tpvg-20260331

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, 2026


¨			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 40,598,981 shares of the Registrant’s common stock outstanding as of May 6, 2026.

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 3 1 , 202 6 (unaudited) and December 31, 20 25	1
	Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 6 (unaudited) and March 3 1 , 202 5 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 3 1 , 202 6 (unaudited) and March 3 1 , 202 5 (unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 6 (unaudited) and March 3 1 , 202 5 (unaudited)	4
	Consolidated Schedules of Investments as of March 3 1 , 202 6 (unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (unaudited)	34
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69
Item 4.	Controls and Procedures	71
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	72
Item 1A.	Risk Factors	72
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	72
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	73
Item 5.	Other Information	74
Item 6.	Exhibits	77
	Signatures	78

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, 2026		December 31, 2025

Assets	(unaudited)
Investments at fair value
Non-controlled/unaffiliated investments (amortized cost of $808,844 and $804,090, respectively)	$	769,720	$	767,304
Non-controlled/affiliated investments (amortized cost of $16,273 and $16,273, respectively)	15,915		16,240
Total Investments at fair value (amortized cost of $825,117 and $820,363, respectively)	785,635		783,544
Cash and cash equivalents	8,574		20,364
Restricted cash	474		27,003
Deferred credit facility costs	4,304		4,643
Prepaid expenses and other assets	8,102		4,095
Total assets	$	807,089	$	839,649

Liabilities
Revolving Credit Facility	$	197,000	$	95,000
2026 Notes, net of unamortized debt issuance costs of $— and $75, respectively	—		199,925
2027 Notes, net of unamortized debt issuance costs of $259 and $329, respectively	124,741		124,671
8.11% 2028 Notes, net of unamortized debt issuance costs of $455 and $516, respectively	49,545		49,484
7.50% 2028 Notes, net of unamortized debt issuance costs of $106 and $—, respectively	74,894		—
Base management fee payable	3,614		3,581
Income incentive fee payable	—		—
Other accrued expenses and liabilities	6,316		13,367
Total liabilities	$	456,110	$	486,028
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	406		405
Paid-in capital in excess of par value	514,909		514,399
Total distributable earnings (loss)	(164,336)		(161,183)
Total net assets	$	350,979	$	353,621
Total liabilities and net assets	$	807,089	$	839,649

Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized)	40,599		40,491
Net asset value per share	$	8.65	$	8.73

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,
	2026		2025
Investment income
Interest income from investments	$	18,594	$	17,829
Payment-in-kind interest income	3,495		3,756
Other income
Expirations/terminations of unfunded commitments	446		423
Other fees	240		446
Total investment and other income	22,775		22,454

Operating expenses
Base management fee	3,614		3,326
Income incentive fee	1,824		—

Interest expense and amortization of fees	7,861		6,372
Administration Agreement expenses	719		602
General and administrative expenses	1,019		1,010
Total operating expenses before Income incentive fee waiver	15,037		11,310
Income incentive fee waiver	(1,824)		—
Total operating expenses net of Income incentive fee waiver	13,213		11,310
Net investment income before excise taxes	9,562		11,144
Excise tax expense	(440)		(406)
Net investment income after excise taxes	9,122		10,738

Net realized and unrealized gains/(losses)
Net realized gains (losses) on investments	(299)		2,254
Net change in unrealized gains (losses) on investments	(2,663)		(303)

Net realized and unrealized gains/(losses)	(2,962)		1,951

Net increase (decrease) in net assets resulting from operations	$	6,160	$	12,689

Per share information (basic and diluted)

Net increase (decrease) in net assets per share	$	0.15	$	0.32
Weighted average shares of common stock outstanding	40,492		40,138

Regular distributions declared per share	$	0.23	$	0.30

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, 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

Balance as of December 31, 2025	40,491	$	405	$	514,399	$	(161,183)	$	353,621
Net increase (decrease) in net assets resulting from operations	—	—		—		6,160		6,160

Distributions reinvested in common stock	108	1		510		—		511
Distributions from distributable earnings	—	—		—		(9,313)		(9,313)
Balance as of March 31, 2026	40,599	$	406	$	514,909	$	(164,336)	$	350,979

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,
	2026		2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	6,160	$	12,689
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	(26,786)		(28,537)
Principal payments and proceeds from investments	27,483		29,971
Payment-in-kind interest on investments	(3,495)		(3,756)
Net change in unrealized (gains) losses on investments	2,663		303
Net realized (gains) losses on investments	299		(2,254)
Amortization and (accretion) of premiums and discounts, net	(1,561)		(885)
(Accretion) reduction of end-of-term payments, net of prepayments	(695)		(605)
Amortization of debt fees and issuance costs	551		666

Change in operating assets and liabilities:
Prepaid expenses and other assets	(4,007)		(3,455)
Base management fee payable	33		(82)


Other accrued expenses and liabilities	(7,051)		(8,963)
Net cash (used in) provided by operating activities	(6,406)		(4,908)
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	102,000		—
Repayments under revolving credit facility	—		—
Distributions paid	(8,802)		(11,408)

Proceeds from issuance of 7.50% 2028 Notes	75,000		—
Debt issuance costs	(111)		(701)



Proceeds from issuance of 8.11% 2028 Notes	—		50,000
Repayment of 2025 Notes	—		(70,000)
Repayment of 2026 Notes	(200,000)		—


Net cash provided by (used in) financing activities	(31,913)		(32,109)
Net change in cash, cash equivalents and restricted cash	(38,319)		(37,017)
Cash, cash equivalents and restricted cash at beginning of period	47,367		78,727
Cash, cash equivalents and restricted cash at end of period	$	9,048	$	41,710

	For the Three Months Ended March 31,
	2026		2025
Cash and cash equivalents	$	8,574	$	34,672
Restricted cash	474		7,038
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	9,048	$	41,710

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	11,266	$	9,782
Distributions reinvested	$	511	$	633
Excise tax paid	$	1,529	$	1,562

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, 2026
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Parry Labs, LLC	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 5.00% EOT payment)	12/20/2024	$	19,500	$	19,616	$	19,616	12/1/2028
	Revolver (Prime + 2.50% interest rate, 10.25% floor, 3.00% EOT payment)(2)	3/12/2025	233		233		233		12/20/2026
			19,733		19,849		19,849
US Chemical Technologies, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 4.50% EOT payment)	10/31/2025	1,000		948		1,009		10/1/2029
Total Aerospace and Defense - 5.94%*			20,733		20,797		20,858

Business Applications Software
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	2,902		2,951		2,951		11/30/2026
	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	7,000		7,399		7,399		12/31/2026
			9,902		10,350		10,350
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest, 12.75% floor)	6/26/2024	20,914		20,759		20,759		6/1/2027
NewStore Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 6.25% EOT payment)	1/29/2024	2,500		2,602		2,602		1/31/2027
Radar Labs, Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.50% floor, 2.25% EOT payment)	9/30/2025	11,000		10,978		10,978		9/1/2028
Total Business Applications Software - 12.73%*			44,316		44,689		44,689

Business Products and Services
Equafin Corp.	Growth Capital Loan (Prime + 1.25% interest rate, 8.00% floor, 3.50% EOT payment)(2)	4/17/2025	123		124		124		4/1/2028
Muon Space, Inc.	Growth Capital Loan (Prime + —% interest rate, 7.00% floor, 6.00% EOT payment)	5/30/2025	1,657		1,700		1,742		11/1/2027
	Growth Capital Loan (Prime + —% interest rate, 7.00% floor, 6.00% EOT payment)	8/12/2025	1,662		1,681		1,681		2/1/2028
	Growth Capital Loan (Prime + —% interest rate, 7.00% floor, 6.00% EOT payment)	11/12/2025	1,327		1,323		1,323		5/1/2028
	Growth Capital Loan (Prime + —% interest rate, 7.00% floor, 6.00% EOT payment)(2)	2/18/2026	3,371		3,317		3,317		8/1/2028
			8,017		8,021		8,063
Quick Commerce Ltd(1)(3)	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	5/4/2022	12,201		10,994		8,715		12/31/2028
	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	10/19/2023	1,162		1,047		830		12/31/2028
			13,363		12,041		9,545
Total Business Products and Services - 5.05%*			21,503		20,186		17,732

Business/Productivity Software
Ao1 Holdings, Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	3,373		3,416		3,371		12/1/2027
	Growth Capital Loan (Prime + 2.25% interest rate, 9.00% floor, 3.50% EOT payment)(2)	1/8/2026	3,633		3,596		3,516		1/1/2029
			7,006		7,012		6,887
Bitonic Technology Labs, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 2.75% EOT payment)	8/1/2025	11,250		11,223		11,223		8/1/2029
	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.75% EOT payment)(2)	2/10/2026	3,750		3,720		3,720		2/1/2030
			15,000		14,943		14,943


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest, 5.48% EOT payment)(2)	6/1/2025	$	14,513	$	15,160	$	13,292	5/1/2027
	Growth Capital Loan (12.00% PIK interest, 5.48% EOT payment)(2)	6/1/2025	18,164		18,872		16,635		5/1/2027
	Growth Capital Loan (Prime + 5.75% PIK interest, 13.25% floor, 4.52% EOT payment)(2)	6/1/2025	3,712		3,763		3,400		5/1/2027
	Growth Capital Loan (12.00% PIK interest)(2)	6/1/2025	2,534		2,532		2,321		5/1/2027
	Convertible Note (12.00% PIK interest)(2)	8/8/2025	2		2		2		5/1/2027
			38,925		40,329		35,650
Incode Technologies, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 12.25% floor, 5.00% EOT payment)(2)	3/12/2026	11,500		11,149		11,149		3/1/2030
PlanHub, Inc.	Growth Capital Loan (SOFR + 7.40% interest rate, 8.15% floor)(13)(14)	9/9/2025	26,250		25,884		25,884		8/23/2031
	Growth Capital Loan (SOFR + 5.33% interest rate, 6.08% floor)(2)(13)	11/28/2025	375		370		370		8/23/2031
			26,625		26,254		26,254
Sonatus, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 4.00% EOT payment)	12/23/2025	15,000		14,514		14,514		12/1/2029
Total Expert Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.65% floor, 3.00% EOT payment)	9/29/2025	22,500		22,053		22,053		9/1/2029
Total Business/Productivity Software - 37.45%*			136,556		136,254		131,450

Computer Hardware
Eridu Corporation	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 5.00% EOT payment)	12/31/2025	1,000		987		987		12/1/2028
Standard Bots, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 9.00% floor, 3.75% EOT payment)	12/31/2025	1,000		985		985		6/1/2028
Vergesense Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 3.50% EOT payment)	3/31/2026	500		490		490		9/1/2029
Total Computer Hardware - 0.70%*			2,500		2,462		2,462

Consumer Products and Services
Fiton Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	2/29/2024	8,889		8,890		8,890		8/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	3/8/2024	1,111		1,110		1,110		9/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	6/28/2024	1,000		996		996		12/1/2027
			11,000		10,996		10,996
Flink SE(1)(3)	Growth Capital Loan (9.75% cash interest, 6.75% EOT payment)(2)	7/5/2022	14,952		15,450		15,450		8/31/2028
	Growth Capital Loan (9.75% cash interest, 6.75% EOT payment)(2)	10/21/2022	14,952		15,406		15,406		8/31/2028
			29,904		30,856		30,856
Frubana Inc.(1)(3)(7)	Growth Capital Loan (Prime + 6.25% interest rate, 9.75% floor, 5.00% EOT payment)(2)	1/25/2023	105		110		31		1/31/2027
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)(2)	4/3/2023	2,675		2,922		794		10/31/2026
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 7.50% EOT payment)(2)	10/3/2023	7,259		7,354		2,154		10/31/2026
			10,039		10,386		2,979
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	16,657		17,208		13,784		12/1/2027
	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)(2)	12/30/2024	8,785		8,785		7,530		12/31/2026
			25,442		25,993		21,314
JOKR S.à r.l.(1)(3)	Growth Capital Loan (8.70% cash interest rate + 5.80% PIK interest, 14.00% EOT payment)(2)	11/3/2021	3,123		3,404		3,153		12/31/2026
	Growth Capital Loan (10.95% cash interest rate + 7.30% PIK interest, 14.00% EOT payment)(2)	8/17/2022	1,221		1,298		1,231		12/31/2026
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	11/2/2021	529		558		547		6/30/2026
			4,873		5,260		4,931
Nakdcom One World AB(1)(3)(7)(15)	Growth Capital Loan (12.00% PIK interest)(2)	12/30/2025	122		119		116		12/31/2028


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
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	$	419	3/31/2025
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	2,100		2,142		456		3/25/2024
			4,027		4,115		875
MA Micro Limited(1)(3)	Convertible Note(2)(8)	12/31/2023	4,166		2,713		1,112		12/31/2028
	Growth Capital Loan(2)(8)	12/31/2023	4,166		1,442		843		12/31/2026
	Growth Capital Loan(2)(8)	12/31/2023	1,389		1,186		247		12/31/2028
			9,721		5,341		2,202
Total Consumer Products and Services - 21.16%*			95,128		93,066		74,269

Communication Software
Simpplr Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.00% floor, 1.50% EOT payment)	4/23/2025	9,375		9,516		9,516		4/1/2026
	Growth Capital Loan (Prime + 2.00% interest rate, 9.50% floor, 4.50% EOT payment)	12/2/2025	3,125		3,076		3,076		12/1/2029
Total Communication Software - 3.59%*			12,500		12,592		12,592

Consumer Retail
Savage X, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	500		478		466		6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	2,000		1,787		1,787		6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	3,750		3,350		3,350		6/26/2028
Total Consumer Retail - 1.60%*			6,250		5,615		5,603

Database Software
TetraScience, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment)	1/24/2025	10,000		10,151		10,151		7/1/2028
Total Database Software - 2.89%*			10,000		10,151		10,151

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 13.00% floor, 6.75% EOT payment)	9/29/2021	10,150		9,880		9,880		7/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest, 2.50% EOT payment)(2)	4/25/2024	4,215		3,932		3,932		4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment)	6/30/2025	17,857		17,996		17,991		6/1/2029
	Revolver (Prime + 2.50% interest rate, 9.25% floor)(2)	6/30/2025	—		—		—		12/30/2027
			17,857		17,996		17,991
Outfittery GMBH(1)(3)	Growth Capital Loan (2.75% cash interest rate + 8.25% PIK interest, 14.73% EOT payment)(2)	1/1/2021	31,061		34,450		25,694		1/1/2030
	Revolver (2.75% cash interest rate + 6.75% PIK interest, 7.53% EOT payment)(2)	1/1/2021	4,767		5,060		4,402		1/1/2030
	Revolver (2.75% cash interest rate + 6.75% PIK interest, 9.00% EOT payment)(2)	12/28/2022	2,695		2,882		2,578		1/1/2030
			38,523		42,392		32,674
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	5/27/2021	19,500		21,464		20,800		3/31/2027
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	6/7/2022	3,000		3,243		3,210		3/31/2027
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	6/7/2022	5,500		5,967		5,882		3/31/2027
			28,000		30,674		29,892
Total E-Commerce - Clothing and Accessories - 26.89%*			98,745		104,874		94,369


