TriplePoint Global Venture Credit 10Q 2024 Q3 Quarterly report

0001792509Hiya, Inc. , Warrant Investments2023-12-31

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 SEPTEMBER 30, 2024


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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-01327

________________________________________________________________________________________________________________________________________________

TriplePoint Private Venture Credit Inc.

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________________________________________________________________


Maryland						84-3383695
(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 November 7, 2024, the registrant had 23,689,363 shares of common stock, $0.01 par value per share, outstanding.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023	1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)	3
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)	4
	Consolidated Schedules of Investments as of September 30, 2024 (unaudited) and December 31, 2023	5
	Notes to Consolidated Financial Statements (unaudited)	44
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	75
Item 4.	Controls and Procedures	76
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	77
Item 1A.	Risk Factors	77
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
Item 3.	Defaults Upon Senior Securities	77
Item 4.	Mine Safety Disclosures	77
Item 5.	Other Information	77
Item 6.	Exhibits	77
	Signatures	79

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)


	September 30, 2024		December 31, 2023
	(unaudited)
Assets
Investments at fair value (amortized cost of $393,790 and $406,433, respectively)	$	380,841	$	400,195
Cash and cash equivalents	59,548		45,398
Restricted cash	34		15,447
Deferred credit facility costs	2,261		2,988
Prepaid expenses and other assets	2,306		1,000
Total assets	$	444,990	$	465,028

Liabilities
Revolving Credit Facility	$	80,500	$	87,500
2027 Notes, net	74,488		74,350
Base management fee payable	1,552		1,471
Other accrued expenses and liabilities	7,435		11,165
Total liabilities	$	163,975	$	174,486
Commitments and Contingencies (Note 7)

Net assets
Preferred stock, par value $0.01 per share (50,000,000 shares authorized; 525 shares issued and outstanding)	$	—	$	—
Common stock, par value $0.01 per share	237		237
Paid-in capital in excess of par value	352,037		352,037
Total distributable loss	(71,259)		(61,732)
Total net assets	$	281,015	$	290,542
Total liabilities and net assets	$	444,990	$	465,028

Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized)	23,689,363		23,689,363
Net asset value per common share	$	11.84	$	12.24

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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Investment income
Interest income from investments	$	14,146	$	17,496	$	44,430	$	51,457
Payment-in-kind interest income	952		318		2,791		419
Other income
Expirations/terminations of unfunded commitments	313		141		509		1,340
Other fees	—		76		457		151
Total investment and other income	15,411		18,031		48,187		53,367

Operating expenses
Base management fee	1,552		1,378		4,647		4,089
Interest expense and amortization of fees	4,536		4,463		12,163		12,703
Administration agreement expenses	500		517		1,672		1,482
General and administrative expenses	769		1,347		2,344		2,438
Total operating expenses	7,357		7,705		20,826		20,712

Net investment income	8,054		10,326		27,361		32,655

Net realized and unrealized losses
Net realized losses on investments	(2,342)		(175)		(9,321)		(18,700)
Net change in unrealized losses on investments	(2,781)		(3,353)		(6,673)		(8,839)
Net realized and unrealized losses	(5,123)		(3,528)		(15,994)		(27,539)

Net increase in net assets resulting from operations	$	2,931	$	6,798	$	11,367	$	5,116

Net investment income per common share	$	0.34	$	0.51	$	1.15	$	1.61
Net increase in net assets per common share	$	0.12	$	0.33	$	0.48	$	0.25
Weighted average shares of common stock outstanding	23,689,363		20,297,200		23,689,363		20,297,200

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands, except share data)

Paid-in capital in excess of par value

Total distributable earnings (loss)

Net assets

Common stock

Preferred stock

Par value


Balance at June 30, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(36,177)	$	274,396
Common stock distributions from distributable earnings	—	—		—	—		—		(8,525)		(8,525)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net decrease in net assets resulting from operations	—	—		—	—		—		6,798		6,798
Balance at September 30, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(37,919)	$	272,654


Balance at December 31, 2022	20,297,200	$	203	525	$	—	$	310,370	$	(25,938)	$	284,635
Common stock distributions from distributable earnings	—	—		—	—		—		(17,050)		(17,050)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(47)		(47)
Net decrease in net assets resulting from operations	—	—		—	—		—		5,116		5,116
Balance at September 30, 2023	20,297,200	$	203	525	$	—	$	310,370	$	(37,919)	$	272,654


Balance at June 30, 2024	23,689,363	$	237	525	$	—	$	352,037	$	(64,462)	$	287,812
Common stock distributions from distributable earnings	—	—		—	—		—		(9,713)		(9,713)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net increase in net assets resulting from operations	—	—		—	—		—		2,931		2,931
Balance at September 30, 2024	23,689,363	$	237	525	$	—	$	352,037	$	(71,259)	$	281,015


Balance at December 31, 2023	23,689,363	$	237	525	$	—	$	352,037	$	(61,732)	$	290,542
Common stock distributions from distributable earnings	—	—		—	—		—		(20,847)		(20,847)
Preferred stock distributions from distributable earnings	—	—		—	—		—		(47)		(47)
Net increase in net assets resulting from operations	—	—		—	—		—		11,367		11,367
Balance at September 30, 2024	23,689,363	$	237	525	$	—	$	352,037	$	(71,259)	$	281,015

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	For the Nine Months Ended September 30,
	2024		2023
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	11,367	$	5,116
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Fundings and purchases of investments	(90,645)		(74,617)
Principal payments and proceeds from investments	99,874		67,533
Payment-in-kind interest on investments	(2,791)		(1,888)
Net change in unrealized losses on investments	6,673		8,839
Net realized losses on investments	9,321		18,700
Amortization and accretion of premiums and discounts, net	(3,093)		(4,921)
Amortization of debt fees and issuance costs	865		1,182
Change in operating assets and liabilities:
Prepaid expenses and other assets	(1,306)		(280)
Base management fee payable	81		66


Other accrued expenses and liabilities	(3,730)		2,270
Net cash provided by operating activities	26,616		22,000
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	36,500		35,000
Repayments under revolving credit facility	(43,500)		(34,000)
Common stock distributions paid	(20,847)		(17,050)
Preferred stock distributions paid	(32)		(32)
Debt issuance costs of 2027 Notes	—		(16)
Deferred credit facility costs	—		(2,172)
Net cash used in financing activities	(27,879)		(18,270)
Net change in cash, cash equivalents and restricted cash	(1,263)		3,730
Cash, cash equivalents and restricted cash at beginning of period	60,845		37,066
Cash, cash equivalents and restricted cash at end of period	$	59,582	$	40,796

	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	59,548	$	30,310
Restricted cash	34		10,486
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	59,582	$	40,796

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	8,830	$	10,144
Excise taxes paid	$	572	$	250

See accompanying notes to consolidated financial statements.


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	11/21/2023	$	1,000	$	990	$	990	11/30/2027
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	1,000		988		988		12/31/2027
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	1,000		988		988		12/31/2027
Total Aerospace and Defense - 1.06%*			3,000		2,966		2,966

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		655		656		5/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	7/21/2022	700		685		687		7/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	9/30/2022	460		448		450		9/30/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	2/6/2023	173		177		177		2/28/2025
Total Application Software - 0.70%*			2,000		1,965		1,970

Business Applications Software
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest rate, 12.75% floor)	6/26/2024	10,069		9,911		10,013		6/1/2027
Morty, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)	12/21/2022	7,000		7,295		6,994		6/30/2026
Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	484		795		802		12/31/2024
Tide Platform Limited(1)(3)	Revolver (10.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,814		1,708		4/30/2025
			2,252		2,609		2,510
Total Business Applications Software - 6.95%*			19,321		19,815		19,517

Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.75% floor, 5.00% EOT payment)	8/8/2024	1,500		1,467		1,467		8/31/2027
Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	228		263		263		11/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.75% EOT payment)	11/18/2021	4,200		4,439		4,439		11/30/2024
			4,428		4,702		4,702
Certamen Ventures Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 4.00% EOT payment)	11/30/2021	6,582		6,613		6,613		11/30/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	2/15/2022	960		1,088		953		8/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	4/25/2022	1,056		1,167		1,048		10/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	8/1/2022	493		529		489		1/31/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)	10/7/2022	2,060		2,169		2,044		4/30/2026
			4,569		4,953		4,534
Phantom Auto Inc.(7)	Growth Capital Loan (Prime + 5.00% interest rate, 13.50% floor, 4.00% EOT payment)(2)	2/9/2024	4,858		4,732		1,650		2/28/2027
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)(2)	5/4/2022	796		658		615		12/31/2028
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)(2)	10/19/2023	133		110		102		12/31/2028
			929		768		717
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422		2,469		529		8/31/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42		42		9		8/31/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	12/22/2023	25		25		5		8/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	6/14/2024	8	8	2	8/31/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	7/26/2024	25	25	5	8/31/2024
			2,522	2,569	550
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	199	221	244	6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)(2)	6/15/2022	633	649	713	12/31/2024
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	10/20/2023	244	249	273	10/31/2026
			1,076	1,119	1,230
Total Business Products and Services - 7.64%*			26,464	26,923	21,463

