We compare experimental data with three-dimensional numerical calculations of the local minority current in an InGaAs/GaAs transistor vertical-cavity surface-emitting laser at different bias levels. It is demonstrated that lateral potential variations within the device greatly affect the transistor operating conditions. As a result, it locally operates in the active mode in the center of the device, allowing for efficient stimulated recombination, while it globally operates in the saturation regime as reflected by the measured current-voltage characteristics. This allows for excellent laser performance, including mW-range output power, sub-mA threshold base current, and continuous-wave operation well above room temperature.