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

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	$	6,264	$	6,264	1/1/2027
	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	3/28/2025	4,000		4,052		4,052		9/1/2028
	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	8/27/2025	1,514		1,517		1,517		2/1/2029
	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	—		—		—		7/31/2027
Total Educational/Training Software - 3.37%*			11,514		11,833		11,833

Energy
Valar Atomics, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 3.00% EOT payment)(2)	11/12/2025	1,000		984		984		11/1/2028
Total Energy - 0.28%*			1,000		984		984

Entertainment
Luminary Roli Limited(1)(3)	Growth Capital Loan(2)(8)	8/31/2021	35,492		29,530		9,813		8/31/2026
Mind Candy Limited(1)(3)(7)	Growth Capital Loan (12.00% PIK interest)(2)	6/25/2014	26,240		21,222		10,758		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	3/17/2020	1,694		1,444		694		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	12/21/2020	1,580		1,347		649		12/31/2025
			29,514		24,013		12,101
Total Entertainment - 6.24%*			65,006		53,543		21,914

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Growth Capital Loan (7.30% cash interest rate + 5.98% PIK interest, 2.50% EOT payment)(2)	12/31/2020	43,278		43,326		36,969		6/30/2027
Total Financial Institution and Services - 10.53%*			43,278		43,326		36,969

Financial Software
Branch Messenger, Inc.	Revolver (Prime + 3.25% interest rate, 10.75% floor, 2.00% EOT payment)	5/2/2025	5,073		5,073		5,073		9/30/2027
Ocrolus, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	7,143		7,292		7,292		2/1/2028
	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	4/22/2025	2,857		2,878		2,878		10/1/2028
			10,000		10,170		10,170
Signal Advisors USA, Inc.	Revolver (Prime + 1.75% interest rate, 7.75% floor, 1.35% EOT payment)(2)	12/23/2025	33		33		33		9/26/2028
Total Financial Software - 4.35%*			15,106		15,276		15,276

Healthcare Services
Pair Team, PBC	Convertible Note (6.00% interest rate)(2)	11/24/2025	400		400		400		11/17/2028
	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 3.25% EOT payment)	12/5/2025	1,600		1,601		1,601		6/1/2028
Total Healthcare Services - 0.57%*			2,000		2,001		2,001

Healthcare Technology Systems
Kalderos, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 10.75% floor, 4.25% EOT payment)	1/31/2025	13,000		13,163		13,163		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	874		1,092		1,092		7/31/2026
Lively, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 1.50% EOT payment)	12/1/2025	3,250		3,196		3,196		12/1/2029
	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 1.50% EOT payment)	12/1/2025	3,250		3,196		3,196		12/1/2029
	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 1.50% EOT payment)	12/1/2025	3,250		3,196		3,196		12/1/2029
			9,750		9,588		9,588
Total Healthcare Technology Systems - 6.79%*			23,624		23,843		23,843


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Information Services (B2C)
Sandbox VR, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.50% floor, 1.50% EOT payment)	12/16/2025	$	1,740	$	1,723	$	1,723	10/1/2027
	Growth Capital Loan (Prime + 5.25% interest rate, 12.25% floor, 4.00% EOT payment)	12/16/2025	9,900		9,785		9,785		10/1/2029
Total Information Services (B2C) - 3.28%*			11,640		11,508		11,508

Insurance
Bestow Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 8.25% floor, 3.50% EOT payment)	5/2/2025	9,000		9,059		9,059		5/1/2029
	Growth Capital Loan (Prime + 3.15% interest rate, 9.15% floor, 3.50% EOT payment)	5/2/2025	22,000		22,141		22,141		5/1/2029
Total Insurance - 8.89%*			31,000		31,200		31,200

Network Management Software
Synack, Inc.	Growth Capital Loan (Prime + 2.85% interest rate, 9.85% floor, 1.00% EOT payment)	12/30/2025	9,000		8,860		8,860		12/1/2028
Total Network Management Software - 2.52%*			9,000		8,860		8,860

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		16,240		16,240		3/31/2029
	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/12/2025	2,000		1,967		1,967		3/31/2030
	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	2/19/2026	2,000		1,951		1,951		8/31/2030
	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	2/19/2026	1,600		1,561		1,561		8/31/2030
Total Multimedia and Design Software - 6.19%*			21,600		21,719		21,719

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.50% interest rate, 1.50% EOT payment)	11/14/2025	20,000		20,028		20,265		5/1/2029
Monzo Bank Limited(1)(3)	Growth Capital Loan (12.00% interest rate)(2)	3/8/2021	7,035		7,024		6,939		3/8/2031
Total Other Financial Services - 7.75%*			27,035		27,052		27,204

Semiconductors
Etched.AI, Inc.	Revolver (Prime + 4.00% interest rate, 10.75% floor)	7/18/2025	4,500		4,500		4,500		4/30/2028
Total Semiconductors - 1.28%*			4,500		4,500		4,500

Shopping Facilitators
Moda Operandi, Inc.	Growth Capital Loan (8.00% cash interest rate + 6.00% PIK interest, 11.55% EOT payment)(2)	8/16/2024	10,254		10,408		9,300		1/31/2029
Total Shopping Facilitators - 2.65%*			10,254		10,408		9,300

Total Debt Investments - 182.71%*			$	724,788	$	716,739	$	641,286


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
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(2)	7/15/2022	22,488	192		344
Parry Labs, LLC	Preferred Stock	12/20/2024	2,727	145		138
US Chemical Technologies, Inc.	Preferred Stock	10/31/2025	19,370	53		40
Total Aerospace and Defense - 0.15%*				390		522

Application Software
Flo Health, Inc.(1)(3)	Preferred Stock(2)	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		45
	Preferred Stock	6/29/2022	27,714	164		11
				302		56
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		176
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		1,716
FlashParking, Inc.	Preferred Stock	6/15/2021	210,977	810		1,213
	Preferred Stock	6/26/2024	51,677	140		112
				950		1,325
Narvar, Inc.	Preferred Stock(2)	8/28/2020	87,160	102		102
NewStore Inc.	Preferred Stock	11/16/2022	122,353	36		4
Passport Labs, Inc.	Common Stock(2)	9/28/2018	21,929	303		590
Project Affinity, Inc.	Preferred Stock(2)	4/26/2024	188,021	45		62
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
Radar Labs, Inc.	Common Stock	9/30/2025	5,420	15		17
Total Business Applications Software - 1.25%*				2,263		4,379

Business Products and Services
Cart.com, Inc.	Common Stock(2)	12/30/2021	32,731	477		464
	Preferred Stock(2)	3/31/2022	4,532	25		33
				502		497
Equafin Corp.	Common Stock(2)	4/17/2025	2,493	3		3
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	218,512	197		227
Muon Space, Inc.	Preferred Stock	12/30/2024	90,997	117		127
Substack Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Total Business Products and Services - 0.25%*				825		860


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock	12/13/2024	42,882	$	55	$	11
Bidgely Inc.	Common Stock(2)	7/30/2025	17,273	23		23
Bitonic Technology Labs, Inc.	Common Stock	8/1/2025	42,415	49		49
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/6/2021	49,892	626		—
Incode Technologies, Inc.	Common Stock(2)	7/18/2025	506,496	517		517
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	87,385	87		1,039
Rudderstack, Inc.	Common Stock(2)	6/30/2025	20,215	68		68
Sonatus, Inc.	Preferred Stock	12/23/2025	224,453	518		157
Thoughtspot, Inc.	Common Stock(2)	3/3/2025	63,931	404		404
Total Expert Inc.	Common Stock	9/29/2025	256,623	354		313
Total Business/Productivity Software - 0.74%*				2,701		2,581

Business to Business Marketplace
RetailNext, Inc.	Preferred Stock(2)	11/16/2017	123,420	80		111
Total Business to Business Marketplace - 0.03%*				80		111

Communication Software
Simpplr Inc.	Common Stock	4/26/2025	56,611	280		280
Total Communication Software - 0.08%*				280		280

Commercial Services
Transfix, Inc.	Preferred Stock(2)	5/31/2019	133,502	188		214
Total Commercial Services - 0.06%*				188		214

Computer Hardware
Eridu Corporation	Preferred Stock	3/31/2025	20,470	11		43
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	52,773	183		121
Standard Bots, Inc.	Preferred Stock	11/13/2025	4,848	11		66
Vergesense Inc.	Common Stock	3/31/2026	2,925	5		5
Total Computer Hardware - 0.07%*				210		235

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(2)	12/30/2021	42,929	30		13
Total Consumer Non-Durables - 0.03%*				115		97

Consumer Products and Services
AvantStay, Inc.	Common Stock(2)	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		26
FitOn Inc.	Common Stock(2)	2/29/2024	73,807	162		96
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		—
Hydrow, Inc.	Common Stock	2/9/2021	1,252,355	232		—
	Preferred Stock	12/30/2024	6,549,320	26		—
				258		—
Lower Holding Company	Preferred Stock(2)	12/28/2022	395,425	189		24
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		—
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	14,709	93		11
The Black Tux Holdings, Inc.	Preferred Stock(2)	11/5/2021	142,939	139		450
Total Consumer Products and Services - 0.26%*				1,859		913


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

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		302
Total Consumer Retail - 0.12%*				838		430

Database Software
Sisense, Inc.	Cash Exit Fee(2)(5)	12/28/2021		190		465
TetraScience, Inc.	Preferred Stock	1/24/2025	106,100	20		177
Total Database Software - 0.18%*				210		642

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	11/20/2017	331,048	940		232
	Common Stock	9/29/2023	313,236	822		701
				1,762		933
Minted, Inc.	Preferred Stock	9/30/2020	51,979	516		231
Outfittery GMBH(1)(3)	Cash Exit Fee(2)(5)	8/10/2017		1,850		1,329
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		293
	Preferred Stock	6/7/2022	57,924	44		17
				425		310
Untuckit LLC	Cash Exit Fee(2)(5)	5/11/2018		39		57
Total E-Commerce - Clothing and Accessories - 0.83%*				5,927		2,930

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 - 0.31%*				853		1,100

Educational/Training Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	9,460	50		40
Total Educational/Training Software - 0.01%*				50		40

Energy
Valar Atomics, Inc.	Common Stock	11/9/2025	4,276	15		15
Total Energy -0.00%*				15		15

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

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Ordinary Shares(2)	12/5/2017	56,241	869		—
Revolut Ltd(1)(3)	Ordinary Shares(2)	4/16/2018	6,253	40		7,954
	Ordinary Shares(2)	10/29/2019	7,945	324		9,693
				364		17,647
WorldRemit Group Limited(1)(3)	Preferred Stock(2)	12/23/2015	128,290	382		1,504
	Preferred Stock(2)	12/23/2015	46,548	136		487
				518		1,991
Total Financial Institution and Services - 5.60%*				1,751		19,638

Financial Software
Branch Messenger, Inc.	Preferred Stock	3/27/2025	111,026	147		72
Ocrolus, Inc.	Common Stock	8/14/2024	116,887	96		81
Signal Advisors USA, Inc.	Preferred Stock(2)	12/23/2025	43	—		—
Total Financial Software - 0.04%*				243		153


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Food & Drug
Capsule Corporation	Preferred Stock(2)	1/17/2020	202,533	$	437	$	34
	Cash Exit Fee(2)(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		51
Thrillist Media Group, Inc.	Common Stock(2)	9/24/2014	774,352	624		1,092
Total General Media and Content - 0.33%*				694		1,143

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	49,304	22		16
Pair Team, PBC	Preferred Stock(2)	7/29/2025	1,596	2		2
Vial Health Technology, Inc.	Preferred Stock(2)	12/14/2022	48,889	33		33
Total Healthcare Services - 0.01%*				57		51

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	5/14/2025	16,841	17		17
Curology, Inc.	Preferred Stock(2)	5/23/2019	36,020	58		21
Freed, Inc.	Common Stock(2)	3/27/2026	76	—		—
Kalderos, Inc.	Preferred Stock	12/27/2022	126,986	222		180
K Health, Inc.	Common Stock(2)	7/14/2023	61,224	187		169
Lively, Inc.	Common Stock	11/7/2025	25,107	124		33
Better Life Health, Inc. (fka. Thirty Madison Inc..)	Common Stock(2)	10/29/2025	2,197	445		276
Total Healthcare Technology Systems - 0.20%*				1,053		696

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock(2)	5/1/2023	11,974	9		—
Sandbox VR, Inc.	Common Stock	12/16/2025	26,146	73		47
Total Information Services (B2C) - 0.01%*				82		47

Insurance
Bestow Inc.	Common Stock	5/2/2025	4,198	25		25
Total Insurance - 0.01%*				25		25

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	235,061	402		425
Open Space Labs, Inc.	Preferred Stock(2)	11/15/2022	2,954	7		4
Total Multimedia and Design Software - 0.12%*				409		429

Network Management Software
Cohesity Global, 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		257
Synack, Inc.	Common Stock	12/30/2025	40,576	68		45
Total Network Management Software - 0.24%*				489		843

Other Financial Services
Jerry Services, Inc.	Preferred Stock	6/13/2022	41,936	169		291
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	64,813	161		1,020
N26 GmbH(1)(3)	Preferred Stock(2)	9/14/2021	6	324		132
Upgrade, Inc.	Preferred Stock(2)	1/18/2019	1,488,450	223		5,656
Total Other Financial Services - 2.02%*				877		7,099


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Warrant	Acquisition Date(12)	Shares	Cost(6)		Fair Value

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(2)	12/10/2021	1,164,988	856		873
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
True Footage Inc.	Preferred Stock(2)	11/24/2021	88,762	147		574
Total Real Estate Services - 0.60%*				1,443		2,097

Semiconductors
Encharge AI, Inc.	Common Stock(2)	12/2/2025	2,346	18		18
Etched.AI, Inc.	Common Stock	7/18/2025	12,110	42		99
Total Semiconductors - 0.03%*				60		117

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

Travel & Leisure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	9/18/2019	12,027	362		393
	Preferred Stock(2)	8/26/2022	16,261	611		675
	Preferred Stock(2)	4/5/2024	17,904	384		1,042
Total Travel & Leisure - 0.60%*				1,357		2,110

