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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________________________________________________________________
Form 10-Q
________________________________________________________________________________________________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024
OR
¨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)
________________________________________________________________________________________________________________________________________________
Maryland84-3383695
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
NoneNoneNone
________________________________________________________________________________________________________________________________________________
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.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




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, 2024December 31, 2023
(unaudited)
Assets
Investments at fair value (amortized cost of $393,790 and $406,433, respectively)
$380,841 $400,195 
Cash and cash equivalents59,548 45,398 
Restricted cash34 15,447 
Deferred credit facility costs2,261 2,988 
Prepaid expenses and other assets2,306 1,000 
Total assets$444,990 $465,028 
Liabilities
Revolving Credit Facility$80,500 $87,500 
2027 Notes, net74,488 74,350 
Base management fee payable1,552 1,471 
Other accrued expenses and liabilities7,435 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 value352,037 352,037 
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.

1


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,
2024202320242023
Investment income
Interest income from investments$14,146 $17,496 $44,430 $51,457 
Payment-in-kind interest income952 318 2,791 419 
Other income
Expirations/terminations of unfunded commitments313 141 509 1,340 
Other fees 76 457 151 
Total investment and other income15,411 18,031 48,187 53,367 
Operating expenses
Base management fee1,552 1,378 4,647 4,089 
Interest expense and amortization of fees4,536 4,463 12,163 12,703 
Administration agreement expenses500 517 1,672 1,482 
General and administrative expenses769 1,347 2,344 2,438 
Total operating expenses7,357 7,705 20,826 20,712 
Net investment income8,054 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 outstanding23,689,363 20,297,200 23,689,363 20,297,200 

See accompanying notes to consolidated financial statements.

2


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 valueTotal distributable earnings (loss)Net assets
Common stockPreferred stock
SharesPar valueSharesPar value
Balance at June 30, 202320,297,200 $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, 202320,297,200 $203 525 $ $310,370 $(37,919)$272,654 
Balance at December 31, 202220,297,200 $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, 202320,297,200 $203 525 $ $310,370 $(37,919)$272,654 
Balance at June 30, 202423,689,363 $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, 202423,689,363 $237 525 $ $352,037 $(71,259)$281,015 
Balance at December 31, 202323,689,363 $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, 202423,689,363 $237 525 $ $352,037 $(71,259)$281,015 

See accompanying notes to consolidated financial statements.

3


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
For the Nine Months Ended September 30,
20242023
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 investments99,874 67,533 
Payment-in-kind interest on investments(2,791)(1,888)
Net change in unrealized losses on investments6,673 8,839 
Net realized losses on investments9,321 18,700 
Amortization and accretion of premiums and discounts, net(3,093)(4,921)
Amortization of debt fees and issuance costs865 1,182 
Change in operating assets and liabilities:
Prepaid expenses and other assets(1,306)(280)
Base management fee payable81 66 
Other accrued expenses and liabilities(3,730)2,270 
Net cash provided by operating activities26,616 22,000 
Cash Flows from Financing Activities:
Borrowings under revolving credit facility36,500 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 period60,845 37,066 
Cash, cash equivalents and restricted cash at end of period$59,582 $40,796 
September 30, 2024September 30, 2023
Cash and cash equivalents$59,548 $30,310 
Restricted cash34 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.


4



TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
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)
12/27/20231,000 988 988 12/31/2027
Loft Orbital Solutions Inc.
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)
12/27/20231,000 988 988 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)
5/17/2022667 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)
7/21/2022700 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)
9/30/2022460 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)
2/6/2023173 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)
6/26/202410,069 9,911 10,013 6/1/2027
Morty, Inc.
Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 10.00% EOT payment)
12/21/20227,000 7,295 6,994 6/30/2026
Tide Platform Limited(1)(3)
Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)
11/13/2020484 795 802 12/31/2024
Tide Platform Limited(1)(3)
Revolver (10.25% interest rate, 4.00% EOT payment)
2/22/20211,768 1,814 1,708 4/30/2025
2,252 2,609 2,510 
Total Business Applications Software - 6.95%*
19,32119,81519,517
Business Products and Services
Alloy Technologies, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 13.75% floor, 5.00% EOT payment)
8/8/20241,500 1,467 1,467 8/31/2027
Cardless Inc.
Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)
11/18/2021228 263 263 11/30/2024
Cardless Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.75% EOT payment)
11/18/20214,200 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)
11/30/20216,582 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)
2/15/2022960 1,088 953 8/31/2025
Path Robotics, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)
4/25/20221,056 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)
8/1/2022493 529 489 1/31/2026
Path Robotics, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)
10/7/20222,060 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)
2/9/20244,858 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)
5/4/2022796 658 615 12/31/2028
Quick Commerce Ltd.(1)(3)
Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)(2)
10/19/2023133 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)
10/28/20212,422 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)
5/12/202342 42 9 8/31/2024
Rally Network, Inc.(7)
Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)
12/22/202325 25 5 8/31/2024