Business/Productivity Software
Construction Finance Corporation	Revolver (Prime + 6.75% interest rate, 15.25% floor, 2.50% EOT payment)(2)	12/29/2023	4,927	5,043	5,043	10/31/2024
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	5/23/2023	5,200	5,288	5,288	11/30/2026
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	8/21/2023	1,600	1,614	1,614	2/28/2027
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	2/9/2024	600	596	596	8/31/2027
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)	3/11/2024	600	595	595	9/30/2027
			8,000	8,093	8,093
Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)	9/14/2022	4,000	4,174	4,174	3/31/2026
Idelic Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 10.00% floor, 2.50% EOT payment)(2)	11/15/2023	2,800	2,806	2,806	8/31/2026
			6,800	6,980	6,980
Luxury Presence, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 9.25% floor, 5.75% EOT payment)	4/9/2024	1,500	1,477	1,477	4/1/2027
Manufactured Networks, Inc.	Revolver (Prime + 7.25% interest rate, 15.75% floor)(2)	9/13/2023	3,286	3,286	3,286	9/30/2024
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)	6/16/2023	2,416	2,476	2,476	5/31/2026
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)(2)	2/1/2024	334	336	336	2/1/2027
			2,750	2,812	2,812
Thoughtful Automation Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 12.25% floor, 6.00% EOT payment)	6/18/2024	2,439	2,408	2,408	6/1/2027
Virtual Facility, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 10.50% floor, 8.50% EOT payment)(2)	12/1/2023	1,000	1,000	1,000	6/1/2027
Total Business/Productivity Software - 11.07%*			30,702	31,099	31,099

Communications and Networking
Join Digital, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	8/6/2024	4,900	4,859	4,859	8/1/2027
Total Communications and Networking - 1.73%*			4,900	4,859	4,859

Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	3,622	3,620	3,557	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	3,018	3,017	2,964	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 12.00% floor, 5.00% EOT payment)(2)	8/4/2022	1,207	1,207	1,186	2/28/2026
			7,847	7,844	7,707
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	94	96	96	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	283	286	286	1/31/2027
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)(2)	5/11/2023	1,000	1,023	1,023	11/30/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
			1,377	1,405	1,405
Total Computer Hardware - 3.24%*			9,224	9,249	9,112

Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	1,067	1,067	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	575	637	637	10/31/2025
			1,575	1,704	1,704
Prose Beauty, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 8.50% floor, 8.50% EOT payment)	2/2/2024	6,000	5,819	5,819	5/31/2027
Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 8.25% EOT payment)(2)	1/9/2023	923	971	1,007	1/31/2026
Total Consumer Non-Durables - 3.04%*			8,498	8,494	8,530

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	800	800	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	265	265	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	917	917	3/31/2025
			1,875	1,982	1,982
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)(2)	10/13/2022	2,032	2,057	2,437	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	1,223	1,237	1,466	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	1,328	1,344	1,588	4/30/2026
			4,583	4,638	5,491
Dance GmbH(1)(3)(7)	Growth Capital Loan(2)(9)	4/14/2022	723	724	249	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan(2)(9)	7/14/2022	268	266	99	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan(2)(9)	11/14/2022	69	67	25	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan(2)(9)	3/15/2023	529	502	186	8/31/2031
			1,589	1,559	559
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	6/27/2022	322	325	151	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	8/12/2022	107	108	50	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	12/9/2022	215	213	101	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	3/1/2023	322	318	151	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	10/5/2023	11	11	5	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	12/11/2023	18	18	8	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	2/2/2024	59	58	26	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	6/14/2024	33	31	13	6/30/2027
			1,087	1,082	505
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	4,800	5,008	5,008	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	2,250	2,346	2,346	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	1/18/2024	3,200	3,203	3,203	7/31/2026
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	1/18/2024	3,000	3,003	3,003	7/31/2026
			13,250	13,560	13,560
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	2/29/2024	4,444	4,362	4,362	8/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	3/8/2024	556	545	545	9/1/2027


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	6/28/2024	500	489	489	12/1/2027
			5,500	5,396	5,396
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	7/5/2022	1,334	1,369	899	8/31/2028
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	10/21/2022	1,334	1,359	899	8/31/2028
			2,668	2,728	1,798
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)	4/8/2022	10	11	11	4/30/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)	5/16/2022	28	31	31	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	5/24/2022	183	208	208	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.50% EOT payment)	4/28/2023	372	378	378	4/30/2026
			593	628	628
Headout Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment)(2)	3/15/2024	2,351	2,322	2,322	3/1/2027
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,799	1,785	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	3,593	3,564	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	5,441	5,370	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	5,440	5,368	2/28/2025
			15,000	16,273	16,087
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,252	1,402	1,391	7/31/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (7.40% cash interest rate + 7.10% PIK interest rate, 8.00% EOT payment)	11/3/2021	4,604	4,678	4,641	11/30/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (9.31% cash interest rate + 8.94% PIK interest rate, 8.00% EOT payment)(2)	8/17/2022	1,046	1,050	1,050	8/31/2026
			6,902	7,130	7,082
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	1,472	1,528	1,528	12/31/2025
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	331	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	1,097	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	154	12/31/2028
			3,887	2,136	1,582
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	635	593	582	12/31/2026
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	356	331	347	12/31/2026
			991	924	929
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	525	540	540	6/30/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	207	209	209	12/31/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	172	172	172	2/28/2027
			904	921	921
Placemakr, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 12.00% floor, 4.50% EOT payment)	5/30/2024	2,500	2,440	2,440	5/1/2027
Placemakr, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.50% floor, 5.50% EOT payment)	5/30/2024	2,500	2,442	2,442	11/1/2026
			5,000	4,882	4,882
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	150	3/25/2023
Roadsurfer GmbH(1)(3)	Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)(2)	4/24/2024	5,015	4,598	4,775	4/1/2027
Roadsurfer GmbH(1)(3)	Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)(2)	4/24/2024	2,507	2,300	2,388	4/1/2027
			7,522	6,898	7,163


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Spinn, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	794	819	36	8/31/2024
Total Consumer Products and Services - 25.84%*			76,318	75,763	72,601

Cultivation
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan (6.00% interest rate)(2)	12/29/2023	3,886	1,217	—	10/31/2028
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan (6.00% interest rate)(2)	12/29/2023	15	15	—	10/31/2028
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan (6.00% interest rate)(2)	12/29/2023	349	109	—	10/31/2028
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan (50.00% EOT payment)(2)	6/20/2024	22	22	—	9/20/2024
InFarm Technologies Limited(1)(3)(7)	Growth Capital Loan(2)(9)	9/20/2024	5	5	—	10/20/2024
Total Cultivation - —%*			4,277	1,368	—

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.50% EOT payment)	9/29/2021	8,750	8,694	8,694	11/30/2027
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,243	10,243	6/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)(2)	4/25/2024	1,278	1,144	1,144	4/25/2029
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	7,008	6,993	11/30/2024
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)	6/7/2022	1,000	1,040	1,040	12/31/2025
			7,500	8,048	8,033
Total E-Commerce - Clothing and Accessories - 10.00%*			27,528	28,129	28,114

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/6/2021	1,669	1,713	1,582	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	7/21/2021	263	275	249	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	8/10/2021	315	329	299	8/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	10/6/2021	1,458	1,521	1,383	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	11/2/2021	947	985	898	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	11/2/2021	2,540	2,643	2,409	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	848	884	804	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	324	338	307	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)	12/28/2021	57	59	54	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	1/28/2022	1,836	1,908	1,741	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	700	721	663	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	263	271	250	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	9/21/2022	1,710	1,737	1,622	3/31/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/1/2022	3,078	3,116	2,919	4/30/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/22/2022	184	185	174	6/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/1/2023	180	178	178	10/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/13/2023	1,369	1,349	1,349	11/30/2026


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	12/28/2023	104	102	102	12/31/2026
Forum Brands, LLC	Growth Capital Loan(9)	6/16/2021	2,179	2,179	1,758	12/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	6/27/2024	147	141	141	6/30/2027
Total E-Commerce - Personal Goods - 6.72%*			20,171	20,634	18,882

Educational Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment)	7/30/2024	3,000	2,973	2,973	1/1/2027
Panorama Education, Inc.	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	160	158	158	7/31/2026
Total Educational Software - 1.11%*			3,160	3,131	3,131

Energy
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	1,319	1,216	1,216	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	5,000	5,110	5,110	12/31/2026
Total Energy - 2.25%*			6,319	6,326	6,326

Entertainment Software
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 13.75% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	1,002	998	4/30/2025
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	7/28/2023	75	75	74	7/31/2026
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	11/20/2023	50	50	49	7/31/2026
			1,125	1,127	1,121
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 11.00% EOT payment)(2)	5/17/2022	2,670	2,694	2,694	4/1/2027
Total Entertainment Software - 1.36%*			3,795	3,821	3,815

Environmental Services
Earth Funeral Group, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 5.50% EOT payment)(2)	3/1/2024	1,430	1,417	1,417	3/1/2027
Total Environmental Services - 0.50%*			1,430	1,417	1,417

Financial Software
Ocrolus Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	4,286	4,268	4,268	2/1/2028
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.50% EOT payment)	8/14/2024	550	540	540	8/31/2027
Wisetack, Inc.(1)	Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 6.75% EOT payment)	4/3/2023	5,000	5,067	5,067	10/31/2026
Total Financial Software - 3.51%*			9,836	9,875	9,875

Food Products
AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 11.00% floor, 7.50% EOT payment)(2)	5/24/2021	1,393	1,428	1,365	4/30/2025
AllPlants Ltd(1)(3)	Growth Capital Loan (5.50% cash interest rate + 6.50% PIK interest rate, 7.00% EOT payment)(2)	7/22/2021	142	152	145	7/31/2025
AllPlants Ltd(1)(3)	Growth Capital Loan (Prime + 5.50% interest rate + 8.30% PIK interest rate, 19.30% floor, 9.00% EOT payment)(2)	9/1/2022	933	944	1,063	8/31/2026
Total Food Products - 0.92%*			2,468	2,524	2,573

Healthcare Services
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	1/18/2023	201	199	199	1/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	5/19/2023	176	174	174	5/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	5/19/2023	177	175	175	5/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	8/16/2023	247	244	244	8/31/2027


