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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, 2020~~MARCH 31, 2024


¨
¨	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

~~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

~~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 13, 2020,~~May 8, 2024, the ~~Registrant~~registrant had ~~7,001,667~~23,689,363 shares of common stock, $0.01 par value per share, outstanding.

~~TriplePoint Private Venture Credit Inc.~~TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

TABLE OF CONTENTS


			Page

	~~Page~~
PART I. FINANCIAL INFORMATION
Item 1.		Financial Statements (unaudited)	1
		Consolidated ~~Statement~~Statements of Assets and Liabilities as of ~~June 30, 2020~~March 31 , 202 4 (unaudited) and December 31, 202 3	1
		Consolidated ~~Statement~~Statements of Operations for the ~~Period from May 27, 2020 (Commencement of Operations) to June 30, 2020~~Three Months Ended March 31, 2024 (unaudited) and March 31 , 202 3 (unaudited)	2
		Consolidated ~~Statement~~Statements of Changes in Net Assets for the ~~Period from May 27, 2020 (Commencement of Operations) to June 30, 2020~~Three Months Ended March 31 , 202 4 (unaudited) and March 31 , 202 3 (unaudited)	3
		Consolidated ~~Statement~~Statements of Cash Flows for the ~~Period from May 27, 2020 (Commencement of Operations) to June 30, 2020~~Three Months Ended March 31 , 202 4 (unaudited) and March 31 , 202 3 (unaudited)	4
		Consolidated ~~Schedule~~Schedules of Investments as of ~~June 30, 2020~~March 31 , 202 4 (unaudited) and December 31, 20 23	5
		Notes to Consolidated Financial Statements (unaudited)	1042
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	2258
Item 3.		Quantitative and Qualitative Disclosures About Market Risk	3170
Item 4.		Controls and Procedures	3271
PART II. OTHER INFORMATION
Item 1.		Legal Proceedings	3372
Item 1A.		Risk Factors	3372
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	3472
Item 3.		Defaults Upon Senior Securities	3472
Item 4.		Mine Safety Disclosures	3472
Item 5.		Other Information	3472
Item 6.		Exhibits	3472
		Signatures	3674

PART I - FINANCIAL INFORMATION


~~Item 1.~~	~~Financial Statements~~

Item 1. Financial Statements

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)


	March 31, 2024		December 31, 2023
	(unaudited)
Assets
Investments at fair value (amortized cost of $411,754 and $406,433, respectively)	$	402,819	$	400,195
Cash and cash equivalents	47,218		45,398
Restricted cash	8,115		15,447
Deferred credit facility costs	2,746		2,988
Prepaid expenses and other assets	1,257		1,000
Total assets	$	462,155	$	465,028

Liabilities
Revolving Credit Facility	$	87,500	$	87,500
2027 Notes, net	74,396		74,350
Base management fee payable	1,548		1,471
Other accrued expenses and liabilities	4,405		11,165
Total liabilities	$	167,849	$	174,486
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	352,037		352,037
Total distributable loss	(57,968)		(61,732)
Total net assets	$	294,306	$	290,542
Total liabilities and net assets	$	462,155	$	465,028

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	$	12.40	$	12.24

June 30, 2020
(unaudited)
Assets
Investments at fair value (amortized cost of $94,568) $ 94,797
Short-term investments at fair value (cost of $9,996) 9,996
Cash 12,025
Prepaid expenses and other assets 77
Total assets $ 116,895

Liabilities
Payable for U.S. Treasury bills 9,996
Base management fee payable —
Income incentive fee payable —
Other accrued expenses and liabilities 2,380
Total liabilities $ 12,376
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 (450,000,000 shares authorized; 7,001,667 shares issued and outstanding) 70
Paid-in capital in excess of par value 103,498
Total distributable earnings 951
Total net assets $ 104,519
Total liabilities and net assets $ 116,895

Net asset value per common share $ 14.85

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)


	For the Three Months Ended March 31,
	2024		2023
Investment income
Interest income from investments	$	15,149	$	16,639
Payment-in-kind interest income	885		21
Other income
Expirations/terminations of unfunded commitments	150		1,078
Other fees	149		4
Total investment and other income	16,333		17,742

Operating expenses
Base management fee	1,548		1,348
Interest expense and amortization of fees	3,680		3,971
Administration agreement expenses	581		482
General and administrative expenses	888		606
Total operating expenses	6,697		6,407

Net investment income	9,636		11,335

Net realized and unrealized gains/(losses)
Net realized gains/(losses) on investments	(3,631)		502
Net change in unrealized losses on investments	(2,226)		(5,257)
Net realized and unrealized losses	(5,857)		(4,755)

Net increase in net assets resulting from operations	$	3,779	$	6,580

Net investment income per common share	$	0.41	$	0.56
Net increase in net assets per common share	$	0.16	$	0.32
Weighted average shares of common stock outstanding	23,689,363		20,297,200

For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Investment income
Interest income from investments $ 1,088

Operating expenses
Base management fee 176
Income incentive fee —
Administration agreement expenses 89
General and administrative expenses 151
Operating expenses before management fee waiver 416
Management fee waiver (176 )
Total operating expenses net of management fee waiver 240

Net investment income 848

Net realized and unrealized gains (losses)
Net realized gains (losses) on investments 6
Net change in unrealized gains (losses) on investments 229
Net realized and unrealized gains (losses) 235

Net increase (decrease) in net assets resulting from operations $ 1,083

Basic and diluted net investment income per common share $ 0.12
Basic and diluted net increase (decrease) in net assets per common share $ 0.15
Basic and diluted weighted average shares of common stock outstanding 7,001,667

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED ~~STATEMENT~~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

Paid-in capital in excess of par value Total distributable earnings (loss) Net assets
Common stock Preferred stock
Shares Par value Shares Par value
Balance at May 27, 2020 (Commencement of Operations) —
$ —
—
$ —
$ 25
$ (95 ) $ (70 )
Issuance of common stock 7,001,667
70
—
—
104,930
—
105,000
Issuance of preferred stock —
—
525
—
525
—
525
Offering costs —
—
—
—
(1,982 ) —
(1,982 )
Preferred stock distributions from net investment income —
—
—
—
—
(37 ) (37 )
Net increase (decrease) in net assets resulting from operations —
—
—
—
—
1,083
1,083
Balance at June 30, 2020 7,001,667
$ 70
525
$ —
$ 103,498
$ 951
$ 104,519


Balance at December 31, 2022	20,297,200	$	203	525	$	—	$	310,370	$	(25,938)	$	284,635
Common stock distributions from distributable earnings	—	—		—	—		—		—		—
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net increase in net assets resulting from operations	—	—		—	—		—		6,580		6,580
Balance at March 31, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(19,373)	$	291,200


Balance at December 31, 2023	23,689,363	$	237	525	$	—	$	352,037	$	(61,732)	$	290,542
Common stock distributions from distributable earnings	—	—		—	—		—		—		—
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net increase in net assets resulting from operations	—	—		—	—		—		3,779		3,779
Balance at March 31, 2024	23,689,363	$	237	525	$	—	$	352,037	$	(57,968)	$	294,306

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF CASH FLOWS

(unaudited)

(~~dollars~~ in thousands)


	For the Three Months Ended March 31,
	2024		2023
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	3,779	$	6,580
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Fundings and purchases of investments	(28,864)		(15,282)
Principal payments and proceeds from investments	22,323		12,099
Payment-in-kind interest on investments	(885)		(21)
Net change in unrealized (gains) losses on investments	2,226		5,257
Net realized (gains) losses on investments	3,631		(502)
Amortization and accretion of premiums and discounts, net	(1,070)		(2,115)
Amortization of debt fees and issuance costs	288		235
Change in operating assets and liabilities:
Prepaid expenses and other assets	(257)		(409)
Base management fee payable	77		36


Other accrued expenses and liabilities	(6,760)		(864)
Net cash provided by (used in) operating activities	(5,512)		5,014
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	10,000		—
Repayments under revolving credit facility	(10,000)		—
Net cash provided by (used in) financing activities	—		—
Net change in cash, cash equivalents and restricted cash	(5,512)		5,014
Cash, cash equivalents and restricted cash at beginning of period	60,845		37,066
Cash, cash equivalents and restricted cash at end of period	$	55,333	$	42,080

	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	47,218	$	37,205
Restricted cash	8,115		4,875
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	55,333	$	42,080

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	2,272	$	2,514
Excise taxes paid	$	572	$	250

For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations $ 1,083
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, net (94,573 )
Sales (purchase) of short-term investments, net (9,996 )
Principal payments and proceeds from investments 272
Net change in unrealized (gains) losses on investments (229 )
Net realized (gains) losses on investments (6 )
Amortization and accretion of premiums and discounts, net (12 )
(Accretion) reduction of end-of-term payments, net of prepayments (249 )
Organizational costs (95 )
Change in operating assets and liabilities:
Payable for U.S. Treasury bills 9,996
Prepaid expenses and other assets (77 )
Base management fee payable —
Other accrued expenses and liabilities 2,380
Net cash (used in) provided by operating activities (91,506 )
Cash Flows from Financing Activities:
Preferred stock distributions paid (37 )
Offering costs (1,982 )
Proceeds from issuance of common stock 105,000
Proceeds from issuance of preferred stock 525
Net cash provided by (used in) financing activities 103,506
Net change in cash 12,000
Cash at beginning of period 25
Cash at end of period $ 12,025

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, 2020
Company Type of Investment
Acquisition
Date⁽²⁾

Outstanding
Principal

Cost⁽⁶⁾
Fair Value
Maturity
Date

Debt Investments

Aerospace and Defense
Astranis Space Technologies Corp. Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 5.75% EOT payment) 5/27/2020 $ 3,250
$ 3,213
$ 3,213
4/30/2023
Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 5.75% EOT payment) 5/27/2020 1,750
1,717
1,717
7/31/2023
Total Aerospace and Defense - 4.72%* 5,000
4,930
4,930

Buildings and Property
Breather Products US Inc. Growth Capital Loan (Prime + 6.00% interest rate, 9.75% floor, 4.50% EOT payment) 5/27/2020 3,100
3,052
3,038
7/31/2022
Total Buildings and Property - 2.91%* 3,100
3,052
3,038

Communication Software
Hiya, Inc. Growth Capital Loan (10.75% interest rate, 8.00% EOT payment) 5/27/2020 1,500
1,496
1,507
4/30/2022
Total Communication Software - 1.44%* 1,500
1,496
1,507

Consumer Finance
Upgrade, Inc. Growth Capital Loan (9.50% interest rate, 8.50% EOT payment) 5/27/2020 4,000
4,229
4,229
1/31/2023
Total Consumer Finance - 4.05%* 4,000
4,229
4,229

Cultivation
InFarm - Indoor Urban Farming GMBH⁽¹⁾⁽³⁾
Growth Capital Loan (11.25% interest rate, 8.00% EOT payment) 5/27/2020 1,334
1,384
1,415
1/31/2022
Growth Capital Loan (11.25% interest rate, 8.00% EOT payment) 5/27/2020 466
482
493
2/28/2022
Growth Capital Loan (11.25% interest rate, 8.00% EOT payment) 5/27/2020 2,436
2,515
2,571
3/31/2022
Total Cultivation - 4.29%* 4,236
4,381
4,479

Financial Software
Lon Inc. Growth Capital Loan (12.75% interest rate) 5/27/2020 5,000
4,730
4,730
11/30/2022
Growth Capital Loan (12.75% interest rate) 5/27/2020 2,500
2,365
2,365
11/30/2022
Total Financial Software - 6.79%* 7,500
7,095
7,095

Food Products
Feast Kitchen ApS⁽¹⁾⁽³⁾
Growth Capital Loan (Prime + 4.25% interest rate, 9.75% floor, 10.00% EOT payment) 5/27/2020 1,755
1,774
1,774
6/30/2023
Freshly Inc. Growth Capital Loan (Prime + 6.50% interest rate, 11.75% floor, 5.00% EOT payment) 5/27/2020 4,000
4,035
3,999
10/31/2022
Growth Capital Loan (Prime + 4.50% interest rate, 9.75% floor, 6.75% EOT payment) 5/27/2020 2,000
2,013
1,999
12/31/2022
Growth Capital Loan (Prime + 6.00% interest rate, 11.25% floor, 6.50% EOT payment) 5/27/2020 2,000
2,015
1,999
6/30/2022
Growth Capital Loan (Prime + 4.50% interest rate, 9.75% floor, 6.75% EOT payment) 5/27/2020 2,000
1,949
1,934
3/31/2023
10,000
10,012
9,931

Total Food Products - 11.20%* 11,755
11,786
11,705

Home Furnishings
Feather Home Inc. Growth Capital Loan (Prime + 3.00% interest rate, 8.50% floor, 7.00% EOT payment) 5/27/2020 2,500
2,477
2,477
3/31/2022
Total Home Furnishings - 2.37%* 2,500
2,477
2,477


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date

Debt Investments

Aerospace and Defense
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)	11/21/2023	1,000	979	979	11/30/2027
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)	12/27/2023	1,000	976	976	12/31/2027
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)	12/27/2023	1,000	976	976	12/31/2027
Total Aerospace and Defense - 1.00%*			3,000	2,931	2,931

Application Software
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	5/17/2022	667	666	666	5/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	7/21/2022	700	696	696	7/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	9/30/2022	460	456	456	9/30/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	2/6/2023	173	175	175	2/28/2025
			2,000	1,993	1,993
Parsable, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 13.50% floor, 4.00% EOT payment)(2)	10/24/2023	3,333	3,289	3,195	4/1/2027
Parsable, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 13.50% floor, 4.00% EOT payment)(2)	1/25/2024	1,667	1,636	1,584	7/1/2027
			5,000	4,925	4,779
Total Application Software - 2.30%*			7,000	6,918	6,772

Business Applications Software
FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000	10,581	10,592	6/30/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.50% EOT payment)	1/21/2022	347	361	362	7/31/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.50% EOT payment)(2)	12/28/2023	1,209	1,232	1,234	7/31/2024
			11,556	12,174	12,188
Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)	12/21/2022	7,000	7,160	6,737	6/30/2026
Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	1,415	1,697	1,607	12/31/2024
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768	1,837	1,637	4/30/2024
			3,183	3,534	3,244
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	521	596	597	6/30/2024
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	521	596	597	6/30/2024
			1,042	1,192	1,194
Total Business Applications Software - 7.94%*			22,781	24,060	23,363

Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 11.00% floor, 6.00% EOT payment)	9/9/2022	2,000	2,067	2,067	9/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	885	914	914	11/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.75% EOT payment)	11/18/2021	4,200	4,426	4,426	5/31/2024
			5,085	5,340	5,340
Certamen Ventures Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 4.00% EOT payment)	11/30/2021	6,945	6,902	6,902	11/30/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	2/15/2022	1,432	1,528	1,528	8/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	4/25/2022	1,490	1,568	1,568	10/31/2025

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of June 30, 2020
Company Type of Investment
Acquisition
Date⁽²⁾

Outstanding
Principal

Cost⁽⁶⁾
Fair Value
Maturity
Date

Household Products
Grove Collaborative, Inc. Growth Capital Loan (Prime + 2.25% interest rate, 7.75% floor, 4.75% EOT payment) 5/27/2020 $ 6,750
$ 6,792
$ 6,744
4/30/2021
Growth Capital Loan (Prime + 2.25% interest rate, 7.75% floor, 4.75% EOT payment) 5/27/2020 2,333
2,348
2,331
4/30/2021
Total Household Products - 8.68%* 9,083
9,140
9,075

Information Services (B2C)
Cleo AI Ltd⁽¹⁾⁽³⁾
Growth Capital Loan (9.50% interest rate, 8.00% EOT payment) 5/27/2020 899
908
912
6/30/2022
Total Information Services (B2C) - 0.87%* 899
908
912

Infrastructure
GoEuro Corp. Growth Capital Loan (10.25% interest rate, 4.00% EOT payment) 5/27/2020 5,000
5,037
5,103
10/31/2022
Growth Capital Loan (10.25% interest rate, 4.00% EOT payment) 5/27/2020 2,500
2,519
2,552
10/31/2022
Total Infrastructure - 7.32%* 7,500
7,556
7,655

Life and Health Insurance
Beam Technologies Inc. Growth Capital Loan (Prime + 2.75% interest rate, 8.25% floor, 5.50% EOT payment) 5/27/2020 4,000
3,974
3,974
10/31/2021
Total Life and Health Insurance - 3.80%* 4,000
3,974
3,974

Logistics
Passport Labs, Inc. Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 5/27/2020 5,000
5,059
5,204
5/31/2024
Total Logistics - 4.98%* 5,000
5,059
5,204

Network Management Software
Callsign, Inc. Growth Capital Loan (Prime + 4.00% interest rate, 9.50% floor, 6.50% EOT payment) 5/27/2020 5,000
4,987
5,009
7/31/2022
Total Network Management Software - 4.79%* 5,000
4,987
5,009

Real Estate Services
Common Living Inc. Growth Capital Loan (Prime + 2.75% interest rate, 8.25% floor, 5.75% EOT payment) 5/27/2020 2,500
2,525
2,513
2/28/2022
Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 7.25% EOT payment) 5/27/2020 5,000
4,921
4,881
4/30/2023
7,500
7,446
7,394

Mynd Management, Inc. Growth Capital Loan (Prime + 2.30% interest rate, 7.80% floor, 3.75% EOT payment) 5/27/2020 2,500
2,484
2,484
11/30/2022
Growth Capital Loan (Prime + 2.30% interest rate, 7.80% floor, 3.75% EOT payment) 5/27/2020 2,500
2,484
2,484
11/30/2022
Growth Capital Loan (Prime + 2.30% interest rate, 7.80% floor, 3.75% EOT payment) 5/27/2020 2,500
2,479
2,479
12/31/2022
7,500
7,447
7,447

Total Real Estate Services - 14.20%* 15,000
14,893
14,841

Social/Platform Software
ClassPass Inc. Growth Capital Loan (Prime + 5.00% interest rate, 10.25% floor, 8.25% EOT payment) 5/27/2020 5,000
5,054
5,099
9/30/2023
Total Social/Platform Software - 4.88%* 5,000
5,054
5,099

Total Debt Investments - 87.28%* $ 91,073
$ 91,017
$ 91,229


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	8/1/2022	654	677	677	1/31/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	10/7/2022	2,526	2,586	2,586	4/30/2026
			6,102	6,359	6,359
Phantom Auto Inc.(7)	Growth Capital Loan (Prime + 5.00% interest rate, 13.50% floor, 4.00% EOT payment)(2)	2/9/2024	4,858	4,732	4,750	2/28/2027
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	5/4/2022	1,500	1,537	1,144	5/31/2025
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	10/19/2023	250	247	191	5/31/2025
			1,750	1,784	1,335
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	1,013	2/29/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42	42	17	2/29/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	12/22/2023	25	25	10	2/29/2024
			2,489	2,536	1,040
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	6/15/2022	320	334	348	6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)(2)	6/15/2022	482	489	513	12/31/2024
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	244	247	255	10/31/2026
			1,046	1,070	1,116
Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)	12/16/2022	4,500	4,440	4,440	9/30/2026
Total Business Products and Services - 11.33%*			34,775	35,230	33,349

Business/Productivity Software
Construction Finance Corporation	Revolver (Prime + 5.25% interest rate, 13.75% floor, 1.50% EOT payment)(2)	12/29/2023	4,428	4,421	4,421	6/29/2024
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	5/23/2023	5,200	5,203	5,203	11/30/2026
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)(2)	8/21/2023	1,600	1,589	1,589	2/28/2027
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)(2)	2/9/2024	600	588	588	8/31/2027
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)(2)	3/11/2024	600	586	586	9/30/2027
			8,000	7,966	7,966
Highbeam, Inc.	Revolver (Prime + 4.25% interest rate, 12.75% floor)(2)	2/10/2023	2,053	2,039	2,039	8/10/2024
Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)	9/14/2022	4,000	4,109	4,014	3/31/2026
Idelic Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 10.00% floor, 2.50% EOT payment)(2)	11/15/2023	2,800	2,785	2,713	8/31/2026
			6,800	6,894	6,727
Manufactured Networks, Inc.	Revolver (Prime + 5.75% interest rate, 14.25% floor)(2)	9/13/2023	5,000	4,971	4,987	12/13/2024
Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.85% cash interest rate + 4.66% PIK, 12.75% floor, 7.00% EOT payment)(2)	3/30/2022	1,157	1,174	1,253	3/31/2027
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)	6/16/2023	2,416	2,436	2,436	5/31/2026
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)(2)	2/1/2024	334	331	331	2/1/2027
			2,750	2,767	2,767
Virtual Facility, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 10.50% floor, 8.50% EOT payment)(2)	12/1/2023	1,000	984	984	6/1/2027
Total Business/Productivity Software - 10.58%*			31,188	31,216	31,144

Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	3,318	3,290	3,189	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	2,767	2,734	2,655	2/28/2026

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of June 30, 2020
Company Type of Warrant
Acquisition Date⁽²⁾
Shares
Cost⁽⁶⁾
Fair Value

Warrant Investments⁽⁷⁾⁽⁸⁾

Aerospace and Defense
Astranis Space Technologies Corp. Preferred Stock 5/27/2020 70,959
$ 96
$ 96
Total Aerospace and Defense - 0.09%* 70,959
96
96