Total Warrant Investments - 14.84%*				$	27,683	$	52,086


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
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	$	54
	Preferred Stock(2)	3/27/2026	9,033	21		21
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		543
FlashParking, Inc.	Preferred Stock(2)	7/19/2022	33,116	455		447
Filevine, Inc.	Preferred Stock(2)	2/4/2022	56,353	357		737
Farmer's Business Network, Inc.	Preferred Stock(2)	7/31/2020	860	28		13
	Common Stock(2)	9/28/2023	4,181	138		12
				166		25
Passport Labs, Inc.	Preferred Stock(2)	6/11/2019	1,302	100		103
Radar Labs, Inc.	Preferred Stock(2)	9/30/2025	104,336	550		605
Uniphore Technologies Inc.	Preferred Stock(2)	1/28/2022	28,233	350		287
Total Business Applications Software - 0.98%*				3,453		3,429

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock(2)	12/13/2024	49,717	150		93
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/16/2021	822	150		—
Snowflake Inc(17)	Common Stock(2)	10/1/2025	1,027	270		155
RudderStack, Inc.	SAFE(2)	6/30/2025		200		200
Total Business/Productivity Software - 0.13%*				770		448

Business Products and Services
Quick Commerce Ltd(1)(3)	Preferred Stock(2)	4/5/2024	418,182	8,028		7,899
	Ordinary Shares(2)	4/5/2024	1,448,528,650	311		100
Total Business Products and Services - 2.28%*				8,339		7,999

Commercial Services
MXP Prime GmbH(1)(3)	Common Stock(2)	2/3/2022	165	1,140		13
	Preferred Stock(2)	6/29/2023	23	—		139
	Preferred Stock(2)	6/29/2023	46	50		53
				1,190		205
Printful, Inc. Holdco. (fka.Printify, Inc.)	Common Stock(2)	3/31/2025	11,120	24		24
Total Commercial Services - 0.07%*				1,214		229

Computer Hardware
Eridu Corporation	Preferred Stock(2)	3/17/2026	17,847	50		50
Standard Bots, Inc.	Preferred Stock(2)	3/23/2026	1,338	40		40
Total Computer Hardware - 0.03%*				90		90

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


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

Consumer Products and Services
everdrop GmbH(1)(3)	Preferred Stock(2)	8/1/2022	78	$	310	$	348
Frubana Inc.(1)(3)	Preferred Stock(2)	7/13/2022	7,993	500		—
GrubMarket, Inc.	Common Stock(2)	8/2/2024		7,758		13,454
Hydrow, Inc.	Common Stock(2)	12/14/2020	1,893,462	668		—
JOKR S.à r.l.(1)(3)	Preferred Stock(2)	6/19/2025	2,963	173		63
	Preferred Stock(2)	6/19/2025	585	34		13
	Common Stock(2)	6/19/2025	298	17		1
	Preferred Stock(2)	6/19/2025	56,834	353		827
				577		904
Nakdcom One World AB(1)(3)(15)	Common Stock(2)	12/30/2025	8,194,080	964		943
	Hybrid(2)(16)	12/30/2025		15,191		14,856
				16,155		15,799
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		10
Total Consumer Products and Services - 8.69%*				25,978		30,515

Consumer Retail
Savage X, Inc.	Preferred Stock(2)	1/20/2021	17,249	500		7
	Preferred Stock(2)	11/30/2021	10,393	500		5
Total Consumer Retail - —%*				1,000		12

Database Software
TetraScience, Inc.	Preferred Stock(2)	3/16/2026	16,716	112		112
Total Database Software - 0.03%*				112		112

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	1/17/2019	67,934	500		454
Total E-Commerce - Clothing and Accessories - 0.13%*				500		454

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)(10)	6/5/2018	31,576	500		40
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 - 0.13%*				783		468

Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)	Common Stock(2)(10)	1/5/2018	60,926	250		50
Total Educational/Training Software - 0.01%*				250		50

Energy
Valar Atomics, Inc.	SAFE(2)	3/9/2026	1	80		80
Total Energy - 0.02%*				80		80

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	23,127		4,976
Revolut Ltd(1)(3)	Ordinary Shares(2)	8/3/2017	23,253	262		30,554
Total Financial Institution and Services - 10.12%*				23,389		35,530

Financial Software
Branch Messenger, Inc.	Preferred Stock(2)	4/16/2025	78,189	250		250
Total Financial Software - 0.07%*				250		250


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value

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		948
Total General Media and Content - 0.27%*				1,000		948

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	6/27/2025	16,428	33		33
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		275
Talkspace, LLC (f/k/a Groop Internet Platform, Inc.)	Common Stock(2)(10)	5/15/2019	146,752	378		760
Better Life Health, Inc. (fka. Thirty Madison Inc..)	Common Stock(2)	12/22/2025	4,261	1,000		651
Total Healthcare Technology Systems - 0.55%*				2,336		1,937

Insurance
Bestow Inc.	Preferred Stock(2)	5/2/2025	4,866	58		59
	Preferred Stock(2)	5/2/2025	527	6		9
	Preferred Stock(2)	5/2/2025	33,027	390		315
	Preferred Stock(2)	5/2/2025	12,349	146		107
Total Insurance - 0.14%*				600		490

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	42,378	231		261
Total Multimedia and Design Software - 0.07%*				231		261

Network Management Software
Cohesity Global, Inc.	Preferred Stock(2)	3/24/2017	60,342	400		925
	Preferred Stock(2)	4/7/2020	9,022	125		141
Total Network Management Software - 0.30%*				525		1,066

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	5/6/2022	8,231	104		128
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	92,901	1,000		2,324
	Ordinary Shares(2)	1/5/2022	26,281	516		698
				1,516		3,022
N26 GmbH(1)(3)	Preferred Stock(2)	12/9/2021	22	1,264		1,543
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100		100
Total Other Financial Services - 1.37%*				2,984		4,793

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		180
Total Real Estate Services - 0.12%*				429		418

Social/Platform Software
ClassPass Aggregator, LLC (fka.ClassPass, Inc. )	Preferred Stock(2)	3/17/2026	15,725	281		206
Total Social/Platform Software - 0.06%*				281		206

Travel & Leisure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	10/5/2017	2,362	300		292
	Preferred Stock(2)	5/9/2022	9,169	623		901
				923		1,193
Inspirato, Inc.	Common Stock(2)(4)(10)	9/11/2014	6,081	287		27
Total Travel & Leisure - 0.35%*				1,210		1,220


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited, dollars in thousands) As of March 31, 2026
Portfolio Company	Type of Equity	Acquisition Date(12)	Shares	Cost(6)		Fair Value


Total Equity Investments - 26.29%*				$	80,695	$	92,263

Total Investments in Portfolio Companies - 223.84%*(9)(11)				$	825,117	$	785,635

Cash Equivalents
Money Market Fund	Type of Investment	Ticker		Cost		Fair Value
Federated Government Obligations Fund - 3.59% Current Market Yield	Cash Equivalents	GOFFX		$	6,082	$	6,082
Total Cash Equivalents - 1.73%*				$	6,082	$	6,082

_______________

(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, 2026, non-qualifying assets represented 29.8% of the Company’s total assets, at fair value.

(2)As of March 31, 2026 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 $74.8 million, $96.2 million and $21.4 million, respectively, for the March 31, 2026 investment portfolio. The tax cost of investments is $807.0 million.

(7)Debt is on non-accrual status as of March 31, 2026 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2026 had a total cost and fair value of $38.6 million and $16.1 million, respectively.

(8)Non-income producing investments.

(9)Except for equity in five 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, 2026, the Company’s portfolio company investments that were subject to restrictions on sales totaled $784.8 million at fair value and represented 223.6% of the Company’s net assets. In addition, unless otherwise indicated, as of March 31, 2026, 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.

(13)SOFR represents 3.67% as of March 31, 2026.

(14)Investment is structured as a unitranche loan in which the Company may receive additional interest on its “last out” tranche of the portfolio company’s senior term debt, which was syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the Company’s “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(15)Portfolio company is an “Affiliate Investment.” See “Note 2. Significant Accounting Policies – Investment Classification” for more information. No investment income or realized and unrealized gain/(loss) was recognized from the investment holdings in the portfolio company while it was classified as an “Affiliate Investment.” The Company recorded a total of $0.3 million in net unrealized losses on investments in the portfolio company during the three months ended March 31, 2026.

(16)This Hybrid equity investment is perpetual and has no specific maturity date, and it accrues interest at an annual rate of 16% that can be capitalized at the election of the portfolio company. The Company has not recorded any income in connection with the Hybrid equity investment for the three months ended March 31, 2026.

(17)On February 2, 2026, Observe, Inc. was acquired by public company Snowflake Inc. The Company’s equity investment in Observe, Inc. was exchanged for common stock in Snowflake. This investment is publicly traded and listed on the New York Stock Exchange, is subject to restrictions on sales, and accordingly, is classified as a Level 2 asset within the fair value hierarchy.

* 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, 2025
Portfolio Company	Type of Investment	Acquisition Date(12)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Parry Labs, LLC	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 5.00% EOT payment)	12/20/2024	$	19,500	$	19,523	$	19,523	12/1/2028
	Revolver (Prime + 2.50% interest rate, 10.25% floor, 3.00% EOT payment)(2)	3/12/2025	233		233		233		12/20/2026
			19,733		19,756		19,756
US Chemical Technologies, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 4.50% EOT payment)(2)	10/31/2025	1,000		941		941		10/1/2029
Total Aerospace and Defense - 5.85%*			20,733		20,697		20,697

Business Applications Software
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	2,902		2,891		2,891		11/30/2026
	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	7,000		7,355		7,355		12/31/2026
			9,902		10,246		10,246
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest, 12.75% floor)	6/26/2024	20,784		20,600		20,600		5/31/2027
NewStore Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 6.25% EOT payment)(2)	1/29/2024	2,500		2,580		2,580		1/31/2027
Radar Labs, Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.50% floor, 2.25% EOT payment)	9/30/2025	11,000		10,954		10,954		9/1/2028
Total Business Applications Software - 12.55%*			44,186		44,380		44,380

Business Products and Services
Equafin Corp.	Growth Capital Loan (Prime + 1.25% interest rate, 8.00% floor, 3.50% EOT payment)(2)	4/17/2025	123		123		123		4/1/2028
Muon Space, Inc.	Growth Capital Loan (Prime + —% interest rate, 7.00% floor, 6.00% EOT payment)	5/30/2025	1,902		1,920		1,975		11/1/2027
	Growth Capital Loan (Prime + —% interest rate, 7.00% floor, 6.00% EOT payment)(2)	8/12/2025	1,873		1,868		1,868		2/1/2028
	Growth Capital Loan (Prime + —% interest rate, 7.00% floor, 6.00% EOT payment)(2)	11/12/2025	1,425		1,404		1,404		5/1/2028
			5,200		5,192		5,247
Quick Commerce Ltd(1)(3)	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	5/4/2022	12,020		10,680		8,597		12/31/2028
	Growth Capital Loan (6.00% PIK interest, 7.50% EOT payment)(2)	10/19/2023	1,145		1,017		819		12/31/2028
			13,165		11,697		9,416
Total Business Products and Services - 4.18%*			18,488		17,012		14,786

Business/Productivity Software
Ao1 Holdings, Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	3,843		3,866		3,866		12/1/2027
Bitonic Technology Labs, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 2.75% EOT payment)(2)	8/1/2025	11,250		11,194		11,194		8/1/2029
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest, 5.48% EOT payment)(2)	6/1/2025	14,087		14,717		13,316		5/1/2027
	Growth Capital Loan (12.00% PIK interest, 5.48% EOT payment)(2)	6/1/2025	17,629		18,299		16,686		5/1/2027
	Growth Capital Loan (Prime + 5.75% PIK interest, 13.25% floor, 4.52% EOT payment)(2)	6/1/2025	3,591		3,623		3,423		5/1/2027
	Growth Capital Loan (12.00% PIK interest)(2)	6/1/2025	2,460		2,457		2,175		5/1/2027
	Convertible Note (12.00% PIK interest)(2)	8/8/2025	2		2		2		5/1/2027
			37,769		39,098		35,602
Observe, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 9.75% floor, 3.25% EOT payment)	10/1/2025	16,000		15,566		16,061		10/1/2029
PlanHub, Inc.	Growth Capital Loan (SOFR + 7.40% interest rate, 8.15% floor)(13)(14)	9/9/2025	26,250		25,871		25,871		8/23/2031
	Growth Capital Loan (SOFR + 5.33% interest rate, 6.08% floor)(2)(13)	11/28/2025	188		185		185		8/23/2031
			26,438		26,056		26,056


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

Sonatus, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 4.00% EOT payment)	12/23/2025	$	15,000	$	14,416	$	14,416	12/1/2029
Total Expert Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.65% floor, 3.00% EOT payment)	9/29/2025	22,500		21,987		21,987		9/1/2029
Total Business/Productivity Software - 36.53%*			132,800		132,183		129,182

Computer Hardware
Eridu Corporation	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 5.00% EOT payment)(2)	12/31/2025	1,000		979		979		12/1/2028
Standard Bots, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 9.00% floor, 3.75% EOT payment)(2)	12/31/2025	1,000		979		979		6/1/2028
Total Computer Hardware - 0.55%*			2,000		1,958		1,958

Consumer Products and Services
Fiton Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	2/29/2024	8,888		8,860		8,860		8/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	3/8/2024	1,111		1,107		1,107		9/1/2027
	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	6/28/2024	1,000		993		993		12/1/2027
			10,999		10,960		10,960
Flink SE(1)(3)	Growth Capital Loan (4.97% cash interest + 4.78% PIK interest, 6.75% EOT payment)(2)	7/5/2022	14,952		15,416		15,416		8/31/2028
	Growth Capital Loan (4.97% cash interest + 4.78% PIK interest, 6.75% EOT payment)(2)	10/21/2022	14,952		15,367		15,367		8/31/2028
			29,904		30,783		30,783
Frubana Inc.(1)(3)(7)	Growth Capital Loan (Prime + 6.25% interest rate, 9.75% floor, 5.00% EOT payment)(2)	1/25/2023	116		121		42		1/31/2027
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)(2)	4/3/2023	2,948		3,195		1,063		10/31/2026
	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 7.50% EOT payment)(2)	10/3/2023	8,000		8,095		2,886		10/31/2026
			11,064		11,411		3,991
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	16,657		17,052		14,682		12/1/2027
	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)(2)	12/30/2024	8,889		8,889		8,034		12/31/2026
			25,546		25,941		22,716
JOKR S.à r.l.(1)(3)	Growth Capital Loan (8.70% cash interest rate + 5.80% PIK interest, 14.00% EOT payment)(2)	11/3/2021	3,078		3,318		3,001		12/31/2026
	Growth Capital Loan (10.95% cash interest rate + 7.30% PIK interest, 14.00% EOT payment)(2)	8/17/2022	1,199		1,259		1,175		12/31/2026
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	11/2/2021	529		556		536		6/30/2026
			4,806		5,133		4,712
Nakdcom One World AB(1)(3)(7)(15)	Growth Capital Loan (12.00% PIK interest)(2)	12/30/2025	119		119		119		12/31/2028
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		419		3/31/2025
	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	2,100		2,142		456		3/25/2024
			4,027		4,115		875
MA Micro Limited(1)(3)	Convertible Note(2)(8)	12/31/2023	4,166		2,713		1,134		12/31/2028
	Growth Capital Loan(2)(8)	12/31/2023	4,166		1,442		860		12/31/2026
	Growth Capital Loan(2)(8)	12/31/2023	1,389		1,186		253		12/31/2028
			9,721		5,341		2,247
Total Consumer Products and Services - 21.61%*			96,186		93,803		76,403

