TriplePoint Global Venture Credit 10Q 2023 Q1 Quarterly report

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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 MARCH 31, 2023


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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-01327

________________________________________________________________________________________________________________________________________________

TriplePoint Private Venture Credit Inc.

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________________________________________________________________


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

TriplePoint Private Venture Credit Inc.

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

(Address of principal executive office)

(650) 854-2090

(Registrant’s telephone number, including area code)

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

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

None

________________________________________________________________________________________________________________________________________________

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

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

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


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

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

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

As of May 4, 2023, the registrant had 20,297,200 shares of common stock, $0.01 par value per share, outstanding.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of Mar ch 31, 2023 (unaudited) and December 31, 2022	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2023 (unaudited) and March 31, 2022 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 20 23 (unaudited) and March 31, 2022 (unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2023 (unaudited) and March 31, 2022 (unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2023 (unaudited) and December 31, 20 2 2	5
	Notes to Consolidated Financial Statements (unaudited)	41
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 4.	Controls and Procedures	70
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 3.	Defaults Upon Senior Securities	71
Item 4.	Mine Safety Disclosures	71
Item 5.	Other Information	72
Item 6.	Exhibits	72
	Signatures	73

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)


	March 31, 2023		December 31, 2022
	(unaudited)
Assets
Investments at fair value (amortized cost of $453,693 and $447,814, respectively)	$	441,998	$	441,376
Cash and cash equivalents	37,205		32,162
Restricted cash	4,875		4,904
Deferred credit facility costs	1,513		1,779
Prepaid expenses and other assets	773		364
Total assets	$	486,364	$	480,585

Liabilities
Revolving Credit Facility	$	109,000	$	109,000
2027 Notes, net	74,235		74,193
Base management fee payable	1,348		1,312
Other accrued expenses and liabilities	10,581		11,445
Total liabilities	$	195,164	$	195,950
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	203		203
Paid-in capital in excess of par value	310,370		310,370
Total distributable loss	(19,373)		(25,938)
Total net assets	$	291,200	$	284,635
Total liabilities and net assets	$	486,364	$	480,585

Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized)	20,297,200		20,297,200
Net asset value per common share	$	14.32	$	14.00

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)


	For the Three Months Ended March 31, 2023		For the Three Months Ended March 31, 2022
Investment income
Interest income from investments	$	16,660	$	12,231
Other income
Expirations/terminations of unfunded commitments	1,078		206
Other fees	4		325
Total investment and other income	17,742		12,762

Operating expenses
Base management fee	1,348		1,073
Income incentive fee	—		1,853
Capital gains incentive fee	—		116
Interest expense and amortization of fees	3,971		1,622
Administration agreement expenses	482		433
General and administrative expenses	606		369
Total operating expenses	6,407		5,466

Net investment income	11,335		7,296

Net realized and unrealized gains/(losses)
Net realized gains/(losses) on investments	502		(1,192)
Net change in unrealized gains/(losses) on investments	(5,257)		1,774
Net realized and unrealized gains/(losses)	(4,755)		582

Net increase in net assets resulting from operations	$	6,580	$	7,878

Basic and diluted net investment income per common share	$	0.56	$	0.45
Basic and diluted net increase in net assets per common share	$	0.32	$	0.48
Basic and diluted weighted average shares of common stock outstanding	20,297,200		16,293,025

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands, except share data)


							Paid-in capital in excess of par value		Total distributable earnings (loss)		Net assets
	Common stock			Preferred stock
	Shares	Par value		Shares	Par value
Balance at December 31, 2021	13,991,836	$	140	525	$	—	$	213,204	$	6,418	$	219,762
Issuance of common stock	4,230,678	42		—	—		67,427		—		67,469
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net increase in net assets resulting from operations	—	—		—	—		—		7,878		7,878
Balance at March 31, 2022	18,222,514	$	182	525	$	—	$	280,631	$	14,281	$	295,094


Balance at December 31, 2022	20,297,200	$	203	525	$	—	$	310,370	$	(25,938)	$	284,635
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

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	For the Three Months Ended March 31, 2023		For the Three Months Ended March 31, 2022
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	6,580	$	7,878
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Fundings and purchases of investments	(15,282)		(54,383)
Principal payments and proceeds from investments	12,099		27,710
Payment-in-kind interest on investments	(21)		(196)
Net change in unrealized (gains) losses on investments	5,257		(1,774)
Net realized (gains) losses on investments	(502)		1,192
Amortization and accretion of premiums and discounts, net	(2,115)		(2,838)
Amortization of debt fees and issuance costs	235		185
Change in operating assets and liabilities:
Prepaid expenses and other assets	(409)		142
Base management fee payable	36		275
Income incentive fee payable	—		409
Capital gains incentive fee payable	—		116
Other accrued expenses and liabilities	(864)		(4,408)
Net cash provided by (used in) operating activities	5,014		(25,692)
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	—		30,000
Repayments under revolving credit facility	—		(62,500)
Proceeds from issuance of common stock	—		67,470
Net cash provided by financing activities	—		34,970
Net change in cash, cash equivalents and restricted cash	5,014		9,278
Cash, cash equivalents and restricted cash at beginning of period	37,066		21,072
Cash, cash equivalents and restricted cash at end of period	$	42,080	$	30,350

	March 31, 2023		March 31, 2022
Cash and cash equivalents	$	37,205	$	29,406
Restricted cash	4,875		944
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	42,080	$	30,350

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	2,514	$	1,328
Excise taxes paid	$	250	$	32

See accompanying notes to consolidated financial statements.


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 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	$	1,816	$	2,009	$	2,014	3/31/2024
Total Aerospace and Defense - 0.69%*			1,816		2,009		2,014

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		667		667		5/31/2024
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		698		698		7/31/2024
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		457		457		9/30/2024
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		171		171		2/28/2025
Total Application Software - 0.68%*			2,000		1,993		1,993

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		2,978		2,978		9/30/2024
Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)	12/29/2022	1,000		984		984		12/31/2024
			4,000		3,962		3,962
FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		10,157		10,157		6/30/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/24/2021	338		346		346		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/28/2021	547		558		558		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278		284		284		10/31/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	1/21/2022	347		350		350		1/31/2024
			11,510		11,695		11,695
Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)	12/21/2022	7,000		6,924		6,862		6/30/2026
Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	3,221		3,473		3,222		11/30/2023
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,839		1,600		4/30/2024
			4,989		5,312		4,822
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,028		2,016		6/30/2024
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,028		2,016		6/30/2024
			4,000		4,056		4,032
Total Business Applications Software - 10.77%*			31,499		31,949		31,373

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		1,975		1,975		9/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,800		1,806		1,806		11/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 5.75% EOT payment)	11/18/2021	4,200		4,333		4,333		11/30/2023
			6,000		6,139		6,139
Cart.com, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)(2)	12/30/2021	5,000		4,998		4,998		12/31/2025
Cart.com, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.75% EOT payment)(2)	11/8/2022	1,000		990		990		5/31/2026
			6,000		5,988		5,988
Certamen Ventures Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.00% EOT payment)	11/30/2021	6,945		7,011		7,011		11/30/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 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)	2/15/2022	1,940	1,963	1,963	8/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	4/25/2022	1,828	1,836	1,836	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	701	701	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	2,494	2,494	4/30/2026
			6,999	6,994	6,994
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 0.00% EOT payment)(2)	1/18/2023	213	209	209	1/31/2027
Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	4,170	4,284	4,284	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	1,484	1,484	5/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422	2,469	1,221	10/28/2023
RenoRun, Inc.(1)(3)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	600	594	565	12/31/2025
RenoRun, Inc.(1)(3)	Convertible Note (4.00% interest rate)(2)	12/30/2021	300	300	294	12/30/2023
			900	894	859
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	484	478	489	6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 7.50% EOT payment)(2)	6/15/2022	402	408	428	6/15/2023
			886	886	917
Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)	12/16/2022	4,500	4,199	4,199
Total Business Products and Services - 14.18%*			42,535	42,532	41,280

Business/Productivity Software
Construction Finance Corporation	Revolver (Prime + 6.25% interest rate, 9.50% floor, 3.25% EOT payment)(2)	7/8/2022	24	23	23	1/7/2024
Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)(2)	9/14/2022	4,000	3,998	3,998	3/31/2026
Manufactured Networks, Inc.	Revolver (Prime + 7.75% interest rate, 7.75% floor, 2.00% EOT payment)(2)	5/6/2022	656	661	661	11/6/2023
Manufactured Networks, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	10/24/2022	500	498	498	4/30/2026
			1,156	1,159	1,159
Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.34% cash interest rate + 4.16% PIK, 7.60% EOT payment)(2)	3/30/2022	1,063	1,064	1,064	3/31/2027
Total Business/Productivity Software - 2.14%*			6,243	6,244	6,244

Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	3,000	2,947	2,947	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	2,500	2,456	2,456	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	1,000	983	983	2/28/2026
			6,500	6,386	6,386
Iris Automation, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 4.75% EOT payment)(2)	2/11/2022	964	966	966	2/28/2025
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	110	108	108	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	293	293	1/31/2027
			410	401	401
Total Computer Hardware - 2.66%*			7,874	7,753	7,753

Consumer Finance
Activehours, Inc.	Revolver (Prime + 4.25% interest rate, 8.50% floor, 0.00% EOT payment)(2)	12/30/2022	10,000	9,900	9,987	12/30/2025
Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)(2)	5/6/2022	8,500	8,502	8,502	11/30/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)(2)	7/14/2022	5,500	5,472	5,472	1/31/2025
			24,000	23,874	23,961
The Aligned Company	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)	10/27/2021	6,000	6,111	6,111	4/30/2025
Vestwell Holdings Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 8.00% EOT payment)(2)	9/30/2022	7,000	6,976	6,976	3/31/2026
Total Consumer Finance - 12.72%*			37,000	36,961	37,048

Consumer Non-Durables
Alyk, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)	6/16/2021	2,289	2,356	2,345	6/30/2025
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	1,013	1,013	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	1,000	1,000	1,000	10/31/2025
			2,000	2,013	2,013
Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.25% EOT payment)(2)	1/9/2023	1,077	1,065	1,075	1/31/2026
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	375	375	365	11/30/2024
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	6/9/2022	250	253	245	3/31/2025
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	8/5/2022	375	378	365	5/31/2025
			1,000	1,006	975
Total Consumer Non-Durables - 2.20%*			6,366	6,440	6,408

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	763	763	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	249	249	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	858	858	3/31/2025
			1,875	1,870	1,870
The Black Tux, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	10,000	10,047	10,047	5/31/2026
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	2,503	2,684	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	1,501	1,611	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	1,630	1,745	4/30/2026
			5,674	5,634	6,040
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	709	688	4/30/2025
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	7/14/2022	268	260	272	7/31/2025
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	11/14/2022	69	66	66	11/30/2025
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	3/15/2023	529	489	482	3/31/2026
			1,589	1,524	1,508
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	5/16/2022	50	51	51	5/31/2025
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	7/5/2022	100	101	101	7/31/2025
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	7/27/2022	100	101	101	7/31/2025
			250	253	253
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	333	334	334	3/31/2025
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	8/12/2022	111	111	111	5/31/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	12/9/2022	222	219	219	9/30/2025
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	3/1/2023	333	327	327	11/30/2025
			999	991	991
Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	577	583	583	9/30/2024
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	4,800	4,736	4,736	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	2,216	2,216	6/30/2025
			7,627	7,535	7,535
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,241	1,215	7/31/2025
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,232	1,202	10/31/2025
			2,500	2,473	2,417
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	31	31	31	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	76	76	76	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	500	501	501	5/31/2025
			607	608	608
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 3.75% floor, 7.75% EOT payment)	8/12/2021	3,532	3,617	3,480	8/31/2025
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 3.75% floor, 6.00% EOT payment)(2)	5/25/2022	3,000	2,997	2,893	5/31/2025
			6,532	6,614	6,373
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,720	1,709	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	3,403	3,381	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	5,176	5,140	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	5,172	5,136	2/28/2025
			15,000	15,471	15,366
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)	10/14/2021	1,252	1,313	1,308	8/9/2023
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	5,000	4,858	4,797	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	989	989	8/31/2026
			7,252	7,160	7,094
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	2,000	1,970	1,970	12/31/2025
Mystery Tackle Box, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 9.25% EOT payment)(2)	4/29/2022	1,000	1,009	1,009	1/31/2025
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	6/6/2022	537	523	525	6/30/2026
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	8/29/2022	301	292	313	8/31/2026
			838	815	838
Nate, Inc.(7)	Growth Capital Loan (Prime + 1.00% interest rate, 4.25% floor, 0.50% EOT payment)(2)	3/3/2022	2,351	2,305	802	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	3/3/2022	1,560	1,533	532	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	4/26/2022	3,120	3,055	1,065	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)(2)	4/26/2022	779	766	266	5/31/2023
			7,810	7,659	2,665
NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	588	587	587	6/30/2026


