tpvg-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________________________________________________________________________________________________

Form 10-Q

________________________________________________________________________________________________________________________________________________


(Mark One)
x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-01044

________________________________________________________________________________________________________________________________________________

TriplePoint Venture Growth BDC Corp.

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________________________________________________________________


Maryland						46-3082016
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

2755 Sand Hill Road, Suite 150, Menlo Park, California 94025

(Address of principal executive office)

(650) 854-2090

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

TPVG

The New York Stock Exchange

________________________________________________________________________________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨	Smaller reporting company	¨
Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

There were 40,232,829 shares of the Registrant’s common stock outstanding as of May 6, 2025.

TRIPLEPOINT VENTURE GROWTH BDC CORP.

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	5
	Notes to Consolidated Financial Statements (unaudited)	32
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	66
Item 4.	Controls and Procedures	68
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	69
Item 1A.	Risk Factors	69
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 3.	Defaults Upon Senior Securities	69
Item 4.	Mine Safety Disclosures	69
Item 5.	Other Information	70
Item 6.	Exhibits	73
	Signatures	74

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)


	March 31, 2025		December 31, 2024

Assets	(unaudited)
Investments at fair value (amortized cost of $719,798 and $713,732, respectively)	$	682,012	$	676,249
Cash and cash equivalents	34,672		45,899
Restricted cash	7,038		32,828
Deferred credit facility costs	3,500		3,904
Prepaid expenses and other assets	7,615		4,160
Total assets	$	734,837	$	763,040

Liabilities
Revolving Credit Facility	$	5,000	$	5,000
2025 Notes, net	—		69,948
2026 Notes, net	199,594		199,483
2027 Notes, net	124,466		124,396
2028 Notes, net	49,328		—
Base management fee payable	3,326		3,408
Income incentive fee payable	—		—
Other accrued expenses and liabilities	6,155		15,118
Total liabilities	$	387,869	$	417,353
Commitments and Contingencies (Note 7)

Net assets
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively)	$	—	$	—
Common stock, par value $0.01 per share	402		401
Paid-in capital in excess of par value	514,351		513,719
Total distributable earnings (loss)	(167,785)		(168,433)
Total net assets	$	346,968	$	345,687
Total liabilities and net assets	$	734,837	$	763,040

Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)	40,233		40,137
Net asset value per share	$	8.62	$	8.61

See accompanying notes to consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)


	For the Three Months Ended March 31,
	2025		2024
Investment income
Interest income from investments	$	17,829	$	24,740
Payment-in-kind interest income	3,756		3,787
Other income
Expirations/terminations of unfunded commitments	423		294
Other fees	446		452
Total investment and other income	22,454		29,273

Operating expenses
Base management fee	3,326		4,302
Income incentive fee	—		—

Interest expense and amortization of fees	6,372		7,011
Administration Agreement expenses	602		611
General and administrative expenses	1,416		1,826
Total operating expenses	11,716		13,750

Net investment income	10,738		15,523

Net realized and unrealized gains/(losses)
Net realized gains (losses) on investments	2,254		(8,807)
Net change in unrealized gains (losses) on investments	(303)		1,263

Net realized and unrealized gains/(losses)	1,951		(7,544)

Net increase (decrease) in net assets resulting from operations	$	12,689	$	7,979

Per share information (basic and diluted)
Net investment income per share	$	0.27	$	0.41
Net increase (decrease) in net assets per share	$	0.32	$	0.21
Weighted average shares of common stock outstanding	40,138		37,649

Regular distributions declared per share	$	0.30	$	0.40

See accompanying notes to consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)


				Paid-in capital in excess of par value		Total distributable earnings (loss)		Net assets
	Common stock
	Shares	Par value

























Balance as of December 31, 2023	37,620	$	376	$	492,934	$	(147,004)	$	346,306
Net increase (decrease) in net assets resulting from operations	—	—		—		7,979		7,979
Issuance of common stock, net	133	1		1,254		—		1,255
Distributions reinvested in common stock	93	1		827		—		828
Distributions from distributable earnings	—	—		—		(15,101)		(15,101)

Balance as of March 31, 2024	37,846	$	378	$	495,015	$	(154,126)	$	341,267

Balance as of December 31, 2024	40,137	$	401	$	513,719	$	(168,433)	$	345,687
Net increase (decrease) in net assets resulting from operations	—	—		—		12,689		12,689

Distributions reinvested in common stock	96	1		632		—		633
Distributions from distributable earnings	—	—		—		(12,041)		(12,041)


Balance as of March 31, 2025	40,233	$	402	$	514,351	$	(167,785)	$	346,968

See accompanying notes to consolidated financial statements.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)


	For the Three Months Ended March 31,
	2025		2024
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	12,689	$	7,979
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Fundings and purchases of investments	(28,537)		(13,716)
Principal payments and proceeds from investments	29,971		38,760
Payment-in-kind interest on investments	(3,756)		(3,787)
Net change in unrealized (gains) losses on investments	303		(1,263)
Net realized (gains) losses on investments	(2,254)		8,807
Amortization and (accretion) of premiums and discounts, net	(885)		878
(Accretion) reduction of end-of-term payments, net of prepayments	(605)		(1,139)
Amortization of debt fees and issuance costs	666		587

Change in operating assets and liabilities:
Prepaid expenses and other assets	(3,455)		(3,518)
Base management fee payable	(82)		(188)
Income incentive fee payable	—		—

Other accrued expenses and liabilities	(8,963)		(15,201)
Net cash (used in) provided by operating activities	(4,908)		18,199
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	—		15,000
Repayments under revolving credit facility	—		(191,000)
Distributions paid	(11,408)		(14,273)

Proceeds from issuance of 2028 Notes	50,000		—
Debt issuance costs	(701)		—





Repayment of 2025 Notes	(70,000)		—

Proceeds from the issuance of common stock, net	—		1,255
Net cash provided by (used in) financing activities	(32,109)		(189,018)
Net change in cash, cash equivalents and restricted cash	(37,017)		(170,819)
Cash, cash equivalents and restricted cash at beginning of period	78,727		171,582
Cash, cash equivalents and restricted cash at end of period	$	41,710	$	763

	For the Three Months Ended March 31,
	2025		2024
Cash and cash equivalents	$	34,672	$	124
Restricted cash	7,038		639
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	41,710	$	763

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	9,782	$	11,121
Distributions reinvested	$	633	$	828
Excise tax paid	$	1,562	$	1,470

See accompanying notes to consolidated financial statements.


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Application Software
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)	5/17/2022	$	8,333	$	8,296	$	8,307	5/31/2025
	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)	7/21/2022	8,750		8,675		8,705		7/31/2025
	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)	9/30/2022	5,750		5,677		5,710		9/30/2025
Total Application Software - 6.55%*			22,833		22,648		22,722

Aerospace and Defense
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	11/21/2023	909		911		911		11/30/2027
	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	3,727		3,726		3,726		12/31/2027
	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	4,658		4,658		4,658		12/31/2027
			9,294		9,295		9,295
Parry Labs, LLC	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 5.00% EOT payment)	12/20/2024	19,500		19,256		19,256		11/30/2028
	Revolver (Prime + 2.50% interest rate, 10.25% floor, 3.00% EOT payment)(2)	3/12/2025	133		133		133		12/20/2026
			19,633		19,389		19,389
Total Aerospace and Defense - 8.27%*			28,927		28,684		28,684

Business Applications Software
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	2,902		2,727		2,727		11/30/2026
	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	7,000		7,230		7,230		12/31/2026
			9,902		9,957		9,957
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest, 12.75% floor)	6/26/2024	20,391		20,126		20,126		5/31/2027
Farmer's Business Network, Inc.	Convertible Note (15.00% interest rate)(2)	9/28/2023	14		14		14		9/27/2025
NewStore Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 6.25% EOT payment)(2)	1/29/2024	2,500		2,518		2,518		1/31/2027
Total Business Applications Software - 9.40%*			32,807		32,615		32,615

Business Products and Services
Quick Commerce Ltd(1)(3)	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	5/4/2022	11,483		9,773		9,169		12/31/2028
	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	10/19/2023	1,094		931		873		12/31/2028
Total Business Products and Services - 2.89%*			12,577		10,704		10,042


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Business/Productivity Software
Ao1 Holdings, Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	$	3,997	$	3,959	$	3,959	12/1/2027
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/6/2021	2,781		2,912		2,715		7/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/21/2021	438		462		428		7/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	8/10/2021	525		552		513		8/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	10/6/2021	2,430		2,550		2,372		10/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	1,578		1,652		1,540		11/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	4,233		4,432		4,133		11/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	1,414		1,489		1,380		6/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	540		569		527		6/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	95		100		93		6/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	1/28/2022	3,060		3,215		2,987		7/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	1,166		1,216		1,138		10/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	439		458		428		10/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	9/21/2022	2,850		2,929		2,782		3/31/2026
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/1/2022	5,130		5,256		5,008		4/30/2026
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/22/2022	306		312		299		6/30/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/1/2023	300		302		299		10/31/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/13/2023	2,282		2,291		2,270		11/30/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	12/28/2023	174		174		173		12/31/2026
	Growth Capital Loan(8)	12/27/2023	2,179		2,179		1,899		12/31/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	6/27/2024	244		240		243		6/30/2027
			32,164		33,290		31,227
Total Business/Productivity Software - 10.14%*			36,161		37,249		35,186

Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	12/30/2021	1,000		1,089		1,084		6/30/2025
	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)	10/31/2022	320		397		395		10/31/2025
Total Consumer Non-Durables - 0.43%*			1,320		1,486		1,479


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Consumer Products and Services
Avantstay, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 14.00% floor, 5.50% EOT payment)	3/20/2023	$	1,824	$	1,879	$	1,879	3/31/2026
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)	4/17/2023	648		660		660		4/30/2027
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)(2)	6/15/2023	412		418		418		6/30/2027
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)(2)	8/9/2023	954		963		963		8/31/2027
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)(2)	9/1/2023	668		674		674		8/31/2027
	Growth Capital Loan (Prime + 6.50% interest rate, 14.50% floor, 7.00% EOT payment)(2)	12/29/2023	426		420		420		8/31/2027
			4,932		5,014		5,014
Fiton Inc.	Growth Capital Loan (Prime +4.00% interest rate, 11.25% floor, 2.00% EOT payment)	2/29/2024	8,889		8,776		8,776		8/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	3/8/2024	1,111		1,096		1,096		9/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	6/28/2024	1,000		983		983		12/1/2027
			11,000		10,855		10,855
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	14,006		14,371		9,978		8/31/2028
	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	14,006		14,312		9,978		8/31/2028
			28,012		28,683		19,956
Frubana Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.75% floor, 5.00% EOT payment)(2)	1/25/2023	139		144		143		1/31/2027
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)(2)	4/3/2023	4,448		4,700		4,602		10/31/2026
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 7.50% EOT payment)(2)	10/3/2023	8,000		8,138		7,999		10/31/2026
			12,587		12,982		12,744
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	16,657		16,611		14,934		12/1/2027
	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)(2)	12/30/2024	9,564		9,564		8,828		12/31/2026
			26,221		26,175		23,762
JOKR S.à r.l.(1)(3)	Growth Capital Loan (Prime + 7.40% interest rate, 7.11% floor, 6.00% EOT payment)(2)	11/3/2021	2,862		2,999		2,990		11/30/2025
	Growth Capital Loan (9.31% cash interest rate + 8.94% PIK interest, 8.00% EOT payment)(2)	8/17/2022	1,095		1,120		1,120		8/31/2026
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	11/2/2021	501		535		533		7/31/2025
			4,458		4,654		4,643
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	3,634		3,950		3,950		12/31/2025
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 8.25% PIK interest, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	6,621		5,933		5,515		12/31/2026
	Growth Capital Loan (Prime + 8.25% PIK interest, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	3,713		3,307		3,309		12/31/2026
			10,334		9,240		8,824
Project 1920, Inc.(7)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.50% EOT payment)(2)	3/25/2022	1,927		1,973		444		3/31/2025
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	2,100		2,142		484		3/25/2024
			4,027		4,115		928
MA Micro Limited(1)(3)	Convertible Note(2)(8)	12/31/2023	4,166		2,713		2,659		12/31/2028
	Growth Capital Loan (2)(8)	12/31/2023	4,166		1,442		801		12/31/2026
	Growth Capital Loan (2)(8)	12/31/2023	1,389		1,186		374		12/31/2028
			9,721		5,341		3,834
Total Consumer Products and Services - 27.24%*			114,926		111,009		94,510


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Consumer Retail
Savage X, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	$	500	$	459	$	459	6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	2,000		1,679		1,679		6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	3,750		3,148		3,148		6/26/2028
Total Consumer Retail - 1.52%*			6,250		5,286		5,286

Database Software
TetraScience, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment)	1/24/2025	10,000		9,921		9,921		7/1/2028
Total Database Software - 2.86%*			10,000		9,921		9,921

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.75% EOT payment)	9/29/2021	16,916		17,034		17,034		11/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest, 2.50% EOT payment)(2)	4/25/2024	3,848		3,492		3,492		4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	16,500		17,019		17,019		6/30/2027
	Revolver (Prime + 6.50% interest rate, 10.00% floor)(2)	6/15/2022	—		—		—		6/15/2025
			16,500		17,019		17,019
Outfittery GMBH(1)(3)	Growth Capital Loan (11.00% PIK interest, 14.73% EOT payment)(2)	1/1/2021	27,987		31,365		23,966		1/1/2026
	Revolver (9.00%PIK interest, 7.53% EOT payment)(2)	1/1/2021	4,377		4,598		3,940		1/1/2026
	Revolver (9.00% PIK interest, 9.00% EOT payment)(2)	12/28/2022	2,474		2,615		2,307		1/1/2026
			34,838		38,578		30,213
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	5/27/2021	19,500		21,172		20,735		12/31/2026
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	6/7/2022	3,000		3,145		3,145		12/31/2026
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	6/7/2022	5,500		5,805		5,805		12/31/2026
			28,000		30,122		29,685
Total E-Commerce - Clothing and Accessories - 28.08%*			100,102		106,245		97,443

Educational/Training Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment)	7/30/2024	6,000		6,045		6,045		1/1/2027
	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	3/28/2025	4,000		3,944		3,944		9/1/2028
	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	220		220		220		7/31/2026
Total Educational/Training Software - 2.94%*			10,220		10,209		10,209

Entertainment
Luminary Roli Limited(1)(3)	Growth Capital Loan(2)(8)	8/31/2021	35,492		29,531		6,985		8/31/2026
Mind Candy Limited(1)(3)(7)	Growth Capital Loan (12.00% PIK interest)(2)	6/25/2014	23,953		21,222		9,563		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	3/17/2020	1,582		1,444		636		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	12/21/2020	1,476		1,347		594		12/31/2025
			27,011		24,013		10,793
Total Entertainment - 5.12%*			62,503		53,544		17,778

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Growth Capital Loan (14.28% PIK interest, 14.28% floor)(2)	12/31/2020	37,986		37,848		37,987		12/31/2025
Total Financial Institution and Services - 10.95%*			37,986		37,848		37,987


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Financial Software
Ocrolus, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	$	7,142	$	7,123	$	7,123	2/1/2028
Synapse Financial Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% interest rate, 9.75% floor, 4.00% EOT payment)(2)	7/29/2022	731		727		56		7/31/2025
Total Financial Software - 2.07%*			7,873		7,850		7,179

Healthcare Technology Systems
Kalderos, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 10.75% floor, 4.00% EOT payment)	1/31/2025	13,000		12,874		12,874		1/1/2028
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)(2)	7/14/2023	3,324		3,419		3,419		7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 12.25% floor, 6.00% EOT payment)	12/30/2022	20,000		20,903		20,903		12/31/2025
	Growth Capital Loan (6.25% cash interest rate +6.00% PIK interest, 11.00% floor, 6.00% EOT payment)(2)	6/12/2023	24,050		24,543		23,916		6/12/2027
	Growth Capital Loan (6.25% cash interest rate +6.00% PIK interest, 11.00% floor, 6.00% EOT payment)(2)	6/14/2023	1,809		1,815		1,769		6/12/2027
			45,859		47,261		46,588
Total Healthcare Technology Systems - 18.12%*			62,183		63,554		62,881

Information Services (B2C)
Tempus Ex Machina, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 5.25% EOT payment)	5/4/2023	1,000		1,024		1,010		2/28/2027
	Growth Capital Loan (Prime + 5.75% interest rate, 11.75% floor, 5.50% EOT payment)	5/4/2023	1,000		1,020		1,005		5/31/2027
Total Information Services (B2C) - 0.58%*			2,000		2,044		2,015

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	16,000		15,973		15,973		3/31/2029
Total Multimedia and Design Software - 4.60%*			16,000		15,973		15,973

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)	6/13/2022	10,000		10,647		10,613		9/30/2025
	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)	3/17/2023	10,000		10,367		10,418		6/30/2026
			20,000		21,014		21,031
Monzo Bank Limited(1)(3)	Growth Capital Loan (12.00% interest rate)(2)	3/8/2021	7,035		6,980		6,871		3/8/2026
Total Other Financial Services - 8.04%*			27,035		27,994		27,902


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Real Estate Services
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	$	10,000	$	10,696	$	10,665	6/30/2026
True Footage Inc.	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/3/2021	250		268		258		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/3/2021	800		848		820		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/3/2021	220		235		227		7/31/2025
	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	12/13/2021	105		113		109		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/13/2021	440		471		453		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/15/2021	208		223		214		7/31/2025
	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	12/15/2021	150		162		156		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	1,372		1,455		1,402		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/21/2021	760		806		777		7/31/2025
	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	1/31/2022	170		182		175		7/31/2025
	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	2/25/2022	116		124		120		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		317		304		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	4/22/2022	1,110		1,172		1,123		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	4/22/2022	991		1,046		1,003		7/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/23/2022	216		230		220		7/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	7/19/2022	200		210		202		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	7/19/2022	100		106		102		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/5/2022	150		156		144		12/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/5/2022	361		376		347		12/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/5/2022	565		584		539		12/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	5/23/2023	240		245		217		5/31/2026
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	5/23/2023	434		445		395		5/31/2026
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/23/2023	720		742		662		5/31/2026
			9,978		10,516		9,969
Total Real Estate Services - 5.95%*			19,978		21,212		20,634

Shopping Facilitators
Moda Operandi, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 13.00% floor, 7.00% EOT payment)(2)	8/16/2024	15,400		14,698		14,500		8/1/2026
	Growth Capital Loan (Prime + 4.00% interest rate, 10.50% floor, 7.00% EOT payment)(2)	8/16/2024	11,000		11,605		10,467		12/31/2025
Total Shopping Facilitators - 7.20%*			26,400		26,303		24,967

Total Debt Investments - 162.96%*			$	638,081	$	632,378	$	565,413


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Warrant Investments(8)

Advertising / Marketing
InMobi Pte Ltd.(1)(3)	Ordinary Shares(2)	12/13/2013	48,500	$	35	$	13
Total Advertising / Marketing - 0.00%*				35		13

Aerospace and Defense
Loft Orbital Solutions Inc.	Common Stock	7/15/2022	22,488	192		344
Parry Labs, LLC	Preferred Stock	12/20/2024	2,727	145		81
Total Aerospace and Defense - 0.12%*				337		425

Application Software
Flo Health, Inc.(1)(3)	Preferred Stock	5/10/2022	13,487	123		274
Total Application Software - 0.08%*				123		274

Business Applications Software
Arcadia Power, Inc.	Preferred Stock	12/10/2021	55,458	138		143
	Preferred Stock	6/29/2022	27,714	164		41
				302		184
Cresta Intelligence, Inc.	Common Stock(2)	6/6/2024	9,935	8		23
DialPad, Inc.	Preferred Stock(2)	8/3/2020	28,980	102		23
Envoy, Inc.	Preferred Stock(2)	5/8/2020	358,930	82		183
Farmer's Business Network, Inc.	Preferred Stock(2)	1/3/2020	37,666	33		24
Filevine, Inc.	Preferred Stock(2)	4/20/2021	186,160	38		882
FlashParking, Inc.	Preferred Stock	6/15/2021	210,977	810		1,314
	Preferred Stock	6/26/2024	51,677	140		140
				950		1,454
Narvar, Inc.	Preferred Stock(2)	8/28/2020	87,160	102		102
NewStore Inc.	Preferred Stock(2)	11/16/2022	122,353	36		4
Passport Labs, Inc.	Preferred Stock(2)	9/28/2018	21,929	303		590
Project Affinity, Inc.	Preferred Stock(2)	4/26/2024	88,370	21		21
Quantcast Corporation	Cash Exit Fee(2)(5)	8/9/2018		213		161
Uniphore Technologies Inc.	Common Stock(2)	12/22/2021	35,000	34		100
Total Business Applications Software - 1.08%*				2,224		3,751

Business Products and Services
Cart.com, Inc.	Common Stock(2)	12/30/2021	32,731	477		737
	Preferred Stock(2)	3/31/2022	4,532	25		60
				502		797
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	218,512	197		227
Muon Space, Inc.	Preferred Stock(2)	12/30/2024	45,499	56		56
Substack Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Total Business Products and Services - 0.31%*				761		1,086