Communication Software
Simpplr Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.00% floor, 1.50% EOT payment)	4/23/2025	9,375		9,423		9,423		4/1/2026
	Growth Capital Loan (Prime + 2.00% interest rate, 9.50% floor, 4.50% EOT payment)(2)	12/2/2025	3,125		3,063		3,063		12/1/2029
Total Communication Software - 3.53%*			12,500		12,486		12,486


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 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	$	473	$	473	6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	2,000		1,758		1,758		6/26/2028
	Growth Capital Loan (Prime + 8.25% interest rate, 15.75% floor, 7.50% EOT payment)	5/15/2024	3,750		3,296		3,296		6/26/2028
Total Consumer Retail - 1.56%*			6,250		5,527		5,527

Database Software
TetraScience, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment)	1/24/2025	10,000		10,094		10,094		7/1/2028
Total Database Software - 2.85%*			10,000		10,094		10,094

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 13.00% floor, 6.75% EOT payment)	9/29/2021	10,150		9,730		9,730		7/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest, 2.50% EOT payment)(2)	4/25/2024	4,121		3,819		3,819		4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment)	6/30/2025	17,857		17,949		17,944		6/1/2029
	Revolver (Prime + 2.50% interest rate, 9.25% floor)(2)	6/30/2025	—		—		—		12/30/2027
			17,857		17,949		17,944
Outfittery GMBH(1)(3)	Growth Capital Loan (11.00% PIK interest, 14.73% EOT payment)(2)	1/1/2021	30,430		33,647		28,610		1/1/2030
	Revolver (9.00% PIK interest, 7.53% EOT payment)(2)	1/1/2021	4,687		4,955		4,685		1/1/2030
	Revolver (9.00% PIK interest, 9.00% EOT payment)(2)	12/28/2022	2,650		2,823		2,739		1/1/2030
			37,767		41,425		36,034
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	5/27/2021	19,500		21,392		20,584		3/31/2027
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	6/7/2022	3,000		3,219		3,179		3/31/2027
	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	6/7/2022	5,500		5,927		5,824		3/31/2027
			28,000		30,538		29,587
Total E-Commerce - Clothing and Accessories - 27.46%*			97,895		103,461		97,114

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		6,207		6,207		1/1/2027
	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	3/28/2025	4,000		4,024		4,024		9/1/2028
	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	8/27/2025	1,514		1,508		1,508		2/1/2029
	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	—		—		—		7/31/2027
Total Educational/Training Software - 3.32%*			11,514		11,739		11,739

Energy
Valar Atomics, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 3.00% EOT payment)(2)	11/12/2025	1,000		978		978		11/1/2028
Total Energy - 0.28%*			1,000		978		978

Entertainment
Luminary Roli Limited(1)(3)	Growth Capital Loan(2)(8)	8/31/2021	35,492		29,530		9,990		8/31/2026
Mind Candy Limited(1)(3)(7)	Growth Capital Loan (12.00% PIK interest)(2)	6/25/2014	26,240		21,222		10,758		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	3/17/2020	1,694		1,444		694		12/31/2025
	Growth Capital Loan (9.00% PIK interest)(2)	12/21/2020	1,580		1,347		648		12/31/2025
			29,514		24,013		12,100
Total Entertainment - 6.25%*			65,006		53,543		22,090


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

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Growth Capital Loan (14.28% PIK interest, 2.50% EOT payment)(2)	12/31/2020	$	42,336	$	42,325	$	36,969	6/30/2027
Total Financial Institution and Services - 10.45%*			42,336		42,325		36,969

Financial Software
Branch Messenger, Inc.	Revolver (Prime + 3.25% interest rate, 10.75% floor, 2.00% EOT payment)(2)	5/2/2025	5,567		5,567		5,567		9/30/2027
Ocrolus, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	7,143		7,249		7,249		2/1/2028
	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	4/22/2025	2,857		2,860		2,860		10/1/2028
			10,000		10,109		10,109
Signal Advisors USA, Inc.	Revolver (Prime + 1.75% interest rate, 7.75% floor, 1.35% EOT payment)(2)	12/23/2025	33		33		33		9/26/2028
Total Financial Software - 4.44%*			15,600		15,709		15,709

Healthcare Services
Pair Team, PBC	Convertible Note (6.00% interest rate)(2)	11/24/2025	400		400		400		11/17/2028
	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 3.25% EOT payment)(2)	12/5/2025	1,600		1,594		1,594		6/1/2028
Total Healthcare Services - 0.56%*			2,000		1,994		1,994

Healthcare Technology Systems
Kalderos, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 10.75% floor, 4.25% EOT payment)	1/31/2025	13,000		13,082		13,081		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	1,510		1,706		1,706		7/31/2026
Lively, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 1.50% EOT payment)	12/1/2025	3,250		3,189		3,189		12/1/2029
	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 1.50% EOT payment)(2)	12/1/2025	3,250		3,189		3,189		12/1/2029
	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 1.50% EOT payment)(2)	12/1/2025	3,250		3,189		3,189		12/1/2029
			9,750		9,567		9,567
Total Healthcare Technology Systems - 6.89%*			24,260		24,355		24,354

Information Services (B2C)
Sandbox VR, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.50% floor, 1.50% EOT payment)	12/16/2025	2,005		1,974		1,974		10/1/2027
	Growth Capital Loan (Prime + 5.25% interest rate, 12.25% floor, 4.00% EOT payment)	12/16/2025	9,900		9,747		9,747		10/1/2029
Total Information Services (B2C) - 3.31%*			11,905		11,721		11,721

Insurance
Bestow Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 8.25% floor, 3.50% EOT payment)	5/2/2025	9,000		9,041		9,041		5/1/2029
	Growth Capital Loan (Prime + 3.15% interest rate, 9.15% floor, 3.50% EOT payment)	5/2/2025	22,000		22,099		22,099		5/1/2029
Total Insurance - 8.81%*			31,000		31,140		31,140

Network Management Software
Synack, Inc.	Growth Capital Loan (Prime + 2.85% interest rate, 9.85% floor, 1.00% EOT payment)	12/30/2025	9,000		8,842		8,842		12/1/2028
Total Network Management Software - 2.50%*			9,000		8,842		8,842

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		16,170		16,170		3/31/2029
	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	9/12/2025	2,000		1,958		1,958		3/31/2030
Total Multimedia and Design Software - 5.13%*			18,000		18,128		18,128


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

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.50% interest rate, 1.50% EOT payment)	11/14/2025	$	20,000	$	20,009	$	20,262	5/1/2029
Monzo Bank Limited(1)(3)	Growth Capital Loan (12.00% interest rate)(2)	3/8/2021	7,035		7,024		6,836		3/8/2026
Total Other Financial Services - 7.66%%*			27,035		27,033		27,098

Real Estate Services
Homeward, Inc.	Growth Capital Loan (19.00% interest rate, 9.75% EOT payment)	12/30/2021	7,633		8,456		8,389		6/30/2026
Total Real Estate Services - 2.37%*			7,633		8,456		8,389

Semiconductors
Etched.AI, Inc.	Revolver (Prime + 4.00% interest rate, 10.75% floor)	7/18/2025	4,500		4,500		4,500		4/30/2028
Total Semiconductors - 1.27%*			4,500		4,500		4,500

Shopping Facilitators
Moda Operandi, Inc.	Growth Capital Loan (8.00% cash interest rate + 6.00% PIK interest, 11.55% EOT payment)(2)	8/16/2024	10,102		10,199		9,088		1/31/2029
Total Shopping Facilitators - 2.57%*			10,102		10,199		9,088

Total Debt Investments - 182.50%*			$	721,929	$	712,263	$	645,366


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 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
US Chemical Technologies, Inc.	Preferred Stock(2)	10/31/2025	19,370	53		53
Total Aerospace and Defense - 0.14%*				390		478

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		45
	Preferred Stock	6/29/2022	27,714	164		11
				302		56
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		176
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		1,716
FlashParking, Inc.	Preferred Stock	6/15/2021	210,977	810		1,213
	Preferred Stock	6/26/2024	51,677	140		112
				950		1,325
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	188,021	45		62
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
Radar Labs, Inc.	Common Stock	9/30/2025	5,420	15		17
Total Business Applications Software - 1.24%*				2,263		4,379

Business Products and Services
Cart.com, Inc.	Common Stock(2)	12/30/2021	32,731	477		464
	Preferred Stock(2)	3/31/2022	4,532	25		33
				502		497
Equafin Corp.	Common Stock(2)	4/17/2025	2,493	3		3
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	218,512	197		227
Muon Space, Inc.	Preferred Stock	12/30/2024	90,997	117		127
Substack Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Total Business Products and Services - 0.24%*				825		860


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

Business/Productivity Software
Ao1 Holdings, Inc.	Preferred Stock	12/13/2024	42,882	$	55	$	31
Bidgely Inc.	Common Stock(2)	7/30/2025	17,273	23		23
Bitonic Technology Labs, Inc.	Common Stock(2)	8/1/2025	42,415	49		49
Forum Brands Holdings, Inc.	Preferred Stock(2)	7/6/2021	49,892	626		66
Incode Technologies, Inc.	Preferred Stock(2)	7/18/2025	198,805	203		203
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	87,385	87		1,039
Observe, Inc.	Common Stock	10/1/2025	58,177	324		324
Rudderstack, Inc.	Common Stock(2)	6/30/2025	20,215	68		68
Sonatus, Inc.	Preferred Stock	12/23/2025	224,453	518		518
Thoughtspot, Inc.	Common Stock(2)	3/3/2025	63,931	404		404
Total Expert Inc.	Common Stock	9/29/2025	256,623	354		313
Total Business/Productivity Software -0.86%*				2,711		3,038

Business to Business Marketplace
RetailNext, Inc.	Preferred Stock(2)	11/16/2017	123,420	80		111
Total Business to Business Marketplace - 0.03%*				80		111

Communication Software
Simpplr Inc.	Common Stock	4/26/2025	56,611	280		280
Total Communication Software - 0.08%*				280		280

Commercial Services
Transfix, Inc.	Preferred Stock(2)	5/31/2019	133,502	188		214
Total Commercial Services - 0.06%*				188		214

Computer Hardware
Eridu Corporation	Preferred Stock(2)	3/31/2025	20,470	11		11
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	52,773	183		121
Standard Bots, Inc.	Preferred Stock(2)	11/13/2025	4,848	11		11
Total Computer Hardware - 0.04%*				205		143

Consumer Finance
Activehours, Inc. (d/b/a Earnin)	Preferred Stock(2)	10/8/2020	114,327	370		1,707
Total Consumer Finance - 0.48%*				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		27
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		—
Hydrow, Inc.	Common Stock	2/9/2021	1,252,355	232		—
	Preferred Stock	12/30/2024	6,549,320	26		—
				258		—
Lower Holding Company	Preferred Stock	12/28/2022	395,425	189		24
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		—
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	14,709	93		11
The Black Tux Holdings, Inc.	Preferred Stock(2)	11/5/2021	142,939	139		450
Total Consumer Products and Services - 0.28%*				1,859		974


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

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 - 0.18%*				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		232
	Common Stock	9/29/2023	313,236	822		701
				1,762		933
Minted, Inc.	Preferred Stock	9/30/2020	51,979	516		231
Outfittery GMBH(1)(3)	Cash Exit Fee(2)(5)	8/10/2017		1,850		1,401
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		293
	Preferred Stock	6/7/2022	57,924	44		17
				425		310
Untuckit LLC	Cash Exit Fee(2)(5)	5/11/2018		39		57
Total E-Commerce - Clothing and Accessories - 0.85%*				5,927		3,002

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 - 0.31%*				853		1,100

Educational/Training Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	9,460	50		40
Total Educational/Training Software - 0.01%*				50		40

Energy
Valar Atomics, Inc.	Common Stock(2)	11/9/2025	4,276	15		15
Total Energy - 0.00%*				15		15

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

Financial Institution and Services
Prodigy Investments Limited(1)(3)	Ordinary Shares(2)	12/5/2017	56,241	869		—
Revolut Ltd(1)(3)	Ordinary Shares(2)	4/16/2018	6,253	40		6,403
	Ordinary Shares(2)	10/29/2019	7,945	324		7,762
				364		14,165
WorldRemit Group Limited(1)(3)	Preferred Stock(2)	12/23/2015	128,290	382		1,531
	Preferred Stock(2)	12/23/2015	46,548	136		496
				518		2,027
Total Financial Institution and Services - 4.58%*				1,751		16,192

Financial Software
Branch Messenger, Inc.	Preferred Stock(2)	3/27/2025	111,026	147		72
Ocrolus, Inc.	Common Stock	8/14/2024	116,887	96		81
Signal Advisors USA, Inc.	Preferred Stock(2)	12/23/2025	43	—		—
Total Financial Software - 0.04%*				243		153


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

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 - 0.04%*				566		157

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	33,510	70		51
Thrillist Media Group, Inc.	Common Stock(2)	9/24/2014	774,352	624		1,092
Total General Media and Content - 0.32%*				694		1,143

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	49,304	22		16
Pair Team, PBC	Preferred Stock(2)	7/29/2025	1,596	2		2
Vial Health Technology, Inc.	Preferred Stock(2)	12/14/2022	48,889	33		33
Total Healthcare Services - 0.01%*				57		51

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	5/14/2025	16,841	17		17
Curology, Inc.	Preferred Stock(2)	5/23/2019	36,020	58		21
Kalderos, Inc.	Preferred Stock	12/27/2022	126,986	222		180
K Health, Inc.	Common Stock(2)	7/14/2023	61,224	187		169
Lively, Inc.	Common Stock(2)	11/7/2025	25,107	124		124
Better Life Health, Inc. (fka. Thirty Madison Inc..)	Common Stock	10/29/2025	2,197	445		276
Total Healthcare Technology Systems - 0.22%*				1,053		787

