TriplePoint Venture Growth BDC Corp.TPVG
TriplePoint Venture Growth BDC Corp. Commitments Disclosure
Commitments and Contingencies
Commitments
As of December 31, 2025 and December 31, 2024, the Company’s unfunded commitments totaled $260.4 million to 25 portfolio companies and $104.5 million to 14 portfolio companies, respectively, of which $50.7 million and $9.1 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.
The Company’s credit agreements contain customary lending provisions that allow it relief from funding obligations for previously made commitments in instances where the underlying company experiences material adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.
The following table shows the Company’s unfunded commitments by portfolio company as of December 31, 2025 and December 31, 2024:
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
Unfunded Commitments(1) (in thousands) | Unfunded Commitments | Fair Value of Unfunded Commitment Liability | Unfunded Commitments | Fair Value of Unfunded Commitment Liability | ||||||||||||||||||||||
| Etched.AI, Inc. | $ | 25,500 | $ | — | $ | — | $ | — | ||||||||||||||||||
| Eightfold AI Inc. | 25,000 | 63 | — | — | ||||||||||||||||||||||
| Incode Technologies, Inc. | 25,000 | 433 | — | — | ||||||||||||||||||||||
| Project Affinity, Inc. | 25,000 | 108 | 5,500 | 61 | ||||||||||||||||||||||
| ThoughtSpot, Inc. | 25,000 | 425 | — | — | ||||||||||||||||||||||
| Bidgely Inc. | 20,000 | 72 | — | — | ||||||||||||||||||||||
| Rudderstack, Inc. | 20,000 | 98 | — | — | ||||||||||||||||||||||
| Branch Messenger, Inc. | 16,933 | — | — | — | ||||||||||||||||||||||
| Pair Team, PBC | 14,400 | 33 | — | — | ||||||||||||||||||||||
| Minted, Inc. | 14,286 | — | 8,500 | — | ||||||||||||||||||||||
| Simpplr Inc. | 12,500 | 203 | — | — | ||||||||||||||||||||||
| Bitonic Technology Labs, Inc. | 11,750 | 43 | — | — | ||||||||||||||||||||||
| Hover Inc. | 6,000 | 60 | 4,000 | 40 | ||||||||||||||||||||||
| Muon Space, Inc. | 4,264 | 93 | 10,000 | 155 | ||||||||||||||||||||||
| Ao1 Holdings Inc. | 3,633 | 55 | 11,003 | 104 | ||||||||||||||||||||||
| Lively, Inc. | 3,250 | 63 | — | — | ||||||||||||||||||||||
| Hydrow, Inc. | 1,410 | — | 543 | — | ||||||||||||||||||||||
| Planhub Holdings, LLC | 1,313 | — | — | — | ||||||||||||||||||||||
| All Inspire Health, Inc. | 1,000 | 27 | — | — | ||||||||||||||||||||||
| Encharge AI, Inc. | 1,000 | 28 | — | — | ||||||||||||||||||||||
| Signal Advisors USA, Inc. | 966 | — | — | — | ||||||||||||||||||||||
| Equafin Corp. | 877 | 4 | — | — | ||||||||||||||||||||||
| Panorama Education, Inc. | 600 | — | 4,280 | — | ||||||||||||||||||||||
| FlashParking, Inc. | 500 | 2 | 500 | 2 | ||||||||||||||||||||||
| Parry Labs, LLC | 267 | — | 500 | 4 | ||||||||||||||||||||||
| Activehours, Inc. (d/b/a Earnin) | — | — | 15,000 | 61 | ||||||||||||||||||||||
| Corelight, Inc. | — | — | 9,000 | 301 | ||||||||||||||||||||||
| Cresta Intelligence Inc. | — | — | 10,000 | 33 | ||||||||||||||||||||||
| Eridu Corporation | — | — | — | — | ||||||||||||||||||||||
| FabFitFun, Inc. | — | — | — | — | ||||||||||||||||||||||
| Ocrolus Inc. | — | — | 2,856 | 37 | ||||||||||||||||||||||
| Overtime Sports Inc. | — | — | 22,858 | 122 | ||||||||||||||||||||||
| Total | $ | 260,449 | $ | 1,810 | $ | 104,540 | $ | 920 | ||||||||||||||||||
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(1)Does not include a $0.3 million of backlog of potential future commitments as of December 31, 2025. The Company did not have any backlog of potential future commitments and December 31, 2024. Refer to the “Backlog of Potential Future Commitments” below.
The table above also shows the fair value of the Company’s unfunded commitment liability totaling $1.8 million and $0.9 million as of December 31, 2025 and December 31, 2024, respectively. The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated statements of assets and liabilities.
These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity during the years ended December 31, 2025 and 2024:
| Commitments Activity (in thousands) | For the Year Ended December 31, | |||||||||||||
| 2025 | 2024 | |||||||||||||
Unfunded commitments at beginning of period(1) | $ | 104,540 | $ | 118,111 | ||||||||||
New commitments(1) | 508,142 | 174,976 | ||||||||||||
| Fundings | (287,109) | (135,117) | ||||||||||||
| Expirations / Terminations | (64,791) | (53,430) | ||||||||||||
| Unfunded commitments and backlog of potential future commitments at end of period | $ | 260,782 | $ | 104,540 | ||||||||||
| Backlog of potential future commitments | 333 | — | ||||||||||||
| Unfunded commitments at end of period | $ | 260,449 | $ | 104,540 | ||||||||||
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(1)Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of December 31, 2025 and December 31, 2024:
Unfunded Commitments(1) (in thousands) | December 31, 2025 | December 31, 2024 | ||||||||||||
| Dependent on milestones | $ | 50,700 | $ | 9,100 | ||||||||||
| Expiring during: | ||||||||||||||
| 2025 | $ | — | $ | 83,617 | ||||||||||
| 2026 | 150,851 | 20,923 | ||||||||||||
| 2027 | 83,131 | — | ||||||||||||
| 2028 | 26,467 | — | ||||||||||||
| Unfunded commitments | $ | 260,449 | $ | 104,540 | ||||||||||
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(1)Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
Backlog of Potential Future Commitments
The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of December 31, 2025 the Company had a $0.3 million backlog of potential future commitments. As of December 31, 2024, the Company did not have any backlog of potential future commitments.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 5, 2025 | |
| 2023 | Mar 6, 2024 | |
| 2022 | Mar 1, 2023 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.