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock	12/13/2024	42,882	55		31
Forum Brands Holdings, Inc.	Common Stock(2)	7/6/2021	49,892	626		66
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	87,385	87		1,039
Thoughtspot, Inc.	Common Stock(2)	3/3/2025	63,931	404		404
Total Business/Productivity Software - 0.44%*				1,172		1,540

Business to Business Marketplace
Optoro, Inc.	Preferred Stock(2)	7/13/2015	10,346	40		67
RetailNext, Inc.	Preferred Stock(2)	11/16/2017	123,420	80		111
Total Business to Business Marketplace - 0.05%*				120		178

Commercial Services
Transfix, Inc.	Preferred Stock(2)	5/31/2019	133,502	188		188
Total Commercial Services - 0.05%*				188		188


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Computer Hardware
Eridu Corporation	Preferred Stock(2)	3/31/2025	10,235	$	5	$	5
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	52,773	183		121
Total Computer Hardware - 0.04%*				188		126

Consumer Finance
Activehours, Inc. (d/b/a Earnin)	Preferred Stock(2)	10/8/2020	114,327	370		1,707
Total Consumer Finance - 0.49%*				370		1,707

Consumer Non-Durables
Athletic Greens International, Inc.	Ordinary Shares(2)	6/3/2022	2,262	85		84
Don't Run Out, Inc.	Preferred Stock	12/30/2021	42,929	30		13
Total Consumer Non-Durables - 0.03%*				115		97

Consumer Products and Services
AvantStay, Inc.	Common Stock	12/12/2022	24,495	151		188
Baby Generation, Inc.	Common Stock(2)	1/26/2022	33,964	25		25
everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	25		24
FitOn Inc.	Common Stock(2)	2/29/2024	73,807	162		156
Flink SE(1)(3)	Common Stock(2)	4/13/2022	178	339		—
Foodology Inc.(1)(3)	Preferred Stock	3/25/2022	26,619	116		86
Frubana Inc.(1)(3)	Preferred Stock(2)	9/30/2022	15,987	334		13
Hydrow, Inc.	Common Stock	2/9/2021	1,252,355	232		—
	Preferred Stock	12/30/2024	6,549,320	26		26
				258		26
JOKR S.à r.l.(1)(3)	Preferred Stock(2)	5/10/2024	12,056	339		104
Lower Holding Company	Preferred Stock	12/28/2022	395,425	189		24
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/2/2022	894,182	1,258		—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5		7
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	41,140	23		—
Quip NYC, Inc.	Preferred Stock(2)	11/26/2018	41,272	455		1,171
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	14,709	93		14
The Black Tux Holdings, Inc.	Preferred Stock(2)	11/5/2021	142,939	139		469
Total Consumer Products and Services - 0.66%*				3,911		2,307

Consumer Retail
LovePop, Inc.	Preferred Stock(2)	10/23/2018	163,463	168		128
Savage X, Inc.	Preferred Stock	4/7/2020	178,697	670		518
Total Consumer Retail - 0.19%*				838		646

Database Software
Sisense, Inc.	Cash Exit Fee(2)(5)	12/28/2021		190		465
TetraScience, Inc.	Preferred Stock	1/24/2025	106,100	20		20
Total Database Software - 0.14%*				210		485

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	11/20/2017	331,048	940		314
	Common Stock	9/29/2023	117,338	375		310
				1,315		624
Minted, Inc.	Preferred Stock	9/30/2020	51,979	516		235
Outfittery GMBH(1)(3)	Cash Exit Fee(2)(5)	8/10/2017		1,850		1,292
Rent the Runway, Inc.	Common Stock(2)	11/25/2015	11,862	1,294		—
Stance, Inc.	Preferred Stock(2)	3/31/2017	75,000	41		70
Trendly, Inc.	Preferred Stock	5/27/2021	574,742	381		598
	Preferred Stock	6/7/2022	57,924	44		39
				425		637
Untuckit LLC	Cash Exit Fee(2)(5)	5/11/2018		39		57
Total E-Commerce - Clothing and Accessories - 0.84%*				5,480		2,915


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)	4/2/2018	62,128	$	219	$	—
	Common Stock(2)	5/22/2019	25,664	228		—
				447		—
Merama Inc.	Preferred Stock(2)	4/28/2021	191,274	406		1,100
Total E-Commerce - Personal Goods - 0.32%*				853		1,100

Educational/Training Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	5,154	45		45
Total Educational/Training Software - 0.01%*				45		45

Entertainment
Mind Candy, Inc.(1)(3)	Preferred Stock(2)	3/24/2017	278,209	922		—
Total Entertainment - 0.00%*				922		—

Financial Institution and Services
BlueVine Capital, Inc.	Preferred Stock(2)	9/15/2017	271,293	361		1,416
Prodigy Investments Limited(1)(3)	Ordinary Shares(2)	12/5/2017	56,241	869		332
Revolut Ltd(1)(3)	Ordinary Shares(2)	4/16/2018	6,253	40		5,663
	Ordinary Shares(2)	10/29/2019	7,945	324		6,841
				364		12,504
WorldRemit Group Limited(1)(3)	Preferred Stock(2)	12/23/2015	128,290	382		1,472
	Preferred Stock(2)	12/23/2015	46,548	136		477
				518		1,949
Total Financial Institution and Services - 4.67%*				2,112		16,201

Financial Software
Branch Messenger, Inc.	Preferred Stock(2)	3/27/2025	55,513	74		74
Ocrolus, Inc.	Common Stock	8/14/2024	116,887	96		96
Synapse Financial Technologies, Inc.	Nonvoting Stock(2)	7/29/2022	3,913	23		—
Total Financial Software - 0.05%*				193		170

Food & Drug
Capsule Corporation	Preferred Stock	1/17/2020	202,533	437		34
	Cash Exit Fee(5)	12/28/2018		129		123
Total Food & Drug - 0.05%*				566		157

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	33,510	70		70
Thrillist Media Group, Inc.	Common Stock(2)	9/24/2014	774,352	624		1,092
Total General Media and Content - 0.33%*				694		1,162

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	49,304	22		16
Vial Health Technology, Inc.	Preferred Stock(2)	12/14/2022	48,889	33		33
Total Healthcare Services - 0.01%*				55		49

Healthcare Technology Systems
Curology, Inc.	Preferred Stock(2)	5/23/2019	36,020	58		21
Kalderos, Inc.	Preferred Stock	12/27/2022	118,104	209		187
K Health, Inc.	Common Stock(2)	7/14/2023	61,224	187		263
Thirty Madison, Inc.	Preferred Stock	12/30/2022	167,494	445		457
Total Healthcare Technology Systems - 0.27%*				899		928

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	11,974	9		5
Total Information Services (B2C) - 0.00%*				9		5


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Medical Software and Information Services
AirStrip Technologies, Inc.	Common Stock(2)	10/9/2013	8,036	$	112	$	—
Total Medical Software and Information Services - 0.00%*				112		—

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	183,642	309		338
Open Space Labs, Inc.	Preferred Stock(2)	11/15/2022	2,954	7		4
Total Multimedia and Design Software - 0.10%*				316		342

Network Systems Management Software
Cohesity, Inc.	Preferred Stock(2)	1/10/2020	18,945	54		100
Signifyd, Inc.	Preferred Stock(2)	12/19/2019	33,445	132		441
Corelight, Inc.	Common Stock(2)	9/29/2022	45,977	235		258
Total Network Systems Management Software - 0.23%*				421		799

Other Financial Services
Jerry Services, Inc.	Preferred Stock	6/13/2022	41,936	169		120
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	64,813	161		822
N26 GmbH(1)(3)	Preferred Stock(2)	9/14/2021	11	324		231
Upgrade, Inc.	Preferred Stock(2)	1/18/2019	1,488,450	223		595
Total Other Financial Services - 0.51%*				877		1,768

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6		15
HomeLight, Inc.	Preferred Stock(2)	12/21/2018	54,004	44		186
	Preferred Stock(2)	11/5/2020	55,326	76		139
				120		325
Homeward, Inc.	Preferred Stock	12/10/2021	388,324	211		338
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	37,485	295		116
Roofstock, Inc. (fka.Mynd Management, Inc. )	Preferred Stock(2)	5/25/2022	56,839	19		194
Sonder Holdings Inc.	Common Stock(2)	12/28/2018	10,024	232		—
	Common Stock(2)	3/4/2020	1,049	42		—
				274		—
True Footage Inc.	Preferred Stock	11/24/2021	88,762	147		98
Total Real Estate Services - 0.31%*				1,072		1,086

Shopping Facilitators
Moda Operandi, Inc.	Preferred Units(2)	12/30/2021	36,450	169		—
OfferUp Inc.	Preferred Stock(2)	12/23/2019	131,006	42		138
Total Shopping Facilitators - 0.04%*				211		138

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	3/18/2019	84,507	281		151
Total Social/Platform Software - 0.04%*				281		151

Travel & Leisure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock	9/18/2019	12,027	362		404
	Preferred Stock	8/26/2022	16,261	611		692
	Preferred Stock	4/5/2024	17,904	385		1,062
Total Travel & Leisure - 0.62%*				1,358		2,158

Total Warrant Investments - 12.10%*				$	27,068	$	41,997


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Equity Investments(8)

Business Applications Software
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	$	167	$	105
Cresta Intelligence, Inc.	Preferred Stock(2)	9/30/2024	110,882	500		500
DialPad, Inc.	Preferred Stock(2)	9/22/2020	15,456	120		107
Envoy, Inc.	Preferred Stock(2)	12/30/2021	212,160	667		539
FlashParking, Inc.	Preferred Stock(2)	7/19/2022	33,116	455		451
Filevine, Inc.	Preferred Stock(2)	2/4/2022	56,353	357		486
Farmer's Business Network, Inc.	Preferred Stock(2)	7/31/2020	860	28		13
	Preferred Stock(2)	9/28/2023	4,181	138		12
				166		25
Passport Labs, Inc.	Preferred Stock(2)	6/11/2019	1,302	100		103
Uniphore Technologies Inc.	Preferred Stock(2)	1/28/2022	28,233	350		287
Total Business Applications Software - 0.75%*				2,882		2,603

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock(2)	12/13/2024	49,717	150		142
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/16/2021	822	150		30
Total Business/Productivity Software - 0.05%*				300		172

Business Products and Services
Quick Commerce Ltd(1)(3)	Preferred Stock(2)	4/5/2024	418,182	8,028		8,042
	Ordinary Shares(2)	4/5/2024	1,448,528,650	311		1,097
Total Business Products and Services - 2.63%*				8,339		9,139

Commercial Services
MXP Prime GmbH(1)(3)	Common Stock(2)	2/3/2022	165	1,140		12
	Preferred Stock(2)	6/29/2023	23	—		131
	Preferred Stock(2)	6/29/2023	46	50		50
				1,190		193
Printful, Inc. Holdco. (fka.Printify, Inc.)	Preferred Stock(2)	3/31/2025	1	24		24
Total Commercial Services - 0.06%*				1,214		217

Consumer Finance
Activehours, Inc. (d/b/a Earnin)	Preferred Stock(2)	11/10/2020	14,788	150		352
Total Consumer Finance - 0.10%*				150		352

Consumer Non-Durables
Misfits Market, Inc. (f/k/a Imperfect Foods, Inc.)	Preferred Stock(2)	12/31/2022	1,615	142		152
	Preferred Stock(2)	12/31/2022	7,196	358		385
Total Consumer Non-Durables - 0.15%*				500		537

Consumer Products and Services
everdrop GmbH(1)(3)	Preferred Stock(2)	8/1/2022	78	310		326
Frubana Inc.(1)(3)	Preferred Stock(2)	7/13/2022	7,993	500		19
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	7,758		7,758
Hydrow, Inc.	Common Stock(2)	12/14/2020	1,893,462	668		19
JOKR S.à r.l.(1)(3)	Preferred Stock(2)	12/7/2021	2,843	187		101
	Preferred Stock(2)	11/3/2022	787	37		28
				224		129
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		10
Total Consumer Products and Services - 2.38%*				9,470		8,261

Consumer Retail
Savage X, Inc.	Preferred Stock(2)	1/20/2021	17,249	500		17
	Preferred Stock(2)	11/30/2021	10,393	500		12
Total Consumer Retail - 0.01%*				1,000		29


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	1/17/2019	67,934	$	500	$	466
Total E-Commerce - Clothing and Accessories - 0.13%*				500		466

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)(10)	6/5/2018	31,576	500		43
Merama Inc.	Preferred Stock(2)	4/19/2021	18,518	33		152
	Preferred Stock(2)	4/19/2021	14,490	83		136
	Preferred Stock(2)	9/1/2021	10,298	167		140
				283		428
Total E-Commerce - Personal Goods - 0.14%*				783		471

Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)	Common Stock(2)(10)	1/5/2018	60,926	250		87
Total Educational/Training Software - 0.03%*				250		87

Entertainment
Luminary Roli Limited(1)(3)	Ordinary Shares(2)	8/31/2021	434,782	2,525		—
Mind Candy, Inc.(1)(3)	Preferred Stock(2)	3/9/2020	511,665	1,000		—
Total Entertainment - 0.00%*				3,525		—

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Preference Shares(2)	12/31/2020	1,552	21,779		20,231
Revolut Ltd(1)(3)	Ordinary Shares(2)	8/3/2017	23,253	262		21,905
Total Financial Institution and Services - 12.14%*				22,041		42,136

Food & Drug
Capsule Corporation	Preferred Stock(2)	7/25/2019	128,423	716		369
Total Food & Drug - 0.11%*				716		369

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	127,656	1,000		1,000
Total General Media and Content - 0.29%*				1,000		1,000

Healthcare Technology Systems
Curology, Inc.	Preferred Stock(2)	11/26/2019	66,000	196		145
	Common Stock(2)	1/14/2020	142,855	404		73
				600		218
Kalderos, Inc.	Preferred Stock(2)	12/27/2022	45,403	325		296
Talkspace, LLC (f/k/a Groop Internet Platfom, Inc.)	Common Stock(2)(10)	5/15/2019	146,752	378		376
Thirty Madison, Inc.	Preferred Stock(2)	5/31/2019	81,708	1,000		725
Total Healthcare Technology Systems - 0.47%*				2,303		1,615

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	42,378	231		259
Total Multimedia and Design Software - 0.07%*				231		259

Network Systems Management Software
Cohesity, Inc.	Preferred Stock(2)	3/24/2017	60,342	400		925
	Preferred Stock(2)	4/7/2020	9,022	125		141
Total Network Systems Management Software - 0.31%*				525		1,066


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2025
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	5/6/2022	8,231	$	104	$	82
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	92,901	1,000		2,022
	Ordinary Shares(2)	1/5/2022	26,281	516		626
				1,516		2,648
N26 GmbH(1)(3)	Preferred Stock(2)	12/9/2021	22	1,264		1,468
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100		100
Total Other Financial Services - 1.24%*				2,984		4,298

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/18/2022	6,033	29		29
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	11,246	300		209
True Footage Inc.	Preferred Stock(2)	10/18/2021	18,366	100		68
Total Real Estate Services - 0.09%*				429		306

Travel & Leisure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	10/5/2017	2,362	300		291
	Preferred Stock(2)	5/9/2022	9,169	623		903
				923		1,194
Inspirato LLC	Common Stock(2)(4)(10)	9/11/2014	6,081	287		25
Total Travel & Leisure - 0.35%*				1,210		1,219

Total Equity Investments - 21.50%*				$	60,352	$	74,602

Total Investments in Portfolio Companies - 196.56%*(9)(11)				$	719,798	$	682,012

Cash Equivalents
Money Market Fund	Type of Investment	Ticker		Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM		$	34,267	$	34,267
Total Cash Equivalents - 9.88%*				$	34,267	$	34,267

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2025, non-qualifying assets represented 34.4% of the Company’s total assets, at fair value.

(2)As of March 31, 2025 this investment was not pledged as collateral as part of the Company’s revolving credit facility.

(3)Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(4)Investment is owned by TPVG Investment LLC, a wholly owned taxable subsidiary of the Company.

(5)Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $48.6 million, $69.6 million and $21.0 million, respectively, for the March 31, 2025 investment portfolio. The tax cost of investments is $703.0 million.

(7)Debt is on non-accrual status as of March 31, 2025 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2025 had a total cost and fair value of $38.1 million and $20.6 million, respectively.

(8)Non-income producing investments.

(9)Except for equity in four public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).

(10)Investment is publicly traded and listed on either the New York Stock Exchange or the Nasdaq, and is not subject to restrictions on sales.

(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of March 31, 2025, the Company’s portfolio company investments that were subject to restrictions on sales totaled $681.5 million at fair value and represented 196.4% of the Company’s net assets. In addition, unless otherwise indicated, as of March 31, 2025, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(12)Acquisition date represents the date of the initial investment in the portfolio investment.

* Value as a percentage of net assets.

_______________


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Application Software
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)	5/17/2022	$	8,333	$	8,246	$	8,285	5/31/2025
	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)	7/21/2022	8,750		8,622		8,683		7/31/2025
	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor)	9/30/2022	5,750		5,643		5,696		9/30/2025
	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	2/6/2023	2,167		2,222		2,225		2/28/2025
Total Application Software - 7.20%*			25,000		24,733		24,889

Aerospace and Defense
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	11/21/2023	978		974		974		11/30/2027
	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	4,000		3,975		3,975		12/31/2027
	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	5,000		4,969		4,969		12/31/2027
			9,978		9,918		9,918
Parry Labs, LLC	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 5.00% EOT payment)	12/20/2024	19,500		19,174		19,174		12/1/2028
Total Aerospace and Defense - 8.42%*			29,478		29,092		29,092

Business Applications Software
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	2,902		2,678		2,678		11/30/2026
	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	7,000		7,191		7,191		12/31/2026
			9,902		9,869		9,869
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest rate, 12.75% floor)	6/26/2024	20,264		19,975		19,975		5/31/2027
Farmer's Business Network, Inc.	Convertible Note (15.00% interest rate)(2)	9/28/2023	14		14		14		9/27/2025
NewStore Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 6.25% EOT payment)(2)	1/29/2024	2,500		2,500		2,500		1/31/2027
Total Business Applications Software - 9.36%*			32,680		32,358		32,358

Business Products and Services
Quick Commerce Ltd(1)(3)	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	5/4/2022	11,312		9,493		9,069		12/31/2028
	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	10/19/2023	1,077		904		864		12/31/2028
Total Business Products and Services - 2.87%*			12,389		10,397		9,933


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Business/Productivity Software
Ao1 Holdings (Player's Health)	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	$	3,997	$	3,940	$	3,940	12/1/2027
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	7/6/2021	2,781		2,887		2,724		7/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	7/21/2021	438		460		429		7/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	8/10/2021	525		550		513		8/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	10/6/2021	2,430		2,540		2,361		10/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	1,578		1,645		1,530		11/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	4,233		4,413		4,106		11/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	1,414		1,480		1,390		6/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	540		565		531		6/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	95		99		93		6/30/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	1/28/2022	3,060		3,195		2,997		7/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	1,166		1,208		1,133		10/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	439		455		426		10/31/2025
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	9/21/2022	2,850		2,909		2,750		3/31/2026
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/1/2022	5,130		5,219		4,945		4/30/2026
	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/22/2022	306		310		295		6/30/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/1/2023	300		299		299		10/31/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/13/2023	2,282		2,270		2,270		11/30/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	12/28/2023	174		172		172		12/31/2026
	Growth Capital Loan(2)(8)	12/27/2023	2,179		2,179		1,825		12/31/2026
	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	6/27/2024	244		238		238		6/30/2027
			32,164		33,093		31,027
Total Business/Productivity Software - 10.12%*			36,161		37,033		34,967

Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	12/30/2021	1,000		1,078		1,078		6/30/2025
	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)	10/31/2022	450		520		520		10/31/2025
Total Consumer Non-Durables - 0.46%*			1,450		1,598		1,598