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	11,974	9		—
Sandbox VR, Inc.	Common Stock	12/16/2025	26,146	73		73
Total Information Services (B2C) - 0.02%*				82		73

Insurance
Bestow Inc.	Preferred Stock	5/2/2025	4,198	25		25
Total Insurance - 0.01%*				25		25

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	202,006	341		366
Open Space Labs, Inc.	Preferred Stock(2)	11/15/2022	2,954	7		4
Total Multimedia and Design Software - 0.10%*				348		370

Network Management Software
Cohesity Global, 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
Synack, Inc.	Common Stock	12/30/2025	40,576	68		68
Total Network Management Software - 0.25%*				489		867

Other Financial Services
Jerry Services, Inc.	Preferred Stock	6/13/2022	41,936	168		291
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	64,813	161		855
N26 GmbH(1)(3)	Preferred Stock(2)	9/14/2021	11	324		246
Upgrade, Inc.	Preferred Stock(2)	1/18/2019	1,488,450	223		5,656
Total Other Financial Services - 1.99%*				876		7,048


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

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	906,102	662		788
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		574
Total Real Estate Services - 0.57%*				1,523		2,012

Semiconductors
Encharge AI, Inc.	Common Stock(2)	12/2/2025	2,346	18		18
Etched.AI, Inc.	Common Stock	7/18/2025	1,211	42		42
Total Semiconductors - 0.02%*				60		60

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		393
	Preferred Stock	8/26/2022	16,261	611		675
	Preferred Stock	4/5/2024	17,904	385		1,043
Total Travel & Leisure - 0.60%*				1,358		2,111

Total Warrant Investments - 13.91%*				$	27,988	$	49,194


TRIPLEPOINT VENTURE GROWTH BDC CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 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	$	54
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		543
FlashParking, Inc.	Preferred Stock(2)	7/19/2022	33,116	455		447
Filevine, Inc.	Preferred Stock(2)	2/4/2022	56,353	357		737
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
Radar Labs, Inc.	Preferred Stock(2)	9/30/2025	104,336	550		605
Uniphore Technologies Inc.	Preferred Stock(2)	1/28/2022	28,233	350		287
Total Business Applications Software - 0.96%*				3,432		3,408

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
Observe, Inc.	Preferred Stock(2)	10/1/2025	25,254	270		272
RudderStack, Inc.	SAFE(2)	6/30/2025		200		200
Total Business/Productivity Software - 0.18%*				770		644

Business Products and Services
Quick Commerce Ltd(1)(3)	Preferred Stock(2)	4/5/2024	418,182	8,028		8,061
	Ordinary Shares(2)	4/5/2024	1,448,528,650	311		102
Total Business Products and Services - 2.31%*				8,339		8,163

Commercial Services
MXP Prime GmbH(1)(3)	Common Stock(2)	2/3/2022	165	1,140		13
	Preferred Stock(2)	6/29/2023	23	—		142
	Preferred Stock(2)	6/29/2023	46	50		54
				1,190		209
Printful, Inc. Holdco. (fka.Printify, Inc.)	Common Stock(2)	3/31/2025	11,120	24		24
Total Commercial Services - 0.07%*				1,214		233

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


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

Consumer Products and Services
everdrop GmbH(1)(3)	Preferred Stock(2)	8/1/2022	78	$	310	$	354
Frubana Inc.(1)(3)	Preferred Stock(2)	7/13/2022	7,993	500		—
GrubMarket, Inc.	Common Stock(2)	8/2/2024		7,758		13,454
Hydrow, Inc.	Common Stock(2)	12/14/2020	1,893,462	668		—
JOKR S.à r.l.(1)(3)	Preferred Stock(2)	6/19/2025	2,963	173		63
	Preferred Stock(2)	6/19/2025	585	34		13
	Preferred Stock(2)	11/3/2022	298	17		1
	Preferred Stock(2)	6/19/2025	56,834	353		827
				577		904
Nakdcom One World AB(1)(3)(15)	Common Stock(2)	12/30/2025	8,194,080	964		962
	Hybrid(2)(16)	12/30/2025		15,191		15,159
				16,155		16,121
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		10
Total Consumer Products and Services - 8.72%*				25,978		30,844

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

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock(2)	1/17/2019	67,934	500		454
Total E-Commerce - Clothing and Accessories - 0.13%*				500		454

E-Commerce - Personal Goods
Grove Collaborative, Inc.	Common Stock(2)(10)	6/5/2018	31,576	500		35
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 - 0.13%*				783		463

Educational/Training Software
Nerdy Inc. (f/k/a Varsity Tutors LLC)	Common Stock(2)(10)	1/5/2018	60,926	250		63
Total Educational/Training Software - 0.02%*				250		63

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	23,127		4,976
Revolut Ltd(1)(3)	Ordinary Shares(2)	8/3/2017	23,253	262		27,532
Total Financial Institution and Services - 9.19%*				23,389		32,508

Financial Software
Branch Messenger, Inc.	Preferred Stock(2)	4/16/2025	78,189	250		250
Total Financial Software - 0.07%*				250		250

Food & Drug
Capsule Corporation	Preferred Stock(2)	7/25/2019	128,423	716		369
Total Food & Drug - 0.10%*				716		369

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	127,656	1,000		948
Total General Media and Content - 0.27%*				1,000		948


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

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	6/27/2025	16,428	$	33	$	33
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		275
Talkspace, LLC (f/k/a Groop Internet Platform, Inc.)	Common Stock(2)(10)	5/15/2019	146,752	378		533
Better Life Health, Inc. (fka. Thirty Madison Inc..)	Common Stock(2)	10/31/2025	4,261	1,000		651
Total Healthcare Technology Systems - 0.48%*				2,336		1,710

Insurance
Bestow Inc.	Preferred Stock(2)	5/2/2025	4,866	58		59
	Preferred Stock(2)	5/2/2025	527	6		9
	Preferred Stock(2)	5/2/2025	33,027	390		315
	Preferred Stock(2)	5/2/2025	12,349	146		107
Total Insurance - 0.14%*				600		490

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	42,378	231		261
Total Multimedia and Design Software - 0.07%*				231		261

Network Management Software
Cohesity Global, Inc.	Preferred Stock(2)	3/24/2017	60,342	400		925
	Preferred Stock(2)	4/7/2020	9,022	125		141
Total Network Management Software - 0.30%*				525		1,066

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	5/6/2022	8,231	104		128
Monzo Bank Limited(1)(3)	Ordinary Shares(2)	3/8/2021	92,901	1,000		2,104
	Ordinary Shares(2)	1/5/2022	26,281	516		651
				1,516		2,755
N26 GmbH(1)(3)	Preferred Stock(2)	12/9/2021	22	1,264		1,574
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100		100
Total Other Financial Services - 1.29%*				2,984		4,557

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		180
Total Real Estate Services - 0.12%*				429		418

Travel & Leisure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	10/5/2017	2,362	300		292
	Preferred Stock(2)	5/9/2022	9,169	624		901
				924		1,193
Inspirato, Inc.	Common Stock(2)(4)(10)	9/11/2014	6,081	287		25
Total Travel & Leisure - 0.34%*				1,211		1,218

Total Equity Investments - 25.16%*				$	80,112	$	88,984

Total Investments in Portfolio Companies - 221.58%*(9)(11)				$	820,363	$	783,544

Cash Equivalents
Money Market Fund	Type of Investment	Ticker		Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM		$	18,924	$	18,924
Total Cash Equivalents - 5.35%*				$	18,924	$	18,924

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2025, non-qualifying assets represented 28.4% of the Company’s total assets, at fair value.

(2)As of December 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 $68.0 million, $86.7 million and $18.7 million, respectively, for the December 31, 2025 investment portfolio. The tax cost of investments is $802.3 million.

(7)Debt is on non-accrual status as of December 31, 2025 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2025 had a total cost and fair value of $39.7 million and $17.1 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, 2025, the Company’s portfolio company investments that were subject to restrictions on sales totaled $782.9 million at fair value and represented 221.4% of the Company’s net assets. In addition, unless otherwise indicated, as of December 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.

(13)SOFR represents 3.82% as of December 31, 2025.

(15)Portfolio company is an “Affiliate Investment.” See “Note 2. Significant Accounting Policies – Investment Classification” for more information. No investment income or realized and unrealized gain/(loss) was recognized from the investment holdings in the portfolio company while it was classified as an “Affiliate Investment.” The Company recorded a total of $1.7 million in net unrealized gains and $5.8 million in net realized gains on investments in the portfolio company during the year ended December 31, 2025.

* 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.

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, 2026, the Prime Rate was 6.75%. As of March 31, 2026, approximately 63.8%, or $433.5 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 Prime-based loans have interest rate floors that are tied to minimum Prime Rates for calculating interest due of 3.25% or higher. As of December 31, 2025, approximately 63.0% or $426.3 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based and Prime-based loans have interest rate floors that are tied to minimum Prime Rates for purposes of calculating interest due 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, 2026

(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, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 4, 2026, 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 ended December 31, 2025, the Adviser 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. On August 6, 2025, the Adviser amended its income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025. On November 5, 2025, the Adviser further amended its existing income incentive fee waiver to waive, in full, its quarterly income incentive fee, commencing with the quarter ended March 31, 2025 through the end of fiscal year 2026. No portion of the investment income component of the incentive fee waived by the Adviser shall be subject to recoupment by the Adviser.

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, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the three months ended March 31, 2026 and 2025. The Adviser has waived the full $1.8 million in income incentive fees accrued for the three months ended March 31, 2026. There were no income incentive fees earned or waived for the three months ended March 31, 2025.


Management and Incentive Fees (in thousands)	For the Three Months Ended March 31,
	2026		2025
Base management fee	$	3,614	$	3,326
Income incentive fee	$	1,824	$	—
Income incentive fee waiver	$	(1,824)	$	—

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, 2026 and 2025, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.7 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, 2026 and December 31, 2025. 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, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	641,286	$	641,286	$	—	$	—	$	645,366	$	645,366
Warrant investments	—		—		52,086		52,086		—		—		49,194		49,194
Equity investments	877		155		91,231		92,263		656		—		88,328		88,984
Total portfolio company investments	$	877	$	155	$	784,603	$	785,635	$	656	$	—	$	782,888	$	783,544

The following tables show information about Level 3 portfolio company investments measured at fair value for the three months ended March 31, 2026 and 2025. 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, 2026
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2025	$	645,366	$	49,194	$	88,328	$	782,888
Funding and purchases of investments, at cost	25,910		573		303		26,786
Principal payments and sale proceeds received from investments	(27,182)		(301)		—		(27,483)
Net amortization and accretion of premiums and discounts and end-of-term payments	2,253		—		—		2,253
Net realized gains (losses) on investments	—		(296)		—		(296)
Net change in unrealized gains (losses) included in earnings	(8,556)		3,197		2,590		(2,769)
Payment-in-kind coupon	3,495		—		—		3,495
Transfers between investment types	—		(281)		281		—
Gross transfers out of Level 3(1)	—		—		(271)		(271)
Fair value as of March 31, 2026	$	641,286	$	52,086	$	91,231	$	784,603

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2026	$	(8,556)	$	2,794	$	2,589	$	(3,173)

__________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There was one transfer out of level 3 during the period, due to a portfolio company being acquired for publicly traded common stock subject to customary lock-up restrictions.


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
Transfers between investment types	—		—		—		—
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.

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, 2026, the Company recognized net realized losses on investments of $0.3 million. During the three months ended March 31, 2025, the Company recognized net realized gains on investments of $2.3 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, 2026 was $2.7 million. Net change in unrealized losses on investments during the three months ended March 31, 2025 was $0.3 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, 2026 and December 31, 2025. 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, 2026
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	603,656	Discounted Cash Flows	Discount Rate	6.44% - 38.07%	17.44%
	37,630		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	20.00% - 100.00%	72.32%
Warrant investments	49,952		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.24x	4.70x
				Volatility	35.00% - 90.00%	62.04%
				Term	0.20 - 5.00 Years	2.80
				Discount for Lack of Marketability	20.00% - 25.00%	23.23%
				Risk Free Rate	0.09% - 4.86%	3.71%

	2,134		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.57
				Expected Recovery Rate	18.75% - 100.00%	90.47%
Equity investments	90,165		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.00x	2.44x
				Volatility	35.00% - 90.00%	58.26%
				Term	1.50 - 4.50 Years	2.35
				EBITDA Multiples	10.5x - 11.50x	11.0x
				Risk Free Rate	0.13% - 5.03%	3.56%
	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 Level 3 portfolio company investments	$	784,603


Level 3 Investments (dollars in thousands)	December 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	575,845	Discounted Cash Flows	Discount Rate	6.61% - 35.52%	17.00%
	69,521		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	20.00% - 100.00%	83.75%
Warrant investments	46,987		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.24x	4.60x
				Volatility	35.00% - 90.00%	62.37%
				Term	0.20 - 5.00 Years	2.82
				Discount for Lack of Marketability	20.00% - 25.00%	23.25%
				Risk Free Rate	0.09% - 4.86%	3.68%

	2,207		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.58
				Expected Recovery Rate	18.75% - 100.00%	90.78%
Equity investments	87,262		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 11.00x	2.41x
				Volatility	35.00% - 90.00%	58.49%
				Term	1.50 - 4.50 Years	2.33
				EBITDA Multiples	10.50x - 11.50x	11.0x
				Risk Free Rate	0.13% - 5.03%	3.53%
	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 Level 3 portfolio company investments	$	782,888

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, 2026 and December 31, 2025:


Liability (in thousands)	March 31, 2026						December 31, 2025
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	300,000	$	197,000	$	103,000	$	300,000	$	95,000	$	205,000

2026 Notes	—		—		—		200,000		200,000		—
2027 Notes	125,000		125,000		—		125,000		125,000		—
8.11% 2028 Notes	50,000		50,000		—		50,000		50,000		—
7.50% 2028 Notes	75,000		75,000		—		—		—		—
Total before deferred financing and issuance costs	550,000		447,000		103,000		675,000		470,000		205,000
Unamortized deferred financing and issuance costs	—		(5,124)		—		—		(5,563)		—
Total borrowings outstanding, net of deferred financing and issuance costs	$	550,000	$	441,876	$	103,000	$	675,000	$	464,437	$	205,000

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,
	2026		2025
Revolving Credit Facility
Interest cost	$	2,167	$	98
Unused fee	210		369
Amortization of costs and other fees	570		628
Revolving Credit Facility Total	$	2,947	$	1,095

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

2026 Notes
Interest cost	$	1,500	$	2,250
Amortization of costs and other fees	75		111
2026 Notes Total	$	1,575	$	2,361

2027 Notes
Interest cost	$	1,562	$	1,562
Amortization of costs and other fees	72		70
2027 Notes Total	$	1,634	$	1,632

8.11% 2028 Notes
Interest cost	$	1,139	$	529
Amortization of costs and other fees	61		29
8.11% 2028 Notes Total	$	1,200	$	558

7.50% 2028 Notes
Interest cost	500		—
Amortization of costs and other fees	5		—
7.50% 2028 Notes Total	$	505	$	—

Total interest expense and amortization of fees	$	7,861	$	6,372

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.