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	207	204	204	12/31/2026
NxFoods 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	960	960
Project 1920, Inc.	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	351	3/25/2023
Spinn, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	949	968	949	8/31/2024
Tempo Interactive Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	4/27/2022	5,625	5,660	5,660	4/30/2025
Untitled Labs, Inc.	Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)	6/23/2022	417	413	407	6/30/2026
Untitled Labs, Inc.	Growth Capital Loan (13.00% interest rate, 5.00% EOT payment)(2)	10/20/2022	583	574	569	10/31/2026
			1,000	987	976
VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	2/1/2021	3,461	3,489	2,688	1/31/2025
VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	5/27/2021	1,748	1,753	1,301	5/31/2025
VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	1/31/2022	804	796	611	1/31/2026
VanMoof Global Holding B.V.(1)(3)(7)	Revolver (Prime + 4.75% interest rate, 4.75% floor, 6.00% EOT payment)(2)	10/31/2022	1,500	1,485	1,380	10/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	1/23/2023	369	362	347	12/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/1/2023	410	402	382	12/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/7/2023	354	347	336	12/31/2023
VanMoof Global Holding B.V.(1)(3)(7)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 10.00% EOT payment)(2)	2/14/2023	355	348	336	12/31/2023
			9,001	8,982	7,381
Total Consumer Products and Services - 28.46%*			89,445	89,547	82,861

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	7/21/2021	1,228	1,260	1,136	7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	10/13/2021	1,141	1,150	1,125	10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	11/19/2021	1,155	1,198	1,169	11/30/2024
Total Cultivation - 1.18%*			3,524	3,608	3,430

Database Software
SiSense, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	12/28/2021	6,500	6,683	6,683	6/30/2024
Total Database Software - 2.29%*			6,500	6,683	6,683

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.25% floor, 6.50% EOT payment)	9/29/2021	12,500	12,514	12,514	3/31/2025
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,077	10,077	6/30/2027
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,500	4,677	4,611	12/31/2023
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	3,000	2,992	2,902	12/31/2024
TFG Holding, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)	3/31/2022	1,000	995	968	9/30/2025
			8,500	8,664	8,481
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,664	6,624	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	999	989	12/31/2025
			7,500	7,663	7,613


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Total E-Commerce - Clothing and Accessories - 13.28%*			38,500	38,918	38,685

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/6/2021	3,477	3,568	3,553	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/21/2021	263	270	268	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	8/10/2021	315	322	320	8/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	10/6/2021	1,458	1,482	1,471	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	947	959	951	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	2,540	2,573	2,552	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	848	856	848	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	324	327	324	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	57	57	57	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	1/28/2022	1,836	1,847	1,828	1/31/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	700	698	688	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	263	263	259	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	9/21/2022	1,710	1,679	1,649	9/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	11/1/2022	3,078	3,011	2,954	10/31/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	12/22/2022	184	179	175	12/31/2024
			18,000	18,091	17,897
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	5/17/2021	1,563	1,604	1,588	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	750	741	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,592	1,574	8/31/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)(2)	2/17/2023	3,635	3,531	3,466	8/31/2025
			7,491	7,477	7,369
Total E-Commerce - Personal Goods - 8.68%*			25,491	25,568	25,266

Energy
Arcadia Power, Inc.	Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)	5/6/2022	5,000	5,021	4,879	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	6/29/2022	5,000	4,942	4,848	12/31/2026
Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	4,421	4,480	4,431	12/31/2024
Total Energy - 4.86%*			14,421	14,443	14,158

Entertainment Software
Encore Music Technologies, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 4.50% EOT payment)(2)	4/20/2022	855	857	836	4/30/2025
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/17/2022	3,000	3,013	3,013	5/31/2025
Total Entertainment Software - 1.32%*			3,855	3,870	3,849

Financial Software
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor, 0.00% EOT payment)(2)	4/6/2022	274	271	271	10/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Parker Group Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)(2)	4/6/2022	700	711	711	4/30/2025
			974	982	982
Zolve Innovations Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 0.00% EOT payment)	7/28/2022	1,000	987	987	1/31/2025
Total Financial Software - 0.68%*			1,974	1,969	1,969

Food Products
AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 8.00% floor, 3.00% EOT payment)(2)	5/24/2021	1,291	1,330	1,172	12/31/2022
AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	245	251	222	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	911	974	8/31/2026
Total Food Products - 0.81%*			2,437	2,492	2,368

Healthcare Services
Hey Favor, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.25% EOT payment)	8/5/2022	8,000	7,971	7,804	8/31/2024
Levels Health Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.25% floor, 2.00% EOT payment)	10/13/2021	636	641	641	10/31/2024
Total Healthcare Services - 2.90%*			8,636	8,612	8,445

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	5,281	5,281	12/31/2024
Total Healthcare Technology Systems - 1.81%*			5,000	5,281	5,281

Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	1/11/2023	2,716	2,677	2,677	1/11/2025
Total Human Capital Services - 0.92%*			2,716	2,677	2,677

Infrastructure
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	5,000	5,315	5,341	10/31/2024
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	2,500	2,657	2,670	10/31/2024
Total Infrastructure - 2.75%*			7,500	7,972	8,011

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	482	482	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	478	478	3/21/2026
			1,000	960	960
Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,182	8,182	2/28/2025
Total Life and Health Insurance - 3.14%*			9,000	9,142	9,142

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (Prime + 5.00% interest rate, 8.50% EOT payment)	7/1/2021	2,500	2,540	2,507	12/31/2024
Total Medical Software and Information Services - 0.86%*			2,500	2,540	2,507

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	4,917	4,917	3/31/2027
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	8/12/2021	1,569	1,640	1,631	2/29/2024
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	9/30/2021	1,023	1,046	1,040	3/31/2024
			2,592	2,686	2,671
Total Multimedia and Design Software - 2.61%*			7,592	7,603	7,588


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

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	501	489	9/30/2025
Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	491	491	3/17/2023
			1,000	992	980
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	3,075	3,042	3,042	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	1,441	1,441	10/31/2025
			4,538	4,483	4,483
Total Other Financial Services - 1.88%*			5,538	5,475	5,463

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	2,633	2,633	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	4,895	4,895	9/30/2025
			7,242	7,528	7,528
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,283	2,107	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,283	2,108	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/4/2022	2,051	2,019	2,025	7/31/2025
			6,587	6,585	6,240
Homelight, Inc.	Growth Capital Loan (17.25% interest rate, 0.00% EOT payment)(2)	12/30/2022	500	492	492	12/31/2026
Homeward, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)	12/30/2021	4,000	4,114	4,094	6/30/2024
Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)	12/30/2022	4,000	3,914	3,896	12/31/2024
			8,000	8,028	7,990
MCN Investments Ltd.(1)(3)	Growth Capital Loan (Prime + 3.38% interest rate, 6.63% floor, 1.25% EOT payment)(2)	2/28/2023	800	802	802	8/31/2023
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/25/2022	1,000	1,023	1,023	5/31/2024
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	12/27/2022	1,000	997	997	12/31/2024
			2,000	2,020	2,020
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.00% EOT payment)(2)	6/25/2021	2,139	2,138	1,083	6/30/2024
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	12/30/2021	1,958	1,922	992	12/31/2025
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.75% EOT payment)(2)	8/16/2022	5,875	5,818	2,975	8/31/2026
			9,972	9,878	5,050
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	252	247	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	804	788	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	222	218	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	106	104	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	444	435	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	210	206	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	152	149	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,379	1,351	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	764	748	12/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 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		171		167		1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116		116		114		2/28/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		300		294		3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110		1,108		1,082		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991		989		966		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216		216		210		5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200		198		193		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100		99		97		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150		147		143		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361		354		344		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565		554		537		12/31/2025
			8,584		8,585		8,393
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/10/2021	2,400		2,407		2,407		12/31/2024
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	7/15/2022	1,600		1,572		1,572		7/31/2025
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	9/26/2022	1,000		977		977		9/30/2025
			5,000		4,956		4,956
Total Real Estate Services - 14.93%*			48,685		48,874		43,471

Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	1,492		1,490		1,486		5/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,114		1,127		1,123		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,500		1,514		1,508		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,817		1,810		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,817		1,810		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	900		909		905		12/31/2024
Total Social/Platform Software - 2.97%*			8,606		8,674		8,642

Total Debt Investments - 142.38%*			$	427,253	$	429,829	$	414,609


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 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	$	93	$	763
Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		197
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		66
Loft Orbital Solutions Inc.	Common Stock(2)	7/15/2022	6,747	58		58
Total Aerospace and Defense - 0.37%*				309		1,084

Application Software
Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,163	10		9
Total Application Software - —%*				10		9

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		59
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		118
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		575
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144
				450		719
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		75
Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		29
Total Business Applications Software - 0.37%*				781		1,080

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		45
Cardless Inc.	Common Stock	11/18/2021	12,903	28		7
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		94
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		5
				125		99
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		76
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		146
				127		222
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		134
Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		205
Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		22
Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		15
				374		242
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	114,041	26		9
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
RenoRun, Inc.(1)(3)	Preferred Stock	12/30/2021	4,242	93		—
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock	12/16/2022	51,590	308		308
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		26
Total Business Products and Services - 0.43%*				1,432		1,254

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		318
Total Business to Business Marketplace - 0.11%*				156		318

Business/Productivity Software
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14		14
Highbeam, Inc.	Common Stock(2)	2/10/2023	21,133	1		1
Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46		46
Manufactured Networks, Inc.(11)	Preferred Stock(2)	5/6/2022	—	—		—


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	19
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
Total Business/Productivity Software - 0.03%*				68	84

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	27
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Iris Automation, Inc.	Preferred Stock(2)	2/11/2022	43,365	24	24
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	24,022	31	31
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	13,940	92	58
Total Computer Hardware - 0.09%*				265	249

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	267
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	33
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	80
				225	380
Cherry Technologies Inc.	Preferred Stock(2)	11/23/2021	77,891	195	432
The Aligned Company	Preferred Stock	10/21/2021	17,564	50	772
The Aligned Company	Preferred Stock	10/21/2021	569	8	8
				58	780
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	772
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.82%*				576	2,394

Consumer Non-Durables
Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	8
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	12
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	16
				30	28
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Underground Enterprises, Inc.(11)	Preferred Stock(2)	5/18/2022	—	—	—
Total Consumer Non-Durables - 0.02%*				64	49

Consumer Products and Services
Baby Generation, Inc.	Common Stock	1/26/2022	13,587	10	10
The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	460
Clutter Inc.	Preferred Stock(2)	9/30/2020	31,575	43	43
Clutter Inc.	Preferred Stock(2)	10/5/2022	51,121	70	70
				113	113
Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	16
Dance Gmbh(1)(3)	Preferred Stock(2)	2/21/2023	45	21	21
				58	37
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	12
Ever/Body, Inc.	Preferred Stock	9/7/2021	281,262	138	84
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	24
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	12


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Good Eggs, Inc.	Preferred Stock	8/12/2021	83,265	142	3
Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	144
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	35
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	25
				130	204
Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	115	86
JOKR S.a.r.l.(1)(3)	Preferred Stock	10/14/2021	20,944	536	485
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	8/10/2022	746	3	8
				539	493
Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	6
Mystery Tackle Box, Inc.	Preferred Stock(2)	4/29/2022	64,286	14	22
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	5
Nate, Inc.	Preferred Stock(2)	12/31/2021	53,012	230	—
NxFoods GmbH(1)(3)(11)	Preferred Stock(2)	6/1/2022	—	—	—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	5
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	2
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	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
Untitled Labs, Inc.	Common Stock(2)	6/23/2022	22,727	15	23
VanMoof Global Holding B.V.(1)(3)	Preferred Stock	2/1/2021	281,875	58	—
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	10/31/2022	33,112	4	—
				62	—
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
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	8
Total Consumer Products and Services - 0.61%*				2,013	1,779

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock(2)	5/27/2020	1,278	1,223	478
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	16
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	13
Total Cultivation - 0.17%*				1,463	507

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	117
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	268
TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	63
TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	8
				275	71
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	205
Total E-Commerce - Clothing and Accessories - 0.23%*				907	661

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock	7/6/2021	2,960	146	50
Forum Brands, LLC	Preferred Stock	12/23/2021	2,714	188	46
				334	96
Merama Inc.	Preferred Stock	4/28/2021	71,728	589	563
Total E-Commerce - Personal Goods - 0.23%*				923	659

Elder and Disabled Care


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
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	238
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	101
				194	339
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	593
Total Energy - 0.32%*				231	932

Entertainment Software
Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	15
FRVR Limited(1)(3)(11)	Preferred Stock(2)	5/17/2022	—	—	—
Total Entertainment Software - 0.01%*				15	15

Financial Software
Parker Group Inc.	Common Stock(2)	4/6/2022	2,667	9	9
Wisetack, Inc.(1)	Common Stock(2)	12/21/2022	11,543	42	42
Zolve Innovations Inc.	Preferred Stock	7/28/2022	3,172	9	9
Total Financial Software - 0.02%*				60	60

