The firm's liquidity position has deteriorated significantly, with cash balances plummeting from $153.3M in 2023Q4 to just $9.0M in 2026Q1, while leverage remains constrained near the upper bound of regulatory limits at 1.27x debt-to-equity.
| Total Current Assets | 9.05M | 20.36M | 45.9M | 155.71M | 53.36M | 52.28M | 40.12M | 23.26M | 25.89M | 131.71M | 50.44M | 103.02M | 57.4M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 798.04M | 819.28M | 717.14M | 823.11M | 961.17M | 875.38M | 643.39M | 660.89M | 441.16M | 378.57M | 383.79M | 279.3M | 268.93M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.57B | 783.54M | 0 | 0 | 0 | 0 | 50.44M | 48.61M | -11.93M | -229.77M | -65.68M | -127.86M | -89.63M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 807.09M | 839.65M | 763.04M | 978.83M | 1.01B | 927.67M | 683.51M | 684.15M | 467.05M | 510.28M | 434.22M | 382.32M | 326.33M |
| Asset Turnover | 0.07x | 0.12x | 0.09x | 0.01x | 0.01x | 0.11x | 0.08x | 0.07x | 0.09x | 0.07x | 0.05x | 0.06x | 0.09x |
| Asset Growth % | 29.42% | 10.04% | -22.05% | -3.52% | 9.36% | 35.72% | -0.09% | 46.48% | -8.47% | 17.52% | 13.57% | 17.16% | - |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 3.09M | 0 | 55.23M | 200.28M | 215.64M | 94.87M | 177M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 3.09M | 0 | 20M | 124.91M | 39.99M | 70M | 50M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23M | 67M | 168.29M | 18M | 118M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | - | - | - | - | - | - | 13.00x | - | 0.47x | 0.66x | 0.23x | 1.09x | 0.32x |
| Quick Ratio | - | - | - | - | - | - | 13.00x | - | 0.47x | 0.66x | 0.23x | 1.09x | 0.32x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 456.11M | 486.03M | 417.35M | 632.52M | 594.59M | 493.18M | 279.99M | 351.64M | 77.29M | 75.06M | 2.72M | 55.81M | 4.35M |
| Long-Term Debt | 446.18M | 469.08M | 398.83M | 607.9M | 566.98M | 467.5M | 261.11M | 335.75M | 72.94M | 72.43M | 168.29M | 52.91M | 118M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 456.11M | 486.03M | 417.35M | 632.52M | 594.59M | 493.18M | 283.07M | 351.64M | 132.52M | 275.34M | 218.36M | 150.68M | 181.35M |
| Total Debt | 446.18M | 469.08M | 398.83M | 607.9M | 566.98M | 467.5M | 261.11M | 335.75M | 95.94M | 139.43M | 336.58M | 70.91M | 236M |
| Net Debt | 437.13M | 448.72M | 352.93M | 454.57M | 515.49M | 416.23M | 222.89M | 315.47M | 92.56M | 134.95M | 328.8M | 38.46M | 229.09M |
| Debt / Equity | 1.27x | 1.33x | 1.15x | 1.76x | 1.35x | 1.08x | 0.65x | 1.01x | 0.29x | 0.59x | 1.56x | 0.31x | 1.63x |
| Debt / EBITDA | -20.43x | 6.19x | 12.45x | - | - | 6.11x | 7.40x | 10.57x | 1.48x | 5.31x | 14.63x | 3.71x | - |
| Net Debt / EBITDA | -20.02x | 5.93x | 11.01x | - | - | 5.44x | 6.31x | 9.93x | 1.43x | 5.14x | 14.29x | 2.01x | - |
| Interest Coverage | -1.02x | 2.86x | 1.25x | -1.21x | -0.88x | 5.72x | 2.77x | 3.17x | 5.03x | 4.01x | 4.35x | 6.03x | - |
| Total Equity | 350.98M | 353.62M | 345.69M | 346.31M | 419.94M | 434.49M | 400.44M | 332.51M | 334.53M | 234.94M | 215.86M | 231.65M | 144.98M |
| Equity Growth % | -0.3% | 2.3% | -0.18% | -17.53% | -3.35% | 8.5% | 20.43% | -0.61% | 42.39% | 8.84% | -6.81% | 59.78% | - |
| Book Value per Share | 2.90 | 8.78 | 8.84 | 9.70 | 12.85 | 14.04 | 13.10 | 13.38 | 16.33 | 14.39 | 13.36 | 15.40 | 14.69 |
| Total Shareholders' Equity | 350.98M | 353.62M | 345.69M | 346.31M | 419.94M | 434.49M | 400.44M | 332.51M | 334.53M | 234.94M | 215.86M | 231.65M | 144.98M |
| Common Stock | 406K | 405K | 401K | 376K | 353K | 310K | 309K | 249K | 248K | 177K | 160K | 163K | 99K |
| Retained Earnings | -164.34M | -161.18M | -168.43M | -147M | -50.98M | 19.96M | -12.39M | -795K | 2.95M | -720K | 82K | 34.77M | 12.81M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.7M | -16.84M | -4.96M | 1.48M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Elevated leverage and credit risk
As reported in recent financial filings, TPVG's total assets have declined from $978.8M in 2023Q4 to $807.1M in 2026Q1, reflecting a broader trend of portfolio shrinkage that suggests the firm is struggling to maintain its scale amidst a challenging venture-debt environment and potential credit quality deterioration.
The consistent reduction in total assets over the last ten quarters indicates a strategic or forced de-leveraging process that may limit future earnings power. Investors should monitor whether this contraction is a proactive risk management measure or a symptom of an inability to originate high-quality assets in the current market.
Based on the provided balance sheet data, TPVG's debt-to-equity ratio reached 1.33x in 2025Q4, which sits near the upper bound of typical BDC leverage limits and suggests that the firm has limited capacity to absorb further portfolio markdowns without triggering potential regulatory or covenant-related constraints.
The reliance on debt to fund the portfolio, evidenced by $446.2M in total debt as of 2026Q1, amplifies the impact of any non-accruals on the net asset value. This high leverage profile appears to leave the company with little margin for error should the venture-backed borrower base face further liquidity stress.
According to historical balance sheet figures, TPVG has seen its retained earnings deficit widen to $164.3M as of 2026Q1, a trend that highlights the ongoing difficulty in generating sufficient net income to offset dividend distributions and potential realized losses within the venture-debt portfolio.
The persistent negative balance in retained earnings suggests that the company is effectively distributing capital rather than reinvesting earnings to grow the equity base. This structure warrants further investigation into the long-term sustainability of the dividend policy if the underlying portfolio fails to produce consistent realized gains.
As indicated by recent quarterly data, TPVG's cash position has plummeted from $153.3M in 2023Q4 to just $9.0M in 2026Q1, signaling a significant reduction in the liquidity buffer available to manage operational expenses or support portfolio companies during periods of heightened market volatility.
The rapid depletion of cash reserves suggests that the firm may be increasingly reliant on external financing or asset sales to meet its obligations. This tightening liquidity profile appears to increase the risk of forced asset liquidations at unfavorable valuations if the venture exit environment remains stagnant.
Quick answers to the most common questions about buying TPVG stock.
As of 2025, TriplePoint Venture Growth BDC Corp. (TPVG) had total assets of $839.6M including $20.4M in current assets.
TriplePoint Venture Growth BDC Corp. (TPVG) carries total debt of $469.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TriplePoint Venture Growth BDC Corp. (TPVG) has total shareholders' equity (book value) of $353.6M ($8.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.