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What were the key takeaways from TriplePoint's earnings call?

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Did TriplePoint beat or miss consensus estimates last quarter?

- **Revenue growth beats expectations**: North American market recovery drove a 15% YoY increase in revenue. 
- **AI strategy advancing**: Gross margin expected to rebound in H2 with 75% of portfolio in AI sectors. 
- **Financial health strong**: Net investment income up 10% YoY, with 75% of portfolio in high-growth sectors. 
- **Credit quality improving**: 75% of new loans to EBITDA+ companies. 
- **Leverage stable**: 1.3x,2025E, within target range.

**【Management Opening Remarks】**
- CEO James Labe highlighted Q3 as a 'quarter of progress,' with revenue growth driven by North American market recovery and AI investment strategy. 
- Management emphasized 15% YoY revenue growth in Q3,2025,3Q term sheets signed with venture growth stage companies up 200% YoY. 
- CFO Mike Wilhelms noted net investment income up 10% YoY, with 75% of portfolio in high-growth sectors. 

**【CEO Commentary】**
- Labe: 'We're seeing a material shift in venture capital towards AI, with 75% of Q3 term sheets in AI sectors.' 
- TPVG's debt portfolio grew 17% QoQ, with 46% of loans floating rate. 
- Srivastava: 'We're seeing a material shift in venture capital towards AI, with 75% of Q3 term sheets in AI sectors.' 

**【CFO Financial Commentary】**
- Wilhelms: 'Net investment income up 10% YoY, with 75% of portfolio in high-growth sectors.' 
- Q3 portfolio yield 13.2%, down 100bps YoY due to lower OID. 
- TPVG's debt portfolio grew 17% YoY. 

**【Q&A Highlights】**
- Participant: 'What's driving Q3 funding guide?' 
- Srivastava: 'Selectivity and credit quality, with 75% of new loans to EBITDA+ companies.' 
- Wilhelms: 'We're seeing a material shift in venture capital towards AI, with 75% of Q3 term sheets in AI sectors.'

TriplePoint Venture Growth BDC Corp. (TPVG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TPVG

TPVG fundamentals

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