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)	10/6/2023	187	185	185	10/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	10/6/2023	39	39	39	10/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	12/12/2023	147	146	146	12/31/2027
Petfolk Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)	12/12/2023	150	149	149	12/31/2027
			1,324	1,311	1,311
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	6/22/2023	1,776	1,809	1,816	6/30/2026
OpenLoop Health, Inc.	Revolver (Prime + 1.50% interest rate, 9.25% floor, 4.00% EOT payment)(2)	6/22/2023	2,000	2,043	2,049	6/16/2025
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	11/20/2023	3,000	2,976	2,990	11/30/2026
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)(2)	9/30/2024	7,778	7,308	7,362	9/30/2027
			14,554	14,136	14,217
Total Healthcare Services - 5.53%*			15,878	15,447	15,528

Healthcare Technology Systems
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)	7/14/2023	4,459	4,459	4,459	7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 2.42% cash interest rate + 2.33% PIK, 6.25% floor, 6.00% EOT payment)(2)	6/12/2023	9,328	9,486	9,195	6/12/2027
Thirty Madison, Inc.	Growth Capital Loan (Prime + 2.42% cash interest rate + 2.33% PIK, 6.25% floor, 6.00% EOT payment)(2)	6/14/2023	702	699	678	6/12/2027
			10,030	10,185	9,873
Total Healthcare Technology Systems - 5.10%*			14,489	14,644	14,332

Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	1/11/2023	3,000	3,053	3,053	1/11/2025
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	9/22/2023	281	263	263	1/11/2025
Total Human Capital Services - 1.18%*			3,281	3,316	3,316

Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 5.25% EOT payment)(2)	5/4/2023	2,000	2,031	2,031	2/28/2027
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.25% interest rate, 11.25% floor, 5.50% EOT payment)(2)	5/4/2023	7,000	7,081	7,081	5/31/2027
Total Information Services (B2C) - 3.24%*			9,000	9,112	9,112

Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Growth Capital Loan (12.00% interest rate, 10.50% EOT payment)	5/27/2020	5,000	5,279	5,374	1/31/2027
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Growth Capital Loan (12.00% interest rate, 10.50% EOT payment)	5/27/2020	2,500	2,640	2,687	1/31/2027
Total Infrastructure - 2.87%*			7,500	7,919	8,061

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	510	510	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	505	505	3/31/2026
Total Life and Health Insurance - 0.36%*			1,000	1,015	1,015

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (Prime + 1.50% cash interest rate + 6.50% PIK, 15.50% floor, 8.50% EOT payment)	7/1/2021	2,493	2,652	2,576	7/31/2025
Total Medical Software and Information Services - 0.92%*			2,493	2,652	2,576

Multimedia and Design Software


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	4,000	3,949	3,949	3/31/2029
Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 6.87% EOT payment)	8/12/2021	782	874	78	2/29/2024
Spire Animation Studios, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 7.13% EOT payment)	9/30/2021	534	576	64	3/31/2024
			1,316	1,450	142
Total Multimedia and Design Software - 1.46%*			5,316	5,399	4,091

Network Management Software
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	4,545	4,518	4,518	10/1/2028
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	455	451	451	10/1/2028
Total Network Management Software - 1.77%*			5,000	4,969	4,969

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	524	520	9/30/2025
Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	511	514	6/30/2026
			1,000	1,035	1,034
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	1,011	1,036	1,036	8/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 14.25% floor, 2.00% EOT payment)(2)	4/4/2024	4,500	4,406	4,406	10/31/2027
			5,511	5,442	5,442
Total Other Financial Services - 2.30%*			6,511	6,477	6,476

Real Estate Services
Common Living Inc.(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500	2,668	2,521	9/30/2025
Common Living Inc.(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742	4,967	4,694	9/30/2025
			7,242	7,635	7,215
Homelight, Inc.	Growth Capital Loan (17.25% interest rate)(2)	12/30/2022	500	496	493	12/31/2026
Homelight, Inc.	Growth Capital Loan (18.00% interest rate)(2)	5/22/2023	250	247	246	5/31/2027
			750	743	739
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	4,000	4,229	4,033	6/30/2026
Homeward, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)	12/30/2022	1,056	1,137	1,133	12/31/2024
			5,056	5,366	5,166
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	265	265	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	841	841	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	233	233	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	112	112	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	467	467	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	221	221	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	160	160	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,442	1,442	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	799	799	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170	180	180	1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116	123	123	2/28/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of September 30, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		315		315		3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110		1,163		1,163		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991		1,038		1,038		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216		227		227		5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200		206		206		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100		104		104		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150		154		154		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361		370		370		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565		576		576		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	5/23/2023	240		242		242		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	5/23/2023	434		440		440		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2023	720		732		732		5/31/2026
			9,978		10,410		10,410
Total Real Estate Services - 8.37%*			23,026		24,154		23,530

Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	903		922		830		5/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	984		1,021		919		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,325		1,374		1,237		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,649		1,484		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,649		1,484		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	795		825		742		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 9.00% interest rate, 17.50% floor, 4.00% EOT payment)(2)	12/18/2023	111		115		104		3/1/2024
Total Social/Platform Software - 2.42%*			7,298		7,555		6,800

Total Debt Investments - 123.14%*			$	360,203	$	361,017	$	346,056


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Warrant Investments(8)(9)

Aerospace and Defense
Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	578
Dedrone Holdings, Inc.	Preferred Stock(2)	3/2/2021	71,018	92		272
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		76
Loft Orbital Solutions Inc.	Common Stock	7/15/2022	6,747	58		92
Total Aerospace and Defense - 0.36%*				311		1,018

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

Business Applications Software
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		12
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		353
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	366		582
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		146
FlashParking, Inc.	Preferred Stock	6/26/2024	25,838	70		70
				526		798
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		159
Uniphore Technologies, Inc.	Common Stock(2)	12/22/2021	10,000	10		29
Total Business Applications Software - 0.50%*				815		1,406

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		32
Alloy Technologies, Inc.	Preferred Stock	8/8/2024	30,561	24		24
				74		56
Cardless Inc.	Common Stock	11/18/2021	20,619	28		11
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		160
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		10
				125		170
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		42
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		97
Certamen Ventures Inc.	Preferred Stock	12/15/2023	538,703	205		232
				332		371
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Common Stock	12/17/2021	40,579	130		72
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	141,409	315		—
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	31,698	35		—
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	22,188	24		—
Phantom Auto Inc.	Preferred Stock(2)	2/9/2024	34,288	—		—
				374		—
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock(2)	12/16/2022	51,590	308		70
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		28
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		10
				34		38
Total Business Products and Services - 0.34%*				1,551		950

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

Business/Productivity Software


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14	20
Construction Finance Corporation	Preferred Stock(2)	12/29/2023	126,868	48	67
				62	87
Cresta Intelligence Inc.	Common Stock(2)	6/6/2024	4,967	4	11
FireHydrant, Inc.	Preferred Stock	5/23/2023	347,863	115	188
Highbeam, Inc.	Common Stock(2)	2/10/2023	40,380	2	6
Idelic Inc.	Preferred Stock	12/10/2021	30,551	46	5
Idelic Inc.	Preferred Stock(2)	11/15/2023	36,661	13	7
				59	12
Luxury Presence, Inc.	Preferred Stock	9/20/2023	11,215	58	36
Machinify, Inc.	Common Stock(2)	8/25/2023	27,040	36	36
Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	41
Manufactured Networks, Inc.	Preferred Stock(2)	9/13/2023	73,666	25	22
				114	63
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	42
OnSiteIQ, Inc.	Common Stock	6/16/2023	102,864	14	46
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
Thoughtful Automation Inc.	Preferred Stock	6/18/2024	36,745	62	49
Virtual Facility, Inc.	Preferred Stock(2)	10/3/2023	54,775	16	16
Total Business/Productivity Software - 0.21%*				549	596

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

Communications and Networking
Join Digital, Inc.	Common Stock	8/6/2024	47,770	74	74
Total Communications and Networking - 0.03%*				74	74

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

Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	—
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	31,067	40	41
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	26,386	92	61
Total Computer Hardware - 0.08%*				250	211

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	319
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	40
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	96
Activehours, Inc.	Preferred Stock(2)	4/19/2024	3,907	16	16
				241	471
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	109
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.22%*				339	610

Consumer Non-Durables
Athletic Greens International, Inc.	Preferred Stock(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	6
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	7
				30	13
Prose Beauty, Inc.	Common Stock	12/18/2023	49,020	311	479
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Total Consumer Non-Durables - 0.18%*				354	505


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Consumer Products and Services
Baby Generation, Inc.	Common Stock	1/26/2022	13,587	10	10
The Black Tux, Inc.	Preferred Stock(2)	11/5/2021	142,939	139	460
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares(2)	10/7/2022	192	9	—
Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	—
Dance Gmbh(1)(3)	Preferred Stock(2)	2/21/2023	45	21	—
Dance Gmbh(1)(3)	Common Stock(2)	3/21/2024	34	8	—
				66	—
Elektra Mobility Inc.(11)	Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ephemeral Solutions, Inc.	Common Stock(2)	2/2/2024	135,353	1	1
				13	1
Ever/Body, Inc.	Preferred Stock	9/7/2021	357,970	175	57
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	25
FitOn, Inc.	Common Stock(2)	2/29/2024	33,548	74	74
FitOn, Inc.	Common Stock(2)	6/26/2024	3,355	7	7
				81	81
Flink SE(1)(3)	Preferred Stock(2)	4/13/2022	18	23	—
Flink SE(1)(3)(11)	Preferred Stock(2)	8/21/2024	—	—	—
				23	—
Foodology Inc.(1)(3)	Preferred Stock	3/25/2022	2,869	12	9
Headout Inc.	Common Stock	3/15/2024	8,991	58	20
Hydrow, Inc.	Common Stock	2/9/2021	74,157	70	—
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	—
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	—
				130	—
Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	115	86
JOKR S.a.r.l.(1)(3)	Preferred Stock	5/10/2024	14,763	538	240
JOKR S.a.r.l.(1)(3)	Preferred Stock	5/10/2024	5,905	96	96
				634	336
Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	7
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	9/29/2023	14,709	26	28
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	15,000	—	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	45,000	79	84
				125	112
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock	8/25/2023	31,796	118	75
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	30
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	8/27/2024	139,560	—	—
				30	30
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Roadsurfer GmbH(1)(3)	Preferred Stock(2)	4/23/2024	90	669	697
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	4
Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
				64	76
Total Consumer Products and Services - 0.76%*				2,639	2,148