Buildings and Property
Breather Products US Inc. Preferred Stock 5/27/2020 39,457
12
12
Total Buildings and Property - 0.01%* 39,457
12
12

Communication Software
Hiya, Inc. Preferred Stock 5/27/2020 115,073
54
54
Total Communication Software - 0.05%* 115,073
54
54

Consumer Finance
Upgrade, Inc. Preferred Stock 5/27/2020 136,869
44
36
Total Consumer Finance - 0.03%* 136,869
44
36

Cultivation
InFarm - Indoor Urban Farming GMBH⁽¹⁾⁽³⁾
Preferred Stock 5/27/2020 1,278
1,223
1,250
Total Cultivation - 1.20%* 1,278
1,223
1,250

Database Software
Cohesity, Inc. Preferred Stock 5/27/2020 3,789
11
11
Total Database Software - 0.01%* 3,789
11
11

Elder and Disabled Care
Honor Technology, Inc. Preferred Stock 5/27/2020 130,618
50
50
Total Elder and Disabled Care - 0.05%* 130,618
50
50

Financial Software
Lon Inc. Common Stock 5/27/2020 180,531
452
452
Total Financial Software - 0.43%* 180,531
452
452

Food Products
Feast Kitchen ApS⁽¹⁾⁽³⁾
Preferred Stock 5/27/2020 29,145
126
126
Freshly Inc. Preferred Stock 5/27/2020 20,867
81
81
Preferred Stock 5/27/2020 71,821
427
427
92,688
508
508
Total Food Products - 0.61%* 121,833
634
634

Healthcare Technology Systems
Capsule Corp. Preferred Stock 5/27/2020 22,504
58
58
Curology, Inc. Preferred Stock 5/27/2020 12,007
19
19
Total Healthcare Technology Systems - 0.07%* 34,511
77
77

Home Furnishings
Feather Home Inc. Preferred Stock 5/27/2020 33,910
77
77
Total Home Furnishings - 0.07%* 33,910
77
77

Household Products
Grove Collaborative, Inc. Preferred Stock 5/27/2020 33,038
73
71
Total Household Products - 0.07%* 33,038
73
71


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	1,107	1,094	1,062	2/28/2026
			7,192	7,118	6,906
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	110	110	110	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	300	299	299	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	1,007	1,007	11/30/2025
			1,410	1,416	1,416
Total Computer Hardware - 2.83%*			8,602	8,534	8,322

Consumer Finance
Activehours, Inc.	Revolver (Prime + 4.25% interest rate, 8.50% floor)(2)	12/30/2022	—	—	—	12/30/2025
Total Consumer Finance - —%*			—	—	—

Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	1,047	1,047	6/30/2025
Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)(2)	10/31/2022	813	856	856	10/31/2025
			1,813	1,903	1,903
Prose Beauty, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 8.50% floor, 8.50% EOT payment)	2/2/2024	6,000	5,673	5,673	5/31/2027
Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 8.25% EOT payment)(2)	1/9/2023	1,077	1,104	1,106	1/31/2026
Total Consumer Non-Durables - 2.95%*			8,890	8,680	8,682

Consumer Products and Services
Baby Generation, Inc.	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)	1/26/2022	750	787	789	1/31/2025
Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	12/19/2022	250	259	260	12/31/2024
Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	3/30/2023	875	896	899	3/31/2025
			1,875	1,942	1,948
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)(2)	10/13/2022	2,520	2,530	2,829	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,512	1,518	1,696	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,642	1,648	1,838	4/30/2026
			5,674	5,696	6,363
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 7.75% PIK interest rate, 11.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	724	454	4/30/2025
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 7.75% PIK interest rate, 11.00% floor, 6.25% EOT payment)(2)	7/14/2022	268	266	179	7/31/2025
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 7.75% PIK interest rate, 11.00% floor, 6.25% EOT payment)(2)	11/14/2022	69	67	44	11/30/2025
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 7.75% PIK interest rate, 11.00% floor, 6.25% EOT payment)(2)	3/15/2023	529	502	320	3/31/2026
			1,589	1,559	997
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	6/27/2022	322	325	131	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	8/12/2022	107	108	44	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	12/9/2022	215	213	87	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	3/1/2023	322	318	131	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	10/5/2023	11	11	4	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	12/11/2023	18	18	7	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	2/2/2024	59	58	23	2/28/2027

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of June 30, 2020
Company Type of Warrant
Acquisition Date⁽²⁾
Shares
Cost⁽⁶⁾
Fair Value

Human Capital Services
Eightfold AI Inc. Preferred Stock 5/27/2020 69,577
$ 36
$ 36
Total Human Capital Services - 0.03%* 69,577
36
36

Information Services (B2C)
Cleo AI Ltd⁽¹⁾⁽³⁾
Preferred Stock 5/27/2020 41,041
82
82
Total Information Services (B2C) - 0.08%* 41,041
82
82

Infrastructure
GoEuro Corp. Preferred Stock 5/27/2020 2,775
61
61
Total Infrastructure - 0.06%* 2,775
61
61

Life and Health Insurance
Beam Technologies Inc. Preferred Stock 5/27/2020 5,344
57
57
Total Life and Health Insurance - 0.05%* 5,344
57
57

Logistics
Passport Labs, Inc. Common Stock 5/27/2020 2,102
51
51
Total Logistics - 0.05%* 2,102
51
51

Network Management Software
Callsign, Inc. Preferred Stock 5/27/2020 21,604
180
180
Total Network Management Software - 0.17%* 21,604
180
180

Real Estate Services
Common Living Inc. Preferred Stock 5/27/2020 72,938
155
155
Mynd Management, Inc. Preferred Stock 5/27/2020 43,472
83
83
Total Real Estate Services - 0.23%* 116,410
238
238

Social/Platform Software
ClassPass Inc. Preferred Stock 5/27/2020 14,085
43
43
Total Social/Platform Software - 0.04%* 14,085
43
43

Total Warrant Investments - 3.41%* $ 3,551
$ 3,568

Total Investments in Portfolio Companies - 90.7%*⁽⁴⁾
$ 94,568
$ 94,797

Short-Term Investments
U.S. Treasury Bills $ 9,996
$ 9,996
Total Short-Term Investments - 9.56%* $ 9,996
$ 9,996

Total Investments - 100.26%*⁽⁵⁾
$ 104,564
$ 104,793


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
			1,054	1,051	427
Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	204	217	217	9/30/2024
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	4,800	4,910	4,910	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	2,250	2,299	2,299	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	1/18/2024	3,200	3,149	3,149	7/31/2026
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	1/18/2024	3,000	2,952	2,952	7/31/2026
			13,454	13,527	13,527
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	2/29/2024	4,444	4,338	4,338	8/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	3/8/2024	556	542	542	9/1/2027
			5,000	4,880	4,880
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,285	1,095	7/31/2025
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,274	1,034	10/31/2025
			2,500	2,559	2,129
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	18	19	19	4/30/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	5/16/2022	47	49	49	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/24/2022	310	327	327	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.50% EOT payment)(2)	4/28/2023	372	372	372	4/30/2026
			747	767	767
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 8.00% floor, 7.75% EOT payment)	8/12/2021	3,532	3,718	3,650	8/31/2025
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 8.00% floor, 6.00% EOT payment)(2)	5/26/2022	3,000	3,090	3,043	5/31/2025
			6,532	6,808	6,693
Headout Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment)(2)	3/15/2024	2,351	2,292	2,292	3/1/2027
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,771	1,730	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	3,300	3,523	3,443	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/10/2021	5,025	5,345	5,197	2/28/2025
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	5,342	5,195	2/28/2025
			15,000	15,981	15,565
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,252	1,343	1,339	7/31/2024
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)	11/3/2021	4,252	4,319	4,284	11/30/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/17/2022	1,000	1,011	1,011	8/31/2026
			6,504	6,673	6,634
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	2,000	2,027	1,992	12/31/2025
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	564	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	1,061	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	464	12/31/2028
			3,887	2,136	2,089
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	584	522	486	12/31/2026
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	327	291	289	12/31/2026
			911	813	775


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
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	588	590	590	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	207	205	205	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	172	169	169	2/28/2027
			967	964	964
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	196	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	73	8/31/2024
Total Consumer Products and Services - 23.21%*			71,189	70,851	68,311

Cultivation
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan (6.00% interest rate)	12/29/2023	3,886	1,217	1,176	10/31/2028
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan (6.00% interest rate)	12/29/2023	15	15	5	10/31/2028
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan (6.00% interest rate)	12/29/2023	349	109	106	10/31/2028
Total Cultivation - 0.44%*			4,250	1,341	1,287

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.50% EOT payment)	9/29/2021	8,750	8,597	8,597	11/30/2027
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,182	10,182	6/30/2027
TFG Holding, Inc.(7)	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,433	4,714	3,289	12/31/2023
TFG Holding, Inc.(7)	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	2,955	3,006	2,192	12/31/2024
TFG Holding, Inc.(7)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)	3/31/2022	986	1,000	728	9/30/2025
			8,374	8,720	6,209
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,882	6,882	11/30/2024
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)	6/7/2022	1,000	1,025	1,025	12/31/2025
			7,500	7,907	7,907
Total E-Commerce - Clothing and Accessories - 11.18%*			34,624	35,406	32,895

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/6/2021	1,669	1,683	1,666	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/21/2021	263	273	270	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	8/10/2021	315	327	323	8/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	10/6/2021	1,458	1,510	1,491	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	11/2/2021	947	978	965	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	11/2/2021	2,540	2,624	2,589	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	848	875	866	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	324	334	331	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	57	59	58	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	1/28/2022	1,836	1,887	1,867	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	700	713	704	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	263	268	265	10/31/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	9/21/2022	1,710	1,715	1,689	3/31/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/1/2022	3,078	3,076	3,028	4/30/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/22/2022	184	183	180	6/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/1/2023	180	175	175	10/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/13/2023	1,369	1,326	1,326	11/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	12/28/2023	104	101	101	12/31/2026
Forum Brands, LLC	Growth Capital Loan(9)	6/16/2021	2,179	2,179	1,632	12/31/2026
Total E-Commerce - Personal Goods - 6.63%*			20,024	20,286	19,526

Energy
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	1,319	1,179	1,147	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	5,000	5,059	4,932	12/31/2026
Total Energy - 2.07%*			6,319	6,238	6,079

Entertainment Software
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 13.75% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	1,002	996	4/30/2025
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	7/28/2023	75	75	73	7/1/2026
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	11/20/2023	50	50	49	7/1/2026
			1,125	1,127	1,118
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/17/2022	2,390	2,457	2,457	5/31/2025
Total Entertainment Software - 1.21%*			3,515	3,584	3,575

Environmental Services
Earth Funeral Group, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 5.50% EOT payment)(2)	3/1/2024	1,430	1,396	1,396	3/1/2027
Total Environmental Services - 0.47%*			1,430	1,396	1,396

Financial Software
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor)	4/6/2022	107	107	107	10/31/2024
Parker Group Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)	4/6/2022	520	558	558	4/30/2025
			627	665	665
Wisetack, Inc.(1)	Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 6.75% EOT payment)	4/3/2023	5,000	4,994	4,994	10/31/2026
Total Financial Software - 1.92%*			5,627	5,659	5,659

Food Products
AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 9.50% floor, 5.00% EOT payment)(2)	5/24/2021	1,291	1,351	1,215	4/30/2024
AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	147	161	146	7/31/2025
AllPlants Ltd(1)(3)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 8.00% EOT payment)(2)	9/1/2022	901	929	1,014	8/31/2026
Total Food Products - 0.81%*			2,339	2,441	2,375

Healthcare Services
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	1/18/2023	213	210	210	1/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	5/19/2023	176	174	174	5/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	5/19/2023	177	175	175	5/31/2027


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	8/16/2023	247	243	243	8/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	10/6/2023	187	184	184	10/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	10/6/2023	39	39	39	10/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	12/12/2023	147	145	145	12/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	12/12/2023	150	148	148	12/31/2027
			1,336	1,318	1,318
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	6/22/2023	2,000	1,982	1,982	6/30/2026
OpenLoop Health, Inc.	Revolver (Prime + 1.50% interest rate, 9.25% floor, 3.25% EOT payment)(2)	6/22/2023	2,000	2,035	2,035	6/16/2024
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	11/20/2023	3,000	2,901	2,901	11/30/2026
			7,000	6,918	6,918
Total Healthcare Services - 2.80%*			8,336	8,236	8,236

Healthcare Technology Systems
Capsule Corporation	Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)	12/30/2020	5,000	5,477	5,477	12/31/2024
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)(2)	7/14/2023	5,000	4,893	4,893	7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/12/2023	8,906	9,019	9,019	6/12/2027
Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/14/2023	670	662	662	6/12/2027
			9,576	9,681	9,681
Total Healthcare Technology Systems - 6.81%*			19,576	20,051	20,051

Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	1/11/2023	3,000	2,998	2,998	1/11/2025
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	9/22/2023	281	224	224	1/11/2025
Total Human Capital Services - 1.09%*			3,281	3,222	3,222

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 5.25% EOT payment)(2)	5/4/2023	2,000	2,012	2,012	2/28/2027
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.25% interest rate, 11.25% floor, 5.50% EOT payment)(2)	5/4/2023	7,000	7,012	7,012	5/31/2027
Total Information Services (B2C) - 3.07%*			9,000	9,024	9,024

Infrastructure
GoEuro Corp.(1)(3)	Growth Capital Loan (12.00% interest rate, 10.50% EOT payment)	5/27/2020	5,000	5,230	5,347	1/31/2027
GoEuro Corp.(1)(3)	Growth Capital Loan (12.00% interest rate, 10.50% EOT payment)	5/27/2020	2,500	2,615	2,674	1/31/2027
Total Infrastructure - 2.73%*			7,500	7,845	8,021

Life and Health Insurance
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	12/30/2022	500	499	499	12/31/2025
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	3/24/2023	500	495	495	3/31/2026
			1,000	994	994
Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,402	8,402	2/28/2025
Total Life and Health Insurance - 3.19%*			9,000	9,396	9,396

Medical Software and Information Services


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
HI LLC (Kernel)	Growth Capital Loan (Prime + 1.50% cash interest rate + 6.50% PIK, 15.50% floor, 8.50% EOT payment)	7/1/2021	2,412	2,539	2,498	7/31/2025
Total Medical Software and Information Services - 0.85%*			2,412	2,539	2,498

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 9.50% floor, 5.50% EOT payment)	9/30/2022	5,000	5,013	5,013	3/31/2027
Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 6.87% EOT payment)	8/12/2021	782	874	874	2/29/2024
Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 7.13% EOT payment)	9/30/2021	534	576	576	3/31/2024
			1,316	1,450	1,450
Total Multimedia and Design Software - 2.20%*			6,316	6,463	6,463

Network Management Software
Skyflow, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 9.75% floor, 4.50% EOT payment)	10/2/2023	4,545	4,522	4,522	10/1/2026
Skyflow, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 13.00% floor, 4.50% EOT payment)	10/2/2023	455	452	452	10/1/2026
Total Network Management Software - 1.69%*			5,000	4,974	4,974

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	516	506	9/30/2025
Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	504	502	6/30/2026
			1,000	1,020	1,008
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	2,922	2,981	2,981	8/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	10/5/2022	1,463	1,484	1,484	10/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	5/1/2023	450	449	449	4/30/2026
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 13.75% floor, 5.00% EOT payment)(2)	7/31/2023	500	497	497	7/31/2026
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 14.25% floor, 5.00% EOT payment)(2)	12/20/2023	750	738	738	12/31/2026
			6,085	6,149	6,149
Total Other Financial Services - 2.43%*			7,085	7,169	7,157

Real Estate Services
Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500	2,668	2,495	9/30/2025
Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742	4,967	4,646	9/30/2025
			7,242	7,635	7,141
Homelight, Inc.	Growth Capital Loan (17.25% interest rate)(2)	12/30/2022	500	494	491	12/31/2026
Homelight, Inc.	Growth Capital Loan (18.00% interest rate)(2)	5/22/2023	250	247	245	5/31/2027
			750	741	736
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	4,000	4,184	3,951	6/30/2026
Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)	12/30/2022	3,055	3,093	3,056	12/31/2024
			7,055	7,277	7,007
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.75% floor, 6.00% EOT payment)	5/25/2022	1,000	1,031	1,031	5/31/2025
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)	12/27/2022	1,000	1,014	1,014	12/31/2025
Mynd Management, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.50% floor, 4.00% EOT payment)	6/29/2023	8,000	8,024	8,024	12/31/2025
			10,000	10,069	10,069
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	261	261	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	828	831	12/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220		229		230		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105		110		110		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440		458		460		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208		217		217		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150		157		158		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372		1,420		1,424		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760		786		789		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170		177		177		1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116		120		121		2/28/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		310		311		3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110		1,143		1,148		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991		1,020		1,025		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216		223		224		5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200		203		205		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100		102		103		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150		151		152		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361		365		367		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565		568		572		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	5/23/2023	240		239		241		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	5/23/2023	434		433		437		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2023	720		721		727		5/31/2026
			9,978		10,241		10,290
Total Real Estate Services - 11.97%*			35,025		35,963		35,243

Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	903		920		812		5/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	984		1,015		927		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,325		1,365		1,247		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,638		1,497		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,638		1,497		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	795		819		749		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 9.00% interest rate, 17.50% floor, 4.00% EOT payment)(2)	12/18/2023	111		115		108		3/1/2024
Total Social/Platform Software - 2.32%*			7,298		7,510		6,837

Total Debt Investments - 128.03%*			$	385,382	$	387,163	$	376,788


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
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	$	578
Dedrone Holdings, Inc.	Preferred Stock(2)	3/2/2021	71,018	92		197
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		24
Total Aerospace and Defense - 0.30%*				311		875

Application Software
Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,163	10		14
Parsable, Inc.	Preferred Stock(2)	8/29/2023	165,100	61		23
Total Application Software - 0.01%*				71		37

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		101
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		576
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144
				450		720
Morty, Inc.	Preferred Stock	10/1/2021	88,980	66		4
Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51
Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		150
Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		29
Total Business Applications Software - 0.36%*				739		1,067

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		32
Cardless Inc.	Common Stock	11/18/2021	20,619	28		12
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		160
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		10
				125		170
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		42
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		97
Certamen Ventures Inc.	Preferred Stock	12/15/2023	538,703	205		232
				332		371
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Common Stock	12/17/2021	40,579	130		50
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	141,409	315		—
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	31,698	35		—
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	22,188	24		—
Phantom Auto Inc.	Preferred Stock(2)	2/9/2024	34,288	—		—
				374		—
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	108,238	26		—
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	12/16/2022	51,590	308		70
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		26
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		9
				34		35
Total Business Products and Services - 0.31%*				1,553		902

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		140
Total Business to Business Marketplace - 0.05%*				156		140

Business/Productivity Software
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14		20


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Construction Finance Corporation	Preferred Stock(2)	12/29/2023	105,723	40	56
				54	76
FireHydrant, Inc.	Preferred Stock	5/23/2023	113,050	115	125
Highbeam, Inc.	Common Stock(2)	2/10/2023	37,361	2	6
Idelic Inc.	Preferred Stock	12/10/2021	30,551	46	11
Idelic Inc.	Preferred Stock(2)	11/15/2023	36,661	13	13
				59	24
Luxury Presence, Inc.	Preferred Stock(2)	9/20/2023	7,734	40	25
Machinify, Inc.	Common Stock(2)	8/25/2023	27,040	36	36
Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	41
Manufactured Networks, Inc.	Preferred Stock(2)	9/13/2023	73,666	25	22
				114	63
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	42
OnSiteIQ, Inc.	Common Stock	6/16/2023	102,864	14	64
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
Virtual Facility, Inc.	Preferred Stock(2)	10/3/2023	54,775	16	16
Total Business/Productivity Software - 0.16%*				457	481

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

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

Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	—
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	41
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	26,386	92	61
Total Computer Hardware - 0.07%*				250	211

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	319
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	40
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	96
				225	455
Cherry Technologies Inc.	Preferred Stock	11/23/2021	77,891	195	432
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	109
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.35%*				518	1,026

Consumer Non-Durables
Athletic Greens International, Inc.	Preferred Stock(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	12/18/2023	49,020	311	479
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Total Consumer Non-Durables - 0.17%*				354	505

Consumer Products and Services
Baby Generation, Inc.	Common Stock	1/26/2022	13,587	10	10
The Black Tux, Inc.	Preferred Stock(2)	11/5/2021	142,939	139	460
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	4
Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	8
Dance Gmbh(1)(3)	Preferred Stock(2)	2/21/2023	45	21	10
Dance Gmbh(1)(3)	Common Stock(2)	3/21/2024	34	8	8


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
				66	26
Elektra Mobility Inc.(11)	Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ephemeral Solutions, Inc.	Common Stock(2)	2/2/2024	135,353	1	1
				13	1
Ever/Body, Inc.	Preferred Stock	9/7/2021	357,970	175	57
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	24
FitOn, Inc.	Common Stock(2)	2/29/2024	33,548	74	74
Flink SE(1)(3)	Preferred Stock(2)	4/13/2022	18	23	—
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	9
Good Eggs, Inc.	Preferred Stock	8/12/2021	83,265	142	12
Headout Inc.	Common Stock(2)	3/15/2024	8,991	58	58
Hydrow, Inc.	Common Stock	2/9/2021	74,157	70	—
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	—
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	—
				130	—
Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	120	84
JOKR S.a.r.l.(1)(3)	Preferred Stock	7/24/2023	14,763	538	81
Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	7
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	9/29/2023	14,709	26	27
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	15,000	—	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	45,000	79	82
				125	109
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock(2)	8/25/2023	31,796	118	118
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	30
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	4
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 - 0.44%*				2,014	1,306

