tpvc-20260630

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 JUNE 30, 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: 814-01327

________________________________________________________________________________________________________________________________________________

TriplePoint Private Venture Credit Inc.

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________________________________________________________________


Maryland						84-3383695
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

TriplePoint Private Venture Credit Inc.

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

None

________________________________________________________________________________________________________________________________________________

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

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. x

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

As of August 14, 2026, the registrant had 23,689,363 shares of common stock, $0.01 par value per share, outstanding.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of June 30 , 2026 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2026 (unaudited) and June 3 0 , 2025 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30 , 2026 (unaudited) and June 30 , 2025 (unaudited)	3
	Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2026 (unaudited) and June 3 0 , 2025 (unaudited)	4
	Consolidated Schedules of Investments as of June 30 , 2026 (unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (unaudited)	39
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
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	72
Item 4.	Mine Safety Disclosures	72
Item 5.	Other Information	72
Item 6.	Exhibits	72
	Signatures	74

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)


	June 30, 2026		December 31, 2025
	(unaudited)
Assets
Investments at fair value (amortized cost of $373,901 and $367,496, respectively)	$	379,511	$	359,400
Cash and cash equivalents	7,521		17,859
Restricted cash	100		17,438
Interest receivable	2,048		240
Deferred credit facility costs	1,145		1,374
Prepaid expenses and other assets	2,351		760
Unrealized gains on foreign currency forward contracts	40		—
Total assets	$	392,716	$	397,071

Liabilities
Revolving Credit Facility	$	58,000	$	66,000
2027 Notes, net of deferred offering costs of $164 and $267, respectively	74,836		74,733
Base management fee payable	1,514		1,565
Income incentive fee payable	719		—
Other accrued expenses and liabilities	3,826		6,939
Unrealized losses on foreign currency forward contracts	—		40
Total liabilities	$	138,895	$	149,277
Commitments and Contingencies (Note 7)

Net assets
Preferred stock, par value $0.01 per share (50,000,000 shares authorized; 525 shares issued and outstanding)	$	—	$	—
Common stock, par value $0.01 per share	237		237
Paid-in capital in excess of par value	351,043		351,043
Total distributable loss	(97,459)		(103,486)
Total net assets	$	253,821	$	247,794
Total liabilities and net assets	$	392,716	$	397,071

Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized)	23,689,363		23,689,363
Net asset value per common share	$	10.69	$	10.44

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Investment income
Interest income from investments	$	10,016	$	10,710	$	20,795	$	21,716
Payment-in-kind interest income	969		2,235		1,945		3,055
Other income
Expirations/terminations of unfunded commitments	109		415		528		507
Other fees	141		167		277		208
Total investment and other income	11,235		13,527		23,545		25,486

Operating expenses
Base management fee	1,548		1,548		3,078		3,078
Income incentive fee	719		—		719		—
Interest expense and amortization of fees	2,241		4,151		4,453		8,272
Administration agreement expenses	562		569		1,143		1,120
General and administrative expenses	521		518		1,047		1,045
Total operating expenses	5,591		6,786		10,440		13,515

Net investment income, before taxes	5,644		6,741		13,105		11,971
Excise tax expense	150		—		250		23
Net investment income, after taxes	5,494		6,741		12,855		11,948

Net realized and unrealized gains/(losses)
Net realized gains/(losses) on investments	(7,499)		(12,504)		(7,251)		(16,101)
Net realized gains/(losses) on foreign currency forward contracts	23		(732)		(62)		(255)
Net change in unrealized gains/(losses) on investments	2,818		9,490		13,704		(797)
Net change in unrealized gains/(losses) on foreign currency forward contracts	(27)		22		79		(750)
Net realized and unrealized gain/(losses)	(4,685)		(3,724)		6,470		(17,903)

Net increase (decrease) in net assets resulting from operations	$	809	$	3,017	$	19,325	$	(5,955)

Net increase (decrease) in net assets resulting from operations per common share	$	0.03	$	0.13	$	0.81	$	(0.25)
Weighted average shares of common stock outstanding	23,689,363		23,689,363		23,689,363		23,689,363

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands, except share data)

Paid-in capital in excess of par value

Total distributable earnings (loss)

Net assets

Common stock

Preferred stock

Par value


Balance at March 31, 2025	23,689,363	$	237	525	$	—	$	351,766	$	(97,210)	$	254,793
Common stock distributions from distributable earnings	—	—		—	—		—		(8,291)		(8,291)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net increase in net assets resulting from operations	—	—		—	—		—		3,017		3,017
Balance at June 30, 2025	23,689,363	$	237	525	$	—	$	351,766	$	(102,499)	$	249,504


Balance at December 31, 2024	23,689,363	$	237	525	$	—	$	351,766	$	(88,221)	$	263,782
Common stock distributions from distributable earnings	—	—		—	—		—		(8,291)		(8,291)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(32)		(32)
Net decrease in net assets resulting from operations	—	—		—	—		—		(5,955)		(5,955)
Balance at June 30, 2025	23,689,363	$	237	525	$	—	$	351,766	$	(102,499)	$	249,504


Balance at March 31, 2026	23,689,363	$	237	525	$	—	$	351,043	$	(91,619)	$	259,661
Common stock distributions from distributable earnings	—	—		—	—		—		(6,633)		(6,633)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(16)		(16)
Net increase in net assets resulting from operations	—	—		—	—		—		809		809
Balance at June 30, 2026	23,689,363	$	237	525	$	—	$	351,043	$	(97,459)	$	253,821


Balance at December 31, 2025	23,689,363	$	237	525	$	—	$	351,043	$	(103,486)	$	247,794
Common stock distributions from distributable earnings	—	—		—	—		—		(13,266)		(13,266)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(32)		(32)
Net increase in net assets resulting from operations	—	—		—	—		—		19,325		19,325
Balance at June 30, 2026	23,689,363	$	237	525	$	—	$	351,043	$	(97,459)	$	253,821

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	For the Six Months Ended June 30,
	2026		2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	19,325	$	(5,955)
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	(77,804)		(41,845)
Principal payments and proceeds from investments	67,104		56,310
Payment-in-kind interest on investments	(1,945)		(3,055)
Net change in unrealized (gains)/losses on investments and foreign currency forward contracts	(13,783)		1,547
Net realized (gains)/losses on investments and foreign currency forward contracts	7,313		16,356
Amortization and accretion of premiums and discounts, net	(1,076)		(3,949)
Amortization of debt fees and issuance costs	332		583
Change in operating assets and liabilities:
Interest Receivable, prepaid expenses and other assets	(3,399)		23
Base management fee payable	(51)		(12)
Income incentive fee payable	719		—

Other accrued expenses and liabilities	(3,113)		(1,968)
Net cash provided by/(used in) operating activities	(6,378)		18,035
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	56,000		10,000
Repayments under revolving credit facility	(64,000)		(75,000)

Common stock distributions paid	(13,266)		(8,291)
Preferred stock distributions paid	(32)		(32)

Net cash used in financing activities	(21,298)		(73,323)
Net change in cash, cash equivalents and restricted cash	(27,676)		(55,288)
Cash, cash equivalents and restricted cash at beginning of period	35,297		69,802
Cash, cash equivalents and restricted cash at end of period	$	7,621	$	14,514

	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	7,521	$	12,502
Restricted cash	100		2,012
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	7,621	$	14,514

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	4,083	$	7,735
Excise taxes paid	$	644	$	323

See accompanying notes to consolidated financial statements.


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2026
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Overland AI Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 9.75% floor, 2.50% EOT payment)	12/23/2025	$	2,250	$	2,201	$	2,201	6/1/2029
Skysafe, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.25% floor, 4.50% EOT payment)	2/20/2026	2,500		2,483		2,483		2/1/2029
US Chemical Technologies, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 4.50% EOT payment)	10/31/2025	6,500		6,207		6,576		10/1/2029
Total Aerospace and Defense - 4.44%*			11,250		10,891		11,260

Business Applications Software
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest rate, 12.75% floor)	6/26/2024	10,523		10,461		10,461		6/1/2027
Morty, Inc.(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment)	12/21/2022	7,000		7,620		6,373		12/31/2026
Radar Labs, Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.50% floor, 2.25% EOT payment)(2)	9/30/2025	3,500		3,501		3,501		9/1/2028
Simpplr Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 9.50% floor, 4.50% EOT payment)(2)	12/2/2025	875		865		865		12/1/2029
Simpplr Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 9.50% floor, 4.50% EOT payment)	4/1/2026	3,500		3,441		3,432		4/1/2030
			4,375		4,306		4,297
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,836		1,708		12/31/2027
Total Business Applications Software - 10.38%*			27,166		27,724		26,340

Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.75% floor, 5.00% EOT payment)	8/8/2024	765		810		810		8/31/2027
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)	5/30/2025	704		737		752		11/1/2027
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)	8/12/2025	724		744		744		2/1/2028
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)	11/12/2025	589		595		595		5/1/2028
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)	2/18/2026	1,570		1,565		1,565		8/1/2028
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)	5/14/2026	446		440		440		8/1/2028
			4,033		4,081		4,096
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)(2)	5/4/2022	885		809		618		12/31/2028
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)(2)	10/19/2023	147		135		103		12/31/2028
			1,032		944		721
Vitally, Inc.	Growth Capital Loan (Prime + 3.45% interest rate, 9.70% floor, 2.00% EOT payment)(2)	12/19/2025	2,000		1,971		1,971		6/1/2029
Total Business Products and Services - 2.99%*			7,830		7,806		7,598

Business/Productivity Software
Ao1 Holdings Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	956		976		965		12/1/2027
Ao1 Holdings Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 9.00% floor, 3.50% EOT payment)(2)	1/8/2026	1,200		1,194		1,171		1/1/2029
			2,156		2,170		2,136
Bitonic Technology Labs, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 2.75% EOT payment)	8/1/2025	3,750		3,751		3,751		8/1/2029
Bitonic Technology Labs, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.75% EOT payment)	2/10/2026	1,250		1,243		1,243		2/1/2030
			5,000		4,994		4,994
Haus Analytics Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.75% floor, 2.50% EOT payment)	5/15/2026	1,667		1,634		1,634		5/1/2030


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2026
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Incode Technologies, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 12.25% floor, 5.00% EOT payment)	3/12/2026	3,500	3,408	3,401	3/1/2030
Incode Technologies, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 12.25% floor, 5.00% EOT payment)(2)	5/20/2026	3,500	3,398	3,391	5/1/2030
			7,000	6,806	6,792
Lightbeam.Ai, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 8.75% floor, 2.50% EOT payment)(2)	12/4/2025	3,000	2,951	2,951	6/1/2028
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 13.00% floor, 2.50% EOT payment)	6/6/2025	2,129	2,131	2,131	11/1/2028
PlanHub, Inc.	Growth Capital Loan (SOFR + 7.40% interest rate, 8.15% floor)(12)	9/9/2025	8,750	8,632	8,632	9/9/2031
PlanHub, Inc.	Growth Capital Loan (SOFR + 5.33% interest rate, 6.08% floor)(2)	11/26/2025	188	185	185	9/30/2027
			8,938	8,817	8,817
Sonatus, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 4.00% EOT payment)	12/23/2025	7,000	6,786	6,786	12/1/2029
Total Expert, Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.65% floor, 3.00% EOT payment)	9/29/2025	7,500	7,374	7,374	9/1/2029
Trustpoint, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 9.75% floor, 2.00% EOT payment)(2)	6/16/2025	411	411	411	12/1/2027
Veritas Prime LLC	Growth Capital Loan (Prime + 2.25% interest rate, 9.25% floor, 3.50% EOT payment)(2)	2/20/2026	5,000	4,939	4,939	2/1/2029
Workmate Labs, Inc.	Growth Capital Loan (Prime + 0.85% interest rate, 7.85% floor, 2.50% EOT payment)(2)	11/20/2024	300	304	304	11/1/2027
Workmate Labs, Inc.	Growth Capital Loan (Prime + 2.10% interest rate, 9.10% floor, 4.40% EOT payment)(2)	12/31/2025	82	82	82	12/1/2028
			382	386	386
Total Business/Productivity Software - 19.44%*			50,183	49,399	49,351

Commercial Transportation
Regent Craft Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 3.00% EOT payment)	6/2/2025	1,444	1,433	1,433	6/1/2028
Regent Craft Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 3.00% EOT payment)(2)	8/19/2025	1,500	1,480	1,480	8/1/2028
Total Commercial Transportation - 1.15%*			2,944	2,913	2,913

Communications and Networking
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	8/6/2024	4,853	4,868	3,434	8/1/2027
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	1/16/2025	2,080	2,059	1,446	1/1/2028
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)(2)	10/31/2025	72	72	54	12/31/2025
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)(2)	11/24/2025	278	278	207	12/31/2025
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)(2)	12/12/2025	105	105	78	12/31/2025
Total Communications and Networking - 2.06%*			7,388	7,382	5,219

Computer Hardware
Eridu Corporation	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 5.00% EOT payment)	12/31/2025	7,000	6,958	6,958	12/1/2028
Total Computer Hardware - 2.74%*			7,000	6,958	6,958

Consumer Products and Services
Deep Sentinel Corp.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 5.00% EOT payment)(2)	9/10/2025	5,500	5,486	5,264	9/1/2028
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	6/27/2022	322	325	32	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	8/12/2022	107	108	11	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	12/9/2022	215	213	21	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	3/1/2023	322	318	32	2/28/2027


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2026
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	10/5/2023	11	11	1	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	12/11/2023	18	18	2	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	2/2/2024	59	58	6	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	6/14/2024	33	31	3	6/30/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	10/15/2024	44	44	4	10/31/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	4/10/2025	45	45	4	4/30/2028
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	11/20/2025	11	11	1	11/30/2028
			1,187	1,182	117
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	2/29/2024	4,444	4,460	4,460	8/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	3/8/2024	556	557	557	9/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	6/28/2024	500	500	500	12/1/2027
			5,500	5,517	5,517
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,495	1,551	1,551	8/31/2028
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,495	1,545	1,545	8/31/2028
			2,990	3,096	3,096
Headout Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment)	3/15/2024	1,096	1,176	1,177	3/1/2027
Hydrow, Inc.	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)	12/30/2024	5,211	5,211	4,498	12/30/2026
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	9,949	10,375	8,311	12/1/2027
			15,160	15,586	12,809
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,322	1,409	1,327	12/31/2027
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (8.70% cash interest rate + 5.80% PIK interest rate, 18.00% EOT payment)	11/3/2021	5,281	5,751	4,907	1/1/2028
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (10.95% cash interest rate + 7.30% PIK interest rate, 18.00% EOT payment)(2)	8/17/2022	1,243	1,327	1,153	1/1/2028
			7,846	8,487	7,387
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	334	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	441	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	98	12/31/2028
			3,887	2,136	873
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (12.00% PIK interest rate)(2)	12/31/2025	12	12	12	12/31/2028
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	58	72	72	12/31/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	63	75	75	2/28/2027
Planet A Foods GmbH(1)(3)	Growth Capital Loan (13.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	515	527	545	10/31/2028
Planet A Foods GmbH(1)(3)	Growth Capital Loan (14.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	425	435	449	10/31/2028
			1,061	1,109	1,141
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	76	3/25/2023
Total Consumer Products and Services - 14.76%*			44,589	44,144	37,469

Database Software
TetraScience, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment)	1/24/2025	5,000	5,105	5,105	7/1/2028
Total Database Software - 2.01%*			5,000	5,105	5,105

E-Commerce - Clothing and Accessories


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2026
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 13.00% floor, 6.50% EOT payment)	9/29/2021	5,250	5,188	5,317	7/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)(2)	4/25/2024	1,498	1,408	1,408	4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment)	6/30/2025	7,143	7,218	7,276	6/1/2029
Minted, Inc.	Revolver (Prime + 2.50% interest rate, 9.25% floor)(2)	6/30/2025	—	—	—	12/30/2027
			7,143	7,218	7,276
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	5/27/2021	6,500	7,176	5,976	3/31/2027
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)(2)	6/7/2022	1,000	1,091	919	3/31/2027
			7,500	8,267	6,895
Total E-Commerce - Clothing and Accessories - 8.23%*			21,391	22,081	20,896

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)(2)	5/14/2025	8,975	9,374	8,217	5/1/2027
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)(2)	5/14/2025	11,232	11,686	10,296	5/1/2027
Forum Brands, LLC	Growth Capital Loan (Prime + 5.75% PIK interest rate, 13.25% floor, 4.50% EOT payment)(2)	5/14/2025	2,303	2,344	2,120	5/1/2027
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest rate)(2)	5/14/2025	2,612	2,610	2,392	5/1/2027
Forum Brands, LLC	Convertible Note (12.00% PIK interest rate)(2)	8/8/2025	1	1	—	5/1/2027
Total E-Commerce - Personal Goods - 9.07%*			25,123	26,015	23,025

Educational Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 10.50% floor, 6.25% EOT payment)	4/24/2026	9,500	9,247	9,247	9/1/2028
Panorama Education, Inc.	Revolver (Prime + 2.75% interest rate, 9.50% floor, 5.00% EOT payment)(2)	4/24/2026	200	200	200	8/31/2028
Total Educational Software - 3.72%*			9,700	9,447	9,447

Energy
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	1,319	1,375	1,403	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	5,000	5,318	5,309	12/31/2026
Total Energy - 2.64%*			6,319	6,693	6,712

Entertainment Software
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 9.25% interest rate, 12.50% floor, 14.00% EOT payment)(2)	5/17/2022	1,473	1,750	1,745	4/1/2027
Total Entertainment Software - 0.69%*			1,473	1,750	1,745

Environmental Services
Earth Services, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 9.25% floor, 5.75% EOT payment)(2)	12/22/2025	2,000	1,990	1,990	12/1/2028
Rainmaker Technology Corporation	Growth Capital Loan (Prime + 3.50% interest rate, 11.50% floor, 2.75% EOT payment)	1/8/2025	3,288	3,295	3,306	7/1/2028
Total Environmental Services - 2.09%*			5,288	5,285	5,296

Financial Software
Communify Group LLC	Growth Capital Loan (SOFR + 7.50% interest rate, 8.50% floor)	6/10/2026	8,000	7,861	7,861	6/10/2031
Kintsugi AI, Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 11.25% floor, 1.00% EOT payment)(2)	6/26/2026	857	814	814	5/31/2030
Ocrolus Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 6.00% EOT payment)	8/14/2024	4,286	4,418	4,418	2/1/2028
Ocrolus Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 6.00% EOT payment)	4/22/2025	1,714	1,739	1,739	10/1/2028
			6,000	6,157	6,157
Runway Financial, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor)(2)	11/21/2025	4,500	4,422	4,172	11/1/2029


