UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

___________________________________________

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23802

___________________________________________

Destiny Tech100 Inc.
(Exact name of registrant as specified in charter)

___________________________________________

1401 Lavaca Street, #144
Austin, TX 78701
(Address of principal executive offices) (Zip code)

Sohail Prasad
c/o Destiny Tech100 Inc.
1401 Lavaca Street, #144
Austin, TX 78701
(Name and address of agent for service)

(415) 639-9966
Registrant’s telephone number, including area code

___________________________________________

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

(a)     The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Table of Contents

Destiny Tech100 Inc.

Performance and Graphical Illustrations

June 30, 2026 (Unaudited)

The Fund’s performance figures* for the period ended June 30, 2026 compared to its benchmark:

*      The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Returns are calculated using the net asset value or “NAV” on June 30, 2026.

(a)    The Fund commenced operations on May 12, 2022. The performance is based on average annual returns.

(b)    The Fund’s shares of common stock commenced trading on NYSE on March 26, 2024. The performance is based on average annual returns.

(c)     The Nasdaq Composite Index is a market cap-weighted index, simply representing the value of all its listed stocks. The set of eligible securities includes common stocks, ordinary shares, and common equivalents such as ADRs. However, convertible debentures, warrants, Nasdaq-listed closed-end funds, exchange traded funds (ETFs), preferred stocks, and other derivative securities are excluded.

The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Destiny Tech100 Inc.

Important Notice Regarding Share Repurchase Program (Unaudited)

In August 2026, the Board of Directors (the “Board”) of the Fund approved a share repurchase program that allows the Fund to repurchase the Fund’s outstanding shares of common stock at prices below the then-current NAV per share of common stock. The Fund may repurchase common stock pursuant to this program, in accordance with parameters set by the Board, at such prices and amounts as the investment adviser deems appropriate, if and when the investment adviser reasonably believes that such repurchases may enhance shareholder value.

Destiny Tech100 Inc.

Schedule of Investments

As of June 30, 2026 (Unaudited)

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Schedule of Investments

As of June 30, 2026 (Unaudited) (continued)

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Schedule of Investments

As of June 30, 2026 (Unaudited) (continued)

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Schedule of Investments

As of June 30, 2026 (Unaudited) (continued)

*       Special Purpose Vehicles (“SPVs”) are private investments vehicles formed to invest in a particular portfolio company that rely on an exemption from the Investment Company Act of 1940, as amended, pursuant to Section 3(c)(1) or Section 3(c)(7).

(a)    Non-income producing security.

(b)    Level 3 securities fair valued using significant unobservable inputs.

(c)     Restricted investments as to resale.

(d)    Rate disclosed is the seven-day effective yield as of June 30, 2026.

(e)    Investment is a SPV that holds multiple forward agreements that represent common shares of the indicated portfolio company. Forward contracts involve the future delivery of shares of a portfolio company upon such securities becoming freely transferable or the removal of restrictions on transfer. The aggregate total of the forward contracts for each SPV represents less than 5% of the Fund’s net assets.

(f)     The Fund has a direct investment in an SPV which has invested in an underlying portfolio company. The number of units presented, if applicable, are the units in the SPV owned by the Fund, which represents the equivalent number of securities of the underlying portfolio company for which the investment has economic exposure.

(g)    The Fund has a direct investment in an SPV which has economic exposure to an underlying portfolio company. The number of units presented, if applicable, are the units in the SPV owned by the Fund, which represents the equivalent number of securities of the underlying portfolio company for which the investment has economic exposure. The SPV has invested through one or more underlying SPVs.

(h)    The SPV has invested through one underlying SPV, resulting in the related economic exposure to the Fund.

(i)     The SPV has invested through multiple underlying SPVs, some of which have more than one layer, resulting in the related economic exposure to the Fund.

(j)     During the year ended December 31, 2024, the SPV disposed of the underlying asset. As of June 30, 2026 the SPV does not hold any investment.

(k)    During the period ended June 30, 2026, the SPV disposed of the underlying asset. As of June 30, 2026 the SPV does not hold any investment.

