When did the Board authorize this repurchase program?

The Board authorized the program on May 5, 2026, and it is scheduled to expire on May 6, 2027—a 12-month window. As of the June 30, 2026 quarter-end, no shares had been repurchased under the authorization.

What is a Rule 10b-18 repurchase, and why does TPVG use it?

Rule 10b-18 is an SEC safe harbor that provides an affirmative defense to insider trading liability when a company buys back its own stock in accordance with specific conditions—timing, volume, price, and broker selection. TPVG uses this mechanism because it offers legal certainty and is the standard approach for open-market buybacks.

Can TPVG repurchase shares at any price?

No. TPVG's program is limited to repurchases at certain thresholds below the Company's net asset value (NAV) per share, which was $8.67 as of June 30, 2026. This is typical for BDCs, which use NAV as a key metric to avoid creating shareholder dilution.

What is the $12.5 million authorization relative to TPVG's size?

The $12.5 million represents approximately 3.5% of the Company's net assets of $352.8 million as of June 30, 2026. It is a modest, opportunistic program rather than an aggressive capital-return commitment.

Is TPVG obligated to repurchase shares?

No. The filing explicitly states the Company does not require TPVG to repurchase any specific number of shares, and there is no assurance that the Company will purchase additional shares at any specific discount levels or in any specific amounts.

How does this relate to other capital returns by TPVG?

TPVG declared regular and supplemental distributions totaling $0.35 per share in Q3 2026, in addition to regular Q3 distributions of $0.23 per share. The buyback program complements—but is separate from—these distributions, allowing the Company to return capital opportunistically when the stock trades below NAV.

TPVG 8-K Filed 2026-08-05 New authorization

TriplePoint Venture Growth BDC authorizes $12.5M stock repurchase program

Board approves 12-month buyback plan at thresholds below NAV; program expires May 6, 2027

Authorization$12M

MechanismRule 10b-18 open-market purcha

What the filing says

On May 5, 2026, TriplePoint Venture Growth BDC Corp.'s Board of Directors authorized a 12-month stock repurchase program for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market at certain thresholds below its then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934.

The timing, manner, price and amount of any share repurchases will be determined by the Company based upon an evaluation of economic and market conditions, stock price, applicable legal, contractual and regulatory requirements and other factors. The authorized stock repurchase program is scheduled to expire on May 6, 2027.

As of June 30, 2026, the Company had not repurchased any shares of common stock pursuant to the Board's stock repurchase authorization. The Company had 40.7 million shares outstanding and net assets of $352.8 million, or $8.67 per share, as of quarter-end.

The Company's Board of Directors authorized a 12-month stock repurchase program for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market at certain thresholds below its then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934. — TriplePoint Venture Growth BDC Corp. 8-K filing · View on SEC EDGAR →

What this means

TPVG's $12.5 million repurchase authorization reflects a modest capital return mechanism for a BDC with $352.8 million in net assets, or roughly 3.5% of NAV. The buyback is conditioned on repurchases occurring at discounts to NAV—a common practice among closed-end investment companies seeking to manage share-price premiums and discounts. No shares have been repurchased under the program as of quarter-end. The 12-month window (expiring May 6, 2027) gives management flexibility to execute purchases opportunistically, though the filing notes explicitly that there is no obligation to repurchase any specific number of shares or at any particular discount level.

Frequently asked questions

When did the Board authorize this repurchase program?: The Board authorized the program on May 5, 2026, and it is scheduled to expire on May 6, 2027—a 12-month window. As of the June 30, 2026 quarter-end, no shares had been repurchased under the authorization.
What is a Rule 10b-18 repurchase, and why does TPVG use it?: Rule 10b-18 is an SEC safe harbor that provides an affirmative defense to insider trading liability when a company buys back its own stock in accordance with specific conditions—timing, volume, price, and broker selection. TPVG uses this mechanism because it offers legal certainty and is the standard approach for open-market buybacks.
Can TPVG repurchase shares at any price?: No. TPVG's program is limited to repurchases at certain thresholds below the Company's net asset value (NAV) per share, which was $8.67 as of June 30, 2026. This is typical for BDCs, which use NAV as a key metric to avoid creating shareholder dilution.
What is the $12.5 million authorization relative to TPVG's size?: The $12.5 million represents approximately 3.5% of the Company's net assets of $352.8 million as of June 30, 2026. It is a modest, opportunistic program rather than an aggressive capital-return commitment.
Is TPVG obligated to repurchase shares?: No. The filing explicitly states the Company does not require TPVG to repurchase any specific number of shares, and there is no assurance that the Company will purchase additional shares at any specific discount levels or in any specific amounts.
How does this relate to other capital returns by TPVG?: TPVG declared regular and supplemental distributions totaling $0.35 per share in Q3 2026, in addition to regular Q3 distributions of $0.23 per share. The buyback program complements—but is separate from—these distributions, allowing the Company to return capital opportunistically when the stock trades below NAV.

authorization bdc rule-10b-18 nav-discount closed-end-fund

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.