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Consumer Products and Services
Avantstay, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 14.00% floor, 5.50% EOT payment)	3/20/2023	$	1,824	$	1,873	$	1,891	3/31/2026
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)	4/17/2023	648		658		669		4/30/2027
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)(2)	6/15/2023	412		417		424		6/30/2027
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)(2)	8/9/2023	954		961		977		8/31/2027
	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 7.00% EOT payment)(2)	9/1/2023	668		672		684		8/31/2027
	Growth Capital Loan (Prime + 6.50% interest rate, 14.50% floor, 7.00% EOT payment)(2)	12/29/2023	426		416		423		8/31/2027
			4,932		4,997		5,068
Baby Generation, Inc.	Growth Capital Loan (Prime +7.50% interest rate, 10.75% floor, 8.00% EOT payment)(2)	1/26/2022	1,875		2,019		2,019		1/31/2025
	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	3/30/2023	2,188		2,322		2,322		3/31/2025
			4,063		4,341		4,341
Fiton Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	2/29/2024	8,889		8,750		8,750		8/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	3/8/2024	1,111		1,093		1,093		9/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	6/28/2024	1,000		981		981		12/1/2027
			11,000		10,824		10,824
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest, 6.75% EOT payment)(2)	7/5/2022	13,673		14,009		9,444		8/31/2028
	Growth Capital Loan (9.75% PIK interest, 6.75% EOT payment)(2)	10/21/2022	13,673		13,946		9,444		8/31/2028
			27,346		27,955		18,888
Frubana Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.75% floor, 5.00% EOT payment)(2)	1/25/2023	155		159		158		1/31/2027
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)(2)	4/3/2023	4,448		4,669		4,559		10/31/2026
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 7.50% EOT payment)(2)	10/3/2023	8,000		8,077		7,920		10/31/2026
			12,603		12,905		12,637
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	16,657		16,477		14,642		12/1/2027
	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)(2)	12/30/2024	9,756		9,756		8,792		12/31/2026
			26,413		26,233		23,434
JOKR S.à r.l.(1)(3)	Growth Capital Loan (7.40% cash interest rate + 7.11% PIK interest, 6.00% EOT payment)(2)	11/3/2021	2,813		2,895		2,879		11/30/2025
	Growth Capital Loan (9.31% cash interest rate + 8.94% PIK interest, 8.00% EOT payment)(2)	8/17/2022	1,070		1,083		1,083		8/31/2026
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	11/2/2021	501		540		536		7/31/2025
			4,384		4,518		4,498
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	4,781		5,053		5,053		12/31/2025
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 8.25% PIK interest, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	6,621		5,933		5,294		12/31/2026
	Growth Capital Loan (Prime + 8.25% PIK interest, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	3,713		3,307		3,176		12/31/2026
			10,334		9,240		8,470


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Project 1920, Inc.(7)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.50% EOT payment)(2)	3/25/2022	$	1,927	$	1,973	$	606	3/31/2025
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	2,100		2,142		661		3/25/2024
			4,027		4,115		1,267
MA Micro Limited(1)(3)	Convertible Note(2)(8)	12/31/2023	4,166		2,713		2,553		12/31/2028
	Growth Capital Loan (2)(8)	12/31/2023	4,166		1,442		769		12/31/2026
	Growth Capital Loan (2)(8)	12/31/2023	1,389		1,186		359		12/31/2028
			9,721		5,341		3,681
Total Consumer Products and Services - 28.40%*			119,604		115,522		98,161

Consumer Retail
Savage X, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 12.00% floor, 7.50% EOT payment)	5/15/2024	1,000		1,013		1,013		5/31/2027
	Growth Capital Loan (Prime + 7.25% interest rate, 12.00% floor, 7.50% EOT payment)	5/15/2024	4,000		3,881		3,881		5/31/2027
	Growth Capital Loan (Prime + 7.25% interest rate, 12.00% floor, 7.50% EOT payment)	5/15/2024	7,500		7,278		7,278		5/31/2027
Total Consumer Retail - 3.52%*			12,500		12,172		12,172

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.75% EOT payment)	9/29/2021	16,917		16,931		16,931		11/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest, 2.50% EOT payment)(2)	4/25/2024	3,763		3,392		3,392		4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	16,500		16,964		16,964		6/30/2027
	Revolver (Prime + 6.50% interest rate, 10.00% floor)(2)	6/15/2022	—		—		—		6/15/2025
			16,500		16,964		16,964
Outfittery GMBH(1)(3)	Growth Capital Loan (11.00% PIK interest, 14.73% EOT payment)(2)	1/1/2021	27,231		30,449		22,939		1/1/2026
	Revolver (4.50% Cash Interest + 4.50% PIK interest, 7.53% EOT payment)(2)	1/1/2021	4,280		4,517		3,811		1/1/2026
	Revolver (4.50% Cash Interest + 4.50% PIK interest, 9.00% EOT payment)(2)	12/28/2022	2,419		2,569		2,235		1/1/2026
			33,930		37,535		28,985
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	5/27/2021	19,500		21,101		20,612		12/31/2026
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	6/7/2022	3,000		3,121		3,121		12/31/2026
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	6/7/2022	5,500		5,766		5,766		12/31/2026
			28,000		29,988		29,499
Total E-Commerce - Clothing and Accessories - 27.70%*			99,110		104,810		95,771

Educational/Training Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment)	7/30/2024	6,000		5,996		5,996		1/1/2027
	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	320		320		320		7/31/2026
Total Educational/Training Software - 1.83%*			6,320		6,316		6,316


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Entertainment
Luminary Roli Limited(1)(3)	Growth Capital Loan(2)(8)	8/31/2021	$	35,492	$	29,531	$	6,769	8/31/2026
Mind Candy Limited(1)(3)(7)	Growth Capital Loan (12.00% PIK interest)(2)	6/25/2014	23,248		21,222		9,563		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	3/17/2020	1,547		1,444		636		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	12/21/2020	1,443		1,347		594		12/31/2025
			26,238		24,013		10,793
Total Entertainment - 5.08%*			61,730		53,544		17,562

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Growth Capital Loan (14.28% PIK interest)(2)	12/31/2020	36,662		36,484		36,662		12/31/2025
Total Financial Institution and Services - 10.61%*			36,662		36,484		36,662

Financial Software
Ocrolus, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	7,143		7,085		7,085		2/1/2028
Synapse Financial Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% interest rate, 9.75% floor, 4.00% EOT payment)(2)	7/29/2022	732		727		56		7/31/2025
Total Financial Software - 2.07%*			7,875		7,812		7,141

Healthcare Technology Systems
Kalderos, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 8.75% floor, 3.00% EOT payment)	3/14/2023	924		934		934		6/30/2026
	Growth Capital Loan (Prime + 2.50% interest rate, 8.75% floor, 3.00% EOT payment)	3/21/2023	1,385		1,401		1,401		6/30/2026
	Growth Capital Loan (Prime + 4.50% interest rate, 10.75% floor, 7.25% EOT payment)	3/21/2023	8,885		9,218		9,218		9/30/2026
			11,194		11,553		11,553
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)(2)	7/14/2023	3,900		3,951		3,951		7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 11.00% floor, 6.00% EOT payment)	12/30/2022	20,000		20,760		20,760		12/31/2025
	Growth Capital Loan (6.38% cash interest rate + 6.13% PIK, 11.00% floor, 6.00% EOT payment)(2)	6/12/2023	23,692		24,120		23,438		6/12/2027
	Growth Capital Loan (6.38% cash interest rate + 6.13% PIK, 11.00% floor, 6.00% EOT payment)(2)	6/14/2023	1,782		1,780		1,730		6/12/2027
			45,474		46,660		45,928
Total Healthcare Technology Systems - 17.77%*			60,568		62,164		61,432

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 5.25% EOT payment)	5/4/2023	1,000		1,018		1,018		2/28/2027
	Growth Capital Loan (Prime + 5.75% interest rate, 11.75% floor, 5.50% EOT payment)	5/4/2023	1,000		1,015		1,015		5/31/2027
Total Information Services (B2C) - 0.59%*			2,000		2,033		2,033

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	16,000		15,912		15,912		3/31/2029
Total Multimedia and Design Software - 4.60%*			16,000		15,912		15,912

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)	6/13/2022	10,000		10,563		10,513		9/30/2025
	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)	3/17/2023	10,000		10,288		10,347		6/30/2026
			20,000		20,851		20,860
Monzo Bank Limited(1)(3)	Growth Capital Loan (12.00% interest rate)(2)	3/8/2021	7,035		6,966		6,238		3/8/2026
Total Other Financial Services - 7.84%*			27,035		27,817		27,098


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Real Estate Services
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	$	10,000	$	10,637	$	10,233	6/30/2026
True Footage Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250		267		252		12/31/2024
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800		848		800		12/31/2024
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220		235		222		12/31/2024
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105		113		107		12/31/2024
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440		471		443		12/31/2024
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208		223		210		12/31/2024
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150		162		152		12/31/2024
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372		1,454		1,372		12/31/2024
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760		806		760		12/31/2024
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170		181		171		1/31/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116		124		117		2/28/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		318		297		3/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	4/22/2022	1,110		1,173		1,097		4/30/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	4/22/2022	991		1,046		979		4/30/2025
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/23/2022	216		229		215		5/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	7/19/2022	200		208		196		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	7/19/2022	100		105		99		7/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/5/2022	150		155		140		12/31/2025
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/5/2022	361		373		338		12/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/5/2022	565		580		526		12/31/2025
	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	5/23/2023	240		243		212		5/31/2026
	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	5/23/2023	434		441		386		5/31/2026
	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	5/23/2023	720		735		642		5/31/2026
			9,978		10,490		9,733
Total Real Estate Services - 5.78%*			19,978		21,127		19,966

Shopping Facilitators
Moda Operandi, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 13.00% floor, 7.00% EOT payment)(2)	8/16/2024	16,000		14,963		16,029		8/1/2026
	Revolver (Prime + 4.00% interest rate, 10.50% floor, 7.00% EOT payment)(2)	8/16/2024	11,000		11,605		11,013		12/31/2025
Total Shopping Facilitators - 7.82%*			27,000		26,568		27,042

Total Debt Investments - 162.03%*			$	633,540	$	627,492	$	560,105


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Warrant Investments(8)

Advertising / Marketing
InMobi Pte Ltd.(1)(3)	Ordinary Shares(2)	12/13/2013	48,500	$	35	$	13
Total Advertising / Marketing - 0.00%*				35		13

Aerospace and Defense
Loft Orbital Solutions Inc.	Common Stock	7/15/2022	22,488	192		308
Parry Labs, LLC	Preferred Stock	12/20/2024	2,727	145		145
Total Aerospace and Defense - 0.13%*				337		453

Application Software
Flo Health, Inc.(1)(3)	Preferred Stock	5/10/2022	13,487	123		274
Total Application Software - 0.08%*				123		274

Business Applications Software
Arcadia Power, Inc.	Preferred Stock	12/10/2021	55,458	138		143
	Preferred Stock	6/29/2022	27,714	164		41
				302		184
Cresta Intelligence, Inc.	Common Stock(2)	6/6/2024	9,935	8		23
DialPad, Inc.	Preferred Stock(2)	8/3/2020	28,980	102		23
Envoy, Inc.	Preferred Stock(2)	5/8/2020	358,930	82		183
Farmer's Business Network, Inc.	Preferred Stock(2)	1/3/2020	37,666	33		24
Filevine, Inc.	Preferred Stock(2)	4/20/2021	186,160	38		882
FlashParking, Inc.	Preferred Stock	6/15/2021	210,977	810		1,314
	Preferred Stock	6/26/2024	51,677	140		140
				950		1,454
Narvar, Inc.	Preferred Stock(2)	8/28/2020	87,160	102		102
NewStore Inc.	Preferred Stock(2)	11/16/2022	122,353	36		4
Passport Labs, Inc.	Preferred Stock(2)	9/28/2018	21,929	303		590
Project Affinity, Inc.	Preferred Stock(2)	4/26/2024	88,370	21		21
Quantcast Corporation	Cash Exit Fee(2)(5)	8/9/2018		213		161
Uniphore Technologies Inc.	Common Stock(2)	12/22/2021	35,000	34		100
Total Business Applications Software - 1.09%*				2,224		3,751

Business Products and Services
Cart.com, Inc.	Common Stock(2)	12/30/2021	32,731	477		737
	Preferred Stock(2)	3/31/2022	4,532	25		60
				502		797
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	218,512	197		227
Muon Space, Inc.	Preferred Stock(2)	12/30/2024	45,499	56		56
Substack Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Total Business Products and Services - 0.31%*				761		1,086

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock	12/13/2024	42,882	55		55
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/6/2021	49,892	626		157
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	87,385	87		1,039
Total Business/Productivity Software - 0.36%*				768		1,251

Business to Business Marketplace
Optoro, Inc.	Preferred Stock(2)	7/13/2015	10,346	40		67
RetailNext, Inc.	Preferred Stock(2)	11/16/2017	123,420	80		111
Total Business to Business Marketplace - 0.05%*				120		178

Commercial Services
Transfix, Inc.	Preferred Stock(2)	5/31/2019	133,502	188		188
Total Commercial Services - 0.05%*				188		188


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Computer Hardware
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	52,773	$	183	$	121
Total Computer Hardware - 0.04%*				183		121

Consumer Finance
Activehours, Inc. (d/b/a Earnin)	Preferred Stock(2)	10/8/2020	114,327	370		1,224
Total Consumer Finance - 0.35%*				370		1,224

Consumer Non-Durables
Athletic Greens International, Inc.	Ordinary Shares(2)	6/3/2022	2,262	85		84
Don't Run Out, Inc.	Preferred Stock	12/30/2021	42,929	30		13
Total Consumer Non-Durables - 0.03%*				115		97

Consumer Products and Services
AvantStay, Inc.	Common Stock	12/12/2022	24,495	151		188
Baby Generation, Inc.	Common Stock(2)	1/26/2022	33,964	25		25
everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	25		23
FitOn Inc.	Common Stock(2)	2/29/2024	73,807	162		162
Flink SE(1)(3)	Common Stock(2)	4/13/2022	178	339		—
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	26,619	116		86
Frubana Inc.(1)(3)	Preferred Stock(2)	9/30/2022	15,987	334		13
Hydrow, Inc.	Common Stock	2/9/2021	150,561	143		—
	Common Stock	8/6/2021	1,101,793	89		—
	Preferred Stock	12/30/2024	6,549,320	26		26
				258		26
JOKR S.à r.l.(1)(3)	Preferred Stock(2)	7/24/2023	12,056	339		104
Lower Holding Company	Preferred Stock	12/28/2022	395,425	189		277
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/2/2022	894,182	1,258		—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5		7
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	41,140	23		—
Quip NYC, Inc.	Common Stock(2)	11/26/2018	41,272	455		1,171
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	14,709	93		14
The Black Tux, Inc.	Preferred Stock(2)	11/5/2021	142,939	139		467
Total Consumer Products and Services - 0.74%*				3,911		2,563

Consumer Retail
LovePop, Inc.	Preferred Stock(2)	10/23/2018	163,463	168		128
Savage X, Inc.	Preferred Stock	4/7/2020	28,977	471		282
Total Consumer Retail - 0.12%*				639		410

Database Software
Sisense, Inc.	Cash Exit Fee(2)(5)	12/28/2021		190		465
Total Database Software - 0.13%*				190		465

Educational/Training Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	5,154	28		28
Total Educational/Training Software - 0.01%*				28		28

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	11/20/2017	331,048	940		314
	Common Stock	9/29/2023	117,338	375		310
				1,315		624
Minted, Inc.	Preferred Stock	9/30/2020	51,979	516		235
Outfittery GMBH(1)(3)	Cash Exit Fee(2)(5)	8/10/2017		1,850		1,020


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Rent the Runway, Inc.	Common Stock(2)	11/25/2015	11,862	$	1,294	$	—
Stance, Inc.	Preferred Stock(2)	3/31/2017	75,000	41		70
Trendly, Inc.	Preferred Stock	5/27/2021	574,742	381		598
	Preferred Stock	6/7/2022	57,924	44		39
				425		637
Untuckit LLC	Cash Exit Fee(2)(5)	5/11/2018		39		57
Total E-Commerce - Clothing and Accessories - 0.76%*				5,480		2,643

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)	4/2/2018	62,128	219		—
	Common Stock(2)	5/22/2019	25,664	228		—
				447		—
Merama Inc.	Preferred Stock(2)	4/28/2021	191,274	406		1,100
Total E-Commerce - Personal Goods - 0.32%*				853		1,100

Entertainment
Mind Candy, Inc.(1)(3)	Preferred Stock(2)	3/24/2017	278,209	922		—
Total Entertainment - 0.00%*				922		—

Financial Institution and Services
BlueVine Capital, Inc.	Preferred Stock(2)	9/15/2017	271,293	361		1,416
Prodigy Investments Limited(1)(3)	Ordinary Shares(2)	12/5/2017	56,241	869		332
Revolut Ltd(1)(3)	Ordinary Shares(2)	4/16/2018	6,253	40		5,663
	Ordinary Shares(2)	10/29/2019	7,945	324		6,841
				364		12,504
WorldRemit Group Limited(1)(3)	Preferred Stock(2)	12/23/2015	128,290	382		1,427
	Preferred Stock(2)	12/23/2015	46,548	136		462
				518		1,889
Total Financial Institution and Services - 4.67%*				2,112		16,141

Financial Software
Ocrolus, Inc.	Common Stock	8/14/2024	116,887	96		96
Synapse Financial Technologies, Inc.	Nonvoting Stock(2)	7/29/2022	3,913	23		—
Total Financial Software - 0.03%*				119		96

Food & Drug
Capsule Corporation	Preferred Stock	1/17/2020	202,533	437		34
	Cash Exit Fee(5)	12/28/2018		129		123
Total Food & Drug - 0.05%*				566		157

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	33,510	70		70
Thrillist Media Group, Inc.	Common Stock(2)	9/24/2014	774,352	624		1,092
Total General Media and Content - 0.34%*				694		1,162

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	49,304	22		16
Vial Health Technology, Inc.	Preferred Stock(2)	12/14/2022	48,889	33		33
Total Healthcare Services - 0.01%*				55		49

Healthcare Technology Systems
Curology, Inc.	Preferred Stock(2)	5/23/2019	36,020	58		21
Kalderos, Inc.	Preferred Stock	12/27/2022	73,606	167		53
K Health, Inc.	Common Stock(2)	7/14/2023	61,224	187		263
Thirty Madison, Inc.	Preferred Stock	12/30/2022	167,494	445		457
Total Healthcare Technology Systems - 0.23%*				857		794


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	11,974	$	9	$	5
Total Information Services (B2C) - 0.00%*				9		5

Medical Software and Information Services
AirStrip Technologies, Inc.	Common Stock(2)	10/9/2013	8,036	112		—
Total Medical Software and Information Services - 0.00%*				112		—

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	183,642	309		338
Open Space Labs, Inc.	Preferred Stock(2)	11/15/2022	2,954	7		4
Total Multimedia and Design Software - 0.10%*				316		342

Network Systems Management Software
Cohesity, Inc.	Preferred Stock(2)	1/10/2020	18,945	54		106
Signifyd, Inc.	Preferred Stock(2)	12/19/2019	33,445	132		441
Corelight, Inc.	Common Stock(2)	9/29/2022	45,977	235		258
Total Network Systems Management Software - 0.23%*				421		805

Other Financial Services
Jerry Services, Inc.	Preferred Stock	6/13/2022	41,936	169		120
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	64,813	161		426
N26 GmbH(1)(3)	Preferred Stock(2)	9/14/2021	11	324		221
Upgrade, Inc.	Preferred Stock(2)	1/18/2019	1,488,450	223		595
Total Other Financial Services - 0.39%*				877		1,362

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6		15
HomeLight, Inc.	Preferred Stock(2)	12/21/2018	54,004	44		186
	Preferred Stock(2)	11/5/2020	55,326	76		139
				120		325
Homeward, Inc.	Preferred Stock	12/10/2021	71,816	211		6
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	37,485	295		116
Roofstock, Inc.	Preferred Stock(2)	5/25/2022	56,839	19		194
Sonder Holdings Inc.	Common Stock(2)	12/28/2018	10,024	232		—
	Common Stock(2)	3/4/2020	1,049	42		—
				274		—
True Footage Inc.	Preferred Stock	11/24/2021	88,762	147		98
Total Real Estate Services - 0.22%*				1,072		754

Shopping Facilitators
Moda Operandi, Inc.	Preferred Units(2)	12/30/2021	36,450	169		4
OfferUp Inc.	Preferred Stock(2)	12/23/2019	131,006	42		138
Total Shopping Facilitators - 0.04%*				211		142

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	3/18/2019	84,507	281		151
Total Social/Platform Software - 0.04%*				281		151

Travel & Leisure
OmioCorp. (fka. GoEuro Corp.)(1)(3)	Preferred Stock	9/18/2019	12,027	361		404
	Preferred Stock	8/26/2022	16,261	611		693
	Preferred Stock	4/5/2024	17,904	385		1,061
Total Travel & Leisure - 0.62%*				1,357		2,158

Total Warrant Investments - 11.56%*				$	26,306	$	39,963


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Equity Investments(8)

Business Applications Software
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	$	167	$	105
Cresta Intelligence, Inc.	Preferred Stock(2)	9/30/2024	110,882	500		500
DialPad, Inc.	Preferred Stock(2)	9/22/2020	15,456	120		107
Envoy, Inc.	Preferred Stock(2)	12/30/2021	212,160	667		539
FlashParking, Inc.	Preferred Stock(2)	7/19/2022	33,116	455		451
Filevine, Inc.	Preferred Stock(2)	2/4/2022	56,353	357		486
Farmer's Business Network, Inc.	Preferred Stock(2)	7/31/2020	860	28		13
	Preferred Stock(2)	9/28/2023	4,181	138		12
				166		25
Passport Labs, Inc.	Preferred Stock(2)	6/11/2019	1,302	100		103
Uniphore Technologies Inc.	Preferred Stock(2)	1/28/2022	28,233	350		287
Total Business Applications Software - 0.75%*				2,882		2,603

Business Products and Services
Quick Commerce Ltd(1)(3)	Preferred Stock(2)	4/5/2024	418,182	8,028		7,719
	Ordinary Shares(2)	4/5/2024	1,448,528,650	311		1,053
Total Business Products and Services - 2.54%*				8,339		8,772