Food Products
AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	37
Total Food Products - 0.01%*				77	37

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
Hey Favor, Inc.	Common Stock	12/31/2021	121,954	122	34
Levels Health Inc.	Preferred Stock	9/3/2021	47,162	37	216
Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	12
Wispr AI, Inc.(11)	Preferred Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 0.09%*				173	263

Healthcare Technology Systems
Calibrate Health, Inc.	Preferred Stock(2)	12/31/2020	90,178	219	218
Calibrate Health, Inc.	Preferred Stock(2)	10/19/2021	28,012	35	35
				254	253
Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	7
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	14
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 - 0.24%*				641	689

Home Furnishings
Petra Living, Inc.	Preferred Stock(2)	6/9/2021	76,783	48	75
Petra Living, Inc.	Preferred Stock(2)	8/24/2021	38,391	24	38
Petra Living, Inc.	Preferred Stock(2)	10/19/2021	38,391	17	38
Total Home Furnishings - 0.05%*				89	151

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 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	—	—
				91	713
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.37%*				289	1,080

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
Total Information Services (B2C) - 0.05%*				154	135

Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	59
GoEuro Corp.(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	65
Total Infrastructure - 0.04%*				155	124

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	29
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	81
Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	4
Total Life and Health Insurance - 0.04%*				120	114

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	2
HI LLC (Kernel)	Common Stock(2)	2/28/2023	175,000	44	44
Total Medical Software and Information Services - 0.02%*				92	46

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	83
Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	81
Spire Animation Studios, Inc.	Preferred Stock	9/30/2021	27,559	105	105
				185	186
Total Multimedia and Design Software - 0.09%*				262	269

Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Total Network Management Software - 0.06%*				180	180

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	11
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	162
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	36
Total Other Financial Services - 0.07%*				241	209

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Demain ES(1)(3)	Preferred Stock	12/30/2021	3,191	153	47
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470	1,124
Homelight, Inc.	Preferred Stock(2)	7/27/2022	2,446	8	8
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148	42
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15	6
Mynd Management, Inc.	Preferred Stock(2)	5/27/2020	43,472	83	127
Mynd Management, Inc.	Preferred Stock(2)	5/25/2022	1,544	1	1
				84	128
Ribbon Home, Inc.	Common Stock	3/5/2021	24,280	226	—
Ribbon Home, Inc.	Common Stock	12/30/2021	12,272	114	—
				340	—


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Side, Inc.	Preferred Stock	7/29/2020	71,501	57		583
True Footage, Inc.	Preferred Stock	11/24/2021	88,762	122		217
YDC, Inc.	Preferred Stock	12/10/2021	25,509	116		133
Total Real Estate Services - 0.79%*				1,519		2,303

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		30
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		30
				60		60
Total Social/Platform Software - 0.03%*				103		85

Software Development Applications
Appex Group, Inc.(11)	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 - 6.05%*				$	13,787	$	17,604


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 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	$	92
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	142		142
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		272
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		405
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.34%*				1,100		993

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		178
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	2/15/2022	48	570		545
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 - 0.37%*				1,125		1,072

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		324
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		234
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		500
Total Business to Business Marketplace - 0.36%*				950		1,058

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		132
Total Consumer Finance - 0.05%*				100		132

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		187
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		55
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		210
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		146
				331		356
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,593	375		368
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,107	75		73
				450		441
NxFoods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250		250
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	8/9/2021	56,023	168		—
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322
Total Consumer Products and Services - 0.59%*				1,951		1,711

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		45
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		242

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	245
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	700
Total Energy - 0.32%*				867	945

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	333
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	200
Total Healthcare Services - 0.25%*				720	720

Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13	3
Capsule Corporation	Preferred Stock(2)	12/29/2022	519	2	2
Total Healthcare Technology Systems - —%*				15	5

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	98
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79	76
Total Infrastructure - 0.06%*				161	174

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

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58	58
Total Multimedia and Design Software - 0.02%*				58	58

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8	8
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690	944
Total Other Financial Services - 0.33%*				698	952

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	443
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20	14
Ribbon Home, Inc.	Preferred Stock(2)	6/29/2021	31,149	500	—
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100	110
Total Real Estate Services - 0.20%*				1,092	596

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2023
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Total Equity Investments - 3.36%*				$	10,077	$	9,785

Total Investments in Portfolio Companies - 151.78%*(4)				$	453,693	$	441,998

Total Investments - 151.78%*(5)				$	453,693	$	441,998

_______________

(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, 2023, non-qualifying assets represented 14.1% of the Company’s total assets, at fair value.

(2)As of March 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 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, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $442.0 million at fair value and represented 151.8% of the Company’s net assets. In addition, unless otherwise indicated, as of March 31, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(5)Except for equity in one public company, as denoted by footnote 11 to this Schedule of Investments, 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 $9.2 million, $20.9 million and $11.7 million, respectively, for the March 31, 2023 investment portfolio. The tax cost of investments is $453.7 million.

(7)Debt is on non-accrual status as of March 31, 2023 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2023 had a total cost and fair value of $29.0 million and $16.3 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)Investment is publicly traded and listed on the New York Stock Exchange and is not subject to restrictions on sales.

(12)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, 2022
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	$	2,238	$	2,405	$	2,411	3/31/2024
Total Aerospace and Defense - 0.85%*			2,238		2,405		2,411

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		664		664		5/31/2024
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		694		694		7/31/2024
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		454		454		9/30/2024
Total Application Software - 0.64%*			1,827		1,812		1,812

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		2,964		2,964		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		979		979		12/31/2024
			4,000		3,943		3,943
FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		10,064		10,064		6/30/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/24/2021	338		343		343		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/28/2021	547		553		553		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278		283		283		10/31/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	1/21/2022	347		348		348		1/31/2024
			11,510		11,591		11,591
Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)(2)	12/21/2022	7,000		6,871		6,871		6/30/2026
Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	3,221		3,446		3,116		11/30/2023
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,839		1,563		4/30/2024
			4,989		5,285		4,679
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,015		1,995		6/30/2024
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,015		1,995		6/30/2024
			4,000		4,030		3,990
Total Business Applications Software - 10.92%*			31,499		31,720		31,074

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		1,955		1,955		9/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,800		1,800		1,800		11/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 5.75% EOT payment)	11/18/2021	4,200		4,295		4,295		11/30/2023
			6,000		6,095		6,095
Cart.com, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)(2)	12/30/2021	5,000		4,965		4,965		12/31/2025
Cart.com, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.75% EOT payment)(2)	11/8/2022	1,000		983		983		5/31/2026
			6,000		5,948		5,948
Certamen Ventures Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 7.75% floor, 3.00% EOT payment)	11/30/2021	6,945		6,988		6,988		11/30/2024
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	2/15/2022	1,940		1,945		1,945		8/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	4/25/2022	1,828		1,819		1,819		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		695		695		1/31/2026


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
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)	10/7/2022	2,526	2,474	2,474		4/30/2026
			6,999	6,933	6,933
Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	4,872	4,915	4,915		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	1,472	1,472		5/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422	2,469	1,857		10/28/2023
RenoRun, Inc.(1)(3)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	600	591	591		12/31/2025
RenoRun, Inc.(1)(3)	Convertible Note (4.00% interest rate)(2)	12/30/2021	300	300	300		12/30/2023
			900	891	891	0
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	484	474	473		6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 7.50% EOT payment)(2)	6/15/2022	472	468	479		6/15/2023
			956	942	952
Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)(2)	12/16/2022	4,500	4,145	4,145
Total Business Products and Services - 14.81%*			43,094	42,753	42,151

Business/Productivity Software
Construction Finance Corporation	Revolver (Prime + 6.25% interest rate, 9.50% floor, 3.25% EOT payment)(2)	7/8/2022	28	28	28		1/7/2024
Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)(2)	9/14/2022	4,000	3,973	3,973		3/31/2026
Manufactured Networks, Inc.	Revolver (Prime + 7.75% interest rate, 7.75% floor, 2.00% EOT payment)(2)	5/6/2022	250	253	253		11/6/2023
Manufactured Networks, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	10/24/2022	500	495	495		4/30/2026
			750	748	748
Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.34% cash interest rate + 4.16% PIK, 7.60% EOT payment)(2)	3/30/2022	1,042	1,039	1,039		3/31/2027
Total Business/Productivity Software - 2.03%*			5,820	5,788	5,788

Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	3,000	2,942	2,942		2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	2,500	2,451	2,451		2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	1,000	981	981		2/28/2026
			6,500	6,374	6,374
Iris Automation, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 4.75% EOT payment)(2)	2/11/2022	1,000	993	993		2/28/2025
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	110	107	107		10/31/2026
Total Computer Hardware - 2.63%*			7,610	7,474	7,474

Consumer Finance
Activehours, Inc.	Revolver (Prime + 4.25% interest rate, 8.50% floor, 0.00% EOT payment)(2)	12/30/2022	10,000	9,891	9,786		12/30/2025
Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)(2)	5/6/2022	8,500	8,444	8,444		11/30/2024
Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)(2)	7/14/2022	5,500	5,435	5,435		1/31/2025
			24,000	23,770	23,665
The Aligned Company	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)	10/27/2021	6,000	6,071	6,071		4/30/2025
Vestwell Holdings Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 8.00% EOT payment)(2)	9/30/2022	7,000	6,931	6,931		3/31/2026
Total Consumer Finance - 12.88%*			37,000	36,772	36,667

Consumer Non-Durables
Alyk, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)	6/16/2021	2,500	2,551	2,539		6/30/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
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	1,005	1,005	6/30/2025
Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 9.00% EOT payment)(2)	10/31/2022	1,000	990	990	10/31/2025
			2,000	1,995	1,995
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	375	374	372	11/30/2024
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	6/9/2022	250	251	250	3/31/2025
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	8/5/2022	375	375	373	5/31/2025
			1,000	1,000	995
Total Consumer Non-Durables - 1.94%*			5,500	5,546	5,529

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	758	758	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	246	246	12/31/2024
			1,000	1,004	1,004
The Black Tux, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	10,000	9,991	9,991	5/31/2026
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	2,496	2,625	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	1,497	1,575	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	1,626	1,706	4/30/2026
			5,674	5,619	5,906
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	702	693	4/30/2025
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	7/14/2022	268	258	275	7/31/2025
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	11/14/2022	69	65	67	11/30/2025
			1,060	1,025	1,035
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	5/16/2022	50	50	50	5/31/2025
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	7/5/2022	100	100	100	7/31/2025
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	7/27/2022	100	100	100	7/31/2025
			250	250	250
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	333	331	331	3/31/2025
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	8/12/2022	111	110	110	5/31/2025
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	12/9/2022	222	218	218	9/30/2025
			666	659	659
Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	665	667	667	9/30/2024
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	4,800	4,697	4,697	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	2,198	2,198	6/30/2025
			7,715	7,562	7,562
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,231	1,202	7/31/2025
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,222	1,190	10/31/2025
			2,500	2,453	2,392
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	31	31	31	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	76	75	75	5/31/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/24/2022	500	497	497	5/31/2025
			607	603	603
Good Eggs, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)	8/12/2021	3,626	3,684	3,665	8/31/2025
Good Eggs, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 6.00% EOT payment)(2)	5/25/2022	3,000	2,974	2,957	5/31/2025
			6,626	6,658	6,622
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,709	1,697	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	3,376	3,352	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	5,139	5,099	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	5,134	5,094	2/28/2025
			15,000	15,358	15,242
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)	10/14/2021	1,252	1,288	1,282	8/9/2023
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	5,000	4,811	4,743	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	985	985	8/31/2026
			7,252	7,084	7,010
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)(2)	12/28/2022	2,000	1,957	1,957	12/31/2025
Mystery Tackle Box, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 9.25% EOT payment)(2)	4/29/2022	1,000	1,000	1,000	1/31/2025
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	6/6/2022	537	520	513	6/30/2026
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	8/29/2022	301	290	306	8/31/2026
			838	810	819
Nate, Inc.(7)	Growth Capital Loan (Prime + 1.00% interest rate, 4.25% floor, 0.50% EOT payment)(2)	3/3/2022	2,354	2,309	626	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	3/3/2022	1,562	1,535	415	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	4/26/2022	3,124	3,059	831	5/31/2023
Nate, Inc.(7)	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)(2)	4/26/2022	780	767	207	5/31/2023
			7,820	7,670	2,079
NxFoods 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
NxFoods 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
			795	787	787
Project 1920, Inc.	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	351	351	3/25/2023
Spinn, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	1,000	1,011	1,004	8/31/2024
Tempo Interactive Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	4/27/2022	5,625	5,636	5,636	4/30/2025
Untitled Labs, Inc.	Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)	6/23/2022	417	411	404	6/30/2026
Untitled Labs, Inc.	Growth Capital Loan (13.00% interest rate, 5.00% EOT payment)(2)	10/20/2022	583	571	566	10/31/2026
			1,000	982	970
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	2/1/2021	3,461	3,489	3,008	1/31/2025
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	5/27/2021	1,748	1,753	1,491	5/31/2025
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	1/31/2022	804	796	731	1/31/2026
VanMoof Global Holding B.V.(1)(3)	Revolver (Prime + 4.75% interest rate, 4.75% floor, 6.00% EOT payment)(2)	10/31/2022	1,500	1,485	1,475	10/31/2023
			7,513	7,523	6,705