Database Software
Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	21
SiSense, Inc.	Success Fee(2)	12/28/2021	—	95	233
Total Database Software - 0.09%*				116	254

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	114
FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	194
				411	308
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	143
TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	—
TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	—
				275	—
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	305
Total E-Commerce - Clothing and Accessories - 0.26%*				1,101	756

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock	7/6/2021	14,143	146	209
Forum Brands, LLC	Preferred Stock	12/23/2021	12,964	188	192
Forum Brands, LLC	Preferred Stock	10/11/2023	2,829	42	42
				376	443


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Merama Inc.	Preferred Stock(2)	4/28/2021	71,728	589	563
Total E-Commerce - Personal Goods - 0.34%*				965	1,006

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.07%*				50	192

Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	133
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	52
				194	185
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	1,035
Total Energy - 0.41%*				231	1,220

Entertainment Software
Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	—
Encore Music Technologies, Inc.	Preferred Stock(2)	5/16/2023	4,475	1	—
				16	—
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2022	37,335	60	62
Total Entertainment Software - 0.02%*				76	62

Environmental Services
Earth Funeral Group, Inc.	Preferred Stock(2)	3/1/2024	143,196	63	63
Total Environmental Services - 0.02%*				63	63

Financial Software
Parker Group Inc.	Common Stock	4/6/2022	2,667	9	9
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 - 0.02%*				102	54

Food Products
AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	38
Total Food Products - 0.01%*				77	38

General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	5
Total General Media and Content - —%*				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	6/16/2023	11,186	51	60
OpenLoop Health, Inc.	Preferred Stock	6/16/2023	5,593	25	30
OpenLoop Health, Inc.	Preferred Stock	11/20/2023	16,779	89	89
				165	179
Perry Health, Inc.	Preferred Stock(2)	5/31/2023	184,258	79	79
Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	29
Wispr AI, Inc.(11)	Preferred Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 0.17%*				295	504

Healthcare Technology Systems
Calibrate Health, Inc.	Common Stock(2)	10/30/2023	118,190	253	—
Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	8
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	8
K Health, Inc.	Common Stock	7/14/2023	61,224	187	187
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56,109	228	228
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.21%*				827	618


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Household Products
Grove Collaborative, Inc.	Preferred Stock(2)	5/27/2020	33,038	72	—
Total Household Products - —%*				72	—

Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	336
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	713
Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	18
				109	731
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.37%*				307	1,098

Information Services (B2C)
Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	66
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock(2)	5/1/2023	53,879	38	38
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Total Information Services (B2C) - 0.06%*				192	173

Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	93
GoEuro Corp.(1)(3)	Preferred Stock	8/26/2022	2,439	65	105
GoEuro Corp.(1)(3)	Preferred Stock	9/29/2023	3,902	167	167
Total Infrastructure - 0.12%*				322	365

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	28
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	7
Total Life and Health Insurance - 0.05%*				120	142

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 - —%*				92	2

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	90
Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	—
Spire Animation Studios, Inc.	Preferred Stock	9/30/2021	27,559	105	—
				185	—
Total Multimedia and Design Software - 0.03%*				262	90

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	35
Total Network Management Software - 0.07%*				211	215

Other Financial Services
Aven Holdings, Inc.(1)	Common Stock(2)	5/16/2023	35,857	361	343
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	5
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	125
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	28
Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	3
Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	6
				71	37
Total Other Financial Services - 0.17%*				613	510


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6		15
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470		1,124
Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33		33
Homelight, Inc.	Preferred Stock(2)	7/27/2022	2,446	8		1
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148		3
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15		6
Mynd Management, Inc.	Preferred Stock	5/27/2020	43,472	83		51
Mynd Management, Inc.	Preferred Stock	5/25/2022	1,544	1		—
Mynd Management, Inc.	Preferred Stock	6/29/2023	16,471	11		3
				95		54
Side, Inc.	Preferred Stock(2)	7/29/2020	71,501	57		583
True Footage, Inc.	Preferred Stock	11/24/2021	88,762	122		287
Total Real Estate Services - 0.72%*				954		2,106

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		4
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		4
				60		8
Total Social/Platform Software - 0.01%*				103		33

Software Development Applications
Appex Group, Inc.	Preferred Stock(2)	11/15/2021	14,621	—		—
Appex Group, Inc.(11)	Preferred Stock(2)	4/14/2022	—	—		—
				—		—
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		223
Total Software Development Applications - 0.08%*				65		223

Total Warrant Investments - 5.57%*				$	13,755	$	16,390


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Equity Investments(9)

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		111
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		268
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		476
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.34%*				1,101		999

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		136
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
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	—		63
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		25
				595		94
Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.20%*				1,150		579

Business/Productivity Software
AI2 Incorporated	Preferred Stock(2)	1/3/2024	280,424	830		830
Total Business/Productivity Software - 0.28%*				830		830

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	260		215
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		157
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		366
Total Business to Business Marketplace - 0.25%*				949		738

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		151
Total Consumer Finance - 0.05%*				100		151

Consumer Products and Services
Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		95
Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		5
				100		100
Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		141
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		54
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		6
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		6
				331		12
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,688	375		328
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,575	75		95
				450		423
NxFoods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250		250
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10		10
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 - 0.62%*				2,293		1,812

Cultivation
InFarm Technologies Limited(1)(3)	Preferred Stock(2)	12/29/2023	8,750	—		—
Total Cultivation - 0.00%*				—		—

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		31


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Merama Inc.	Preferred Stock(2)	4/30/2021	5,433	31	63
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13	73
Merama Inc.	Preferred Stock(2)	9/13/2021	3,862	62	60
				106	196
Total E-Commerce - Personal Goods - 0.08%*				196	227

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 - 0.10%*				264	294

Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	174
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	941
Total Energy - 0.38%*				867	1,115

Financial Services
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	150
Total Financial Services - 0.05%*				150	150

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 - 0.03%*				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	285
Total Healthcare Services - 0.16%*				720	473

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) - 0.05%*				150	150

Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82	133
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79	103
Total Infrastructure - 0.08%*				161	236

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	66
Total Multimedia and Design Software - 0.02%*				58	66

Network Management Software
Skyflow Inc.	Preferred Stock(2)	1/22/2024	19,945	62	62
Total Network Management Software - 0.02%*				62	62

Other Financial Services


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8		6
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		798
Total Other Financial Services - 0.27%*				698		804

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29		29
Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443		247
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		122
Total Real Estate Services - 0.14%*				592		412

Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		303
Total Software Development Applications - 0.10%*				250		303

Total Equity Investments - 3.28%*				$	10,836	$	9,641

Total Investments in Portfolio Companies - 136.87%*(4)				$	411,754	$	402,819


Cash Equivalents

Money Market Fund	Type of Investment	Ticker	Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM	$	46,708	$	46,708
Total Cash Equivalents - 15.87%*			$	46,708	$	46,708


Foreign Currency Forward Contracts - 0.01%*
Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Gain
British Pound Sterling (GBP)	5/01/2024	Zions Bancorporation, N.A.	£	6,000	Sold	$	7,606	$	31
Euro (EUR)	5/02/2024	Zions Bancorporation, N.A.	€	1,000	Sold	1,088		7
Euro (EUR)	6/28/2024	Zions Bancorporation, N.A.	€	1,000	Sold	1,086		3
						$	9,780	$	41

_______________


~~(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, 2020 non-qualifying assets represented 7.5% of the Company’s total assets, at fair value.


~~(2)~~	~~Acquisition date represents the date of the investment in the portfolio investment.~~


~~(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”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.


~~(5)~~	Except for short-term investments in U.S. Treasury Bills, 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 $0.4 million, $0.2 million and $0.2 million, respectively, for the June 30, 2020 investment portfolio. The tax cost of investments is $104.6 million.


~~(7)~~	~~Warrants are associated with funded debt instruments as well as certain commitments to provide future funding against certain unfunded obligations.~~


~~(8)~~	~~Non-income producing investments.~~

(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2024, non-qualifying assets represented 11.4% of the Company’s total assets, at fair value.


*	~~Value as a percentage of net assets.~~

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

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of March 31, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $402.8 million at fair value and represented 136.9% of the Company’s net assets. In addition, unless otherwise indicated, as of March 31, 2024, 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 Company’s board of directors (the “Board”).

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $8.9 million, $15.5 million and $6.6 million, respectively, for the March 31, 2024 investment portfolio. The tax cost of investments is $414.1 million.

(7)Debt is on non-accrual status as of March 31, 2024 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2024 had a total cost and fair value of $23.7 million and $17.5 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 investment in the portfolio investment.

(11)Number of shares and/or fair value will be determined based on the occurrence of future events.

* 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, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Dedrone Holdings, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment)	3/31/2021	$	476	$	737	$	737	3/31/2024
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)	11/21/2023	1,000		973		973		11/30/2027
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)	12/27/2023	1,000		971		971		12/31/2027
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)	12/27/2023	1,000		971		971		12/31/2027
			3,000		2,915		2,915
Total Aerospace and Defense - 1.26%*			3,476		3,652		3,652

Application Software
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	5/17/2022	667		662		662		5/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	7/21/2022	700		692		692		7/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	9/30/2022	460		453		453		9/30/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	2/6/2023	173		174		174		2/28/2025
			2,000		1,981		1,981
Parsable, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 13.50% floor, 4.00% EOT payment)(2)	10/24/2023	3,333		3,272		3,272		4/1/2027
Total Application Software - 1.81%*			5,333		5,253		5,253

Business Applications Software
Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)	9/30/2022	3,000		3,024		3,024		9/30/2024
Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)(2)	12/29/2022	1,000		1,000		1,000		12/31/2024
			4,000		4,024		4,024
FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		10,468		10,489		6/30/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.50% EOT payment)	1/21/2022	347		360		361		7/31/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.50% EOT payment)	12/28/2023	1,209		1,210		1,213		7/31/2024
			11,556		12,038		12,063
Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)(2)	12/21/2022	7,000		7,098		6,873		6/30/2026
Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	1,863		2,128		2,029		12/31/2024
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,830		1,642		4/30/2024
			3,631		3,958		3,671
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	1,028		1,095		1,093		6/30/2024
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	1,028		1,095		1,093		6/30/2024
			2,056		2,190		2,186
Total Business Applications Software - 9.92%*			28,243		29,308		28,817

Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 11.00% floor, 6.00% EOT payment)	9/9/2022	2,000		2,042		2,042		9/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,199		1,224		1,224		11/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.75% EOT payment)	11/18/2021	4,200		4,404		4,404		5/31/2024
			5,399		5,628		5,628
Certamen Ventures Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 4.00% EOT payment)	11/30/2021	6,945		6,868		6,868		11/30/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	2/15/2022	1,655		1,734		1,734		8/31/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	4/25/2022	1,695	1,756	1,756	10/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	8/1/2022	705	721	721	1/31/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	10/7/2022	2,526	2,562	2,562	4/30/2026
			6,581	6,773	6,773
Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	1,926	2,210	2,210	7/31/2024
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	5/4/2022	1,500	1,523	1,451	5/31/2025
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	10/19/2023	250	242	231	5/31/2025
			1,750	1,765	1,682
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	918	2/29/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42	42	16	2/29/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	12/22/2023	25	25	9	2/29/2024
			2,489	2,536	943
RenoRun, Inc.(1)(3)(7)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	37	32	96	12/31/2025
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	6/15/2022	377	386	407	6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)(2)	6/15/2022	482	485	513	12/31/2024
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	244	245	256	10/31/2026
			1,103	1,116	1,176
Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)(2)	12/16/2022	4,500	4,376	4,376	9/30/2026
Total Business Products and Services - 10.94%*			32,730	33,346	31,794

Business/Productivity Software
Construction Finance Corporation	Revolver (Prime + 5.25% interest rate, 13.75% floor, 1.50% EOT payment)(2)	12/29/2023	4,428	4,350	4,350	6/29/2024
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	5/23/2023	5,200	5,164	5,164	11/30/2026
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)(2)	8/21/2023	1,600	1,577	1,577	2/28/2027
			6,800	6,741	6,741
Highbeam, Inc.	Revolver (Prime + 4.25% interest rate, 12.00% floor)(2)	2/10/2023	2,688	2,665	2,665	8/10/2024
Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)(2)	9/14/2022	4,000	4,080	4,080	3/31/2026
Idelic Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 10.00% floor, 2.50% EOT payment)(2)	11/15/2023	2,800	2,775	2,775	8/31/2026
			6,800	6,855	6,855
Manufactured Networks, Inc.	Revolver (Prime + 5.75% interest rate, 14.25% floor)(2)	9/13/2023	5,000	4,962	4,982	12/13/2024
Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.85% cash interest rate + 4.66% PIK, 11.75% floor, 7.00% EOT payment)(2)	3/30/2022	1,131	1,144	1,153	3/31/2027
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)	6/16/2023	2,416	2,417	2,417	5/31/2026
Virtual Facility, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 10.50% floor, 8.50% EOT payment)(2)	12/1/2023	1,000	976	976	6/1/2027
Total Business/Productivity Software - 10.37%*			30,263	30,110	30,139

Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	3,179	3,125	3,015	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	2,649	2,604	2,513	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	1,060	1,042	1,006	2/28/2026
			6,888	6,771	6,534
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	110	110	110	10/31/2026


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	1/27/2023	300	297	297	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	1,000	1,000	11/30/2025
			1,410	1,407	1,407
Total Computer Hardware - 2.73%*			8,298	8,178	7,941

Consumer Finance
Activehours, Inc.	Revolver (Prime + 4.25% interest rate, 8.50% floor)(2)	12/30/2022	—	—	—	12/30/2025
Total Consumer Finance - —%*			—	—	—

Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	1,038	1,038	6/30/2025
Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)(2)	10/31/2022	927	959	959	10/31/2025
			1,927	1,997	1,997
Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 8.25% EOT payment)(2)	1/9/2023	1,077	1,093	1,120	1/31/2026
Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	372	371	57	11/30/2024
Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	6/9/2022	248	251	38	3/31/2025
Underground Enterprises, Inc.(7)	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	8/5/2022	371	374	57	5/31/2025
			991	996	152
Total Consumer Non-Durables - 1.13%*			3,995	4,086	3,269

Consumer Products and Services
Baby Generation, Inc.	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)	1/26/2022	750	781	784	1/31/2025
Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	12/19/2022	250	257	258	12/31/2024
Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	3/30/2023	875	886	890	3/31/2025
			1,875	1,924	1,932
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)(2)	10/13/2022	2,520	2,523	2,825	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,512	1,513	1,694	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)(2)	10/13/2022	1,642	1,644	1,836	4/30/2026
			5,674	5,680	6,355
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	724	401	4/30/2025
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	7/14/2022	268	266	154	7/31/2025
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	11/14/2022	69	67	37	11/30/2025
Dance GmbH(1)(3)(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	3/15/2023	529	502	262	3/31/2026
			1,589	1,559	854
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	322	325	108	3/31/2025
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	8/12/2022	107	108	36	5/31/2025
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	12/9/2022	215	213	72	9/30/2025
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	3/1/2023	322	318	108	11/30/2025
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 13.25% floor, 5.25% EOT payment)(2)	10/5/2023	11	11	3	10/31/2023
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 5.25% EOT payment)(2)	12/11/2023	18	18	6	12/31/2023
			995	993	333
Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	302	314	313	9/30/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	4,800	4,864	4,809	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	2,250	2,277	2,251	6/30/2025
			7,352	7,455	7,373
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,274	1,034	7/31/2025
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,263	977	10/31/2025
			2,500	2,537	2,011
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	22	23	23	4/30/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	5/16/2022	56	58	58	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/24/2022	369	383	383	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.50% EOT payment)(2)	4/28/2023	372	369	369	4/30/2026
			819	833	833
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 8.00% floor, 7.75% EOT payment)	8/12/2021	3,532	3,691	3,605	8/31/2025
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 8.00% floor, 6.00% EOT payment)(2)	5/26/2022	3,000	3,066	3,004	5/31/2025
			6,532	6,757	6,609
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,757	1,705	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	3,300	3,491	3,388	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/10/2021	5,025	5,300	5,118	2/28/2025
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	5,297	5,116	2/28/2025
			15,000	15,845	15,327
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,252	1,303	1,290	7/31/2024
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)	11/3/2021	4,817	4,830	4,741	11/30/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/17/2022	1,000	1,005	990	8/31/2026
			7,069	7,138	7,021
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)(2)	12/28/2022	2,000	2,012	1,968	12/31/2025
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	577	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	1,085	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	474	12/31/2028
			3,887	2,136	2,136
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	560	490	461	12/31/2026
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	314	273	275	12/31/2026
			874	763	736
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	588	584	584	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	207	203	203	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	172	168	168	2/28/2027
			967	955	955
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	196	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	500	8/31/2024
Total Consumer Products and Services - 18.98%*			58,277	57,763	55,139

Cultivation
May Acquisitions Limited1)(3)(7)	Growth Capital Loan (6.00% interest rate)(2)	12/29/2023	3,887	1,221	1,204	10/31/2028


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
May Acquisitions Limited1)(3)(7)	Growth Capital Loan (6.00% interest rate)(2)	12/29/2023	15	15	5	10/31/2028
May Acquisitions Limited1)(3)(7)	Growth Capital Loan (6.00% interest rate)(2)	12/29/2023	349	109	108	10/31/2028
Total Cultivation - 0.45%*			4,251	1,345	1,317

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.50% EOT payment)	9/29/2021	8,750	8,552	8,552	11/30/2027
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,154	10,154	6/30/2027
TFG Holding, Inc.(7)	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,433	4,714	4,300	12/31/2023
TFG Holding, Inc.(7)	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	2,955	3,006	2,887	12/31/2024
TFG Holding, Inc.(7)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)	3/31/2022	986	1,000	958	9/30/2025
			8,374	8,720	8,145
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,824	6,824	11/30/2024
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)	6/7/2022	1,000	1,018	1,018	12/31/2025
			7,500	7,842	7,842
Total E-Commerce - Clothing and Accessories - 11.94%*			34,624	35,268	34,693

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/6/2021	1,669	1,669	1,649	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/21/2021	263	272	269	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	8/10/2021	315	326	322	8/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	10/6/2021	1,458	1,505	1,484	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	11/2/2021	947	975	960	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	11/2/2021	2,540	2,615	2,576	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	848	870	860	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	324	332	329	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	57	58	58	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	1/28/2022	1,836	1,877	1,854	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	700	709	699	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	263	267	263	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	9/21/2022	1,710	1,705	1,676	3/31/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/1/2022	3,078	3,057	3,005	4/30/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/22/2022	184	182	178	6/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/1/2023	180	173	173	10/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/13/2023	1,369	1,315	1,315	11/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	12/28/2023	104	100	100	12/31/2026
Forum Brands, LLC	Growth Capital Loan(9)	6/16/2021	2,179	2,179	1,573	12/31/2026
			20,024	20,186	19,343
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	5/17/2021	1,563	1,649	1,640	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	771	766	6/30/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,636	1,624	8/31/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	2/17/2023	3,635	3,634	3,575	8/31/2025
			7,491	7,690	7,605
Total E-Commerce - Personal Goods - 9.28%*			27,515	27,876	26,948

Energy
Arcadia Power, Inc.	Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)(2)	5/6/2022	5,000	5,098	4,994	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	6/29/2022	5,000	5,034	4,946	12/31/2026
Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	2,610	2,729	2,709	12/31/2024
Total Energy - 4.35%*			12,610	12,861	12,649

Entertainment Software
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 13.75% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	1,002	987	4/30/2025
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	7/28/2023	75	75	73	7/1/2026
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	11/20/2023	50	50	50	7/1/2026
			1,125	1,127	1,110
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/17/2022	2,851	2,880	2,872	5/31/2025
Total Entertainment Software - 1.37%*			3,976	4,007	3,982

Financial Software
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor)	4/6/2022	151	150	150	10/31/2024
Parker Group Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)	4/6/2022	629	661	661	4/30/2025
			780	811	811
Wisetack, Inc.(1)	Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 6.75% EOT payment)	4/3/2023	5,000	4,960	4,960	10/31/2026
Total Financial Software - 1.99%*			5,780	5,771	5,771

Food Products
AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 9.50% floor, 5.00% EOT payment)(2)	5/24/2021	1,291	1,338	1,213	4/30/2024
AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	173	185	169	7/31/2025
AllPlants Ltd(1)(3)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 8.00% EOT payment)(2)	9/1/2022	901	925	1,017	8/31/2026
Total Food Products - 0.83%*			2,365	2,448	2,399

Healthcare Services
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	1/18/2023	213	210	210	1/31/2027
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	5/19/2023	176	174	174	5/31/2027
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	5/19/2023	177	174	174	5/31/2027
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	8/16/2023	247	242	242	8/31/2027
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	10/6/2023	187	184	184	10/31/2027
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	10/6/2023	39	38	38	10/31/2027
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	12/12/2023	147	144	144	12/31/2027
Petfolk, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	12/12/2023	150	147	147	12/31/2027
			1,336	1,313	1,313