LLC - Limited Liability Company

Ltd. - Limited

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Statement of Assets and Liabilities

As of June 30, 2026 (Unaudited)

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Statement of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Statements of Changes in Net Assets

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Statement of Cash Flows

For the Six Months Ended June 30, 2026 (Unaudited)

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Financial Highlights

(1)    The Fund commenced operations on January 25, 2021. For the period from January 25, 2021 to May 11, 2022, Destiny XYZ Inc. (the “Organizer”) was the sole owner of the Fund’s 2,500,000 shares of common stock. Financial Highlights were not presented for the Fund for the 2021 period.

(2)    On May 11, 2022, each Simple Agreement for Future Equity (“SAFE”) holder received a number of shares of common stock from the Fund equal to the total amount invested by such investor in the private offering divided by $10.00. Following the SAFE Conversion (see Note 4) and the reverse stock split, the Fund had 10,879,905 shares of common stock issued and outstanding.

(3)    Calculated using the average shares method.

(4)    Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or the sale of Fund shares. Returns for periods less than a year are not annualized.

(5)    Total Return on Net Asset Value was calculated using the absolute value of the initial net asset value due to a negative net asset value as of January 1, 2022. Total Return on Net Asset Value was calculated for shareholders owning shares for the entire period and does not represent the return for holders of SAFE notes that converted to common stock during the year ended December 31, 2022.

(6)    The Fund’s shares of common stock commenced trading on NYSE on March 26, 2024 at $8.25 per share. Total Return on Market Value was based on the period from March 26, 2024 to December 31, 2024.

(7)    Annualized ratios do not include expenses of underlying private investments in which the Fund invests.

(8)    Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

See accompanying Notes to Financial Statements.

Destiny Tech100 Inc.

Notes to Financial Statements

June 30, 2026 (Unaudited)

(1)   Organization

Destiny Tech100 Inc. (the “Fund”) was formed on November 18, 2020, as a Maryland corporation and commenced operations on January 25, 2021. On May 13, 2022, the Fund registered with the Securities and Exchange Commission (“SEC”) as an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is a non-diversified, closed-end management investment company. The Fund’s shares began trading on the New York Stock Exchange (“NYSE”) on March 26, 2024 under the ticker symbol “DXYZ.”

Effective as of April 29, 2026, DX Advisors LLC, a Nevada limited liability company (the “Adviser”), serves as the investment adviser to the Fund. Prior to that date, Destiny Advisors LLC served as the Fund’s investment adviser. The Adviser is responsible for the overall management and affairs of the Fund and has full discretion to invest the assets of the Fund in a manner consistent with the Fund’s investment objective.

The Fund’s board of directors (the “Board”) has overall responsibility for monitoring and overseeing the Fund’s operations and investment program. A majority of the directors of the Board are not “interested persons” (as defined by the 1940 Act) of the Fund or the Adviser.

(2)   Summary of Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements. All accounts are stated in U.S. dollars unless otherwise noted. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), is used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, and this financial information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statement of operations.

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

(a)   Investments

Investments in securities may include investments in SPVs, which are private investment vehicles formed to invest in a particular portfolio company that rely on an exemption from the 1940 Act pursuant to Section 3(c)(1) or Section 3(c)(7). These investments are recorded on the trade date, which is the date on which the Fund agrees to purchase or sell the securities. Costs incurred upon entering into SPV investments, are included in the cost basis of the investment.

The Fund may invest in SPVs that hold forward contracts. Forward contracts involve the future delivery of shares of a portfolio company upon such securities becoming freely transferable or the removal of restrictions on transfer. The counterparties are shareholders of the portfolio company. The Fund does not have information as to the identities of these shareholders; however, counterparty risk is mitigated by the fact that there are different individual counterparties on the opposite side of each forward contract.

The Fund may directly invest in forward contracts that involve shareholders (each a “counterparty”) of a potential portfolio company whereby such counterparties promise future delivery of their securities of the potential portfolio company upon transferability or other removal of transfer restrictions. This may involve counterparty promises of future performance, including, among other things, transferring shares to the Fund in the future, paying costs and fees associated with maintaining and transferring the shares, not otherwise transferring or encumbering the shares, and participating in further acts required of shareholders by the potential portfolio company and the counterparty’s agreement with the Fund. Should counterparties breach their agreement inadvertently, by operation of law, intentionally, or fraudulently, it could affect the Fund’s performance. The Fund’s ability and right to enforce transfer and payment obligations and other obligations against counterparties could be limited by acts of fraud or breach by the counterparties, operation of law, or actions of third parties. Measures the Fund takes to mitigate these risks, including powers of attorney, specific performance and damages provisions, any insurance policy, and legal enforcement steps, may prove ineffective, unenforceable, or economically impractical to enact. As of June 30, 2026, the Fund did not have insurance policies related to its investments in forward contracts.