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	77
FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	160
				411	237
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	143
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	199
Total E-Commerce - Clothing and Accessories - 0.21%*				826	579

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock	7/6/2021	14,143	146	44
Forum Brands, LLC	Preferred Stock	12/23/2021	12,964	188	41
Forum Brands, LLC	Preferred Stock	10/11/2023	2,829	42	9
				376	94
Merama Inc.	Preferred Stock(2)	4/28/2021	71,728	589	563
Total E-Commerce - Personal Goods - 0.23%*				965	657

Educational Software
Panorama Education, Inc.	Preferred Stock(2)	7/30/2024	2,577	14	14
Total Educational Software - 0.00%*				14	14

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	79
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	29
				194	108
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	1,035
Total Energy - 0.41%*				231	1,143

Entertainment Software
Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	—
Encore Music Technologies, Inc.	Preferred Stock(2)	5/16/2023	4,475	1	—
Encore Music Technologies, Inc.	Common Stock(2)	5/31/2024	79,668	1	1
				17	1
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2022	37,335	60	38
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2024	53,335	33	54
				93	92
Total Entertainment Software - 0.03%*				110	93

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

Financial Software
Ocrolus Inc.	Common Stock	8/14/2024	70,132	58	58
Parker Group Inc.	Common Stock	4/6/2022	5,334	17	9
Parker Group Inc.	Common Stock	8/14/2024	2,491	5	5
				22	14
Wisetack, Inc.(1)	Common Stock	12/21/2022	23,086	84	36
Zolve Innovations Inc.	Preferred Stock(2)	7/28/2022	3,172	9	9
Total Financial Software - 0.04%*				173	117

Food Products
AllPlants Ltd(1)(3)	Preferred Stock(2)	5/6/2021	74,534	154	80
AllPlants Ltd(1)(3)	Preferred Stock(2)	5/29/2024	17,620	18	19
Total Food Products - 0.04%*				172	99

General Media and Content


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	5
Total General Media and Content - —%*				5	5

Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Levels Health Inc.	Preferred Stock(2)	9/3/2021	47,162	37	216
OpenLoop Health, Inc.	Preferred Stock	6/16/2023	11,186	51	81
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	40
OpenLoop Health, Inc.	Preferred Stock	11/20/2023	16,779	89	121
OpenLoop Health, Inc.	Preferred Stock	9/30/2024	43,625	315	315
				480	557
Perry Health, Inc.	Preferred Stock(2)	5/31/2023	184,258	79	79
Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	29
Wispr AI, Inc.(11)	Preferred Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 0.31%*				610	882

Healthcare Technology Systems
Calibrate Health, Inc.	Common Stock(2)	10/30/2023	118,190	253	—
Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	8
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	7
K Health, Inc.	Common Stock	7/14/2023	61,224	187	263
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56	228	—
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.17%*				827	465

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

Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	336
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	713
Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	18
				109	731
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.39%*				307	1,098

Information Services (B2C)
Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	66
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	53,879	38	22
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Total Information Services (B2C) - 0.06%*				192	157

Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/19/2024	30,757	250	250
Total Information Technology - 0.09%*				250	250

Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock	5/27/2020	2,775	90	93
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock	8/26/2022	2,439	65	105
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock	9/29/2023	1,951	84	84
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock	4/5/2024	4,476	84	270
Total Infrastructure - 0.20%*				323	552

Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	28
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Preferred Stock(2)	8/26/2021	32,620	34	41
Total Life and Health Insurance - 0.06%*				120	176


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Logistics
Passport Labs, Inc.	Common Stock(2)	5/27/2020	2,102	51	51
Total Logistics - 0.02%*				51	51

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

Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	90
Hover Inc.	Preferred Stock	9/10/2024	9,182	18	18
				95	108
Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	—
Spire Animation Studios, Inc.	Preferred Stock	9/30/2021	27,559	105	—
				185	—
Total Multimedia and Design Software - 0.04%*				280	108

Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Skyflow Inc.	Preferred Stock	6/26/2023	39,890	31	34
Skyflow Inc.	Preferred Stock	9/27/2024	15,956	25	13
				56	47
Total Network Management Software - 0.08%*				236	227

Other Financial Services
Aven Holdings, Inc.(1)	Common Stock(2)	5/16/2023	35,857	361	343
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	6
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	130
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	95
Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	9
Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	19
Relay Commerce, Inc.	Preferred Stock(2)	4/4/2024	36,200	26	26
				97	149
Total Other Financial Services - 0.22%*				639	628

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470	1,124
Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33	33
Homelight, Inc.	Preferred Stock(2)	7/27/2022	3,988	8	7
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148	3
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15	6
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/27/2020	26,362	83	107
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/25/2022	3,279	1	11
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	6/29/2023	34,977	11	120
				95	238
Side, Inc.	Preferred Stock(2)	7/29/2020	71,501	57	583
True Footage, Inc.	Preferred Stock	11/24/2021	88,762	122	287
Total Real Estate Services - 0.82%*				954	2,296

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43	25
Sylva, Inc.	Preferred Stock	7/12/2021	44,872	30	4
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30	4
				60	8
Total Social/Platform Software - 0.01%*				103	33

Software Development Applications


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Appex Group, Inc.	Preferred Stock(2)	11/15/2021	62,115	132		173
Appex Group, Inc.	Preferred Stock(2)	4/14/2022	11,004	36		36
				168		209
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		223
Total Software Development Applications - 0.15%*				233		432

Total Warrant Investments - 6.52%*				$	15,122	$	18,313


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Equity Investments(9)

Application Software
Flo Health, Inc.(1)(3)	Preferred Stock(2)	7/18/2024	8,387	$	500	$	500
Total Application Software - 0.18%*				500		500

Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	70		62
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		195
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	272		268
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		505
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.40%*				1,100		1,112

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		136
Cresta Intelligence Inc.	Preferred Stock(2)	9/30/2024	55,441	250		250
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	83	570		6
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		65
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		26
				595		97
Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	3/28/2024	31,818	611		537
Quick Commerce Ltd.(1)(3)	Ordinary Shares(2)	3/28/2024	112,770,108	26		135
				637		672
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.54%*				2,037		1,504

Business/Productivity Software
AI2 Incorporated	Preferred Stock(2)	1/3/2024	280,424	830		830
Total Business/Productivity Software - 0.30%*				830		830

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		217
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		157
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		366
Total Business to Business Marketplace - 0.26%*				950		740

Computer Hardware
Quantum Circuits, Inc.	Preferred Stock(2)	4/17/2024	17,612	50		50
Total Computer Hardware - 0.02%*				50		50

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

Consumer Products and Services
Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		95
Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		5
				100		100
Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		141
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		56
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	4,178		4,178
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		6
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		6
				331		12
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,688	375		252
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,575	75		70


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
				450	322
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10	10
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250	250
TMRW Sports, Inc.	Preferred Stock(2)	11/9/2023	40,174	500	500
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250	322
Total Consumer Products and Services - 2.10%*				6,471	5,891

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

Database Software
ON-0731 Fund II LP(1)	Limited Partnership Interests(2)	8/29/2024	—	250	250
Total Database Software - 0.09%*				250	250

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90	25
Merama Inc.	Preferred Stock(2)	4/30/2021	5,433	31	63
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13	73
Merama Inc.	Preferred Stock(2)	9/13/2021	3,862	62	60
				106	196
Total E-Commerce - Personal Goods - 0.08%*				196	221

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228
Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66
Total Elder and Disabled Care - 0.10%*				264	294

Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	105
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	941
Total Energy - 0.37%*				867	1,046

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 - 0.04%*				100	100

Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	1
Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187	187
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200	285
Total Healthcare Services - 0.17%*				720	473

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

Information Services (B2C)
Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150	150
Total Information Services (B2C) - 0.05%*				150	150

Information Technology


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of September 30, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Etched.ai, Inc.	Preferred Stock(2)	4/9/2024	30,757	500		500
Total Information Technology - 0.18%*				500		500

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

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

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58		66
Total Multimedia and Design Software - 0.02%*				58		66

Network Management Software
Skyflow Inc.	Preferred Stock(2)	1/22/2024	19,945	62		62
Skyflow Inc.	Preferred Stock(2)	9/27/2024	143,604	450		450
Total Network Management Software - 0.18%*				512		512

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8		7
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		826
Total Other Financial Services - 0.30%*				698		833

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		255
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20		14
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		122
Total Real Estate Services - 0.15%*				592		420

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 - 5.86%*				$	17,651	$	16,472

Total Investments in Portfolio Companies - 135.52%*(4)(5)				$	393,790	$	380,841


Cash Equivalents

Money Market Fund	Type of Investment	Ticker	Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM	$	57,059	$	57,059
Total Cash Equivalents - 20.30%*			$	57,059	$	57,059


Foreign Currency Forward Contracts - (0.14)%*
Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Gain/(Loss)
British Pound Sterling (GBP)	10/28/2024	Zions Bancorporation, N.A.	£	6,000	Sold	$	7,718	$	(307)
Euro (EUR)	10/28/2024	Zions Bancorporation, N.A.	€	3,000	Sold	3,258		(86)
						$	10,976	$	(393)

_______________

(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 September 30, 2024, non-qualifying assets represented 13.5% of the Company’s total assets, at fair value.