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Openloop Health Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)(2)	6/22/2023	2,000	1,958	1,958	6/30/2026
Openloop Health Inc.	Revolver (Prime + 1.50% interest rate, 9.25% floor, 3.25% EOT payment)(2)	6/22/2023	2,000	2,002	2,002	6/16/2024
Openloop Health Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)(2)	11/20/2023	3,000	2,865	2,865	11/30/2026
			7,000	6,825	6,825
Total Healthcare Services - 2.80%*			8,336	8,138	8,138

Healthcare Technology Systems
Capsule Corporation	Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)	12/30/2020	5,000	5,425	5,343	12/31/2024
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment	7/14/2023	5,000	4,843	4,843	7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/12/2023	8,614	8,707	8,707	6/12/2027
Thirty Madison, Inc.	Growth Capital Loan (Prime + 4.75% PIK interest rate, 11.00% floor, 6.00% EOT payment)(2)	6/14/2023	648	637	637	6/12/2027
			9,262	9,344	9,344
Total Healthcare Technology Systems - 6.72%*			19,262	19,612	19,530

Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	1/11/2023	3,000	3,003	3,003	1/11/2025
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	9/22/2023	281	279	279	1/11/2025
Total Human Capital Services - 1.13%*			3,281	3,282	3,282

Information Services (B2C)
Tempus Ex Machina, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 5.25% EOT payment)(2)	5/4/2023	2,000	2,003	2,003	2/28/2027
Tempus Ex Machina, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 11.25% floor, 5.50% EOT payment)(2)	5/4/2023	7,000	6,980	6,980	5/31/2027
Total Information Services (B2C) - 3.09%*			9,000	8,983	8,983

Infrastructure
GoEuro Corp.(1)(3)	Growth Capital Loan (12.00% interest rate, 10.50% EOT payment)	5/27/2020	5,000	5,207	5,257	1/31/2027
GoEuro Corp.(1)(3)	Growth Capital Loan (12.00% interest rate, 10.50% EOT payment)	5/27/2020	2,500	2,603	2,629	1/31/2027
Total Infrastructure - 2.71%*			7,500	7,810	7,886

Life and Health Insurance
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	12/30/2022	500	495	495	12/31/2025
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	3/24/2023	500	491	491	3/31/2026
			1,000	986	986
Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,343	8,343	2/28/2025
Total Life and Health Insurance - 3.21%*			9,000	9,329	9,329

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (1.50% cash interest rate + 6.50% PIK, 15.50% floor, 8.50% EOT payment)	7/1/2021	2,373	2,482	2,432	7/31/2025
Total Medical Software and Information Services - 0.84%*			2,373	2,482	2,432

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 9.50% floor, 5.50% EOT payment)	9/30/2022	5,000	4,988	4,988	3/31/2027
Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 6.87% EOT payment)	8/12/2021	782	874	860	2/29/2024
Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor,, 7.13% EOT payment)	9/30/2021	534	576	568	3/31/2024
			1,316	1,450	1,428
Total Multimedia and Design Software - 2.21%*			6,316	6,438	6,416


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date

Network Management Software
Skyflow Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 9.75% floor, 4.50% EOT payment)	10/2/2023	4,545	4,497	4,497	10/1/2026
Skyflow Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 13.00% floor, 4.50% EOT payment)	10/2/2023	455	450	450	10/1/2026
Total Network Management Software - 1.70%*			5,000	4,947	4,947

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	512	501	9/30/2025
Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	501	498	6/30/2026
			1,000	1,013	999
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	3,075	3,110	3,110	8/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	10/5/2022	1,463	1,472	1,472	10/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment(2)	5/1/2023	450	446	446	4/30/2026
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 13.75% floor, 5.00% EOT payment(2)	7/31/2023	500	494	494	7/31/2026
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 14.25% floor, 5.00% EOT payment(2)	12/20/2023	750	734	734	12/31/2026
			6,238	6,256	6,256
Total Other Financial Services - 2.50%*			7,238	7,269	7,255

Real Estate Services
Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500	2,659	2,462	9/30/2025
Common Living Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742	4,948	4,584	9/30/2025
			7,242	7,607	7,046
Homelight, Inc.	Growth Capital Loan (17.25% interest rate)(2)	12/30/2022	500	494	490	12/31/2026
Homelight, Inc.	Growth Capital Loan (18.00% interest rate)(2)	5/22/2023	250	246	244	5/31/2027
			750	740	734
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	4,000	4,163	4,016	6/30/2026
Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)(2)	12/30/2022	4,000	4,007	3,971	12/31/2024
			8,000	8,170	7,987
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/25/2022	1,000	1,031	1,031	5/31/2025
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	12/27/2022	1,000	1,007	1,007	12/31/2025
Mynd Management, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.50% floor, 4.00% EOT payment)	6/29/2023	8,000	7,978	7,978	12/31/2025
			10,000	10,016	10,016
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	258	256	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	822	813	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	227	225	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	109	108	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	455	450	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	215	213	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	156	154	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,409	1,395	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	780	772	12/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170		175		173		1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116		119		118		2/28/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		307		304		3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110		1,134		1,119		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991		1,012		999		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216		221		218		5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200		202		199		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100		101		100		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150		150		147		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361		362		355		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565		565		554		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	5/23/2023	240		238		232		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	5/23/2023	434		430		421		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2023	720		715		699		5/31/2026
			9,978		10,162		10,024
Total Real Estate Services - 12.32%*			35,970		36,695		35,807

Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% PIK interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	885		900		896		5/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% PIK interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	962		988		980		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% PIK interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,294		1,329		1,318		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% PIK interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,553		1,595		1,582		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% PIK interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,553		1,595		1,582		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% PIK interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	777		797		791		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 9.00% PIK interest rate, 17.50% floor, 4.00% EOT payment(2)	12/18/2023	108		109		108		3/1/2024
Total Social/Platform Software - 2.50%*			7,132		7,313		7,257

Total Debt Investments - 129.08%*			$	382,144	$	383,570	$	375,025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
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	$	578
Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		197
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		20
Total Aerospace and Defense - 0.30%*				311		871

Application Software
Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,163	10		14
Parsable, Inc.	Preferred Stock(2)	8/29/2023	165,100	61		23
Total Application Software - 0.01%*				71		37

Business Applications Software
Blueboard Inc.	Common Stock	3/11/2021	209,302	42		25
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		12
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		101
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		576
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144
				450		720
Morty, Inc.	Preferred Stock	10/1/2021	88,980	66		4
Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51
Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		151
Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		29
Total Business Applications Software - 0.38%*				781		1,093

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		32
Cardless Inc.	Common Stock	11/18/2021	12,903	28		7
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		160
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		10
				125		170
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		32
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		53
Certamen Ventures Inc.	Preferred Stock	12/15/2023	538,703	205		205
				332		290
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		42
Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		205
Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		23
Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		16
				374		244
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	108,238	26		9
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	12/16/2022	51,590	308		166
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		27
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		10
				34		37
Total Business Products and Services - 0.40%*				1,553		1,159

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		140
Total Business to Business Marketplace - 0.05%*				156		140

Business/Productivity Software
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14		14
Construction Finance Corporation	Preferred Stock(2)	12/29/2023	105,723	40		40


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
				54	54
FireHydrant, Inc.	Preferred Stock	5/23/2023	113,050	115	125
Highbeam, Inc.	Common Stock(2)	2/10/2023	37,361	2	2
Idelic Inc.	Preferred Stock	12/10/2021	30,551	46	11
Idelic Inc.	Preferred Stock(2)	11/15/2023	36,661	13	13
				59	24
Luxury Presence, Inc.	Preferred Stock(2)	9/20/2023	7,734	40	25
Machinify, Inc.	Common Stock(2)	8/25/2023	27,040	36	36
Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	41
Manufactured Networks, Inc.	Preferred Stock(2)	9/13/2023	73,666	25	22
				114	63
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	21
OnSiteIQ, Inc.	Common Stock	6/16/2023	102,864	14	64
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
Virtual Facility, Inc.	Preferred Stock(2)	10/3/2023	54,775	16	16
Total Business/Productivity Software - 0.15%*				457	434

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

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

Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	21
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	40
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	13,940	92	32
Total Computer Hardware - 0.07%*				250	202

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	319
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	40
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	96
				225	455
Cherry Technologies Inc.	Preferred Stock	11/23/2021	77,891	195	432
The Aligned Company	Preferred Stock	10/21/2021	17,564	50	574
The Aligned Company	Preferred Stock	4/1/2022	569	8	6
				58	580
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	108
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.55%*				576	1,605

Consumer Non-Durables
Athletic Greens International, Inc.	Preferred Stock(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	24,510	155	155
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Total Consumer Non-Durables - 0.06%*				198	181

Consumer Products and Services
Baby Generation, Inc.	Common Stock	1/26/2022	13,587	10	10
The Black Tux Holdings, Inc.	Preferred Stock	11/5/2021	142,939	139	460
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	4
Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	8


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Dance Gmbh(1)(3)	Preferred Stock(2)	2/21/2023	45	21	11
				58	19
Elektra Mobility Inc.(11)	Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ever/Body, Inc.	Preferred Stock	9/7/2021	281,262	138	45
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	25
Flink SE(1)(3)	Common Stock(2)	4/13/2022	18	23	—
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	9
Good Eggs, Inc.	Preferred Stock	8/12/2021	83,265	142	12
Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	—
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	—
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	—
				130	—
Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	115	86
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	7/24/2023	14,763	538	81
Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	7
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	9/29/2023	14,709	26	27
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	15,000	—	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	45,000	79	83
				125	110
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock(2)	8/25/2023	31,796	118	118
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	30
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Preferred Stock	3/31/2021	4,413	25	4
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 - 0.40%*				1,831	1,158

Database Software
Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	21
SiSense, Inc.	Success Fee	12/28/2021	—	95	233
Total Database Software - 0.09%*				116	254

E-Commerce - Clothing and Accessories
Dia Styling Co.(11)	Preferred Stock(2)	6/30/2022	—	—	—
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	114
FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	194
				411	308
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	143
TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	—
TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	—
				275	—
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	305
Total E-Commerce - Clothing and Accessories - 0.26%*				1,101	756

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock	7/6/2021	14,143	149	204
Forum Brands, LLC	Preferred Stock	12/23/2021	12,964	188	192
Forum Brands, LLC	Preferred Stock	10/11/2023	2,829	42	42
				379	438
Merama Inc.	Preferred Stock	4/28/2021	71,728	589	563
Total E-Commerce - Personal Goods - 0.34%*				968	1,001


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.07%*				50	192

Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	133
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	52
				194	185
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	1,035
Total Energy - 0.42%*				231	1,220

Entertainment Software
Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	—
Encore Music Technologies, Inc.	Preferred Stock(2)	5/16/2023	4,475	1	—
				16	—
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2022	37,335	60	62
Total Entertainment Software - 0.02%*				76	62

Financial Software
Parker Group Inc.	Common Stock	4/6/2022	2,667	9	9
Wisetack, Inc.(1)	Common Stock	12/21/2022	23,086	84	57
Zolve Innovations Inc.	Preferred Stock	7/28/2022	3,172	9	9
Total Financial Software - 0.03%*				102	75

Food Products
AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	39
Total Food Products - 0.01%*				77	39

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

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Levels Health Inc.	Preferred Stock	9/3/2021	47,162	37	216
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	11,186	51	60
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	30
OpenLoop Health, Inc.	Preferred Stock(2)	11/20/2023	16,779	89	89
				165	179
Perry Health, Inc.	Preferred Stock(2)	5/31/2023	96,516	42	42
Pet Folk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	29
Wispr AI, Inc.(11)	Preferred Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 0.16%*				258	467

Healthcare Technology Systems
Calibrate Health, Inc.	Common Stock(2)	10/30/2023	118,190	253	—
Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	8
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	8
K Health, Inc.	Common Stock	7/14/2023	61,224	187	187
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56,109	228	228
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.21%*				827	618

Household Products
Grove Collaborative, Inc.	Preferred 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	336
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	713


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	18
				109	731
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.38%*				307	1,098

Information Services (B2C)
Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	66
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Tempus Ex Machina, Inc.	Preferred Stock(2)	5/1/2023	53,879	38	38
Total Information Services (B2C) - 0.06%*				192	173

Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	93
GoEuro Corp.(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	105
GoEuro Corp.(1)(3)	Preferred Stock(2)	9/29/2023	3,902	167	167
Total Infrastructure - 0.13%*				322	365

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	28
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	7
Total Life and Health Insurance - 0.05%*				120	142

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)	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	90
Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	—
Spire Animation Studios, Inc.	Preferred Stock	9/30/2021	27,559	105	—
				185	—
Total Multimedia and Design Software - 0.03%*				262	90

Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Skyflow Inc.	Preferred Stock	6/26/2023	19,441	31	6
Total Network Management Software - 0.06%*				211	186

Other Financial Services
Aven Holdings(1)	Common Stock	5/16/2023	35,857	361	343
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	5
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	128
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	28
Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	3
Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	6
				71	37
Total Other Financial Services - 0.18%*				613	513

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470	1,124
Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33	33
Homelight, Inc.	Preferred Stock(2)	7/27/2022	2,446	8	1
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148	18


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15		6
Mynd Management, Inc.	Preferred Stock	5/27/2020	43,472	83		113
Mynd Management, Inc.	Preferred Stock	5/25/2022	1,544	1		1
Mynd Management, Inc.	Preferred Stock	6/29/2023	16,471	11		11
				95		125
Side, Inc.	Preferred Stock	7/29/2020	71,501	57		583
True Footage, Inc.	Preferred Stock	11/24/2021	88,762	122		287
Total Real Estate Services - 0.75%*				954		2,192

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		113
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		113
				60		226
Total Social/Platform Software - 0.09%*				103		251

Software Development Applications
Appex Group, Inc.	Preferred Stock(2)	11/15/2021	14,621	—		—
Appex Group, Inc.(11)	Preferred Stock(2)	4/14/2022	—	—		—
				—		—
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		223
Total Software Development Applications - 0.08%*				65		223

Total Warrant Investments - 5.82%*				$	13,419	$	16,915


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Equity Investments(9)

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		111
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	272		264
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		481
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.34%*				1,100		1,000

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		112
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
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	—		64
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		25
				595		95
Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.19%*				1,150		556

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		217
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		157
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		366
Total Business to Business Marketplace - 0.25%*				950		740

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		151
Total Consumer Finance - 0.05%*				100		151

Consumer Products and Services
Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		95
Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		5
				100		100
Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		141
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		55
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		6
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		6
				331		12
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,688	375		328
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,575	75		95
				450		423
Pair Eyewear, Inc.	Preferred Stock(2)	3/16/2023	48,598	250		250
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/27/2023	1,880	10		10
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322
Total Consumer Products and Services - 0.45%*				1,793		1,313

Cultivation
May Acquisitions Limited(1)(3)	Preferred Stock(2)	12/29/2023	8,750	—		—
Total Cultivation - 0.00%*				—		—

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		31
Merama Inc.	Preferred Stock(2)	4/19/2021	5,433	31		57
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13		80
Merama Inc.	Preferred Stock(2)	9/1/2021	3,862	62		60
				106		197
Total E-Commerce - Personal Goods - 0.08%*				196		228


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value

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 - 0.10%*				264	294

Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	174
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	941
Total Energy - 0.38%*				867	1,115

Financial Services
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	150
Total Financial Services -0.05%*				150	150

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 - 0.03%*				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	285
Total Healthcare Services - 0.16%*				720	473

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) - 0.05%*				150	150

Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82	133
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79	103
Total Infrastructure - 0.08%*				161	236

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	66
Total Multimedia and Design Software - 0.02%*				58	66

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8	6
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690	817
Total Other Financial Services - 0.28%*				698	823

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29	29
Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443	252
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	122
Total Real Estate Services - 0.14%*				592	417


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
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		303
Total Software Development Applications - 0.10%*				250		303

Total Equity Investments - 2.84%*				$	9,444	$	8,255

Total Investments in Portfolio Companies - 137.74%*(4)				$	406,433	$	400,195


Cash Equivalents

Money Market Fund	Type of Investment	Ticker	Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM	$	45,013	$	45,013
Total Cash Equivalents - 15.49%*			$	45,013	$	45,013


Foreign Currency Forward Contracts

Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Loss
British Pound Sterling (GBP)	2/1/2024	Zions Bancorporation, N.A.	£	6,000	Sold	$	7,300	$	(345)
Euro (EUR)	2/1/2024	Zions Bancorporation, N.A.	€	2,000	Sold	$	2,127	$	(82)
Euro (EUR)	3/28/2024	Zions Bancorporation, N.A.	€	1,000	Sold	$	1,104	$	(3)
Total Foreign Currency Forward Contracts - (0.15)%*						$	10,531	$	(430)

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2023, non-qualifying assets represented 11.7% of the Company’s total assets, at fair value.

(2)As of December 31, 2023, 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, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $400.2 million at fair value and represented 137.7% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2023, 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 $9.3 million, $16.7 million and $7.4 million, respectively, for the December 31, 2023 investment portfolio. The tax cost of investments is $407.6 million.

(7)Debt is on non-accrual status as of December 31, 2023 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2023 had a total cost and fair value of $19.9 million and $15.1 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 investment in the portfolio investment.

(11)Number of shares and/or fair value will be determined based on the occurrence of future events.

* Value as a percentage of net assets.

Notes applicable to the investments presented in the foregoing ~~table:~~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 ~~tables:~~schedules of investments:

~~Interest~~•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, 2020,~~March 31, 2024 and December 31, 2023, Prime was ~~3.25%.~~8.50% at each date. As of ~~June 30, 2020, a majority~~March 31, 2024, approximately 84.6%, or $320.8 million in principal balance, of the debt investments ~~(approximately 66.4%, or $60.4 million in principal balance)~~ in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which have interest rate floors at or above 3.25% ~~and some~~. As of December 31, 2023, approximately 79.7%, or $304.5 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 ~~have~~had interest rate ~~caps for a limited period.~~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 ~~tables~~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, 2020~~March 31, 2024

(unaudited)

Note 1. Organization

TriplePoint Global Venture Credit, LLC was formed on October 2, 2019 as a Maryland limited ~~liability.~~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, ~~non-diversified,~~ closed-end investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. ~~As a BDC, the~~The Company ~~expects~~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 ~~shareholders~~stockholders primarily in the form of current income from secured loans, and secondarily through capital gains from equity “kickers” in the form of warrants and direct equity investments to venture capital-backed companies. 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, ~~and pays fees and expenses~~pursuant to which the Administrator provides or arranges for the provision of all administrative services ~~provided.~~necessary for the Company to operate.

The Company has two wholly owned subsidiaries: TPVC Funding Company LLC an(the “Financing Subsidiary”), a bankruptcy remote special purpose entity established for utilizing the ~~purpose of opening a~~Company’s revolving credit facility ~~(the “Financing Subsidiary”),~~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 ~~from the tax treatment of these investments and create a tax structure that is more advantageous with respect to~~without negatively impacting the Company’s RIC tax ~~treatment.~~status. These subsidiaries are consolidated in the financial statements of the Company.

Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted. The Company follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”).

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 ~~period~~periods presented have been included and all intercompany account balances and transactions have been eliminated.

~~Use of Estimates~~

~~The preparation of~~Certain items in the ~~accompanying~~prior period’s consolidated financial statements ~~in conformity with GAAP requires estimates and assumptions~~have been conformed to ~~be made that affect~~ the ~~reported~~current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, ~~and~~total liabilities, atnet assets or results of operations.

These unaudited consolidated financial statements should be read in conjunction with the ~~date of the~~audited consolidated financial statements and ~~the reported amounts of income and expenses during the reporting period. Changes~~notes contained in the ~~economic environment,~~Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2024, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial ~~markets, creditworthiness of portfolio companies and any other parameters used in determining these estimates could cause actual results to differ from those estimates.~~statements included therein.

~~Organization and Offering Costs~~Derivative Instruments

~~Organization costs~~The Company's derivative instruments include ~~costs relating to the formation and incorporation of the business and are expensed as incurred.~~foreign currency forward contracts. The Company did not incur any organizational costs during the period ended June 30, 2020. Offering costs include legal fees and other costs pertaining to the registration statement and the costs are offset against capital proceeds from the initial offering during the period in which they are incurred.

~~Investments~~

~~Investment transactions are recorded on a trade-date basis. The Company’s investments are carried~~recognizes all derivative instruments as assets or liabilities at fair value in ~~accordance with~~its consolidated financial statements. Derivative contracts entered into by the 1940 Act and ASC Topic 946 and measured in accordance with ASC Topic 820 (“Fair Value Measurements”). 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 assumptionsCompany are not ~~readily available, the Company’s own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial~~designated as hedging instruments, ~~on the measurement date.~~

~~The availability of observable inputs can vary depending on the financial instrument~~ and ~~is affected by~~as 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. The Company’s 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, the Board may refine its valuation methodologies to best reflect the fair value of its investments appropriately.

~~Cash and Cash Equivalents~~

The Company places its cash with financial institutions and at times, cash held in such accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Company may invest a portion of its cash in money market funds, within the limitations of the 1940 Act. Cash consists of bank demand deposits.