The organizer of each SPV holding forward contracts may carry an insurance policy at their own expense to protect the SPV against certain insured risks with respect to the forward contracts. Insured risks include (i) an intentional attempt by a shareholder to deceive the organizer or the SPV or a failure to honor an obligation under, or refusal to settle, an obligation to the SPV; (ii) certain events of bankruptcy; and (iii) in the case of death of a shareholder, the refusal of the shareholder’s heirs, beneficiary, or estate to honor the obligation.

In cases where the Fund purchases a forward contract through a secondary marketplace or SPV, it may have no direct relationship with, or right to contact, enforce rights against, or obtain personal information or contact information concerning the counterparty. In such cases, the Fund will not be a direct beneficiary of the portfolio company’s securities or related instruments. Instead, it would rely on a third party to collect, settle, and enforce its rights with respect to the portfolio company’s securities. There is no guarantee that said party will be successful or effective in doing so.

Through its ownership of DXYZ OAI I LLC, the Fund holds economic exposure to Profit Participation Units (“PPUs”) in Open AI Global LLC, which are financial instruments that entitle the Fund to a contractual right to participate in the portfolio company’s future profits. The ownership of PPUs does not represent an equity ownership in the portfolio company. In addition, PPUs do not grant any voting rights or influence over portfolio company management.

Realized gains or losses on dispositions of investments represent the difference between the original cost of the investment, based on the specific identification method, and the proceeds received from the sale. The Fund applies a fair value accounting policy to its investments with changes in unrealized gains and losses recognized in the statement of operations as a component of net change in unrealized gain (loss).

(b)   SPV Presentation

The Schedule of Investments in these financial statements reflects the name of the SPV in which each investment was made, along with the underlying issuer and economic exposure in parentheses.

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

(c)   Income Taxes

The Fund intends to be treated, and continue to qualify annually, as a RIC for U.S. federal income tax purposes. As such, the Fund generally will not be subject to U.S. federal corporate income tax, provided that it distributes sufficient net taxable income and realized gains each year. The Fund intends to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended December 31) plus undistributed amounts from prior years.

The Fund has selected a tax year end of December 31.

(d)   Cash and Cash Equivalents

Cash and cash equivalents include U.S. dollar deposits held at financial institutions that may exceed federally insured limits. The Fund is subject to credit risk to the extent such institutions are unable to meet their obligations. The Fund does not hold any cash or cash equivalents as of June 30, 2026.

(e)   Income and Expenses

Interest income is recognized on an accrual basis as earned. Dividend income is recorded on the ex-dividend date. Expenses are recognized on an accrual basis as incurred.

Certain investments may have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that is added to the principal of the investment on the respective interest payment dates, rather than being paid in cash, and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income. As of June 30, 2026, none of the Fund’s investments provide for contractual PIK interest.

The Fund incurs costs associated with the sale of shares as part of its at-the-market offering (“ATM Offering”) (see Note 4). These costs are recorded as Deferred Offering Costs on the Statement of Assets and Liabilities. As shares are sold pursuant to the Fund’s ATM Offering, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the offering period will be charged to expense. As of June 30, 2026, the Fund incurred a total of $731,600 of deferred offering costs of which $518,017 remain and are reflected on the Statement of Assets and Liabilities.

(f)   Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Fund’s management to make estimates and assumptions that affect the amounts reported in the financial statements. Because of the uncertainties associated with estimation, actual results could differ from those estimates used in preparing the accompanying financial statements.

(g)   Concentrations of Credit Risk

Financial instruments which potentially expose the Fund to concentrations of credit risk consist of cash and cash equivalents. The Fund maintains its cash and cash equivalents in financial institutions at levels that have historically exceeded federally- insured limits.