(2)As of September 30, 2024, this investment was not pledged as collateral as part of the Company’s revolving credit facility.

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of September 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $380.8 million at fair value and represented 135.5% of the Company’s net assets. In addition, unless otherwise indicated, as of September 30, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(5)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $10.3 million, $21.1 million and $10.8 million, respectively, for the September 30, 2024 investment portfolio. The tax cost of investments is $395.9 million.

(7)Debt is on non-accrual status as of September 30, 2024 and is therefore considered non-income producing. Non-accrual investments as of September 30, 2024 had a total cost and fair value of $22.7 million and $11.9 million, respectively.

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

(9)Non-income producing investments.

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

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

* Value as a percentage of net assets.


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

Debt Investments

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

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

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

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	4/25/2022	1,695	1,756	1,756	10/31/2025
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	8/1/2022	705	721	721	1/31/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	10/7/2022	2,526	2,562	2,562	4/30/2026
			6,581	6,773	6,773
Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	1,926	2,210	2,210	7/31/2024
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	5/4/2022	1,500	1,523	1,451	5/31/2025
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	10/19/2023	250	242	231	5/31/2025
			1,750	1,765	1,682
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422	2,469	918	2/29/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42	42	16	2/29/2024
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	12/22/2023	25	25	9	2/29/2024
			2,489	2,536	943
RenoRun, Inc.(1)(3)(7)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	37	32	96	12/31/2025
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	6/15/2022	377	386	407	6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)(2)	6/15/2022	482	485	513	12/31/2024
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	10/20/2023	244	245	256	10/31/2026
			1,103	1,116	1,176
Vecna Robotics, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 9.00% EOT payment)(2)	12/16/2022	4,500	4,376	4,376	9/30/2026
Total Business Products and Services - 10.94%*			32,730	33,346	31,794

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

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	1/27/2023	300	297	297	1/31/2027
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)(2)	5/11/2023	1,000	1,000	1,000	11/30/2025
			1,410	1,407	1,407
Total Computer Hardware - 2.73%*			8,298	8,178	7,941

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

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

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	4,800	4,864	4,809	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)	12/20/2022	2,250	2,277	2,251	6/30/2025
			7,352	7,455	7,373
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,274	1,034	7/31/2025
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	10/21/2022	1,250	1,263	977	10/31/2025
			2,500	2,537	2,011
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	22	23	23	4/30/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	5/16/2022	56	58	58	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/24/2022	369	383	383	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.50% EOT payment)(2)	4/28/2023	372	369	369	4/30/2026
			819	833	833
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 8.00% floor, 7.75% EOT payment)	8/12/2021	3,532	3,691	3,605	8/31/2025
Good Eggs, Inc.	Growth Capital Loan (Prime + 0.50% interest rate, 8.00% floor, 6.00% EOT payment)(2)	5/26/2022	3,000	3,066	3,004	5/31/2025
			6,532	6,757	6,609
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,757	1,705	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	3,300	3,491	3,388	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/10/2021	5,025	5,300	5,118	2/28/2025
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	5,297	5,116	2/28/2025
			15,000	15,845	15,327
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,252	1,303	1,290	7/31/2024
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)	11/3/2021	4,817	4,830	4,741	11/30/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/17/2022	1,000	1,005	990	8/31/2026
			7,069	7,138	7,021
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)(2)	12/28/2022	2,000	2,012	1,968	12/31/2025
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	577	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	1,085	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	474	12/31/2028
			3,887	2,136	2,136
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	560	490	461	12/31/2026
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	314	273	275	12/31/2026
			874	763	736
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	588	584	584	6/30/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	207	203	203	12/31/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	172	168	168	2/28/2027
			967	955	955
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	196	3/25/2023
Spinn, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	794	819	500	8/31/2024
Total Consumer Products and Services - 18.98%*			58,277	57,763	55,139

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


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

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

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


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

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

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

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

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

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


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

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

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

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

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

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

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

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


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

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

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

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


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

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

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


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

Warrant Investments(8)(9)

Aerospace and Defense
Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	578
Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		197
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		76
Loft Orbital Solutions Inc.	Common Stock(2)	7/15/2022	6,747	58		20
Total Aerospace and Defense - 0.30%*				311		871

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

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

Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		32
Cardless Inc.	Common Stock	11/18/2021	12,903	28		7
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		160
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		10
				125		170
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		32
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		53
Certamen Ventures Inc.	Preferred Stock	12/15/2023	538,703	205		205
				332		290
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		42
Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		205
Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		23
Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		16
				374		244
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	108,238	26		9
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock	12/16/2022	51,590	308		166
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		27
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		10
				34		37
Total Business Products and Services - 0.40%*				1,553		1,159

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

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


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

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

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

Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	21
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	31,067	40	40
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	13,940	92	32
Total Computer Hardware - 0.07%*				250	202

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

Consumer Non-Durables
Athletic Greens International, Inc.	Preferred Stock(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	6
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	7
				30	13
Prose Beauty, Inc.	Common Stock(2)	12/18/2023	24,510	155	155
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Total Consumer Non-Durables - 0.06%*				198	181

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


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2023
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Dance Gmbh(1)(3)	Preferred Stock(2)	2/21/2023	45	21	11
				58	19
Elektra Mobility Inc.(11)	Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ever/Body, Inc.	Preferred Stock	9/7/2021	281,262	138	45
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	25
Flink SE(1)(3)	Common Stock(2)	4/13/2022	18	23	—
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	9
Good Eggs, Inc.	Preferred Stock	8/12/2021	83,265	142	12
Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	—
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	—
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	—
				130	—
Immersive Group Gaming LTD(1)	Preferred Stock(2)	7/12/2021	451,039	115	86
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	7/24/2023	14,763	538	81
Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	7
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	9/29/2023	14,709	26	27
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	15,000	—	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	45,000	79	83
				125	110
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock(2)	8/25/2023	31,796	118	118
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	30
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Preferred Stock	3/31/2021	4,413	25	4
Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
				64	76
Total Consumer Products and Services - 0.40%*				1,831	1,158

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

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

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


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

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

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

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

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

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

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

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

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

Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	336
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	713


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

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

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

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

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

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

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

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

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

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


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

Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43		25
Sylva, Inc.	Preferred Stock	7/12/2021	44,872	30		113
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30		113
				60		226
Total Social/Platform Software - 0.09%*				103		251

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

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


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

Equity Investments(9)

Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	$	70	$	62
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		111
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	272		264
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		481
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.34%*				1,100		1,000

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		112
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	83	570		6
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		64
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		25
				595		95
Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.19%*				1,150		556

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

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

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

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

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


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

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228
Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66
Total Elder and Disabled Care - 0.10%*				264	294

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

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

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

General Media and Content
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100	100
Total General Media and Content - 0.03%*				100	100

Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	1
Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187	187
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200	285
Total Healthcare Services - 0.16%*				720	473

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

Information Services (B2C)
Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150	150
Total Information Services (B2C) - 0.05%*				150	150

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

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

Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58	66
Total Multimedia and Design Software - 0.02%*				58	66

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

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29	29
Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443	252
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20	14
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100	122
Total Real Estate Services - 0.14%*				592	417


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

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

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

Total Investments in Portfolio Companies - 137.74%*(4)(5)				$	406,433	$	400,195


Cash Equivalents

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


Foreign Currency Forward Contracts

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

_______________

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

(2)As of December 31, 2023, this investment was not pledged as collateral as part of the Company’s revolving credit facility.

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $400.2 million at fair value and represented 137.7% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility.

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

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $9.3 million, $16.7 million and $7.4 million, respectively, for the December 31, 2023 investment portfolio. The tax cost of investments is $407.6 million.

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

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

(9)Non-income producing investments.

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

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

* Value as a percentage of net assets.

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

•No investment represents a 5% or greater interest in any outstanding class of voting security of the portfolio company.

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

•Unless otherwise noted, interest rate is the annual cash interest rate on the debt investment and does not include any original issue discount (“OID”), end-of-term (“EOT”) payment, or any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees.

•For each debt investment tied to the Prime rate (“Prime”), as of September 30, 2024 and December 31, 2023, Prime was 8.00% and 8.50%, respectively. As of September 30, 2024, approximately 80.2%, or $289.0 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, 2023, approximately 79.7%, or $304.5 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which 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

September 30, 2024

(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, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2024, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement

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

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

•identifies, evaluates and negotiates the structure of investments;

•executes, closes, services and monitors investments;

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

•performs due diligence on prospective investments; and

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

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

Base Management Fee

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

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

Incentive Fee

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

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

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

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

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

Base management and incentive fees are paid in the quarter following that in which they are earned. The 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 September 30,				For the Nine Months Ended September 30,
Base Management and Incentive Fees (in thousands)	2024		2023		2024		2023
Base management fee	$	1,552	$	1,378	$	4,647	$	4,089
Income incentive fee	$	—	$	—	$	—	$	—
Capital gains incentive fee	$	—	$	—	$	—	$	—

Administration Agreement

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

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

For the three months ended September 30, 2024 and 2023, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.5 million and $0.5 million, respectively.

For the nine months ended September 30, 2024 and 2023, expenses paid or payable by the Company to the Administrator under the Administrative Agreement were $1.7 million and $1.5 million, respectively.

