confirmed TPVG's investment grade rating in April 2026 with a BBB (low) Long-Term Issuer rating and a stable trend outlook.
• The weighted average investment ranking of the debt portfolio was 2.24 as of September 30, 2026, compared to 2.28 at the end of the prior quarter.
• During the quarter, one portfolio company ($28.0 million) was upgraded from Yellow (3) to White (2), and two portfolio companies ($33.8 million) were downgraded from White (2) to Yellow (3).
• Credit categories as of September 30, 2026: Clear (1) at 7.9%, White (2) at 64.7%, Yellow (3) at 23.8%, Orange (4) at 3.0%, and Red (5) at 0.6%.

Risks and Challenges:

• The decrease in total investment and other income was primarily driven by lower investment yields, in part due to a lower Prime rate.
• The decrease in net investment income between periods was driven by lower total investment income and higher interest expense.
• Unfunded commitments may expire without being drawn, meaning they do not necessarily represent future cash requirements or future earning assets.
• Forward-looking statements involve substantial risks and uncertainties, including changes in economic and market conditions.
• The Company's stock repurchase program does not require the repurchase of any specific number of shares, and there is no assurance it will enhance stockholder value.

Management Commentary and Tone:

• Jim Labe, Chairman and CEO, stated the Company is advancing its sector rotation and diversification strategy, investing across AI and other attractive sectors while capitalizing on strong demand for debt financing from high-quality venture-growth companies.
• Sajal Srivastava, President and CIO, expressed pleasure with the success of portfolio companies raising capital, noting seven companies raised $2.6 billion in the quarter.
• Management emphasized a focus on disciplined underwriting, strengthening the portfolio and financial position, and growing NAV over the long term.

Other Key Points:

• The sponsor, TriplePoint Capital LLC (TPC), purchased 313,865 shares in a private transaction, bringing its total holdings to 2,312,354 shares (5.7% of outstanding shares) as of September 30, 2026.

• The Company declared a fourth quarter regular distribution of $0.23 per share, bringing total declared distributions to $18.17 per share since the IPO.

• Estimated undistributed taxable earnings (spillover income) were $36.9 million ($0.90 per share) as of September 30, 2026.

• The Company has total liquidity of $168.0 million, consisting of $18.0 million in cash/restricted cash and $150.0 million in available capacity under its Revolving Credit Facility.

• The Company held $0.4 million of stock and warrant positions in publicly traded companies as of September 30, 2026.

• The Adviser waived $3.2 million in income incentive fees earned for the nine months ended September 30, 2026.

• The Company's Board authorized a 12-month stock repurchase program for up to $12.5 million in May 2026.