(h)   Risks and Uncertainties

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

(i)    Restricted securities

Restricted securities are securities of privately-held companies that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Adviser. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Adviser. As of June 30, 2026, there is no expected date for such restrictions to be removed for the Fund’s restricted securities.

Additional information on each restricted investment held by the Fund on June 30, 2026 is as follows:

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

There were no distributions for the period ended June 30, 2026.

The Fund did not elect to be treated as a RIC for the year ended December 31, 2022 since the Fund operated privately for the first four months and, therefore, was ineligible to make the RIC election. The Fund elected to be treated as a RIC for the first time for the year ended December 31, 2023. The Fund later identified a potential non-compliance issue with the 25% diversification test for RIC eligibility imposed by Section 851 of the Code, as the Fund’s investments in certain SPVs that have economic exposure to the securities of Space Exploration Technologies Corp. (“SpaceX”) comprised approximately 25.9% of the Fund’s total assets as of March 31, 2023.

Management, in consultation with the Fund’s tax and legal advisors, identified and implemented remediation measures to ensure compliance with the 25% diversification test. These implemented measures included capital raised pursuant to the Fund’s at-the-market offering as well as the disposition of securities held. As of September 30, 2025, the Fund remediated its non-compliance with the RIC diversification tests imposed by Section 851 of the Code.

The Fund records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions as of and through December 31, 2025.

To avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The tax character of dividends paid to shareholders during the tax years ended in 2025 and 2024, as noted below, was as follows:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Permanent items identified during the year ended December 31, 2025 have been reclassified among the components of net assets based on their tax basis treatment as follows:

In general, we make certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which may include nondeductible federal excise taxes and net operating losses, among other items. Separately, temporary differences arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes which will reverse at some time in the future.

Destiny Tech100 Inc.

Notes to Financial Statements (continued)

June 30, 2026 (Unaudited)

The following information is provided on a tax basis as of December 31, 2025:

As of December 31, 2022, the Fund had a net operating loss carryforward for federal income tax purposes of $3,588,375. This net operating loss may be carried forward indefinitely but would not be useable to offset income in taxable years in which the Fund qualifies as a RIC. This net operating loss may also be subject to limitations under Section 382 of the Code.

Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset capital gains, subject to certain limitations. For the tax year ended December 31, 2025, we had capital loss carryforwards of $5,898,810, available for use in later tax years. While the Fund’s ability to utilize losses in the future depends upon a variety of factors that cannot be known in advance, some of the Fund’s capital loss carryforwards may become permanently unavailable due to limitations by the Code. The Fund has $0 of short-term capital loss carryforwards and $5,898,810 of long term capital loss carryforwards, both of which have unlimited expiration.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No income tax returns are currently under examination. The Fund’s tax returns are subject to examination by the tax authorities in the United States until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states.

(9)   Recent Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Fund as of the specified effective date. As of June 30, 2026, there were no new accounting pronouncements applicable to the Fund.

(10) Subsequent Events

Management, on behalf of the Fund, has evaluated the need for disclosures and/or adjustments to the financial statements from subsequent events.

In August 2026, the Board approved a share repurchase program that allows the Fund to repurchase the Fund’s outstanding shares of common stock at prices below the then-current NAV per share of common stock. The Fund may repurchase common stock pursuant to this program, in accordance with parameters set by the Board, at such prices and amounts as the Adviser deems appropriate.

Destiny Tech100 Inc.

Additional Information (Unaudited)

Advisory Agreement

At a meeting of the Board of Directors of the Fund held on April 17, 2026, the Board, including a majority of the Directors who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) of the Fund or the Adviser (as defined below), considered and approved the Investment Advisory Agreement (the “Advisory Agreement”) between DX Advisors LLC (the “Adviser”) and the Fund. The Board observed that, prior to April 29, 2026, the effective date of the Advisory Agreement, Destiny Advisors LLC, served as the Fund’s investment adviser (the “Former Adviser”). At the meeting, the Board discussed ongoing litigation involving the parent company of the Former Adviser unrelated to the Former Adviser’s services to the Fund and the potential impact of the litigation on the nature of the services the Former Adviser could provide to the Fund.