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Total Consumer Products and Services - 27.96%*			86,291	85,993	79,584

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	7/21/2021	1,228	1,238	1,111	7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	10/13/2021	1,141	1,131	1,122	10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	11/19/2021	1,155	1,189	1,179	11/30/2024
Total Cultivation - 1.20%*			3,524	3,558	3,412

Database Software
SiSense, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	12/28/2021	6,500	6,612	6,612	6/30/2024
Total Database Software - 2.32%*			6,500	6,612	6,612

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.25% floor, 6.50% EOT payment)	9/29/2021	12,498	12,422	12,417	3/31/2025
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,053	10,053	6/30/2027
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,500	4,630	4,613	12/31/2023
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	3,000	2,965	2,945	12/31/2024
TFG Holding, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)	3/31/2022	1,000	986	980	9/30/2025
			8,500	8,581	8,538
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,616	6,570	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	993	983	12/31/2025
			7,500	7,609	7,553
Total E-Commerce - Clothing and Accessories - 13.55%*			38,498	38,665	38,561

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/6/2021	3,477	3,534	3,500	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/21/2021	263	267	264	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	8/10/2021	315	319	316	8/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	10/6/2021	1,458	1,468	1,448	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	947	950	936	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	2,540	2,550	2,511	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	848	848	834	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	324	324	319	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	57	57	56	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	1/28/2022	1,836	1,830	1,797	1/31/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	700	691	677	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	263	260	255	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	9/21/2022	1,710	1,664	1,619	9/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	11/1/2022	3,078	2,985	2,900	10/31/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	12/22/2022	184	177	172	12/31/2024
			18,000	17,924	17,604


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
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)	5/17/2021	1,563	1,591	1,572	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	743	733	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,579	1,558	8/31/2024
			3,856	3,913	3,863
Total E-Commerce - Personal Goods - 7.54%*			21,856	21,837	21,467

Energy
Arcadia Power, Inc.	Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)(2)	5/6/2022	5,000	4,997	4,868	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	6/29/2022	5,000	4,913	4,813	12/31/2026
Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	5,000	5,035	4,973	12/31/2024
Total Energy - 5.15%*			15,000	14,945	14,654

Entertainment Software
Encore Music Technologies, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 4.50% EOT payment)(2)	4/20/2022	943	937	929	4/30/2025
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/17/2022	3,000	2,992	2,992	5/31/2025
Total Entertainment Software - 1.38%*			3,943	3,929	3,921

Financial Software
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor, 0.00% EOT payment)(2)	4/6/2022	300	296	296	10/31/2024
Parker Group Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)(2)	4/6/2022	700	705	705	4/30/2025
			1,000	1,001	1,001
Zolve Innovations Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 0.00% EOT payment)	7/28/2022	1,000	985	985	1/31/2025
Total Financial Software - 0.70%*			2,000	1,986	1,986

Food Products
AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 8.00% floor, 3.00% EOT payment)(2)	5/24/2021	1,291	1,330	1,330	12/31/2022
AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	268	271	234	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	907	947	8/31/2026
Total Food Products - 0.82%*			2,460	2,508	2,511

Healthcare Services
Hey Favor, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.25% EOT payment)	8/5/2022	8,000	7,904	7,904	8/31/2024
Levels Health Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.25% floor, 2.00% EOT payment)	10/13/2021	727	729	729	10/31/2024
Total Healthcare Services - 3.03%*			8,727	8,633	8,633

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	5,238	5,238	12/31/2024
Medly Health Inc.	Growth Capital Loan (Prime + 9.00% interest rate, 16.00% floor, 3.00% EOT payment)(2)(13)	12/14/2022	220	168	168	2/11/2023
Medly Health Inc.	Growth Capital Loan (Prime + 9.00% interest rate, 16.00% floor, 3.00% EOT payment)(2)(13)	12/21/2022	732	732	732	2/11/2023
			952	900	900
Total Healthcare Technology Systems - 2.16%*			5,952	6,138	6,138

Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 5.25% interest rate, 8.50% floor, 2.85% EOT payment)(2)	10/7/2021	3,010	3,013	3,013	6/30/2023
Total Human Capital Services - 1.06%*			3,010	3,013	3,013


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date

Infrastructure
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	5,000	5,298	5,328	10/31/2024
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	2,500	2,649	2,664	10/31/2024
Total Infrastructure - 2.81%*			7,500	7,947	7,992

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	478	478	12/31/2025
Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,133	8,133	2/28/2025
Total Life and Health Insurance - 3.03%*			8,500	8,611	8,611

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (10.75% interest rate, 4.25% EOT payment)	7/1/2021	2,500	2,518	2,487	12/31/2024
Total Medical Software and Information Services - 0.87%*			2,500	2,518	2,487

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	4,895	4,895	3/31/2027
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	8/12/2021	1,975	2,021	2,007	2/29/2024
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	9/30/2021	1,265	1,265	1,256	3/31/2024
			3,240	3,286	3,263
Total Multimedia and Design Software - 2.87%*			8,240	8,181	8,158

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	498	485	9/30/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	3,075	3,021	3,021	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	1,432	1,432	10/31/2025
			4,538	4,453	4,453
Total Other Financial Services - 1.73%*			5,038	4,951	4,938

Real Estate Services
Common Living Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 9.25% EOT payment)	4/30/2021	2,500	2,626	2,619	4/30/2024
Common Living Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.25% EOT payment)	3/18/2022	4,742	4,879	4,866	4/30/2024
			7,242	7,505	7,485
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,263	2,111	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,263	2,111	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/4/2022	2,051	2,003	2,057	7/31/2025
			6,587	6,529	6,279
Homelight, Inc.	Growth Capital Loan (17.25% interest rate, 0.00% EOT payment)(2)	12/30/2022	500	491	491	12/31/2026
Homeward, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)	12/30/2021	4,000	4,066	4,043	6/30/2024
Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)(2)	12/30/2022	4,000	3,886	3,865	12/31/2024
			8,000	7,952	7,908
MCN Investments Ltd.(1)(3)	Growth Capital Loan (Prime + 3.38% interest rate, 6.63% floor, 1.25% EOT payment)(2)	8/9/2022	400	400	400	2/28/2023
MCN Investments Ltd.(1)(3)	Growth Capital Loan (Prime + 3.38% interest rate, 6.63% floor, 1.25% EOT payment)(2)	8/24/2022	400	400	400	2/28/2023
			800	800	800


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/25/2022	1,000	1,016	1,016	5/31/2024
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	12/27/2022	1,000	989	989	12/31/2024
			2,000	2,005	2,005
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.00% EOT payment)	6/25/2021	2,139	2,138	1,810	6/30/2024
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)	12/30/2021	1,958	1,922	1,658	12/31/2025
Ribbon Home, Inc.(7)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.75% EOT payment)(2)	8/16/2022	5,875	5,818	4,973	8/31/2026
			9,972	9,878	8,441
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	9/4/2020	2,000	2,106	2,109	3/31/2023
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	10/29/2020	500	525	525	4/30/2023
			2,500	2,631	2,634
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	250	245	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	799	781	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	220	215	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	105	103	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	441	431	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	208	204	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	151	147	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,370	1,338	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	759	741	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170	170	166	1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116	115	112	2/28/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300	298	291	3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110	1,100	1,071	4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991	982	956	4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216	214	208	5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200	197	191	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100	98	96	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150	146	141	12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361	352	341	12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565	551	533	12/31/2025
			8,584	8,526	8,311
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/10/2021	2,400	2,387	2,387	12/31/2024
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	7/15/2022	1,600	1,560	1,560	7/31/2025
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	9/26/2022	1,000	969	969	9/30/2025
			5,000	4,916	4,916
Total Real Estate Services - 17.31%*			51,185	51,233	49,270


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	1,789		1,777		1,772		5/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,114		1,123		1,117		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,500		1,507		1,500		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,808		1,799		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,809		1,800		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	900		904		900		12/31/2024
Total Social/Platform Software - 3.12%*			8,903		8,928		8,888

Total Debt Investments - 145.29%*			$	424,215	$	424,456	$	413,558


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
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	$	765
Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		197
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		66
Loft Orbital Solutions Inc.	Common Stock(2)	7/15/2022	6,747	58		58
Total Aerospace and Defense - 0.38%*				311		1,086

Application Software
Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,163	10		9
Total Application Software - —%*				10		9

Business Applications Software
Blueboard Inc.	Common Stock	3/11/2021	209,302	42		137
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		59
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		118
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		575
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144
				450		719
Morty, Inc.	Preferred Stock(2)	10/1/2021	88,980	66		66
Narvar, Inc.	Preferred Stock(2)	8/28/2020	87,159	102		102
Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		74
Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		53
Total Business Applications Software - 0.47%*				781		1,328

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		50
Cardless Inc.	Common Stock	11/18/2021	12,903	28		58
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		94
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		5
				125		99
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		47
Certamen Ventures Inc.	Preferred Stock(2)	12/1/2022	90,266	33		33
				75		80
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		134
Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		205
Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		22
Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		15
				374		242
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	114,041	26		9
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
RenoRun, Inc.(1)(3)	Preferred Stock	12/30/2021	4,242	93		93
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock(2)	12/16/2022	51,590	308		308
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		25
Total Business Products and Services - 0.44%*				1,380		1,260

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		318
Total Business to Business Marketplace - 0.11%*				156		318

Business/Productivity Software
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14		14
Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46		46
Manufactured Networks, Inc.(12)	Preferred Stock(2)	5/6/2022	—	—		—
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3		19
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	6,941	7		6


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Total Business/Productivity Software - 0.03%*				70	85

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	27
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	62,874	77	148
Iris Automation, Inc.	Preferred Stock(2)	2/11/2022	43,365	24	24
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	21,909	28	28
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	13,940	92	58
Total Computer Hardware - 0.10%*				300	285

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	267
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	33
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	80
				225	380
Cherry Technologies Inc.	Preferred Stock(2)	11/23/2021	77,891	195	406
The Aligned Company	Preferred Stock	10/21/2021	17,564	50	772
The Aligned Company	Preferred Stock	10/21/2021	569	8	8
				58	780
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	772
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.83%*				576	2,368

Consumer Non-Durables
Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	8
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	12
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	16
				30	28
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Underground Enterprises, Inc.(12)	Preferred Stock(2)	5/18/2022	—	—	—
Total Consumer Non-Durables - 0.02%*				64	49

Consumer Products and Services
Baby Generation, Inc.	Common Stock	1/26/2022	10,307	8	8
The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	395
Clutter Inc.	Preferred Stock(2)	9/30/2020	19,649	113	113
Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	36
Elektra Mobility Inc.(12)	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	12
Ever/Body, Inc.	Preferred Stock	9/7/2021	281,262	138	202
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	24
Flink SE(1)(3)	Common Stock(2)	4/13/2022	18	23	24
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	12
Good Eggs, Inc.	Preferred Stock	8/12/2021	577,717	142	14
Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	144
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	35
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	25
				130	204
Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	115	86


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
JOKR S.a.r.l.(1)(3)	Preferred Stock	10/14/2021	20,944	536	485
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	8/10/2022	746	3	8
				539	493
Lower Holding Company	Preferred Stock(2)	12/28/2022	36,608	47	47
Mystery Tackle Box, Inc.	Preferred Stock(2)	4/29/2022	12,799	14	4
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	5
Nate, Inc.	Preferred Stock(2)	12/31/2021	53,012	230	—
NxFoods GmbH(1)(3)(12)	Preferred Stock(2)	6/1/2022	—	—	—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	5
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	2
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	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
Untitled Labs, Inc.	Common Stock(2)	6/23/2022	22,727	15	23
VanMoof Global Holding B.V.(1)(3)	Preferred Stock	2/1/2021	281,875	58	72
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	10/31/2022	33,112	4	4
				62	76
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	64
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
				64	73
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	8
Total Consumer Products and Services - 0.68%*				1,990	1,935

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock(2)	5/27/2020	1,278	1,221	466
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	16
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	12
Total Cultivation - 0.17%*				1,461	494

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.(12)	Preferred Stock(2)	6/30/2022	—	—	—
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	117
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	257
TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	63
TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	8
				275	71
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	205
Total E-Commerce - Clothing and Accessories - 0.23%*				907	650

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock	7/6/2021	2,960	146	50
Forum Brands, LLC	Preferred Stock	12/23/2021	2,714	188	46
				334	96
Merama Inc.	Preferred Stock	4/28/2021	71,728	589	792
Total E-Commerce - Personal Goods - 0.31%*				923	888