Business/Productivity Software
Ao1 Holdings (Player's Health)	Preferred Stock(2)	12/13/2024	49,717	150		150
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/16/2021	822	150		42
Total Business/Productivity Software - 0.06%*				300		192

Commercial Services
MXP Prime GmbH(1)(3)	Common Stock(2)	2/3/2022	165	1,140		12
	Preferred Stock(2)	6/29/2023	23	—		126
	Preferred Stock(2)	6/29/2023	46	50		48
Total Commercial Services - 0.05%*				1,190		186

Consumer Finance
Activehours, Inc. (d/b/a Earnin)	Preferred Stock(2)	11/10/2020	14,788	150		287
Total Consumer Finance - 0.08%*				150		287

Consumer Non-Durables
Misfits Market, Inc. (f/k/a Imperfect Foods, Inc.)	Preferred Stock(2)	12/31/2022	1,615	142		152
	Common Stock(2)	12/31/2022	7,196	358		385
Total Consumer Non-Durables - 0.16%*				500		537

Consumer Products and Services
everdrop GmbH(1)(3)	Preferred Stock(2)	8/1/2022	78	310		313
Frubana Inc.(1)(3)	Preferred Stock(2)	7/13/2022	7,993	500		19
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	7,758		7,758
Hydrow, Inc.	Common Stock(2)	12/14/2020	1,227,068	333		10
	Common Stock(2)	3/19/2021	666,394	335		6
				668		16
JOKR S.à r.l.(1)(3)	Preferred Stock(2)	12/7/2021	2,843	187		101
	Preferred Stock(2)	11/3/2022	787	37		28
				224		129
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		10
Total Consumer Products and Services - 2.39%*				9,470		8,245


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Consumer Retail
Savage X, Inc.	Preferred Stock(2)	1/20/2021	17,249	$	500	$	319
	Preferred Stock(2)	11/30/2021	10,393	500		385
Total Consumer Retail - 0.20%*				1,000		704

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	1/17/2019	67,934	500		466
Total E-Commerce - Clothing and Accessories - 0.13%*				500		466

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)(10)	6/5/2018	31,576	500		44
Merama Inc.	Preferred Stock(2)	4/19/2021	18,518	33		152
	Preferred Stock(2)	4/19/2021	14,490	83		136
	Preferred Stock(2)	9/1/2021	10,298	167		140
				283		428
Total E-Commerce - Personal Goods - 0.14%*				783		472

Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)	Common Stock(2)(10)	1/5/2018	60,926	250		99
Total Educational/Training Software - 0.03%*				250		99

Entertainment
Luminary Roli Limited(1)(3)	Ordinary Shares(2)	8/31/2021	434,782	2,525		—
Mind Candy, Inc.(1)(3)	Preferred Stock(2)	3/9/2020	511,665	1,000		—
Total Entertainment - 0.00%*				3,525		—

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Preference Shares(2)	12/31/2020	1,552	21,355		19,807
Revolut Ltd(1)(3)	Ordinary Shares(2)	8/3/2017	25,920	292		24,417
Total Financial Institution and Services - 12.79%*				21,647		44,224

Food & Drug
Capsule Corporation	Preferred Stock(2)	7/25/2019	128,423	716		369
Total Food & Drug - 0.11%*				716		369

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	127,656	1,000		1,000
Total General Media and Content - 0.29%*				1,000		1,000

Healthcare Technology Systems
Curology, Inc.	Preferred Stock(2)	11/26/2019	66,000	196		145
	Common Stock(2)	1/14/2020	142,855	404		73
				600		218
Kalderos, Inc.	Preferred Stock(2)	12/27/2022	45,403	325		292
Talkspace, LLC (f/k/a Groop Internet Platfom, Inc.)	Common Stock(2)(10)	5/15/2019	146,752	378		453
Thirty Madison, Inc.	Preferred Stock(2)	5/31/2019	81,708	1,000		725
Total Healthcare Technology Systems - 0.49%*				2,303		1,688

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	42,378	231		259
Total Multimedia and Design Software - 0.07%*				231		259

Network Systems Management Software
Cohesity, Inc.	Preferred Stock(2)	3/24/2017	60,342	400		1,003
	Preferred Stock(2)	4/7/2020	9,022	125		153
Total Network Systems Management Software - 0.33%*				525		1,156


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	5/6/2022	8,231	$	104	$	82
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	92,901	1,000		1,336
	Ordinary Shares(2)	1/5/2022	26,281	516		475
				1,516		1,811
N26 GmbH(1)(3)	Preferred Stock(2)	12/9/2021	22	1,264		1,409
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100		100
Total Other Financial Services - 0.98%*				2,984		3,402

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/18/2022	6,033	29		29
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	11,246	300		209
True Footage Inc.	Preferred Stock(2)	10/18/2021	18,366	100		68
Total Real Estate Services - 0.09%*				429		306

Travel & Leisure
OmioCorp. (fka. GoEuro Corp.)(1)(3)	Preferred Stock(2)	10/5/2017	2,362	300		291
	Preferred Stock(2)	5/9/2022	9,169	623		903
				923		1,194
Inspirato Inc.	Common Stock(2)(4)(10)	9/11/2014	6,081	287		20
Total Travel & Leisure - 0.35%*				1,210		1,214

Total Equity Investments - 22.04%*				$	59,934	$	76,181

Total Investments in Portfolio Companies - 195.62%*(9)(11)				$	713,732	$	676,249

Cash Equivalents
Money Market Fund	Type of Investment	Ticker		Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM		$	43,664	$	43,664
Total Cash Equivalents - 12.63%*				$	43,664	$	43,664

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2024, non-qualifying assets represented 32.7% of the Company’s total assets, at fair value.

(2)As of December 31, 2024, this investment was not pledged as collateral as part of the Company’s revolving credit facility.

(3)Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(4)Investment is owned by TPVG Investment LLC, a wholly owned taxable subsidiary of the Company.

(5)Investment is a cash success fee or a cash exit fee payable on the consummation of certain trigger events.

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $50.5 million, $71.1 million and $20.7 million, respectively, for the December 31, 2024 investment portfolio. The tax cost of investments is $697.0 million.

(7)Debt is on non-accrual status as of December 31, 2024 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2024 had a total cost and fair value of $38.1 million and $20.6 million, respectively.

(8)Non-income producing investments.

(9)Except for equity in four public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board.

(10)Investment is publicly traded and listed on either the New York Stock Exchange or the Nasdaq, and is not subject to restrictions on sales.

(11)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $675.6 million at fair value and represented 195.4% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(12)Acquisition date represents the date of the initial investment in the portfolio investment.

* Value as a percentage of net assets.

_______________

Notes applicable to the investments presented in the foregoing schedules of investments:

•Unless otherwise noted as an “Affiliate Investment” or a “Control Investment,” no investment represents a 5% or greater interest in any outstanding class of voting security of the portfolio company. As of March 31, 2025 and December 31, 2024, none of the Company’s investments represent a 5% or greater interest in any outstanding class of voting security of the portfolio company.

Notes applicable to the debt investments presented in the foregoing schedules of investments:

•Unless otherwise noted, interest rate is the annual cash interest rate on the debt investment and does not include any original issue discount (“OID”), end-of-term (“EOT”) payment, or any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees.

•For each debt investment tied to the U.S. Prime rate (“Prime Rate”) as of March 31, 2025, the Prime Rate was 7.50%. As of March 31, 2025, approximately 62.4%, or $368.5 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based and all of which had interest rate floors of 3.25% or higher. As of December 31, 2024, approximately 62.8% or $368.0 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based and all of which had interest rate floors of 3.25% or higher.

•The EOT payments are contractual and fixed interest payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed percentage of the original principal balance of the loan unless otherwise noted. The EOT payment is amortized and recognized as non-cash income over the loan or lease prior to its payment.

•Some of the terms noted in the foregoing schedules of investments are subject to change based on certain events such as prepayments.

TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(unaudited)

Note 1. Organization

TriplePoint Venture Growth BDC Corp. (the “Company”), a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC’s (“TPC”) investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending, typically with warrants, primarily to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors. The Company is externally managed by TriplePoint Advisers LLC (the “Adviser”), which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of TPC. The Adviser is responsible for sourcing, reviewing and structuring investment opportunities, underwriting and performing due diligence on investments and monitoring the investment portfolio on an ongoing basis. The Adviser was organized in August 2013 and, pursuant to an investment advisory agreement entered into between the Company and the Adviser, the Company pays the Adviser a base management fee and an incentive fee for its investment management services. The Company has also entered into an administration agreement (the “Administration Agreement”) with TriplePoint Administrator LLC (the “Administrator”), a wholly owned subsidiary of the Adviser, pursuant to which the Administrator provides or arranges for the provision of all administrative services necessary for the Company to operate.

The Company has two wholly owned subsidiaries: TPVG Variable Funding Company LLC (the “Financing Subsidiary”), a bankruptcy remote special purpose entity established for utilizing the Company’s revolving credit facility, whose creditors have a claim on its assets prior to those assets becoming available to the Financing Subsidiary’s equity holder, and TPVG Investment LLC, an entity established for holding certain of the Company’s investments without negatively impacting the Company’s RIC tax status. These subsidiaries are consolidated in the financial statements of the Company.

Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted.

The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated.

Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 5, 2025, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement

In accordance with the Board approved investment advisory agreement (the “Advisory Agreement”), subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the day-to-day operations and provides investment advisory services to the Company. Under the terms of the Advisory Agreement, the Adviser:

•determines the composition of the Company’s portfolio, the nature and timing of changes to the Company’s portfolio and the manner of implementing such changes;

•identifies, evaluates and negotiates the structure of investments;

•executes, closes, services and monitors investments;

•determines the securities and other assets purchased, retained or sold;

•performs due diligence on prospective investments; and

•provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

As consideration for the investment advisory and management services provided, and pursuant to the Advisory Agreement, the Company has agreed to pay the Adviser a fee consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee and incentive fee is ultimately borne by the Company’s stockholders.

Base Management Fee

The base management fee is calculated at an annual rate of 1.75% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. For services rendered under the Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets at the end of its two most recently completed calendar quarters. Such amount is appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. Base management fees for any partial month or quarter are appropriately pro-rated.

Incentive Fee

The incentive fee, which provides the Adviser with a share of the income it generates for the Company, consists of two components—net investment income and net capital gains—which are largely independent of each other, and may result in one component being payable in a given period even if the other is not payable.

Under the investment income component, the Company pays the Adviser each quarter 20.0% of the amount by which the Company’s pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (8.0% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which the Adviser receives all of such income in excess of 2.0% but less than 2.5%, subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, the Adviser receives 20.0% of the Company’s pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company’s pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC exceeds the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. In other words, any investment income incentive fee that is payable in a calendar quarter is limited to the lesser of (i) 20.0% of the amount by which the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC minus (y) the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of the Company’s pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since the effective date of the Company’s election to be regulated as a BDC. The Company elected to be regulated as a BDC under the 1940 Act on March 5, 2014.

Commencing with the quarter ended March 31, 2025, until and including the quarter ending December 31, 2025, the Adviser has agreed to waive the portion of the income incentive fee payable for a quarter under the Advisory Agreement if and to the extent that, after payment of such income incentive fee, the Company’s net investment income per share for such quarter is below the Company’s quarterly distribution per share for such quarter.

Under the capital gains component of the incentive fee, the Company pays the Adviser at the end of each calendar year (or upon termination of the Advisory Agreement) 20.0% of the Company’s aggregate cumulative realized capital gains from inception through the end of that year (or upon termination of the Advisory Agreement), computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized losses through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, the Company’s “aggregate cumulative realized capital gains” does not include any unrealized gains. It should be noted that the Company accrues an incentive fee for accounting purposes taking into account any unrealized gains in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee is payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.

The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of March 31, 2025 and 2024, and, as a result, no capital gains incentive fees were recorded for the three months ended March 31, 2025 and 2024.


Management and Incentive Fees (in thousands)	For the Three Months Ended March 31,
		2025		2024
Base management fee		$	3,326	$	4,302
Income incentive fee		$	—	$	—
Capital gains incentive fee		$	—	$	—

Administration Agreement

The Board-approved Administration Agreement provides that the Administrator is responsible for furnishing the Company with office facilities and equipment and providing the Company with clerical, bookkeeping, recordkeeping services and other administrative services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees, or arranges for, the performance of the Company’s required administrative services, which includes being responsible for the financial and other records which the Company is required to maintain and preparing reports to the Company’s stockholders and reports and other materials filed with the SEC and any other regulatory authority. In addition, the Administrator assists the Company in determining and publishing net asset value (“NAV”), overseeing the preparation and filing of the Company’s tax returns and printing and disseminating reports and other materials to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides significant managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance.

In consideration of the provision of the services of the Administrator, the Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. Payments under the Administration Agreement are equal to the Company’s allocable portion (subject to the review of the Board) of the Administrator’s overhead resulting from its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the chief compliance officer and chief financial officer and their respective staffs. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, the Administrator is paid an additional amount based on the services provided, which shall not exceed the amount the Company receives from such companies for providing this assistance.

For the three months ended March 31, 2025 and 2024, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.6 million and $0.6 million, respectively.

Note 4. Investments

The Company measures the fair value of its investments in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Valuation Committee of the Board is responsible for assisting the Board in valuing investments for which current market quotations are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from pricing services, broker-dealers or market makers.

The Company values its investments for which market quotations are not readily available at fair value as determined in good faith by the Board, with the assistance of the Adviser and independent valuation agents, in accordance with Rule 2a-5 of the 1940 Act and GAAP, and in accordance with the Company’s valuation methodologies. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Adviser considers a range of fair values based upon the valuation techniques utilized and selects a value within that range that most accurately represents fair value based on current market conditions as well as other factors the Adviser’s valuation committee considers relevant. The Board determines fair value of the Company’s investments on at least a quarterly basis or at such other times when the Board feels it would be appropriate to do so given the circumstances. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of portfolio investments that do not have a readily available market value, fair value of investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below.

•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

•Level 2—Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, and model-based valuation techniques for which all significant inputs are observable.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, excluding transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

For purposes of Section 2(a)(41) and Rule 2a-5 under the 1940 Act, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Any portfolio investment that is not priced using a Level 1 input shall be subject to the fair value determination requirements under Rule 2a-5 and subject to the Company’s valuation procedures.

With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below:

•The quarterly valuation process begins with each portfolio company or investment receiving a proposed valuation by the Adviser. The Adviser’s internal valuation committee (the “Adviser Valuation Committee”) is responsible for the valuation process, including making preliminary valuation conclusions and recommendations to the Valuation Committee and Board. The Adviser Valuation Committee does not include any voting members who are portfolio managers or investment professionals.

•The Adviser’s Portfolio Valuation, Monitoring and Analytics (“VMA”) group is responsible for aiding and supporting the Adviser Valuation Committee in the Adviser Valuation Committee’s role of overseeing the valuation process, including for calculating and overseeing the valuation process and valuation conclusions, and including making recommendations with respect to discount rates, liquidity adjustments and other key inputs into the valuation process.

•Proposed valuations are then documented and discussed with the Adviser Valuation Committee and other members of the Adviser’s senior management, including members of the VMA and the Adviser’s Finance, Operations, Legal and Compliance groups.

•At least 25% of the total dollar value of the Company’s investment portfolio will receive valuation recommendations from an independent third-party valuation firm each quarter, as selected in accordance with the Company’s valuation policy. Each new portfolio investment will be reviewed by an independent third-party valuation firm within 12 months of the date of investment, and thereafter will be reviewed by an independent third-party valuation firm no later than the fourth quarter following its most recent inclusion in such review process. However, a valuation review by an independent third-party valuation firm is not required for an investment whose total dollar value is less than 1% of the total dollar value of the Company’s aggregate investment portfolio (up to an aggregate of 10% of the total dollar value of the Company’s aggregate investment portfolio) or for those assets that the Board and/or Valuation Committee has agreed to waive from such requirement.

•The Adviser and the independent third-party valuation firms, if applicable, then present their proposed valuations to the Valuation Committee and Board, and the Board makes a fair valuation determination for each portfolio investment that is to be fair valued.

Debt Investments

The debt investments identified on the consolidated schedules of investments are loans made to venture capital-backed companies focused in technology and other high growth industries which are backed by a select group of leading venture capital investors. These investments are considered Level 3 assets under ASC Topic 820 as there is no known or accessible market or market indices for these types of debt instruments and thus the Company must estimate the fair value of these investment securities based on models utilizing unobservable inputs.

To estimate the fair value of debt investments, the Company compares the cost basis of each debt investment, including any OID, to the resulting fair value determined using a discounted cash flow model, unless another model is more appropriate based on the circumstances at the measurement date. The discounted cash flow approach entails analyzing the interest rate spreads for recently completed financing transactions which are similar in nature to these debt investments, in order to determine a comparable range of effective market interest rates. The range of interest rate spreads utilized is based on borrowers with similar credit profiles. All remaining expected cash flows of the investment are discounted using this range of interest rates to determine a range of fair values for the debt investment.

The valuation process includes, among other things, evaluating the underlying investment performance of the portfolio company’s current financial condition and ability to raise additional capital, as well as macro-economic events that may impact valuations. These events include, but are not limited to, current market yields and interest rate spreads of similar securities as of the measurement date. Changes in these unobservable inputs could result in significantly different fair value measurements.

Under certain circumstances, an alternative technique may be used to value certain debt investments that better reflect the fair value of the investment, such as the price paid or realized in a recently completed transaction or a binding offer received in an arm’s length transaction, the use of multiple probability weighted cash flow models when the expected future cash flows contain elements of variability or estimates of proceeds that would be received in a liquidation scenario.

Warrant Investments

Warrant fair values are primarily determined using a Black Scholes option pricing model. Privately held warrants and equity-related securities are valued based on an analysis of various factors, including, but not limited to, those listed below. Increases or decreases in any of the unobservable inputs described below could result in a material change in fair value:

•Underlying enterprise value of the issuer based on available information, including any information regarding the most recent financing round of borrower. Valuation techniques to determine enterprise value include market multiple approaches, income approaches or the use of recent rounds of financing and the portfolio company’s capital structure. Valuation techniques are also utilized to allocate the enterprise fair value of a portfolio company to the specific class of common or preferred stock exercisable in the warrant. Such techniques take into account the rights and preferences of the portfolio company’s securities, expected exit scenarios, and volatility associated with such outcomes to allocate the fair value to the specific class of stock held in the portfolio. Such techniques include option pricing models, including back solve techniques, probability weighted expected return models and other techniques determined to be appropriate.

•Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant investment price, is based on comparable publicly traded companies within indices similar in nature to the underlying company issuing the warrant.

•The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant investment.

•Other adjustments, including a marketability discount on private company warrant investments, are estimated based on the Adviser’s judgment about the general industry environment.

•Historical portfolio experience on cancellations and exercises of warrant investments are utilized as the basis for determining the estimated life of the warrant investment in each financial reporting period. Warrant investments may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrant investment.

Under certain circumstances alternative techniques may be used to value certain warrants that more accurately reflect the warrants' fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arm’s-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option.

Equity Investments

The fair value of an equity investment in a privately held company is initially the amount invested. The Company adjusts the fair value of equity investments in private companies upon the completion of a new third party round of equity financing subsequent to its investment. The Company may adjust the fair value of an equity investment absent a new equity financing event based upon positive or negative changes in a portfolio company’s financial or operational performance. The Company may also reference comparable transactions and/or secondary market transactions of comparable companies to estimate fair value. These valuation methodologies involve a significant degree of judgment.

The fair value of an equity investment in a publicly traded company is based upon the closing public share price on the date of measurement. These assets are recorded at fair value on a recurring basis.

Investment Valuation

The above-described valuation methodologies involve a significant degree of judgment. There is no single standard for determining the estimated fair value of investments that do not have an active observable market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a single estimate may then be determined.

Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of March 31, 2025 and December 31, 2024. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.


Investment Type (in thousands)	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	565,413	$	565,413	$	—	$	—	$	560,105	$	560,105
Warrant investments	—		—		41,997		41,997		—		—		39,963		39,963
Equity investments	530		—		74,072		74,602		616		—		75,565		76,181
Total portfolio company investments	$	530	$	—	$	681,482	$	682,012	$	616	$	—	$	675,633	$	676,249

The following tables show information about Level 3 portfolio company investments measured at fair value for the three months ended March 31, 2025 and 2024. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.


Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2025
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2024	$	560,105	$	39,963	$	75,565	$	675,633
Funding and purchases of investments, at cost	27,327		762		448		28,537
Principal payments and sale proceeds received from investments	(27,663)		—		(2,308)		(29,971)
Net amortization and accretion of premiums and discounts and end-of-term payments	1,467		—		—		1,467
Net realized gains (losses) on investments	—		—		2,278		2,278
Net change in unrealized gains (losses) included in earnings	422		1,272		(1,911)		(217)
Payment-in-kind coupon	3,755		—		—		3,755

Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2025	$	565,413	$	41,997	$	74,072	$	681,482

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2025	$	422	$	1,272	$	(1,911)	$	(217)

__________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the three months ended March 31, 2025.


Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2024
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2023	$	730,295	$	30,055	$	40,425	$	800,775
Funding and purchases of investments, at cost	13,155		165		396		13,716
Principal payments and sale proceeds received from investments	(38,755)		(5)		—		(38,760)
Net amortization and accretion of premiums and discounts and end-of-term payments	404		—		—		404
Net realized gains (losses) on investments	(8,937)		(13)		—		(8,950)
Net change in unrealized gains (losses) included in earnings	(4,759)		2,451		2,934		626
Payment-in-kind coupon	3,788		—		—		3,788

Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2024	$	695,191	$	32,653	$	43,755	$	771,599

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2024	$	(9,828)	$	2,626	$	2,934	$	(4,268)

_______________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the three months ended March 31, 2024.

Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations.

During the three months ended March 31, 2025, the Company recognized net realized gains on investments of $2.3 million. During the three months ended March 31, 2024, the Company recognized net realized losses on investments of $8.8 million.

Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations.

Net change in unrealized losses on investments during the three months ended March 31, 2025 was $0.3 million. Net change in unrealized gains on investments during the three months ended March 31, 2024 was $1.3 million.

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of March 31, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.


Level 3 Investments (dollars in thousands)	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	479,028	Discounted Cash Flows	Discount Rate	11.10% - 68.38%	20.27%
	86,385		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	10.00% - 100.00%	91.56%
Warrant investments	39,900		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 21.00x	11.04x
				Volatility	25.00% - 90.00%	53.14%
				Term	0.20 - 4.50 Years	2.39
				Discount for Lack of Marketability	10.00% - 25.00%	12.58%
				Risk Free Rate	0.09% - 5.03%	3.64%

	2,097		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.56
				Expected Recovery Rate	18.75% - 100.00%	90.30%
Equity investments	73,006		Black Scholes Option Pricing Model	Revenue Multiples	0.35x - 21.00x	9.31
				Volatility	25.00% - 90.00%	48.18%
				Term	1.00 - 4.00 Years	2.00
				Discount for Lack of Marketability	10.00% - 10.00%	10.00%
				Risk Free Rate	0.13% - 5.03%	3.65%
	1,066		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	14.20% - 14.20%	14.20%
				Term	2.00 - 3.00 Years	2.50
Total portfolio company investments	$	681,482


Level 3 Investments (dollars in thousands)	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	492,095	Discounted Cash Flows	Discount Rate	11.47% - 41.90%	19.12%
	68,010		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	10.00% - 100.00%	69.62%
Warrant investments	38,138		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 21.00x	11.56x
				Volatility	25.00% - 90.00%	52.94%
				Term	0.20 - 4.50 Years	2.39
				Discount for Lack of Marketability	10.00% - 25.00%	12.53%
				Risk Free Rate	0.09% - 5.03%	3.62%

	1,825		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.50
				Expected Recovery Rate	18.75% - 100.00%	88.85%
Equity investments	74,408		Black Scholes Option Pricing Model	Revenue Multiples	0.30x - 21.00x	7.65x
				Volatility	25.00% - 90.00%	29.75%
				Term	1.00 - 4.00 Years	1.99
				Discount for Lack of Marketability	10.00% - 10.00%	10.00%
				Risk Free Rate	0.13% - 5.03%	2.55%
	1,157		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	20.00% - 20.00%	20.00%
				Term	0.50 - 1.50 Years	1.00
Total portfolio company investments	$	675,633

Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.

Note 5. Credit Risk

Debt investments may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic, economic and political developments, may significantly affect the value of these investments. In addition, the value of these investments may fluctuate as the general level of interest rates fluctuates.

In many instances, the portfolio company’s ability to repay the debt investments is dependent on additional funding by its venture capital investors, a future sale or an initial public offering. The value of these investments may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan.

Note 6. Borrowings

The following table shows the Company’s outstanding debt as of March 31, 2025 and December 31, 2024:


Liability (in thousands)	March 31, 2025						December 31, 2024
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	300,000	$	5,000	$	295,000	$	300,000	$	5,000	$	295,000
2025 Notes	—		—		—		70,000		70,000		—
2026 Notes	200,000		200,000		—		200,000		200,000		—
2027 Notes	125,000		125,000		—		125,000		125,000		—
2028 Notes	50,000		50,000		—		—		—		—
Total before deferred financing and issuance costs	675,000		380,000		295,000		695,000		400,000		295,000
Unamortized deferred financing and issuance costs	—		(5,112)		—		—		(5,077)		—
Total borrowings outstanding, net of deferred financing and issuance costs	$	675,000	$	374,888	$	295,000	$	695,000	$	394,923	$	295,000

Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below:


Interest Expense and Amortization of Fees (in thousands)	For the Three Months Ended March 31,
	2025		2024
Revolving Credit Facility
Interest cost	$	98	$	1,328
Unused fee	369		364
Amortization of costs and other fees	628		486
Revolving Credit Facility Total	$	1,095	$	2,178






2025 Notes
Interest cost	$	674	$	788
Amortization of costs and other fees	52		52
2025 Notes Total	$	726	$	840

2026 Notes
Interest cost	$	2,250	$	2,250
Amortization of costs and other fees	111		111
2026 Notes Total	$	2,361	$	2,361

2027 Notes
Interest cost	$	1,562	$	1,562
Amortization of costs and other fees	70		70
2027 Notes Total	$	1,632	$	1,632

2028 Notes
Interest cost	$	529	$	—
Amortization of costs and other fees	29		—
2028 Notes Total	$	558	$	—

Total interest expense and amortization of fees	$	6,372	$	7,011

Credit Facility

In February 2014, the Company, along with its Financing Subsidiary as borrower, entered into a credit agreement with Deutsche Bank AG, New York Branch acting as administrative agent and the other lenders party thereto, which provided the Company with a $150.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the “Credit Facility”). On July 22, 2022, the Credit Facility was amended to, among other things, extend the revolving period from November 30, 2022 to May 31, 2024 and the scheduled maturity date from May 31, 2024 to November 30, 2025 (unless otherwise terminated earlier pursuant to its terms), as well as change the floating rate from LIBOR to SOFR. On April 29, 2024, the Company and the Financing Subsidiary amended the Credit Facility to, among other things, extend the revolving period to August 31, 2024. On August 6, 2024, the Company and the Financing Subsidiary amended the Credit Facility to, among other things, (i) further extend the revolving period from August 31, 2024 to November 30, 2025, (ii) extend the scheduled maturity date from November 30, 2025 to May 30, 2027, (iii) adjust the advance rates based on the underlying asset type, (iv) revise certain events of default provisions and affirmative and negative covenants; and (v) reduce the total commitments to $300 million from $350 million. As of March 31, 2025, the Company had $300 million in total commitments available under the Credit Facility, which includes an accordion feature that allows the Company to increase the size of the Credit Facility to up to $400 million under certain circumstances.

As of March 31, 2025, borrowings under the Credit Facility bore interest at the sum of (i) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 3.20% if facility utilization is greater than or equal to 75%, 3.35% if utilization is greater than or equal to 50% but less than 75%, 3.50% if utilization is less than 50% and 4.5% during the amortization period. Borrowings under the Credit Facility are secured only by the assets of the Financing Subsidiary. The Company agreed to pay Deutsche Bank AG a syndication fee and to pay to Deutsche Bank AG a fee to act as administrative agent under the Credit Facility as well as to pay each lender (i) a commitment fee based on each lender’s commitment and (ii) a fee of 0.50% per annum for any unused borrowings under the Credit Facility on a monthly basis. The Credit Facility contains affirmative and restrictive covenants including, but not limited to, an advance rate of up to 50.0% of the applicable balance of net assets held by the Financing Subsidiary, maintenance of minimum net worth, a ratio of total assets to total indebtedness of not less than the greater of 3:2 and the amount so required under the 1940 Act, a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava, and eligibility requirements, including but not limited to geographic and industry concentration limitations and certain loan grade classifications. Furthermore, events of default under the Credit Facility include, among other things, (i) a payment default; (ii) a change of control; (iii) bankruptcy; (iv) a covenant default; and (v) failure by the Company to maintain its qualification as a BDC under the 1940 Act. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the Credit Facility.

As of March 31, 2025 and December 31, 2024, the Company had outstanding borrowings under the Credit Facility of $5.0 million and $5.0 million, respectively, excluding deferred credit facility costs of $3.5 million and $3.9 million, respectively, which is included in the Company’s consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

During the three months ended March 31, 2025 and 2024, the Company had average outstanding borrowings under the Credit Facility of $5.0 million and $61.7 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 8.31% and 9.17%, respectively.

As of March 31, 2025 and December 31, 2024, $323.9 million and $332.0 million, respectively, of the Company’s assets, including restricted cash, were pledged for borrowings under the Credit Facility, leaving $410.9 million and $431.0 million of assets unencumbered, respectively.

2025 Notes

On March 19, 2020, the Company completed a private debt offering of $70.0 million in aggregate principal amount of its 4.50% unsecured notes due March 19, 2025 (the “2025 Notes”) in reliance on Section 4(a)(2) of the Securities Act. In March 2025, the Company repaid the full $70.0 million in aggregate principal amount of the issued and outstanding 2025 Notes at maturity at par value plus the accrued and unpaid interest. The interest on the 2025 Notes was payable semiannually on March 19 and September 19 each year.

The Master Note Purchase Agreement (the “Note Purchase Agreement”) under which the 2025 Notes were issued contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $216.1 million, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2019.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava.

As of March 31, 2025 and December 31, 2024, the fair value of the 2025 Notes was $0.0 million and $70.3 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

2026 Notes

On March 1, 2021, the Company completed a private debt offering of $200.0 million in aggregate principal amount of its 4.50% unsecured notes due March 1, 2026 (the “2026 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2026 Notes is payable semiannually on March 19 and September 19 each year.

The 2026 Notes are governed by the terms of the First Supplement, dated as of March 1, 2021 (the “First Supplement”), to the Note Purchase Agreement. The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2026 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2026 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2026 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2026 Notes under the Note Purchase Agreement, as modified by the First Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions that were applicable to the 2025 Notes. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the 2026 Notes.

The 2026 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.4 million of deferred issuance cost as of March 31, 2025, which is amortized and expensed over the five-year term of the 2026 Notes based on an effective yield method. As of March 31, 2025 and December 31, 2024, the fair value of the 2026 Notes was $195.2 million and $194.8 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

2027 Notes

On February 28, 2022, the Company completed a private debt offering of $125.0 million in aggregate principal amount of its 5.00% unsecured notes due February 28, 2027 (the “2027 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2027 Notes is payable semiannually on February 28 and August 28 each year.

The 2027 Notes are governed by the terms of the Second Supplement, dated as of February 28, 2022 (the “Second Supplement”), to the Note Purchase Agreement. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.00% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2027 Notes under the Note Purchase Agreement, as modified by the Second Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions that were applicable to the 2025 Notes and that are applicable to the 2026 Notes. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the 2027 Notes.

The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.5 million of deferred issuance cost as of March 31, 2025, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of March 31, 2025 and December 31, 2024, the fair value of the 2027 Notes was $119.9 million and $119.0 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

2028 Notes

On February 12, 2025, the Company completed a private debt offering of $50.0 million in aggregate principal amount of its 8.11% unsecured notes due February 12, 2028 (the “2028 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2028 Notes is payable semiannually on February 12 and August 12 each year.

The 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2028 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness.

The Note Purchase Agreement (the “2025 Note Purchase Agreement”) under which the 2028 Notes were issued contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens and restricted payments. In addition, the 2025 Note Purchase Agreement contains the following financial covenants: (1) a minimum asset coverage ratio of 1.50 to 1.00; (2) a minimum interest coverage ratio of 1.25 to 1.00; and (3) maintenance of minimum stockholders’ equity to not be less than (a) the higher of (i) $236,776,000 and (ii) an amount equal to 65% of the Company’s stockholders’ equity as of December 31, 2024, plus (b) 65% of the net proceeds from the sale of the Company’s equity interests after the relevant date. In addition, the stated interest rate on the 2028 Notes is subject to a step up of 1.00% per year, to the extent that (1) the 2028 Notes do not satisfy certain investment grade rating conditions and/or (2) the ratio of its payment-in-kind income to net investment income during a six-month period exceeds specified thresholds, measured as of each fiscal quarter end.

The 2025 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, if any, certain judgements and orders, certain events of bankruptcy, and breach of a key man clause with respect to James P. Labe and Sajal K. Srivastava. As of March 31, 2025, the Company was in compliance with all covenants under the 2028 Notes.

The 2028 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.7 million of deferred issuance cost as of March 31, 2025, which is amortized and expensed over the three-year term of the 2028 Notes based on an effective yield method. As of March 31, 2025, the fair value of the 2028 Notes was $51.2 million, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of March 31, 2025 and December 31, 2024:


Liability (in thousands)	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Revolving Credit Facility	$	—	$	—	$	5,000	$	5,000	$	—	$	—	$	5,000	$	5,000
2025 Notes, net(1)	—		—		—		—		—		—		70,269		70,269
2026 Notes, net(2)	—		—		194,766		194,766		—		—		194,301		194,301
2027 Notes, net(3)	—		—		119,409		119,409		—		—		118,425		118,425
2028 Notes, net(4)	—		—		50,559		50,559		—		—		—		—
Total	$	—	$	—	$	369,734	$	369,734	$	—	$	—	$	387,995	$	387,995

_______________

(1)Net of debt issuance costs as of December 31, 2024 of $0.1 million.

(2)Net of debt issuance costs as of March 31, 2025 and December 31, 2024 of $0.4 million and $0.5 million, respectively.

(3)Net of debt issuance costs as of March 31, 2025 and December 31, 2024 of $0.5 million and $0.6 million, respectively.

(4)Net of debt issuance costs as of March 31, 2025 of $0.7 million.

Note 7. Commitments and Contingencies

Commitments

As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments totaled $116.8 million to 15 portfolio companies and $104.5 million to 14 portfolio companies, respectively, of which $19.1 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 March 31, 2025 and December 31, 2024:


	March 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
ThoughtSpot, Inc.	$	25,000	$	425	$	—	$	—
Branch Messenger, Inc.	22,500		74		—		—
Activehours, Inc. (d/b/a Earnin)	15,000		61		15,000		61
Ao1 Holdings Inc.	11,003		104		11,003		104
Cresta Intelligence Inc.	10,000		33		10,000		33
Muon Space, Inc.	10,000		156		10,000		155
Minted, Inc.	8,500		—		8,500		—
Tetrascience, Inc.	5,000		—		—		—
Hover Inc.	4,000		40		4,000		40
Ocrolus Inc.	2,857		37		2,856		37
Eridu Corporation	1,000		10		—		—
Hydrow, Inc.	735		—		543		—
FlashParking, Inc.	500		2		500		2
Panorama Education, Inc.	380		—		4,280		—
Parry Labs, LLC	367		—		500		4
Project Affinity, Inc.	—		61		5,500		61
Overtime Sports Inc.	—		—		22,858		122
Corelight, Inc.	—		—		9,000		301


































Total	$	116,842	$	1,003	$	104,540	$	920

_______________

(1)The Company did not have any backlog of potential future commitments as of March 31, 2025 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 $1.0 million and $0.9 million as of March 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 three months ended March 31, 2025 and 2024:


Commitments Activity (in thousands)	For the Three Months Ended March 31,
		2025		2024
Unfunded commitments at beginning of period(1)		$	104,540	$	118,111
New commitments(1)		76,500		10,000
Fundings		(27,676)		(13,500)
Expirations / Terminations		(36,522)		(41,510)

Unfunded commitments and backlog of potential future commitments at end of period		$	116,842	$	73,101
Backlog of potential future commitments		—		—
Unfunded commitments at end of period		$	116,842	$	73,101

_______________

(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 March 31, 2025 and December 31, 2024:


Unfunded Commitments(1) (in thousands)	March 31, 2025		December 31, 2024
Dependent on milestones	$	19,100	$	9,100
Expiring during:

2025	$	43,260	$	83,617
2026	51,082		20,923
2027	22,500		—
Unfunded commitments	$	116,842	$	104,540

_______________

(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 March 31, 2025 and December 31, 2024, the Company did not have any backlog of potential future commitments.

Note 8. Financial Highlights

The following table shows the financial highlights for the three months ended March 31, 2025 and 2024:


Financial Highlights (in thousands, except per share data)	For the Three Months Ended March 31,
	2025			2024
Per Share Data(1)
Net asset value at beginning of period	$	8.61		$	9.21
Changes in net asset value due to:
Net investment income	0.27			0.41
Net realized gains (losses) on investments	0.06			(0.23)
Net change in unrealized gains (losses) on investments	(0.02)			0.03
Net increase (decrease) from capital share transactions(1)	—			—

Distributions from net investment income	(0.30)			(0.40)


Net asset value at end of period	$	8.62		$	9.02

Net investment income per share	$	0.27		$	0.41
Net increase (decrease) in net assets resulting from operations per share	$	0.32		$	0.21
Weighted average shares of common stock outstanding for period	40,138			37,649
Shares of common stock outstanding at end of period	40,233			37,846

Ratios / Supplemental Data
Net asset value at beginning of period	$	345,687		$	346,306
Net asset value at end of period	$	346,968		$	341,267
Average net asset value	$	347,675		$	349,523
Stock price at end of period	$	6.98		$	9.48

Total return based on net asset value per share(2)	4.7		%	2.4		%
Total return based on stock price(3)	(1.1)		%	(8.8)		%

Net investment income to average net asset value(4)	12.5		%	17.9		%
Net increase (decrease) in net assets to average net asset value(4)	14.8		%	9.2		%
Ratio of expenses to average net asset value(4)	13.7		%	15.8		%
Operating expenses excluding incentive fees to average net asset value(4)	13.7		%	15.8		%
Income incentive fees to average net asset value(4)	—		%	—		%
Capital gains incentive fees to average net asset value(4)	—		%	—		%

_____________

(1)All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized.

(3)Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized.

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average annualized portfolio yield on debt investments for the three months ended March 31, 2025 and 2024:


Ratios (Percentages, on an annualized basis)(1)	For the Three Months Ended March 31,
	2025		2024
Weighted average portfolio yield on debt investments(2)	14.4	%	15.4	%
Coupon income	11.6	%	12.2	%
Accretion of discount	1.2	%	0.9	%
Accretion of end-of-term payments	1.3	%	1.6	%
Impact of prepayments during the period	0.3	%	0.7	%

_____________

(1)Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities.

(2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to our stockholders.

Note 9. Net Increase (Decrease) in Net Assets per Share

The following table shows the computation of basic and diluted net increase/(decrease) in net assets per share for the three months ended March 31, 2025 and 2024:


Basic and Diluted Share Information (in thousands, except per share data)	For the Three Months Ended March 31,
		2025		2024
Net investment income		$	10,738	$	15,523
Net increase (decrease) in net assets resulting from operations		$	12,689	$	7,979
Weighted average shares of common stock outstanding		40,138		37,649
Net investment income per share of common stock		$	0.27	$	0.41
Net increase (decrease) in net assets resulting from operations per share of common stock		$	0.32	$	0.21

Note 10. Equity

Since inception through March 31, 2025, the Company issued 34,999,352 shares of common stock through an initial public offering and a concurrent private placement offering in 2014, a registered follow-on offering in 2015, a private placement offering in 2017, a registered follow-on offering and concurrent private placement offering in 2018, a registered follow-on offering in 2020 and a registered follow-on offering in 2022. The Company received net proceeds from these offerings of $488.1 million, net of the portion of the underwriting sales load and offering costs paid by the Company. Included in the $488.1 million of net proceeds from these offerings is $55.3 million in net proceeds from the Company’s issuance in August 2022 of an aggregate of 4,161,807 shares of common stock in a registered follow-on offering pursuant to an underwriting agreement by and among the Company, the Adviser and the Administrator, on the one hand, and Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in the underwriting agreement. 411,807 of the shares issued in August 2022 were issued pursuant to the underwriters’ option to purchase additional shares.

On September 30, 2022, the Company entered into a sales agreement (the “2022 Sales Agreement”) with the Adviser, the Administrator and UBS Securities LLC (the “Sales Agent”), providing for the issuance and sale from time to time of up to an aggregate of $50.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Prior ATM Program”). Subject to the terms of the 2022 Sales Agreement, the Sales Agent was not required to sell any specific number or dollar amount of securities but acted as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent.

On May 2, 2024, the Company entered into a new sales agreement (the “2024 Sales Agreement”) with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $75.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Current ATM Program” and, together with the Prior ATM Program, the “ATM Programs”). Concurrently upon entry into the 2024 Sales Agreement, the Company, the Adviser, the Administrator and the Sales Agent agreed to the termination of the 2022 Sales Agreement. Subject to the terms of the 2024 Sales Agreement, the Sales Agent is not required to sell any specific number or dollar amount of securities but will act as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent.

During the three months ended March 31, 2025, the Company did not sell shares of common stock under the 2024 Sales Agreement. During the three months ended March 31, 2024, the Company sold 132,478 shares of common stock under the 2022 Sales Agreement. For the same period, the Company received total net proceeds of $1.3 million. As of March 31, 2025, $56.5 million in shares remained available for sale under the Current ATM Program.