The Directors observed that there were no material changes to the terms of the advisory agreement or the fees thereunder, and they took note that there would be no changes to the services to be provided to the Fund relative to the advisory agreement with the Former Adviser. As such, in analyzing the factors relevant to the Board’s consideration of the Advisory Agreement, the Board considered information related to the Former Advisor’s management of the fund pursuant to the prior investment advisory agreement.

In making its determination, the Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The Board’s conclusions were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Director might have afforded different weight to the various factors in reaching conclusions with respect to the approval of the Advisory Agreement.

Nature, Extent, and Quality of Services.

The Board considered that the Adviser was recently established, but that the Adviser’s core personnel are the same individuals who served in key roles at the Former Adviser and therefore there would be continuity of the Fund’s investment program and operations. The Board also considered that the Adviser currently does not provide portfolio management services to any other private funds or registered investment companies and, accordingly, that there were no other accounts against which to compare the Adviser’s services, fees or performance. The Board reviewed the qualifications of the key personnel servicing the Fund, and considered the specialized knowledge required to implement the Fund’s strategy. The Board considered the advisory personnel’s depth of experience and industry connections. The Board reviewed the Adviser’s compliance structure and program and discussed the Adviser’s risk management strategies with respect to the Fund. The Board considered the Adviser’s financial position and its insurance coverage. After discussion, and in consideration of the aforementioned factors, among others, the Board concluded that the Adviser had sufficient quality and depth of personnel, resources, and compliance policies and procedures essential to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services that it would provide to the Fund would be satisfactory.

Performance.

The Board considered the Fund’s performance on both an NAV and market price basis. Although such performance was achieved under the Former Adviser, the Board noted that the Adviser employs substantially the same personnel responsible for such performance, so the performance of the Former Adviser is relevant to the consideration of the Advisory Agreement.

In particular, the Board considered that, on an NAV basis, the Fund outperformed its peer group for the one and three-year periods ending April 10, 2026. The Board also noted that, on a market price basis, the Fund underperformed all but one of its peer funds for the one-year period ended April 10, 2026 and outperformed all but one of its peer funds for the period since the Fund commenced trading on March 26, 2024 through April 10, 2026 (the “listed period”). The Board also considered that the Fund outperformed the NASDAQ Composite Index (the “Index”) on an NAV basis for the one-year and since-inception periods ended April 10, 2026, and underperformed the Index for the one-year period and outperformed the Index for the listed period on a market price basis.

Fees and Expenses.

The Board discussed the proposed advisory fees under the Advisory Agreement and the Fund’s net expense ratio during the most recent fiscal year. The Board acknowledged that the advisory fee and expense ratio were higher than the peer group average, but were within the peer group range. The Board considered that, based on the Adviser’s representation, the proposed advisory fee is lower

Destiny Tech100 Inc.

Additional Information (Unaudited) (continued)

than the fee that investors would pay if they invested in a traditional private equity fund providing comparable investment exposure. The Board noted that, until recently, the Fund had fewer assets under management than many of its peers and has not been able to take advantage of certain economies of scale. The Board also considered the experience and industry knowledge required to manage the Fund and implement its investment strategy. After further discussion, the Board concluded that the fees to be paid under the Advisory Agreement were not unreasonable.

Economies of Scale.

The Board considered that the Fund was not yet able to benefit from economies of scale, but has the potential to benefit from economies of scale as it continues to grow. The Board also considered the Fund’s shelf registration statement and its related at-the-market offering program that provides the Fund with additional capital to invest pursuant to its investment strategy. The Board discussed that many of the Fund’s operating expenses, such as administration fees, transfer agency expenses, and audit fees, would increase as the Fund’s assets under management increased. However, the Board considered the potential benefits of the at-the-market offering program to the Fund and shareholders, including the potential for greater secondary market liquidity, and that increased assets under management may enhance the Fund’s ability to access a broader range of investment opportunities on more favorable terms.

Profitability.

The Board considered that the Adviser is expected to profit from providing advisory services to the Fund. The Board discussed that the key personnel of the Adviser are currently compensated at below-market rates on a cash basis, with equity ownership in the Adviser. The Board acknowledged that the management fee payable to the Adviser by the Fund is competitive with peer group companies.

Conclusion.

Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, the Board determined that approval of the Advisory Agreement was in the best interests of the Fund and its stockholders.

Destiny Tech100 Inc.

Additional Information (Unaudited) (continued)