TriplePoint's own filing states a narrower warrant range than Hercules

The record

TriplePoint Venture Growth BDC Corp., which trades as TPVG, is a second publicly traded venture-debt BDC whose lending terms appear in its own SEC filings. Its Form 10-K for the year ended 31 December 2025, filed 4 March 2026, states a weighted average portfolio yield on debt investments of 13.7 percent for the year, down from 15.7 percent in 2024. The filing breaks that yield into components: coupon income of 10.9 percent, accretion of discount of 0.9 percent, accretion of end-of-term payments of 1.2 percent, and the impact of prepayments of 0.7 percent.

What the sources establish

TriplePoint's own filing states its warrant practice in terms comparable to, but distinct from, Hercules Capital's: 'warrant coverage generally ranges from 2% to 10% of the committed loan amount,' with an exercise price 'typically equal to the same price per share paid by the company's venture capital investors in its last round of equity financing or a recent valuation.' The filing also states that TriplePoint's portfolio is concentrated in a limited number of companies and that it does not maintain fixed diversification guidelines beyond regulatory requirements, which the filing itself flags as a risk factor rather than a strength.

Scope and revision

TriplePoint's 2-to-10-percent warrant coverage range, confirmed against its EDGAR filing history to identify the current 10-K, does not describe Hercules Capital's 3-to-20-percent range, or vice versa; each is one lender's own disclosed practice as of its own filing date, and the two should not be averaged into a single 'venture debt warrant coverage' figure without naming both filers. The year-over-year decline in TriplePoint's own portfolio yield, from 15.7 percent to 13.7 percent, is itself a data point about one lender's book in a period of falling reference rates, not evidence about venture debt pricing generally. The filing's own risk-factor language about concentration is a caution TriplePoint states about itself, not a market-wide finding.

The decision in front of you

A founder comparing venture debt offers, or an analyst assessing a BDC's disclosed risk, can use TriplePoint's stated warrant range and yield trend as one lender's documented position, and should request the equivalent disclosure, or the lender's own term sheet, before assuming another lender's terms will match.

• Are you comparing TriplePoint's disclosed warrant range against another BDC's disclosed range from the same filing period?
• Does the yield figure you are citing reflect the full fiscal year or a shorter reporting period within the filing?
• Has TriplePoint's concentration risk, which the filing itself discloses, been weighed against the yield figure rather than read in isolation?

Two lenders operating in the same venture debt market can and do disclose different warrant ranges and yields in the same year, which is exactly why each filing needs to be named rather than folded into an unlabeled market average.