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2026
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Signal Advisors USA, Inc.	Revolver (Prime + 1.75% interest rate, 7.75% floor, 1.35% EOT payment)(2)	9/26/2025	417	417	417	9/26/2028
Total Financial Software - 7.65%*			19,774	19,671	19,421

Healthcare Devices and Supplies
Magnus Medical, Inc.	Growth Capital Loan (9.75% interest rate, 2.75% EOT payment)(2)	4/8/2026	808	801	801	4/1/2028
Total Healthcare Devices and Supplies - 0.32%*			808	801	801

Healthcare Services
Pair Team, PBC	Convertible Note (6.00% interest rate)(2)	11/24/2025	100	100	100	11/7/2028
Pair Team, PBC	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 3.25% EOT payment)(2)	12/5/2025	400	402	402	6/1/2028
Total Healthcare Services - 0.20%*			500	502	502

Healthcare Technology Systems
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)	7/14/2023	221	455	455	7/31/2026
Lively, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)(2)	12/1/2025	1,750	1,725	1,725	12/1/2029
Lively, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)(2)	12/1/2025	1,750	1,725	1,725	12/1/2029
Lively, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)(2)	12/1/2025	1,750	1,725	1,725	12/1/2029
			5,250	5,175	5,175
Total Healthcare Technology Systems - 2.22%*			5,471	5,630	5,630

Information Technology
Etched.ai, Inc.	Revolver (Prime + 4.00% interest rate, 10.75% floor)	4/10/2026	4,000	4,000	4,000	4/30/2028
Sandbox VR, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.50% floor, 1.50% EOT payment)(2)	12/16/2025	608	607	607	10/1/2027
Sandbox VR, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 12.25% floor, 4.00% EOT payment)(2)	12/16/2025	4,130	4,099	4,099	10/1/2029
			4,738	4,706	4,706
Vergesense Inc	Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 3.50% EOT payment)	3/31/2026	10,000	9,838	9,838	9/1/2029
Total Information Technology - 7.31%*			18,738	18,544	18,544

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (Prime + 1.50% cash interest rate + 6.50% PIK interest rate, 16.50% floor, 10.50% EOT payment)	7/1/2021	2,751	2,960	2,000	1/31/2027
Total Medical Software and Information Services - 0.79%*			2,751	2,960	2,000

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	4,000	4,070	4,070	3/31/2029
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	9/12/2025	500	500	500	3/31/2030
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	2/19/2026	500	496	496	8/31/2030
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	2/19/2026	400	392	392	8/31/2030
			5,400	5,458	5,458
Open Space Labs, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 9.50% floor, 4.75% EOT payment)(2)	5/6/2026	4,000	3,919	3,919	11/1/2029
Total Multimedia and Design Software - 3.69%*			9,400	9,377	9,377

Network Management Software
Mimic Networks, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.25% floor, 5.50% EOT payment)(2)	6/24/2026	1,250	1,238	1,238	6/1/2030
Skyflow Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.75% floor, 3.50% EOT payment)	4/8/2026	7,875	7,815	7,437	4/1/2030
Skyflow Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.75% floor, 3.50% EOT payment)	5/21/2026	565	560	532	5/1/2030


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of June 30, 2026
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
			8,440		8,375		7,969
Synack, Inc.	Growth Capital Loan (Prime + 2.85% interest rate, 9.85% floor, 1.00% EOT Payment)	12/30/2025	9,000		8,879		8,879		12/1/2028
Total Network Management Software - 7.13%*			18,690		18,492		18,086

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.50% interest rate, 1.50% EOT payment)	11/14/2025	4,000		4,009		4,053		5/1/2029
FloatMe Corp.(1)	Growth Capital Loan (Prime + 3.25% interest rate, 10.00% floor, 3.50% EOT payment)	3/11/2026	4,500		4,377		4,377		3/1/2029
FloatMe Corp.(1)	Revolver (Prime + 5.00% interest rate, 11.75% floor, 1.50% EOT payment)	3/11/2026	300		300		300		3/11/2028
			4,800		4,677		4,677
Total Other Financial Services - 3.44%*			8,800		8,686		8,730

Real Estate Services
Habyt GmbH (f/k/a Common Living Inc.)(1)(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500		2,668		690		9/30/2025
Habyt GmbH (f/k/a Common Living Inc.)(1)(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742		4,967		1,310		9/30/2025
Total Real Estate Services - 0.79%*			7,242		7,635		2,000

Social/Platform Software
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 2.12% EOT payment)	11/30/2021	1,156		921		379		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	1,301		1,068		424		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	1,751		1,438		570		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	2,101		1,725		684		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	2,101		1,725		684		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/27/2021	1,051		863		342		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 8.47% EOT payment)(2)	12/18/2023	153		114		50		1/31/2028
Total Social/Platform Software - 1.23%*			9,614		7,854		3,133

Total Debt Investments - 121.17%*			$	334,432	$	333,745	$	307,558


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Warrant Investments(8)(9)

Aerospace and Defense
Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	1,051
Hermeus Corporation	Preferred Stock(2)	10/30/2024	8,381	44		67
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		76
Loft Orbital Solutions Inc.	Common Stock(2)	7/15/2022	6,747	58		103
Overland AI Inc.	Common Stock(2)	12/23/2025	8,722	49		48
Skysafe, Inc.	Preferred Stock	2/20/2026	21,838	12		12
US Chemical Technologies Inc.	Preferred Stock	10/31/2025	125,907	348		262
Total Aerospace and Defense - 0.64%*				672		1,619

Application Software
Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,079	10		22
Total Application Software - 0.01%*				10		22

Automation/Workflow Software
Union Systems Inc.	Common Stock(2)	8/28/2025	111,536	88		88
Total Automation/Workflow Software - 0.03%*				88		88

Business Applications Software
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		12
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		687
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		313
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		78
FlashParking, Inc.	Preferred Stock	6/26/2024	25,838	70		16
				520		407
Morty, Inc.	Preferred Stock	10/1/2021	70,164,447	66		—
Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51
Radar Labs, Inc.	Common Stock(2)	9/30/2025	7,082	19		22
Simpplr Inc.	Common Stock(2)	4/23/2025	15,851	78		25
Uniphore Technologies, Inc.	Common Stock(2)	12/22/2021	10,000	10		29
Total Business Applications Software - 0.49%*				861		1,233

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		29
Alloy Technologies, Inc.	Preferred Stock	8/8/2024	30,561	24		21
				74		50
Cardless Inc.	Common Stock(2)	11/18/2021	20,619	28		4
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		116
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		7
				125		123
Certamen Ventures Inc.	Preferred Stock(2)	10/7/2021	90,266	42		28
Certamen Ventures Inc.	Preferred Stock(2)	12/1/2022	229,881	85		71
Certamen Ventures Inc.	Preferred Stock(2)	12/15/2023	538,703	205		156
Certamen Ventures Inc.	Preferred Stock(2)	3/26/2025	190,577	91		51
				423		306
Mirelo AI GmbH(1)(3)	Preferred Stock(2)	11/28/2025	289	696		676
Muon Space, Inc.	Preferred Stock	12/30/2024	45,499	56		64
Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		116
Path Robotics, Inc.	Preferred Stock(2)	10/3/2024	20,252	38		60
				168		176
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock(2)	12/16/2022	51,590	308		70
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		28
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		10
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	11/15/2024	407	7		7


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
				41	45
Vitally, Inc.	Common Stock(2)	12/19/2025	4,553	19	19
Total Business Products and Services - 0.66%*				2,066	1,679

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156	76
Total Business to Business Marketplace - 0.03%*				156	76

Business/Productivity Software
AI2 Incorporated	Common Stock(2)	2/21/2025	29,663	—	58
Ao1 Holdings Inc.	Preferred Stock	12/13/2024	14,162	18	4
Artisan AI, Inc.	Preferred Stock(2)	5/27/2025	9,748	33	33
Bidgely Inc.	Common Stock(2)	7/30/2025	4,318	6	10
Bitonic Technology Labs, Inc.	Common Stock	8/1/2025	12,511	14	14
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14	20
Construction Finance Corporation	Preferred Stock(2)	12/29/2023	126,868	48	67
				62	87
Cresta Intelligence Inc.	Common Stock(2)	6/6/2024	4,967	4	11
Haus Analytics Inc.	Common Stock(2)	4/23/2026	10,595	35	35
Highbeam, Inc.	Common Stock(2)	2/10/2023	40,380	2	154
Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46	5
Idelic Inc.	Preferred Stock(2)	11/15/2023	36,661	13	7
				59	12
Incode Technologies, Inc.	Common Stock(2)	7/18/2025	143,818	147	480
Lightbeam.ai, Inc.	Preferred Stock(2)	8/19/2025	137,951	69	69
Luxury Presence, Inc.	Preferred Stock(2)	9/20/2023	17,016	88	66
Luxury Presence, Inc.	Preferred Stock(2)	7/16/2024	3,384	13	13
				101	79
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	62
OnSiteIQ, Inc.	Preferred Stock	6/6/2025	485,950	31	19
Rudderstack, Inc.	Common Stock(2)	6/30/2025	5,054	17	17
Sonatus, Inc.	Preferred Stock	12/23/2025	104,745	242	73
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
ThoughtSpot, Inc.	Common Stock(2)	3/3/2025	17,901	113	113
Total Expert, Inc.	Common Stock	9/29/2025	114,054	157	139
TrustPoint, Inc.	Common Stock(2)	6/16/2025	43,113	7	7
Veritas Prime LLC	Preferred Stock(2)	2/20/2026	688	24	18
Workmate Labs, Inc.	Common Stock(2)	11/20/2024	1,238	—	—
Total Business/Productivity Software - 0.59%*				1,148	1,498

Commercial Services
Dumpling, Inc.	Preferred Stock(2)	9/30/2020	17,003	6	—
Total Commercial Services - —%*				6	—

Commercial Transportation
Regent Craft Inc.	Common Stock	5/30/2025	92,477	87	84
Total Commercial Transportation - 0.03%*				87	84

Communications and Networking
Join Digital, Inc.	Common Stock	8/6/2024	50,021	78	1
Join Digital, Inc.	Common Stock(2)	11/24/2025	168,021	2	2
Total Communications and Networking - —%*				80	3

Communication Software
Hiya, Inc.	Preferred Stock(2)	5/27/2020	115,073	54	54
Total Communication Software - 0.02%*				54	54

Computer Hardware


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Contoro Inc.	Common Stock(2)	9/30/2025	2,884	32	32
Eridu Corporation	Preferred Stock	3/31/2025	143,286	75	298
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	26,386	92	61
Standard Bots Company	Preferred Stock(2)	11/13/2025	12,122	29	165
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Total Computer Hardware - 0.26%*				267	665

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	743
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	93
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	223
Activehours, Inc.	Preferred Stock(2)	4/19/2024	3,906	16	47
				241	1,106
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	1,040
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.86%*				339	2,176

Consumer Non-Durables
Athletic Greens International, Inc.	Ordinary Shares(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	6
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	7
				30	13
Prose Beauty, Inc.	Common Stock(2)	12/18/2023	49,020	311	608
Total Consumer Non-Durables - 0.25%*				345	625

Consumer Products and Services
Baby Generation, Inc.	Common Stock(2)	1/26/2022	13,587	10	10
The Black Tux Holdings, Inc.	Preferred Stock(2)	11/5/2021	142,939	139	450
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	—
Deep Sentinel Corp.	Preferred Stock(2)	9/10/2025	87,901	84	45
Elektra Mobility Inc.	Preferred Stock(2)	5/6/2022	38,217	25	25
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ephemeral Solutions, Inc.	Common Stock(2)	2/2/2024	135,353	1	—
				13	—
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	26
FitOn, Inc.	Common Stock	2/29/2024	33,548	74	44
FitOn, Inc.	Common Stock	6/26/2024	3,355	7	4
				81	48
Flink SE(1)(3)	Preferred Stock(2)	4/13/2022	18	23	—
Flink SE(1)(3)(11)	Preferred Stock(2)	8/21/2024	—	—	—
				23	—
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	9
Headout Inc.	Common Stock	3/15/2024	11,754	58	15
Hydrow, Inc.	Common Stock	2/9/2021	74,157	70	—
Hydrow, Inc.	Common Stock	8/6/2021	455,798	35	—
Hydrow, Inc.	Common Stock	8/6/2021	284,835	25	—
Hydrow, Inc.	Preferred Stock	12/30/2024	4,071,050	16	—
				146	—
JOKR S.a.r.l.	Preferred Stock(2)	4/24/2026	55,714	73	73
Lower Holding Company	Preferred Stock(2)	12/28/2022	98,856	47	6
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock(2)	8/25/2023	31,796	118	155
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	28
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	8/27/2024	20,775	37	37
				67	65
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Roadsurfer GmbH(1)(3)	Preferred Stock(2)	4/23/2024	45	335	331
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	3


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
				64	76
Total Consumer Products and Services - 0.53%*				1,367	1,351

Database Software
Cohesity Global, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	20
SiSense, Inc.	Success Fee(2)	12/28/2021	—	95	233
TetraScience, Inc.	Preferred Stock	1/24/2025	53,050	10	89
Total Database Software - 0.13%*				126	342

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	23
FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	71
FabFitFun, Inc.	Common Stock	6/30/2025	101,326	231	128
				642	222
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	132
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	—
Total E-Commerce - Clothing and Accessories - 0.14%*				1,057	354

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/6/2021	14,143	146	—
Forum Brands, LLC	Preferred Stock(2)	12/23/2021	12,964	188	—
Forum Brands, LLC	Preferred Stock(2)	10/11/2023	2,829	42	—
				376	—
Merama Inc.	Preferred Stock(2)	4/28/2021	71,728	589	412
Total E-Commerce - Personal Goods - 0.16%*				965	412

Educational Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	4,139	23	17
Panorama Education, Inc.	Preferred Stock(2)	8/27/2025	591	3	2
Panorama Education, Inc.	Common Stock	4/24/2026	20,399	212	212
Total Educational Software - 0.09%*				238	231

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.08%*				50	192

Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	11
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	3
Arcadia Power, Inc.	Preferred Stock	3/31/2026	652	1	1
				195	15
Haven Energy Inc.	Preferred Stock	8/19/2024	52,486	53	106
Haven Energy Inc.	Preferred Stock(2)	7/25/2025	22,494	13	45
				66	151
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	2,042
Valar Atomics Inc.	Common Stock(2)	11/9/2025	17,103	60	60
Total Energy - 0.89%*				358	2,268

Entertainment Software
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2022	37,335	60	3
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2024	53,335	33	4
Total Entertainment Software - —%*				93	7

Environmental Services
Earth Services, Inc.	Preferred Stock(2)	3/1/2024	143,196	63	113
Earth Services, Inc.	Preferred Stock(2)	3/7/2025	97,350	62	62


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
				125	175
Rainmaker Technology Corporation	Common Stock	1/8/2025	24,380	45	65
Total Environmental Services - 0.09%*				170	240

Financial Software
Kintsugi AI, Inc.	Common Stock(2)	5/11/2026	24,160	121	121
Ocrolus Inc.	Common Stock	8/14/2024	70,132	58	48
Runway Financial, Inc.	Common Stock(2)	8/21/2025	33,976	46	66
Signal Advisors USA, Inc.	Preferred Stock(2)	9/26/2025	6,430	23	23
Wisetack, Inc.(1)	Common Stock(2)	12/21/2022	23,086	84	36
Zolve Innovations Inc.	Preferred Stock(2)	7/28/2022	3,172	9	9
Total Financial Software - 0.12%*				341	303

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	3
Total General Media and Content - —%*				5	3

Healthcare Devices and Supplies
Magnus Medical, Inc.	Common Stock(2)	4/8/2026	1,817	5	5
Total Healthcare Devices and Supplies -—%*				5	5

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Levels Health Inc.	Preferred Stock(2)	9/3/2021	47,162	37	216
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	11,186	51	2,702
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	1,351
OpenLoop Health, Inc.	Preferred Stock(2)	11/20/2023	16,779	89	4,053
OpenLoop Health, Inc.	Preferred Stock(2)	9/30/2024	43,625	315	10,544
				480	18,650
Pair Team, PBC	Preferred Stock(2)	7/29/2025	399	—	—
Perry Health, Inc.	Preferred Stock(2)	5/31/2023	96,516	79	42
Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	29
Waymark, Inc	Preferred Stock(2)	9/24/2025	5,082	10	10
Wispr AI, Inc.	Common Stock(2)	5/31/2022	568	3	3
Total Healthcare Services - 7.47%*				623	18,951

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	5/14/2025	117,883	116	116
Calibrate Health, Inc.	Common Stock(2)	10/30/2023	118,190	253	—
Capsule Corporation	Preferred Stock(2)	5/27/2020	45,008	119	8
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	7
Freed Inc.	Common Stock(2)	3/27/2026	151	—	1
K Health, Inc.	Common Stock	7/14/2023	61,224	187	169
Lively, Inc.	Common Stock(2)	11/7/2025	13,519	67	18
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56	228	—
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.20%*				1,010	506

Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	113
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	893
Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	21
				109	914
Total Human Capital Services - 0.40%*				295	1,027

Information Services (B2C)
Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	151
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock(2)	5/1/2023	53,879	38	—
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	2


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Total Information Services (B2C) - 0.06%*				192	153

Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/19/2024	307,570	250	2,501
Etched.ai, Inc.	Common Stock(2)	7/18/2025	12,110	42	99
				292	2,600
Sandbox VR, Inc.	Common Stock(2)	12/16/2025	10,894	31	19
Vergesense Inc	Common Stock	3/31/2026	58,493	107	107
Total Information Technology - 1.07%*				430	2,726

Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/27/2020	2,775	90	91
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	101
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	9/29/2023	1,951	84	81
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	4/5/2024	4,476	84	260
Total Infrastructure - 0.21%*				323	533

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	114
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Preferred Stock(2)	8/26/2021	32,620	34	41
Total Life and Health Insurance - 0.10%*				120	262

Logistics
Passport Labs, Inc.	Common Stock(2)	5/27/2020	2,102	51	51
Total Logistics - 0.02%*				51	51

Medical Software and Information Services
HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48	—
HI LLC (Kernel)	Common Stock	2/28/2023	175,000	44	2
				92	2
Open Space Labs, Inc.	Common Stock(2)	5/6/2026	143,379	133	135
Total Medical Software and Information Services - 0.05%*				225	137

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	83
Hover Inc.	Preferred Stock	9/10/2024	9,182	18	17
Hover Inc.	Preferred Stock	9/12/2025	9,182	17	17
Total Multimedia and Design Software - 0.05%*				112	117

Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Rigor AI Inc.	Common Stock(2)	4/13/2026	27,189	—	—
Skyflow Inc.	Preferred Stock	6/26/2023	39,890	31	4
Skyflow Inc.	Preferred Stock	9/27/2024	15,956	25	2
Skyflow Inc.	Preferred Stock	4/8/2026	18,885	3	2
				59	8
Synack, Inc.	Common Stock	12/30/2025	40,576	68	45
Total Network Management Software - 0.09%*				307	233

Other Financial Services
Aven Holdings, Inc.(1)	Common Stock(2)	5/16/2023	35,857	361	957
FloatMe Corp.(1)	Common Stock	3/11/2026	45,328	126	142
Jerry Services, Inc.	Preferred Stock	6/13/2022	2,235	8	16
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	130
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	76
Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	8
Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	15
Relay Commerce, Inc.	Preferred Stock(2)	4/4/2024	36,200	26	21


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
				97		120
Total Other Financial Services - 0.54%*				765		1,365

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6		15
Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33		36
Homelight, Inc.	Preferred Stock(2)	7/27/2022	3,988	8		7
Homeward, Inc.	Preferred Stock(2)	12/10/2021	207,106	148		155
Homeward, Inc.	Preferred Stock(2)	9/18/2025	310,666	270		233
				418		388
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15		6
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/27/2020	26,362	83		107
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/25/2022	3,279	1		11
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	6/29/2023	34,977	11		120
				95		238
Side, Inc.	Preferred Stock(2)	7/29/2020	71,501	57		230
True Footage, Inc.	Preferred Stock(2)	11/24/2021	88,762	122		579
Total Real Estate Services - 0.59%*				754		1,499

Social/Platform Software
Sylva, Inc.	Preferred Stock	7/12/2021	44,872	30		—
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		—
Sylva, Inc.	Preferred Stock(2)	7/14/2025	19,788	—		—
Total Social/Platform Software - —%*				60		—

Software Development Applications
Appex Group, Inc.	Preferred Stock(2)	11/15/2021	47,494	132		132
Appex Group, Inc.	Preferred Stock(2)	4/14/2022	11,004	36		36
				168		168
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		57
Total Software Development Applications - 0.09%*				233		225

Total Warrant Investments - 17.07%*				$	16,454	$	43,315


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Equity Investments(9)

Aerospace and Defense
Hermeus Corporation	Preferred Stock(2)	10/30/2024	17,958	$	300	$	366
Total Aerospace and Defense - 0.14%*				300		366

Application Software
Flo Health, Inc.(1)(3)	Preferred Stock(2)	7/18/2024	8,387	500		500
Total Application Software - 0.20%*				500		500

Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	70		62
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		295
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		249
Radar Labs, Inc.	Preferred Stock(2)	9/30/2025	47,425	250		275
Tide Holdings Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		632
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.63%*				1,351		1,595

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		114
Cresta Intelligence Inc.	Preferred Stock(2)	9/30/2024	55,441	250		250
D-Wave Quantum Inc.	Common Stock(2)(14)	1/20/2026	8,786	99		127
Mirelo AI GmbH(1)(3)	Preferred Stock(2)	12/22/2025	63	99		99
Mirelo AI GmbH(1)(3)	Preferred Stock(2)	12/22/2025	33	142		142
				241		241
MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	83	570		6
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		67
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		26
				595		99
Printful, Inc. Holdco. (fka Printify, Inc.)	Common Stock(2)	11/14/2024	11,120	24		24
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	3/28/2024	31,818	611		554
Quick Commerce Ltd.(1)(3)	Ordinary Shares(2)	3/28/2024	112,770,108	26		1
				637		555
Total Business Products and Services - 0.56%*				2,046		1,410

Business/Productivity Software
AI2 Incorporated	Preferred Stock(2)	1/3/2024	280,424	830		830
Ao1 Holdings Inc.	Preferred Stock(2)	12/13/2024	16,573	50		31
Artisan AI, Inc.	Preferred Stock(2)	1/27/2025	36,241	400		400
Brilliance Technologies Holdings, L.P.	Limited Partnership Interest(2)	5/16/2025	8,647	824		823
Continental Topco, L.P.	Limited Partnership Interest(2)	2/14/2025	928	168		168
Luxury Presence, Inc.	Preferred Stock(2)	7/24/2025	19,217	250		250
Rudderstack, Inc.	SAFE(2)	6/30/2025	—	50		50
Snowflake Inc.	Common Stock(2)(14)	2/2/2026	761	200		194
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
TrustPoint, Inc.	SAFE(2)	5/16/2025	—	50		50
Total Business/Productivity Software - 1.20%*				3,072		3,040

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		179
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		130
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		319
Total Business to Business Marketplace - 0.25%*				950		628

Computer Hardware
Eridu Corporation	Preferred Stock(2)	3/17/2026	124,933	350		350
Standard Bots Company	Preferred Stock(2)	3/23/2026	3,345	100		100


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Total Computer Hardware - 0.18%*				450	450

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100	235
Total Consumer Finance - 0.09%*				100	235

Consumer Products and Services
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52	58
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	4,178	7,245
Hydrow, Inc.	Common Stock(2)	12/14/2020	610,584	166	—
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	327,630	165	1
				331	1
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	6/19/2025	5,929	347	114
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	6/19/2025	1,173	69	23
JOKR S.a.r.l.(1)(3)	Common Stock(2)	6/19/2025	595	35	2
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	6/19/2025	99,189	662	1,312
				1,113	1,451
Nakdcom One World AB(1)(3)	Hybrid(2)(13)	12/30/2025	1	1,519	1,485
Nakdcom One World AB(1)(3)	Common Stock(2)	12/30/2025	819,408	96	94
				1,615	1,579
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10	10
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250	219
TMRW Sports, Inc.	Preferred Stock(2)	11/9/2023	40,174	500	500
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250	322
Total Consumer Products and Services - 4.49%*				8,299	11,385

Database Software
ON-0731 Fund II LP(1)	Limited Partnership Interest(2)	8/29/2024	—	250	250
TetraScience, Inc.	Preferred Stock(2)	3/16/2026	8,544	58	58
Total Database Software - 0.12%*				308	308

E-Commerce - Personal Goods
Forum Brands, LLC	Common Stock(2)	7/16/2021	493	90	—
Merama Inc.	Preferred Stock(2)	4/30/2021	5,433	31	51
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13	57
Merama Inc.	Preferred Stock(2)	9/13/2021	3,862	62	53
				106	161
Total E-Commerce - Personal Goods - 0.06%*				196	161

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228
Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66
Total Elder and Disabled Care - 0.12%*				264	294

Energy
AiGent, Inc.	SAFE(2)	6/16/2026	1	105	105
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	65
Arcadia Power, Inc.	Preferred Stock(2)	3/31/2026	9,033	21	23
				188	88
Haven Energy Inc.	Preferred Stock(2)	10/9/2024	37,489	77	129
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	1,605
Valar Atomics Inc.	SAFE(2)	3/9/2026	—	370	370
Total Energy - 0.90%*				1,440	2,297

Financial Services
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	142
Total Financial Services - 0.06%*				150	142

Food Products


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Koatji, Inc.(1)(3)	Preferred Stock(2)	2/15/2023	155,164	50	50
Total Food Products - 0.02%*				50	50

General Media and Content
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100	100
Total General Media and Content - 0.04%*				100	100

Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	1
Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187	187
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200	275
Total Healthcare Services - 0.18%*				720	463

Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13	2
Capsule Corporation	Preferred Stock(2)	12/29/2022	519	2	1
Total Healthcare Technology Systems - —%*				15	3

Information Services (B2C)
Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150	56
Total Information Services (B2C) - 0.02%*				150	56

Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/9/2024	307,570	500	2,882
Total Information Technology - 1.14%*				500	2,882

Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82	130
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79	101
Total Infrastructure - 0.09%*				161	231

Life and Health Insurance
Beam Technologies Inc.	Preferred Stock(2)	1/5/2021	1,901	80	87
Total Life and Health Insurance - 0.03%*				80	87

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58	65
Total Multimedia and Design Software - 0.03%*				58	65

Network Management Software
Skyflow Inc.	Preferred Stock(2)	1/22/2024	19,945	62	32
Skyflow Inc.	Preferred Stock(2)	9/27/2024	143,604	450	230
Total Network Management Software - 0.10%*				512	262

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8	10
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690	841
Total Other Financial Services - 0.34%*				698	851

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29	29
Firemaps, Inc.	Preferred Stock(2)	11/18/2025	98,091	350	350
Habyt GmbH(1)	Preferred Stock(2)	2/21/2023	400	440	—
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20	12
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100	180
Total Real Estate Services - 0.22%*				939	571

Social/Platform Software
ClassPass Aggregator, LLC	Preferred Stock(2)	3/17/2026	2,625	43	34
Total Social/Platform Software - 0.01%*				43	34


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of June 30, 2026
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		172
Total Software Development Applications - 0.07%*				250		172

Total Equity Investments - 11.28%*				$	23,702	$	28,638

Total Investments in Portfolio Companies - 149.52%*(4)(5)				$	373,901	$	379,511


Cash Equivalents

Money Market Fund	Type of Investment	Ticker	Cost		Fair Value
Federated Government Obligations Fund (3.56% Current Market Yield)	Cash Equivalents	PRM	$	7,121	$	7,121
Total Cash Equivalents - 2.81%*			$	7,121	$	7,121


Foreign Currency Forward Contracts
Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Gain/(Loss)
British Pound Sterling (GBP)	7/27/2026	Zions Bancorporation, N.A.	£	1,000	Sold	$	1,350	$	24
Euro (EUR)	7/27/2026	Zions Bancorporation, N.A.	€	500	Sold	588		16
Total Foreign Currency Forward Contracts - 0.02%*						$	1,938	$	40

_______________

(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 June 30, 2026, non-qualifying assets represented 8.5% of the Company’s total assets, at fair value.

(2)As of June 30, 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)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 June 30, 2026, the Company’s portfolio company investments that were subject to restrictions on sales totaled $379.5 million at fair value and represented 149.1% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2026, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(5)Except for equity in two 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”).

(6)Gross unrealized gains, gross unrealized losses, and net unrealized gains for federal income tax purposes totaled $40.3 million, $34.7 million and $5.7 million, respectively, for the June 30, 2026 investment portfolio. The tax cost of investments is $376.0 million.

(7)Debt is on non-accrual status as of June 30, 2026 and is therefore considered non-income producing. Non-accrual investments as of June 30, 2026 had a total cost and fair value of $32.0 million and $16.9 million, respectively.

(8)Warrants are associated with funded debt instruments as well as certain commitments to provide future funding against certain unfunded obligations.

(9)Non-income producing investments.

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

(11)The Company received an equity investment from this portfolio company based on an agreed upon percentage of the total dollar value to be raised by the portfolio company in its next round of equity financing. As a result, the number of shares and the initial fair value of this investment will be determinable at the time of the portfolio company’s next equity financing round.

(12)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.

(13)This Hybrid equity investment is perpetual and has no specific maturity date, and it accrues interest at an annual rate of 16.0% 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 six months ended June 30, 2026.

(14)Investment is publicly traded and listed on New York Stock Exchange and is not subject to restrictions on sales.

* Value as a percentage of net assets.


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	10/30/2024	$	2,412	$	2,463	$	2,570	4/1/2028
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	12/13/2024	1,102		1,119		1,170		6/1/2028
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	3/18/2025	941		949		998		9/1/2028
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	5/30/2025	741		744		786		11/1/2028
			5,196		5,275		5,524
Overland AI Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 9.75% floor, 2.50% EOT payment)(2)	12/23/2025	2,250		2,180		2,180		6/1/2029
US Chemical Technologies, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 4.50% EOT payment)(2)	10/31/2025	6,500		6,111		6,111		10/1/2029
Total Aerospace and Defense - 5.58%*			13,946		13,566		13,815

Business Applications Software
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% interest rate + 2.50% PIK interest rate, 12.75% floor)	6/26/2024	10,392		10,300		10,300		6/1/2027
Morty, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment)	12/21/2022	7,000		7,552		6,904		12/31/2026
Radar Labs, Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.50% floor, 2.25% EOT Payment)(2)	9/30/2025	3,500		3,485		3,485		9/1/2028
Simpplr Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.00% floor, 1.50% EOT Payment)	4/23/2025	2,625		2,637		2,637		4/1/2026
Simpplr Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 9.50% floor, 4.50% EOT Payment)(2)	12/2/2025	875		858		858		12/1/2029
			3,500		3,495		3,495
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,835		1,731		12/31/2027
Total Business Applications Software - 10.46%*			26,160		26,667		25,915

Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.75% floor, 5.00% EOT payment)	8/8/2024	1,057		1,083		1,083		8/31/2027
Certamen Ventures Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 5.00% EOT payment)	11/30/2021	4,400		4,592		4,592		11/30/2026
Equafin Corp.	Growth Capital Loan (Prime + 1.25% interest rate, 8.00% floor, 3.50% EOT payment)(2)	4/17/2025	877		878		878		4/1/2028
Mirelo AI GmbH(1)(3)	Growth Capital Loan (10.00% interest rate, 6.75% EOT payment)(2)	1/15/2025	429		434		496		1/1/2028
Mirelo AI GmbH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.75% EOT payment)(2)	6/11/2025	480		478		489		6/1/2028
			909		912		985
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)	5/30/2025	951		961		988		11/1/2027
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)(2)	8/12/2025	937		935		935		2/1/2028
Muon Space, Inc.	Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)(2)	11/12/2025	713		702		702		5/1/2028
			2,601		2,598		2,625
Path Robotics, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 4.00% EOT payment)	10/3/2024	7,000		7,071		6,954		4/1/2028
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate,, 3.75% EOT payment)(2)	5/4/2022	859		763		614		12/31/2028
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate,, 3.75% EOT payment)(2)	10/19/2023	143		127		102		12/31/2028
			1,002		890		716
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422		2,469		257		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42		42		4		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	12/22/2023	25		25		3		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	6/14/2024	8		8		1		1/31/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	7/26/2024	25	25	3	1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	11/27/2024	27	27	3	1/31/2025
			2,549	2,596	271
Vitally, Inc.	Growth Capital Loan (Prime + 3.45% interest rate, 9.70% floor, 2.00% EOT payment)(2)	12/19/2025	2,000	1,961	1,961	6/1/2029
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)(2)	6/15/2022	207	213	222	3/31/2026
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	10/20/2023	110	122	135	10/31/2026
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 13.75% floor, 6.00% EOT payment)(2)	11/15/2024	296	296	314	5/31/2028
			613	631	671
Total Business Products and Services - 8.37%*			23,008	23,212	20,736

Business/Productivity Software
Ao1 Holdings Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	1,269	1,277	1,277	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	3,750	3,731	3,731	8/1/2029
Lightbeam.ai, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 8.75% floor, 2.50% EOT payment)(2)	12/4/2025	3,000	2,908	2,908	6/1/2028
Manufactured Networks, Inc.(7)	Revolver (Prime + 12.25% PIK interest rate, 20.75% floor, 1.00% EOT payment)(2)	9/13/2023	2,630	2,668	132	6/30/2025
Observe, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 9.75% floor, 3.25% EOT payment)(2)	10/1/2025	4,000	3,889	4,015	10/1/2029
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 13.00% floor, 2.50% EOT payment)	6/6/2025	2,129	2,120	2,120	11/1/2028
PlanHub, Inc.	Growth Capital Loan (SOFR + 7.40% interest rate, 8.15% floor)(12)	9/9/2025	8,750	8,624	8,624	9/9/2031
PlanHub, Inc.	Growth Capital Loan (SOFR + 5.33% interest rate, 6.08% floor)(2)	11/26/2025	63	62	62	9/30/2027
			8,813	8,686	8,686
Sonatus, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 4.00% EOT payment)(2)	12/23/2025	7,000	6,693	6,693	12/1/2029
Total Expert, Inc.	Growth Capital Loan (Prime + 2.15% interest rate, 9.65% floor, 3.00% EOT payment	9/29/2025	7,500	7,329	7,329	9/1/2029
Trustpoint, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 9.75% floor, 2.00% EOT payment)(2)	6/16/2025	500	493	493	12/1/2027
Workmate Labs, Inc.	Growth Capital Loan (Prime + 0.85% interest rate, 7.85% floor, 2.50% EOT payment)(2)	11/20/2024	300	302	302	11/1/2027
Workmate Labs, Inc.	Growth Capital Loan (Prime + 2.10% interest rate, 9.10% floor, 4.40% EOT payment)(2)	12/31/2025	82	81	81	12/1/2028
			382	383	383
Total Business/Productivity Software - 15.24%*			40,973	40,177	37,767

Commercial Transportation
Regent Craft Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 3.00% EOT payment)	6/2/2025	1,500	1,467	1,467	6/1/2028
Regent Craft Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 3.00% EOT payment)(2)	8/19/2025	1,500	1,458	1,458	8/1/2028
Total Commercial Transportation - 1.18%*			3,000	2,925	2,925

Communications and Networking
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	8/6/2024	4,853	4,868	3,434	8/1/2027
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	1/16/2025	2,080	2,059	1,446	1/1/2028
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)(2)	10/31/2025	72	72	54	12/31/2025
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)(2)	11/24/2025	278	278	207	12/31/2025
Join Digital, Inc.(7)	Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)(2)	12/12/2025	105	105	78	12/31/2025
Total Communications and Networking - 2.11%*			7,388	7,382	5,219

Computer Hardware


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Eridu Corporation	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 5.00% EOT payment)(2)	12/31/2025	7,000	6,856	6,856	12/1/2028
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	41	45	45	10/31/2026
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	1/27/2023	143	153	154	1/31/2027
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)(2)	5/11/2023	1,000	1,065	1,065	12/31/2025
			1,184	1,263	1,264
Standard Bots Company	Growth Capital Loan (Prime + 2.00% interest rate, 9.25% floor, 3.75% EOT payment)(2)	12/31/2025	2,500	2,447	2,447	6/1/2028
Total Computer Hardware - 4.26%*			10,684	10,566	10,567