~~Other Accrued Expenses and Liabilities~~

~~Other accrued expenses and liabilities include interest payable, accounts payable and the fair value of unfunded commitment liabilities. Unfunded commitment liabilities reflect the fact that~~result, the Company is a party to certain delay draw credit agreements with its portfolio companies, which requires the Company to make future advances at the borrowers’ discretion during a defined loan availability period. The Company’s credit agreements contain customary lending provisions that allow the Company relief from funding 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. In certain instances, the borrower may be required to achieve certain milestones before they may request a future advance. The unfunded obligation associated with these credit agreements is equal to the amount by which the contractual funding commitment exceeds the sum of the amount of debt required to be funded under the delay draw credit agreements unless the availability period has expired. The fair value at the inception of the agreement of the delay draw credit agreements approximates the fair value of the warrant investments received to enter into these agreements, taking into account the remaining terms of the agreements and the counterparties’ credit profile. The unfunded commitment liability included in the Company’s consolidated statement of assets and liabilities reflects the fair value of these future funding commitments.

~~Paid-in Capital~~

~~The Company records the proceeds from the sale of its common stock on a net basis to capital stock and paid-in capital in excess of par value, excluding all offering costs.~~

~~Income Recognition~~

Interest income, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Original issue discount, principally representing market discount or premium are capitalized and accreted or amortized into interest income over the life of the respective security using the effective interest method. Loan origination fees received in connection with the closing of investments subsequent to the commencement of operations are reported as unearned income which is included as amortized cost of the investment; the unearned income from such fees is accreted over the contractual life of the loan based on the effective interest method as interest income. Upon prepayment of a loan or debt security, unamortized loan origination fees and unamortized market discounts are recorded as interest income. EOT payments are contractual and fixed interest payments due in cash at the maturity date of the loan, including upon prepayment, and are generally a fixed percentage of the original principal balance of the loan. Interest is accrued during the life of the loan on the EOT payment using the effective interest method as non-cash income. The EOT payment generally ceases accruing to the extent the borrower is unable to pay the remaining principal and interest due. The EOT payment may also include a cash success fee due upon the earlier of the maturity date of the loans or in the event of a certain milestone reached by the portfolio company.

For debt investments with contractual PIK interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if it is deemed uncollectible.

Other income includes certain fees paid by portfolio companies (for example, extension fees, revolver loan facility fees, prepayment fees) and the recognition of the value of unfunded commitments that expired during the reporting period.

~~Non-accrual Loans~~

A loan may be left on accrual status during the period the Company is pursuing repayment of the loan. The Company reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in the Company’s judgment, payments are probable to remain current. As of June 30, 2020, there were no loans within the Company’s portfolio that were on non-accrual status.

~~Realized/Unrealized Gains or Losses~~

The Company measures realized gains or losses from the repayment or sale of investments using the specific identification method. The amortized cost basis of investments represents the original cost adjusted for the accretion/amortization of discounts and premiums and upfront loan origination fees. The Company reportspresents changes in fair value ~~of investments that are measured at fair value as a component of~~through net change in unrealized ~~gain (loss)~~gains/(losses) on investments in the ~~consolidated statement~~Consolidated Statements of ~~operations.~~

~~Management~~Operations. Realized gains and ~~Incentive Fees~~

~~The Company accrues for~~losses of the ~~base management fee and incentive fee payable pursuant to the Investment Advisory Agreement. The accrual for incentive fee may include the recognition of incentive fees~~derivative instruments are included in net realized gains/(losses) on unrealized gains, even though such incentive fees are neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized losses on investments. See “Note 3. Related Party Agreements and Transactions - Investment Advisory Agreement - Incentive Fee.”

~~U.S. Federal Income Taxes~~

The Company intends to elect to be treated, and intends to qualify annually, as a RIC under Subchapter M the Code, for U.S. federal income tax purposes, beginning with the Company’s taxable year ending December 31, 2020. Generally, a RIC is not subject to U.S. federal income taxes on the income and gains it distributes to stockholders if it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any. Additionally, a RIC must distribute at least 98% of its ordinary income and 98.2% of its capital gain net income on an annual basis and any net ordinary income and net capital gains for preceding years that were not distributed during such years and on which the RIC previously paid no U.S. federal income tax to avoid a U.S. federal excise tax. The Company intends to distribute sufficient dividends to maintain the Company’s RIC status each year and does not anticipate paying any material U.S. federal income taxesinvestments in the ~~future.~~Consolidated Statements of Operations.

~~Dividends and Distributions~~

Distributions to common stockholders are recorded on the record date. The Board determines the amount of distributions to be paid based on a variety of factors including estimates of future earnings. Net realized capital gains, if any, are intended to be distributed at least annually. The Company will calculate both its current and accumulated earnings and profits on a tax basis in order to determine the amount of any distribution that constituted a return of capital to the Company’s stockholders and while such distributions are not taxable, they may result in higher capital gains taxes when the shares are eventually sold.

~~Per Share Information~~

Basic and diluted earnings per common share are calculated using the weighted average number of common shares outstanding for the periods presented. For the periods presented, basic and diluted earnings per share are the same since there are no potentially dilutive securities outstanding.

~~Foreign Currency Translation~~42

~~The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:~~

~~Fair value of investment securities, other assets and liabilities - at the exchange rates prevailing at the end of the period; and~~

~~Purchases and sale of investment securities, income and expenses - at the exchange rates prevailing on the respective dates of such transactions, income or expenses.~~

Net assets and fair values are presented based on the applicable foreign exchange rates described above and the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held; therefore, fluctuations related to foreign exchange rate conversions are included with the net realized gains (losses) and unrealized gains (losses) on investments.

Note 3. Related Party Agreements and Transactions

~~Acquisition of Initial Portfolio~~

On May 27, 2020, the Company acquired from TPC and certain of its subsidiaries, a select portfolio of investments originated through TPC consisting of funded debt investments, future funding obligations and warrants associated with both the funded debt investments and future funding obligations. This initial portfolio included 30 secured loans with an aggregate outstanding principal amount of $91.3 million and warrants to purchase shares in 23 portfolio companies of $3.6 million. The valuation of this initial portfolio was approved by the Board in consultation with the Adviser and consideration of valuations performed by independent third-party valuation firms.

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. ~~The Advisory Agreement was approved by the Board, including all of our independent directors, in April 2020 and was effective for an initial two-year term commencing on May 27, 2020.~~ 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 ~~shareholders.~~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 (and in the case of the Company’s first quarter, the invested equity capital as of such quarter-end).~~quarter. For this purpose, “invested equity capital” means the amounts drawn on the Company’s ~~Capital Commitments.~~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 ~~“catchup”~~“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 ~~our~~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 (or if shorter, the number of quarters that have occurred since ~~the initial closing of the private placement of shares of the Company’s common stock, which occurred on~~ May 27, 2020, ~~(the “Initial Closing”))~~the initial effective date of the Advisory Agreement) (in either case, 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 ~~our~~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 ~~our~~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 ~~the Initial Closing)~~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 ~~(a “Merger”)~~ or (3) the sale of all or substantially all of the assets of the ~~Company (an “Asset Sale”).~~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.~~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~~merger of the Company with another entity (including an affiliated company, subject to any limitations under the 1940 Act) or ~~Asset Sale,~~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.

~~The table below shows the base management and incentive fees accrued during the period.~~ Base management and incentive fees are paid in the quarter following that in which they are earned. The ~~Adviser has voluntarily waived the full $176,000 in~~ base management ~~fees accrued for~~fee and income incentive fee earned by the ~~period from~~Adviser and capital gains incentive fee accrual are included in the Company’s ~~commencement of operations to June 30, 2020.~~consolidated financial statements and summarized in the table below:


			For the Three Months Ended March 31,				For the Three Months Ended March 31,
Base Management and Incentive Fees (in thousands)	For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020			Base Management and Incentive Fees (in thousands)	2024	2023
Base management fee	$	176
Management fee waiver	$	(176	)
Income incentive fee	$	—
Capital gains incentive fee	$	—

Administration Agreement

~~The administration agreement (the “Administration Agreement”) was approved by the Board in April 2020.~~ 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 ~~shareholders,~~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 ~~full~~ 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 ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020,~~three months ended March 31, 2024 and 2023, expenses paid or payable by the Company to the Administrator under the Administration Agreement were ~~$0.1 million.~~$0.6 million and $0.5 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 ~~that are not publicly traded or~~ for which current market ~~values~~quotations are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from ~~independent~~ pricing services, broker-dealers or market makers. ~~With respect to portfolio~~

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 ~~its senior investment team and~~ independent valuation agents, ~~is responsible for determining,~~ in ~~good faith,~~accordance with Rule 2a-5 of the ~~fair value~~1940 Act and GAAP, and in accordance with the Company’s valuation ~~policy approved by the Board.~~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 ~~senior investment team~~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—1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2—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—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 ~~it considers~~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 ~~being initially valued~~receiving a proposed valuation by the Adviser. The Adviser’s ~~professionals that are~~internal valuation committee (the “Adviser Valuation Committee”) is responsible for the ~~portfolio investment;~~

~~Preliminary~~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 ~~investment team~~management, including members of the VMA and ~~approved by~~ the Adviser’s ~~executive management team;~~Finance, Operations, Legal and Compliance groups.

•At least ~~once annually,~~25% of the Company’s investment portfolio will receive valuation ~~for~~recommendations from an independent third-party valuation firm each quarter, as selected in accordance with the Company’s valuation policy. Each new portfolio investment iswill be reviewed by an independent third-party valuation ~~firm.~~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, ~~the Board does~~a valuation review by an independent third-party valuation firm is not ~~have de minimis investments of~~required for holdings whose value is less than ~~1.0%~~1% of the Company’s gross assets (up to an aggregate of 10% of the Company’s gross assets) ~~independently reviewed, given~~or those assets that the ~~expenses involved in connection therewith;~~

~~The~~Board and/or Audit Committee ofhas agreed to waive from such requirement.

•The Adviser and the ~~Board then reviews these preliminary valuations and makes fair value recommendations to the Board; and~~

~~The Board then discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective~~ independent third-party valuation firms, if applicable, then present their proposed valuations to the Audit Committee and Board, and the ~~Audit Committee.~~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 ~~and venture growth stage~~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 ~~Adviser’s senior management team~~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.

These 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.

Equity Investments

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

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

Investment Valuation

The above-described valuation methodologies involve a ~~recurring basis.~~significant degree of judgment. There is no single standard for determining the estimated fair value of investments ~~which~~that do not have an active ~~public~~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.

~~Investment Valuation~~

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, 2020.~~March 31, 2024 and December 31, 2023. The Company transfers investments in and out of ~~Level~~Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.


Investment Type (in thousands)	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	376,788	$	376,788	$	—	$	—	$	375,025	$	375,025
Warrant investments	—		—		16,390		16,390		—		—		16,915		16,915
Equity investments	—		—		9,641		9,641		—		—		8,255		8,255
Total portfolio company investments	$	—	$	—	$	402,819	$	402,819	$	—	$	—	$	400,195	$	400,195
Derivative instruments(1)	—		41		—		41		—		(430)		—		(430)
Total investments, including derivative instruments	$	—	$	41	$	402,819	$	402,860	$	—	$	(430)	$	400,195	$	399,765

_______________

Investment Type
(in thousands)
June 30, 2020
Level 1 Level 2 Level 3 Total
Debt investments $ —
$ —
$ 91,229
$ 91,229
Warrant investments —
—
3,568
3,568
Short-term investments 9,996
—
—
9,996
Total investments $ 9,996
$ —
$ 94,797
$ 104,793
(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 ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020.~~three months ended March 31, 2024 and 2023. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.


Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2024
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2023	$	375,025	$	16,915	$	8,255	$	400,195
Funding and purchases of investments, at cost	27,035		436		1,393		28,864
Principal payments and sale proceeds received from investments	(22,318)		(6)		—		(22,324)
Amortization and accretion of premiums and discounts, net and end-of term payments	1,198		—		—		1,198
Realized losses on investments	(3,208)		(94)		—		(3,302)
Net change in unrealized gains (losses) included in earnings	(1,829)		(861)		(7)		(2,697)
Payment-in-kind coupon	885		—		—		885
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2024	$	376,788	$	16,390	$	9,641	$	402,819

Net change in unrealized losses on Level 3 investments held as of March 31, 2024	$	(2,713)	$	(355)	$	(7)	$	(3,075)


Level 3 Investment Activity (in thousands)	For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020								Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2023
	Debt Investments			Warrant Investments		Total Investments				Debt Investments	Warrant Investments	Equity Investments	Total Portfolio Company Investments
Fair value as of May 27, 2020 (Commencement of Operations)	$	—		$	—	$	—
Fair value as of December 31, 2022
Funding and purchases of investments, at cost	91,022			3,551		94,573
Principal payments and sale proceeds received from investments	(266		)	—		(266		)
Amortization and accretion of premiums and discounts, net and end-of term payments	261			—		261
Realized losses on investments
Net change in unrealized gains (losses) included in earnings	212			17		229
Payment-in-kind coupon
Gross transfers out of Level 3⁽¹⁾	—			—		—
Fair value as of June 30, 2020	$	91,229		$	3,568	$	94,797
Fair value as of March 31, 2023

Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2020	$	212		$	17	$	229
Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2023
Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2023
Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2023

_______________


~~(1)~~	~~Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the period from May 27, 2020 (Commencement of Operations) to June 30, 2020.~~

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the three months ended March 31, 2024 or the three months ended March 31, 2023.

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

For the three months ended March 31, 2024 and 2023, the Company recognized net realized losses of $3.6 million and net realized gains ~~(losses) on investments in the consolidated statement~~ of ~~operations.~~$0.5 million, respectively.

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

Net change in unrealized ~~gains during~~losses for the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020 was $0.2~~three months ended March 31, 2024 and 2023 totaled $2.2 million and $5.3 million, respectively, resulting primarily from market rate adjustments and foreign currency adjustments.

The following ~~table shows~~tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of ~~June 30, 2020.~~March 31, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.

Level 3 Investments
(dollars in thousands)

March 31, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

356,258

Discounted Cash Flows

Discount Rate

11.62% - 37.33%

18.77%

20,530

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

5.00% - 100.00%

82.18%

Warrant investments

16,390

Black Scholes Option Pricing Model

Revenue Multiples

0.15x - 56.90x

5.87x

Volatility

35.00% - 90.00%

64.12%

Term

0.50 - 5.50 Years

3.49 Years

Risk Free Rate

0.17% - 5.03%

2.89%

Equity investments

9,641

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

59.66%

Term

1.75 - 4.00 Years

3.28 Years

Risk Free Rate

0.46% - 4.86%

3.06%

Revenue Multiples

0.70x - 14.00x

4.95x

Total portfolio company investments

402,819

Level 3 Investments

(dollars in thousands)

June 30, 2020

Level 3 Investments
(dollars in thousands)

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

91,229

Discounted Cash Flows

Discount Rate

11.22% - 19.48%

14.58%

Debt investments

366,489

Discounted Cash Flows

Discount Rate

11.71% - 44.09%

19.76%

8,536

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

30.00% - 100.00%

72.26%

Warrant investments

3,568

Black Scholes Option Pricing Model

Revenue Multiples

0.95x - 56.90x

8.23x

Warrant investments

16,915

Black Scholes Option Pricing Model

Revenue Multiples

0.18x - 56.90x

6.91

Volatility

42.55% - 80.00%

63.23%

Term

2.50 - 6.50 Years

4.97 Years

Risk Free Rate

0.18% - 0.40%

0.36%

Total investments

94,797

Volatility

45.00% - 90.00%

65.07%

Term

0.50 - 5.50 Years

3.47 Years

Risk Free Rate

0.17% - 5.03%

3.93%

Equity investments

8,255

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

59.60%

Term

1.75 - 4.00 Years

3.28 Years

Risk Free Rate

0.46% - 4.86%

3.04%

Revenue Multiples

1.09x - 14.00x

4.94x

Total portfolio company investments

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 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 March 31, 2024 and December 31, 2023:


		Fair Value as of
Derivative Instrument	Statement Location	March 31, 2024		December 31, 2023
Foreign currency forward contracts	Other accrued expenses and liabilities	$	—	$	(430)
Foreign currency forward contracts	Prepaid expenses and other assets	41		—
Total		$	41	$	(430)

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during three months ended March 31, 2024 and 2023 are in the following locations in the Consolidated Statements of Operations:


		For the Three Months Ended March 31,
Derivative Instrument	Statement Location	2024		2023
Foreign currency forward contracts	Net realized losses on investments	$	(329)	$	—
Foreign currency forward contracts	Net change in unrealized gains/(losses) on investments	471		—
Total		$	142	$	—

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 March 31, 2024 and December 31, 2023:


	As of March 31, 2024
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.	$	41	$	—	$	—	$	—	$	41
Total	$	41	$	—	$	—	$	—	$	41

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, 2023

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.	$	(430)	$	—	$	—	$	—	$	(430)
Total	$	(430)	$	—	$	—	$	—	$	(430)

_______________

(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 ~~fluctuate.~~

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.

~~As of June 30, 2020, the Company had no delinquencies and no credit losses on any of its debt investments.~~

Note 6. Borrowings

~~Other Payables~~The following table shows the Company's outstanding debt as of March 31, 2024 and December 31, 2023:


Liability (in thousands)	March 31, 2024						December 31, 2023
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	250,000	$	87,500	$	162,500	$	250,000	$	87,500	$	162,500
2027 Notes	75,000		75,000		—		75,000		75,000		—
Total	$	325,000	$	162,500	$	162,500	$	325,000	$	162,500	$	162,500

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 March 31,
Interest Expense and Amortization of Fees (in thousands)	2024		2023
Revolving Credit Facility
Interest cost	$	2,081	$	2,373
Unused fee	205		264
Amortization of costs and other fees	250		193
Revolving Credit Facility Total	$	2,536	$	2,830

2027 Notes
Interest cost	$	1,099	$	1,099
Amortization of costs and other fees	45		42
2027 Notes Total	$	1,144	$	1,141

Total interest expense and amortization of fees	$	3,680	$	3,971

Credit Facility

On ~~June 30,~~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 (the “Receivables Financing Agreement”), by and among the Financing Subsidiary, the Company, ~~purchased $10.0~~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 March 31, 2024, commitments available total $250.0 million from four lenders—DBNY, MUFG, KeyBank National Association (“KeyBank”) and TIAA, FSB—subject to an accordion feature, which allows the Financing Subsidiary to request an increase in the size of ~~U.S. Treasury bills for settlement~~the Credit Facility to an amount not to exceed $400.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of the lenders. 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.

The revolving period under the Credit Facility is scheduled to expire on July ~~1, 2020.~~15, 2025, 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. The ~~payable~~scheduled maturity date for the Credit Facility is January 15, 2027, 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. Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50% and are subject to certain minimum principal utilization amounts during the revolving period. As of March 31, 2024, the applicable margin is equal to 3.25% during the revolving period and increases to 4.25% 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 March 31, 2024 and December 31, 2023, the Company was in compliance with all covenants under the Credit Facility.

As of March 31, 2024 and December 31, 2023, the Company had outstanding borrowings under the Credit Facility of $87.5 million and $87.5 million, respectively, excluding deferred credit facility costs of $2.7 million and $3.0 million, respectively, which are included as assets in the Company’s consolidated ~~statement~~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 March 31, 2024 and 2023, the Company had average outstanding borrowings under the Credit Facility of $87.5 million and $109.0 million, respectively, at a weighted average interest rate of 8.58% and 7.88%, respectively. As of March 31, 2024 and December 31, 2023, $247.2 million and $255.0 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 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 March 31, 2024 and December 31, 2023, 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 $0.6 million and $0.6 million of deferred issuance cost as of March 31, 2024 and December 31, 2023, respectively, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of March 31, 2024 and December 31, 2023, the fair value of the 2027 Notes was $72.0 million and $71.3 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 March 31, 2024 and December 31, 2023:


Liability (in thousands)	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Credit Facility	$	—	$	—	$	87,500	$	87,500	$	—	$	—	$	87,500	$	87,500
2027 Notes	—		—		72,006		72,006		—		—		71,333		71,333
Total	$	—	$	—	$	159,506	$	159,506	$	—	$	—	$	158,833	$	158,833

Note 7. Commitments and Contingencies

Commitments

~~On May 27, 2020, in conjunction with the Company’s purchase of its initial portfolio of assets, the Company assumed unfunded obligations of $24.5 million.~~ As of ~~June 30, 2020,~~March 31, 2024 and December 31, 2023, the Company’s unfunded commitments totaled ~~$24.5~~$50.7 million to 519 portfolio companies and $72.2 million to 25 portfolio companies, respectively, of which ~~$2.0~~$1.9 million ~~was~~and $6.3 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 ~~below~~ shows the Company’s unfunded commitments by portfolio company as of ~~June 30, 2020:~~March 31, 2024 and December 31, 2023:


	March 31, 2024				December 31, 2023
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Activehours, Inc.	$	10,000	$	—	$	10,000	$	—
Karat Financial Technologies, Inc.	6,719		84		6,719		84
Luxury Presence, Inc.	6,000		65		6,000		65
Machinify, Inc.	5,000		58		5,000		58
Placemakr, Inc.	5,000		168		5,000		168
JOKR	3,748		238		3,748		238
Headout Inc.	2,649		20		—		—
Earth Funeral Group, Inc.	2,570		66		—		—
Firemaps, Inc.	2,000		43		2,000		43
Highbeam, Inc.	1,448		10		813		10
Idelic, Inc.	1,200		7		1,200		7
Overtime Sports, Inc.	1,143		8		1,143		8
Substack, Inc.	1,000		13		1,000		13
Virtual Facility, Inc.	1,000		—		1,000		—
Construction Finance Corporation	572		10		575		10
Worldwide Freight Logistics Ltd.	342		10		345		10
Forum Brands, LLC	147		5		147		5
Allplants LTD	101		4		102		4
Ephemeral Solutions, Inc.	77		1		—		—
Dance GmbH	—		8		—		—
Encore Music Technologies, Inc.	—		1		—		1
Perry Health, Inc.	—		—		8,000		97
Ever/Body Inc.	—		—		6,200		102
Prose Beauty, Inc.	—		—		6,000		215
Parsable, Inc.	—		—		2,667		37
FireHydrant, Inc.	—		—		1,200		29
McN Investments Ltd.	—		—		1,000		5
Pair Eyewear, Inc.	—		—		1,000		10
Tempus Ex Machina, Inc.	—		—		1,000		—
OnSiteIQ, Inc.	—		—		334		5
Total	$	50,716	$	819	$	72,193	$	1,224

_______________

Unfunded Commitments
(in thousands)
June 30, 2020
BlueVine Capital, Inc. $ 5,000
Capsule Corp. 5,000
Cohesity, Inc. 5,000
Hims, Inc. 5,000
Freshly Inc. 4,500
Total $ 24,500
(1)As of March 31, 2024 and December 31, 2023, the Company did not have any backlog of potential 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 ~~statement~~statements of assets and liabilities.