Note 4. Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Debt Investments

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

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

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

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

Warrant Investments

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

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

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

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

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

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

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

Equity Investments

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

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

Investment Valuation

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

Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of September 30, 2024 and December 31, 2023. 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)	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	346,056	$	346,056	$	—	$	—	$	375,025	$	375,025
Warrant investments	—		—		18,313		18,313		—		—		16,915		16,915
Equity investments	—		—		16,472		16,472		—		—		8,255		8,255
Total portfolio company investments	$	—	$	—	$	380,841	$	380,841	$	—	$	—	$	400,195	$	400,195
Derivative instruments(1)	—		(393)		—		(393)		—		(430)		—		(430)
Total investments, including derivative instruments	$	—	$	(393)	$	380,841	$	380,448	$	—	$	(430)	$	400,195	$	399,765

_______________

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

The following table shows information about Level 3 portfolio company investments measured at fair value for the nine months ended September 30, 2024 and 2023. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.


Level 3 Investment Activity (in thousands)	For the Nine Months Ended September 30, 2024
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2023	$	375,026	$	16,913	$	8,257	$	400,196
Funding and purchases of investments, at cost	84,752		2,500		3,391		90,643
Principal payments and sale proceeds received from investments	(99,168)		(704)		—		(99,872)
Amortization and accretion of premiums and discounts, net and end-of term payments	4,430		—		—		4,430
Realized losses on investments	(10,572)		(65)		—		(10,637)
Net change in unrealized gains (losses) included in earnings	(6,415)		(304)		9		(6,710)
Payment-in-kind coupon	2,791		—		—		2,791
Transfers between investments	(4,788)		(27)		4,815		—
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of September 30, 2024	$	346,056	$	18,313	$	16,472	$	380,841

Net change in unrealized losses on Level 3 investments held as of September 30, 2024	$	(8,076)	$	(22)	$	9	$	(8,089)


Level 3 Investment Activity (in thousands)	For the Nine Months Ended September 30, 2023
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2022	$	413,558	$	18,445	$	9,366	$	441,369
Funding and purchases of investments, at cost	72,064		1,772		780		74,616
Principal payments and sale proceeds received from investments	(67,533)		—		—		(67,533)
Amortization and accretion of premiums and discounts, net and end-of term payments	4,663		—		—		4,663
Realized losses on investments	(18,083)		(1,176)		(500)		(19,759)
Net change in unrealized gains (losses) included in earnings	(6,828)		(1,756)		(561)		(9,145)
Payment-in-kind coupon	3,565		—		—		3,565
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of September 30, 2023	$	401,406	$	17,285	$	9,085	$	427,776

Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2023	$	(13,008)	$	(1,756)	$	(561)	$	(15,325)

_______________

(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 nine months ended September 30, 2024 or the nine months ended September 30, 2023.

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

For the three months ended September 30, 2024 and 2023, the Company recognized net realized losses of $2.3 million and $0.2 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized net realized losses of $9.3 million and $18.7 million, respectively.

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

Net change in unrealized losses during the three months ended September 30, 2024 and 2023 totaled $2.8 million and $3.4 million, respectively, resulting primarily from market rate adjustments and foreign currency adjustments. Net change in unrealized losses for the nine months ended September 30, 2024 and 2023 totaled $6.7 million and $8.8 million, respectively.

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

Level 3 Investments
(dollars in thousands)

September 30, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

338,366

Discounted Cash Flows

Discount Rate

11.43% - 42.44%

18.96%

7,690

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

0.00% - 100.00%

80.77%

Warrant investments

18,313

Black Scholes Option Pricing Model

Revenue Multiples

0.40x - 56.90x

5.55x

Volatility

35.00% - 85.00%

62.11%

Term

0.50 - 5.50 Years

3.38 Years

Risk Free Rate

0.17% - 4.87%

2.89%

Equity investments

16,472

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

57.67%

Term

1.75 - 4.00 Years

3.11 Years

Risk Free Rate

0.46% - 4.86%

3.31%

Revenue Multiples

0.70x - 11.00x

2.38x

Total portfolio company investments

380,841

Level 3 Investments
(dollars in thousands)

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

366,489

Discounted Cash Flows

Discount Rate

11.71% - 44.09%

19.76%

8,536

Probability-Weighted Expected Return Method

Probability Weighting of Alternative Outcomes

30.00% - 100.00%

72.26%

Warrant investments

16,915

Black Scholes Option Pricing Model

Revenue Multiples

0.18x - 56.90x

6.91

Volatility

45.00% - 90.00%

65.07%

Term

0.50 - 5.50 Years

3.47 Years

Risk Free Rate

0.17% - 5.03%

2.93%

Equity investments

8,255

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

59.60%

Term

1.75 - 4.00 Years

3.28 Years

Risk Free Rate

0.46% - 4.86%

3.04%

Revenue Multiples

1.09x - 14.00x

4.94x

Total portfolio company investments

400,195

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

Derivative Instruments

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The notional amounts as of September 30, 2024 and December 31, 2023, as shown in the Consolidated Schedule of Investments, are representative of the average volume throughout the nine months ended September 30, 2024 and year ended December 31, 2023, respectively. The following table shows a summary of the fair value and location of the Company’s derivative instruments in the Consolidated Statements of Assets and Liabilities held as of September 30, 2024 and December 31, 2023:


		Fair Value as of
Derivative Instrument	Statement Location	September 30, 2024		December 31, 2023
Foreign currency forward contracts	Other accrued expenses and liabilities	$	(393)	$	(430)
Foreign currency forward contracts	Prepaid expenses and other assets	—		—
Total		$	(393)	$	(430)

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during nine months ended September 30, 2024 and 2023 are in the following locations in the Consolidated Statements of Operations:


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivative Instrument	Statement Location	2024		2023		2024		2023
Foreign currency forward contracts	Net realized losses on investments	$	(302)	$	—	$	(518)	$	—
Foreign currency forward contracts	Net change in unrealized losses on investments	(330)		198		37		198
Total		$	(632)	$	198	$	(481)	$	198

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables show the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2024 and December 31, 2023:

As of September 30, 2024

Counterparty

Derivative Assets Subject to Master Netting Agreement

Derivatives Available for Offset

Non-cash Collateral Received(1)

Cash Collateral Received(1)

Net Amount of Derivative Assets(2)

Zions Bancorporation, N.A.

—

Total

—


Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
Zions Bancorporation, N.A.	$	(393)	$	—	$	—	$	—	$	(393)
Total	$	(393)	$	—	$	—	$	—	$	(393)

As of December 31, 2023

Counterparty

Derivative Assets Subject to Master Netting Agreement

Derivatives Available for Offset

Non-cash Collateral Received(1)

Cash Collateral Received(1)

Net Amount of Derivative Assets(2)

Zions Bancorporation, N.A.

—

Total

—


Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
Zions Bancorporation, N.A.	$	(430)	$	—	$	—	$	—	$	(430)
Total	$	(430)	$	—	$	—	$	—	$	(430)

_______________

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

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

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

Note 5. Credit Risk

Debt investments may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic, economic and political developments, may significantly affect the value of these investments. In addition, the value of these investments may fluctuate as the general level of interest rates 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 September 30, 2024 and December 31, 2023:


Liability (in thousands)	September 30, 2024						December 31, 2023
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	250,000	$	80,500	$	169,500	$	250,000	$	87,500	$	162,500
2027 Notes	75,000		75,000		—		75,000		75,000		—
Total	$	325,000	$	155,500	$	169,500	$	325,000	$	162,500	$	162,500

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Interest Expense and Amortization of Fees (in thousands)	2024		2023		2024		2023
Revolving Credit Facility
Interest cost	$	2,909	$	2,501	$	7,344	$	7,414
Unused fee	226		280		635		809
Amortization of costs and other fees	255		539		749		1,055
Revolving Credit Facility Total	$	3,390	$	3,320	$	8,728	$	9,278

2027 Notes
Interest cost	$	1,099	$	1,099	$	3,296	$	3,296
Amortization of costs and other fees	47		44		139		129
2027 Notes Total	$	1,146	$	1,143	$	3,435	$	3,425

Total interest expense and amortization of fees	$	4,536	$	4,463	$	12,163	$	12,703

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 September 30, 2024, commitments available total $250.0 million from four lenders—DBNY, MUFG, KeyBank National Association (“KeyBank”) and TIAA, FSB—subject to an accordion feature, which allows the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $400.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of the lenders. The Credit Facility is collateralized by all of the assets of the Financing Subsidiary, including the loans and other investments acquired by the Financing Subsidiary from time to time and collections thereon.

The revolving period under the Credit Facility is scheduled to expire on July 15, 2025, subject to an extension with the consent of the lenders and early termination if an event of default occurs or other adverse events, specified in the Receivables Financing Agreement, occur. The scheduled maturity date for the Credit Facility is January 15, 2027, unless earlier terminated in accordance with the terms of the Receivables Financing Agreement. Advances are made under the Credit Facility pursuant to a borrowing base, which generally utilizes a 55% advance rate on the applicable net loan balance of assets held by the Financing Subsidiary, subject to excess concentrations and other restrictions set forth in the Receivables Financing Agreement. Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50% and are subject to certain minimum principal utilization amounts during the revolving period. As of September 30, 2024, the applicable margin is equal to 3.25% during the revolving period and increases to 4.25% during the amortization period.

The Credit Facility includes customary representations and warranties and requires the Company and the Financing Subsidiary to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the Credit Facility are subject to the leverage restrictions contained in the 1940 Act. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the Credit Facility.

As of September 30, 2024 and December 31, 2023, the Company had outstanding borrowings under the Credit Facility of $80.5 million and $87.5 million, respectively, excluding deferred credit facility costs of $2.3 million and $3.0 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 September 30, 2024 and 2023, the Company had average outstanding borrowings under the Credit Facility of $72.8 million and $103.9 million, respectively, at a weighted average interest rate of 8.45% and 8.59%, respectively. During the nine months ended September 30, 2024 and 2023, the Company had average outstanding borrowings under the Credit Facility of $82.8 million and $107.8 million, respectively, at a weighted average interest rate of 8.53% and 8.24%, respectively. As of September 30, 2024 and December 31, 2023, $237.9 million and $255.0 million, respectively, of the Company’s assets were pledged for borrowings under the Credit Facility.