The Company has adopted a dividend reinvestment plan for its stockholders, which is an “opt out” dividend reinvestment plan. Under this plan, if the Company declares a cash distribution to stockholders, the amount of such distribution is automatically reinvested in additional shares of common stock unless a stockholder specifically “opts out” of the dividend reinvestment plan. If a stockholder opts out, that stockholder receives cash distributions.

The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the three months ended March 31, 2025 and for the year ended December 31, 2024:


Issuance of Common Stock for the Three Months Ended March 31, 2025 (in thousands, except for per share data)	Date	Number of Shares of Common Stock Issued	Gross Proceeds Raised		Underwriting Sales Load		Offering Expenses		Gross Offering Price per Share
First quarter 2025 distribution reinvestment	3/31/2025	95	$	633	$	—	$	—	$	6.63





Total issuance		95	$	633	$	—	$	—


Issuance of Common Stock for the Year Ended December 31, 2024 (in thousands, except for per share data)	Date	Number of Shares of Common Stock Issued	Gross Proceeds Raised		Underwriting Sales Load		Offering Expenses		Gross Offering Price per Share
First quarter 2024 distribution reinvestment	3/29/2024	93	$	828	$	—	$	—	$	8.87
First quarter 2024 ATM offering(1)	3/12/2024	133	1,308		20		33		$	9.88
Second quarter 2024 distribution reinvestment	6/28/2024	113	859		—		—		$	7.63
Second quarter 2024 ATM offering	(2)	1,994	18,511		278		63		$	9.28
Third quarter 2024 distribution reinvestment	9/30/2024	96	646		—		—		$	6.71
Fourth quarter 2024 distribution reinvestment	12/27/2024	88	614		—		—		$	6.94
Total issuance		2,517	$	22,766	$	298	$	96

_______________

(1)Gross offering price per share represents the weighted average price per share issued on March 12, 2024 under the 2022 Sales Agreement.

(2)Gross offering price per share represents the weighted average price per share issued during the period from May 7, 2024 to June 10, 2024 under the 2024 Sales Agreement.

The Company had 40,232,829 and 40,137,371 shares of common stock outstanding as of March 31, 2025 and December 31, 2024, respectively.

Note 11. Distributions

The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under the Code. In order to maintain its ability to be subject to tax as a RIC, among other things, the Company is required to distribute at least 90% of its net ordinary income and net realized short-term capital gains in excess of its net realized long-term capital losses, if any, to its stockholders. Additionally, to avoid a nondeductible 4% U.S. federal excise tax on certain of the Company’s undistributed income, the Company must distribute during each calendar year an amount at least equal to the sum of: (a) 98% of the Company’s ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which the Company’s capital gains exceed the Company’s capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by the Company to use its taxable year); and (c) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax.

For the tax years ended December 31, 2024 and 2023, the Company was subject to a 4% U.S. federal excise tax and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $1.6 million and $1.5 million for the tax years ended December 31, 2024 and 2023, respectively.

The following table shows the Company's cash distributions per share that have been authorized by the Board since the Company's initial public offering to March 31, 2025. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2024, 2023, 2022, 2018 and 2017, distributions represent ordinary income as the Company's earnings equaled or exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains.

Period Ended

Date Declared

Record Date

Payment Date

Per Share Amount

March 31, 2014

April 3, 2014

April 15, 2014

April 30, 2014

0.09

(1)

June 30, 2014

May 13, 2014

May 30, 2014

June 17, 2014

0.30

September 30, 2014

August 11, 2014

August 29, 2014

September 16, 2014

0.32

December 31, 2014

October 27, 2014

November 28, 2014

December 16, 2014

0.36

December 31, 2014

December 3, 2014

December 22, 2014

December 31, 2014

0.15

(2)

March 31, 2015

March 16, 2015

March 26, 2015

April 16, 2015

0.36

June 30, 2015

May 6, 2015

May 29, 2015

June 16, 2015

0.36

September 30, 2015

August 11, 2015

August 31, 2015

September 16, 2015

0.36

December 31, 2015

November 10, 2015

November 30, 2015

December 16, 2015

0.36

March 31, 2016

March 14, 2016

March 31, 2016

April 15, 2016

0.36

June 30, 2016

May 9, 2016

May 31, 2016

June 16, 2016

0.36

September 30, 2016

August 8, 2016

August 31, 2016

September 16, 2016

0.36

December 31, 2016

November 7, 2016

November 30, 2016

December 16, 2016

0.36

March 31, 2017

March 13, 2017

March 31, 2017

April 17, 2017

0.36

June 30, 2017

May 9, 2017

May 31, 2017

June 16, 2017

0.36

September 30, 2017

August 8, 2017

August 31, 2017

September 15, 2017

0.36

December 31, 2017

November 6, 2017

November 17, 2017

December 1, 2017

0.36

March 31, 2018

March 12, 2018

March 23, 2018

April 6, 2018

0.36

June 30, 2018

May 2, 2018

May 31, 2018

June 15, 2018

0.36

September 30, 2018

August 1, 2018

August 31, 2018

September 14, 2018

0.36

December 31, 2018

October 31, 2018

November 30, 2018

December 14, 2018

0.36

December 31, 2018

December 6, 2018

December 20, 2018

December 28, 2018

0.10

(2)

March 31, 2019

March 1, 2019

March 20, 2019

March 29, 2019

0.36

June 30, 2019

May 1, 2019

May 31, 2019

June 14, 2019

0.36

September 30, 2019

July 31, 2019

August 30, 2019

September 16, 2019

0.36

December 31, 2019

October 30, 2019

November 29, 2019

December 16, 2019

0.36

March 31, 2020

February 28, 2020

March 16, 2020

March 30, 2020

0.36

June 30, 2020

April 30, 2020

June 16, 2020

June 30, 2020

0.36

September 30, 2020

July 30, 2020

August 31, 2020

September 15, 2020

0.36

December 31, 2020

October 29, 2020

November 27, 2020

December 14, 2020

0.36

December 31, 2020

December 21, 2020

December 31, 2020

January 13, 2021

0.10

(2)

March 31, 2021

February 24, 2021

March 15, 2021

March 31, 2021

0.36

June 30, 2021

April 29, 2021

June 16, 2021

June 30, 2021

0.36

September 30, 2021

July 28, 2021

August 31, 2021

September 15, 2021

0.36

December 31, 2021

October 29, 2021

November 30, 2021

December 15, 2021

0.36

March 31, 2022

February 22, 2022

March 15, 2022

March 31, 2022

0.36

June 30, 2022

April 28, 2022

June 16, 2022

June 30, 2022

0.36

September 30, 2022

July 27, 2022

September 15, 2022

September 30, 2022

0.36

December 31, 2022

October 28, 2022

December 15, 2022

December 30, 2022

0.37

December 31, 2022

December 9, 2022

December 22, 2022

December 30, 2022

0.10

(2)

March 31, 2023

February 21, 2023

March 15, 2023

March 31, 2023

0.40

June 30, 2023

April 26, 2023

June 15, 2023

June 30, 2023

0.40

September 30, 2023

July 26, 2023

September 15, 2023

September 29, 2023

0.40

December 31, 2023

October 26, 2023

December 15, 2023

December 29, 2023

0.40

March 31, 2024

February 27, 2024

March 14, 2024

March 29, 2024

0.40

June 30, 2024

April 24, 2024

June 14, 2024

June 28, 2024

0.40

September 30, 2024

July 31, 2024

September 16, 2024

September 30, 2024

0.30

December 31, 2024

October 30, 2024

December 13, 2024

December 27, 2024

0.30

March 31, 2025

February 25, 2025

March 17, 2025

March 31, 2025

0.30

Total cash distributions

16.35

_______________

(1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of the Company’s initial public offering on March 5, 2014 (commencement of operations) through March 31, 2014.

(2)Represents a special distribution.

It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or to defer the payment of distributions associated with the excess taxable income for future calendar years. During the three months ended March 31, 2025 and 2024, the Company recorded $0.4 million and $0.4 million, respectively, for an excise tax accrual. For the three months ended March 31, 2025 and 2024, total distributions of $0.30 per share and $0.40 per share were declared and paid, respectively, and represented distributions from ordinary income. No provision for income tax was recorded in the Company’s consolidated statements of operations for the three months ended March 31, 2025 and 2024. As of March 31, 2025, the Company estimated it had undistributed taxable earnings from net investment income of $42.5 million, or $1.06 per share. Since March 5, 2014 (commencement of operations) to March 31, 2025, total distributions of $16.35 per share have been paid.

Note 12. Operating Segments

The Chief Executive Officer and Chief Financial Officer, collectively, act as the Company’s Chief Operating Decision Maker (“CODM”) and are responsible for assessing performance and allocating resources with respect to the Company. The CODM has concluded that the Company operates as a single operating segment based on the fact that the Company has a single investment objective to maximize the Company’s total return to stockholders primarily in the form of current income from secured loans, and secondarily through capital gains from equity “kickers” in the form of warrants and direct equity investments to venture capital-backed companies, against which the CODM assesses the performance. The financial information provided to and reviewed by the CODM include consolidated net investment income and consolidated net increase (decrease) in net assets resulting from operations. As the Company operates as a single segment, the measure of segment profit and segment assets, is presented within the Company’s consolidated financial statements.

Note 13. Subsequent Events

The Company's management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Quarterly Report on Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2025, except as discussed below.

Distribution

On April 30, 2025, the Board declared a $0.30 per share regular quarterly distribution payable on June 30, 2025 to stockholders of record on June 16, 2025.

Recent Portfolio Activity

From April 1, 2025 through May 6, 2025, the Company closed $82.0 million of additional debt commitments and funded $50.2 million in new investments. TPC’s direct originations platform entered into $92.7 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for the Company are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with the Adviser’s allocation policy.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

The information contained in this section should be read in conjunction with our consolidated financial statements and related notes and schedules thereto appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “the Company”, “we”, “us”, and “our” refer to TriplePoint Venture Growth BDC Corp. and its subsidiaries.

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q include statements as to:

•our and our portfolio companies’ future operating results and financial condition, including our and our portfolio companies’ ability to achieve our respective objectives;

•our business prospects and the prospects of our portfolio companies;

•our relationships with third parties, including but not limited to lenders and venture capital investors, including other investors in our portfolio companies;

•the outcome and impact on the Company of any material pending or threatened legal proceedings to which the Company or its property is subject;

•the impact and timing of our unfunded commitments;

•the expected market for venture capital investments;

•the performance of our existing portfolio and other investments we may make in the future;

•the impact of investments that we expect to make;

•actual and potential conflicts of interest with TPC, the Adviser and its senior investment team and Investment Committee;

•our contractual arrangements and relationships with third parties;

•the dependence of our future success on the U.S. and global economies, including with respect to the industries in which we invest;

•our expected financings and investments;

•the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of our Adviser to attract, retain and have access to highly talented professionals, including our Adviser’s senior management team;

•our ability to maintain our qualification as a RIC and as a BDC;

•the adequacy of our and our portfolio companies’ available liquidity, cash resources and working capital and compliance with covenants under our borrowing arrangements;

•the ability of our portfolio companies to obtain financing on attractive terms or at all

•the timing of cash flows, if any, from the operations of our portfolio companies; and

•the declaration, payment, amount and/or timing of future dividends or distributions.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•changes in laws and regulations, changes in political, economic or industry conditions, and changes in the interest rate environment or other conditions affecting the financial and capital markets;

•the potential emergence (or re-emergence) of a widespread health pandemic, and the length and duration thereof in the United States as well as worldwide, and the magnitude of its impact and time required for economic recovery;

•the potential for an economic downturn and the time period required for robust economic recovery therefrom;

•a contraction of available credit, an inability or unwillingness of our lenders to fund their commitments to us and/or an inability to access capital markets or additional sources of liquidity, which could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

•interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;

•disruptions related to tariffs and other trade or sanctions issues, which may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•risks associated with possible disruption in our or our portfolio companies’ operations due to the effect of, and uncertainties stemming from, adverse developments affecting the financial services industry and the venture banking ecosystem, including the potential for the failure of additional banking institutions, as well as due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and

•the risks, uncertainties and other factors we identify in “Risk Factors” in this Quarterly Report on Form 10-Q, in our most recent Annual Report on Form 10-K under Part I, Item 1A, and in our other filings with the SEC that we make from time to time.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include, without limitation, our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

Overview

We are an externally managed, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Our shares are currently listed on the New York Stock Exchange (the “NYSE”) under the symbol “TPVG”.

We were formed to expand the venture growth stage business segment of TPC’s investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TPC is located on Sand Hill Road in Silicon Valley and has a primary focus in technology and other high growth industries.

Our investment objective is to maximize our total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending, typically with warrants, primarily to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors.

Portfolio Composition, Investment Activity and Asset Quality

Portfolio Composition

We originate and invest primarily in venture growth stage companies. Companies at the venture growth stage have distinct characteristics differentiating them from venture capital-backed companies at other stages in their development lifecycle. We invest primarily in (i) growth capital loans that have a secured collateral position and that are generally used by venture growth stage companies to finance their continued expansion and growth, (ii) on a select basis, (a) equipment financings, which may be structured as loans or leases, that have a secured collateral position on specified mission-critical equipment, and (b) revolving loans that have a secured collateral position and that are typically used by venture growth stage companies to advance against inventory, components, accounts receivable, contractual or future billings, bookings, revenues, sales or cash payments and collections including proceeds from a sale, financing or the equivalent and (iii) direct equity investments in venture growth stage companies. In connection with our growth capital loans, equipment financings and revolving loans, we generally receive warrant investments as part of the transaction that allow us to participate in any equity appreciation of our borrowers and enhance our overall investment returns. We may also invest in venture capital-backed companies in other lifecycle stages of development, including early stage and later stage, when our Adviser’s senior investment team believes that they present an attractive investment opportunity for us and may give us an advantage to not only source future financing opportunities but also to evaluate credit performance over a longer period of time.

As of March 31, 2025, we had 303 investments in 114 companies. Our investments included 126 debt investments, 116 warrant investments, and 61 direct equity and related investments. As of March 31, 2025, the aggregate cost and fair value of these investments were $719.8 million and $682.0 million, respectively. As of March 31, 2025, six of our portfolio companies were publicly traded. As of March 31, 2025, the 126 debt investments had an aggregate fair value of $565.4 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.7%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.

As of December 31, 2024, we had 300 investments in 109 companies. Our investments included 128 debt investments, 112 warrant investments, and 60 direct equity and related investments. As of December 31, 2024, the aggregate cost and fair value of these investments were $713.7 million and $676.2 million, respectively. As of December 31, 2024, six of our portfolio companies were publicly traded. As of December 31, 2024, the 128 debt investments had an aggregate fair value of $560.1 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.8%. Enterprise value of a portfolio company is estimated based on information available, including any information regarding the most recent rounds of equity funding, at the time of origination.

The following tables show certain information relating to the composition of our portfolio as of March 31, 2025 and December 31, 2024:


	March 31, 2025
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (losses)		Number of Investments	Number of Companies
Debt investments	$	632,378	$	565,413	$	(66,965)	126	44
Warrant investments	27,068		41,997		14,929		116	102
Equity investments	60,352		74,602		14,250		61	48
Total Investments in Portfolio Companies	$	719,798	$	682,012	$	(37,786)	303	114	(1)

_______________

(1)Represents non-duplicative number of companies.


	December 31, 2024
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (losses)		Number of Investments	Number of Companies
Debt investments	$	627,492	$	560,105	$	(67,387)	128	44
Warrant investments	26,306		39,963		13,657		112	98
Equity investments	59,934		76,181		16,247		60	47
Total Investments in Portfolio Companies	$	713,732	$	676,249	$	(37,483)	300	109	(1)

_______________

(1)Represents non-duplicative number of companies.

The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of March 31, 2025 and December 31, 2024:


	March 31, 2025
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	105,078	15.4	%
E-Commerce - Clothing and Accessories	100,824		14.8
Financial Institution and Services	96,324		14.1
Healthcare Technology Systems	65,424		9.6
Business Applications Software	38,969		5.7
Business/Productivity Software	36,898		5.4
Other Financial Services	33,968		5.0
Aerospace and Defense	29,109		4.3
Shopping Facilitators	25,105		3.7
Application Software	22,996		3.4
Real Estate Services	22,026		3.2
Business Products and Services	20,267		3.0
Entertainment	17,778		2.6
Multimedia and Design Software	16,574		2.4
Database Software	10,406		1.5
Educational/Training Software	10,341		1.5
Financial Software	7,349		1.1
Consumer Retail	5,961		0.9
Travel & Leisure	3,377		0.5
General Media and Content	2,162		0.3
Consumer Non-Durables	2,113		0.3
Consumer Finance	2,059		0.3
Information Services (B2C)	2,020		0.3
Network Systems Management Software	1,865		0.3
E-Commerce - Personal Goods	1,571		0.2
Food & Drug	526		0.1
Commercial Services	405		0.1
Business to Business Marketplace	178		*
Social/Platform Software	151		*
Computer Hardware	126		*
Healthcare Services	49		*
Advertising / Marketing	13		*
Medical Software and Information Services	—		*



Total portfolio company investments	$	682,012	100.0	%

_______________

*Amount represents less than 0.05% of the total portfolio investments at fair value.


	December 31, 2024
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	108,969	16.1	%
E-Commerce - Clothing and Accessories	98,880		14.6
Financial Institution and Services	97,027		14.3
Healthcare Technology Systems	63,914		9.5
Business Applications Software	38,712		5.7
Business/Productivity Software	36,410		5.4
Other Financial Services	31,862		4.7
Aerospace and Defense	29,545		4.4
Shopping Facilitators	27,184		4.0
Application Software	25,163		3.7
Real Estate Services	21,026		3.1
Business Products and Services	19,791		2.9
Entertainment	17,562		2.6
Multimedia and Design Software	16,513		2.4
Consumer Retail	13,286		2.0
Financial Software	7,237		1.1
Educational/Training Software	6,443		1.0
Travel & Leisure	3,372		0.5
Consumer Non-Durables	2,232		0.3
General Media and Content	2,162		0.3
Information Services (B2C)	2,038		0.3
Network Systems Management Software	1,961		0.3
E-Commerce - Personal Goods	1,572		0.2
Consumer Finance	1,511		0.2
Food & Drug	526		0.1
Database Software	465		0.1
Commercial Services	374		0.1
Business to Business Marketplace	178		*
Social/Platform Software	151		*
Computer Hardware	121		*
Healthcare Services	49		*
Advertising / Marketing	13		*
Medical Software and Information Services	—		*


Total portfolio company investments	$	676,249	100.0	%

_______________

*Amount represents less than 0.05% of the total portfolio investments at fair value.

The following table shows the financing product type of our debt investments as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
Debt Investments By Financing Product (dollars in thousands)	Fair Value		Percentage of Total Debt Investments		Fair Value		Percentage of Total Debt Investments
Growth capital loans	$	535,828	94.7	%	$	530,170	94.6	%
Revolver loans	26,912		4.8		27,368		4.9
Convertible notes	2,673		0.5		2,567		0.5
Total debt investments	$	565,413	100.0	%	$	560,105	100.0	%

Growth capital loans in which the borrower held a term loan facility, with or without an accompanying revolving loan, in priority to our senior lien represent 10.0% and 11.3% of our debt investments at fair value as of March 31, 2025 and December 31, 2024, respectively.

Investment Activity

During the three months ended March 31, 2025, we entered into debt commitments with four new portfolio companies and one existing portfolio company totaling $76.5 million, funded debt investments to five portfolio companies for $27.7 million in principal value and acquired warrant investments representing $0.8 million at fair value. Debt investments funded during the three months ended March 31, 2025 carried a weighted average annualized portfolio yield of 13.3% at origination.

During the three months ended March 31, 2024, we entered into debt commitments with one new portfolio company totaling $10.0 million, funded debt investments to three portfolio companies for $13.5 million in principal value and acquired warrant investments representing $0.2 million at fair value. Debt investments funded during the three months ended March 31, 2024 carried a weighted average annualized portfolio yield of 14.3% at origination.

During the three months ended March 31, 2025, we received $17.0 million of principal prepayments, $0.8 million of early repayments and $9.9 million of scheduled principal amortization.

During the three months ended March 31, 2024, we received $30.8 million of principal prepayments and $6.8 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the three months ended March 31, 2025 and 2024:


	For the Three Months Ended March 31,
(in thousands)	2025		2024
Beginning portfolio at fair value	$	676,249	$	802,145
New debt investments, net(1)	27,327		13,155
Scheduled principal amortization	(9,881)		(6,812)
Principal prepayments and early repayments	(17,782)		(30,842)
Net amortization and accretion of premiums and discounts and end-of-term payments	1,466		405
Payment-in-kind coupon	3,756		3,787
New warrant investments	762		165
New equity investments	448		396
Proceeds from dispositions of investments	(2,308)		(1,106)
Net realized gains (losses) on investments	2,278		(8,951)
Net change in unrealized gains (losses) on investments	(303)		1,263
Ending portfolio at fair value	$	682,012	$	773,605

_______________

(1)Debt balance is net of fees and discounts applied to the loan at origination.