These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity ~~during~~for the ~~period from May 27, 2020 (Commencement~~periods presented:


	For the Three Months Ended March 31,
Commitments Activity (in thousands)	2024		2023
Unfunded commitments at beginning of period(1)	$	72,193	$	142,102
New commitments(1)	24,136		11,443
Fundings	(28,606)		(14,311)
Expirations / Terminations	(17,003)		(33,914)
Foreign currency adjustments	(4)		110
Unfunded commitments and backlog of potential future commitments at end of period	$	50,716	$	105,430
Backlog of potential future commitments	—		—
Unfunded commitments at end of period	$	50,716	$	105,430

_______________

(1)Includes backlog of ~~Operations)~~potential future commitments. Refer to ~~June 30, 2020:~~the “Backlog of Potential Future Commitments” below.

Commitments Activity
(in thousands)
For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Activity during the period:
New commitments $ 24,500
Unfunded commitments at beginning of period —
Unfunded commitments at end of period $ 24,500

The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of ~~June 30, 2020:~~March 31, 2024 and December 31, 2023:


Unfunded Commitments(1) (in thousands)	March 31, 2024		December 31, 2023
Dependent on milestones	$	1,877	$	6,300
Expiring during:
2024	42,854		64,331
2025	7,862		7,862
Unfunded commitments	$	50,716	$	72,193

_______________

Unfunded Commitments
(in thousands)
June 30, 2020
Dependent on milestones $ 2,000
Expiring during:
2020 $ 15,000
2021 9,500
Unfunded Commitments $ 24,500
(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, 2020,~~March 31, 2024 and December 31, 2023, the Company did not have aany backlog of potential future commitments.

Note 8. Financial Highlights

The following table shows the financial highlights ~~shown below are~~ for the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020:~~three months ended March 31, 2024 and 2023:

Financial Highlights
(in thousands, except share and per share data)
For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Per Share Data⁽¹⁾

Net asset value at beginning of period $ 15.00
Changes in net asset value due to:
Net investment income 0.12
Net realized gains (losses) on investments —
Net change in unrealized gains (losses) on investments 0.03
Distribution to preferred shareholders (0.01 )
Organizational costs (0.01 )
Offering costs (0.28 )
Net asset value at end of period $ 14.85

Net investment income per common share $ 0.12
Net increase (decrease) in net assets resulting from operations per common share $ 0.15
Weighted average shares of common stock outstanding for period 7,001,667
Shares of common stock outstanding at end of period 7,001,667

Ratios / Supplemental Data⁽²⁾

Net asset value at end of period $ 104,519
Average net asset value $ 104,483
Total return based on net asset value per share⁽³⁾
(1.0 )%
Net investment income to average net asset value⁽⁴⁾⁽⁵⁾
8.5 %
Net increase (decrease) in net assets to average net asset value⁽⁴⁾⁽⁵⁾
10.8 %
Ratio of expenses to average net asset value⁽⁴⁾⁽⁵⁾
2.4 %
Operating expenses excluding incentive fees to average net asset value⁽⁴⁾⁽⁵⁾
2.4 %
Income incentive fees to average net asset value⁽⁴⁾⁽⁵⁾
— %

~~_______________~~


~~(1)~~	All per share activity is calculated based on the weighted average 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 share plus distributions per common share paid during the period by the beginning NAV per share.~~


~~(4)~~	~~Percentage is presented on an annualized basis.~~


~~(5)~~	For the period from May 27, 2020 (Commencement of Operations) to June 30, 2020, excluding the management fee waiver, the ratios of net investment income, net increase in net assets, ratio of expenses, operating expenses excluding incentive fees, and income incentive fees to average net asset value were 6.7%, 9.1%, 4.2%, 4.2% and 0.0%, respectively.


	For the Three Months Ended March 31,
Financial Highlights (in thousands, except share and per share data)	2024			2023
Per Share Data(1)
Net asset value at beginning of period	$	12.24		$	14.00
Changes in net asset value due to:
Net investment income	0.41			0.56
Net realized gains/(losses) on investments	(0.15)			0.02
Net change in unrealized losses on investments	(0.10)			(0.26)
Net asset value at end of period	$	12.40		$	14.32

Net investment income per common share	$	0.41		$	0.56
Net increase in net assets resulting from operations per common share	$	0.16		$	0.32
Weighted average shares of common stock outstanding for period	23,689,363			20,297,200
Shares of common stock outstanding at end of period	23,689,363			20,297,200

Ratios / Supplemental Data(2)
Net asset value at end of period	$	294,306		$	291,200
Average net asset value	$	292,963		$	289,058
Total return based on net asset value per share(3)	1.3		%	2.3		%
Net investment income to average net asset value(4)	13.2		%	15.9		%
Net increase in net assets to average net asset value(4)	5.2		%	9.2		%
Ratio of expenses to average net asset value(4)	9.2		%	9.0		%
Operating expenses excluding incentive fees to average net asset value(4)	9.2		%	9.0		%

_____________

(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.

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average portfolio yield on ~~total~~ debt investments ~~shown below is~~ for the three months ended March 31, 2024 and 2023:


	For the Three Months Ended March 31,
Ratios (Percentages, on an annualized basis)(1)	2024		2023
Weighted average portfolio yield on debt investments(2)	15.7	%	16.7	%
Coupon income	12.3	%	12.8	%
Accretion of discount	1.1	%	1.9	%
Accretion of end-of-term payments	1.8	%	1.9	%
Impact of prepayments during the period	0.5	%	0.1	%

_____________

(1)Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period ~~from May 27, 2020 (Commencement~~divided by the average amortized cost of ~~Operations)~~debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to ~~June 30, 2020:~~maturities.



~~Ratios~~(2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to the Company's shareholders. ~~(Percentages, on an annualized basis)~~⁽¹⁾	~~For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020~~
~~Weighted average portfolio yield on total debt investments~~⁽²⁾	~~13.3~~	%
~~Coupon income~~	~~10.1~~	%
~~Accretion of discount~~	~~0.2~~	%
~~Accretion of end-of-term payments~~	~~3.0~~	%
~~Impact of prepayments during the period~~	—	%

~~_______________~~


~~(1)~~	Weighted average portfolio yields on total 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.


~~(2)~~	~~The weighted average portfolio yields on total debt investments reflected above do not represent actual investment returns to the Company's shareholders.~~

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

The following table shows the computation of basic and diluted net increase (decrease) in net assets per common share for the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020:~~periods presented:


	For the Three Months Ended March 31,
Basic and Diluted Share Information (in thousands, except share and per share data)	2024		2023
Net investment income	$	9,636	$	11,335
Net increase in net assets resulting from operations	3,779		$	6,580
Basic and diluted weighted average shares of common stock outstanding	23,689,363		20,297,200
Basic and diluted net investment income per share of common stock	$	0.41	$	0.56
Basic and diluted net increase in net assets resulting from operations per share of common stock	$	0.16	$	0.32

Basic and Diluted Share Information
(in thousands, except share and per share data)
For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Net investment income $ 848
Net increase (decrease) in net assets resulting from operations $ 1,083
Basic and diluted weighted average shares of common stock outstanding 7,001,667
Basic and diluted net investment income per share of common stock $ 0.12
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock $ 0.15

Note 10. Equity

~~Since May 27, 2020 (Commencement of Operations) through June 30, 2020,~~During the three months ended March 31, 2024 and 2023, the Company ~~has issued 7,001,667~~did not issue any shares of common stock ~~at a price of $15.00 per share~~ through athe Company’s private placement ~~offering resulting in gross proceeds to~~offering.

As of both March 31, 2024 and December 31, 2023, the Company ~~of $105.0 million. The Company~~ had ~~7,001,667~~23,689,363 shares of common stock ~~outstanding as~~outstanding. As of ~~June 30, 2020.~~

On May 27, 2020, the Company sold 525 shares of the Company’s Series A preferred stock at a price of $1,000.00 per share, resulting in gross proceeds to the Company of $525,000. Series A preferred stock is senior to all other classes and series of common stock and will rank on parity with any other class or series of preferred stock, whether such class or series is created in the future. Series A preferred stock is subject to redemption at any time by notice of such redemption on a date selected by the Company. Shares of preferred stock are entitled to a liquidation preference of $1,000.00 per share (the “Liquidation Value”), plus any accrued but unpaid dividends and any applicable redemption premium. Dividends on each share of Series A preferred stock are payable semiannually on June 30both March 31, 2024 and December 31, ~~of each year and accrue at a rate of 12.0% per annum on~~2023, the ~~Liquidation Value thereof plus all accumulated and unpaid dividends thereon. Holders of the shares of Series A preferred stock will not participate in any appreciation in the value of the Company. The~~ Company had 525 shares of ~~preferred stock outstanding as~~its Series A Preferred Stock outstanding.

As of ~~June 30, 2020.~~March 31, 2024, 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 ~~intends to elect~~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, 2023 and 2022, 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 $0.6 million and $0.3 million for the years ended December 31, 2023 and 2022, 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 March 31, 2024:

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)

Total cash distributions

5.42

_____________

(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 ~~statement~~statements of operations during the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020.~~three months ended March 31, 2024. 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. Subsequent Events

~~Recent Portfolio Activity~~Distribution

~~From July 1, 2020 through August 12, 2020,~~On April 25, 2024, the ~~Company closed $14.5 million of additional debt commitments and funded $0.6 million in new investments.~~

~~Other Developments~~

~~On July 15, 2020,~~Board declared a $0.47 per share distribution to the Company’s ~~wholly-owned subsidiary, the Financing Subsidiary, as the borrower, entered into a secured revolving credit facility with Deutsche Bank AG, New York Branch (“Deutsche Bank”) pursuant~~common stockholders, payable on May 17, 2024 to ~~a Receivables Financing Agreement (together with the exhibits~~stockholders of record on April 29, 2024.

Item 2. Management’s Discussion and ~~schedules thereto, the “Receivables Financing Agreement”~~Analysis of Financial Condition and the secured revolving credit facility thereunder, the “Credit Facility”), 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, as the facility agent (the “Facility Agent”), Deutsche Bank and MUFG Union Bank, N.A. (“MUFG”), as joint lead arrangers, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, U.S. Bank National Association, as custodian, and Vervent Inc., as backup collateral manager.Results of Operations

The total commitment of Deutsche Bank and MUFG under the Credit Facility is $150 million. The Credit Facility also includes 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 $400 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of Deutsche Bank and MUFG. 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.

The revolving period under the Credit Facility is scheduled to expire on July 15, 2021, provided that the revolving period may be extended with the consent of the lenders and may also terminate early if an event of default or other adverse events, specified in the Receivables Financing Agreement, occur. The maturity date for the Credit Facility is scheduled to occur two years after the termination of the revolving period, 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 50% advance rate on the applicable net loan balance of assets held by the Financing Subsidiary, subject to excess concentrations, availability blocks and other restrictions set forth in the Receivables Financing Agreement. The advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus the lender’s cost of funds rate, which is a floating rate based on certain indices. The applicable margin is equal to 3.50% during the revolving period and increases to 4.50% during the amortization period. See the Company’s Current Report on Form 8-K, filed with the SEC on July 17, 2020, for more information regarding the Credit Facility.


~~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 ~~known~~risks and ~~unknown risks, uncertainties and other factors.~~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 ~~the ability of us~~our and our portfolio ~~companies~~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 expected market for venture capital investments;

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

•the impact of investments that we expect to make;

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

•our contractual arrangements and relationships with third parties;

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

•our expected financings and investments;

~~changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;~~

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

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

~~risk associated with possible disruptions in our operations or the economy generally;~~

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

•the adequacy of our and our portfolio companies’ available liquidity, cash resources, including our 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; and

•the timing of cash flows, if any, from the operations of our portfolio ~~companies in which we have investments;~~

~~the ability of the companies in which we have investments to achieve their objectives;~~

~~the use of borrowed money to finance a portion of our investments;~~

~~the adequacy, availability and pricing of our financing sources and working capital;~~

~~the economic downturn, interest rate volatility, loss of key personnel, and the illiquid nature of our investments; and~~

the risks, uncertainties and other factors we identified under “Item 1A: Risk Factors” in this Quarterly Report on Form 10-Q, under “Risk Factors” in our registration statement on Form 10 that we filed with the SEC on June 9, 2020, in our other filings with the SEC that we make from time to time and elsewhere in this Quarterly Report on Form 10-Q.companies.

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, including with respect to changes resulting from~~markets;

•the potential widespread re-emergence of COVID-19 or ~~in response to,~~its variants, or ~~potentially even the absence of changes as~~ a ~~result of, the impact of the Coronavirus (“COVID-19”) pandemic;~~

similar health pandemic, and the length and duration ~~of the COVID-19 outbreak~~thereof in the United States as well as worldwide, and the magnitude of its impact and time required for economic ~~recovery, including with respect to~~ recovery;

•the impact of travel restrictions and other isolation and quarantine measures on the ability of the Adviser’s investment professionals to conduct in-person diligence on, and otherwise monitor, existing and future investments;

potential for an economic downturn and the time period required for robust economic recovery therefrom, including the current economic downturn as a result of the impact of the COVID-19 pandemic, which has already generally had a material impact on our portfolio companies’ results of operations and financial condition and will likely continue to have a material impact on our portfolio companies’ results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;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 ~~including as a result of the impact and duration of the COVID-19 pandemic,~~ 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;

•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 ~~registration statement~~most recent Annual Report on Form ~~10 that we filed with the SEC on June 9, 2020,~~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 ~~the~~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. ~~Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as may be required by law.~~

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 ~~intend to elect~~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. It is this demand and the potential global addressable market for their products or services that makes them attractive to venture capital investment and therefore attractive lending candidates for us.

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

In order to expedite the ramp-up of our investment activities and further our ability to meet our investment objectives, on May 27, 2020, we acquired a select portfolio of investments originated through TPC consisting of funded debt investments, future funding obligations and warrants associated with both the funded debt investments and future funding obligations. This initial portfolio included 30 secured loans and warrants to purchase shares in 23 portfolio companies for an aggregate purchase price of $94.6 million. The valuation of this initial portfolio was approved by the Board in consultation with the Adviser and consideration of valuations performed by independent third-party valuation firms our initial portfolio. On May 27, 2020, we sold 7,001,667 shares of common stock at a price of $15.00 per share in a private placement and received $105.0 million of gross proceeds in connection with the private placement. On May 27, 2020, we sold 525 shares of our preferred stock at a price of $1,000.00 per share, resulting in gross proceeds of $525,000.

~~COVID-19 Developments~~

The COVID-19 pandemic, and the related effect on the U.S. and global economies, including the current economic downturn and the uncertainty associated with the timing and likelihood of economic recovery, has had adverse consequences for the business operations of some

~~of our portfolio companies, may adversely affect our operations, and has adversely affected, and threatens to continue to adversely affect, the operations of the Adviser.~~

Due to the ongoing adverse effects of the COVID-19 pandemic, we expect that certain of our portfolio companies will experience financial distress and, depending on the duration of the COVID-19 pandemic and the extent of its disruption to operations, certain of our portfolio companies may default on their financial obligations to us and their other capital providers. The effects of the COVID-19 pandemic have impeded, and may continue to impede, the ability of certain of our portfolio companies to raise additional capital and/or pursue asset sales or otherwise execute strategic transactions, which could have a material adverse effect on the valuation of our investments in such companies. Portfolio companies operating in certain industries may be more susceptible to these risks than other portfolio companies in other industries in light of the effects of the COVID-19 pandemic. Some of our portfolio companies have already taken steps to significantly reduce, modify, or alter business strategies and operations, and we expect that additional portfolio companies may take similar steps if subjected to prolonged and severe financial distress, which may impair their business on a permanent basis. In addition, due to the completion of equity rounds by certain portfolio companies at lower valuations than rounds completed prior to the onset of the effects of the COVID-19 pandemic, we may experience unrealized depreciation on certain of our warrant and equity investments despite the relevant companies’ ability to mitigate disruptions on their business strategies and operations. There can be no assurance that future equity rounds completed by our portfolio companies will be at levels greater than or equal to previous rounds, which may result in net unrealized depreciation on our warrant and equity portfolio in future periods.

As of June 30, 2020, we are permitted under the 1940 Act, as a BDC, to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. The Credit Facility also includes certain covenants, including without limitation, a covenant requiring 150% asset coverage in accordance with the 1940 Act. Any significant aggregate unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the COVID-19 pandemic or otherwise increases the risk of failing to meet the 1940 Act asset coverage requirements and breaching covenants under the Credit Facility, or otherwise triggering an event of default under the relevant borrowing arrangement. Any such breach of covenant or event of default, if we are not able to obtain a waiver from the required lenders, would have a material adverse effect on our business, liquidity, financial condition, results of operations and ability to pay distributions to our stockholders. See “Risk Factors” in this Quarterly Report on Form 10-Q and in our registration statement on Form 10 that we filed with the SEC on June 9, 2020 for more information. As of June 30, 2020, we were in compliance with the asset coverage requirements under the 1940 Act. We do not expect to breach any of these covenants in the near term assuming that conditions do not materially deteriorate further or for a prolonged period of time.

We will continue to monitor the rapidly evolving situation relating to the COVID-19 pandemic and related guidance from U.S. and international authorities, including federal, state and local public health authorities. Given the dynamic nature of this situation and the fact that there may be developments outside of our control that require us or our portfolio companies to adjust plans of operation, we cannot reasonably estimate the full impact of COVID-19 on our financial condition, results of operations or cash flows in the future. However, it could have a material adverse impact for a prolonged period of time on our future net investment income, the fair value of our portfolio investments, and the results of operations and financial condition of us and our portfolio companies. See “Risk Factors” in our registration statement on Form 10 that we filed with the SEC on June 9, 2020 for more information.

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, ~~equipment financings~~ 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 ~~current U.S.~~applicable prime rate, ~~to 10%,~~ 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 ~~table shows~~tables show certain information onrelating to the ~~cost and fair value~~composition of ~~our investments in companies along with the number of companies in~~ our portfolio as of ~~June 30, 2020:~~March 31, 2024 and December 31, 2023:


	June 30, 2020
			March 31, 2024
Investments by Type (dollars in thousands)
Investments by Type (dollars in thousands)
Investments by Type (dollars in thousands)	Cost			Fair Value		Net Unrealized Gains (losses)		Number of Investments	Number of Companies
Debt investments	$	91,017		$	91,229	$	212	30	18
Debt investments
Debt investments
Warrant investments	3,551			3,568		$	17	24	23
Total Investments in Portfolio Companies	$	94,568		$	94,797	$	229	54	23	⁽¹⁾
Warrant investments
Warrant investments
Equity investments
Equity investments
Equity investments
Total investments in portfolio companies
Total investments in portfolio companies
Total investments in portfolio companies											$	411,754	$	402,819	$	(8,935)	472	157	(1)

_______________

(1)Represents non-duplicative number of companies.


	December 31, 2023
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	383,570	$	375,025	$	(8,545)	228	83
Warrant investments	13,419		16,915		3,496		183	144
Equity investments	9,444		8,255		(1,189)		56	44
Total investments in portfolio companies	$	406,433	$	400,195	$	(6,238)	467	157	(1)

_______________

(1)Represents non-duplicative number of companies.