Consumer Products and Services
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	4/14/2022	723	724	266	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	7/14/2022	268	266	106	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	11/14/2022	69	67	27	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	3/15/2023	529	502	199	8/31/2031
			1,589	1,559	598
Deep Sentinel Corp.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 5.00% EOT payment)(2)	9/10/2025	5,500	5,408	5,408	9/1/2028
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	6/27/2022	322	325	80	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	8/12/2022	107	108	27	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	12/9/2022	215	213	54	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)(2)	3/1/2023	322	318	80	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	10/5/2023	11	11	3	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	12/11/2023	18	18	4	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	2/2/2024	59	58	14	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	6/14/2024	33	31	7	6/30/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	10/15/2024	44	44	9	10/31/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	4/10/2025	45	45	9	4/30/2028
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)(2)	11/20/2025	11	11	2	11/30/2028
			1,187	1,182	289
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	2/29/2024	4,444	4,430	4,430	8/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	3/8/2024	556	553	553	9/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	6/28/2024	500	496	496	12/1/2027
			5,500	5,479	5,479
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	7/5/2022	1,495	1,544	1,544	8/31/2028
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	10/21/2022	1,495	1,537	1,537	8/31/2028
			2,990	3,081	3,081
Headout Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment)	3/15/2024	1,864	1,918	1,922	3/1/2027
Hydrow, Inc.	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)	12/30/2024	5,309	5,309	4,798	12/30/2026
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	9,949	10,185	8,815	12/1/2027
			15,258	15,494	13,613
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,322	1,396	1,340	6/30/2026


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (8.70% cash interest rate + 5.80% PIK interest rate, 14.00% EOT payment)	11/3/2021	5,130	5,522	5,002	12/31/2026
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (10.95% cash interest rate + 7.30% PIK interest rate, 14.00% EOT payment)(2)	8/17/2022	1,199	1,260	1,175	12/31/2026
			7,651	8,178	7,517
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	344	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	454	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	101	12/31/2028
			3,887	2,136	899
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 12.00% PIK interest rate)(2)	12/31/2025	12	12	12	12/31/2028
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	165	206	206	6/30/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	112	123	123	12/31/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	107	116	116	2/28/2027
Planet A Foods GmbH(1)(3)	Growth Capital Loan (13.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	515	520	554	10/31/2028
Planet A Foods GmbH(1)(3)	Growth Capital Loan (14.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	425	429	457	10/31/2028
			1,324	1,394	1,456
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	76	3/25/2023
Spinn, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	794	819	—	8/31/2024
Total Consumer Products and Services - 16.28%*			47,906	47,017	40,350

Database Software
TetraScience, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment)	1/24/2025	5,000	5,047	5,047	7/1/2028
Total Database Software - 2.04%			5,000	5,047	5,047

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 13.00% floor, 6.50% EOT payment)	9/29/2021	5,250	5,026	5,026	7/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)(2)	4/25/2024	1,432	1,327	1,327	4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment)	6/30/2025	7,143	7,180	7,177	6/1/2029
Minted, Inc.	Revolver (Prime + 2.50% interest rate, 9.25% floor)(2)	6/30/2025	—	—	—	12/30/2027
Minted, Inc.	Revolver (Prime + 2.00% interest rate, 8.75% floor)(2)	8/29/2025	—	—	—	12/30/2027
			7,143	7,180	7,177
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)	5/27/2021	6,500	7,124	6,863	3/31/2027
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)(2)	6/7/2022	1,000	1,075	1,059	3/31/2027
			7,500	8,199	7,922
Total E-Commerce - Clothing and Accessories - 8.66%*			21,325	21,732	21,452

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)(2)	5/14/2025	8,452	8,834	7,987	5/1/2027
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)(2)	5/14/2025	10,578	10,986	10,005	5/1/2027
Forum Brands, LLC	Growth Capital Loan (Prime + 5.75% PIK interest rate, 13.25% floor, 4.50% EOT payment)(2)	5/14/2025	2,155	2,172	2,043	5/1/2027
Forum Brands, LLC	Growth Capital Loan (12.00% PIK interest rate)(2)	5/14/2025	2,460	2,457	2,176	5/1/2027
Forum Brands, LLC	Convertible Note (12.00% PIK interest rate)(2)	8/8/2025	1	1	1	5/1/2027
Total E-Commerce - Personal Goods - 8.96%*			23,646	24,450	22,212

Educational Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment)	7/30/2024	3,000	3,103	3,103	1/1/2027
Panorama Education, Inc.	Revolver (Prime + 1.00% interest rate, 9.50% floor, 5.00% EOT payment)(2)	7/30/2024	—	—	—	7/31/2027


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Panorama Education, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	3/28/2025	2,000	2,012	2,012	9/1/2028
Panorama Education, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)(2)	8/27/2025	757	753	753	2/1/2029
Total Educational Software - 2.37%*			5,757	5,868	5,868

Energy
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	1,319	1,324	1,324	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	5,000	5,254	5,254	12/31/2026
			6,319	6,578	6,578
Valar Atomics Inc.	Growth Capital Loan (Prime + 3.50%, 10.75% floor, 3.00% EOT payment)(2)	11/12/2025	4,000	3,911	3,911	11/1/2028
Total Energy - 4.23%*			10,319	10,489	10,489

Entertainment Software
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 11.00% EOT payment)(2)	5/17/2022	1,683	1,879	1,877	4/1/2027
Total Entertainment Software - 0.76%*			1,683	1,879	1,877

Environmental Services
Earth Services, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 9.25% floor, 5.75% EOT payment)(2)	12/22/2025	2,000	1,957	1,957	12/1/2028
Rainmaker Technology Corporation	Growth Capital Loan (Prime + 3.50% interest rate, 11.50% floor, 2.75% EOT payment)	1/8/2025	4,000	3,965	3,965	7/1/2028
Total Environmental Services - 2.39%*			6,000	5,922	5,922

Financial Software
Ocrolus Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	4,286	4,370	4,370	2/1/2028
Ocrolus Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	4/22/2025	1,714	1,716	1,716	10/1/2028
			6,000	6,086	6,086
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.50% EOT payment)	8/14/2024	343	340	340	8/31/2027
Runway Financial, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor)(2)	11/21/2025	5,000	4,907	4,907	11/1/2029
Signal Advisors USA, Inc.	Revolver (Prime + 1.75% interest rate, 7.75% floor, 1.35% EOT payment)(2)	9/26/2025	167	167	167	9/26/2028
Total Financial Software - 4.64%*			11,510	11,500	11,500

Healthcare Services
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	6/22/2023	544	679	680	3/30/2026
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	11/20/2023	1,460	1,639	1,640	3/30/2026
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	9/30/2024	6,901	7,130	7,136	3/30/2026
			8,905	9,448	9,456
Pair Team, PBC	Convertible Note (6.00% interest rate)(2)	11/24/2025	100	100	100	11/7/2028
Pair Team, PBC	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 3.25% EOT payment)(2)	12/5/2025	400	398	398	6/1/2028
			500	498	498
Total Healthcare Services - 4.02%*			9,405	9,946	9,954

Healthcare Technology Systems
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment	7/14/2023	1,510	1,706	1,706	7/31/2026
Lively, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)(2)	12/1/2025	1,750	1,717	1,717	12/1/2029
Lively, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)(2)	12/1/2025	1,750	1,717	1,717	12/1/2029
Lively, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)(2)	12/1/2025	1,750	1,717	1,717	12/1/2029
			5,250	5,151	5,151


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
Total Healthcare Technology Systems - 2.77%*			6,760		6,857		6,857

Information Technology
Etched.ai, Inc.	Revolver (Prime + 4.00% interest rate, 10.75% floor)(2)	7/18/2025	4,500		4,500		4,500		4/30/2028
Sandbox VR, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 10.50% floor, 1.50% EOT payment)(2)	12/16/2025	831		818		818		10/1/2027
Sandbox VR, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 12.25% floor, 4.00% EOT payment)(2)	12/16/2025	4,130		4,066		4,066		10/1/2029
			4,961		4,884		4,884
Total Information Technology - 3.79%*			9,461		9,384		9,384

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (Prime + 1.50% cash interest rate + 6.50% PIK, 16.50% floor, 8.50% EOT payment)	7/1/2021	2,706		2,893		2,893		1/31/2027
Total Medical Software and Information Services - 1.17%*			2,706		2,893		2,893

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	4,000		4,033		4,033		3/31/2029
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	9/12/2025	500		496		496		3/31/2030
Total Multimedia and Design Software - 1.83%*			4,500		4,529		4,529

Network Management Software
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	4,545		4,604		4,372		10/1/2028
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	455		460		437		10/1/2028
			5,000		5,064		4,809
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 - 5.51%*			14,000		13,906		13,651

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.50% interest rate, 1.50% EOT payment)(2)	11/14/2025	4,000		4,002		4,052		5/1/2029
Total Other Financial Services - 1.64%*			4,000		4,002		4,052

Real Estate Services
Habyt GmbH (f/k/a Common Living Inc.)(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500		2,668		690		9/30/2025
Habyt GmbH (f/k/a Common Living Inc.)(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742		4,967		1,310		9/30/2025
			7,242		7,635		2,000
Homeward, Inc.	Growth Capital Loan (19.00% interest rate, 9.75% EOT payment)	12/30/2021	3,053		3,385		3,358		6/30/2026
Total Real Estate Services - 2.16%*			10,295		11,020		5,358

Social/Platform Software
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 2.12% EOT payment)	11/30/2021	1,146		940		489		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	1,280		1,079		546		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	1,723		1,453		735		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	2,068		1,743		882		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/21/2021	2,068		1,743		882		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment)	12/27/2021	1,034		872		441		1/31/2028
Sylva, Inc.(7)	Growth Capital Loan (15.00% PIK interest rate, 8.47% EOT payment(2)	12/18/2023	151		115		65		1/31/2028
Total Social/Platform Software - 1.63%*			9,470		7,945		4,040

Total Debt Investments - 122.03%*			$	328,902	$	328,881	$	302,379


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Warrant Investments(8)(9)

Aerospace and Defense
Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	1,049
Hermeus Corporation	Preferred Stock	10/30/2024	8,381	44		67
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		76
Loft Orbital Solutions Inc.	Common Stock	7/15/2022	6,747	58		103
Overland AI Inc.	Common Stock(2)	12/23/2025	8,722	49		49
US Chemical Technologies, Inc.	Preferred Stock(2)	10/31/2025	125,907	348		348
Total Aerospace and Defense - 0.68%*				660		1,692

Application Software
Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,079	10		22
Total Application Software - 0.01%*				10		22

Automation/Workflow Software
Union Systems Inc.	Common Stock(2)	8/28/2025	111,536	88		88
Total Automation/Workflow Software - 0.04%*				88		88

Business Applications Software
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		12
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		687
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		539
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		135
FlashParking, Inc.	Preferred Stock	6/26/2024	25,838	70		56
				520		730
Morty, Inc.	Preferred Stock	10/1/2021	70,164,447	66		—
Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51
Radar Labs, Inc.	Common Stock(2)	9/30/2025	7,082	19		22
Simpplr Inc.	Common Stock(2)	4/23/2025	15,851	78		78
Uniphore Technologies, Inc.	Common Stock(2)	12/22/2021	10,000	10		29
Total Business Applications Software - 0.65%*				861		1,609

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		29
Alloy Technologies, Inc.	Preferred Stock	8/8/2024	30,561	24		21
				74		50
Cardless Inc.	Common Stock(2)	11/18/2021	20,619	28		4
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		116
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		7
				125		123
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		49
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		131
Certamen Ventures Inc.	Preferred Stock	12/15/2023	538,703	205		275
Certamen Ventures Inc.	Preferred Stock	3/26/2025	190,577	91		91
				423		546
Equafin Corp.	Common Stock(2)	4/17/2025	17,963	20		20
Mirelo AI GmbH(1)(3)	Preferred Stock(2)	11/28/2025	289	696		696
Muon Space, Inc.	Preferred Stock	12/30/2024	45,499	56		64
Path Robotics, Inc.	Common Stock	12/17/2021	40,579	130		11
Path Robotics, Inc.	Preferred Stock	10/3/2024	20,252	38		6
				168		17
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock(2)	12/16/2022	51,590	308		70
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		28
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		10
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	11/15/2024	407	7		8


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
				41	46
Vitally, Inc.	Common Stock(2)	12/19/2025	4,553	19	19
Total Business Products and Services - 0.73%*				2,086	1,801

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156	76
Total Business to Business Marketplace - 0.03%*				156	76

Business/Productivity Software
AI2 Incorporated	Common Stock(2)	2/21/2025	29,663	—	58
Ao1 Holdings Inc.	Preferred Stock	12/13/2024	14,162	18	10
Artisan AI, Inc.	Preferred Stock(2)	5/27/2025	9,748	33	33
Bidgely Inc.	Common Stock(2)	7/30/2025	4,318	6	6
Bitonic Technology Labs, Inc.	Common Stock(2)	8/1/2025	12,511	14	14
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14	20
Construction Finance Corporation	Preferred Stock(2)	12/29/2023	126,868	48	67
				62	87
Cresta Intelligence Inc.	Common Stock(2)	6/6/2024	4,967	4	11
Highbeam, Inc.	Common Stock(2)	2/10/2023	40,380	2	31
Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46	5
Idelic Inc.	Preferred Stock(2)	11/15/2023	36,661	13	7
				59	12
Incode Technologies, Inc.	Common Stock(2)	7/18/2025	54,651	56	56
Lightbeam.ai, Inc.	Preferred Stock(2)	8/19/2025	137,951	69	69
Luxury Presence, Inc.	Preferred Stock	9/20/2023	17,016	88	66
Luxury Presence, Inc.	Preferred Stock	7/16/2024	3,384	13	13
				101	79
Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	—
Manufactured Networks, Inc.	Preferred Stock(2)	9/13/2023	73,666	25	—
Manufactured Networks, Inc.	Preferred Stock(2)	10/17/2024	8,823	2	—
				116	—
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	42
Observe, Inc.	Common Stock(2)	10/1/2025	43,632	243	243
OnSiteIQ, Inc.	Preferred Stock	6/6/2025	485,950	31	19
Rudderstack, Inc.	Common Stock(2)	6/30/2025	5,054	17	17
Sonatus, Inc.	Preferred Stock	12/23/2025	104,745	242	242
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
ThoughtSpot, Inc.	Common Stock(2)	3/3/2025	17,901	113	113
Total Expert, Inc.	Common Stock	9/29/2025	114,054	157	139
TrustPoint, Inc.	Common Stock(2)	6/16/2025	43,113	7	7
Workmate Labs, Inc.	Common Stock(2)	11/20/2024	1,238	—	—
Total Business/Productivity Software - 0.52%*				1,357	1,292

Commercial Services
Dumpling, Inc.	Preferred Stock(2)	9/30/2020	17,003	6	—
Total Commercial Services - 0.00%*				6	—

Commercial Transportation
Regent Craft Inc.	Common Stock	5/30/2025	92,477	87	87
Total Commercial Transportation - 0.04%*				87	87

Communications and Networking
Join Digital, Inc.	Common Stock	8/6/2024	50,021	78	1
Join Digital, Inc.	Common Stock(2)	11/24/2025	168,021	2	2
Total Communications and Networking - 0.00%*				80	3

Communication Software
Hiya, Inc.	Preferred Stock(2)	5/27/2020	115,073	54	54
Total Communication Software - 0.02%*				54	54


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Computer Hardware
Contoro Inc.	Common Stock(2)	9/30/2025	2,884	32	32
Eridu Corporatoin	Preferred Stock(2)	3/31/2025	143,286	75	75
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	26,386	92	61
Standard Bots Company	Preferred Stock(2)	11/13/2025	12,122	29	29
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	31,067	40	218
Quantum Circuits, Inc.	Preferred Stock(2)	8/16/2024	7,095	9	50
				49	268
Total Computer Hardware - 0.23%*				316	574

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	743
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	93
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	223
Activehours, Inc.	Preferred Stock(2)	4/19/2024	3,906	16	47
				241	1,106
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	1,040
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.88%*				339	2,176

Consumer Non-Durables
Athletic Greens International, Inc.	Ordinary Shares(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	6
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	7
				30	13
Prose Beauty, Inc.	Common Stock(2)	12/18/2023	49,020	311	608
Total Consumer Non-Durables - 0.25%*				345	625

Consumer Products and Services
Baby Generation, Inc.	Common Stock(2)	1/26/2022	13,587	10	10
The Black Tux Holdings, Inc.	Preferred Stock(2)	11/5/2021	142,939	139	450
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares	10/7/2022	192	9	—
Deep Sentinel Corp.	Preferred Stock(2)	9/10/2025	87,901	84	45
Elektra Mobility Inc.	Preferred Stock(2)	5/6/2022	38,217	25	25
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ephemeral Solutions, Inc.	Common Stock(2)	2/2/2024	135,353	1	—
				13	—
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	27
FitOn, Inc.	Common Stock	2/29/2024	33,548	74	71
FitOn, Inc.	Common Stock	6/26/2024	3,355	7	7
				81	78
Flink SE(1)(3)	Preferred Stock(2)	4/13/2022	18	23	—
Flink SE(1)(3)(11)	Preferred Stock(2)	8/21/2024	—	—	—
				23	—
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	9
Headout Inc.	Common Stock	3/15/2024	11,754	58	15
Hydrow, Inc.	Common Stock	2/9/2021	74,157	70	—
Hydrow, Inc.	Common Stock	8/6/2021	455,798	35	—
Hydrow, Inc.	Common Stock	8/6/2021	284,835	25	—
Hydrow, Inc.	Preferred Stock	12/30/2024	4,071,050	16	—
				146	—
Lower Holding Company	Preferred Stock(2)	12/28/2022	98,856	47	6
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock	8/25/2023	31,796	118	155
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	28
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	8/27/2024	20,775	37	37
				67	65


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Roadsurfer GmbH(1)(3)	Preferred Stock(2)	4/23/2024	45	335	340
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	3
Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
				64	76
Total Consumer Products and Services - 0.53%*				1,304	1,318

Database Software
Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	20
SiSense, Inc.	Success Fee(2)	12/28/2021	—	95	233
TetraScience, Inc.	Preferred Stock	1/24/2025	53,050	10	10
Total Database Software - 0.11%*				126	263

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	57
FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	132
FabFitFun, Inc.	Common Stock	6/30/2025	101,326	231	231
				642	420
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	132
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	98
Total E-Commerce - Clothing and Accessories - 0.26%*				1,057	650

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/6/2021	14,143	146	19
Forum Brands, LLC	Preferred Stock(2)	12/23/2021	12,964	188	17
Forum Brands, LLC	Preferred Stock(2)	10/11/2023	2,829	42	4
				376	40
Merama Inc.	Preferred Stock(2)	4/28/2021	71,728	589	412
Total E-Commerce - Personal Goods - 0.18%*				965	452

Educational Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	4,139	23	17
Panorama Education, Inc.	Preferred Stock(2)	8/27/2025	591	3	2
Total Educational Software - 0.01%*				26	19