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	270
Arcadia Power, Inc.	Preferred Stock(2)	6/29/2022	19,795	117	117
				194	387


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	593
Total Energy - 0.34%*				231	980

Entertainment Software
Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	15
FRVR Limited(1)(3)(12)	Preferred Stock(2)	5/17/2022	—	—	—
Total Entertainment Software - 0.01%*				15	15

Financial Software
Parker Group Inc.	Common Stock(2)	4/6/2022	2,667	9	9
Wisetack, Inc.(1)	Common Stock(2)	12/21/2022	11,543	42	42
Zolve Innovations Inc.	Preferred Stock	7/28/2022	3,172	9	9
Total Financial Software - 0.02%*				60	60

Food Products
AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	37
Total Food Products - 0.01%*				77	37

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
Hey Favor, Inc.	Common Stock	12/31/2021	121,954	122	34
Levels Health Inc.	Preferred Stock	9/3/2021	47,162	37	216
Pet Folk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	12
Wispr AI, Inc.(12)	Preferred Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 0.09%*				173	263

Healthcare Technology Systems
Calibrate Health, Inc.	Preferred Stock(2)	12/31/2020	90,178	219	218
Calibrate Health, Inc.	Preferred Stock(2)	10/19/2021	28,012	35	35
				254	253
Capsule Corporation	Common Stock	5/27/2020	45,008	119	292
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	14
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 - 0.34%*				641	974

Home Furnishings
Petra Living, Inc.	Preferred Stock(2)	6/9/2021	76,783	48	75
Petra Living, Inc.	Preferred Stock(2)	8/24/2021	38,391	24	38
Petra Living, Inc.	Preferred Stock(2)	10/19/2021	38,391	17	38
Total Home Furnishings - 0.05%*				89	151

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	109,704	64	499
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.30%*				262	866

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
Total Information Services (B2C) - 0.05%*				154	135


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	59
Total Infrastructure - 0.02%*				90	59

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	105,338	22	21
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	81
Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	4
Total Life and Health Insurance - 0.04%*				113	106

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	48
Total Medical Software and Information Services - 0.02%*				48	48

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	83
Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	81
Spire Animation Studios, Inc.(12)	Preferred Stock	9/30/2021	27,559	105	—
				185	81
Total Multimedia and Design Software - 0.06%*				262	164

Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Total Network Management Software - 0.06%*				180	180

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	1,691	6	8
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	160
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	36
Total Other Financial Services - 0.07%*				239	204

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Common Living Inc.	Preferred Stock	5/27/2020	729,380	185	160
Common Living Inc.	Preferred Stock	4/30/2021	107,718	28	23
Common Living Inc.	Preferred Stock	3/18/2022	426,440	90	90
				303	273
Demain ES(1)(3)	Preferred Stock	12/30/2021	3,191	153	46
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470	1,124
Homelight, Inc.	Preferred Stock(2)	7/27/2022	2,446	8	8
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148	42
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15	6
Mynd Management, Inc.	Preferred Stock(2)	5/27/2020	43,472	83	127
Mynd Management, Inc.	Preferred Stock(2)	5/25/2022	1,544	1	1
				84	128
Ribbon Home, Inc.	Common Stock	3/5/2021	24,280	226	—
Ribbon Home, Inc.	Common Stock	12/30/2021	12,272	114	—
				340	—
Side, Inc.	Preferred Stock	7/29/2020	71,501	57	583
True Footage, Inc.	Preferred Stock	11/24/2021	91,830	126	224
YDC, Inc.	Preferred Stock	12/10/2021	25,509	116	133
Total Real Estate Services - 0.91%*				1,826	2,582

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43	25
Sylva, Inc.	Preferred Stock	7/12/2021	42,936	30	28


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Sylva, Inc.	Preferred Stock	12/21/2021	42,940	30		28
				60		56
Total Social/Platform Software - 0.03%*				103		81

Software Development Applications
Appex Group, Inc.(12)	Preferred Stock(2)	11/15/2021	14,621	—		—
Appex Group, Inc.(12)	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 - 6.48%*				$	13,911	$	18,445


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
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	$	92
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		143
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		272
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		396
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		100
Total Business Applications Software - 0.35%*				1,101		1,003

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		140
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	2/15/2022	48	570		536
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 - 0.36%*				1,125		1,025

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		324
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		234
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		500
Total Business to Business Marketplace - 0.37%*				950		1,058

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		132
Total Consumer Finance - 0.05%*				100		132

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		350
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		54
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		210
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		146
				331		356
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,593	375		368
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,107	75		73
				450		441
Loyalty Ventures, Inc.	Common Stock(2)(11)	11/5/2021	2,713	115		7
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	8/9/2021	56,023	168		126
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322
Total Consumer Products and Services - 0.62%*				1,816		1,756

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		45
Merama Inc.	Preferred Stock(2)	4/19/2021	5,433	31		82
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13		98
Merama Inc.	Preferred Stock(2)	9/1/2021	3,862	62		73
				106		253
Total E-Commerce - Personal Goods - 0.10%*				196		298

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2022
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167		270
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	699		700
Total Energy - 0.34%*				866		970

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

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

Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333		333
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		200
Total Healthcare Services - 0.25%*				720		720

Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13		13
Total Healthcare Technology Systems - —%*				13		13

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		98
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79		76
Total Infrastructure - 0.06%*				161		174

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

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58		58
Total Multimedia and Design Software - 0.02%*				58		58

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8		8
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		928
Total Other Financial Services - 0.33%*				698		936

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29		29
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20		14
Ribbon Home, Inc.	Preferred Stock(2)	6/29/2021	31,149	500		—
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		110
Total Real Estate Services - 0.05%*				649		153

Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		303
Total Software Development Applications - 0.11%*				250		303

Total Equity Investments - 3.29%*				$	9,447	$	9,373

Total Investments in Portfolio Companies - 155.07%*(4)				$	447,814	$	441,376

Total Investments - 155.07%*(5)				$	447,814	$	441,376

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2022, non-qualifying assets represented 13.6% of the Company’s total assets, at fair value.

(2)As of December 31, 2022, 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, 2022, the Company’s portfolio company investments that were subject to restrictions on sales totaled $441.4 million at fair value and represented 155.1% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2022, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $9.3 million, $15.7 million and $6.4 million, respectively, for the December 31, 2022 investment portfolio. The tax cost of investments is $447.8 million.

(7)Debt is on non-accrual status as of December 31, 2022 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2022 had a total cost and fair value of $20.0 million and $12.4 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)Investment is publicly traded and listed on the New York Stock Exchange and is not subject to restrictions on sales.

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

(13)Growth capital loans also include Debtor-in-Possession (“DIP”) loans.

* Value as a percentage of net assets.

Notes applicable to the investments presented in the foregoing tables:

•No investment represented 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:

•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 March 31, 2023 and December 31, 2022, Prime was 8.00% and 7.50%, respectively. As of March 31, 2023, approximately 79.3%, or $338.9 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 interest rate floors at or above 3.25%. As of December 31, 2022, approximately 79.3%, or $336.3 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which had interest rate floors at or above 3.25%.

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

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

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2023

(unaudited)

Note 1. Organization

TriplePoint Global Venture Credit, LLC was formed on October 2, 2019 as a Maryland limited liability company. On May 27, 2020, TriplePoint Global Venture Credit, LLC changed its name to TriplePoint Private Venture Credit Inc. (the “Company”) in connection with its conversion from a Maryland limited liability company to a Maryland corporation and the commencement of its investment operations. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income from secured loans, and 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, pursuant to which the Administrator provides or arranges for the provision of all administrative services necessary for the Company to operate.

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

Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

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

The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated. Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (“SEC”), on March 8, 2023, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement

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

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

•identifies, evaluates and negotiates the structure of investments;

•executes, closes, services and monitors investments;

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

•performs due diligence on prospective investments; and

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

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

Base Management Fee

The base management fee is calculated at an annual rate of 1.75% of the Company’s average invested equity capital (as defined below) as of the end of the then-current quarter and the prior calendar quarter. For this purpose, “invested equity capital” means the amounts drawn on the Company’s capital commitments from investors.

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

Incentive Fee

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

Under the investment income component, the Company will pay the Adviser each quarter 20.0% of the amount by which the Company’s pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of its net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which the Adviser receives all of such income in excess of the 2.0% level but less than 2.5%. The effect of the “catch-up” provision is that if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, the Adviser receives 20.0% of the Company’s pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply.

Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. The investment income component of the incentive fee will be subject to a total return requirement, which will provide that no incentive fee in respect of the Company’s pre-incentive fee net investment income will be payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding quarters (or if shorter, the number of quarters that have occurred since May 27, 2020, 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 the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations for the Trailing Twelve Quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of the Company’s pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation for the Trailing Twelve Quarters. However, following the occurrence (if any) of an IPO, the Trailing Twelve Quarters will be “reset” so as to include, as of the end of any quarter, the calendar quarter then ending and the 11 preceding calendar quarters (or if shorter, the number of quarters that have occurred since the IPO, rather than the number of quarters that have occurred since May 27, 2020).

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

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

Base management and incentive fees are paid in the quarter following that in which they are earned. The base management fee and income incentive fee earned by the Adviser and capital gains incentive fee accrual are included in the Company’s consolidated financial statements and summarized in the table below:


	For the Three Months Ended
Base Management and Incentive Fees (in thousands)	March 31, 2023		March 31, 2022
Base management fee	$	1,348	$	1,073
Income incentive fee	$	—	$	1,853
Capital gains incentive fee	$	—	$	116

Administration Agreement

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

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

For the three months ended March 31, 2023 and 2022, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.5 million and $0.4 million, respectively.

Note 4. Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Debt Investments

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

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

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

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

Warrant Investments

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

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

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

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

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

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

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

Equity Investments

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

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

Investment Valuation

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

Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of March 31, 2023 and December 31, 2022. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.


Investment Type (in thousands)	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	414,609	$	414,609	$	—	$	—	$	413,558	$	413,558
Warrant investments	—		—		17,604		17,604		—		—		18,445		18,445
Equity investments	—		—		9,785		9,785		7		—		9,366		9,373
Total investments	$	—	$	—	$	441,998	$	441,998	$	7	$	—	$	441,369	$	441,376

The following table shows information about Level 3 investments measured at fair value for the three months ended March 31, 2023 and March 31, 2022. 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, 2023
	Debt Investments		Warrant Investments		Equity Investments		Total Investments
Fair value as of January 1, 2023	$	413,558	$	18,445	$	9,366	$	441,369
Funding and purchases of investments, at cost	14,776		179		745		15,700
Principal payments and sale proceeds received from investments	(12,099)		—		—		(12,099)
Amortization and accretion of premiums and discounts, net and end-of term payments	1,983		—		—		1,983
Realized losses on investments	—		(302)		—		(302)
Net change in unrealized gains (losses) included in earnings	(4,322)		(718)		(326)		(5,366)
Payment-in-kind coupon	713		—		—		713
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2023	$	414,609	$	17,604	$	9,785	$	441,998

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2023	$	(4,322)	$	(718)	$	(326)	$	(5,366)


Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2022
	Debt Investments		Warrant Investments		Equity Investments		Total Investments
Fair value as of January 1, 2022	$	319,493	$	18,360	$	6,049	$	343,902
Funding and purchases of investments, at cost	52,139		531		1,713		54,383
Principal payments and sale proceeds received from investments	(27,710)		—		—		(27,710)
Amortization and accretion of premiums and discounts, net and end-of term payments	1,615		—		—		1,615
Realized gains on investments	—		—		—		—
Net change in unrealized gains (losses) included in earnings	46		1,827		(60)		1,813
Payment-in-kind coupon	195		—		—		195
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2022	$	345,778	$	20,718	$	7,702	$	374,198

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2022	$	(508)	$	1,827	$	(60)	$	1,259

_______________

(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, 2023 or the three months ended March 31, 2022.

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, 2023, the Company recognized net realized gains of $0.5 million, primarily due to the receipt of additional proceeds the Company received in the connection with the exit of one portfolio company for the year ended December 31, 2022. For the three months ended March 31, 2022, the Company recognized net realized losses of $1.2 million, primarily due to foreign currency gains.