Our level of investment activity can vary substantially from period to period as our Adviser chooses to slow or accelerate new business originations depending on market conditions, rate of investment of TPC’s select group of leading venture capital investors, our Adviser’s knowledge, expertise and experience, our funding capacity (including availability under the Credit Facility and our ability or inability to raise equity or debt capital), the amount of our outstanding unfunded commitments and other market dynamics.

The following table shows the debt commitments, fundings of debt investments (principal balance) and equity investments, and non-binding term sheet activity for the three months ended March 31, 2025 and 2024:


Commitments and Fundings (in thousands)	For the Three Months Ended March 31,
	2025		2024
Debt Commitments
New portfolio companies	$	63,500	$	10,000
Existing portfolio companies	13,000		—
Total(1)	$	76,500	$	10,000

Funded Debt Investments	$	27,676	$	13,500

Equity Investments	$	—	$	—

Non-Binding Term Sheets	$	315,387	$	130,462

_______________

(1)Includes backlog of potential future commitments, as applicable.

We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of March 31, 2025 and December 31, 2024, we did not have any backlog of potential future commitments.

Asset Quality

Consistent with TPC’s existing policies, our Adviser maintains a Credit Watch List which places borrowers into five risk categories based upon our Adviser’s senior investment team’s judgment and in consultation with, among others, the Adviser’s Portfolio Group Committee and Originations Professionals and Investment and Credit Analysis Professionals, where 1 is the best rating and all new loans are generally assigned a rating of 2.

Category

Category Definition

Action Item

Clear (1)

Performing above expectations and/or strong financial or enterprise profile, value or coverage.

Review quarterly.

White (2)

Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. Generally, all new loans are initially graded White (2).

Contact portfolio company periodically; in no event less than quarterly.

Yellow (3)

Performing generally below expectations and/or some proactive concern due to industry, business, financial and/or related factors. Adequate financial or enterprise profile, value or coverage.

Contact portfolio company monthly or more frequently as determined by our Adviser; contact venture capital investors.

Orange (4)

Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent. Possibility exists for some investment loss if deterioration continues.

Contact portfolio company weekly or more frequently as determined by our Adviser; contact venture capital investors regularly; our Adviser forms a workout group to minimize risk of loss.

Red (5)

Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full investment loss.

Maximize value from assets.

The following table shows the credit categories for the Company’s debt investments at fair value as of March 31, 2025 and December 31, 2024:


	March 31, 2025					December 31, 2024
Credit Category (dollars in thousands)	Fair Value		Percentage of Total Debt Investments		Number of Portfolio Companies	Fair Value		Percentage of Total Debt Investments		Number of Portfolio Companies
Clear (1)	$	50,624	8.9	%	3	$	51,986	9.3	%	3
White (2)	428,404		75.8		32	392,237		70.0		31
Yellow (3)	54,964		9.7		3	84,847		15.1		4
Orange (4)	31,365		5.5		5	30,979		5.5		5
Red (5)	56		0.1		1	56		0.1		1
	$	565,413	100.0	%	44	$	560,105	100.0	%	44

As of March 31, 2025 and December 31, 2024, the weighted average investment ranking of our debt investment portfolio was 2.12 and 2.17, respectively. During the three months ended March 31, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $34.8 million was upgraded from Yellow (3) to White (2).

As of March 31, 2025, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.1 million and $20.6 million, respectively. As of December 31, 2024, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.1 million and $20.6 million, respectively.

Results of Operations

Comparison of operating results for the three months ended March 31, 2025 and 2024

An important measure of our financial performance is net increase (decrease) in net assets resulting from operations, which includes net investment income (loss), net realized gains (losses) and net unrealized gains (losses). Net investment income (loss) is the difference between our income from interest, dividends, fees and other investment income and our operating expenses including interest on borrowed funds. Net realized gains (losses) on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost. Net unrealized gains (losses) on investments is the net change in the fair value of our investment portfolio.

For the three months ended March 31, 2025, our net increase in net assets resulting from operations was $12.7 million, which was comprised of $10.7 million of net investment income and $2.0 million of net realized and unrealized gains. For the three months ended March 31, 2024, our net increase in net assets resulting from operations was $8.0 million, which was comprised of $15.5 million of net investment income and $7.5 million of net realized and unrealized losses. On a per share basis for the three months ended March 31, 2025, net investment income was $0.27 per share and the net increase in net assets from operations was $0.32 per share, as compared to net investment income of $0.41 per share and a net increase in net assets from operations of $0.21 per share for the three months ended March 31, 2024.

Investment Income

For the three months ended March 31, 2025, total investment and other income was $22.5 million as compared to $29.3 million for the three months ended March 31, 2024. The decrease in total investment and other income for the three months ended March 31, 2025, compared to the 2024 period, is primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio and lower investment yields due in part to decreases in the Prime rate.

For the three months ended March 31, 2025, we recognized $0.9 million in other income consisting of $0.4 million due to the termination or expiration of unfunded commitments and $0.4 million from the realization of certain fees paid and accrued from portfolio companies. For the three months ended March 31, 2024, we recognized $0.8 million in other income consisting of $0.3 million due to the termination or expiration of unfunded commitments and $0.5 million from the realization of certain fees paid and accrued from portfolio companies.

Operating Expenses

Total operating expenses consist of our base management fee, income incentive fee, capital gains incentive fee, interest expense and amortization of fees, administration agreement expenses, and general and administrative expenses. We anticipate operating expenses would increase over time to the extent that our investment portfolio grows. However, we anticipate operating expenses, as a percentage of total assets and net assets, would generally decrease over time to the extent that our portfolio and capital base expand. We expect that base management and income incentive fees would increase to the extent that we grow our asset base and our earnings. The capital gains incentive fee depends on realized gains and losses and unrealized losses. Interest expenses will generally increase as we borrow greater amounts under the Credit Facility, issue additional debt securities, and if interest rates increase. We generally expect expenses under the administration agreement and general and administrative expenses to increase over time to the extent that our investment portfolio grows, to meet the additional requirements associated with servicing a larger portfolio.

For the three months ended March 31, 2025, total operating expenses were $11.7 million as compared to $13.8 million for the three months ended March 31, 2024.

Base management fees for the three months ended March 31, 2025 and 2024 totaled $3.3 million and $4.3 million, respectively. Base management fees decreased during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, due primarily to decreases in the average size of our portfolio during the applicable periods used in the calculations.

There were no income incentive fees for the three months ended March 31, 2025 or the three months ended March 31, 2024. For the three months ended March 31, 2025 and 2024, our income incentive fee was reduced by $2.1 million and $3.1 million, respectively, due to the total return requirement under the income component of our incentive fee structure, which resulted in a corresponding increase in net investment income of $2.1 million and $3.1 million, respectively.

There were no capital gains incentive fee expenses for the three months ended March 31, 2025 and 2024.

Interest expense and amortization of fees totaled $6.4 million and $7.0 million for the three months ended March 31, 2025 and 2024, respectively. The decrease during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, is primarily due to a lower weighted-average outstanding principal balance under the Credit Facility.

Administration Agreement and general and administrative expenses totaled $2.0 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively, which includes $0.4 million and $0.4 million of excise tax accruals, respectively. The decrease during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, is primarily due to a reduction in outside legal fee expenses.

Net Realized Gains and Losses and Net Unrealized Gains and Losses

Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations.

During the three months ended March 31, 2025, we recognized net realized gains on investments of $2.3 million, resulting primarily from the partial sale of equity in one portfolio company.

During the three months ended March 31, 2024, we recognized net realized losses on investments of $8.8 million, resulting primarily from the write-off of investments in two portfolio companies.

Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations.

Net change in unrealized losses during the three months ended March 31, 2025 was $0.3 million, consisting of $2.5 million of net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period and $1.6 million on the debt investment portfolio resulting from fair value adjustments, offset by $2.6 million of net unrealized gains from foreign currency adjustments and $1.2 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments.

Net change in unrealized gains during the three months ended March 31, 2024 was $1.3 million, consisting of $6.2 million of net unrealized gains on the warrant and equity portfolio resulting from fair value adjustments and $4.9 million of net unrealized gains from the reversal of previously recorded unrealized losses from investments realized during the period, offset by $9.8 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments.

Net change in realized and unrealized gains or losses in subsequent periods may be volatile as such results depend on changes in the market, changes in the underlying performance of our portfolio companies and their respective industries, and other market factors.

Portfolio Yield and Total Return

Investment income includes interest income on our debt investments utilizing the effective yield method including cash interest income as well as the amortization of any purchase premium, accretion of purchase discount, original issue discount, facilities fees, and the amortization and payment of the end-of-term (“EOT”) payments.

The following table shows the weighted average annualized portfolio yield on our debt investments, comprising of cash interest income, accretion of the net purchase discount, facilities fees and the value of warrant investments received, accretion of EOT payments and the accelerated receipt of EOT payments on prepayments:


Ratios (Percentages, on an annualized basis)(1)	For the Three Months Ended March 31,
	2025		2024
Weighted average portfolio yield on debt investments(2)	14.4	%	15.4	%
Coupon income	11.6	%	12.2	%
Accretion of discount	1.2	%	0.9	%
Accretion of end-of-term payments	1.3	%	1.6	%
Impact of prepayments during the period	0.3	%	0.7	%

_____________

(2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to our stockholders.

Our weighted average annualized portfolio yield on debt investments may be higher than an investor’s yield on an investment in shares of our common stock. Our weighted average annualized portfolio yield on debt investments does not reflect operating expenses that may be incurred by us and, thus, by our stockholders. In addition, our weighted average annualized portfolio yield on debt investments and total return figures disclosed in this Quarterly Report on Form 10-Q do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of our common stock. Our weighted average annualized portfolio yield on debt investments and total return figures do not represent actual investment returns to stockholders. Our weighted average annualized portfolio yield on debt investments and total return figures are subject to change and, in the future, may be greater or less than the rates in this Quarterly Report on Form 10-Q.

Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in our dividend reinvestment plan divided by the beginning NAV per share for such period. Total return based on stock price is the change in the ending stock price of our common stock plus distributions paid during the period assuming participation in our dividend reinvestment plan divided by the beginning stock price of our common stock for such period. For the three months ended March 31, 2025 and 2024, our total return during the periods based on the change in NAV plus distributions reinvested as of the respective distribution dates was 4.7% and 2.4%, respectively, and our total return during the periods based on the change in stock price plus distributions reinvested as of the respective distribution dates was (1.1)% and (8.8)%, respectively.

The table below shows our return on average total assets and return on average NAV for the three months ended March 31, 2025 and 2024:


Returns on Net Asset Value and Total Assets (dollars in thousands)	For the Three Months Ended March 31,
	2025			2024
Net investment income	$	10,738		$	15,523
Net increase (decrease) in net assets	$	12,689		$	7,979

Average net asset value(1)	$	347,675		$	349,523
Average total assets(1)	$	781,604		$	823,934

Net investment income to average net asset value(2)	12.5		%	17.9		%
Net increase (decrease) in net assets to average net asset value(2)	14.8		%	9.2		%

Net investment income to average total assets(2)	5.6		%	7.6		%
Net increase (decrease) in net assets to average total assets(2)	6.6		%	3.9		%

_______________

(1)The average net asset values and the average total assets are computed based on daily balances.

(2)Percentage is presented on an annualized basis.

Critical Accounting Policies

The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates, including with respect to the valuation of our investments, could cause actual results to differ.

Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our investment portfolio, including our investment valuation policy (which has been approved by the Board), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report on Form 10-Q.

Investment Valuation

Investment transactions are recorded on a trade-date basis. Our investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of the market’s participant who holds the financial instrument rather than an entity-specific measure. When market assumptions are not readily available, our own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial instruments on the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. Our valuation methodology is approved by the Board, and the Board is responsible for the fair values determined. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from the Board, may refine our valuation methodologies to best reflect the fair value of our investments appropriately.

As of March 31, 2025, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 92.8% of our total assets, as compared to 88.6% of our total assets as of December 31, 2024.

See “Note 2. Significant Accounting Policies” and “Note 4. Investments” in the notes to the consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC on March 5, 2025 and “Note 4. Investments” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.

Liquidity and Capital Resources

We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the Credit Facility, as it may be extended or renewed from time to time, and our anticipated cash flows from operations, including from net cash proceeds from our Current ATM Program (described below), and contractual monthly portfolio company payments and cash flows, prepayments, and the ability to liquidate publicly traded investments, will be adequate to meet our cash needs for our daily operations, including to fund our unfunded commitment obligations.

From time to time, including at or near the end of each fiscal quarter, we consider using various temporary investment strategies for our business. One strategy includes taking proactive steps by utilizing cash equivalents as temporary assets with the objective of enhancing our investment flexibility pursuant to Section 55 of the 1940 Act. More specifically, from time to time we may purchase U.S. Treasury bills or other high-quality, short-term debt securities at or near the end of the quarter and typically close out the position on a net cash basis subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the Credit Facility, as deemed appropriate.

Cash Flows

During the three months ended March 31, 2025, net cash used in operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $4.9 million, and net cash used in financing activities was $32.1 million due primarily to the repayment of the 2025 Notes and $11.4 million in distributions paid, partially offset by the issuance of the 2028 Notes. As of March 31, 2025, cash and cash equivalents, including restricted cash, were $41.7 million.

During the three months ended March 31, 2024, net cash provided by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $18.2 million, and net cash used in financing activities was $189.0 million due primarily to net repayments under the Credit Facility of $176.0 million and $14.3 million in distributions paid, partially offset by $1.3 million from the issuance of common stock under the Prior ATM Program. As of March 31, 2024, cash and cash equivalents, including restricted cash, were $0.8 million.

Capital Resources and Borrowings

As a BDC, we generally have an ongoing need to raise additional capital for investment purposes. As a result, we expect, from time to time, to access the debt and equity markets when we believe it is necessary and appropriate to do so. In this regard, we continue to explore various options for obtaining additional debt or equity capital for investments. This may include expanding or extending the Credit Facility or the issuance of additional shares of our common stock, including through our Current ATM Program, or debt securities. If we are unable to obtain leverage or raise equity capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted.

Credit Facility

As of March 31, 2025, we had $300.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows us to increase the size of the Credit Facility to up to $400.0 million under certain circumstances. The revolving period under the Credit Facility is scheduled to expire on November 30, 2025, and the scheduled maturity date of the Credit Facility is May 30, 2027 (unless otherwise terminated earlier pursuant to its terms). Borrowings under the Credit Facility bear interest at the sum of (i) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 3.20% if facility utilization is greater than or equal to 75%, 3.35% if utilization is greater than or equal to 50% but less than 75%, 3.50% if utilization is less than 50% and 4.5% during the amortization period. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the terms of the Credit Facility.

As of March 31, 2025 and December 31, 2024, we had outstanding borrowings under the Credit Facility of $5.0 million and $5.0 million, respectively, excluding deferred credit facility costs of $3.5 million and $3.9 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $295.0 million and $295.0 million of remaining capacity on our Credit Facility as of March 31, 2025 and December 31, 2024, respectively.

2025 Notes

In March 2025, we repaid the full $70.0 million in aggregate principal amount of the issued and outstanding 2025 Notes at maturity at par value plus the accrued and unpaid interest.

2026 Notes

On March 1, 2021, we completed a private offering of $200.0 million in aggregate principal amount of the 2026 Notes and received net proceeds of $197.9 million, after the payment of fees and offering costs. The interest on the 2026 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year. The maturity date of the 2026 Notes is scheduled for March 1, 2026.

As of March 31, 2025 and December 31, 2024, we have recorded in the consolidated statements of assets and liabilities our liability for the 2026 Notes, net of deferred issuance costs, of $199.6 million and $199.5 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2026 Notes.

2027 Notes

On February 28, 2022, we completed a private offering of $125.0 million in aggregate principal amount of the 2027 Notes and received net proceeds of $123.7 million, after the payment of fees and offering costs. The interest on the 2027 Notes, which accrues at an annual rate of 5.00%, is payable semiannually on February 28 and August 28 each year. The maturity date of the 2027 Notes is scheduled for February 28, 2027.

As of March 31, 2025 and December 31, 2024, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $124.5 million and $124.4 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2027 Notes.

2028 Notes

On February 12, 2025, we completed a private offering of $50.0 million in aggregate principal amount of the 2028 Notes and received net proceeds of $49.3 million, after the payment of fees and offering costs. The interest on the 2028 Notes, which accrues at an annual rate of 8.11%, is payable semiannually on February 12 and August 12 each year. The maturity date of the 2028 Notes is scheduled for February 12, 2028.

As of March 31, 2025, we have recorded in the consolidated statements of assets and liabilities our liability for the 2028 Notes, net of deferred issuance costs, of $49.3 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2028 Notes.

ATM Programs

On September 30, 2022, we entered into the 2022 Sales Agreement with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $50.0 million in shares of our common stock in the Prior ATM Program. Subject to the terms of the 2022 Sales Agreement, the Sales Agent was not required to sell any specific number or dollar amount of securities but acted as our sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between us and the Sales Agent.

On May 2, 2024, we entered into the 2024 Sales Agreement with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $75.0 million in shares of our common stock in the Current ATM Program. Concurrently upon entry into the 2024 Sales Agreement, we, the Adviser, the Administrator and the Sales Agent agreed to the termination of the 2022 Sales Agreement. Subject to the terms of the 2024 Sales Agreement, the Sales Agent is not required to sell any specific number or dollar amount of securities but will act as our sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent.

As of March 31, 2025, $56.5 million in shares remained available for sale under the Current ATM Program.

Asset Coverage Requirements

On June 21, 2018, our stockholders voted at a special meeting of stockholders to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the special meeting, effective June 22, 2018, our applicable minimum asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of March 31, 2025, our asset coverage for borrowed amounts was 191%.

Contractual Obligations

The following table shows a summary of our payment obligations for repayment of debt as of March 31, 2025:


Payments Due By Period (in thousands)	March 31, 2025
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Credit Facility	$	5,000	$	—	$	5,000	$	—	$	—
2026 Notes	200,000		200,000		—		—		—
2027 Notes	125,000		—		125,000		—		—
2028 Notes	50,000		—		50,000		—		—
Total	$	380,000	$	200,000	$	180,000	$	—	$	—

Unfunded Commitments

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of March 31, 2025 and December 31, 2024, our unfunded commitments totaled $116.8 million and $104.5 million, respectively, of which $19.1 million and $9.1 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

The following table shows our unfunded commitments by portfolio company as of March 31, 2025 and December 31, 2024:


Unfunded Commitments(1) (in thousands)	March 31, 2025		December 31, 2024
ThoughtSpot, Inc.	$	25,000	$	—
Branch Messenger, Inc.	22,500		—
Activehours, Inc. (d/b/a Earnin)	15,000		15,000
Ao1 Holdings Inc.	11,003		11,003
Cresta Intelligence Inc.	10,000		10,000
Muon Space, Inc.	10,000		10,000
Minted, Inc.	8,500		8,500
Tetrascience, Inc.	5,000		—
Hover Inc.	4,000		4,000
Ocrolus Inc.	2,857		2,856
Eridu Corporation	1,000		—
Hydrow, Inc.	735		543
FlashParking, Inc.	500		500
Panorama Education, Inc.	380		4,280
Parry Labs, LLC	367		500
Project Affinity, Inc.	—		5,500
Overtime Sports Inc.	—		22,858
Corelight, Inc.	—		9,000





























Total	$	116,842	$	104,540

_____________

(1)Does not include backlog of potential future commitments. Refer to “Investment Activity” above.

The following table shows additional information on our unfunded commitments regarding milestones and expirations as of March 31, 2025 and December 31, 2024:


Unfunded Commitments(1) (in thousands)	March 31, 2025		December 31, 2024
Dependent on milestones	$	19,100	$	9,100
Expiring during:


2025	$	43,260	$	83,617
2026	51,082		20,923
2027	22,500		—
Unfunded commitments	$	116,842	$	104,540

_______________

(1)Does not include backlog of potential future commitments.

As of March 31, 2025, our unfunded commitments to 15 companies totaled $116.8 million. As of December 31, 2024, our unfunded commitments to 14 companies totaled $104.5 million. During the three months ended March 31, 2025, $36.5 million in unfunded commitments expired or were terminated. During the three months ended March 31, 2024, $41.5 million in unfunded commitments expired or were terminated.

Our credit agreements contain customary lending provisions that allow us relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences material adverse events that affect the financial condition or business outlook for the portfolio company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. We generally expect 50% - 75% of our unfunded commitments to eventually be drawn before the expiration of their corresponding availability periods.

The fair value at the inception of the delay draw credit agreements with our portfolio companies is equal to the fees and/or 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. As of March 31, 2025 and December 31, 2024, the fair value for these unfunded commitments totaled $1.0 million and $0.9 million, respectively, and was included in “other accrued expenses and liabilities” in our consolidated statements of assets and liabilities.