On November 25, 2025, the Company and the Financing Subsidiary further amended the Credit Facility to, among other things, (i) extend the revolving period to November 30, 2027 and the scheduled maturity date to May 30, 2029, (ii) reduce the interest rate on borrowings such that borrowings bear interest at the sum of (a) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus, (b) a margin of 2.75% if facility utilization is greater than or equal to 75%, 2.85% if utilization is greater than or equal to 50% but less than 75%, 3.00% if utilization is less than 50%, and 4.50% on or after the end of the revolving period; (iii) increase the advance rates; and, (iv) revise certain events of default provisions and affirmative and negative covenants. As of March 31, 2026, 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, 2026, 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 2.75% if facility utilization is greater than or equal to 75%, 2.85% if utilization is greater than or equal to 50% but less than 75%, 3.00% 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 55.0% 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, 2026 and December 31, 2025, the Company was in compliance with all covenants under the Credit Facility.

As of March 31, 2026 and December 31, 2025, the Company had outstanding borrowings under the Credit Facility of $197.0 million and $95.0 million, respectively, excluding deferred credit facility costs of $4.3 million and $4.6 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, 2026 and 2025, the Company had average outstanding borrowings under the Credit Facility of $131.7 million and $5.0 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 7.11% and 8.31%, respectively.

As of March 31, 2026 and December 31, 2025, $417.2 million and $427.2 million, respectively, of the Company’s assets, including restricted cash, were pledged for borrowings under the Credit Facility, leaving $389.9 million and $412.5 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.

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. In March 2026, the Company repaid the full $200.0 million in aggregate principal amount of the issued and outstanding 2026 Notes at maturity at par value plus the accrued and unpaid interest. The interest on the 2026 Notes was payable semiannually on March 19 and September 19 each year.

The 2026 Notes were governed by the terms of the First Supplement, dated as of March 1, 2021 (the “First Supplement”), to the Note Purchase Agreement. The terms and conditions applicable to the 2026 Notes under the Note Purchase Agreement, as modified by the First Supplement, such as events of default and affirmative and negative covenants, were substantially similar to the terms and conditions that were applicable to the 2025 Notes. The 2026 Notes were recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.0 million of deferred issuance cost as of March 31, 2026, which is amortized and expensed over the five-year term of the 2026 Notes based on an effective yield method. As of March 31, 2026 and December 31, 2025, the fair value of the 2026 Notes was $0.0 million and $202.1 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 the 2026 Notes. As of March 31, 2026 and December 31, 2025, 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 $0.3 million of deferred issuance cost as of March 31, 2026, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of March 31, 2026 and December 31, 2025, the fair value of the 2027 Notes was $123.0 million and $124.2 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

8.11% 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 “8.11% 2028 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 8.11% 2028 Notes is payable semiannually on February 12 and August 12 each year.

The 8.11% 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 8.11% 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 8.11% 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 8.11% 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 8.11% 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 8.11% 2028 Notes is subject to a step up of 1.00% per year, to the extent that (1) the 8.11% 2028 Notes do not satisfy certain investment grade rating conditions and/or (2) the ratio of the Company’s payment-in-kind income to net investment income during a six-month period exceeds specified thresholds, measured as of each fiscal quarter end. Subsequent to the quarter ended September 30, 2025, the Company determined that the ratio of the Company’s payment-in-kind income (“PIK Income”) to net investment income during the immediately preceding six-month period exceeded the specified threshold under the 2025 Note Purchase Agreement measured at September 30, 2025, increasing the stated interest rate on the 8.11% 2028 Notes to 9.11% from 8.11% per annum. The increased interest rate will remain in effect until the ratio of the Company’s (a) PIK Income for the immediately preceding six months to (b) net investment income for the immediately preceding six months no longer exceeds 35%.

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 judgments 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, 2026 and December 31, 2025, the Company was in compliance with all covenants under the 8.11% 2028 Notes.

The 8.11% 2028 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, 2026, which is amortized and expensed over the three-year term of the 8.11% 2028 Notes based on an effective yield method. As of March 31, 2026, and December 31, 2025 the fair value of the 8.11% 2028 Notes was $51.1 million and $52.5 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

7.50% 2028 Notes

On February 27, 2026, the Company completed a private debt offering of $75.0 million in aggregate principal amount of its 7.50% unsecured notes due February 27, 2028 (the “7.50% 2028 Notes”) to a qualified institutional investor in reliance on Section 4(a)(2) of the Securities Act. The interest on the 7.50% 2028 Notes is due quarterly on February 27, May 27, August 27 and November 27 of each year, beginning on May 27, 2026. On March 2, 2026, the Company used the net proceeds from the offering of the 7.50% 2028 Notes, together with borrowings under the Credit Facility and cash on hand, to repay in full, at maturity, the $200.0 million in then- outstanding aggregate principal amount of the 2026 Notes, along with accrued and unpaid interest on the 2026 Notes.

The 7.50% 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 7.50% 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 7.50% 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.

The Master Note Purchase Agreement (the “2026 Note Purchase Agreement”) under which the 7.50% 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 business development company 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 2026 Master Note Purchase Agreement contains the following financial covenants: (1) a minimum asset coverage ratio of 1.50 to 1.00; and (2) maintenance of minimum stockholders’ equity to not be less than the greater of (a) $230,800,000 and (b) $230,800,000, plus 25% of the net cash proceeds of the sale of Equity Interests (as defined in the 2026 Master Note Purchase Agreement) on or after February 27, 2026 (other than proceeds of (x) sales of Equity Interests by and among the Company and its subsidiaries or (y) any distribution or dividend reinvestment plan) minus 25% of the aggregate amount paid or distributed to purchase common stock or Equity Interests in connection with a tender offer or otherwise and equity interests redeemed, bought back or purchased by the Company on or after the February 27, 2026.

In addition, in the event that a Below Investment Grade Event (as defined in the 2026 Master Note Purchase Agreement) occurs, the 7.50% 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 7.50% 2028 Notes 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. In the event that a Secured Debt Ratio Event (as defined in the 2026 Master Note Purchase Agreement) occurs, the 7.50% 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the 7.50% 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the 7.50% 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 7.50% 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The 2026 Master 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, and certain events of bankruptcy. As of March 31, 2026, the Company was in compliance with all covenants under the 7.50% 2028 Notes.

The 7.50% 2028 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.1 million of deferred issuance cost as of March 31, 2026, which is amortized and expensed over the three-year term of the 7.50% 2028 Notes based on an effective yield method. As of March 31, 2026, the fair value of the 7.50% 2028 Notes was $75.4 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, 2026 and December 31, 2025:


Liability (in thousands)	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Revolving Credit Facility	$	—	$	—	$	197,000	$	197,000	$	—	$	—	$	95,000	$	95,000

2026 Notes, net(1)	—		—		—		—		—		—		202,017		202,017
2027 Notes, net(2)	—		—		122,716		122,716		—		—		123,832		123,832
8.11% 2028 Notes, net(3)	—		—		50,626		50,626		—		—		51,964		51,964
7.50% 2028 Notes, net(4)	—		—		75,291		75,291		—		—		—		—
Total	$	—	$	—	$	445,633	$	445,633	$	—	$	—	$	472,813	$	472,813

_______________

(1)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.0 million and $0.1 million, respectively.

(2)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.3 million and $0.3 million, respectively.

(3)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.5 million and $0.5 million, respectively.

(4)Net of debt issuance costs as of March 31, 2026 of $0.1 million.

Note 7. Commitments and Contingencies

Commitments

As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments totaled $206.8 million to 24 portfolio companies and $260.4 million to 25 portfolio companies, respectively, of which $51.0 million and $50.7 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, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Etched.AI, Inc.	$	25,500	$	—	$	25,500	$	—
Eightfold AI Inc.	25,000		63		25,000		63
Project Affinity, Inc.	25,000		108		25,000		108
Bidgely Inc.	20,000		72		20,000		72
Rudderstack, Inc.	20,000		98		20,000		98
Branch Messenger, Inc.	17,426		—		16,933		—
Minted Inc.	14,286		—		14,286		—
Incode Technologies, Inc.	13,500		386		25,000		433
Simpplr Inc.	12,500		203		12,500		203
Pair Team, PBC	10,400		12		14,400		33
Bitonic Technology Labs, Inc.	8,000		22		11,750		43
Lively, Inc.	3,250		63		3,250		63
Hover Inc.	2,400		24		6,000		60
Hydrow, Inc.	1,514		—		1,410		—
All Inspire Health, Inc.	1,333		28		1,000		27
Planhub Holdings, LLC	1,125		—		1,313		—
Encharge AI, Inc.	1,000		28		1,000		28
Signal Advisors USA, Inc.	966		—		966		—
Muon Space, Inc.	893		19		4,264		93
Equafin Corp.	877		5		877		4
Panorama Education, Inc.	600		—		600		—
FlashParking, Inc.	500		2		500		2
Freed Inc.	500		1		—		—
Parry Labs, LLC	267		—		267		—
Ao1 Holdings Inc.	—		—		3,633		55
ThoughtSpot, Inc.	—		—		25,000		425





















Total	$	206,837	$	1,134	$	260,449	$	1,810

_______________

(1)Does not include a $0.3 million of backlog of potential future commitments as of December 31, 2025. The Company did not have any backlog of future commitments as of March 31, 2026. 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 $1.1 million and $1.8 million as of March 31, 2026 and December 31, 2025, 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, 2026 and 2025:


Commitments Activity (in thousands)	For the Three Months Ended March 31,
		2026		2025
Unfunded commitments at beginning of period(1)		$	260,782	$	104,540
New commitments(1)		1,000		76,500
Fundings		(26,542)		(27,676)
Expirations / Terminations		(28,403)		(36,522)

Unfunded commitments and backlog of potential future commitments at end of period		$	206,837	$	116,842
Backlog of potential future commitments		—		—
Unfunded commitments at end of period		$	206,837	$	116,842

_______________

(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, 2026 and December 31, 2025:


Unfunded Commitments(1) (in thousands)	March 31, 2026		December 31, 2025
Dependent on milestones	$	51,033	$	50,700
Expiring during:

2026	$	96,433	$	150,851
2027	83,437		83,131
2028	26,967		26,467
Unfunded commitments	$	206,837	$	260,449

_______________

(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, 2026 the Company did not have any backlog of potential future commitments. As of December 31, 2025, the Company had a $0.3 million backlog of potential future commitments.

Note 8. Financial Highlights

The following table shows the financial highlights for the three months ended March 31, 2026 and 2025:


Financial Highlights (in thousands, except per share data)	For the Three Months Ended March 31,
	2026			2025
Per Share Data(1)
Net asset value at beginning of period	$	8.73		$	8.61
Changes in net asset value due to:
Net investment income	0.23			0.27
Net realized gains (losses) on investments	(0.01)			0.06
Net change in unrealized gains (losses) on investments	(0.07)			(0.02)


Distributions from net investment income	(0.23)			(0.30)


Net asset value at end of period	$	8.65		$	8.62

Net investment income per share	$	0.23		$	0.27
Net increase (decrease) in net assets resulting from operations per share	$	0.15		$	0.32
Weighted average shares of common stock outstanding for period	40,492			40,138
Shares of common stock outstanding at end of period	40,599			40,233

Ratios / Supplemental Data
Net asset value at beginning of period	$	353,621		$	345,687
Net asset value at end of period	$	350,979		$	346,968
Average net asset value	$	355,220		$	347,675
Stock price at end of period	$	4.99		$	6.98

Total return based on net asset value per share(2)	3.8		%	4.7		%
Total return based on stock price(3)	(20.0)		%	(1.1)		%
Portfolio Turnover Ratio(4)	13.9		%	16.5		%
Net investment income to average net asset value(4)(5)	10.4		%	12.5		%
Net increase (decrease) in net assets to average net asset value(4)(5)	7.0		%	14.8		%
Ratio of expenses to average net asset value(4)(5)	15.6		%	13.7		%
Operating expenses excluding incentive fees to average net asset value(4)(5)	15.6		%	13.7		%
Income incentive fees to average net asset value(5)	—		%	—		%
Capital gains incentive fees to average net asset value	—		%	—		%

_____________

(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.

(5)For the three months ended March 31, 2026, excluding the income incentive fee waiver, the ratios of net investment income, net increase in net assets, ratio of expenses, operating expenses excluding incentive fees, (presented on an annualized basis), and income incentive fees to average net asset value were 8.3%, 5.0%, 17.7%, 15.6% and 0.5%, respectively.

The following table shows the weighted average annualized portfolio yield on debt investments for the three months ended March 31, 2026 and 2025:


Ratios (Percentages, on an annualized basis)(1)	For the Three Months Ended March 31,
	2026		2025
Weighted average portfolio yield on debt investments(2)	13.5	%	14.4	%
Coupon income	10.6	%	11.6	%
Accretion of discount	1.0	%	1.2	%
Accretion of end-of-term payments	1.0	%	1.3	%
Impact of prepayments during the period	0.9	%	0.3	%

_____________

(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. Including non-income producing debt investments, the weighted average yield for the three months ended March 31, 2026 and 2025 was 12.8% and 13.6%, respectively. 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, 2026 and 2025:


Basic and Diluted Share Information (in thousands, except per share data)	For the Three Months Ended March 31,
	2026		2025
Net investment income	$	9,122	$	10,738
Net increase (decrease) in net assets resulting from operations	$	6,160	$	12,689
Weighted average shares of common stock outstanding	40,492		40,138
Net investment income per share of common stock	$	0.23	$	0.27
Net increase (decrease) in net assets resulting from operations per share of common stock	$	0.15	$	0.32

Note 10. Equity

Since inception through March 31, 2026, 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, 2026, the Company did not sell shares of common stock under the 2024 Sales Agreement. During the three months ended March 31, 2025, the Company did not sell shares of common stock under the 2024 Sales Agreement. As of March 31, 2026, $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 (net of applicable withholding tax) 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, 2026 and during the year ended December 31, 2025:


Issuance of Common Stock for the Three Months Ended March 31, 2026 (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 2026 distribution reinvestment	3/31/2026	108	$	511	$	—	$	—	$	4.74



Total issuance		108	$	511	$	—	$	—


Issuance of Common Stock for the Year Ended December 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
Second quarter 2025 distribution reinvestment	6/30/2025	91	605		—		—		$	6.66
Third quarter 2025 distribution reinvestment	9/30/2025	76	417		—		—		$	5.48
Fourth quarter 2025 distribution reinvestment	12/30/2025	92	558		—		—		$	6.10
Total issuance		354	$	2,213	$	—	$	—

The Company had 40,598,981 and 40,491,145 shares of common stock outstanding as of March 31, 2026 and December 31, 2025, 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, 2025 and 2024, 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 $1.5 million, and $1.6 million for the tax years ended December 31, 2025 and 2024, 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, 2026. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2025, 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

June 30, 2025

April 30, 2025

June 16, 2025

June 30, 2025

0.30

September 30, 2025

August 5, 2025

September 16, 2025

September 30, 2025

0.23

December 31, 2025

October 14, 2025

December 16, 2025

December 30, 2025

0.23

December 31, 2025

October 14, 2025

December 16, 2025

December 30, 2025

0.02

(3)

March 31, 2026

February 27, 2026

March 17, 2026

March 31, 2026

0.23

Total cash distributions

17.36

_______________

(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.