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

Net change in unrealized losses during the three months ended March 31, 2023 totaled $5.3 million and net change in unrealized gains during the three months ended March 31, 2022 totaled $1.8 million, resulting primarily from market rate adjustments and foreign currency adjustments. The following table shows a summary of quantitative information about the Level 3 fair value measurements of investments as of March 31, 2023 and December 31, 2022. 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, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

414,609

Discounted Cash Flows

Discount Rate

10.00% - 35.94%

18.83%

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

7.00% - 93.00%

52.79%

Warrant investments

17,604

Black Scholes Option Pricing Model

Revenue Multiples

0.25x - 56.90x

8.05x

Volatility

45.00% - 90.00%

64.16%

Term

0.50 - 5.50 Years

3.53

Risk Free Rate

0.17% - 4.41%

2.41%

Equity investments

9,785

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

60.27%

Term

1.25 - 4.00 Years

3.3 years

Risk Free Rate

0.46% - 4.39%

2.89%

Revenue Multiples

0.63x - 6.50x

3.54x

Total investments

441,998

Level 3 Investments
(dollars in thousands)

December 31, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

413,558

Discounted Cash Flows

Discount Rate

7.99% - 40.90%

18.37%

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

15.00% - 60.00%

41.41%

Warrant investments

18,445

Black Scholes Option Pricing Model

Revenue Multiples

0.25x - 56.90x

8.05x

Volatility

45.00% - 90.00%

63.69%

Term

0.50 - 5.50 Years

3.55 Years

Risk Free Rate

0.17% - 4.41%

2.28%

Equity investments

9,366

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

60.42%

Term

2.50 - 4.00 Years

3.33 Years

Risk Free Rate

0.46% - 4.39%

2.76%

Revenue Multiples

1.25x - 9.78x

3.75x

Total investments

441,369

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

Note 5. Credit Risk

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

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

Note 6. Borrowings

The following table shows the Company's outstanding debt as of March 31, 2023 and December 31, 2022:


Liability (in thousands)	March 31, 2023						December 31, 2022
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	250,000	$	109,000	$	141,000	$	250,000	$	109,000	$	141,000
2027 Notes	75,000		75,000		—		75,000		75,000		—
Total	$	325,000	$	184,000	$	141,000	$	325,000	$	184,000	$	141,000

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


	For the Three Months Ended
Interest Expense and Amortization of Fees (in thousands)	March 31, 2023		March 31, 2022
Revolving Credit Facility
Interest cost	$	2,373	$	1,284
Unused fee	264		153
Amortization of costs and other fees	193		185
Revolving Credit Facility Total	$	2,830	$	1,622

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

Total interest expense and amortization of fees	$	3,971	$	1,622

Credit Facility

On July 15, 2020, the Company’s wholly-owned subsidiary, the Financing Subsidiary, as the borrower, entered into a secured revolving credit facility (as amended, the “Credit Facility”) pursuant to a Receivables Financing Agreement (the “Receivables Financing Agreement”), by and among the Financing Subsidiary, the Company, individually and as collateral manager and as equityholder, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as the facility agent, DBNY and MUFG Union Bank, N.A. (“MUFG”), as joint lead arrangers, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, the custodian party thereto, and Vervent Inc., as backup collateral manager. As of March 31, 2023, 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 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 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 15, 2023, 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 scheduled maturity date for the Credit Facility is January 15, 2025, 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 (i) the greater of 3-month Term SOFR and 0.50% and (ii) the credit spread adjustment, and are subject to certain minimum principal utilization amounts during the revolving period. The applicable margin is equal to 3.00% during the revolving period and increases to 4.00% during the amortization period. The credit spread adjustment is equal to 0.15%.

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, 2023 and December 31, 2022, the Company had outstanding borrowings under the Credit Facility of $109.0 million and $109.0 million, respectively, excluding deferred credit facility costs of $1.5 million and $1.8 million, respectively, which are included as assets in the Company’s consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 in the fair value hierarchy if determined as of the reporting date. During the three months ended March 31, 2023 and 2022, the Company had average outstanding borrowings under the Credit Facility of $109.0 million and $118.2 million, respectively, at a weighted average interest rate of 7.88% and 3.51%, respectively. As of March 31, 2023 and December 31, 2022, $278.5 million and $259.9 million, respectively, of the Company’s assets were pledged for borrowings under the Credit Facility. As of March 31, 2023 and December 31, 2022, the Company was in compliance with all covenants 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.

The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.8 million of deferred issuance cost as of March 31, 2023, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of March 31, 2023 and December 31, 2022, the fair value of the 2027 Notes were $71.6 million and $69.3 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, 2023 and December 31, 2022:


Liability (in thousands)	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Credit Facility	$	—	$	—	$	109,000	$	109,000	$	—	$	—	$	109,000	$	109,000
2027 Notes	—		—		71,575		71,575		—		—		69,310		69,310
Total	$	—	$	—	$	180,575	$	180,575	$	—	$	—	$	178,310	$	178,310

Note 7. Commitments and Contingencies

Commitments

As of March 31, 2023 and December 31, 2022, the Company’s unfunded commitments totaled $105.4 million to 42 portfolio companies and $137.1 million to 54 portfolio companies, respectively, of which $30.5 million and $44.0 million, respectively, were dependent upon the applicable portfolio company reaching certain milestones before the debt commitment becomes available to them.

The Company’s credit agreements contain customary lending provisions that allow it relief from funding obligations for previously made commitments in instances where the underlying company experiences material adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

The following table shows the Company’s unfunded commitments by portfolio company as of March 31, 2023 and December 31, 2022:


	March 31, 2023				December 31, 2022
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Canvas Construction, Inc.	$	8,000	$	—	$	8,000	$	—
Cardless, Inc.	8,000		—		8,000		—
Workstep Inc.	8,000		22		8,000		22
Karat Financial Technologies, Inc.	7,284		75		6,990		76
The Aligned Company	7,000		43		7,000		43
Ever/Body Inc.	6,200		102		6,200		102
Activehours, Inc.	5,000		29		5,000		29
Eightfold AI Inc.	5,000		—		5,000		—
Wisetack, Inc.	5,000		67		5,000		67
Homeward, Inc.	4,000		—		4,000		—
JOKR	3,748		238		3,748		238
Highbeam, Inc.	3,500		21		—		—
Flashparking, Inc.	3,490		102		3,490		102
Loft Orbital Solutions Inc.	3,000		73		3,000		73
Lower Holding Company	3,000		66		3,000		66
Vestwell Holdings, Inc.	3,000		10		3,000		10
Quantum Circuits, Inc.	2,590		49		2,890		55
Petfolk Inc.	1,787		34		2,000		38
True Footage, Inc.	1,417		35		1,417		39
Overtime Sports, Inc.	1,143		8		1,143		8
Trueskin GmbH	1,088		—		2,140		18
Athletic Greens (USA), Inc.	1,000		9		1,000		9
Belong Home, Inc.	1,000		16		1,000		16
Dia Styling Co.	1,000		—		1,000		—
Found Health, Inc.	1,000		6		1,000		6
Jerry Services, Inc.	1,000		—		1,500		7
Pair Eyewear, Inc.	1,000		10		1,000		10
Parker Group, Inc.	1,000		—		1,000		—
Strata Identity, Inc.	1,000		9		1,000		12


	March 31, 2023				December 31, 2022
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Substack, Inc.	1,000		13		1,000		13
Wispr AI, Inc.	1,000		4		1,000		4
Construction Finance Corporation	976		29		972		29
Manufactured Networks, Inc.	844		11		1,250		15
Homelight, Inc.	500		9		500		9
Metropolis Technologies, Inc.	500		—		500		—
Relay Commerce, Inc.	463		13		463		13
Foodology, Inc.	372		10		372		10
McN Investments Ltd.	200		5		200		5
Baby Generation, Inc.	125		2		1,000		13
Allplants LTD	99		3		97		3
Worldwide Freight Logistics Ltd.	72		—		242		10
NX Foods GMBH	32		1		204		4
Angle Health, Inc.	—		—		500		15
Certamen Ventures, Inc.	—		—		—		33
Dance GmbH	—		—		1,070		20
Elodie Games, Inc.	—		—		2,500		—
Ephemeral Solutions, Inc.	—		—		333		7
Flo Health UK Limited	—		—		173��		3
Leolabs, Inc.	—		—		—		141
Levels Health Inc.	—		—		14,273		106
Medly Health Inc.	—		—		1,391		—
Merama Inc.	—		—		3,644		511
Mystery Tackle Box, Inc.	—		—		1,000		—
Quick Commerce, Ltd.	—		—		500		10
RenoRun, Inc.	—		—		3,400		130
Ribbon Home, Inc.	—		—		2,000		—
Tripscout, Inc.	—		—		1,000		12
	$	105,430	$	1,124	$	137,102	$	2,162

_______________

(1)Does not include $5.0 million backlog of potential future commitments as of December 31, 2022. As of March 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 statements of assets and liabilities.

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


	For the Three Months Ended
Commitments Activity (in thousands)	March 31, 2023		March 31, 2022
Unfunded commitments at beginning of period(1)	$	142,102	$	332,993
New commitments(1)	11,443		33,828
Fundings	(14,311)		(48,087)
Expirations / Terminations	(33,914)		(9,500)
Foreign currency adjustments	110		(74)
Unfunded commitments and backlog of potential future commitments at end of period	$	105,430	$	309,160
Backlog of potential future commitments	—		6,250
Unfunded commitments at end of period	$	105,430	$	302,910

_______________

(1)Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.

The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of March 31, 2023 and December 31, 2022:


Unfunded Commitments(1) (in thousands)	March 31, 2023		December 31, 2022
Dependent on milestones	$	30,505	$	43,987
Expiring during:
2023	81,927		124,487
2024	15,076		11,472
2025	8,427		1,143
Unfunded commitments	$	105,430	$	137,102

_______________

(1)Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.

Backlog of Potential Future Commitments

The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of March 31, 2023, the Company did not have any backlog of potential future commitments. As of December 31, 2022, this backlog of potential future commitments totaled $5.0 million.

Note 8. Financial Highlights

The following table shows the financial highlights for the three months ended March 31, 2023 and March 31, 2022:


	For the Three Months Ended
Financial Highlights (in thousands, except share and per share data)	March 31, 2023			March 31, 2022
Per Share Data(1)
Net asset value at beginning of period	$	14.00		$	15.67
Changes in net asset value due to:
Net investment income	0.56			0.45
Net realized gains/(losses) on investments	0.02			(0.06)
Net change in unrealized gains/(losses) on investments	(0.26)			0.11
Net asset value at end of period	$	14.32		$	16.17

Net investment income per common share	$	0.56		$	0.45
Net increase in net assets resulting from operations per common share	$	0.32		$	0.48
Weighted average shares of common stock outstanding for period	20,297,200			16,293,025
Shares of common stock outstanding at end of period	20,297,200			18,222,514

Ratios / Supplemental Data(2)
Net asset value at end of period	$	291,200		$	295,094
Average net asset value	$	289,058		$	258,888
Total return based on net asset value per share(3)	2.3		%	3.2		%
Net investment income to average net asset value(4)	15.9		%	11.4		%
Net increase in net assets to average net asset value(4)	9.2		%	12.3		%
Ratio of expenses to average net asset value(4)	9.0		%	8.6		%
Operating expenses excluding incentive fees to average net asset value(4)	9.0		%	5.5		%
Income incentive fees to average net asset value(4)	—		%	2.9		%
Capital gains incentive fees to average net asset value(4)	—		%	0.2		%

_____________

(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 for the three months ended March 31, 2023 and March 31, 2022:


	For the Three Months Ended
Ratios (Percentages, on an annualized basis)(1)	March 31, 2023		March 31, 2022
Weighted average annualized portfolio yield on total debt investments(2)	16.7	%	15.2	%
Coupon income	12.8	%	10.2	%
Accretion of discount	1.9	%	1.3	%
Accretion of end-of-term payments	1.9	%	2.2	%
Impact of prepayments during the period	0.1	%	1.5	%

_____________

(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 in Net Assets per Share

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


	For the Three Months Ended
Basic and Diluted Share Information (in thousands, except share and per share data)	March 31, 2023		March 31, 2022
Net investment income	$	11,335	$	7,296
Net increase in net assets resulting from operations	$	6,580	$	7,878
Basic and diluted weighted average shares of common stock outstanding	20,297,200		16,293,025
Basic and diluted net investment income per share of common stock	$	0.56	$	0.45
Basic and diluted net increase in net assets resulting from operations per share of common stock	$	0.32	$	0.48

Note 10. Equity

During the three months ended March 31, 2023, the Company did not issue any shares of common stock through the Company’s private placement offering. During the three months ended March 31, 2022, the Company issued 4,230,678 shares of common stock at a weighted-average price of $15.88, through the Company’s private placement offering, resulting in gross proceeds to the Company of $67.5 million.

As of both March 31, 2023 and December 31, 2022, the Company had 20,297,200 shares of common stock outstanding. As of both March 31, 2023 and December 31, 2022, the Company had 525 shares of its Series A preferred stock outstanding. As of March 31, 2023, the Company has received $312.4 million of gross proceeds from its private offering of common stock.

As of March 31, 2023, the Company had received capital commitments totaling $386.8 million, of which $74.4 million remained available.

Note 11. Common Distributions

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

For the tax years ended December 31, 2022 and December 31, 2021, 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 $0.3 million for the year ended December 31, 2022.

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, 2023.

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)

Total cash distributions

3.52

_____________

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

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

It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company’s consolidated statements of operations during the three months ended March 31, 2023. 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

Distribution

On April 27, 2023, the Board declared a $0.42 per share distribution to the Company’s common stockholders, payable on May 19, 2023 to stockholders of record on May 12, 2023.