2027 Notes

On April 6, 2022, the Company issued $75.0 million in aggregate principal amount of senior unsecured notes due April 2027 with a fixed interest rate of 5.86% per year (the “2027 Notes”). The 2027 Notes were issued in a private placement to certain qualified institutional investors, pursuant to the terms of the Master Note Purchase Agreement, dated as of April 6, 2022 (the “Note Purchase Agreement”). The 2027 Notes will mature on April 6, 2027, unless redeemed, purchased or prepaid prior to such date in accordance with their terms. In the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.86% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

Interest on the 2027 Notes is due semiannually on April 6 and October 6 each year, beginning on October 6, 2022. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $142.8 million, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2021. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the 2027 Notes.

The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.5 million and $0.6 million of deferred issuance cost as of September 30, 2024 and December 31, 2023, respectively, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of September 30, 2024 and December 31, 2023, the fair value of the 2027 Notes was $74.0 million and $71.3 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of September 30, 2024 and December 31, 2023:


Liability (in thousands)	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Credit Facility	$	—	$	—	$	80,500	$	80,500	$	—	$	—	$	87,500	$	87,500
2027 Notes	—		—		73,993		73,993		—		—		71,333		71,333
Total	$	—	$	—	$	154,493	$	154,493	$	—	$	—	$	158,833	$	158,833

Note 7. Commitments and Contingencies

Commitments

As of September 30, 2024 and December 31, 2023, the Company’s unfunded commitments totaled $63.9 million to 21 portfolio companies and $72.2 million to 25 portfolio companies, respectively, of which $44,000 and $6.3 million, respectively, were dependent upon the applicable portfolio company reaching certain milestones before the debt commitment becomes available to them.

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

The following table shows the Company’s unfunded commitments by portfolio company as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Activehours, Inc.	$	10,000	$	41	$	10,000	$	—
Etched.ai, Inc.	10,000		350		—		—
Luxury Presence, Inc.	7,000		74		6,000		65
Karat Financial Technologies, Inc.	6,719		84		6,719		84
Cresta Intelligence, Inc.	5,000		16		—		—
Thoughtful Automation, Inc.	4,061		39		—		—
Haven Energy Inc.	2,700		14		—		—
Headout Inc.	2,649		20		—		—
Earth Funeral Group, Inc.	2,570		66		—		—
Planet A Foods GmbH	2,232		43		—		—
Panorama Education, Inc.	2,140		2		—		—
Join Digital, Inc.	2,100		41		—		—
Ocrolus Inc.	1,714		22		—		—
Overtime Sports, Inc.	1,143		8		1,143		8
Hover Inc.	1,000		14		—		—
Quantum Circuits, Inc.	1,000		10		—		—
Mirelo AI GmbH	926		18
Idelic, Inc.	400		4		1,200		7
Worldwide Freight Logistics Ltd.	268		4		345		10
Flashparking, Inc.	250		1		—		—
Ephemeral Solutions, Inc.	44		1		—		—
Dance GmbH	—		8		—		—
Encore Music Technologies, Inc.	—		2		—		1
Perry Health, Inc.	—		—		8,000		97
Ever/Body Inc.	—		—		6,200		102
Prose Beauty, Inc.	—		—		6,000		215
Machinify, Inc.	—		—		5,000		58
Placemakr, Inc.	—		—		5,000		168
JOKR	—		—		3,748		238
Parsable, Inc.	—		—		2,667		37
Firemaps, Inc.	—		—		2,000		43
FireHydrant, Inc.	—		—		1,200		29
McN Investments Ltd.	—		—		1,000		5
Pair Eyewear, Inc.	—		—		1,000		10
Substack, Inc.	—		—		1,000		13
Tempus Ex Machina, Inc.	—		—		1,000		—
Virtual Facility, Inc.	—		—		1,000		—
Highbeam, Inc.	—		—		813		10
Construction Finance Corporation	—		—		575		10
OnSiteIQ, Inc.	—		—		334		5
Forum Brands, LLC	—		—		147		5
Allplants LTD	—		—		102		4
Total	$	63,916	$	882	$	72,193	$	1,224

_______________

(1)As of September 30, 2024 and December 31, 2023, the Company did not have any backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.

The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated 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 September 30,				For the Nine Months Ended September 30,
Commitments Activity (in thousands)	2024		2023		2024		2023
Unfunded commitments at beginning of period(1)	$	58,223	$	88,138	$	72,193	$	142,102
New commitments(1)	42,674		33,735		111,113		102,954
Fundings	(26,071)		(13,393)		(87,674)		(73,358)
Repayments under existing revolvers	—		10,874		—		11,116
Expirations / Terminations	(10,979)		(15,530)		(31,781)		(79,136)
Foreign currency adjustments	69		(24)		65		122
Unfunded commitments and backlog of potential future commitments at end of period	$	63,916	$	103,800	$	63,916	$	103,800
Backlog of potential future commitments	—		—		—		—
Unfunded commitments at end of period	$	63,916	$	103,800	$	63,916	$	103,800

_______________

(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 September 30, 2024 and December 31, 2023:


Unfunded Commitments(1) (in thousands)	September 30, 2024		December 31, 2023
Dependent on milestones	$	44	$	6,300
Expiring during:
2024	20,431		64,331
2025	33,095		7,862
2026	10,390		—
Unfunded commitments	$	63,916	$	72,193

_______________

(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 September 30, 2024 and December 31, 2023, the Company did not have any backlog of potential future commitments.

Note 8. Financial Highlights

The following table shows the financial highlights for the nine months ended September 30, 2024 and 2023:


	For the Nine Months Ended September 30,
Financial Highlights (in thousands, except share and per share data)	2024			2023
Per Share Data(1)
Net asset value at beginning of period	$	12.24		$	14.00
Changes in net asset value due to:
Net investment income	1.15			1.61
Net realized gains/(losses) on investments	(0.39)			(0.92)
Net change in unrealized losses on investments	(0.28)			(0.44)
Distributions to common shareholders	(0.88)			(0.84)
Net asset value at end of period	$	11.84		$	13.41

Net investment income per common share	1.15			$	1.61
Net increase in net assets resulting from operations per common share	$	0.48		$	0.25
Weighted average shares of common stock outstanding for period	23,689,363			20,297,200
Shares of common stock outstanding at end of period	23,689,363			20,297,200

Ratios / Supplemental Data(2)
Net asset value at end of period	$	281,015		$	272,654
Average net asset value	$	288,786		$	284,094
Total return based on net asset value per share(3)	3.9		%	1.8		%
Net investment income to average net asset value(4)	12.7		%	15.4		%
Net increase in net assets to average net asset value(4)	5.3		%	2.4		%
Ratio of expenses to average net asset value(4)	9.6		%	9.7		%
Operating expenses excluding incentive fees to average net asset value(4)	9.6		%	9.7		%

_____________

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

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

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

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average portfolio yield on debt investments for the nine months ended September 30, 2024 and 2023:


	For the Nine Months Ended September 30,
Ratios (Percentages, on an annualized basis)(1)	2024		2023
Weighted average portfolio yield on debt investments(2)	15.4	%	16.4	%
Coupon income	11.7	%	12.7	%
Accretion of discount	1.1	%	1.3	%
Accretion of end-of-term payments	1.7	%	1.9	%
Impact of prepayments during the period	0.9	%	0.5	%

_____________

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

(2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to 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 September 30,				For the Nine Months Ended September 30,
Basic and Diluted Share Information (in thousands, except share and per share data)	2024		2023		2024		2023
Net investment income	$	8,054	$	10,326	$	27,361	$	32,655
Net increase (decrease) in net assets resulting from operations	2,931		$	6,798	11,367		5,116
Basic and diluted weighted average shares of common stock outstanding	23,689,363		20,297,200		23,689,363		20,297,200
Basic and diluted net investment income per share of common stock	$	0.34	$	0.51	$	1.15	$	1.61
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock	$	0.12	$	0.33	$	0.48	$	0.25

Note 10. Equity

During each of the three and nine months ended September 30, 2024 and 2023, the Company did not issue any shares of common stock through the Company’s private placement offering.

As of both September 30, 2024 and December 31, 2023, the Company had 23,689,363 shares of common stock outstanding. As of both September 30, 2024 and December 31, 2023, the Company had 525 shares of its Series A Preferred Stock outstanding.

As of September 30, 2024, the Company had received capital commitments totaling $386.8 million, of which $354.7 million had been funded, with the Company’s stockholders released from funding obligations for any remaining undrawn capital commitments effective upon the expiration of the Company’s investment period in December 2023, subject to limited exceptions set forth in the stockholders’ subscription agreements with the Company.

Note 11. Common Distributions

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

For the tax years ended December 31, 2023 and 2022, the Company was subject to a 4% U.S. federal excise tax, and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with U.S. income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $0.6 million and $0.3 million for the years ended December 31, 2023 and 2022, respectively.