Distributions

We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our net ordinary income and net realized short-term capital gains in excess of our net realized long-term capital losses, if any, to our stockholders. In order to avoid a non-deductible 4% U.S. federal excise tax on certain of our undistributed income, we would need to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of our ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and (c) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the tax years ended December 31, 2024 and 2023, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

To the extent our taxable earnings fall below the total amount of our distributions for the year, a portion of those distributions may be deemed a return of capital to our stockholders. Our Adviser monitors available taxable earnings, including net investment income and realized capital gains, to determine if a return of capital may occur for the year. We estimate the source of our distributions as required by Section 19(a) of the 1940 Act to determine whether payment of dividends are expected to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods, but we will not be able to determine whether any specific distribution will be treated as made out of our taxable earnings or as a return of capital until after the end of our taxable year. Any amount treated as a return of capital will reduce a stockholder’s adjusted tax basis in his or her common stock, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her common stock. On a quarterly basis, for any payment of dividends estimated to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods based on the Section 19(a) requirement, we post a Section 19(a) notice through the Depository Trust Company’s Legal Notice System and our website, as well as send our registered stockholders a printed copy of such notice along with the dividend payment. The estimates of the source of the distribution are interim estimates based on GAAP that are subject to revision, and the exact character of the distributions for tax purposes cannot be determined until the final books and records are finalized for the calendar year. Therefore, these estimates are made solely in order to comply with the requirements of Section 19(a) of the 1940 Act and should not be relied upon for tax reporting or any other purposes and could differ significantly from the actual character of distributions for tax purposes.

The following table shows our cash distributions per share that have been authorized by our Board since our initial public offering to March 31, 2025. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2024, 2023, 2022, 2018 and 2017 distributions represent ordinary income as our earnings equaled or exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains. Any future distributions to our stockholders may be for amounts less than our historical distributions, may be made less frequently than historical practices, and may be made in part cash and part stock (as per each stockholder’s election), subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution.

Period Ended

Date Declared

Record Date

Payment Date

Per Share Amount

March 31, 2014

April 3, 2014

April 15, 2014

April 30, 2014

0.09

(1)

June 30, 2014

May 13, 2014

May 30, 2014

June 17, 2014

0.30

September 30, 2014

August 11, 2014

August 29, 2014

September 16, 2014

0.32

December 31, 2014

October 27, 2014

November 28, 2014

December 16, 2014

0.36

December 31, 2014

December 3, 2014

December 22, 2014

December 31, 2014

0.15

(2)

March 31, 2015

March 16, 2015

March 26, 2015

April 16, 2015

0.36

June 30, 2015

May 6, 2015

May 29, 2015

June 16, 2015

0.36

September 30, 2015

August 11, 2015

August 31, 2015

September 16, 2015

0.36

December 31, 2015

November 10, 2015

November 30, 2015

December 16, 2015

0.36

March 31, 2016

March 14, 2016

March 31, 2016

April 15, 2016

0.36

June 30, 2016

May 9, 2016

May 31, 2016

June 16, 2016

0.36

September 30, 2016

August 8, 2016

August 31, 2016

September 16, 2016

0.36

December 31, 2016

November 7, 2016

November 30, 2016

December 16, 2016

0.36

March 31, 2017

March 13, 2017

March 31, 2017

April 17, 2017

0.36

June 30, 2017

May 9, 2017

May 31, 2017

June 16, 2017

0.36

September 30, 2017

August 8, 2017

August 31, 2017

September 15, 2017

0.36

December 31, 2017

November 6, 2017

November 17, 2017

December 1, 2017

0.36

March 31, 2018

March 12, 2018

March 23, 2018

April 6, 2018

0.36

June 30, 2018

May 2, 2018

May 31, 2018

June 15, 2018

0.36

September 30, 2018

August 1, 2018

August 31, 2018

September 14, 2018

0.36

December 31, 2018

October 31, 2018

November 30, 2018

December 14, 2018

0.36

December 31, 2018

December 6, 2018

December 20, 2018

December 28, 2018

0.10

(2)

March 31, 2019

March 1, 2019

March 20, 2019

March 29, 2019

0.36

June 30, 2019

May 1, 2019

May 31, 2019

June 14, 2019

0.36

September 30, 2019

July 31, 2019

August 30, 2019

September 16, 2019

0.36

December 31, 2019

October 30, 2019

November 29, 2019

December 16, 2019

0.36

March 31, 2020

February 28, 2020

March 16, 2020

March 30, 2020

0.36

June 30, 2020

April 30, 2020

June 16, 2020

June 30, 2020

0.36

September 30, 2020

July 30, 2020

August 31, 2020

September 15, 2020

0.36

December 31, 2020

October 29, 2020

November 27, 2020

December 14, 2020

0.36

December 31, 2020

December 21, 2020

December 31, 2020

January 13, 2021

0.10

(2)

March 31, 2021

February 24, 2021

March 15, 2021

March 31, 2021

0.36

June 30, 2021

April 29, 2021

June 16, 2021

June 30, 2021

0.36

September 30, 2021

July 28, 2021

August 31, 2021

September 15, 2021

0.36

December 31, 2021

October 29, 2021

November 30, 2021

December 15, 2021

0.36

March 31, 2022

February 22, 2022

March 15, 2022

March 31, 2022

0.36

June 30, 2022

April 28, 2022

June 16, 2022

June 30, 2022

0.36

September 30, 2022

July 27, 2022

September 15, 2022

September 30, 2022

0.36

December 31, 2022

October 28, 2022

December 15, 2022

December 30, 2022

0.37

December 31, 2022

December 9, 2022

December 22, 2022

December 30, 2022

0.10

(2)

March 31, 2023

February 21, 2023

March 15, 2023

March 31, 2023

0.40

June 30, 2023

April 26, 2023

June 15, 2023

June 30, 2023

0.40

September 30, 2023

July 26, 2023

September 15, 2023

September 29, 2023

0.40

December 31, 2023

October 26, 2023

December 15, 2023

December 29, 2023

0.40

March 31, 2024

February 27, 2024

March 14, 2024

March 29, 2024

0.40

June 30, 2024

April 24, 2024

June 14, 2024

June 28, 2024

0.40

September 30, 2024

July 31, 2024

September 16, 2024

September 30, 2024

0.30

December 31, 2024

October 30, 2024

December 13, 2024

December 27, 2024

0.30

March 31, 2025

February 25, 2025

March 17, 2025

March 31, 2025

0.30

Total cash distributions

16.35

_____________

(1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of our initial public offering on March 5, 2014 (commencement of operations), through March 31, 2014.

(2)Represents a special distribution.

For the three months ended March 31, 2025, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 71.6% of total distributions paid. As of March 31, 2025, we had estimated undistributed taxable earnings from net investment income of $42.5 million, or $1.06 per share.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company has adopted this standard. Refer to Note 12 of the consolidated financial statements for more details.

Recent Developments

Distribution

On April 30, 2025, the Board declared a $0.30 per share regular quarterly distribution, payable on June 30, 2025 to stockholders of record on June 16, 2025.

Recent Portfolio Activity

From April 1, 2025 through May 6, 2025, we closed $82.0 million of additional debt commitments and funded $50.2 million in new investments. TPC’s direct originations platform entered into $92.7 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for us are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with the Adviser’s allocation policy.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to financial market risks, including changes in interest rates. We are also subject to risks relating to the capital markets; changes in foreign currency exchange rates; conditions affecting the general economy; legislative reform; and local, regional, national or global political, social or economic instability. U.S. and global capital markets and credit markets have recently been experiencing an increase in the level of volatility across such markets and in the values of publicly-traded securities. Any continuation of the stresses on capital markets and credit markets, or a further increase in volatility, could result in a contraction of available credit for us and/or an inability by us to access the equity or debt capital markets, or could otherwise cause an inability or unwillingness of our lenders to fund their commitments to us, any of which may have a material adverse effect on our results of operations and financial condition.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings and in the relative values of our portfolio that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a change in market interest rates will not have a material adverse effect on our net investment income.

Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rates or reference rates to the extent that any debt investments include floating interest rates. Debt investments are made with either floating rates that are subject to contractual minimum interest rates for the term of the investment or fixed interest rates.

A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over the Prime Rate that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities.

As of March 31, 2025, approximately 62.4%, or $368.5 million in principal balance, of the debt investments in our portfolio bore interest at floating rates, which generally are Prime-based, and all of which have interest rate floors of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime Rate from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the interest rate in connection with our Credit Facility to the extent it remains above the interest rate floor; however, our 2026 Notes, 2027 Notes and 2028 Notes bear interest at fixed rates (subject to increases in the applicable fixed rates upon the occurrence of certain events pursuant to the relevant note purchase agreement).

As of March 31, 2025, our floating rate borrowings totaled $5.0 million, which represented 1.3% of our outstanding debt. As of March 31, 2025, all of our floating rate debt investments were subject to interest-rate floors set at 3.25% or higher. Because the Prime Rate as of March 31, 2025 was 7.50%, which is at or above the interest-rate floors applicable to our floating rate debt investments, decreases in interest rates will impact our interest income to a limited extent until the Prime Rate reaches 3.25%, while increases in interest rates will increase our interest income to the extent that such rates exceed the applicable interest-rate floor. In addition, with respect to interest expense on our floating rate borrowings under the Credit Facility, we will benefit from any decreases in interest rates up to the point that the SOFR rate decreases to 0.50%, which is the SOFR interest-rate floor under the Credit Facility as of March 31, 2025. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of March 31, 2025, our interest expense on floating rate borrowings will increase if rates rise. The following table illustrates the annual impact on our net investment income of hypothetical base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure from the March 31, 2025 consolidated statement of assets and liabilities:


Change in Interest Rates (in thousands)	Increase (decrease) in interest income		(Increase) decrease in interest expense		Net increase (decrease) in net investment income
Up 300 basis points	$	10,010	$	(150)	$	9,860
Up 200 basis points	$	6,475	$	(100)	$	6,375
Up 100 basis points	$	2,941	$	(50)	$	2,891
Up 50 basis points	$	1,327	$	(25)	$	1,302
Down 50 basis points	$	(1,096)	$	25	$	(1,071)
Down 100 basis points	$	(2,022)	$	50	$	(1,972)
Down 200 basis points	$	(3,059)	$	100	$	(2,959)
Down 300 basis points	$	(3,871)	$	150	$	(3,721)

This analysis is indicative of the potential impact on our investment income as of March 31, 2025, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings and such additional borrowings, all else being equal, will increase our investment income sensitivity to interest rates to the extent such borrowings have floating interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities after March 31, 2025 nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. As of March 31, 2025, we had no interest rate hedging transactions in place, but may seek to enter into such transactions in the future.

Foreign Currency Exchange Rate Risk

We may also have exposure to changes in foreign currency exchange rates in connection with certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. As of March 31, 2025, we had $74.8 million of investments at fair value denominated in foreign currencies and had no foreign currency hedging transactions in place, but may seek to enter into such transactions in the future.

Hedging Market Risk

We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates or foreign currency exchange rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements or foreign currency forward contracts, may also limit our ability to participate in the benefits of higher interest rates or beneficial movements in foreign currency exchange rates with respect to our portfolio investments. In addition, there can be no assurance that hedging strategies will be available, particularly with respect to certain of our foreign investments and, if available, will effectively hedge our interest rate risk or foreign currency exchange rate risk or be without risk to us.

Substantially all of our assets and liabilities are financial in nature. As a result, changes in interest rates, foreign currency exchange rates and other factors drive our performance more directly than does inflation. Changes in interest rates and foreign currency exchange rates do not necessarily correlate with changes in inflation rates.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective. It should be noted that any system of controls, however well-designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A. Risk Factors

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended March 31, 2025 to the risk factors previously disclosed in our Annual Report on Form 10‑K for the year ended December 31, 2024 (filed with the SEC on March 5, 2025) which could materially affect our business, financial condition or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell any equity securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act. Similarly, we did not repurchase any shares of our equity securities during the quarter ended March 31, 2025.

Dividend Reinvestment Plan

During the three months ended March 31, 2025, we issued 95,458 shares of common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements under the Securities Act. The cash paid for shares of common stock issued under our dividend reinvestment plan during the three months ended March 31, 2025 was $0.6 million.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Fees and Expenses

The information in the following table is being provided to update, as of March 31, 2025, certain information in the Company’s effective shelf registration statement on Form N-2 (File No. 333-277680), declared effective by the SEC on April 18, 2024, as supplemented by the prospectus supplement relating to our Current ATM Program. The information is intended to assist you in understanding the costs and expenses that an investor in our common stock will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Quarterly Report on Form 10-Q, or any filing under the Securities Act into which this Quarterly Report on Form 10-Q is incorporated by reference, contains a reference to fees or expenses paid by “you,” “us” or “the Company,” or that “we” will pay fees or expenses, our stockholders will indirectly bear such fees or expenses as investors in us.

Except as noted below, the following annualized percentages were calculated based on actual expenses incurred in the three months ended March 31, 2025 and net assets as of March 31, 2025, and do not include events occurring subsequent thereto. The table and examples below include all fees and expenses of our consolidated subsidiaries.


Stockholder Transaction Expenses:
Sales load or other commission payable by us (as a percentage of offering price)	—	%	(1)
Offering expenses (as a percentage of offering price)	—	%	(2)
Dividend reinvestment plan expenses	—	%	(3)
Total Stockholder Transaction Expenses (as a percentage of offering price)	—	%
Annual Expenses (as a percentage of net assets attributable to common stock):
Base management fee payable under the Advisory Agreement	3.89	%	(4)
Incentive fee payable under the Advisory Agreement (20% of net investment income and realized capital gains)	2.51	%	(5)
Interest payments on borrowed funds	7.45	%	(6)
Other expenses	2.36	%	(7)
Total annual expenses	16.21	%

__________

(1)The amounts set forth in this table do not reflect the impact of any sales load, sales commission or other offering expenses borne by us and our stockholders. The maximum agent commission with respect to the shares of our common stock sold by us in the Current ATM Program is 2.0% of gross proceeds, with the exact amount of such compensation to be mutually agreed upon by us and the Sales Agent from time to time. In the event that securities are sold to or through underwriters or agents, a corresponding prospectus or prospectus supplement will disclose the applicable sales load or commission.

(2)The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price.

(3)The expenses associated with the administration of the dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan.

(4)Our base management fee, payable quarterly in arrears, is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed amounts and other forms of leverage. See “Item 1. Business-Management Agreements-Investment Advisory Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for more information.

(5)Assumes that annual incentive fees earned by our Adviser remain consistent with the incentive fees that would have been earned by our Adviser (if not for the cumulative “catch-up” provision explained below) for the three months ended March 31, 2025 adjusted for any equity issuances. The incentive fee consists of two components, investment income and capital gains, which are largely independent of each other, with the result that one component may be payable even if the other is not payable. Under the investment income component, we pay our Adviser each quarter 20.0% of the amount by which our pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which our Adviser receives all of such income in excess of the 2.0% level but less than 2.5% and subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, our Adviser receives 20.0% of our pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of our pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 exceeds the cumulative incentive fees accrued and/or paid since March 5, 2014. In other words, any investment income incentive fee that is payable in a calendar quarter will be limited to the lesser of (i) 20.0% of the amount by which our pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle rate, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 minus (y) the cumulative incentive fees accrued and/or paid since March 5, 2014. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of our pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since March 5, 2014. Under the capital gains component of the incentive fee, we pay our Adviser at the end of each calendar year 20.0% of our aggregate cumulative realized capital gains from inception through the end of that year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, our “aggregate cumulative realized capital gains” does not include any unrealized appreciation. It should be noted that we accrue an incentive fee for accounting purposes taking into account any unrealized appreciation in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders.

(6)“Interest payments on borrowed funds” represent our estimated annual interest payment, fees and credit facility expenses and are based on results of operations for the three months ended March 31, 2025 (annualized), including with respect to the Credit Facility, the 2025 Notes, the 2026 Notes, the 2027 Notes and the 2028 Notes. The costs associated with any outstanding indebtedness are indirectly borne by our common stockholders. The amount of leverage we employ at any particular time will depend on, among other things, the Board’s and our Adviser’s assessment of the market and other factors at the time at any proposed borrowing. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act.

(7)“Other expenses” represent our estimated amounts for the current fiscal year, which are based upon the results of our operations for the three months ended March 31, 2025, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our Administrator.

Example

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above.


	1 Year		3 Years		5 Years		10 Years
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return (1)	$	137	$	376	$	576	$	941
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return entirely from realized capital gains	$	147	$	400	$	606	$	969

__________________

(1) Assumes no return from net realized capital gains or net unrealized capital appreciation.

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. As noted, the example includes the realized capital gains fee from the Advisory Agreement but does not include the income incentive fee under the Advisory Agreement, which, assuming a 5% annual return, would either not be payable or have an immaterial impact on the expense amounts shown above. If we achieve sufficient returns on our investments to trigger an incentive fee of a material amount, our expenses, and returns to our investors, would be higher.

Further, while the example assumes reinvestment of all distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by (a) 95% of the market price per share of our common stock at the close of trading on the payment date fixed by the Board in the event that newly issued shares of our common stock are used to implement the dividend reinvestment plan, or (b) the average purchase price of all shares of common stock purchased by the plan administrator in the event that shares are purchased in the open market to implement the requirements of the dividend reinvestment plan, which may be at, above or below NAV.

This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.

Price Range of Common Stock and Distributions

Our common stock is traded on the NYSE under the symbol “TPVG.” The following table shows, for each fiscal quarter during the last two full fiscal years and the current fiscal year to date, the net asset value (“NAV”) per share of our common stock, the high and low closing sales prices for our common stock, such sales prices as a percentage of NAV per share and quarterly distributions per share.


			Closing Sales Price(2)				Premium/(Discount) of High Sales Price to NAV(3)		Premium/(Discount) of Low Sales Price to NAV(3)		Declared Distributions
Period	NAV(1)		High		Low
Second Quarter of 2025 (through May 6, 2025)	*		$	7.00	$	5.76	*		*		$	0.30
First Quarter of 2025	$	8.62	$	8.14	$	6.98	(5.6)	%	(19.0)	%	$	0.30
Fourth Quarter of 2024	$	8.61	$	8.39	$	6.50	(2.6)	%	(24.5)	%	$	0.30
Third Quarter of 2024	$	9.10	$	8.99	$	6.86	(1.2)	%	(24.6)	%	$	0.30
Second Quarter of 2024	$	8.83	$	9.63	$	7.97	9.1	%	(9.7)	%	$	0.40
First Quarter of 2024	$	9.02	$	11.48	$	9.01	27.3	%	(0.1)	%	$	0.40
Fourth Quarter of 2023	$	9.21	$	10.99	$	9.20	19.3	%	(0.1)	%	$	0.40
Third Quarter of 2023	$	10.37	$	12.62	$	10.12	21.7	%	(2.4)	%	$	0.40
Second Quarter of 2023	$	10.70	$	12.27	$	9.81	14.7	%	(8.3)	%	$	0.40
First Quarter of 2023	$	11.69	$	12.72	$	10.75	8.8	%	(8.0)	%	$	0.40

_______________

(1)NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

(2)Closing sales price as provided by the NYSE.

(3)Calculated as of the respective high or low closing sales price divided by the quarter-end NAV and subtracting 1.

* Not determinable at the time of filing.

On May 6, 2025, the reported closing sales price of our common stock was $6.06 per share. As of May 6, 2025, we had 7 stockholders of record, which did not include stockholders for whom shares are held in “nominee” or “street name”.

Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that shares of our common stock will trade at a discount from NAV or at premiums that are unsustainable over the long term are separate and distinct from the risk that our NAV will decrease. It is not possible to predict whether the shares offered hereby will trade at, above or below NAV.

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission:


3.1			Articles of Amendment and Restatement(1)

3.2			Amended and Restated Bylaws(2)

4.1			Note Purchase Agreement, dated January 23, 2025, by and among the Company and the Purchasers party thereto(***)(3)

4.2			Form of 8.11% Senior Note, due February 12, 2028 (incorporated by reference to Exhibit 4.1 hereto)



















































31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)

31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)

32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(**)

32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(**)



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101.SCH			Inline XBRL Taxonomy Extension Schema Document(*)

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document(*)

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document(*)

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document(*)

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document(*)

104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

(1)Incorporated by reference to Exhibit (a) to the Registrant’s Pre-Effective Amendment No. 1 to TriplePoint Venture Growth BDC Corp.’s registration statement on Form N-2 (File No. 333-191871) filed on January 22, 2014.

(2)Incorporated by reference to Exhibit (b) to the Registrant’s Pre-Effective Amendment No. 1 to TriplePoint Venture Growth BDC Corp.’s registration statement on Form N-2 (File No. 333-191871) filed on January 22, 2014.

(3)Incorporated by reference to Exhibit 10.1 to TriplePoint Venture Growth BDC Corp.’s Form 8-K (File No. 814-01044) filed on January 29, 2025.

(*) Filed herewith.

(**) Furnished herewith.

(***) Exhibits and/or schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and/or schedules to the SEC upon its request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TriplePoint Venture Growth BDC Corp.

Date: May 7, 2025

By:

/s/ James P. Labe

James P. Labe

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: May 7, 2025

By:

/s/ Mike L. Wilhelms

Mike L. Wilhelms

Chief Financial Officer