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

Forward-Looking Statements

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

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

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

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

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

•the impact and timing of our unfunded commitments;

•the expected market for venture capital investments;

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

•the impact of investments that we expect to make;

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

•our contractual arrangements and relationships with third parties;

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

•our expected financings and investments;

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

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

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

•the adequacy of our available liquidity, cash resources, including undrawn capital commitments from investors and the ability of our investors to fulfill their obligations under their respective subscription agreements, and working capital and compliance with covenants under our borrowing arrangements; and

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

•the potential widespread re-emergence of COVID-19 or its variants, or a similar health pandemic, and the length and duration thereof in the United States as well as worldwide, and the magnitude of its impact and time required for economic recovery, including with respect to 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;

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

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

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

•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 recent failure of certain banking institutions, as well as due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and

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

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

Overview

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes.

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

COVID-19 Developments

The COVID-19 pandemic, and the related effect on the U.S. and global economies, including the recent economic downturn and the uncertainty associated with the timing and likelihood of robust economic recovery, has had adverse consequences for the business operations of some of our portfolio companies and has adversely affected, and threatens to continue to adversely affect, our operations and the operations of the Adviser.

Any significant increase in 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, under the governing agreement for the 2027 Notes, or otherwise triggering an event of default under our borrowing arrangements. Any such breach of covenant or event of default, if we are not able to obtain a waiver from the required lenders or debt holders, 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 Annual Report on Form 10-K under Part I, Item 1A for the year ended December 31, 2022 for more information. As of March 31, 2023, we were in compliance with the asset coverage requirements under the 1940 Act and with our covenants under the Credit Facility and under the governing agreement for the 2027 Notes.

We will continue to monitor the 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 or its variants 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 this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K under Part I, Item 1A, for the year ended December 31, 2022 and in our other filings with the SEC that we make from time to time, 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, 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% above the 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 tables show certain information relating to the composition of our portfolio as of March 31, 2023 and December 31, 2022:


	March 31, 2023
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	429,829	$	414,609	$	(15,220)	219	92
Warrant investments	13,787		17,604		3,817		175	143
Equity investments	10,077		9,785		(292)		54	44
Total investments in portfolio companies	$	453,693	$	441,998	$	(11,695)	448	149	(1)

_______________

(1)Represents non-duplicative number of companies.


	December 31, 2022
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	424,456	$	413,558	$	(10,898)	209	92
Warrant investments	13,911		18,445		4,534		172	143
Equity investments	9,447		9,373		(74)		51	42
Total investments in portfolio companies	$	447,814	$	441,376	$	(6,438)	432	149	(1)

_______________

(1)Represents non-duplicative number of companies.

The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of March 31, 2023 and December 31, 2022:


	March 31, 2023
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	86,351	19.5	%
Real Estate Services	46,370		10.5
Business Products and Services	43,606		9.9
Consumer Finance	39,574		9.0
E-Commerce - Clothing and Accessories	39,346		8.9
Business Applications Software	33,446		7.6
E-Commerce - Personal Goods	26,167		5.9
Energy	16,035		3.6
Healthcare Services	9,428		2.1
Life and Health Insurance	9,336		2.1
Social/Platform Software	8,727		2.0
Infrastructure	8,309		1.9
Computer Hardware	8,002		1.8
Multimedia and Design Software	7,915		1.8
Database Software	6,937		1.6
Other Financial Services	6,624		1.5
Consumer Non-Durables	6,457		1.5
Business/Productivity Software	6,328		1.4
Healthcare Technology Systems	5,975		1.4
Cultivation	3,937		0.9
Entertainment Software	3,864		0.9
Human Capital Services	3,757		0.9
Aerospace and Defense	3,098		0.7
Medical Software and Information Services	2,553		0.6
Food Products	2,455		0.6
Financial Software	2,029		0.5
Application Software	2,002		0.5
Business to Business Marketplace	1,376		0.3
Software Development Applications	526		0.1
Elder and Disabled Care	486		0.1
Information Services (B2C)	285		0.1
Network Management Software	180		*
Home Furnishings	151		*
Financial Services	150		*
General Media and Content	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Household Products	—		*
Total portfolio company investments	$	441,998	100.0	%

_______________

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


	December 31, 2022
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	83,275	18.9	%
Real Estate Services	52,005		11.8
Business Products and Services	44,436		10.1
E-Commerce - Clothing and Accessories	39,211		8.9
Consumer Finance	39,167		8.9
Business Applications Software	33,405		7.6
E-Commerce - Personal Goods	22,653		5.1
Energy	16,604		3.8
Healthcare Services	9,616		2.2
Social/Platform Software	8,969		2.0
Life and Health Insurance	8,797		2.0
Multimedia and Design Software	8,380		1.9
Infrastructure	8,225		1.9
Computer Hardware	7,759		1.8
Healthcare Technology Systems	7,125		1.6
Database Software	6,866		1.6
Other Financial Services	6,078		1.4
Business/Productivity Software	5,873		1.3
Consumer Non-Durables	5,578		1.3
Entertainment Software	3,936		0.9
Cultivation	3,906		0.9
Human Capital Services	3,879		0.9
Aerospace and Defense	3,497		0.8
Medical Software and Information Services	2,535		0.6
Food Products	2,364		0.5
Financial Software	2,046		0.5
Application Software	1,821		0.4
Business to Business Marketplace	1,376		0.3
Software Development Applications	526		0.1
Elder and Disabled Care	486		0.1
Information Services (B2C)	285		0.1
Network Management Software	180		*
Home Furnishings	151		*
Financial Services	150		*
General Media and Content	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Household Products	—		*
Total portfolio company investments	$	441,376	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 March 31, 2023 and December 31, 2022:


	March 31, 2023				December 31, 2022
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	$	393,507	94.9	%	$	392,025	94.8	%
Revolver loans	20,808		5.0		21,233		5.1
Convertible notes	294		0.1		300		0.1
Total debt investments	$	414,609	100.0	%	$	413,558	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 29.2% and 30.4% of our debt investments at fair value as of March 31, 2023 and December 31, 2022, respectively.

Investment Activity

During the three months ended March 31, 2023, we entered into debt commitments with two existing portfolio companies and one new 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 value, and made direct equity investments of $0.7 million. Debt investments funded during the three months ended March 31, 2023 carried a weighted average annualized portfolio yield of 13.6%1 at origination.

During the three months ended March 31, 2022, we entered into debt commitments with nineteen new portfolio companies and three existing portfolio companies totaling $38.9 million, funded debt investments to 19 portfolio companies for $53.0 million in principal value, acquired warrant investments representing $0.5 million of value, and made direct equity investments of $1.7 million. Debt investments funded during the three months ended March 31, 2022 carried a weighted average annualized portfolio yield of 12.3% at origination.

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

During the three months ended March 31, 2022, we received $24.1 million of principal prepayments and early repayments and $3.6 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the periods indicated:


	For the Three Months Ended
(in thousands)	March 31, 2023		March 31, 2022
Beginning portfolio at fair value	$	441,376	$	343,984
New debt investments, net(1)	14,776		52,140
Scheduled principal amortization	(5,791)		(3,586)
Principal prepayments and early repayments	(6,310)		(24,124)
Accretion of debt investment fees	1,983		1,615
Payment-in-kind coupon	713		195
New warrant investments	179		532
New equity investments	745		1,713
Net realized losses	(417)		—
Net unrealized gains/(losses) on investments	(5,256)		1,774
Ending portfolio at fair value	$	441,998	$	374,243

_______________

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

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

The following table shows the debt commitments and fundings of debt investments (principal balance) and equity investments for the periods presented:


	For the Three Months Ended
Commitments and Fundings (in thousands)	March 31, 2023		March 31, 2022
Debt Commitments
New portfolio companies	$	10,870	$	18,300
Existing portfolio companies	1,124		20,573
Total(1)	$	11,994	$	38,873

Funded Debt Investments	$	15,116	$	53,008

Equity Investments	$	252	$	1,713

_______________

(1)Includes backlog of potential future commitments.

As of March 31, 2023 and December 31, 2022, our unfunded commitments totaled $105.4 million to 42 portfolio companies and $137.1 million to 54 portfolio companies, respectively, of which $30.5 million and $44.0 million, respectively, was dependent upon the applicable portfolio company reaching certain milestones before the debt commitment becomes available to them.

1 This 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.

We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of March 31, 2023 and December 31, 2022, this backlog of potential future commitments totaled $0.0 million and $5.0 million, respectively.

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 rating and all new loans are generally assigned a rating of 2.

Category

Category Definition

Action Item

Clear (1)

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

Review quarterly.

White (2)

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

Contact portfolio company periodically in no event less than quarterly.

Yellow (3)

Performing generally below expectations and/or some proactive concern. 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 March 31, 2023 and December 31, 2022:


	March 31, 2023					December 31, 2022
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)	$	23,405	5.7	%	4	$	12,898	3.1	%	4
White (2)	355,366		85.7		76	371,809		89.9		80
Yellow (3)	19,522		4.7		8	16,474		4.0		5
Orange (4)	13,651		3.3		3	10,297		2.5		2
Red (5)	2,665		0.6		1	2,080		0.5		1
Total	$	414,609	100.0	%	92	$	413,558	100.0	%	92

As of March 31, 2023 and December 31, 2022, the weighted average investment ranking of our debt investment portfolio was 2.08 and 2.07, respectively.

As of March 31, 2023, we had investments in 4 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $29.0 million and $16.3 million, respectively. As of December 31, 2022, we had investments in three portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $20.0 million and $12.4 million, respectively.

Results of Operations

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

For the three months ended March 31, 2023 and 2022, our net increase in net assets resulting from operations was $6.6 million and $7.9 million, respectively, which was comprised of $11.3 million and $7.3 million, respectively, of net investment income and $4.8 million of net realized and unrealized losses and $0.6 million of net realized and unrealized gains, respectively. On a per common share basis for the three months ended March 31, 2023 and 2022, net investment income was $0.56 and $0.45 per share, respectively, and the net increase in net assets from operations was $0.32 and $0.48 per share, respectively.

Investment Income

Total investment and other income for the three months ended March 31, 2023 and 2022 was $17.7 million and $12.8 million, respectively.

The increase in total investment and other income for the three months ended March 31, 2023, compared to the three months ended March 31, 2022, is due to a higher weighted average principal amount outstanding and a higher 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 increase over time as our portfolio continues to grow. However, we anticipate operating expenses, as a percentage of totals assets and net assets, will generally decrease over time as our portfolio and capital base expand. We expect base management and income incentive fees will increase as we grow our capital base and our earnings. The capital gains incentive fee will depend on realized and unrealized gains and losses. Interest expenses will generally increase if we draw down on the Credit Facility or issue debt securities, and we generally expect expenses under the Administration Agreement and general and administrative expenses to increase over time to meet the additional requirements associated with servicing a larger portfolio.

Total operating expenses for the three months ended March 31, 2023 and 2022 were $6.4 million and $5.5 million, respectively.

Base management fees for the three months ended March 31, 2023 and 2022 were $1.3 million and $1.1 million, respectively. Base management fees increased during the 2023 period due to an increase in invested equity, primarily through the issuance of common stock following March 31, 2022.

We did not incur an income incentive fee for the three months ended March 31, 2023, as the income incentive fees were reduced by $2.3 million due to the total return requirement under the Advisory Agreement. Income incentive fees for the three months ended March 31, 2022 was $1.9 million, as our pre-incentive fee net investment income exceeded the hurdle rate during the period and income incentive fees were not reduced by the total return requirement under the Advisory Agreement during the period. We did not incur a capital gains incentive fee during the three months ended March 31, 2023, primarily driven by the current and cumulative unrealized losses we incurred on our investment portfolio during the period. Capital gains incentive fee expense for the three months ended March 31, 2022 totaled $0.1 million. 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, 2023 and 2022, interest and fees on our borrowings totaled $4.0 million and $1.6 million, respectively. Interest and fees increased during the March 31, 2023 period primarily due to the increase in weighted average borrowings outstanding and an increase in the weighted average interest rate applicable to our borrowings during the three months ended March 31, 2023, as compared to the three months ended March 31, 2022.

For the three months ended March 31, 2023 and 2022, expenses under the Administration Agreement and general and administrative expenses totaled $1.1 million and $0.8 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, 2023, we recognized net realized gains of $0.5 million, primarily due to the receipt of additional proceeds we received in the connection with the exit of one portfolio company for the year ended December 31, 2022. For the three months ended March 31, 2022, we recognized net realized losses of $1.2 million, primarily due to foreign currency gains.

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

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

Portfolio Yield and Total Return

Investment income includes interest income on our debt investments, utilizing the effective yield method including cash interest income as well as the amortization of any purchase premium, accretion of purchase discount, original issue discount, facilities fees, and the amortization and payment of the EOT payments. For the three months ended March 31, 2023, interest income totaled $16.7 million, representing a weighted average annualized portfolio yield on total debt investments for the period held of 16.7%. For the three months ended March 31, 2022, interest income totaled $12.2 million, representing a weighted average annualized portfolio yield on total debt investments for the period held of 15.2%.