(3)Represents a supplementary 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, 2026 and 2025, the Company recorded $0.4 million and $0.4 million, respectively, for an excise tax accrual. For the three months ended March 31, 2026 and 2025, total distributions of $0.23 per share and $0.30 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, 2026 and 2025. As of March 31, 2026, the Company estimated it had undistributed taxable earnings from net investment income of $42.6 million, or $1.05 per share. Since March 5, 2014 (commencement of operations) to March 31, 2026, total distributions of $17.36 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, 2026, except as discussed below.

Distribution

On April 29, 2026, the Board declared a $0.23 per share regular quarterly distribution payable on June 30, 2026 to stockholders of record at the close of business on June 16, 2026.

Recent Portfolio Activity

From April 1, 2026 through May 5, 2026, the Company closed $21.3 million of additional debt commitments, funded $25.9 million in new investments and received $20.6 million of principal prepayments. TPC’s direct originations platform entered into $102.5 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.

Share Repurchase Program

On May 5, 2026, the Board authorized a 12-month stock repurchase program (the “Company Stock Repurchase Program”) for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market at certain thresholds below its then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price and amount of any share repurchases will be determined by the Company based upon an evaluation of economic and market conditions, stock price, applicable legal, contractual and regulatory requirements and other factors. The Company Stock Repurchase Program is scheduled to expire on May 6, 2027.

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 impact of a protracted decline in the liquidity of credit markets on our business;

•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;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•our ability to recover unrealized losses;

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

•purchase activity in respect of the Company’s shares of common stock, including with respect to TPC’s or its affiliates’ publicly announced purchase programs;

•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;

•the Company Stock Repurchase Program does not require the Company to repurchase any specific number of shares; there is no assurance that the Company, TPC or any of its affiliates will purchase shares of the Company’s common stock at any specific discount levels or in any specific amounts; and there is no assurance that the market price of the Company’s shares of common stock, either absolutely or relative to net asset value, will increase as a result of any share purchase activity, or that any purchase program or plan will enhance stockholder value over the long term;

•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, 2026, we had 311 investments in 134 companies. Our investments included 101 debt investments, 130 warrant investments, and 80 direct equity and related investments. As of March 31, 2026, the aggregate cost and fair value of these investments were $825.1 million and $785.6 million, respectively. As of March 31, 2026, six of our portfolio companies were publicly traded. As of March 31, 2026, the 101 debt investments had an aggregate fair value of $641.3 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.5%. 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, 2025, we had 302 investments in 109 companies. Our investments included 96 debt investments, 132 warrant investments, and 74 direct equity and related investments. As of December 31, 2025, the aggregate cost and fair value of these investments were $820.4 million and $783.5 million, respectively. As of December 31, 2025, six of our portfolio companies were publicly traded. As of December 31, 2025, the 96 debt investments had an aggregate fair value of $645.4 million and a weighted average loan to enterprise value ratio at the time of underwriting of 7.4%.

The following tables show certain information relating to the composition of our portfolio as of March 31, 2026 and December 31, 2025:


	March 31, 2026
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (losses)		Number of Investments	Number of Companies
Debt investments	$	716,739	$	641,286	$	(75,453)	101	55
Warrant investments	27,683		52,086		24,403		130	117
Equity investments	80,695		92,263		11,568		80	60
Total Investments in Portfolio Companies	$	825,117	$	785,635	$	(39,482)	311	134	(1)

_______________

(1)Represents non-duplicative number of companies.


	December 31, 2025
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (losses)		Number of Investments	Number of Companies
Debt investments	$	712,263	$	645,366	$	(66,897)	96	55
Warrant investments	27,988		49,194		21,206		132	118
Equity investments	80,112		88,984		8,872		74	55
Total Investments in Portfolio Companies	$	820,363	$	783,544	$	(36,819)	302	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, 2026 and December 31, 2025:


	March 31, 2026
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Business/Productivity Software	$	134,479	17.1	%
Consumer Products and Services	105,697		13.5
E-Commerce - Clothing and Accessories	97,753		12.4
Financial Institution and Services	92,137		11.7
Business Applications Software	52,497		6.7
Other Financial Services	39,096		5.0
Insurance	31,715		4.0
Business Products and Services	26,591		3.4
Healthcare Technology Systems	26,476		3.4
Multimedia and Design Software	22,409		2.9
Entertainment	21,914		2.8
Aerospace and Defense	21,380		2.7
Financial Software	15,679		2.0
Communication Software	12,872		1.6
Educational/Training Software	11,923		1.5
Information Services (B2C)	11,555		1.5
Database Software	10,905		1.4
Network Management Software	10,769		1.4
Shopping Facilitators	9,438		1.2
Consumer Retail	6,045		0.8
Semiconductors	4,617		0.6
Travel & Leisure	3,330		0.4
Computer Hardware	2,787		0.4
Real Estate Services	2,515		0.3
General Media and Content	2,091		0.3
Consumer Finance	2,059		0.3
Healthcare Services	2,052		0.3
E-Commerce - Personal Goods	1,568		0.2
Energy	1,079		0.1
Consumer Non-Durables	634		0.1
Food & Drug	526		0.1
Commercial Services	443		0.1
Application Software	274		*
Social/Platform Software	206		*
Business to Business Marketplace	111		*
Advertising / Marketing	13		*
Total portfolio company investments	$	785,635	100.0	%

_______________

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


	December 31, 2025
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Business/Productivity Software	$	132,863	17.0	%
Consumer Products and Services	108,221		13.8
E-Commerce - Clothing and Accessories	100,570		12.8
Financial Institution and Services	85,669		10.9
Business Applications Software	52,167		6.7
Other Financial Services	38,703		4.9
Insurance	31,655		4.0
Healthcare Technology Systems	26,851		3.4
Business Products and Services	23,809		3.0
Entertainment	22,090		2.8
Aerospace and Defense	21,175		2.7
Multimedia and Design Software	18,759		2.4
Financial Software	16,112		2.1
Communication Software	12,766		1.6
Educational/Training Software	11,842		1.5
Information Services (B2C)	11,794		1.5
Real Estate Services	10,819		1.4
Network Management Software	10,775		1.4
Database Software	10,579		1.4
Shopping Facilitators	9,226		1.2
Consumer Retail	6,202		0.8
Semiconductors	4,560		0.6
Travel & Leisure	3,329		0.4
Computer Hardware	2,101		0.3
General Media and Content	2,091		0.3
Consumer Finance	2,059		0.3
Healthcare Services	2,045		0.3
E-Commerce - Personal Goods	1,563		0.2
Energy	993		0.1
Consumer Non-Durables	634		0.1
Food & Drug	526		0.1
Commercial Services	447		0.1
Application Software	274		*
Social/Platform Software	151		*
Advertising / Marketing	13		*
Total portfolio company investments	$	783,544	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, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
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	$	614,420	95.8	%	$	617,047	95.6	%
Revolver loans	25,352		4.0		26,783		4.2
Convertible notes	1,514		0.2		1,536		0.2
Total debt investments	$	641,286	100.0	%	$	645,366	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 13.8% and 11.4% of our debt investments at fair value as of March 31, 2026 and December 31, 2025, respectively.

Investment Activity

During the three months ended March 31, 2026, we entered into debt commitments with two new portfolio companies totaling $1.0 million, funded debt investments to seven portfolio companies for $26.5 million in principal value, acquired warrant investments representing $0.6 million at fair value, and made direct equity investments of $0.3 million. Debt investments funded during the three months ended March 31, 2026 carried a weighted average annualized portfolio yield of 12.9% at origination.

During the three months ended March 31, 2025, we entered into debt commitments with four new portfolio companies and one existing portfolio companies 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, 2026, we received $23.6 million of principal prepayments, $1.6 million of early repayments and $1.9 million of scheduled principal amortization.

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.

The following table shows the total portfolio investment activity for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
(in thousands)		2026		2025
Beginning portfolio at fair value		$	783,544	$	676,249
New debt investments, net(1)		25,910		27,327
Scheduled principal amortization		(1,926)		(9,881)
Principal prepayments and early repayments		(25,256)		(17,782)
Net amortization and accretion of premiums and discounts and end-of-term payments		2,253		1,466
Payment-in-kind coupon		3,495		3,756
New warrant investments		573		762
New equity investments		303		448
Proceeds from dispositions of investments		(301)		(2,308)
Net realized gains (losses) on investments		(297)		2,278
Net change in unrealized gains (losses) on investments		(2,663)		(303)
Ending portfolio at fair value		$	785,635	$	682,012

_______________

(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, 2026 and 2025:


Commitments and Fundings (in thousands)	For the Three Months Ended March 31,
		2026		2025
Debt Commitments
New portfolio companies		$	1,000	$	63,500
Existing portfolio companies		—		13,000
Total(1)		$	1,000	$	76,500

Funded Debt Investments		$	26,542	$	27,676

Equity Investments		$	303	$	—

Non-Binding Term Sheets		$	256,087	$	315,387

_______________

(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, 2026 we did not have any backlog of potential future commitments. As of December 31, 2025, we had a $0.3 million 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, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
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)	$	45,194	7.0	%	3	$	45,042	7.0	%	3
White (2)	422,670		65.9		41	484,866		75.1		43
Yellow (3)	145,453		22.7		6	86,255		13.4		4
Orange (4)	24,990		3.9		4	25,212		3.9		4
Red (5)	2,979		0.5		1	3,991		0.6		1
	$	641,286	100.0	%	55	$	645,366	100.0	%	55

As of March 31, 2026 and December 31, 2025, the weighted average investment ranking of our debt investment portfolio was 2.25 and 2.16, respectively. During the three months ended March 31, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $29.9 million was upgraded from Yellow (3) to White (2) and three portfolio companies with a principal balance of $102.9 million were downgraded from White (2) to Yellow (3).

As of March 31, 2026, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.6 million and $16.1 million, respectively. As of December 31, 2025, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $39.7 million and $17.1 million, respectively.

Results of Operations

Comparison of operating results for the three months ended March 31, 2026 and 2025

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, 2026, our net increase in net assets resulting from operations was $6.2 million, which was comprised of $9.1 million of net investment income and $3.0 million of net realized and unrealized losses. 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. On a per share basis for the three months ended March 31, 2026, net investment income was $0.23 per share and the net increase in net assets from operations was $0.15 per share, as compared to net investment income of $0.27 per share and a net increase in net assets from operations of $0.32 per share for the three months ended March 31, 2025.

Investment Income

For the three months ended March 31, 2026, total investment and other income was $22.8 million as compared to $22.5 million for the three months ended March 31, 2025. The increase in total investment and other income for the three months ended March 31, 2026, compared to the 2025 period, is primarily due to a higher weighted average principal amount outstanding on our income-bearing debt investment portfolio and greater prepayment income, partially offset from lower investment yields due in part to decreases in the Prime rate.

For the three months ended March 31, 2026, we recognized $0.7 million in other income consisting of $0.4 million due to the termination or expiration of unfunded commitments and $0.2 million from the realization of certain fees paid and accrued from portfolio companies. 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

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, 2026, total operating expenses, inclusive of an income incentive fee waiver of $1.8 million, were $13.2 million as compared to $11.3 million for the three months ended March 31, 2025, during which period there was no income incentive fee or related waiver. For the three months ended March 31, 2026 and 2025, excise tax expenses were $0.4 million and $0.4 million, respectively.

Base management fees for the three months ended March 31, 2026 and 2025 totaled $3.6 million and $3.3 million, respectively. Base management fees increased during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, due primarily to increases in the average size of our portfolio during the applicable periods used in the calculations.

The Adviser waived the $1.8 million in income incentive fees earned for the three months ended March 31, 2026 pursuant to a waiver agreement whereby the Adviser has agreed to waive, in full, any and all of the income incentive fee until and including the quarter ending December 31, 2026. There were no income incentive fees for the three months ended March 31, 2025. For the three months ended March 31, 2025, our income incentive fee was reduced by $2.1 million 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.

There were no capital gains incentive fee expenses for the three months ended March 31, 2026 and 2025.

Interest expense and amortization of fees totaled $7.9 million and $6.4 million for the three months ended March 31, 2026 and 2025, respectively. The increase during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, is primarily due to a higher weighted-average outstanding principal balance under the Credit Facility.

Administration Agreement and general and administrative expenses totaled $1.7 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. The increase for the 2026 periods, as compared to the 2025 periods, is primarily due to higher overhead allocation.

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, 2026, we recognized net realized losses on investments of $0.3 million resulting primarily from the write-off of warrants in one portfolio company.

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.

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, 2026 was $2.7 million, consisting of $7.0 million of net unrealized losses on the existing debt investment portfolio resulting from fair value adjustments, $1.8 million of net unrealized losses from foreign currency adjustments and $0.2 million net unrealized losses from the reversal of previously recorded unrealized gains on investments realized during the period, partially offset by $6.3 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments.

Net change in unrealized losses on investments 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 of net unrealized losses on the debt investment portfolio resulting from fair value adjustments, partially 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 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,
	2026		2025
Weighted average portfolio yield on debt investments(2)	13.5	%	14.4	%
Coupon income	10.6	%	11.6	%
Accretion of discount	1.0	%	1.2	%
Accretion of end-of-term payments	1.0	%	1.3	%
Impact of prepayments during the period	0.9	%	0.3	%

_____________

(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, 2026 and 2025, our total return during the periods based on the change in NAV plus distributions reinvested as of the respective distribution dates was 3.8% and 4.7%, 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 (20.0)% and (1.1)%, respectively.