The following ~~table shows~~tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of ~~June 30, 2020:~~March 31, 2024 and December 31, 2023:


	March 31, 2024
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	71,429	17.7	%
Real Estate Services	37,761		9.4
Business Products and Services	34,830		8.6
E-Commerce - Clothing and Accessories	33,651		8.4
Business/Productivity Software	32,455		8.1
Business Applications Software	25,429		6.3
E-Commerce - Personal Goods	20,759		5.2
Healthcare Technology Systems	20,672		5.1
Life and Health Insurance	9,625		2.4
Information Services (B2C)	9,347		2.3
Healthcare Services	9,213		2.3
Consumer Non-Durables	9,187		2.3
Infrastructure	8,622		2.1
Computer Hardware	8,533		2.1
Other Financial Services	8,471		2.1
Energy	8,414		2.1
Social/Platform Software	6,870		1.7
Application Software	6,809		1.7
Multimedia and Design Software	6,619		1.6
Financial Software	5,713		1.4
Network Management Software	5,251		1.3
Human Capital Services	4,320		1.1
Aerospace and Defense	3,806		0.9
Entertainment Software	3,637		0.9
Medical Software and Information Services	2,500		0.6
Food Products	2,463		0.6
Environmental Services	1,459		0.4
Cultivation	1,287		0.3
Consumer Finance	1,177		0.3
Business to Business Marketplace	878		0.2
Software Development Applications	526		0.1
Elder and Disabled Care	486		0.1
Database Software	254		0.1
Financial Services	150		*
General Media and Content	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Household Products	—		*
Total portfolio company investments	$	402,819	100.0	%

_______________

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

June 30, 2020
Investments in Portfolio Companies by Industry
(dollars in thousands)‍
At Fair Value Percentage of Total Investments
Real Estate Services $ 15,079
15.9 %
Food Products 12,339
13.0
Household Products 9,146
9.6
Infrastructure 7,716
8.1
Financial Software 7,547
8.0
Cultivation 5,729
6.0
Logistics 5,255
5.5
Network Management Software 5,189
5.5
Social/Platform Software 5,142
5.4
Aerospace and Defense 5,026
5.3
Consumer Finance 4,265
4.5
Life and Health Insurance 4,031
4.3
Buildings and Property 3,050
3.2
Home Furnishings 2,554
2.7
Communication Software 1,561
1.6
Information Services (B2C) 994
1.1
Healthcare Technology Systems 77
0.1
Elder and Disabled Care 50
0.1
Human Capital Services 36
*
Database Software 11
*
Total portfolio company investments $ 94,797
100.0 %

~~_______________~~


*	~~Amount represents less than 0.05% of the total portfolio investments.~~


	December 31, 2023
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	57,610	14.4	%
Real Estate Services	38,416		9.6
E-Commerce - Clothing and Accessories	35,449		8.9
Business Products and Services	33,509		8.4
Business Applications Software	30,910		7.7
Business/Productivity Software	30,573		7.6
E-Commerce - Personal Goods	28,177		7.0
Healthcare Technology Systems	20,151		5.0
Energy	14,984		3.7
Life and Health Insurance	9,558		2.4
Information Services (B2C)	9,306		2.3
Healthcare Services	9,078		2.3
Other Financial Services	8,591		2.1
Infrastructure	8,487		2.1
Computer Hardware	8,143		2.0
Social/Platform Software	7,508		1.9
Multimedia and Design Software	6,572		1.6
Financial Software	5,846		1.5
Application Software	5,290		1.3
Network Management Software	5,133		1.3
Aerospace and Defense	4,523		1.1
Human Capital Services	4,380		1.1
Entertainment Software	4,044		1.0
Consumer Non-Durables	3,450		0.9
Food Products	2,488		0.6
Medical Software and Information Services	2,434		0.6
Consumer Finance	1,756		0.4
Cultivation	1,317		0.3
Business to Business Marketplace	880		0.2
Software Development Applications	526		0.1
Elder and Disabled Care	486		0.1
Database Software	254		0.1
Financial Services	150		*
General Media and Content	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Household Products	—		*
Total portfolio company investments	$	400,195	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, 2020:~~March 31, 2024 and December 31, 2023:


	March 31, 2024				December 31, 2023
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	$	353,083	93.7	%	$	350,862	93.5	%
Revolver loans	22,644		6.0		23,078		6.2
Convertible notes	1,061		0.3		1,085		0.3
Total debt investments	$	376,788	100.0	%	$	375,025	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 26.6% and 24.3% of our debt investments at fair value as of March 31, 2024 and December 31, 2023, respectively.

June 30, 2020
Debt Investments By Financing Product
(dollars in thousands)
Fair Value Percentage of Total Debt Investments
Growth capital loans $ 91,229
100.0 %
Total debt investments $ 91,229
100.0 %

Investment Activity

~~On May 27, 2020, in conjunction~~During the three months ended March 31, 2024, we entered into debt commitments with ~~the commencement of operations, we purchased from TPC the initial~~3 new and 3 existing portfolio ~~of assets for an aggregate purchase price of $94.6~~companies totaling $24.1 million, ~~comprised of $91.0 million for the~~funded debt investments to 10 portfolio companies for $29.2 million in principal value, acquired warrant investments representing $0.4 million of fair value and ~~$3.6~~made direct equity investments of $1.4 million. Debt investments funded during the three months ended March 31, 2024 carried a weighted average annualized portfolio yield of 15.9% at origination.

During the three months ended March 31, 2023, we entered into debt commitments with 2 new portfolio companies and 1 existing portfolio company totaling $12.0 million, funded debt investments to 16 portfolio companies for $15.1 million in principal value, acquired warrant investments representing $0.2 million of fair value, and made direct equity investments of $0.7 million. Debt investments funded during the ~~warrant investments. In connection with~~March 31, 2023 carried a weighted average annualized portfolio yield of 13.6%1 at origination.

During the ~~purchase,~~three months ended March 31, 2024, we ~~assumed funding obligations~~received $13.2 million of ~~$24.5~~principal prepayments and early repayments from 2 portfolio companies and $7.4 million ~~to five~~of scheduled principal amortization.

During the three months ended March 31, 2023, we received $6.3 million of principal prepayments and early repayments from 3 portfolio ~~companies.~~companies and $5.8 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020:~~three months ended March 31, 2024 and 2023:

(in thousands) For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Beginning portfolio at fair value $ —
New debt investments, net⁽¹⁾
91,022
Scheduled principal amortization (266 )
Accretion of debt investment fees 261
New warrant investments 3,551
Net unrealized gains (losses) on investments 229
Ending portfolio at fair value $ 94,797


	For the Three Months Ended March 31,
(in thousands)	2024		2023
Beginning portfolio at fair value	$	400,196	$	441,376
New debt investments, net(1)	27,035		14,776
Scheduled principal amortization	(7,355)		(5,791)
Principal prepayments and early repayments	(13,196)		(6,310)
Accretion of debt investment fees	1,198		1,983
Payment-in-kind coupon	885		713
New warrant investments	435		179
New equity investments	1,392		745
Proceeds and dispositions from investments	(1,773)		—
Net realized losses	(3,302)		(417)
Net unrealized gains/(losses) on investments	(2,696)		(5,256)
Ending portfolio at fair value	$	402,819	$	441,998

_______________

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

As of June 30, 2020, our unfunded commitments to 5 companies totaled $24.5 million. No unfunded commitments expired or were terminated during the period from May 27, 2020 (Commencement of Operations) to June 30, 2020.

~~The following table shows additional information on our unfunded commitments regarding milestones and expirations as of June 30, 2020:~~

Unfunded Commitments
(in thousands)
June 30, 2020
Dependent on milestones $ 2,000
Expiring during:
2020 15,000
2021 9,500
Total $ 24,500

Our credit agreements contain customary lending provisions that allow us 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 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.

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 ~~period from May 27, 2020 (Commencement~~periods presented:


	For the Three Months Ended March 31,
Commitments and Fundings (in thousands)	2024		2023
Debt Commitments
New portfolio companies	$	14,000	$	10,870
Existing portfolio companies	10,137		1,124
Total(1)	$	24,137	$	11,994

Funded Debt Investments	$	29,241	$	15,116

Equity Investments	$	1,392	$	745

_______________

(1)Includes backlog of ~~Operations) to June 30, 2020:~~potential future commitments.

1This yield excludes the impact of $1.4 million in short-term loans that were funded and repaid during the three months ended March 31, 2023, which carried a higher interest rate than our normal course investments, and the impact thereof on our weighted average adjusted annualized yield at origination for the period.

Commitments and Fundings
(in thousands)
For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Debt Commitments
New portfolio companies $ 24,500
Existing portfolio companies —
Total $ 24,500

Funded Debt Investments $ 91,338

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, 2020,~~March 31, 2024 and December 31, 2023, we did not have aany backlog of potential future commitments.

Asset Quality

Consistent with TPC’s existing policies, our Adviser maintains a credit watch list which places borrowers into five risk categories based on our Adviser’s senior investment team’s judgment, where 1 is the ~~highest~~best rating and all new loans are generally assigned a rating of 2.

Category

Category Definition

Action Item

~~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.

Contact portfolio company periodically in no event less than quarterly.

Yellow (3)

Performing generally below expectations and/or some proactive ~~concern.~~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’s Investment Committee; 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.

Contact portfolio company weekly or more frequently as determined by our Adviser’s Investment Committee; 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 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, 2020:~~March 31, 2024 and December 31, 2023:


	June 30, 2020
			March 31, 2024														March 31, 2024										December 31, 2023
Credit Category (dollars in thousands)	Fair Value			Percentage of Total Debt Investments		Number of Portfolio Companies	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)	$	22,458		24.8	%	5	Clear (1)	$	38,223	10.1		10.1		%			7			$	47,036		12.5			12.5	%			9
White (2)	68,771			75.2		13	White (2)	289,321		76.8		76.8			57			57				281,114		75.0			75.0	54			54
Yellow (3)	—			—		0	Yellow (3)	30,049		8.0		8.0			9			9				38,936		10.4			10.4	12			12
Orange (4)	—			—		0	Orange (4)	19,122		5.1		5.1			9			9				7,788		2.1			2.1	7			7
Red (5)	—			—		0	Red (5)	73		—		—			1			1				151		—			—	1			1
	$	91,229		100.0	%	18
Total							Total	$	376,788		100.0		%			83			$	375,025					100.0	%			83

As of ~~June 30, 2020,~~March 31, 2024 and December 31, 2023, the weighted average ~~investment~~credit ranking of our debt investment portfolio was ~~1.75.~~2.08 and 2.02, respectively.

As of March 31, 2024, we had investments in 10 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $23.7 million and $17.5 million, respectively. As of December 31, 2023, we had investments in 11 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $19.9 million and $15.1 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 ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020,~~three months ended March 31, 2024 and 2023, our net increase in net assets resulting from operations was ~~$1.1~~$3.8 million and $6.6 million, respectively, which was comprised of ~~$0.8~~$9.6 million and $11.3 million, respectively, of net investment income and ~~$0.2~~$5.9 million and $4.8 million of net realized and unrealized ~~gains.~~losses, respectively. On a per common share basis for the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020,~~three months ended March 31, 2024 and 2023, net investment income was ~~$0.12 per share~~$0.41 and ~~the~~$0.56, respectively, and our net increase in net assets from operations was ~~$0.15 per share.~~$0.16 and $0.32, respectively.

Investment Income

Total investment and other income for the ~~period from May 27, 2020 (Commencement of Operations)~~three months ended March 31, 2024 and 2023 was $16.3 million and $17.7 million, respectively.

The decrease in total investment and other income for the three months ended March 31, 2024, compared to ~~June 30, 2020 was $1.1 million.~~the three months ended March 31, 2023, is 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 ~~will~~would increase over time asto the extent that our investment portfolio ~~continues to grow.~~grows. However, we anticipate operating expenses, as a percentage of totals assets and net assets, ~~will~~would generally decrease over time asto the extent that our investment portfolio and capital base expand. We expect that base management and income incentive fees ~~will~~would increase asto the extent that we grow our capital base and our earnings. The capital gains incentive fee ~~will depend~~depends on realized and unrealized gains and losses. Interest expenses will generally increase if we draw down on ~~a credit facility~~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 ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020~~three months ended March 31, 2024 and 2023 were ~~$0.2~~$6.7 million ~~net of the management fee waiver.~~

and $6.4 million, respectively.

Base management fees ~~totaled $0.2 million~~ for the three months ended March 31, 2024 and 2023 were $1.5 million and $1.3 million, respectively. Base management fees increased during the 2024 period ~~from May 27, 2020 (Commencement~~due to an increase in invested equity, primarily through the issuance of ~~Operations) to June 30, 2020,~~common stock.

We did not incur an income incentive fee for the ~~full amount of which was voluntarily waived by~~three months ended March 31, 2024 or 2023, as the ~~Adviser.~~

~~There was no~~ income incentive fees orwere reduced by $1.9 million and $2.3 million, respectively, due to the total return requirement under the Advisory Agreement. We did not incur a capital gains incentive fee during the three months ended March 31, 2024 or March 31, 2023, primarily driven by the current and cumulative realized and unrealized losses we recorded on our investment portfolio during the periods. 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 March 31, 2024 and 2023, interest and fees ~~for~~on our borrowings totaled $3.7 million and $4.0 million, respectively. Interest and fees decreased during the March 31, 2024 period ~~from May 27, 2020 (Commencement of Operations)~~primarily due a decrease in the weighted average borrowings outstanding during the 2024 period compared to ~~June 30, 2020.~~the 2023 period, partially offset by an increase in the weighted average interest rate on our borrowings during the 2024 period compared to the 2023 period.

For the three months ended March 31, 2024 and 2023, expenses under the Administration ~~agreement~~Agreement and general and administrative expenses totaled ~~$0.2~~$1.5 million ~~for the period from May 27, 2020 (Commencement of Operations) to June 30, 2020.~~and $1.1 million, respectively.

Net Realized Gains and Losses and Net Unrealized Gains and Losses

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

For the three months ended March 31, 2024, we recognized net realized losses of $3.6 million, primarily due to the write-offs of investments in certain portfolio companies, in addition to foreign currency adjustments. For the three months ended March 31, 2023, we recognized net realized gains ~~(losses) on investments~~of $0.5 million, primarily due to the receipt of additional proceeds we received in the ~~consolidated statement of operations.~~connection with an investment that was previously written off.

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

Net change in unrealized ~~gains~~losses during the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020 was $0.2~~three months ended March 31, 2024 and 2023 totaled $2.2 million and $5.3 million, respectively, resulting primarily from market rate adjustments and foreign currency adjustments.

Net change in realized and unrealized gains or losses in subsequent periods may be volatile as ~~it depends~~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. For the period from May 27, 2020 (Commencement of Operations) to June 30, 2020, interest income totaled $1.1 million, representing a weighted average annualized portfolio yield on total debt investments for the period held of 13.3%.

We calculate weighted average annualized portfolio yields for periods shown as the annualized rates of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. Should the portfolio companies choose to repay their loans earlier, our weighted average yields will increase for those debt investments affected but may reduce our weighted average yields on the remaining portfolio in future quarters.

The following table shows the weighted average annualized portfolio yield on our ~~total~~ debt ~~portfolio~~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:

~~Ratios~~


	For the Three Months Ended March 31,
Ratios (Percentages, on an annualized basis)(1)	2024		2023
Weighted average portfolio yield on debt investments(2)	15.7	%	16.7	%
Coupon income	12.3	%	12.8	%
Accretion of discount	1.1	%	1.9	%
Accretion of end-of-term payments	1.8	%	1.9	%
Impact of prepayments during the period	0.5	%	0.1	%

_____________

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

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

~~(Percentages, on an annualized basis)~~⁽¹⁾

~~For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020~~

~~Weighted average annualized portfolio yield on total debt investments~~⁽²⁾

~~13.3~~

~~Coupon income~~

~~10.1~~

~~Accretion of discount~~

~~0.2~~

~~Accretion of end-of-term payments~~

~~3.0~~

~~Impact of prepayments during the period~~

—

~~_______________~~


~~(1)~~	The yields for periods shown are the annualized rates of interest income or the components of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period.


~~(2)~~	~~The weighted average portfolio yields on total 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.~~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 ~~NAV~~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 March 31, 2024 and 2023, our total return based on the change in net asset value was 1.3% and 2.3%, respectively. Total return based on ~~NAV~~net asset value is the change in ending ~~NAV~~net asset value per common share plus distributions per common share paid during the period divided by the beginning ~~NAV~~net asset value per common ~~share.~~share for the period. The total return is for the period shown and is not annualized.

~~For the period from May 27, 2020 (Commencement of Operations) to June 30, 2020, our total return per period based on the change in NAV was (1.0)%.~~

The following table ~~below~~ shows our return on average total assets and return on average ~~NAV~~net asset value for the ~~period from May 27, 2020 (Commencement of Operations)~~periods indicated:


	For the Three Months Ended March 31,
Returns on Net Asset Value and Total Assets(1) (dollars in thousands)	2024			2023
Net investment income	$	9,636		$	11,335
Net increase in net assets	$	3,779		$	6,580

Average net asset value(2)	$	292,963		$	289,058
Average total assets(2)	$	460,898		$	481,101

Net investment income to average net asset value(3)	13.2		%	15.9		%
Net increase in net assets to average net asset value(3)	5.2		%	9.2		%

Net investment income to average total assets(3)	8.4		%	9.6		%
Net increase in net assets to average total assets(3)	3.3		%	5.5		%

_______________

(1)Net asset value used in ratios represents net asset value to ~~June 30, 2020:~~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.

Returns on Net Asset Value and Total Assets⁽¹⁾
(dollars in thousands)
For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Net investment income $ 848
Net increase (decrease) in net assets $ 1,083

Average net asset value⁽²⁾
$ 104,483
Average total assets⁽²⁾
$ 111,821

Net investment income to average net asset value⁽³⁾
8.5 %
Net increase (decrease) in net assets to average net asset value⁽³⁾
10.8 %

Net investment income to average total assets⁽³⁾
7.9 %
Net increase (decrease) in net assets to average total assets⁽³⁾
10.1 %

~~_______________~~


~~(1)~~	~~NAV used in ratios represents NAV 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 ~~accordance~~conformity with GAAP requires usmanagement 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 ~~consider~~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, 2023 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 ~~investments, income recognition, realized / unrealized gains or losses and U.S. federal income taxes to be~~our investment portfolio, including our investment valuation policy (which has been approved by the Board), as our critical accounting ~~policies~~policy and estimates. ~~These~~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, 2023 and ~~estimates,~~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 ~~any changes thereto,~~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 ~~discussed under~~not readily available, our own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial instruments on the measurement date.

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

As of March 31, 2024, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 87.2% of our total assets, as compared to 86.1% of our total assets as of December 31, 2023.

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 13, 2024 and “Note 4. Investments” in the notes to the consolidated financial statements included in this Quarterly Report on Form ~~10-Q.~~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. This “Liquidity and Capital Resources” section should be read in conjunction with “COVID-19 Developments” above.~~operations, including to fund our unfunded commitment obligations.

Cash Flows

During the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020,~~three months ended March 31, 2024, 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 $5.5 million. We did not have any net cash provided by, or used in, financing activities during the three months ended March 31, 2024. As of March 31, 2024, cash and cash equivalents, including restricted cash, was $55.3 million.

During the three months ended March 31, 2023, 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 ~~$91.5 million, and net cash provided by~~$5.0 million. We did not have any financing activities during the three months ended March 31, 2023. As of March 31, 2023, cash, including restricted cash, was ~~$103.5 million from proceeds received in connection with the issuance of common and preferred stock.~~$42.1 million.

Capital Resources and Borrowings

As a BDC, we generally have an ongoing need to raise additional capital for investment purposes. As a result, we expect, from time to time, to access the debt and equity markets when we believe it is necessary and appropriate to do so. In this regard, we continue to explore various options for obtaining additional debt or equity capital for investments. This may include expanding or extending the Credit Facility, ~~or the entry into additional subscription agreements with investors in a private placement providing for~~ 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 ~~equity~~ capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted.

As of March 31, 2024, 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

We have $250.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $400.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of the lenders. The revolving period under the Credit Facility is scheduled to expire on July 15, 2025 and the maturity date of the Credit Facility is scheduled for January 15, 2027. Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50%, and are subject to certain minimum principal utilization amounts during the revolving period. As of March 31, 2024, the applicable margin is equal to 3.25% during the revolving period and increases to 4.25% 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 March 31, 2024 and December 31, 2023, we had outstanding borrowings of $87.5 million and $87.5 million, respectively, under the Credit Facility, excluding deferred credit facility costs of $2.7 million and $3.0 million, respectively, which are included as assets in the consolidated statements of assets and liabilities. As of March 31, 2024 and December 31, 2023, we had $162.5 million and $162.5 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 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. 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, 2023 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 ~~total borrowings and other~~the aggregate amount of our senior securities, which ~~include~~generally includes all of our borrowings and any preferred stock, of at least 150%. As of ~~June 30, 2020,~~March 31, 2024, our asset coverage for total borrowings and other senior securities was ~~19,908%~~280%.

~~Contractual Obligations~~

As of June 30, 2020, we did not have any obligations for the repayment of debt outstanding. On July 15, 2020, we entered into the Credit Facility, which is currently scheduled to mature in 2023. See “Recent Developments” below.