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 yield on our total debt portfolio, excluding the impact of prepayments, was 16.6% during the three months ended March 31, 2023. The yield on our total debt portfolio, excluding the impact of prepayments, was 13.7% during the three months ended March 31, 2022.

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


	For the Three Months Ended
Ratios (Percentages, on an annualized basis)(1)	March 31, 2023		March 31, 2022
Weighted average annualized portfolio yield on total debt investments(2)	16.7	%	15.2	%
Coupon income	12.8	%	10.2	%
Accretion of discount	1.9	%	1.3	%
Accretion of end-of-term payments	1.9	%	2.2	%
Impact of prepayments during the period	0.1	%	1.5	%

_____________

(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 and, thus, by our stockholders. In addition, our weighted average annualized portfolio yield on debt investments and total return figures disclosed in this Quarterly Report on Form 10-Q do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of our common stock. Our weighted average annualized portfolio yield on debt investments and total return based on net asset value do not represent actual investment returns to common stockholders. Our weighted average annualized portfolio yield on debt investments and total return figures are subject to change and, in the future, may be greater or less than the rates set forth in this Quarterly Report on Form 10-Q.

For the three months ended March 31, 2023 and 2022, our total return based on the change in net asset value was 2.3% and 4.5%, respectively. Total return based on net asset value is the change in ending net asset value per common share plus distributions per common share paid during the period divided by the beginning net asset value per common share for the period. The total return is for the period shown and is not annualized.

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


	For the Three Months Ended
Returns on Net Asset Value and Total Assets(1) (dollars in thousands)	March 31, 2023			March 31, 2022
Net investment income	$	11,335		$	7,296
Net increase in net assets	$	6,580		$	7,878

Average net asset value(2)	$	289,058		$	258,888
Average total assets(2)	$	481,101		$	387,872

Net investment income to average net asset value(3)	15.9		%	11.4		%
Net increase in net assets to average net asset value(3)	9.2		%	12.3		%

Net investment income to average total assets(3)	9.6		%	7.6		%
Net increase in net assets to average total assets(3)	5.5		%	8.2		%

_______________

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

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

(3)Percentage is presented on an annualized basis.

Critical Accounting Policies

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

Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our investment portfolio, including our investment valuation policy (which has been approved by the Board), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in this Quarterly Report on Form 10-Q.

Investment Valuation

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

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

As of March 31, 2023, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 90.9% of our total assets, as compared to 91.8% of our total assets as of December 31, 2022.

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 8, 2023 and “Note 4. Investments” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.

Liquidity and Capital Resources

We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the Credit Facility and our anticipated cash flows from operations, including from contractual monthly portfolio company payments and cash flows, prepayments, and the ability to liquidate publicly traded investments, will be adequate to meet our cash needs for our daily operations, including to fund our unfunded commitment obligations.

Cash Flows

During the 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 $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 $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, 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, 2023, we had received capital commitments totaling $386.8 million in connection with our private offering of common stock, of which $74.4 million remained available for drawdown.

Credit Facility

We have $250 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 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, 2023 and the maturity date of the Credit Facility is scheduled for January 15, 2025. Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus (i) the greater of 3-month Term SOFR and 0.50% and (ii) the credit spread adjustment, and are subject to certain minimum principal utilization amounts during the revolving period. The applicable margin is equal to 3.00% during the revolving period and increases to 4.00% during the amortization period. The credit spread adjustment is equal to 0.15%. See “Note 6. Borrowings” in the notes to consolidated financial statements for more information regarding the terms of the Credit Facility.

As of both March 31, 2023 and December 31, 2022, we had outstanding borrowings of $109.0 million under the Credit Facility, excluding deferred credit facility costs of $1.5 million and $1.8 million, respectively, which are included as assets in the consolidated statements of assets and liabilities. As of both March 31, 2023 and December 31, 2022, we had $141.0 million 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, 2022 for more information regarding the Series A Preferred Stock.

Asset Coverage Requirements

We are required under the 1940 Act to meet a coverage ratio of total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of our senior securities, which generally includes all of our borrowings and any preferred stock, of at least 150%. As of March 31, 2023, our asset coverage for total borrowings and other senior securities was 257%.

Unfunded Commitments

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of March 31, 2023 and December 31, 2022, our unfunded commitments totaled $105.4 million and $137.1 million, respectively, of which $30.5 million and $44.0 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, 2023 and December 31, 2022:


Unfunded Commitments(1) (in thousands)	March 31, 2023		December 31, 2022
Canvas Construction, Inc.	$	8,000	$	8,000
Cardless, Inc.	8,000		8,000
Workstep Inc.	8,000		8,000
Karat Financial Technologies, Inc.	7,284		6,990
The Aligned Company	7,000		7,000
Ever/Body Inc.	6,200		6,200
Activehours, Inc.	5,000		5,000
Eightfold AI Inc.	5,000		5,000
Wisetack, Inc.	5,000		5,000
Homeward, Inc.	4,000		4,000
JOKR	3,748		3,748
Highbeam, Inc.	3,500		—
Flashparking, Inc.	3,490		3,490
Loft Orbital Solutions Inc.	3,000		3,000
Lower Holding Company	3,000		3,000
Vestwell Holdings, Inc.	3,000		3,000
Quantum Circuits, Inc.	2,590		2,890
Petfolk Inc.	1,787		2,000
True Footage, Inc.	1,417		1,417
Overtime Sports, Inc.	1,143		1,143
Trueskin GmbH	1,088		2,140
Athletic Greens (USA), Inc.	1,000		1,000
Belong Home, Inc.	1,000		1,000
Dia Styling Co.	1,000		1,000
Found Health, Inc.	1,000		1,000
Jerry Services, Inc.	1,000		1,500
Pair Eyewear, Inc.	1,000		1,000
Parker Group, Inc.	1,000		1,000
Strata Identity, Inc.	1,000		1,000
Substack, Inc.	1,000		1,000
Wispr AI, Inc.	1,000		1,000
Construction Finance Corporation	976		972
Manufactured Networks, Inc.	844		1,250
Homelight, Inc.	500		500
Metropolis Technologies, Inc.	500		500
Relay Commerce, Inc.	463		463
Foodology, Inc.	372		372
McN Investments Ltd.	200		200
Baby Generation, Inc.	125		1,000
Allplants LTD	99		97
Worldwide Freight Logistics Ltd.	72		242
NX Foods GMBH	32		204
Angle Health, Inc.	—		500
Dance GmbH	—		1,070
Elodie Games, Inc.	—		2,500
Ephemeral Solutions, Inc.	—		333
Flo Health UK Limited	—		173
Levels Health Inc.	—		14,273
Medly Health Inc.	—		1,391
Merama Inc.	—		3,644
Mystery Tackle Box, Inc.	—		1,000
Quick Commerce, Ltd.	—		500
RenoRun, Inc.	—		3,400
Ribbon Home, Inc.	—		2,000
Tripscout, Inc.	—		1,000
Total	$	105,430	$	137,102

_____________

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

The following table shows additional information on our unfunded commitments regarding milestones and expirations as of March 31, 2023 and December 31, 2022:


Unfunded Commitments(1) (in thousands)	March 31, 2023		December 31, 2022
Dependent on milestones	$	30,505	$	43,987
Expiring during:
2023	81,927		124,487
2024	15,076		11,472
2025	8,427		1,143
Total	$	105,430	$	137,102

_______________

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

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

The fair value at the inception of the delay draw credit agreements with our portfolio companies is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments.

Common Stock Distributions

We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our net ordinary income and net realized short-term capital gains in excess of our net realized long-term capital losses, if any, to our stockholders. In order to avoid a non-deductible 4% U.S. federal excise tax on certain of our undistributed income, we would need to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of our ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and (c) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the tax years ended December 31, 2022 and December 31, 2021, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

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

The following table shows our cash distributions per common share that have been authorized by our Board since commencement of operations to March 31, 2023.

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

Total cash distributions

3.52

_____________

(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 March 31, 2023, we estimated that we had undistributed taxable earnings from distributable earnings of $18.3 million, or $0.40 per common share.

Recent Accounting Pronouncements

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. The adoption of these rules did not have a material impact on the consolidated financial statements.

Recent Developments

Distribution

On April 27, 2023, our Board declared a $0.42 per share distribution to our common stockholders, payable on May 19, 2023 to stockholders of record on May 12, 2023.

Certain Portfolio Developments

Subsequent to quarter end, three portfolio companies in which we held investments as of March 31, 2023—Hey Favor, Inc (f/k/a The Pill Club Holdings, Inc.) (aggregate fair value of $7.8 million held by us), Underground Enterprises, Inc. (aggregate fair value of $1.0 million held by us), and RenoRun Inc. (aggregate fair value of $0.9 million held by us)—filed for bankruptcy protection under the U.S. Bankruptcy Code or, in the case of RenoRun Inc., creditor protection under Canadian bankruptcy law.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

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

Interest Rate Risk

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

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

A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over 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 March 31, 2023, a majority of the debt investments (approximately 79.3%, or $338.9 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 of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime rate from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the floating rate based on certain indices referenced in the Credit Facility, including SOFR.

As of March 31, 2023, our floating rate borrowings totaled $109.0 million, which represented 59.2% of our outstanding debt as of March 31, 2023. As of March 31, 2023, 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, 2023 was 8.00%, 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 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, 2023. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of March 31, 2023, our interest expense on floating rate borrowings will increase as rates rise. The following table illustrates the annual impact on our net investment income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure from the March 31, 2023 consolidated statement of assets and liabilities:


Change in Interest Rates (in thousands)	Increase (decrease) in interest income		(Increase) decrease in interest expense		Net increase (decrease) in net investment income
Up 300 basis points	$	9,472	$	(3,750)	$	5,722
Up 200 basis points	$	6,315	$	(2,500)	$	3,815
Up 100 basis points	$	3,157	$	(1,250)	$	1,907
Up 50 basis points	$	1,579	$	(625)	$	954
Down 50 basis points	$	(1,556)	$	625	$	(931)
Down 100 basis points	$	(3,090)	$	1,250	$	(1,840)
Down 200 basis points	$	(6,144)	$	2,500	$	(3,644)
Down 300 basis points	$	(9,135)	$	3,750	$	(5,385)

This analysis is indicative of the potential impact on our investment income as of March 31, 2023, 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, 2023 nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of March 31, 2023, 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 foreign currencies related to 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. Based on our assessment of the foreign currency exchange rate risk, as of March 31, 2023, 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.

While hedging activities may mitigate our exposure to adverse fluctuations in interest rates or foreign currency exchange rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements or foreign currency forward contracts, may also limit our ability to participate in the benefits of higher interest rates or beneficial movements in foreign currency exchange rates with respect to our portfolio investments. In addition, there can be no assurance that 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

Evaluation of Disclosure Controls and Procedures

As of March 31, 2023 (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 our 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 that information required to be disclosed in our periodic SEC filings 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 the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2023 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

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

In addition to the other information set forth in this report, you should carefully consider the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 that we filed with the SEC on March 8, 2023, which could materially affect our business, financial condition or operating results.

We, the Adviser, and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry or venture banking ecosystem, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.

Our cash and our Adviser’s cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held by us, our Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, our Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect the venture banking ecosystem and our, our Adviser’s and our portfolio companies’ business, financial condition, results of operations, or prospects.

Although we and our Adviser assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us, our Adviser or our portfolio companies, the financial institutions with which we, our Adviser or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets or the venture banking ecosystem, or concerns or negative expectations about the prospects for companies in the financial services industry or the venture banking ecosystem.These factors could involve financial institutions or companies in the financial services industry or the venture banking ecosystem with which we, our Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry or the venture banking ecosystem generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Adviser, or our portfolio companies to acquire financing on acceptable terms or at all.

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

We did not sell any equity securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

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


3.1			Articles of Incorporation(1)

3.2			Articles Supplementary(2)

3.3			Bylaws(3)

10.1			Form of Custody Agreement, dated as of January 30, 2023, by TriplePoint Private Venture Credit Inc. and KeyBank National Association(4)

10.2			Confirmation Agreement , dated as of March 22, 2023 to the Master Note Purchase Agreement dated April 6, 2022(*)

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(**)

101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH			Inline XBRL Taxonomy Extension Schema Document

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document

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

(1)Incorporated by reference to Exhibit 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.

(4)Incorporated by reference to Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K (File No. 814-01327) filed on March 8, 2023.

(*)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: May 4, 2023

By:

/s/ James P. Labe

James P. Labe

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: May 4, 2023

By:

/s/ Christopher M. Mathieu

Christopher M. Mathieu

Chief Financial Officer

(Principal Financial and Accounting Officer)

Positive
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Uncertain
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Litigous
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TriplePoint Global Venture Credit 10-Q2023 Q1 Quarterly report

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