The following table shows the Company’s cash distributions per common share that have been authorized by the Board since commencement of operations to September 30, 2024:

Date Declared

Record Date

Payment Date

Per Share Amount

November 12, 2020

November 13, 2020

November 20, 2020

0.15

December 21, 2020

December 22, 2020

December 30, 2020

0.30

December 21, 2020

December 22, 2020

December 30, 2020

0.14

(1)

May 12, 2021

May 13, 2021

May 19, 2021

0.30

August 11, 2021

August 13, 2021

August 27, 2021

0.30

October 29, 2021

November 1, 2021

November 12, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.10

(2)

April 28, 2022

May 13, 2022

May 19, 2022

0.33

July 26, 2022

August 5, 2022

August 26, 2022

0.40

October 28, 2022

November 1, 2022

November 11, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.40

December 9, 2022

December 15, 2022

December 30, 2022

0.10

(2)

April 27, 2023

May 12, 2023

May 19, 2023

0.42

July 27, 2023

August 4, 2023

August 25, 2023

0.42

October 27, 2023

October 30, 2023

November 15, 2023

0.47

December 5, 2023

December 12, 2023

December 29, 2023

0.47

December 5, 2023

December 12, 2023

December 29, 2023

0.12

(2)

April 25, 2024

April 29, 2024

May 17, 2024

0.47

August 1, 2024

August 5, 2024

August 23, 2024

0.41

Total cash distributions

6.30

_____________

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

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

It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company’s consolidated statements of operations during the three and nine months ended September 30, 2024. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or defer the payment of distributions associated with the excess taxable income for future calendar years.

Note 12. Subsequent Events

Distribution

On October 31, 2024, the Board declared a $0.41 per share distribution to the Company’s common stockholders, payable on November 15, 2024 to stockholders of record on November 1, 2024.

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

•the ability of our portfolio companies to obtain financing on attractive terms or at all;

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

•the declaration, payment, amount and/or timing of future dividends or distributions.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•changes in laws and regulations, changes in political, economic or industry conditions, and changes in the interest rate environment or other conditions affecting the financial and capital markets;

•the potential 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;

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

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

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

Overview

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

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

Portfolio Composition, Investment Activity and Asset Quality

Portfolio Composition

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

The following tables show certain information relating to the composition of our portfolio as of September 30, 2024 and December 31, 2023:


	September 30, 2024
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	361,017	$	346,056	$	(14,961)	222	80
Warrant investments	15,122		18,313		3,191		202	145
Equity investments	17,651		16,472		(1,179)		68	54
Total investments in portfolio companies	$	393,790	$	380,841	$	(12,949)	492	161	(1)

_______________

(1)Represents non-duplicative number of companies.


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

_______________

(1)Represents non-duplicative number of companies.

The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of September 30, 2024 and December 31, 2023:


	September 30, 2024
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	80,640	21.2	%
Business/Productivity Software	32,525		8.5
E-Commerce - Clothing and Accessories	28,693		7.5
Real Estate Services	26,246		6.9
Business Products and Services	23,917		6.3
Business Applications Software	22,035		5.8
E-Commerce - Personal Goods	19,760		5.2
Healthcare Services	16,883		4.4
Healthcare Technology Systems	14,800		3.9
Financial Software	9,992		2.6
Information Services (B2C)	9,419		2.5
Computer Hardware	9,373		2.5
Consumer Non-Durables	9,035		2.4
Infrastructure	8,849		2.3
Energy	8,515		2.2
Other Financial Services	7,937		2.1
Social/Platform Software	6,833		1.8
Network Management Software	5,708		1.5
Communications and Networking	4,933		1.3
Human Capital Services	4,414		1.2
Multimedia and Design Software	4,265		1.1
Aerospace and Defense	3,984		1.0
Entertainment Software	3,908		1.0
Educational Software	3,145		0.8
Food Products	2,722		0.7
Medical Software and Information Services	2,578		0.7
Application Software	2,492		0.7
Environmental Services	1,480		0.4
Life and Health Insurance	1,278		0.3
Business to Business Marketplace	880		0.2
Consumer Finance	761		0.2
Information Technology	750		0.2
Software Development Applications	735		0.2
Database Software	504		0.1
Elder and Disabled Care	486		0.1
Financial Services	150		*
General Media and Content	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Cultivation	—		*
Home Furnishings	—		*
Household Products	—		*
Total portfolio company investments	$	380,841	100.0	%

_______________

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


	December 31, 2023
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	57,610	14.4	%
Real Estate Services	38,416		9.6
E-Commerce - Clothing and Accessories	35,449		8.9
Business Products and Services	33,509		8.4
Business Applications Software	30,910		7.7
Business/Productivity Software	30,573		7.6
E-Commerce - Personal Goods	28,177		7.0
Healthcare Technology Systems	20,151		5.0
Energy	14,984		3.7
Life and Health Insurance	9,558		2.4
Information Services (B2C)	9,306		2.3
Healthcare Services	9,078		2.3
Other Financial Services	8,591		2.1
Infrastructure	8,487		2.1
Computer Hardware	8,143		2.0
Social/Platform Software	7,508		1.9
Multimedia and Design Software	6,572		1.6
Financial Software	5,846		1.5
Application Software	5,290		1.3
Network Management Software	5,133		1.3
Aerospace and Defense	4,523		1.1
Human Capital Services	4,380		1.1
Entertainment Software	4,044		1.0
Consumer Non-Durables	3,450		0.9
Food Products	2,488		0.6
Medical Software and Information Services	2,434		0.6
Consumer Finance	1,756		0.4
Cultivation	1,317		0.3
Business to Business Marketplace	880		0.2
Software Development Applications	526		0.1
Elder and Disabled Care	486		0.1
Database Software	254		0.1
Financial Services	150		*
General Media and Content	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Household Products	—		*
Total portfolio company investments	$	400,195	100.0	%

_____________

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

The following table shows the financing product type of our debt investments as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
Debt Investments By Financing Product (dollars in thousands)	Fair Value		Percentage of Total Debt Investments		Fair Value		Percentage of Total Debt Investments
Growth capital loans	$	325,230	94.0	%	$	350,862	93.5	%
Revolver loans	19,729		5.7		23,078		6.2
Convertible notes	1,097		0.3		1,085		0.3
Total debt investments	$	346,056	100.0	%	$	375,025	100.0	%

Growth capital loans in which the borrower held a term loan facility with another lender, with or without an accompanying revolving loan, in priority to our senior lien represented 15.5% and 24.3% of our debt investments at fair value as of September 30, 2024 and December 31, 2023, respectively.

Investment Activity

During the three months ended September 30, 2024, we entered into debt commitments with 5 new and 10 existing portfolio companies totaling $42.7 million, funded debt investments to 9 portfolio companies for $26.2 million in principal value, acquired warrant investments representing $0.5 million of fair value and made direct equity investments of $1.5 million. Debt investments funded during the three months ended September 30, 2024 carried a weighted average annualized portfolio yield of 14.5% at origination.

During the three months ended September 30, 2023, we entered into debt commitments with 5 new and 6 existing portfolio companies totaling $33.7 million, funded debt investments to 11 portfolio companies for $13.4 million in principal value and acquired warrant investments representing $0.7 million of fair value. Debt investments funded during the three months ended September 30, 2023 carried a weighted average annualized portfolio yield of 15.2% at origination.

During the nine months ended September 30, 2024, we entered into debt commitments with 11 new portfolio companies and 14 existing portfolio companies totaling $111.1 million, funded debt investments to 30 portfolio companies for $88.4 million in principal value, acquired warrant investments representing $2.5 million of fair value, and made direct equity investments of $3.4 million. Debt investments funded during the nine months ended September 30, 2024 carried a weighted average annualized portfolio yield of 15.7% at origination.

During the nine months ended September 30, 2023, we entered into debt commitments with 14 new portfolio companies and 13 existing portfolio companies totaling $103.0 million, funded debt investments to 35 portfolio companies for $74.2 million in principal value, acquired warrant investments representing $1.8 million of fair value, and made direct equity investments of $0.8 million. Debt investments funded during the nine months ended September 30, 2023 carried a weighted average annualized portfolio yield of 15.4%1 at origination.

During the three months ended September 30, 2024, we received $10.0 million of principal prepayments and early repayments from 2 portfolio companies and $15.9 million of scheduled principal amortization. During the three months ended September 30, 2023, we received $14.0 million of principal prepayments and early repayments from 5 portfolio companies and $19.1 million of scheduled principal amortization.

During the nine months ended September 30, 2024, we received $49.9 million of principal prepayments and early repayments from 16 portfolio companies and $42.5 million of scheduled principal amortization. During the nine months ended September 30, 2023, we received $39.1 million of principal prepayments and early repayments from 12 portfolio companies and $28.5 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Beginning portfolio at fair value	$	382,206	$	448,085	$	400,195	$	441,376
New debt investments, net(1)	25,411		13,008		84,752		72,064
Scheduled principal amortization	(15,870)		(19,121)		(42,526)		(28,462)
Principal prepayments and early repayments	(10,000)		(14,000)		(49,898)		(39,071)
Accretion of debt investment fees	1,430		968		4,432		4,663
Payment-in-kind coupon	952		1,786		2,791		3,565
New warrant investments	542		691		2,500		1,772
New equity investments	1,450		—		3,392		780
Proceeds and dispositions from investments	(700)		—		(9,147)		—
Net realized losses	(2,129)		(89)		(8,940)		(19,874)
Net unrealized losses on investments	(2,451)		(3,551)		(6,710)		(9,036)
Ending portfolio at fair value	$	380,841	$	427,777	$	380,841	$	427,777

_______________

(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.

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.

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 September 30,				For the Nine Months Ended September 30,
Commitments and Fundings (in thousands)	2024		2023		2024		2023
Debt Commitments
New portfolio companies	$	19,603	$	26,000	$	52,625	$	61,750
Existing portfolio companies	15,324		7,735		60,740		41,204
Total(1)	$	34,927	$	33,735	$	113,365	$	102,954

Funded Debt Investments	$	26,203	$	13,393	$	88,440	$	74,194

Equity Investments	$	1,450	$	—	$	3,392	$	287

_______________

(1)Includes backlog of potential future commitments.

We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of September 30, 2024 and December 31, 2023, we did not have any backlog of potential future commitments.

Asset Quality

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

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. junior Avg

TriplePoint Global Venture Credit 10-Q2024 Q3 Quarterly report

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