~~Off-Balance Sheet Arrangements~~

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, 2020,~~March 31, 2024 and December 31, 2023, our unfunded commitments totaled ~~$24.5~~$50.7 million ~~to 5 portfolio companies,~~and $72.2 million, respectively, of which ~~$2.0~~$1.9 million and $6.3 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

The following table shows our unfunded commitments by portfolio company as of March 31, 2024 and December 31, 2023:


Unfunded Commitments(1) (in thousands)	March 31, 2024		December 31, 2023
Activehours, Inc.	$	10,000	$	10,000
Karat Financial Technologies, Inc.	6,719		6,719
Luxury Presence, Inc.	6,000		6,000
Machinify, Inc.	5,000		5,000
Placemakr, Inc.	5,000		5,000
JOKR	3,748		3,748
Headout Inc.	2,649		—
Earth Funeral Group, Inc.	2,570		—
Firemaps, Inc.	2,000		2,000
Highbeam, Inc.	1,448		813
Idelic, Inc.	1,200		1,200
Overtime Sports, Inc.	1,143		1,143
Substack, Inc.	1,000		1,000
Virtual Facility, Inc.	1,000		1,000
Construction Finance Corporation	572		575
Worldwide Freight Logistics Ltd.	342		345
Forum Brands, LLC	147		147
Allplants LTD	101		102
Ephemeral Solutions, Inc.	77		—
Perry Health, Inc.	—		8,000
Ever/Body Inc.	—		6,200
Prose Beauty, Inc.	—		6,000
Parsable, Inc.	—		2,667
FireHydrant, Inc.	—		1,200
McN Investments Ltd.	—		1,000
Pair Eyewear, Inc.	—		1,000
Tempus Ex Machina, Inc.	—		1,000
OnSiteIQ, Inc.	—		334
Total	$	50,716	$	72,193

_____________

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

During the three months ended March 31, 2024 and the year ended December 31, 2023, $17.0 million and $103.4 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 March 31, 2024 and December 31, 2023:


Unfunded Commitments(1) (in thousands)	March 31, 2024		December 31, 2023
Dependent on milestones	$	1,877	$	6,300
Expiring during:
2024	42,854		64,331
2025	7,862		7,862
Total	$	50,716	$	72,193

_______________

(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 ~~following table shows~~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 ~~commitments by portfolio company as~~commitment liability reflects the fair value of ~~June 30, 2020:~~these future funding commitments.

Unfunded Commitments
(in thousands)
June 30, 2020
BlueVine Capital, Inc. $ 5,000
Capsule Corp. 5,000
Cohesity, Inc. 5,000
Hims, Inc. 5,000
Freshly Inc. 4,500
Total $ 24,500

Common Stock Distributions

We ~~intend to elect~~have elected to be treated, and intend to qualify annually, as a RIC under the Code. To ~~obtain and~~ 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, 2023 and December 31, 2022, 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 will be determined at the end of the taxable year. Stockholders should read any written disclosure accompanying a dividend payment carefully and should not assume that the source of any distribution is our taxable ordinary income or capital gains.for tax purposes. The specific tax characteristics of our distributions will be reported to stockholders after the end of the taxable year. ~~As previously disclosed, we~~We intend to pay quarterly distributions to our common ~~stockholders beginning after the first full quarter~~stockholders.

The following ~~the~~table shows our cash distributions per common share that have been authorized by our Board since commencement of ~~our operations/effectiveness~~operations to March 31, 2024:

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

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)

Total cash distributions

5.42

_____________

(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 ~~our Form 10 registration statement.~~March 31, 2024, we estimated that we had undistributed taxable earnings from distributable earnings of $25.8 million, or $1.09 per common share.

Recent Accounting Pronouncements

In ~~August 2018,~~June 2022, the FASB issued ASU ~~2018-13, “Fair~~No. 2022-03, Fair Value Measurement ~~(Topic 820): Disclosure Framework - Changes~~of Equity Securities Subject to ~~Disclosure Requirements for Fair Value Measurement”, which is intended to improve~~Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the ~~effectiveness of~~guidance in ASC 820 on the fair value measurement ~~disclosures. The amendment, among other things, affects certain disclosure requirements~~of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to transfers between Level 1 and Level 2 of the fair value hierarchy, and Level 3 fair value measurements as they relate to valuation process, unrealized gains and losses, measurement uncertainty, and significant unobservable inputs. The new guidancesuch an equity security. ASU 2022-03 is effective for ~~interim and annual periods~~fiscal years beginning after December 15, ~~2019. Early~~2023 and interim periods within that fiscal year, with early adoption ~~is permitted for any interim or annual period.~~permitted. The adoption of these rules did not have a material impact on the consolidated financial ~~statements and disclosures.~~statements.

In August 2018, the SEC adopted rules (the “SEC Release”) amending certain disclosure requirements intended to eliminate redundant, duplicative, overlapping, outdated or superseded, in light of other SEC disclosure requirements, U.S. GAAP requirements or changes in the information environment. In part, the SEC Release requires an investment company to present distributable earnings in total on the consolidated balance sheet and consolidated statement of changes in net assets, rather than showing the three components of distributable earnings as previously shown. The impact of the adoption of these rules on our consolidated financial statements was not material. Additionally, the SEC Release requires disclosure of changes in net assets within a registrant's Form 10-Q filing on a quarter-to-date and year-to-date basis for both the current year and prior year comparative periods. We adopted the new requirement to present changes in net assets in interim financial statements within Form 10-Q filings effective May 27, 2020. The adoption of these rules did not have a material impact on the consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, “Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting.” The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The standard is effective as of March 12, 2020 through December 31, 2022. We do not believe that the adoption of these rules will have a material impact on our consolidated financial statements.

Recent Developments

~~Recent Portfolio Activity~~

~~From July 1, 2020 through August 12, 2020, we closed $14.5 million of additional debt commitments and funded $0.6 million in new investments.~~

~~Other Developments~~Distribution

On ~~July 15, 2020, we entered into the Credit Facility, which has total commitments~~April 25, 2024, our Board declared a $0.47 per share distribution to our common stockholders, payable on May 17, 2024 to stockholders of ~~$150 million from Deutsche Bank~~record on April 29, 2024.

Subsequent to quarter end, TFG Holding, Inc. was acquired.

Item 3. Quantitative and MUFG and includes 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 $400 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of Deutsche Bank and MUFG. 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. The revolving period under the Credit Facility is scheduled to expire on July 15, 2021, provided that the revolving period may be extended with the consent of the lenders and may also terminate early if an event of default or other adverse events, specified in the Receivables Financing Agreement, occur. The maturity date for the Credit Facility is scheduled to occur two years after the termination of the revolving period, unless earlier terminated in accordance with the terms of the Receivables Financing Agreement.Qualitative Disclosures about Market Risk

Advances are made under the Credit Facility pursuant to a borrowing base, which generally utilizes a 50% advance rate on the applicable net loan balance of assets held by the Financing Subsidiary, subject to excess concentrations, availability blocks and other restrictions set forth in the Receivables Financing Agreement. The advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus the lender’s cost of funds rate, which is a floating rate based on certain indices. The applicable margin is equal to 3.50% during the revolving period and increases to 4.50% during the amortization period. See our Current Report on Form 8-K, filed with the SEC on July 17, 2020, for more information regarding the Credit Facility.


~~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 ~~experienced a higher level of stress due to the global COVID-19 pandemic, which has resulted in~~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 ~~expect to~~ fund a portion of our investments with borrowings, our net investment income ~~will be~~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 ~~including LIBOR and Prime 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.

~~In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased.~~ 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 Prime 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, 2020,~~March 31, 2024, a majority of the debt investments (approximately ~~66.4%~~84.6%, or ~~$60.4~~$320.8 million in principal balance) in our portfolio bore interest at floating rates, which generally are Prime-based and all of which have interest rate floors ~~and some~~ of ~~which have interest rate caps for a limited period.~~3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime rate from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the floating rate based on certain indices referenced in the Credit Facility, including SOFR.

As of ~~June 30, 2020, we did not have any~~March 31, 2024, our floating rate ~~borrowings.~~borrowings totaled $87.5 million, which represented 53.8% of our outstanding debt as of March 31, 2024. As of March 31, 2024, all of our floating rate debt investments were subject to interest-rate floors set at 3.25% or higher. Because the Prime Rate at March 31, 2024 was 8.50%, which is at or above the interest-rate floors applicable to our floating rate debt investments, decreases in interest rates will impact our interest income to a limited extent until the Prime Rate reaches 3.25%, while increases in interest rates will increase our interest income to the extent that such rates exceed the applicable interest-rate floor. In addition, with respect to interest expense on our floating rate borrowings, we will benefit from any decreases in interest rates up to the point that the SOFR rate decreases to 0.50%, which is the SOFR interest-rate floor under the Credit Facility as of March 31, 2024. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of March 31, 2024, our interest expense on floating rate borrowings will increase as rates rise. The following table ~~shows~~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, 2020~~March 31, 2024 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		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	$	545	$	—	$	545
Up 200 basis points	$	47	$	—	$	47
Up 100 basis points	$	15	$	—	$	15
Up 50 basis points	$	—	$	—	$	—
Down 50 basis points	$	—	$	—	$	—
Down 100 basis points	$	—	$	—	$	—
Down 200 basis points	$	—	$	—	$	—
Down 300 basis points	$	—	$	—	$	—

This analysis is indicative of the potential impact on our investment income as of ~~June 30, 2020,~~March 31, 2024, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings 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 March 31, 2024 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 ~~rate~~rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of ~~June 30, 2020,~~March 31, 2024, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.

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 three months ended March 31, 2024, we entered into foreign currency forward contracts to limit our foreign currency exposure with respect to the British Pound Sterling and Euro. For additional information refer to “Note 4 – Investments”, included in the notes to our consolidated financial statements appearing elsewhere in this report.

While hedging activities may mitigate our exposure to adverse fluctuations in interest rates or foreign currency exchange rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements or foreign currency forward contracts, may also limit our ability to participate in the benefits of ~~lower~~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 we will be able to effectively hedge our interest rate risk or foreign currency exchange rate risk.

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 ~~inflation rates or~~ changes in inflation rates.


~~Item 4.~~	~~Controls and Procedures~~

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2020 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of ourWe maintain disclosure controls and procedures ~~(as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on~~ that ~~evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance~~are designed to ensure that information required to be disclosed in ~~our periodic SEC filings~~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. ~~However, in evaluating~~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 ~~management recognizes that any~~as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, ~~no matter how well designed~~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 ~~the desired control objectives, and management necessarily is required to apply~~ its ~~judgment in evaluating the cost-benefit relationship~~stated goals under all potential future conditions, regardless of ~~such possible controls and procedures.~~how remote.

Changes in Internal ~~Controls~~Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the ~~period from May 27, 2020 (Commencement of Operations) to June 30, 2020~~quarter ended March 31, 2024 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~~

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 ~~respective~~ 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~~

Item 1A. Risk Factors

You should carefully consider the risks ~~described~~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. ~~The~~Any such risks and uncertainties ~~described below~~ are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the ~~market price~~value of our securities.

~~In addition~~There have been no material changes during the three months ended March 31, 2024 to ~~the other information set forth in this report, you should carefully consider~~ the risk factors previously disclosed in our ~~registration statement~~Annual Report on Form ~~10 that we filed~~10-K for the year ended December 31, 2023 (filed with the SEC on ~~June 9, 2020,~~March 13, 2024) which could materially affect our business, financial condition or operating results.

~~We finance certain~~

Item 2. Unregistered Sales of ~~our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested~~Equity Securities and ~~increases the risk~~Use of ~~investing in us.~~Proceeds

We had no borrowings outstanding under any credit facility as of June 30, 2020; however, we intend to finance certain of our investments with funds borrowed under our $150.0 million Credit Facility and in connection with other borrowing arrangements or indebtedness when we expect the return on our investment to exceed the cost of such borrowings. The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in shares of our common stock. Lenders will have fixed dollar claims on our assets that are superior to the claims of our common stockholders and we would expect such lenders to seek recovery against our assets in the event of a default. We may pledge up to 100% of our assets or the assets of a subsidiary under the terms of any debt instruments we may enter into with lenders. In addition, under the terms of the Credit Facility and any borrowing facility or other debt instrument we may enter into in the future, we may be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause our net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses, potentially triggering mandatory debt payments or asset contributions under the Credit Facility or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make distributions with respect to our common stock. Our ability to service any debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures.

As a BDC, we generally are required under the 1940 Act to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock, of at least 150%. If our asset coverage ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when it is otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ depends on our Adviser’s and the Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us.

As required by Section 18(a) and Section 61(a) of the 1940 Act, in connection with the issuance of certain senior securities, a provision must be made by us to prohibit the declaration of any dividend or distribution on the Company’s stock, other than a dividend payable in our common stock, or the repurchase of any stock unless at the time of the dividend or distribution declaration or repurchase there is asset coverage (computed in accordance with Section 18(h) of the 1940 Act) of at least 150% on our senior securities after deducting the amount of the dividend, distribution or repurchase.

In addition, the Credit Facility imposes, and any debt facilities we may enter into in the future may impose, financial and operating covenants that restrict our business activities, including limitations that may hinder our ability to finance additional loans and investments or to make the distributions required to maintain our ability to be subject to tax treatment as a RIC under Subchapter M of the Code.

We may default under the Credit Facility or any future indebtedness or be unable to amend, repay or refinance any such indebtedness on commercially reasonable terms, or at all, which could have a material adverse effect on our financial condition, results of operations and cash flows.

In the event we default under the Credit Facility or any future indebtedness or are unable to amend, repay or refinance any such future indebtedness on commercially reasonable terms, or at all, our business could be materially and adversely affected as we may be forced to sell all or a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment

obligations and/or support working capital requirements under the Credit Facility or any future indebtedness, any of which would have a material adverse effect on our financial condition, results of operations and cash flows. In addition, following any such default, the facility agent under the Credit Facility could assume control of the disposition of any or all of our assets or restrict our utilization of any indebtedness, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. Events of default under the Credit Facility include, among other things, (i) a payment default; (ii) a change of control, which includes, among other things, breach of a key man clause relating to our Chief Executive Officer, James P. Labe, and our President, Sajal K. Srivastava; (iii) bankruptcy; (iv) a covenant default; (v) failure to maintain 150% asset coverage in accordance with the 1940 Act; and (vi) our failure to maintain our qualification as a BDC.

Because we use debt to finance certain of our investments, if market interest rates were to increase, our cost of capital could increase, which could reduce our net income. In addition, if the Credit Facility were to become unavailable, it could have a material adverse effect on our business, financial condition and results of operations.

Because we borrow money to finance certain of our investments, including under the Credit Facility, our net income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net income. In periods of rising interest rates, our cost of funds would increase, which could reduce our net income. In addition, if the Credit Facility were to become unavailable to us and attractive alternative financing sources were not available, it could have a material adverse effect on our business, financial condition and results of operations.

In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to our secured loans. Accordingly, an increase in interest rates may result in an increase of our income and, as a result, an increase in the incentive fee payable to our Adviser.

~~Provisions in the Credit Facility or any future indebtedness may limit our discretion in operating our business.~~

The Credit Facility is, and any future indebtedness may be, backed by all or a portion of our assets on which the lenders may have a security interest. We may pledge up to 100% of our assets or the assets of the Financing Subsidiary and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. Any security interests that we grant will be set forth in a security agreement and evidenced by the filing of financing statements by the agent for the lenders. Any restrictive provision or negative covenant in the Credit Facility, including diversification and eligibility requirements, or any of our future indebtedness limits or may limit our operating discretion, which could have a material adverse effect on our financial condition, results of operations and cash flows. A failure to comply with the restrictive provisions or negative covenants in the Credit Facility or any of our future indebtedness would or may result in an event of default and/or restrict our ability to control the disposition of our assets and our utilization of any indebtedness.


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

~~Except as previously reported by us on our current reports on Form 8-K, 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.


~~Item 3.~~	~~Defaults Upon Senior Securities~~

Item 3. Defaults Upon Senior Securities

None.


~~Item 4.~~	~~Mine Safety Disclosures~~

Item 4. Mine Safety Disclosures

Not applicable.


~~Item 5.~~	~~Other Information~~

~~None.~~

Item 5. Other Information


~~Item 6.~~	~~Exhibits~~

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, 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:



~~2.1~~3.1	~~Purchase and Sale Agreement, dated as of May 27, 2020, by and among TriplePoint Global Venture Credit, LLC, and TriplePoint Capital LLC and TriplePoint Financial LLC~~⁽¹⁾

~~3.1~~	Articles of Incorporation⁽²⁾(1)

3.2		Articles Supplementary⁽³⁾(2)

3.3		Bylaws⁽⁴⁾(3)

~~10.1~~31.1		~~Investment Advisory Agreement between TriplePoint Private Venture Credit Inc. and TriplePoint Advisers LLC~~⁽⁵⁾



~~10.2~~	~~Administration Agreement between TriplePoint Private Venture Credit Inc. and TriplePoint Administration LLC~~⁽⁶⁾

~~10.3~~	~~License Agreement between TriplePoint Capital LLC and TriplePoint Private Venture Credit Inc.~~⁽⁷⁾

~~10.4~~	~~Form of Common Stock Subscription Agreement~~⁽⁸⁾

~~10.5~~	~~Form of Custody Agreement by and Among TriplePoint Private Venture Credit Inc., Subsidiaries and U.S. Bank N.A.~~⁽⁹⁾

~~10.6~~	~~Custody Agreement Dated April 14, 2020 by and between TriplePoint Private Venture Credit Inc. and MUFG Union Bank~~⁽¹⁰⁾

~~10.7~~	~~Form of Indemnification Agreement for Directors and Officers~~⁽¹¹⁾

~~10.8~~	Form of Receivables Financing Agreement, dated as of July 15, 2020, among TPVC Funding Company LLC, TriplePoint Private Venture Credit Inc., individually and as collateral manager and as equityholder, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch, as facility agent, Deutsche Bank AG, New York Branch and MUFG Union Bank, N.A., as joint lead arrangers, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, U.S. Bank National Association, as custodian, and Vervent Inc., as backup collateral manager⁽¹²⁾

~~10.9~~	~~Form of Receivables Sale and Contribution Agreement, dated as of July 15, 2020, between TriplePoint Private Venture Credit Inc., as seller, and TPVC Funding Company LLC, as purchaser~~⁽¹³⁾

~~10.10~~	Form of Pledge Agreement, dated as of July 15, 2020, by TriplePoint Private Venture Credit Inc. and TPVC Funding Company LLC in favor of Deutsche Bank AG, New York Branch, as facility agent, as facility agent⁽¹⁴⁾

~~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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~~(1)~~	~~Incorporated by reference to Exhibit 2.1 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 3.1 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 3.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.~~


~~(4)~~	~~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.~~


~~(5)~~	~~Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.~~


~~(6)~~	~~Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.~~


~~(7)~~	~~Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.~~


~~(8)~~	~~Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.~~


~~(9)~~	~~Incorporated by reference to Exhibit 10.3 to Pre-Effective Amendment No. 1 to the Registrant’s registration statement on Form 10 (File No. 000-56116) filed on June 9, 2020.~~


~~(10)~~	~~Incorporated by reference to Exhibit 10.4 to Pre-Effective Amendment No. 1 to the Registrant’s registration statement on Form 10 (File No. 000-56116) filed on June 9, 2020.~~


~~(11)~~	~~Incorporated by reference to Exhibit 10.6 to Pre-Effective Amendment No. 1 to the Registrant’s registration statement on Form 10 (File No. 000-56116) filed on June 9, 2020.~~


~~(12)~~	~~Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 000-56116) filed on July 17, 2020.~~


~~(13)~~	~~Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 000-56116) filed on July 17, 2020.~~


~~(14)~~	~~Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 000-56116) filed on July 17, 2020.~~

(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 Section 13 or 15(d)~~ 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 13, 2020~~May 8, 2024

By:

~~By:~~

/s/ James P. Labe

James P. Labe

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: May 8, 2024

By:

~~TriplePoint Private Venture Credit Inc.~~

~~Date: August 13, 2020~~

~~By:~~

/s/ Christopher M. Mathieu

Christopher M. Mathieu

Chief Financial Officer

(Principal Financial and Accounting Officer)

3674



Unfunded Commitments (in thousands)	June 30, 2020
BlueVine Capital, Inc.	$	5,000
Capsule Corp.	5,000
Cohesity, Inc.	5,000
Hims, Inc.	5,000
Freshly Inc.	4,500
Total	$	24,500



Commitments Activity (in thousands)	For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Activity during the period:
New commitments	$	24,500
Unfunded commitments at beginning of period	—
Unfunded commitments at end of period	$	24,500



Financial Highlights (in thousands, except share and per share data)	For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Per Share Data⁽¹⁾
Net asset value at beginning of period	$	15.00
Changes in net asset value due to:
Net investment income	0.12
Net realized gains (losses) on investments	—
Net change in unrealized gains (losses) on investments	0.03
Distribution to preferred shareholders	(0.01		)
Organizational costs	(0.01		)
Offering costs	(0.28		)
Net asset value at end of period	$	14.85

Net investment income per common share	$	0.12
Net increase (decrease) in net assets resulting from operations per common share	$	0.15
Weighted average shares of common stock outstanding for period	7,001,667
Shares of common stock outstanding at end of period	7,001,667

Ratios / Supplemental Data⁽²⁾
Net asset value at end of period	$	104,519
Average net asset value	$	104,483
Total return based on net asset value per share⁽³⁾	(1.0		)%
Net investment income to average net asset value⁽⁴⁾⁽⁵⁾	8.5		%
Net increase (decrease) in net assets to average net asset value⁽⁴⁾⁽⁵⁾	10.8		%
Ratio of expenses to average net asset value⁽⁴⁾⁽⁵⁾	2.4		%
Operating expenses excluding incentive fees to average net asset value⁽⁴⁾⁽⁵⁾	2.4		%
Income incentive fees to average net asset value⁽⁴⁾⁽⁵⁾	—		%



Commitments and Fundings (in thousands)	For the Period from May 27, 2020 (Commencement of Operations) to June 30, 2020
Debt Commitments
New portfolio companies	$	24,500
Existing portfolio companies	—
Total	$	24,500

Funded Debt Investments	$	91,338