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.08%*				50	192

Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	25
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	8
				194	33
Haven Energy Inc.	Preferred Stock	8/19/2024	52,486	53	106
Haven Energy Inc.	Preferred Stock(2)	7/25/2025	22,494	13	45
				66	151
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	2,042
Valar Atomics Inc.	Common Stock(2)	11/9/2025	17,103	60	60
Total Energy - 0.92%*				357	2,286

Entertainment Software
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2022	37,335	60	3
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2024	53,335	33	4
Total Entertainment Software - 0.0%*				93	7

Environmental Services
Earth Services Inc.	Preferred Stock(2)	3/1/2024	143,196	63	113


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Earth Services, Inc.	Preferred Stock(2)	3/7/2025	97,350	62	62
				125	175
Rainmaker Technology Corporation	Common Stock	1/8/2025	24,380	45	84
Total Environmental Services - 0.10%*				170	259

Financial Software
Ocrolus Inc.	Common Stock	8/14/2024	70,132	58	48
Parker Group Inc.	Common Stock	4/6/2022	5,334	17	11
Parker Group Inc.	Common Stock	8/14/2024	2,491	5	6
				22	17
Runway Financial, Inc.	Common Stock(2)	8/21/2025	33,976	46	66
Signal Advisors USA, Inc.	Preferred Stock(2)	9/26/2025	6,430	23	23
Wisetack, Inc.(1)	Common Stock	12/21/2022	23,086	84	36
Zolve Innovations Inc.	Preferred Stock(2)	7/28/2022	3,172	9	9
Total Financial Software - 0.08%*				242	199

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	3
Total General Media and Content - 0.00%*				5	3

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Levels Health Inc.	Preferred Stock(2)	9/3/2021	47,162	37	216
OpenLoop Health, Inc.	Preferred Stock	6/16/2023	11,186	51	1,039
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	520
OpenLoop Health, Inc.	Preferred Stock	11/20/2023	16,779	89	1,559
OpenLoop Health, Inc.	Preferred Stock	9/30/2024	43,625	315	4,053
				480	7,171
Pair Team, PBC	Preferred Stock(2)	7/29/2025	399	—	—
Perry Health, Inc.	Preferred Stock(2)	5/31/2023	96,516	79	42
Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	29
Waymark, Inc.	Preferred Stock(2)	9/24/2025	5,082	10	10
Wispr AI, Inc.(11)	Common Stock(2)	5/31/2022	568	3	3
Total Healthcare Services - 3.02%*				623	7,472

Healthcare Technology Systems
All Inspire Health, Inc.	Preferred Stock(2)	5/14/2025	117,883	116	116
Calibrate Health, Inc.	Common Stock(2)	10/30/2023	118,190	253	—
Capsule Corporation	Preferred Stock(2)	5/27/2020	45,008	119	8
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	7
K Health, Inc.	Common Stock	7/14/2023	61,224	187	169
Lively, Inc.	Common Stock(2)	11/7/2025	13,519	67	67
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56	228	—
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.22%*				1,010	554

Household Products
Grove Collaborative, Inc.	Common Stock(2)	5/27/2020	33,038	72	—
Total Household Products - 0.00%*				72	—

Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	113
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	893
Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	21
				109	914
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.43%*				307	1,058

Information Services (B2C)
Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	66


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	53,879	38	—
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Total Information Services (B2C) - 0.05%*				192	135

Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/19/2024	30,757	250	1,038
Etched.ai, Inc.	Common Stock(2)	7/18/2025	1,211	42	42
				292	1,080
Sandbox VR, Inc.	Common Stock(2)	12/16/2025	10,894	31	31
Information Technology - 0.45%*				323	1,111

Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/27/2020	2,775	90	91
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	101
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	9/29/2023	1,951	84	81
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	4/5/2024	4,476	84	260
Total Infrastructure - 0.22%*				323	533

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	114
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Preferred Stock(2)	8/26/2021	32,620	34	41
Total Life and Health Insurance - 0.11%*				120	262

Logistics
Passport Labs, Inc.	Common Stock(2)	5/27/2020	2,102	51	51
Total Logistics - 0.02%*				51	51

Medical Software and Information Services
HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48	—
HI LLC (Kernel)	Common Stock	2/28/2023	175,000	44	2
Total Medical Software and Information Services - 0.00%*				92	2

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	83
Hover Inc.	Preferred Stock	9/10/2024	9,182	18	17
Hover Inc.	Preferred Stock	9/12/2025	9,182	17	17
Total Multimedia and Design Software - 0.05%*				112	117

Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Skyflow Inc.	Preferred Stock	6/26/2023	39,890	31	7
Skyflow Inc.	Preferred Stock	9/27/2024	15,956	25	3
				56	10
Synack, Inc.	Common Stock	12/30/2025	40,576	68	68
Total Network Management Software - 0.10%*				304	258

Other Financial Services
Aven Holdings, Inc.(1)	Common Stock(2)	5/16/2023	35,857	361	999
Jerry Services, Inc.	Preferred Stock	6/13/2022	2,235	8	16
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	134
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	76
Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	8
Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	15
Relay Commerce, Inc.	Preferred Stock(2)	4/4/2024	36,200	26	21
				97	120
Total Other Financial Services - 0.51%*				639	1,269

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33		33
Homelight, Inc.	Preferred Stock(2)	7/27/2022	3,988	8		7
Homeward, Inc.	Preferred Stock	12/10/2021	207,106	148		180
Homeward, Inc.	Preferred Stock	9/18/2025	207,112	180		180
				328		360
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15		6
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/27/2020	26,362	83		107
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/25/2022	3,279	1		11
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	6/29/2023	34,977	11		120
				95		238
Side, Inc.	Preferred Stock(2)	7/29/2020	71,501	57		230
True Footage, Inc.	Preferred Stock(2)	11/24/2021	88,762	122		579
Total Real Estate Services - 0.59%*				664		1,468

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43		25
Sylva, Inc.	Preferred Stock	7/12/2021	44,872	30		—
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		—
Sylva, Inc.	Preferred Stock(2)	7/14/2025	19,788	—		—
				60		—
Total Social/Platform Software - 0.01%*				103		25

Software Development Applications
Appex Group, Inc.	Preferred Stock(2)	11/15/2021	47,494	132		132
Appex Group, Inc.	Preferred Stock(2)	4/14/2022	11,004	36		36
				168		168
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		57
Total Software Development Applications - 0.09%*				233		225

Total Warrant Investments - 12.22%*				$	16,008	$	30,287


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Equity Investments(9)

Aerospace and Defense
Hermeus Corporation	Preferred Stock(2)	10/30/2024	17,958	$	300	$	366
Total Aerospace and Defense - 0.15%*				300		366

Application Software
Flo Health, Inc.(1)(3)	Preferred Stock(2)	7/18/2024	8,387	500		500
Total Application Software - 0.20%*				500		500

Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	70		62
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		295
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		268
Radar Labs, Inc.	Preferred Stock(2)	9/30/2025	47,425	250		275
Tide Holdings Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		643
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.66%*				1,351		1,625

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		156
Cresta Intelligence Inc.	Preferred Stock(2)	9/30/2024	55,441	250		250
Mirelo AI GmbH(1)(3)	Preferred Stock(2)	12/22/2025	63	99		99
Mirelo AI GmbH(1)(3)	Preferred Stock(2)	12/22/2025	33	142		142
				241		241
MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	83	570		7
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		68
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		27
				595		102
Printful Inc. Holdco	Common Stock(2)	11/14/2024	11,120	24		24
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	3/28/2024	31,818	611		613
Quick Commerce Ltd.(1)(3)	Ordinary Shares(2)	3/28/2024	112,770,108	26		8
				637		621
Total Business Products and Services - 0.56%*				1,947		1,394

Business/Productivity Software
AI2 Incorporated	Preferred Stock(2)	1/3/2024	280,424	830		830
Ao1 Holdings Inc.	Preferred Stock(2)	12/13/2024	16,573	50		47
Artisan AI, Inc.	Preferred Stock(2)	1/27/2025	36,241	400		400
Brilliance Technologies Holdings, L.P.	Limited Partnership Interest(2)	5/16/2025	8,647	824		823
Continental Topco, L.P.	Limited Partnership Interest(2)	2/14/2025	928	168		168
Luxury Presence, Inc.	Preferred Stock(2)	7/24/2025	19,217	250		250
Observe, Inc.	Preferred Stock(2)	10/1/2025	18,706	200		201
Rudderstack, Inc.	SAFE(2)	6/30/2025	—	50		50
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
TrustPoint, Inc.	SAFE(2)	5/16/2025	—	50		50
Total Business/Productivity Software - 1.24%*				3,072		3,063

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	259		179
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		130
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		319
Total Business to Business Marketplace - 0.25%*				948		628

Computer Hardware
Quantum Circuits, Inc.	Preferred Stock(2)	4/17/2024	17,612	50		174
Total Computer Hardware - 0.07%*				50		174

Consumer Finance


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100	235
Total Consumer Finance - 0.09%*				100	235

Consumer Products and Services
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52	59
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	4,178	7,245
Hydrow, Inc.	Common Stock(2)	12/14/2020	610,584	166	—
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	327,630	165	1
				331	1
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	6/19/2025	5,929	347	126
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	6/19/2025	1,173	69	25
JOKR S.a.r.l.(1)(3)	Common Stock(2)	6/19/2025	595	35	2
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	6/19/2025	99,189	662	1,443
				1,113	1,596
Nakdcom One World AB(1)(3)	Hybrid(2)(13)	12/30/2025	1	1,519	1,516
Nakdcom One World AB(1)(3)	Common Stock(2)	12/30/2025	819,408	96	96
				1,615	1,612
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10	10
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250	219
TMRW Sports, Inc.	Preferred Stock(2)	11/9/2023	40,174	500	500
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250	322
Total Consumer Products and Services - 4.67%*				8,299	11,564

Database Software
ON-0731 Fund II LP(1)	Limited Partnership Interest(2)	8/29/2024	—	250	250
Total Database Software - 0.10%*				250	250

E-Commerce - Personal Goods
Forum Brands, LLC	Common Stock(2)	7/16/2021	493	90	18
Merama Inc.	Preferred Stock(2)	4/30/2021	5,433	31	51
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13	57
Merama Inc.	Preferred Stock(2)	9/13/2021	3,862	62	53
				106	161
Total E-Commerce - Personal Goods - 0.07%*				196	179

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228
Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66
Total Elder and Disabled Care - 0.12%*				264	294

Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	54
Haven Energy Inc.	Preferred Stock(2)	10/9/2024	37,489	77	129
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	1,605
Total Energy - 0.72%*				944	1,788

Financial Services
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	142
Total Financial Services - 0.06%*				150	142

Food Products
Koatji, Inc.(1)(3)	Preferred Stock(2)	2/15/2023	155,164	50	50
Total Food Products - 0.02%*				50	50

General Media and Content
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100	100
Total General Media and Content - 0.04%*				100	100

Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	1


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2025
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187		187
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200		275
Total Healthcare Services - 0.19%*				720		463

Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13		2
Capsule Corporation	Preferred Stock(2)	12/29/2022	519	2		1
Total Healthcare Technology Systems - —%*				15		3

Information Services (B2C)
Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150		150
Total Information Services (B2C) - 0.06%*				150		150

Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/9/2024	30,757	500		1,460
Total Information Technology - 0.59%*				500		1,460

Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82		130
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79		101
Total Infrastructure - 0.09%*				161		231

Life and Health Insurance
Beam Technologies Inc.	Preferred Stock(2)	1/5/2021	1,901	80		87
Total Life and Health Insurance - 0.04%*				80		87

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58		65
Total Multimedia and Design Software - 0.03%*				58		65

Network Management Software
Skyflow Inc.	Preferred Stock(2)	1/22/2024	19,945	62		38
Skyflow Inc.	Preferred Stock(2)	9/27/2024	143,604	450		271
Total Network Management Software - 0.12%*				512		309

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8		10
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		859
Total Other Financial Services - 0.35%*				698		869

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29		29
Firemaps, Inc.	Preferred Stock(2)	11/18/2025	98,091	350		350
Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443		—
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20		14
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		180
Total Real Estate Services - 0.23%*				942		573

Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		172
Total Software Development Applications - 0.07%*				250		172

Total Equity Investments - 10.79%*				$	22,607	$	26,734

Total Investments in Portfolio Companies - 145.04%*(4)(5)				$	367,496	$	359,400


Cash Equivalents

Money Market Fund	Type of Investment	Ticker	Cost		Fair Value
Federated Government Obligations Fund (3.72% yield)	Cash Equivalents	PRM	$	16,874	$	16,874
Total Cash Equivalents - 6.81%*			$	16,874	$	16,874


Foreign Currency Forward Contracts

Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Gain
British Pound Sterling (GBP)	1/27/2026	Zions Bancorporation, N.A.	£	2,000	Sold	$	2,663	$	(27)
Euro (EUR)	1/27/2026	Zions Bancorporation, N.A.	€	1,500	Sold	$	1,749	$	(13)
Total Foreign Currency Forward Contracts - (0.02)%*						$	4,412	$	(40)

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2025, non-qualifying assets represented 8.0% 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)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 $359.4 million at fair value and represented 145.0% 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.

(5)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board.

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $25.8 million, $33.8 million and $8.0 million, respectively, for the December 31, 2025 investment portfolio. The tax cost of investments is $369.6 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 $32.2 million and $12.6 million, respectively.

(8)Warrants are associated with funded debt instruments as well as certain commitments to provide future funding against certain unfunded obligations.

(9)Non-income producing investments.

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

* Value as a percentage of net assets.

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

•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 Prime rate (“Prime”), as of June 30, 2026 and December 31, 2025, Prime was 6.75%. As of June 30, 2026, approximately 81.4%, or $272.1 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 purposes of calculating interest due of 3.25% or higher. As of December 31, 2025, approximately 80.1%, or $263.6 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which had interest rate floors at or above 3.25%.

•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 table are subject to change based on certain events such as prepayments.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2026

(unaudited)

Note 1. Organization

TriplePoint Global Venture Credit, LLC was formed on October 2, 2019 as a Maryland limited liability company. On May 27, 2020, TriplePoint Global Venture Credit, LLC changed its name to TriplePoint Private Venture Credit Inc. (the “Company”) in connection with its conversion from a Maryland limited liability company to a Maryland corporation and the commencement of its investment operations. 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 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’s investment objective is to maximize its total return to stockholders primarily in the form of current income from secured loans and, to a lesser extent, through capital gains from equity “kickers” in the form of warrants and direct equity investments to venture capital-backed companies. 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 TriplePoint Capital LLC (“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 “Advisory Agreement”), 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: TPVC 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 holders, and TPVC Investment LLC, an entity established for holding certain of the Company’s investments in order to benefit without negatively impacting the Company’s RIC tax status. These subsidiaries are consolidated in the financial statements of the Company.

On December 10, 2025, the Company’s Board of Directors unanimously approved the extension of the term of the Company to December 19, 2026 from December 19, 2025, with an additional one-year extension to December 19, 2027 available.

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 10, 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 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 invested equity capital (as defined below) as of the end of the then-current quarter and the prior calendar quarter. For this purpose, “invested equity capital” means the amounts drawn on the Company’s capital commitments from investors.

Following the closing of the listing of shares of the Company’s common stock on a national securities exchange, including in connection with an initial public offering (“IPO”), the base management fee will be calculated at an annual rate of 1.75% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. The base management fee will be calculated based on the average value of the Company’s gross assets at the end of its two most recently completed calendar quarters.

Incentive Fee

The incentive fee, which provides the Adviser with a share of the income that it generates for the Company, 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, the Company will pay 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% (which is 8.0% annualized) of its 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 the 2.0% level but less than 2.5%. The effect of the “catch-up” provision is that 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 investment income component of the incentive fee will be subject to a total return requirement, which will provide that no incentive fee in respect of the Company’s pre-incentive fee net investment income will be payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding quarters (the “Trailing Twelve Quarters”) exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding quarters. 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 for the Trailing Twelve Quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. 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 for the Trailing Twelve Quarters. However, following the occurrence (if any) of an IPO, the Trailing Twelve Quarters will be “reset” so as to include, as of the end of any quarter, the calendar quarter then ending and the 11 preceding calendar quarters (or if shorter, the number of quarters that have occurred since the IPO, rather than the number of quarters that have occurred since May 27, 2020).

The capital gains component of the incentive fee will be determined and paid annually in arrears at the end of each calendar year or, in the event of an Advanced Liquidity Event (as defined below), the date on which the closing of such Advanced Liquidity Event occurs. At the end of each calendar year (or upon the effectuation of an Advanced Liquidity Event), the Company will pay the Adviser (A) 20.0% of the difference, if positive, of the sum of aggregate cumulative realized capital gains, if any, computed net of aggregate cumulative realized capital losses, if any, and aggregate cumulative unrealized capital depreciation, in each case from May 27, 2020, the initial effective date of the Advisory Agreement, through the end of such year (or the date on which an Advanced Liquidity Event occurs), less (B) the aggregate amount of any previously paid capital gains incentive fees from May 27, 2020 until the end of such calendar year (or the date on which an Advanced Liquidity Event occurs). For the foregoing purpose, “aggregate cumulative realized capital gains” does not include any unrealized capital appreciation. An Advanced Liquidity Event could include: (1) a listing of the Company’s shares of capital stock on a national securities exchange, including through an IPO, (2) a merger with another entity, including an affiliated company, subject to any limitations under the 1940 Act or (3) the sale of all or substantially all of the assets of the Company.

The Company will accrue, but not pay, a portion of the capital gains incentive fee with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue a capital gains incentive fee that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the capital gains component of the incentive fee, the Company will consider the cumulative aggregate unrealized capital appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company will record a capital gains incentive fee equal to 20.0% of such amount, minus the aggregate amount of the actual capital gains incentive fee paid in all prior periods. If such amount is negative, then there is no accrual for such period and previous accruals for capital gains incentive fees may be reversed. There can be no assurance that such unrealized capital appreciation will be realized in the future. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, including upon the effectuation of a merger of the Company with another entity (including an affiliated company, subject to any limitations under the 1940 Act) or the sale of all or substantially all of the Company’s assets, the termination date is treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.

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 June 30, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the three and six months ended June 30, 2026 and 2025. The Adviser earned $0.7 million and $0.7 million in income incentive fees during the three and six months ended June 30, 2026, which amounts have been accrued by the Company; however, rather than receiving all income incentive fees earned as of June 30, 2026, the Adviser has elected to defer payment of such income incentive fees until December 31, 2026. There were no income incentive fees accrued for the three and six months ended June 30, 2025. The base management fee and income incentive fee earned by the Adviser and capital gains incentive fee accrual are included in the Company’s consolidated financial statements and summarized in the table below:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Base Management and Incentive Fees (in thousands)	2026		2025		2026		2025
Base management fee	$	1,548	$	1,548	$	3,078	$	3,078
Income incentive fee	$	719	$	—	$	719	$	—
Capital gains incentive fee	$	—	$	—	$	—	$	—

Administration Agreement

The 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 June 30, 2026 and 2025, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.6 million and $0.6 million, respectively.