The table below shows our return on average total assets and return on average NAV for the three months ended March 31, 2026 and 2025:


Returns on Net Asset Value and Total Assets (dollars in thousands)	For the Three Months Ended March 31,
	2026			2025
Net investment income	$	9,122		$	10,738
Net increase (decrease) in net assets	$	6,160		$	12,689

Average net asset value(1)	$	355,220		$	347,675
Average total assets(1)	$	830,061		$	781,604

Net investment income to average net asset value(2)	10.4		%	12.5		%
Net increase (decrease) in net assets to average net asset value(2)	7.0		%	14.8		%

Net investment income to average total assets(2)	4.5		%	5.6		%
Net increase (decrease) in net assets to average total assets(2)	3.0		%	6.6		%

_______________

(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, 2025 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, 2025 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, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 97.3% of our total assets, as compared to 93.3% of our total assets as of December 31, 2025.

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 4, 2026 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, 2026, net cash used in operating activities, consisting primarily of fundings and purchases of investments, net of principal prepayments and proceeds from investments and the items described in “Results of Operations,” was $6.4 million, and net cash used in financing activities was $31.9 million due primarily to the repayment of the 2026 Notes and $8.8 million in distributions paid, partially offset by net borrowings under the Credit Facility of $102.0 million and proceeds from the issuance of the 7.50% 2028 Notes. As of March 31, 2026, cash and cash equivalents, including restricted cash, were $9.0 million.

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

8.11% 2028 Notes. As of March 31, 2025, cash and cash equivalents, including restricted cash, were $41.7 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, 2026, 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, 2027, and the scheduled maturity date of the Credit Facility is May 30, 2029 (unless otherwise terminated earlier pursuant to its terms). As of March 31, 2026 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 2.75% if facility utilization is greater than or equal to 75%, 2.85% if utilization is greater than or equal to 50% but less than 75%, 3.00% if utilization is less than 50% and 4.5% on or after the end of the revolving 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, 2026 and December 31, 2025, we had outstanding borrowings under the Credit Facility of $197.0 million and $95.0 million, respectively, excluding deferred credit facility costs of $4.3 million and $4.6 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $103.0 million and $205.0 million of remaining capacity on our Credit Facility as of March 31, 2026 and December 31, 2025, respectively.

2025 Notes

On March 19, 2020 we issued $70.0 million in aggregate principal amount of the 2025 Notes in a private offering in reliance on Section 4(a)(2) of the Securities Act. 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. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2025 Notes.

2026 Notes

On March 1, 2021, we issued $200.0 million in aggregate principal amount of the 2026 Notes in a private offering in reliance on Section 4(a)(2) of the Securities Act. In March 2026, we repaid the full $200.0 million in aggregate principal amount of the issued and outstanding 2026 Notes at maturity at par value plus the accrued and unpaid interest. 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, 2026 and December 31, 2025, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $124.7 million and $124.7 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2027 Notes.

8.11% 2028 Notes

On February 12, 2025, we completed a private offering of $50.0 million in aggregate principal amount of the 8.11% 2028 Notes and received net proceeds of $49.3 million, after the payment of fees and offering costs. The interest on the 8.11% 2028 Notes, which accrues at an annual rate of 8.11% (which interest rate has been increased to 9.11%; see “Note 6. Borrowings” in the notes to the consolidated financial statements for more information), is payable semiannually on February 12 and August 12 each year. The maturity date of the 8.11% 2028 Notes is scheduled for February 12, 2028.

As of March 31, 2026 and December 31, 2025, we have recorded in the consolidated statements of assets and liabilities our liability for the 8.11% 2028 Notes, net of deferred issuance costs, of $49.5 million and $49.5 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 8.11% 2028 Notes.

7.50% 2028 Notes

On February 27, 2026, we completed a private offering of $75.0 million in aggregate principal amount of the 7.50% 2028 Notes and received net proceeds of $74.9 million, after the payment of fees and offering costs. The interest on the 7.50% 2028 Notes, which accrues at an annual rate of 7.50%, is payable quarterly on February 27, May 27, August 27 and November 27 each year. The maturity date of the 7.50% 2028 Notes is scheduled for February 27, 2028.

As of March 31, 2026, we have recorded in the consolidated statements of assets and liabilities our liability for the 7.50% 2028 Notes, net of deferred issuance costs, of $74.9 million. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 7.50% 2028 Notes.

ATM Programs

On September 30, 2022, we entered into the 2022 Sales Agreement, 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, 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, 2026, $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, 2026, our asset coverage for borrowed amounts was 179%.

Contractual Obligations

The following table shows a summary of our payment obligations for repayment of debt as of March 31, 2026:


Payments Due By Period (in thousands)	March 31, 2026
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Credit Facility	$	197,000	$	—			$	197,000	$	—
2027 Notes	125,000		125,000		—		—		—
8.11% 2028 Notes	50,000		—		50,000		—		—
7.50% 2028 Notes	75,000		—		75,000		—		—
Total	$	447,000	$	125,000	$	125,000	$	197,000	$	—

Unfunded Commitments

We are 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, 2026 and December 31, 2025, our unfunded commitments totaled $206.8 million and $260.4 million, respectively, of which $51.0 million and $50.7 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, 2026 and December 31, 2025:


Unfunded Commitments(1) (in thousands)	March 31, 2026		December 31, 2025
Etched.AI, Inc.	$	25,500	$	25,500
Eightfold AI Inc.	25,000		25,000
Project Affinity, Inc.	25,000		25,000
Bidgely Inc.	20,000		20,000
Rudderstack, Inc.	20,000		20,000
Branch Messenger, Inc.	17,426		16,933
Minted Inc.	14,286		14,286
Incode Technologies, Inc.	13,500		25,000
Simpplr Inc.	12,500		12,500
Pair Team, PBC	10,400		14,400
Bitonic Technology Labs, Inc.	8,000		11,750
Lively, Inc.	3,250		3,250
Hover Inc.	2,400		6,000
Hydrow, Inc.	1,514		1,410
All Inspire Health, Inc.	1,333		1,000
Planhub Holdings, LLC	1,125		1,313
Encharge AI, Inc.	1,000		1,000
Signal Advisors USA, Inc.	966		966
Muon Space, Inc.	893		4,264
Equafin Corp.	877		877
Panorama Education, Inc.	600		600
FlashParking, Inc.	500		500
Freed Inc.	500		—
Parry Labs, LLC	267		267
Ao1 Holdings Inc.	—		3,633
ThoughtSpot, Inc.	—		25,000









Total	$	206,837	$	260,449

_____________

(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, 2026 and December 31, 2025:


Unfunded Commitments(1) (in thousands)	March 31, 2026		December 31, 2025
Dependent on milestones	$	51,033	$	50,700
Expiring during:


2026	$	96,433	$	150,851
2027	83,437		83,131
2028	26,967		26,467
Unfunded commitments	$	206,837	$	260,449

_______________

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

As of March 31, 2026, our unfunded commitments to 24 companies totaled $206.8 million. During the three months ended March 31, 2026, $28.4 million in unfunded commitments expired or were terminated.

As of December 31, 2025, our unfunded commitments to 25 companies totaled $260.4 million. During the three months ended March 31, 2025, $36.5 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, 2026 and December 31, 2025, the fair value for these unfunded commitments totaled $1.1 million and $1.8 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, 2025 and 2024, 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, 2026. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2025, 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

June 30, 2025

April 30, 2025

June 16, 2025

June 30, 2025

0.30

September 30, 2025

August 5, 2025

September 16, 2025

September 30, 2025

0.23

December 31, 2025

October 14, 2025

December 16, 2025

December 30, 2025

0.23

December 31, 2025

October 14, 2025

December 16, 2025

December 30, 2025

0.02

(3)

March 31, 2026

February 27, 2026

March 17, 2026

March 31, 2026

0.23

Total cash distributions

17.36

_____________

(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.

(3)Represents a supplementary distribution.

For the three months ended March 31, 2026, distributions paid were comprised of interest-sourced distributions (qualified interest income) in an amount equal to 78.7% of total distributions paid. As of March 31, 2026, we had estimated undistributed taxable earnings from net investment income of $42.6 million, or $1.05 per share.

Recent Accounting Pronouncements

None.

Recent Developments

Distribution

On April 29, 2026 the Board declared a $0.23 per share regular quarterly distribution payable on June 30, 2026 to stockholders of record at the close of business on June 16, 2026.

Recent Portfolio Activity

From April 1, 2026 through May 5, 2026, we closed $21.3 million of additional debt commitments, funded $25.9 million in new investments and received $20.6 million of principal prepayments. TPC’s direct originations platform entered into $102.5 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.

Share Repurchase Program

On May 5, 2026, the Board authorized the 12-month Company Stock Repurchase Program for the purpose of repurchasing up to an aggregate of $12.5 million of our common stock in the open market at certain thresholds below its then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by the Company based upon an evaluation of economic and market conditions, stock price, applicable legal, contractual and regulatory requirements and other factors. The Company Stock Repurchase Program is scheduled to expire on May 6, 2027.

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 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 or SOFR, as applicable, 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, 2026, approximately 63.8%, or $433.5 million in principal balance, of the debt investments in our portfolio bore interest at floating rates, which generally are Prime-based, and all Prime-based loans have interest rate floors that are tied to minimum Prime Rates for purposes of calculating interest due of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime Rate or SOFR 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 outstanding unsecured 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, 2026, our floating rate borrowings totaled $197.0 million, which represented 44.1% of our outstanding debt. As of March 31, 2026, all of our floating rate debt investments were subject to interest-rate floors that are tied to minimum Prime Rates for purposes of calculating interest due set at 3.25% or higher. Because the Prime Rate as of March 31, 2026 was 6.75%, decreases in interest rates will impact our interest income to a limited extent until the Prime Rate reaches the applicable Prime Rate floor, while increases in interest rates will increase our interest income to the extent that such rates exceed the applicable Prime 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, 2026. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of March 31, 2026, 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, 2026 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	$	10,179	$	(5,910)	$	4,269
Up 200 basis points	$	5,984	$	(3,940)	$	2,044
Up 100 basis points	$	2,103	$	(1,970)	$	133
Up 50 basis points	$	786	$	(985)	$	(199)
Down 50 basis points	$	(396)	$	985	$	589
Down 100 basis points	$	(634)	$	1,970	$	1,336
Down 200 basis points	$	(906)	$	3,940	$	3,034
Down 300 basis points	$	(1,177)	$	5,910	$	4,733

This analysis is indicative of the potential impact on our investment income as of March 31, 2026, 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, 2026 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, 2026, 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, 2026, we had $85.2 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, 2026 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 or future 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, 2026 to the risk factors previously disclosed in our Annual Report on Form 10‑K for the year ended December 31, 2025 (filed with the SEC on March 4, 2026) 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, the Company did not repurchase any shares of our equity securities during the quarter ended March 31, 2026.

On August 6, 2025, TPC announced a discretionary share purchase program to acquire up to $14 million of our outstanding shares of common stock at prices below the then-current NAV per share for a 12-month period subject to certain trading parameters and limitations. These purchases may occur through various methods, including in open-market transactions and through privately negotiated transactions, and may be conducted in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act. On November 6, 2025, TPC adopted a Rule 10b5-1 trading plan under the Exchange Act in connection with its share purchase program relating to our common stock. As of March 31, 2026, TPC’s Rule 10b5-1 trading plan is no longer in effect in accordance with its terms.

The following chart summarizes TPC’s purchases of our common stock under the program for the three months ended March 31, 2026 and the fiscal year ended December 31, 2025:


Period	Total Number of Shares Purchased	Average Price Paid per share		Total number of shares purchases as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs(1)
January 1, 2026 through March 31, 2026	188,662	$	6.60	188,662	$	1,131
Total amounts	188,662			188,662	$	1,131

_____________

(1)In thousands.


Period	Total Number of Shares Purchased	Average Price Paid per share		Total number of shares purchases as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs(1)
August 1 through August 31, 2025	488,435	$	6.45	488,435	$	10,827
September 1 through September 30, 2025	102,800	$	6.74	102,800	$	10,131
October 1 through October 31, 2025	—	$	—	—	$	10,131
November 1 through November 30, 2025	507,531	$	6.16	507,531	$	6,998
December 1 through December 31, 2025	711,061	$	6.46	711,061	$	2,382
Total amounts	1,809,827	$	6.39	1,809,827	$	2,382

_____________

(1)In thousands.

Dividend Reinvestment Plan

During the three months ended March 31, 2026, we issued 107,836 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, 2026 was $0.5 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, 2026, 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, 2026, 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, 2026 and net assets as of March 31, 2026, 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	4.18	%	(4)
Incentive fee payable under the Advisory Agreement (20% of net investment income and realized capital gains)	2.11	%	(5)
Interest payments on borrowed funds	9.08	%	(6)
Other expenses	2.52	%	(7)
Total annual expenses	17.89	%

__________

(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, 2025 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, 2026 adjusted for any equity issuances. The incentive fee figures set forth in this table do not take into account any waiver of the quarterly income incentive fee, which waiver is in effect through the end of the fiscal year 2026. 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, 2026, including with respect to the Credit Facility, the 2026 Notes, the 2027 Notes, the 8.11% 2028 Notes, and the 7.50% 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, 2026, 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)	$	158	$	424	$	636	$	996
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return entirely from realized capital gains	$	168	$	446	$	663	$	1,018

__________________

(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 2026 (through May 5, 2026)	*		$	5.65	$	4.90	*		*		$	0.23
First Quarter of 2026	$	8.65	$	6.72	$	4.50	(22.3)	%	(48.0)	%	$	0.23
Fourth Quarter of 2025	$	8.73	$	6.79	$	5.24	(22.2)	%	(40.0)	%	$	0.25	(4)
Third Quarter of 2025	$	8.79	$	7.42	$	5.76	(15.6)	%	(34.5)	%	$	0.23
Second Quarter of 2025	$	8.65	$	7.37	$	5.76	(14.8)	%	(33.4)	%	$	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

_______________

(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.

(4)Consists of $0.23 regular quarterly distribution and $0.02 supplemental distribution.

* Not determinable at the time of filing.

On May 5, 2026, the reported closing sales price of our common stock was $5.48 per share. As of May 5, 2026, 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			Master Note Purchase Agreement, dated February 27, 2026, by and among TriplePoint Venture Growth BDC Corp. and the Purchaser party thereto(***)(3)

4.2			Form of 7.50% Series 2026 Senior Note, due February 27, 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.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document(*)

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

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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 the Registrant’s Current Report on Form 8-K (File No. 814-01044) filed on March 2, 2026.

(*) 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 6, 2026

By:

/s/ James P. Labe

James P. Labe

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: May 6, 2026

By:

/s/ Mike L. Wilhelms

Mike L. Wilhelms

Chief Financial Officer, Secretary and Treasurer