For the six months ended June 30, 2026 and 2025, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $1.1 million and $1.1 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 Audit 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 its 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, 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 Audit 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 Audit 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 Audit 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.

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 June 30, 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)	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	307,558	$	307,558	$	—	$	—	$	302,379	$	302,379
Warrant investments	—		—		43,315		43,315		—		—		30,287		30,287
Equity investments	321		—		28,317		28,638		—		—		26,734		26,734
Total portfolio company investments	$	321	$	—	$	379,190	$	379,511	$	—	$	—	$	359,400	$	359,400
Derivative instruments(1)	—		40		—		40		—		(40)		—		(40)
Total investments, including derivative instruments	$	321	$	40	$	379,190	$	379,551	$	—	$	(40)	$	359,400	$	359,360

_______________

(1)Derivative instruments are carried at fair value and a level 2 security within the Company’s fair value hierarchy.

The following table shows information about Level 3 portfolio company investments measured at fair value for the six months ended June 30, 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 Six Months Ended June 30, 2026
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2025	$	302,379	$	30,287	$	26,734	$	359,400
Funding and purchases of investments, at cost	75,768		1,033		1,003		77,804
Principal payments and sale proceeds received from investments	(66,619)		(299)		—		(66,918)
Amortization and accretion of premiums and discounts, net and end-of term payments	1,371		—		—		1,371
Realized gains (losses) on investments	(7,600)		(196)		—		(7,796)
Net change in unrealized gains (losses) included in earnings	314		12,582		787		13,683
Payment-in-kind coupon	1,945		—		—		1,945
Transfers between investments	—		(43)		43		—
Gross transfers out of Level 3(1)	—		(49)		(250)		(299)
Fair value as of June 30, 2026	$	307,558	$	43,315	$	28,317	$	379,190

Net change in unrealized gains / (losses) on Level 3 investments held as of June 30, 2026	$	(6,229)	$	12,599	$	911	$	7,281


Level 3 Investment Activity (in thousands)	For the Six Months Ended June 30, 2025
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2024	$	318,838	$	24,111	$	16,948	$	359,897
Funding and purchases of investments, at cost	39,132		1,169		1,544		41,845
Principal payments and sale proceeds received from investments	(54,720)		(1,438)		(152)		(56,310)
Amortization and accretion of premiums and discounts, net and end-of term payments	3,809		—		—		3,809
Realized gains (losses) on investments	(16,145)		237		(353)		(16,261)
Net change in unrealized gains (losses) included in earnings	(4,889)		2,344		1,747		(798)
Payment-in-kind coupon	3,055		—		—		3,055
Transfers between investments	—		(634)		634		—
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of June 30, 2025	$	289,080	$	25,789	$	20,368	$	335,237

Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2025	$	(10,480)	$	906	$	1,420	$	(8,154)

_______________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were two transfers out of Level 3 during the six months ended June 30, 2026 and none during the six months ended June 30, 2025.

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

For the three months ended June 30, 2026 and 2025, the Company recognized net realized losses of $7.5 million and $13.2 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized net realized losses of $7.3 million and of $16.4 million, respectively.

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

During the three months ended June 30, 2026, and 2025, net change in unrealized gains totaled $2.8 million and $9.5 million, respectively. During the six months ended June 30, 2026 and 2025, net change in unrealized gains/(losses) totaled $13.8 million and $(1.5) million, respectively.

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of June 30, 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)

June 30, 2026

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

295,406

Discounted Cash Flows

Discount Rate

7.06% - 60.63%

18.36%

12,152

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

0.00% - 100.00%

74.58%

Warrant investments

43,315

Black Scholes Option Pricing Model

Revenue Multiples

0.40x - 56.90x

3.32x

Volatility

35.00% - 100.00%

68.34%

Term

0.50 - 5.00 Years

2.95 Years

Risk Free Rate

0.17% - 4.87%

3.40%

EBITDA Multiples

0.00x - 16.00x

15.00x

Gross Profit Multiples

0.00x - 6.25x

5.75x

Equity investments

28,317

Black Scholes Option Pricing Model

Volatility

30.00% - 110.00%

59.97%

Term

0.75 - 5.00 Years

3.00 Years

Risk Free Rate

0.46% - 4.86%

3.46%

Revenue Multiples

0.55x - 11.00x

1.99x

EBITDA Multiples

10.50x - 11.50x

11.00x

Total portfolio company investments

379,190

Level 3 Investments
(dollars in thousands)

December 31, 2025

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

285,046

Discounted Cash Flows

Discount Rate

6.17% - 51.14%

16.02%

17,333

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

—% - 100.00%

71.22%

Warrant investments

30,287

Black Scholes Option Pricing Model

Revenue Multiples

0.45x - 56.90x

5.27x

Volatility

35.00% - 85.00%

65.49%

Term

0.50 - 5.00 Years

3.42 Years

Risk Free Rate

0.17% - 4.87%

3.25%

Equity investments

26,734

Black Scholes Option Pricing Model

Volatility

40.00% - 85.00%

57.88%

Term

1.75 - 4.50 Years

3.04 Years

Risk Free Rate

0.46% - 4.86%

3.41%

Revenue Multiples

0.55x - 11.00x

2.24x

EBITDA Multiples

10.50x - 11.50x

11.00x

Total portfolio company investments

359,400

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.

Derivative Instruments

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The notional amounts as of June 30, 2026 and December 31, 2025, as shown in the Consolidated Schedule of Investments, are representative of the average volume throughout the six months ended June 30, 2026 and year ended December 31, 2025, respectively. The following table shows a summary of the fair value and location of the Company’s derivative instruments in the Consolidated Statements of Assets and Liabilities held as of June 30, 2026 and December 31, 2025:


		Fair Value as of
Derivative Instrument	Statement Location	June 30, 2026		December 31, 2025
Foreign currency forward contracts	Unrealized gains on foreign currency forward contracts	$	40	$	—
Foreign currency forward contracts	Unrealized losses on foreign currency forward contracts	—		(40)
Total		$	40	$	(40)

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the three and six months ended June 30, 2026 and 2025 are in the following locations in the Consolidated Statements of Operations:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
Derivative Instrument	Statement Location	2026		2025		2026		2025
Foreign currency forward contracts	Net realized gains/(losses) on foreign currency forward contracts	$	23	$	(732)	$	(62)	$	(255)
Foreign currency forward contracts	Net change in unrealized gains/(losses) on foreign currency forward contracts	(27)		22		79		(750)
Total		$	(4)	$	(710)	$	17	$	(1,005)

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables show the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of June 30, 2026 and December 31, 2025:


	As of June 30, 2026
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Zions Bancorporation, N.A.	$	40	$	—	$	—	$	—	$	40
Total	$	40	$	—	$	—	$	—	$	40

Counterparty

Derivative Liabilities Subject to Master Netting Agreement

Derivatives Available for Offset

Non-cash Collateral Received(1)

Cash Collateral Received(1)

Net Amount of Derivative Liabilities(3)

Zions Bancorporation, N.A.

—

Total

—

As of December 31, 2025

Counterparty

Derivative Assets Subject to Master Netting Agreement

Derivatives Available for Offset

Non-cash Collateral Received(1)

Cash Collateral Received(1)

Net Amount of Derivative Assets(2)

Zions Bancorporation, N.A.

—

Total

—


Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
Zions Bancorporation, N.A.	$	(40)	$	—	$	—	$	—	$	(40)
Total	$	(40)	$	—	$	—	$	—	$	(40)

_______________

(1)In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)Net amount of derivative assets represents the net amount due from the counterparty to the Company.

(3)Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

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 June 30, 2026 and December 31, 2025:


Liability (in thousands)	June 30, 2026						December 31, 2025
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	75,000	$	58,000	$	17,000	$	75,000	$	66,000	$	9,000
2027 Notes	75,000		75,000		—		75,000		75,000		—
Total	$	150,000	$	133,000	$	17,000	$	150,000	$	141,000	$	9,000

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. These expenses are shown in the table below:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Interest Expense and Amortization of Fees (in thousands)	2026		2025		2026		2025
Revolving Credit Facility
Interest cost	$	954	$	2,554	$	1,878	$	5,075
Unused fee	15		199		30		401
Amortization of costs and other fees	121		252		244		501
Revolving Credit Facility Total	$	1,090	$	3,005	$	2,152	$	5,977

2027 Notes
Interest cost	$	1,099	$	1,097	$	2,198	$	2,198
Amortization of costs and other fees	52		49		103		97
2027 Notes Total	$	1,151	$	1,146	$	2,301	$	2,295

Total interest expense and amortization of fees	$	2,241	$	4,151	$	4,453	$	8,272

Credit Facility

On July 15, 2020, the Company’s wholly-owned subsidiary, the Financing Subsidiary, as the borrower, entered into a secured revolving credit facility (as amended, the “Credit Facility”) pursuant to a Receivables Financing Agreement (as amended, the “Receivables Financing Agreement”), by and among the Financing Subsidiary, the Company, individually and as collateral manager and as equityholder, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as the facility agent, DBNY and MUFG Union Bank, N.A. (“MUFG”), as joint lead arrangers, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, the custodian party thereto, and Vervent Inc., as backup collateral manager. As of June 30, 2026, commitments available totaled $75.0 million from one lender—DBNY—subject to an accordion feature, which allows the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $125.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of DBNY, as the sole lender. The Credit Facility is collateralized by all of the assets of the Financing Subsidiary, including the loans and other investments acquired by the Financing Subsidiary from time to time and collections thereon.

As of June 30, 2026, the revolving period under the Credit Facility is scheduled to expire on July 15, 2027, subject to an extension with the consent of the lenders and early termination if an event of default occurs or other adverse events, specified in the Receivables Financing Agreement, occur. As of June 30, 2026, the scheduled maturity date for the Credit Facility is January 15, 2029, unless earlier terminated in accordance with the terms of the Receivables Financing Agreement. Advances are made under the Credit Facility pursuant to a borrowing base, which generally utilizes a 55% advance rate on the applicable net loan balance of assets held by the Financing Subsidiary, subject to excess concentrations and other restrictions set forth in the Receivables Financing Agreement. As of June 30, 2026, advances under the Credit Facility accrued interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50% and were subject to certain minimum principal utilization amounts during the revolving period. As of June 30, 2026, the applicable margin equaled 3.05% during the revolving period, with an increase to 4.05% during the amortization period.

The Credit Facility includes customary representations and warranties and requires the Company and the Financing Subsidiary to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the Credit Facility are subject to the leverage restrictions contained in the 1940 Act. As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants under the Credit Facility.

As of June 30, 2026 and December 31, 2025, the Company had outstanding borrowings under the Credit Facility of $58.0 million and $66.0 million, respectively, excluding deferred credit facility costs of $1.1 million and $1.4 million, respectively, which are included as assets 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 in the fair value hierarchy if determined as of the reporting date. During the three months ended June 30, 2026 and 2025, the Company had average outstanding borrowings under the Credit Facility of $51.6 million and $92.9 million, respectively, at a weighted average interest rate of 6.72% and 7.55%, respectively. During the six months ended June 30, 2026 and 2025, the Company had average outstanding borrowings under the Credit Facility of $51.0 million and $90.5 million, respectively, at a weighted average interest rate of 6.72% and 7.55%, respectively. As of June 30, 2026 and December 31, 2025, $222.6 million and $219.2 million, respectively, of the Company’s assets were pledged for borrowings under the Credit Facility.

2027 Notes

On April 6, 2022, the Company issued $75.0 million in aggregate principal amount of senior unsecured notes due April 2027 with a fixed interest rate of 5.86% per year (the “2027 Notes”). The 2027 Notes were issued in a private placement to certain qualified institutional investors, pursuant to the terms of the Master Note Purchase Agreement, dated as of April 6, 2022 (the “Note Purchase Agreement”). The 2027 Notes will mature on April 6, 2027, unless redeemed, purchased or prepaid prior to such date in accordance with their terms. 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 6.86% 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.

Interest on the 2027 Notes is due semiannually on April 6 and October 6 each year, beginning on October 6, 2022. 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.

The Note Purchase Agreement 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, 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 requirement of $142.8 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, 2021. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. As of June 30, 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 $0.2 million and $0.3 million of deferred issuance cost as of June 30, 2026 and December 31, 2025, respectively, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of June 30, 2026 and December 31, 2025, the fair value of the 2027 Notes was $73.9 million and $74.9 million, respectively, 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 June 30, 2026 and December 31, 2025:


Liability (in thousands)	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Credit Facility	$	—	$	—	$	58,000	$	58,000	$	—	$	—	$	66,000	$	66,000
2027 Notes	—		—		73,943		73,943		—		—		74,881		74,881
Total	$	—	$	—	$	131,943	$	131,943	$	—	$	—	$	140,881	$	140,881

Note 7. Commitments and Contingencies

Commitments

As of June 30, 2026 and December 31, 2025, the Company’s unfunded commitments totaled $92.1 million to 28 portfolio companies and $119.4 million to 33 portfolio companies, respectively, of which $11.3 million and $13.2 million, respectively, were dependent upon the applicable portfolio company 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 June 30, 2026 and December 31, 2025:


	June 30, 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
All Inspire Health, Inc.	$	9,258	$	197	$	7,000	$	197
Eightfold AI, Inc.	7,000		18		7,000		18
Open Space Labs, Inc.	6,000		110		—		—
Etched.ai, Inc.	6,000		—		5,500		—
Minted, Inc.	5,714		—		5,714		—
Waymark, Inc.	5,000		28		5,000		28
Bidgely Inc.	5,000		18		5,000		18
Artisan AI, Inc.	5,000		46		5,000		46
Signal Advisors USA, Inc.	4,583		—		4,833		—
Deep Sentinel Corp.	4,500		—		4,500		—
Mimic Networks, Inc.	3,750		19		—		—
Pair Team, PBC	3,600		8		3,600		8
Haus Analytics Inc.	3,333		51		—		—
Rigor AI Inc.	3,000		30		—		—
Earth Services, Inc.	3,000		67		3,000		67
AIGent, Inc.	3,000		120		—		—
Total Expert, Inc.	2,500		39		2,500		39
Kintsugi AI, Inc.	2,143		93		—		—
Bitonic Technology Labs, Inc.	2,000		6		3,250		12
Lively, Inc.	1,750		34		1,750		34
Skyflow Inc.	1,560		16		—		—
Radar Labs, Inc.	1,500		22		1,500		22
Freed, Inc.	1,000		2		—		—
Hover Inc.	600		16		1,500		34
Communify Group LLC	500		9		—		—
Planhub Holdings, LLC	313		—		438		—
Panorama Education, Inc.	300		—		300		—
FloatMe Corp.	200		—		—		—
Worldwide Freight Logistics Ltd.	—		—		753		4
Union Systems Inc.	—		—		5,000		138
ThoughtSpot, Inc.	—		—		7,000		119
Simpplr Inc.	—		—		3,500		57
Rudderstack, Inc	—		—		5,000		24
Observe, Inc.	—		—		8,000		162
Muon Space, Inc.	—		—		2,131		45
Lightbeam.ai, Inc.	—		—		2,000		—
Join Digital, Inc.	—		—		175		—
Incode Technologies, Inc.	—		—		7,000		126
Hydrow Inc.	—		—		842		—
Flashparking, Inc.	—		—		250		1
Equafin Corp.	—		—		6,123		32
Contoro Inc.	—		—		3,000		47
Ao1 Holdings, Inc.	—		—		1,200		18
Total	$	92,104	$	949	$	119,359	$	1,296

_______________

(1)As of June 30, 2026, the Company did not have any backlog of potential future commitments. As of December 31, 2025, the Company had a $2.3 million backlog of future commitments. Refer to the “Backlog of Potential Future Commitments” below.

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 counterparties’ 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 for the periods presented:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Commitments Activity (in thousands)	2026		2025			2026		2025
Unfunded commitments at beginning of period(1)	$	92,154	$	70,627		$	121,617	$	67,054
New commitments(1)	68,308		56,531			91,808		84,531
Fundings	(46,520)		(22,247)			(77,379)		(39,741)
Repayments under existing revolvers	156		617			237		1,455
Expirations / Terminations	(22,012)		(20,061)			(44,187)		(27,923)
Foreign currency adjustments	18		187			8		278
Unfunded commitments and backlog of potential future commitments at end of period	$	92,104	$	85,654		$	92,104	$	85,654
Backlog of potential future commitments	—		—			—		—
Unfunded commitments at end of period	$	92,104	$	85,654		$	92,104	$	85,654

_______________

(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 June 30, 2026 and December 31, 2025:


Unfunded Commitments(1) (in thousands)	June 30, 2026		December 31, 2025
Dependent on milestones	$	11,315	$	13,175
Expiring during:
2026	53,661		84,075
2027	25,860		24,952
2028	12,083		10,332
2031	500		—
Unfunded commitments	$	92,104	$	119,359

_______________

(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 June 30, 2026, the Company did not have any backlog of potential future commitments. As of December 31, 2025, the Company had a $2.3 million backlog of future commitments.

Note 8. Financial Highlights

The following table shows the financial highlights for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30,
Financial Highlights (in thousands, except share and per share data)	2026			2025
Per Share Data(1)
Net asset value at beginning of period	$	10.44		$	11.11
Changes in net asset value due to:
Net investment income	0.54			0.50
Net realized gains (losses)	(0.31)			(0.69)
Net change in unrealized gains (losses)	0.58			(0.06)
Distributions to common shareholders	(0.56)			(0.35)
Net asset value at end of period	$	10.69		$	10.51

Net investment income per common share	0.54			$	0.50
Net increase (decrease) in net assets resulting from operations per common share	$	0.81		$	(0.25)
Weighted average shares of common stock outstanding for period	23,689,363			23,689,363
Shares of common stock outstanding at end of period	23,689,363			23,689,363

Ratios / Supplemental Data(2)
Net asset value at end of period	$	253,821		$	249,504
Average net asset value	$	251,982		$	257,872
Total return based on net asset value per share(3)	7.8		%	(2.3)		%
Portfolio turnover rate(4)	40.7		%	24.2		%
Net investment income to average net asset value(4)	10.3		%	9.3		%
Net increase (decrease) in net assets to average net asset value(4)	15.5		%	(4.7)		%
Ratio of expenses to average net asset value(4)	8.6		%	10.6		%
Operating expenses excluding incentive fees to average net asset value(4)	8.0		%	10.6		%
Income incentive fees to average net asset value(4)	0.6		%	—		%

_____________

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

(2)NAV used in ratios represents NAV to common shareholders and excludes preferred shareholders’ equity.

(3)Total return based on NAV is the change in ending NAV per common share plus distributions per common share paid during the period by the beginning NAV per common share. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period presented and is not annualized.

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average portfolio yield on debt investments for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30,
Ratios (Percentages, on an annualized basis)(1)	2026		2025
Weighted average portfolio yield on debt investments(2)	14.6	%	14.7	%
Coupon income	10.2	%	10.9	%
Accretion of discount	1.3	%	1.2	%
Accretion of end-of-term payments	1.4	%	1.6	%
Impact of prepayments during the period	1.7	%	1.0	%

_____________

(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 on debt investments for the six months ended June 30, 2026 and 2025 was 14.5% and 14.4%, 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 the Company's shareholders.

Note 9. Net Increase in Net Assets per Share

The following table shows the computation of basic and diluted net increase (decrease) in net assets per common share for the periods presented:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Basic and Diluted Share Information (in thousands, except share and per share data)	2026		2025		2026		2025
Net investment income	$	5,494	$	6,741	$	12,855	$	11,948
Net increase (decrease) in net assets resulting from operations	$	809	$	3,017	19,325		(5,955)
Basic and diluted weighted average shares of common stock outstanding	23,689,363		23,689,363		23,689,363		23,689,363
Basic and diluted net investment income per share of common stock	$	0.23	$	0.28	$	0.54	$	0.50
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock	$	0.03	$	0.13	$	0.81	$	(0.25)

Note 10. Equity

During each of the three and six months ended June 30, 2026 and 2025, the Company did not issue any shares of common stock through the Company’s private placement offering.

As of both June 30, 2026 and December 31, 2025, the Company had 23,689,363 shares of common stock outstanding. As of both June 30, 2026 and December 31, 2025, the Company had 525 shares of its Series A Preferred Stock outstanding.

As of June 30, 2026, the Company had received capital commitments totaling $386.8 million, of which $354.7 million had been funded, with the Company’s stockholders released from funding obligations for any remaining undrawn capital commitments effective upon the expiration of the Company’s investment period in December 2023, subject to limited exceptions set forth in the stockholders’ subscription agreements with the Company.

Note 11. Common 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 shareholders. 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 U.S. 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 $0.7 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively.

The following table shows the Company’s cash distributions per common share that have been authorized by the Board since commencement of operations to June 30, 2026:

Date Declared

Record Date

Payment Date

Per Share Amount

November 12, 2020

November 13, 2020

November 20, 2020

0.15

December 21, 2020

December 22, 2020

December 30, 2020

0.30

December 21, 2020

December 22, 2020

December 30, 2020

0.14

(1)

May 12, 2021

May 13, 2021

May 19, 2021

0.30

August 11, 2021

August 13, 2021

August 27, 2021

0.30

October 29, 2021

November 1, 2021

November 12, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.10

(2)

April 28, 2022

May 13, 2022

May 19, 2022

0.33

July 26, 2022

August 5, 2022

August 26, 2022

0.40

October 28, 2022

November 1, 2022

November 11, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.10

(2)

April 27, 2023

May 12, 2023

May 19, 2023

0.42

July 27, 2023

August 4, 2023

August 25, 2023

0.42

October 27, 2023

October 30, 2023

November 15, 2023

0.47

December 5, 2023

December 12, 2023

December 29, 2023

0.47

December 5, 2023

December 12, 2023

December 29, 2023

0.12

(2)

April 25, 2024

April 29, 2024

May 17, 2024

0.47

August 1, 2024

August 5, 2024

August 23, 2024

0.41

October 31, 2024

November 1, 2024

November 15, 2024

0.41

December 13, 2024

December 27, 2024

0.41

December 13, 2024

December 27, 2024

0.10

(2)

May 15, 2025

May 16, 2025

May 23, 2025

0.35

July 30, 2025

August 1, 2025

August 22, 2025

0.28

November 11, 2025

November 13, 2025

November 26, 2025

0.28

December 22, 2025

January 2, 2026

January 16, 2026

0.28

April 29, 2026

May 1, 2026

May 22, 2026

0.28

Total cash distributions

8.69

_____________

(1)Represents a special distribution sourced from net realized short-term capital gains.

(2)Represents a special distribution sourced from net investment income.

It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company’s consolidated statements of operations during the three and six months ended June 30, 2026. 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 defer the payment of distributions associated with the excess taxable income for future calendar years.

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 strategy as disclosed in its SEC filings, 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. 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

Distribution

On July 29, 2026, the Board declared a $0.28 per share distribution to the Company’s common stockholders, payable on August 21, 2026 to stockholders of record on July 31, 2026.

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 Private Venture Credit Inc. 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 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;

•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, including undrawn capital commitments from investors and the ability of our investors to fulfill their obligations under their respective subscription agreements, 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 could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

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

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

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

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

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

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

Overview

We are an externally managed, closed-end, non-diversified 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.

We were formed in October 2019 to capitalize on the strong worldwide demand from venture capital-backed companies for debt financing originated by the TPC global investment platform and commenced investment operations on May 27, 2020. We participate in and benefit from TPC’s multi-stage Lifespan Approach by lending to early, later, and venture growth stage companies focused in technology and other high growth industries that are backed by TPC’s select group of leading venture capital investors and generally have a global business strategy and products or services that appeal to customers and consumers worldwide. We generally view high growth industries as industries which experience a higher than average growth rate as compared to others as a result of demand for new products or services offered by companies in these industries.

Our investment objective is to maximize our total return to shareholders primarily in the form of current income from our secured loans, and, to a lesser extent, through capital gains from equity “kickers” in the form of warrants and direct equity investments.

We operate as one operating unit and one segment for financial reporting purposes, consistent with how the CEO and CFO, who collectively are our CODM, evaluate financial performance and allocate resources.

Portfolio Composition, Investment Activity and Asset Quality

Portfolio Composition

We originate and invest primarily in loans that have a secured collateral position and are used by venture capital-backed companies to finance their continued expansion and growth, and, on a select basis, equipment financings and revolving loans, together with, in many cases, attached equity “kickers” in the form of warrant investments, and direct equity investments. We believe these investments will provide us with a stable, fixed-income revenue stream along with the potential for our returns to be enhanced by equity-related gains. We underwrite our investments seeking an unlevered yield-to-maturity on our growth capital loans and equipment financings generally ranging from 10% to 18% and on our revolving loans generally ranging from 1% to 10% above the applicable prime rate, in each case, with potential for higher returns in the event we are able to exercise warrant investments and realize gains or sell our related equity investments at a profit. We make investments that our Adviser’s senior investment team believes have a low probability of loss due to their expertise and either the existence of or the near-term potential for strong revenue or revenue growth, product validation, customer commitments, intellectual property, financial condition and enterprise value of the potential opportunity. The Adviser’s senior investment team also generally seeks to invest no more than 5% of our total assets in equity investments.

The following tables show certain information relating to the composition of our portfolio as of June 30, 2026 and December 31, 2025:


	June 30, 2026
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	333,745	$	307,558	$	(26,187)	130	71
Warrant investments	16,454		43,315		26,861		227	168
Equity investments	23,702		28,638		4,936		88	70
Total investments in portfolio companies	$	373,901	$	379,511	$	5,610	445	190	(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	$	328,881	$	302,379	$	(26,502)	147	77
Warrant investments	16,008		30,287		14,279		227	166
Equity investments	22,607		26,734		4,127		81	64
Total investments in portfolio companies	$	367,496	$	359,400	$	(8,096)	455	185	(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 June 30, 2026 and December 31, 2025:


	June 30, 2026
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Business/Productivity Software	$	53,889	14.2	%
Consumer Products and Services	50,205		13.2
Business Applications Software	29,168		7.7
Information Technology	24,152		6.4
E-Commerce - Personal Goods	23,598		6.2
E-Commerce - Clothing and Accessories	21,250		5.6
Healthcare Services	19,916		5.2
Financial Software	19,724		5.2
Network Management Software	18,581		4.9
Aerospace and Defense	13,245		3.5
Energy	11,277		3.0
Other Financial Services	10,946		2.9
Business Products and Services	10,687		2.8
Educational Software	9,678		2.6
Multimedia and Design Software	9,559		2.5
Computer Hardware	8,073		2.1
Healthcare Technology Systems	6,139		1.6
Database Software	5,755		1.5
Environmental Services	5,536		1.5
Communications and Networking	5,222		1.4
Real Estate Services	4,070		1.1
Social/Platform Software	3,167		0.8
Commercial Transportation	2,997		0.8
Consumer Finance	2,411		0.6
Medical Software and Information Services	2,137		0.6
Entertainment Software	1,752		0.5
Human Capital Services	1,027		0.3
Healthcare Devices and Supplies	806		0.2
Infrastructure	764		0.2
Business to Business Marketplace	704		0.2
Consumer Non-Durables	625		0.2
Application Software	522		0.1
Elder and Disabled Care	486		0.1
Software Development Applications	397		0.1
Life and Health Insurance	349		0.1
Information Services (B2C)	209		0.1
Financial Services	142		*
General Media and Content	103		*
Automation/Workflow Software	88		*
Communication Software	54		*
Logistics	51		*
Food Products	50		*
Commercial Services	—		*
Cultivation	—		*
Home Furnishings	—		*
Household Products	—		*
Total portfolio company investments	$	379,511	100.0	%

_______________

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


	December 31, 2025
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	53,232	14.8	%
Business/Productivity Software	42,122		11.7
Business Applications Software	29,149		8.1
Business Products and Services	23,931		6.7
E-Commerce - Personal Goods	22,843		6.4
E-Commerce - Clothing and Accessories	22,102		6.1
Healthcare Services	17,890		5.0
Aerospace and Defense	15,872		4.4
Energy	14,563		4.1
Network Management Software	14,218		4.0
Information Technology	11,955		3.3
Financial Software	11,699		3.3
Computer Hardware	11,315		3.1
Healthcare Technology Systems	7,414		2.1
Real Estate Services	7,399		2.1
Other Financial Services	6,190		1.7
Environmental Services	6,181		1.7
Educational Software	5,887		1.6
Database Software	5,560		1.5
Communications and Networking	5,222		1.5
Multimedia and Design Software	4,711		1.3
Social/Platform Software	4,065		1.1
Commercial Transportation	3,012		0.8
Medical Software and Information Services	2,895		0.8
Consumer Finance	2,411		0.7
Entertainment Software	1,884		0.5
Human Capital Services	1,058		0.3
Infrastructure	764		0.2
Business to Business Marketplace	704		0.2
Consumer Non-Durables	625		0.2
Application Software	522		0.1
Elder and Disabled Care	486		0.1
Software Development Applications	397		0.1
Life and Health Insurance	349		0.1
Information Services (B2C)	285		0.1
Financial Services	142		*
General Media and Content	103		*
Automation/Workflow Software	88		*
Communication Software	54		*
Logistics	51		*
Food Products	50		*
Total portfolio company investments	$	359,400	100.0	%

_____________

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

The following table shows the financing product type of our debt investments as of June 30, 2026 and December 31, 2025:


	June 30, 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	$	294,492	95.7	%	$	288,586	95.4	%
Revolver loans	12,525		4.1		13,237		4.4
Convertible notes	541		0.2		556		0.2
Total debt investments	$	307,558	100.0	%	$	302,379	100.0	%

Growth capital loans in which the borrower held a term loan facility with another lender, with or without an accompanying revolving loan, in priority to our senior lien represented 21.7% and 17.6% of our debt investments at fair value as of June 30, 2026 and December 31, 2025, respectively.

Investment Activity

During the three months ended June 30, 2026, we entered into debt commitments with 8 new portfolio companies and 3 existing portfolio companies totaling $68.3 million, funded debt investments to 15 portfolio companies for $46.5 million in principal value, acquired warrant investments representing $0.6 million of fair value and made direct equity investments of $0.1 million. Debt investments funded during the three months ended June 30, 2026 carried a weighted average annualized portfolio yield of 12.2% at origination.

During the three months ended June 30, 2025, we entered into debt commitments with 6 new portfolio companies and 5 existing portfolio companies totaling $56.5 million, funded debt investments to 13 portfolio companies for $22.2 million in principal value, acquired warrant investments representing $0.8 million of fair value and made direct equity investments of $0.1 million. Debt investments funded during the three months ended June 30, 2025 carried a weighted average annualized portfolio yield of 12.5% at origination.

During the six months ended June 30, 2026, we entered into debt commitments with 13 new portfolio companies and 3 existing portfolio companies totaling $91.8 million, funded debt investments to 21 portfolio companies for $77.4 million in principal value, acquired warrant investments representing $1.0 million of fair value and made direct equity investments of $1.0 million. Debt investments funded during the six months ended June 30, 2026 carried a weighted average annualized portfolio yield of 12.4% at origination.

During the six months ended June 30, 2025, we entered into debt commitments with 10 new portfolio companies and 5 existing portfolio companies totaling $84.5 million, funded debt investments to 18 portfolio companies for $39.7 million in principal value, acquired warrant investments representing $1.2 million of fair value, and made direct equity investments of $0.5 million. Debt investments funded during the six months ended June 30, 2025 carried a weighted average annualized portfolio yield of 12.7% at origination.

During the three months ended June 30, 2026, we received $33.8 million of principal prepayments and early repayments from 10 portfolio companies and $13.5 million of scheduled principal amortization. During the three months ended June 30, 2025, we received $26.1 million of principal prepayments and early repayments from 7 portfolio companies and $8.0 million of scheduled principal amortization.

During the six months ended June 30, 2026, we received $47.0 million of principal prepayments and early repayments from 15 portfolio companies and $19.4 million of scheduled principal amortization. During the six months ended June 30, 2025, we received $31.7 million of principal prepayments and early repayments from 9 portfolio companies and $20.0 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the three and six months ended June 30, 2026 and 2025:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Beginning portfolio at fair value	$	385,098	$	346,824	$	359,400	$	359,897
New debt investments, net(1)	45,598		21,985		75,768		39,132
Scheduled principal amortization	(13,456)		(7,985)		(19,367)		(20,030)
Principal prepayments and early repayments	(33,844)		(26,062)		(46,952)		(31,687)
Accretion of debt investment fees	(220)		2,231		1,371		3,809
Payment-in-kind coupon	969		2,235		1,946		3,055
New warrant investments	583		761		1,033		1,169
New equity investments	105		952		1,003		1,544
Proceeds and dispositions from investments	(373)		(2,528)		(785)		(4,593)
Net realized losses	(7,767)		(12,665)		(7,610)		(16,261)
Net unrealized gains (losses) on investments	2,818		9,489		13,704		(798)
Ending portfolio at fair value	$	379,511	$	335,237	$	379,511	$	335,237

_______________

(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 our 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 and fundings of debt investments (principal balance) and equity investments for the periods presented:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Commitments and Fundings (in thousands)	2026		2025		2026		2025
Debt Commitments
New portfolio companies	$	37,808	$	31,700	$	61,308	$	54,700
Existing portfolio companies	30,500		24,831		30,500		29,831
Total(1)	$	68,308	$	56,531	$	91,808	$	84,531

Funded Debt Investments	$	46,520	$	22,247	$	77,379	$	39,739

Equity Investments	$	105	$	128	$	1,003	$	528

_______________

(1)Includes backlog of potential future commitments.

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 June 30, 2026, we did not have any backlog of potential future commitments. As of December 31, 2025, we had a $2.3 million backlog of 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 rankings for the portfolio companies that had outstanding debt obligations to us as of June 30, 2026 and December 31, 2025:


	June 30, 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)	$	15,354	5.0	%	5	$	33,569	11.1	%	9
White (2)	217,780		70.8		51	242,707		80.3		54
Yellow (3)	54,632		17.8		7	12,579		4.2		4
Orange (4)	19,792		6.4		8	13,121		4.3		7
Red (5)	—		—		—	403		0.1		3
Total	$	307,558	100.0	%	71	$	302,379	100.0	%	77

As of June 30, 2026 and December 31, 2025, the weighted average credit ranking of our debt investment portfolio was 2.26 and 2.02, respectively. During the three months ended June 30, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: 1 portfolio company with a principal balance of $2.8 million was downgraded from White (2) to Orange (4); 1 portfolio company with a principal balance of $7.0 million was downgraded from Yellow (3) to Orange (4); and 1 portfolio company with a principal balance of $7.5 million was downgraded from White (2) to Yellow (3).

As of June 30, 2026, we had investments in seven portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $32.0 million and $16.9 million, respectively. As of December 31, 2025, we had investments in ten portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $32.2 million and $12.6 million, respectively.

Results of Operations

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 June 30, 2026, our net increase in net assets resulting from operations was $0.8 million, compared to a net increase of $3.0 million for the three months ended June 30, 2025, which was comprised of $5.5 million and $6.7 million, respectively, of net investment income and $4.7 million and $3.7 million of net realized and unrealized losses, respectively. On a per common share basis for the three months ended June 30, 2026 and 2025, net investment income was $0.23 and $0.28, respectively, and our net increase in net assets from operations was $0.03 and $0.13, respectively.

For the six months ended June 30, 2026, our net increase in net assets resulting from operations was $19.3 million, compared to a net decrease of $6.0 million for the six months ended June 30, 2025, which was comprised of $12.9 million and $11.9 million, respectively, of net investment income and $6.5 million of net realized and unrealized gains and $17.9 million of net realized and unrealized losses, respectively. On a per common share basis for the six months ended June 30, 2026 and 2025, net investment income was $0.54 and $0.50, respectively, and our net increase/(decrease) in net assets from operations was $0.81 and $(0.25), respectively.

Investment Income

Total investment and other income for the three months ended June 30, 2026 and 2025 was $11.2 million and $13.5 million, respectively. Total investment and other income for the six months ended June 30, 2026 and 2025 was $23.5 million and $25.5 million, respectively.

The decrease in total investment and other income for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, is primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio and a lower weighted average portfolio yield on our income-bearing debt investment portfolio.

Operating Expenses

Total operating expenses consist of our base management fee, income incentive fee, capital gains incentive fee, interest expenses and amortization of fees, administration agreement expenses, and general and administrative expenses. We anticipate that our 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 investment portfolio and capital base expand. We expect that base management and income incentive fees would increase to the extent that we grow our capital base and our earnings. The capital gains incentive fee depends on realized and unrealized gains and losses. Interest expenses will generally increase if we draw down on the Credit Facility or issue debt securities, and 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.

Total operating expenses for the three months ended June 30, 2026 were $5.6 million, compared to $6.8 million for the three months ended June 30, 2025. Total operating expenses for the six months ended June 30, 2026 were $10.4 million, compared to $13.5 million for the six months ended June 30, 2025.

Base management fees for each of the three months ended June 30, 2026 and 2025 were $1.5 million. Base management fees for each of the six months ended June 30, 2026 and 2025 were $3.1 million. Base management fees remained flat during the 2026 periods as compared to the 2025 periods, as we did not issue common stock between periods.

Income incentive fees for the three and six months ended June 30, 2026 totaled $0.7 million and $0.7 million, respectively, as our pre-incentive fee net investment income exceeded the hurdle rate for both periods and income incentive fees for the three and six months ended June 30, 2026 were not reduced by the total return requirement under the Advisory Agreement. However, rather than receiving all income incentive fees earned as of June 30, 2026, the Adviser has elected to defer payment of such income incentive fees until December 31, 2026. There were no income incentive fees accrued for the three and six months ended June 30, 2025, as the income incentive fees were reduced by $1.3 million and $1.4 million, respectively, due to the total return requirement under the Advisory Agreement. We did not incur a capital gains incentive fee during the three and six months ended June 30, 2026 or 2025, primarily due to the current and cumulative realized losses we recorded on our investment portfolio since inception. See “Note 3. Related Party Agreements and Transactions” to our unaudited financial statements with respect to the capital gains incentive fee expense accruals.

For the three months ended June 30, 2026 and 2025, interest and fees on our borrowings totaled $2.2 million and $4.2 million, respectively. For the six months ended June 30, 2026 and 2025, interest and fees on our borrowings totaled $4.5 million and $8.3 million, respectively. Interest and fees decreased during the three and six months ended June 30, 2026, as compared to the corresponding 2025 periods, primarily due to the Fourth Amendment to the Credit Facility we entered into on July 2, 2025 (the “Fourth Amendment”), which, among other things, reduced the applicable margin during the revolving period to 3.05% and reduced the minimum principal utilization threshold. In addition, our weighted average borrowings and weighted average interest rates on such borrowings during the 2026 period were lower than during the 2025 period.

For the three months ended June 30, 2026 and 2025, expenses under the Administration Agreement and general and administrative expenses totaled $1.1 million and $1.1 million, respectively. For the six months ended June 30, 2026 and 2025, expenses under the Administration Agreement and general and administrative expenses totaled $2.2 million and $2.2 million, respectively.

Net Realized Gains and Losses and Net Unrealized Gains and Losses

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

For the three months ended June 30, 2026 and 2025, we recognized net realized losses of $7.5 million and $13.2 million, respectively, primarily due to the write-offs of investments in certain portfolio companies. For the six months ended June 30, 2026 and 2025, we recognized net realized losses of $7.3 million and $16.4 million, respectively, primarily due to the write-offs of investments in certain portfolio companies.

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

During the three months ended June 30, 2026, net change in unrealized gains totaled $2.8 million, resulting primarily from market rate adjustments and foreign currency adjustments. During the three months ended June 30, 2025, net change in unrealized gains totaled $9.5 million, resulting primarily from market rate adjustments and foreign currency adjustments. During the six months ended June 30, 2026, net change in unrealized gains totaled $13.8 million, resulting primarily from market rate adjustments, foreign currency adjustments and by the reversal of previously recognized unrealized losses on investments that were written-off during the period. During the six months ended June 30, 2025, net change in unrealized losses totaled $1.5 million, resulting primarily from market rate adjustments and foreign currency adjustments, partially offset by the reversal of previously recognized unrealized losses on investments that were written-off during the period.

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 EOT payments.

The following table shows the weighted average annualized portfolio yield on our debt investments, excluding non-income producing 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:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Ratios (Percentages, on an annualized basis)(1)	2026		2025		2026		2025
Weighted average portfolio yield on debt investments(2)	13.8	%	15.5	%	14.6	%	14.7	%
Coupon income	10.1	%	11.0	%	10.2	%	10.9	%
Accretion of discount	0.9	%	1.4	%	1.3	%	1.2	%
Accretion of end-of-term payments	1.2	%	1.5	%	1.4	%	1.6	%
Impact of prepayments during the period	1.6	%	1.5	%	1.7	%	1.0	%

_____________

(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 on debt investments for the three months ended June 30, 2026 and 2025 was 13.6% and 15.4%, respectively. Including non-income producing debt investments, the weighted average yield on debt investments for the six months ended June 30, 2026 and 2025 was 14.5% and 14.3%, 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 shareholders.

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 based on net asset value do not represent actual investment returns to common 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 set forth in this Quarterly Report on Form 10-Q.

For the three months ended June 30, 2026 and 2025, our total return based on the change in net asset value was 0.3% and 1.2%, respectively. For the six months ended June 30, 2026 and 2025, our total return based on the change in net asset value was 7.8% and (2.3)%, respectively. Total return based on net asset value is the change in ending net asset value per common share plus distributions per common share paid during the period divided by the beginning net asset value per common share for the period. The total return is for the period shown and is not annualized.

The following table shows our return on average total assets and return on average net asset value for the periods indicated:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Returns on Net Asset Value and Total Assets(1) (dollars in thousands)	2026			2025			2026			2025
Net investment income	$	5,494		$	6,741		$	12,855		$	11,948
Net increase (decrease) in net assets	$	809		$	3,017		$	19,325		$	(5,955)

Average net asset value(2)	$	256,966		$	252,232		$	251,982		$	257,872
Average total assets(2)	$	390,393		$	410,147		$	387,006		$	420,806

Net investment income to average net asset value(3)	8.6		%	10.7		%	10.3		%	9.3		%
Net increase (decrease) in net assets to average net asset value(3)	1.3		%	4.8		%	15.5		%	(4.7)		%

Net investment income to average total assets(3)	5.6		%	6.6		%	6.7		%	5.7		%
Net increase (decrease) in net assets to average total assets(3)	0.8		%	3.0		%	10.1		%	(2.9)		%

_______________

(1)Net asset value used in ratios represents net asset value to common shareholders and excludes preferred shareholders’ equity.

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

(3)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 June 30, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 96.6% of our total assets, as compared to 90.5% 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 10, 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 and our anticipated cash flows from operations, including from contractual monthly portfolio company payments and cash flows, prepayments, and the ability to liquidate any publicly traded investments, will be adequate to meet our cash needs for our daily operations, including to fund our unfunded commitment obligations.

Cash Flows

During the six months ended June 30, 2026, net cash used in operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in “Results of Operations” above, was $6.4 million and net cash used in financing activities, consisting primarily of net repayments under the Credit Facility and distributions paid, was $21.3 million. As of June 30, 2026, cash and cash equivalents, including restricted cash, was $7.6 million.

During the six months ended June 30, 2025, net cash provided by operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in “Results of Operations” above, was $18.0 million and net cash used in financing activities, consisting primarily of net repayments under the Credit Facility and distributions paid, was $73.3 million. As of June 30, 2025, cash, including restricted cash, was $14.5 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, the issuance of additional shares of our common stock in exchange for capital contributions or the issuance of debt securities. If we are unable to obtain leverage or raise capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted.

As of June 30, 2026, we had received capital commitments totaling $386.8 million in connection with our private offering of common stock, of which $354.7 million had been funded. Upon termination of our investment period, which occurred on December 19, 2023, our stockholders were released from funding obligations for any remaining undrawn capital commitments under their respective subscription agreements with us, subject to limited exceptions set forth in the subscription agreements.

Credit Facility

As of June 30, 2026, we had $75.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. As of June 30, 2026, the Credit Facility also included an accordion feature, which allowed the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $125.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of DBNY, as the sole lender. As of June 30, 2026, the revolving period under the Credit Facility is scheduled to expire on July 15, 2027 and the maturity date of the Credit Facility is scheduled for January 15, 2029, unless terminated earlier. As of June 30, 2026, advances under the Credit Facility accrued interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50%, and were subject to certain minimum principal utilization amounts during the revolving period. As of June 30, 2026, the applicable margin was equal to 3.05% during the revolving period, with an increase to 4.05% during the amortization period. See “Note 6 - Borrowings” in the notes to consolidated financial statements for more information regarding the terms of the Credit Facility.

As of June 30, 2026 and December 31, 2025, we had outstanding borrowings of $58.0 million and $66.0 million, respectively, under the Credit Facility, excluding deferred credit facility costs of $1.1 million and $1.4 million, respectively, which are included as assets in the consolidated statements of assets and liabilities. As of June 30, 2026 and December 31, 2025, we had $17.0 million and $9.0 million, respectively, of remaining capacity on our Credit Facility.

2027 Notes

On April 6, 2022, we issued $75.0 million in aggregate principal amount of the 2027 Notes with a fixed interest rate of 5.86% per year. The 2027 Notes were issued in a private placement to certain qualified institutional investors, pursuant to the terms of the Note Purchase Agreement. The 2027 Notes will mature on April 6, 2027, unless redeemed, purchased or prepaid prior to such date in accordance with their terms. 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 6.86% 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 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, we are 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 that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us; provided however, in the event that we create, incur, assume or permit to exist liens on or with respect to any of our 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. See “Note 6. Borrowings” in the notes to consolidated financial statements for more information regarding the 2027 Notes and the Note Purchase Agreement.

Series A Preferred Stock

On May 27, 2020, we sold 525 shares of Series A Cumulative Preferred Stock (the “Series A Preferred Stock”) at a price of $1,000.00 per share, resulting in gross proceeds of $525,000. Distributions, including the payment of dividends and distribution of our assets upon dissolution, liquidation, or winding up, on the Series A Preferred Stock are senior to all other classes and series of our common stock to the extent of the aggregate liquidation preference of the Series A Preferred Stock ($1,000 per share, or the “Liquidation Value”) and all accrued but unpaid dividends and any applicable redemption premium on the Series A Preferred Stock. Dividends on each share of the Series A Preferred Stock are payable semiannually on June 30 and December 31 of each year and accrue at the rate of 12.0% per annum of the sum of the Liquidation Value thereof plus all accumulated and unpaid dividends thereon, from and including the date of issuance to and including the earlier of (1) the date of any liquidation, dissolution, or winding up of the Company or (2) the date on which such share of Series A Preferred Stock is redeemed. Such dividends are generally cumulative with the result that all accrued and unpaid dividends must be fully paid or declared with funds irrevocably set apart for payment for all past dividend periods before any dividend, distribution or payment may be made to holders of outstanding shares of our common stock. See “Liquidity and Capital Resources - Capital Resources and Borrowings” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for more information regarding the Series A Preferred Stock.

Asset Coverage Requirements

We are required under the 1940 Act to meet a coverage ratio of total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of our senior securities, which generally includes all of our borrowings and any preferred stock, of at least 150%. As of June 30, 2026, our asset coverage for total borrowings and other senior securities was 290%.

Unfunded Commitments

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of June 30, 2026 and December 31, 2025, our unfunded commitments totaled $92.1 million and $119.4 million, respectively, of which $11.3 million and $13.2 million, respectively, were 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 June 30, 2026 and December 31, 2025:


Unfunded Commitments(1) (in thousands)	June 30, 2026		December 31, 2025
All Inspire Health, Inc.	$	9,258	$	7,000
Eightfold AI, Inc.	7,000		7,000
Open Space Labs, Inc.	6,000		—
Etched.ai, Inc.	6,000		5,500
Minted, Inc.	5,714		5,714
Waymark, Inc.	5,000		5,000
Bidgely Inc.	5,000		5,000
Artisan AI, Inc.	5,000		5,000
Signal Advisors USA, Inc.	4,583		4,833
Deep Sentinel Corp.	4,500		4,500
Mimic Networks, Inc.	3,750		—
Pair Team, PBC	3,600		3,600
Haus Analytics Inc.	3,333		—
Rigor AI Inc.	3,000		—
Earth Services, Inc.	3,000		3,000
AIGent, Inc.	3,000		—
Total Expert, Inc.	2,500		2,500
Kintsugi AI, Inc.	2,143		—
Bitonic Technology Labs, Inc.	2,000		3,250
Lively, Inc.	1,750		1,750
Skyflow Inc.	1,560		—
Radar Labs, Inc.	1,500		1,500
Freed, Inc.	1,000		—
Hover Inc.	600		1,500
Communify Group LLC	500		—
Planhub Holdings, LLC	313		438
Panorama Education, Inc.	300		300
FloatMe Corp.	200		—
Worldwide Freight Logistics Ltd.	—		753
Union Systems Inc.	—		5,000
ThoughtSpot, Inc.	—		7,000
Simpplr Inc.	—		3,500
Rudderstack, Inc	—		5,000
Observe, Inc.	—		8,000
Muon Space, Inc.	—		2,131
Lightbeam.ai, Inc.	—		2,000
Join Digital, Inc.	—		175
Incode Technologies, Inc.	—		7,000
Hydrow Inc.	—		842
Flashparking, Inc.	—		250
Equafin Corp.	—		6,123
Contoro Inc.	—		3,000
Ao1 Holdings, Inc.	—		1,200
Total	$	92,104	$	119,359

_____________

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

During the six months ended June 30, 2026 and the year ended December 31, 2025, $22.0 million and $46.7 million of unfunded commitments expired or were terminated, respectively. The following table shows additional information on our unfunded commitments regarding milestones and expirations as of June 30, 2026 and December 31, 2025:


Unfunded Commitments(1) (in thousands)	June 30, 2026		December 31, 2025
Dependent on milestones	$	11,315	$	13,175
Expiring during:
2026	53,661		84,075
2027	25,860		24,952
2028	12,083		10,332
2031	500		$	—
Total	$	92,104	$	119,359

_______________

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

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 gross 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 counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments.

Common Stock 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 December 31, 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 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 current period or certain cumulative periods based on the requirements of Section 19(a) of the 1940 Act, we will send a written Section 19(a) notice to our registered stockholders 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 specific tax characteristics of our distributions will be reported to stockholders after the end of the taxable year. We intend to pay quarterly distributions to our common stockholders.

The following table shows our cash distributions per common share that have been authorized by our Board since commencement of operations to June 30, 2026:

Date Declared

Record Date

Payment Date

Per Share Amount

November 12, 2020

November 13, 2020

November 20, 2020

0.15

December 21, 2020

December 22, 2020

December 30, 2020

0.30

December 21, 2020

December 22, 2020

December 30, 2020

0.14

(1)

May 12, 2021

May 13, 2021

May 19, 2021

0.30

August 11, 2021

August 13, 2021

August 27, 2021

0.30

October 29, 2021

November 1, 2021

November 12, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.10

(2)

April 28, 2022

May 13, 2022

May 19, 2022

0.33

July 26, 2022

August 5, 2022

August 26, 2022

0.40

October 28, 2022

November 1, 2022

November 11, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.40

December 9, 2022

December 15, 2022

December 30 2022

0.10

(2)

April 27, 2023

May 12, 2023

May 19, 2023

0.42

July 27, 2023

August 4, 2023

August 25, 2023

0.42

October 27, 2023

October 30, 2023

November 15, 2023

0.47

December 5, 2023

December 12, 2023

December 29, 2023

0.47

December 5, 2023

December 12, 2023

December 29, 2023

0.12

(2)

April 25, 2024

April 29, 2024

May 17, 2024

0.47

August 1, 2024

August 5, 2024

August 23, 2024

0.41

October 31, 2024

November 1, 2024

November 15, 2024

0.41

December 13, 2024

December 27, 2024

0.41

December 13, 2024

December 27, 2024

0.10

(2)

May 15, 2025

May 16, 2025

May 23, 2025

0.35

July 30, 2025

August 1, 2025

August 22, 2025

0.28

November 11, 2025

November 13, 2025

November 26, 2025

0.28

December 22, 2025

January 2, 2026

January 16, 2026

0.28

April 29, 2026

May 1, 2026

May 22, 2026

0.28

Total cash distributions

8.69

_____________

(1)Represents a special distribution sourced from net realized short-term capital gains.

(2)Represents a special distribution sourced from net investment income.

As of June 30, 2026, we estimated that we had undistributed taxable earnings from distributable earnings of $18.1 million, or $0.76 per common share.

Recent Accounting Pronouncements

None.

Recent Developments

Distribution

On July 29, 2026, the Board declared a $0.28 per share distribution to our common stockholders, payable on August 21, 2026 to stockholders of record on July 31, 2026.

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 June 30, 2026, approximately 81.4%, or $272.1 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 floating rate based on certain indices referenced in the Credit Facility, including SOFR.

As of June 30, 2026, our floating rate borrowings totaled $58.0 million, which represented 43.6% of our outstanding debt as of June 30, 2026. As of June 30, 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 June 30, 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, 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 June 30, 2026. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of June 30, 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 June 30, 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	$	6,314	$	(1,740)	$	4,574
Up 200 basis points	$	3,824	$	(1,160)	$	2,664
Up 100 basis points	$	1,475	$	(580)	$	895
Up 50 basis points	$	576	$	(290)	$	286
Down 50 basis points	$	(157)	$	290	$	133
Down 100 basis points	$	(270)	$	580	$	310
Down 200 basis points	$	(469)	$	1,160	$	691
Down 300 basis points	$	(667)	$	1,740	$	1,073

This analysis is indicative of the potential impact on our investment income as of June 30, 2026, assuming an immediate and sustained change in interest rates as noted. It should be noted that we may have growth in our portfolio funded in part with additional borrowings under the Credit Facility and potentially other borrowings, and such borrowings, to the extent they are floating rate borrowings, all else being equal, will increase our investment income sensitivity to 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 June 30, 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 June 30, 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. During the six months ended June 30, 2026, we entered into foreign currency forward contracts to limit our foreign currency exposure with respect to the British Pound Sterling and Euro and may seek to enter into similar transactions in the future. For additional information refer to “Note 4 – Investments”, included in the notes to our consolidated financial statements appearing elsewhere in this report.

Hedging Market Risk

We have in the past utilized, and may continue to 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, 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 June 30, 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 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 value of our securities.

There have been no material changes during the three months ended June 30, 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 10, 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, we did not repurchase any shares of our equity securities during the quarter ended June 30, 2026.

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 June 30, 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.”

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:


3.1			Articles of Incorporation(1)

3.2			Articles Supplementary(2)

3.3			Bylaws(3)

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(**)

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

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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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101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document

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(1)Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.

(2)Incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.

(3)Incorporated by reference to Exhibit 3.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.

(*)Filed herewith.

(**) Furnished herewith.

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 Private Venture Credit Inc.

Date: August 14, 2026

By:

/s/ James P. Labe

James P. Labe

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: August 14, 2026

By:

/s/ Mike L. Wilhelms

Mike L. Wilhelms

Chief Financial Officer, Secretary and Treasurer