5


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Rally Network, Inc.(7)
Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)
6/14/20248 8 2 8/31/2024
Rally Network, Inc.(7)
Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)
7/26/202425 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)
6/15/2022199 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)
6/15/2022633 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)
10/20/2023244 249 273 10/31/2026
1,076 1,119 1,230 
Total Business Products and Services - 7.64%*
26,46426,92321,463
Business/Productivity Software
Construction Finance Corporation
Revolver (Prime + 6.75% interest rate, 15.25% floor, 2.50% EOT payment)(2)
12/29/20234,927 5,043 5,043 10/31/2024
FireHydrant, Inc.
Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)
5/23/20235,200 5,288 5,288 11/30/2026
FireHydrant, Inc.
Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)
8/21/20231,600 1,614 1,614 2/28/2027
FireHydrant, Inc.
Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)
2/9/2024600 596 596 8/31/2027
FireHydrant, Inc.
Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)
3/11/2024600 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)
9/14/20224,000 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)
11/15/20232,800 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)
4/9/20241,500 1,477 1,477 4/1/2027
Manufactured Networks, Inc.
Revolver (Prime + 7.25% interest rate, 15.75% floor)(2)
9/13/20233,286 3,286 3,286 9/30/2024
OnSiteIQ, Inc.
Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)
6/16/20232,416 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)
2/1/2024334 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)
6/18/20242,439 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)
12/1/20231,000 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)
8/6/20244,900 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)
8/4/20223,622 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)
8/4/20223,018 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)
8/4/20221,207 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)
10/17/202294 96 96 10/31/2026
Quantum Circuits, Inc.
Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)
1/27/2023283 286 286 1/31/2027
Quantum Circuits, Inc.
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)(2)
5/11/20231,000 1,023 1,023 11/30/2025

6


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
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)
12/30/20211,000 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)
10/31/2022575 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)
2/2/20246,000 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)
1/9/2023923 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)
1/26/2022750 800 800 1/31/2025
Baby Generation, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)
12/19/2022250 265 265 12/31/2024
Baby Generation, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)
3/30/2023875 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)
10/13/20222,032 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)
10/13/20221,223 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)
10/13/20221,328 1,344 1,588 4/30/2026
4,583 4,638 5,491 
Dance GmbH(1)(3)(7)
Growth Capital Loan(2)(9)
4/14/2022723 724 249 8/31/2031
Dance GmbH(1)(3)(7)
Growth Capital Loan(2)(9)
7/14/2022268 266 99 8/31/2031
Dance GmbH(1)(3)(7)
Growth Capital Loan(2)(9)
11/14/202269 67 25 8/31/2031
Dance GmbH(1)(3)(7)
Growth Capital Loan(2)(9)
3/15/2023529 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)
6/27/2022322 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)
8/12/2022107 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)
12/9/2022215 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)
3/1/2023322 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)
10/5/202311 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)
12/11/202318 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)
2/2/202459 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)
6/14/202433 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)
12/20/20224,800 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)
12/20/20222,250 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)
1/18/20243,200 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)
1/18/20243,000 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)
2/29/20244,444 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)
3/8/2024556 545 545 9/1/2027

7


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
FitOn, Inc.
Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)
6/28/2024500 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)
7/5/20221,334 1,369 899 8/31/2028
Flink SE(1)(3)
Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)
10/21/20221,334 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)
4/8/202210 11 11 4/30/2025
Foodology Inc.(1)(3)
Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)
5/16/202228 31 31 5/31/2025
Foodology Inc.(1)(3)
Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)
5/24/2022183 208 208 5/31/2025
Foodology Inc.(1)(3)
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.50% EOT payment)
4/28/2023372 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)
3/15/20242,351 2,322 2,322 3/1/2027
Hydrow, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)
2/9/20211,650 1,799 1,785 12/31/2024
Hydrow, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)
2/9/20213,300 3,593 3,564 12/31/2024
Hydrow, Inc.
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)
8/10/20215,025 5,441 5,370 2/28/2025
Hydrow, Inc.
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)
8/31/20215,025 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)
10/14/20211,252 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)
11/3/20214,604 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)
8/17/20221,046 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)
12/28/20221,472 1,528 1,528 12/31/2025
MA Micro Limited(1)(3)
Growth Capital Loan(2)(9)
12/31/20231,666 577 331 12/31/2026
MA Micro Limited(1)(3)
Convertible Note(2)(9)
12/31/20231,666 1,085 1,097 12/31/2028
MA Micro Limited(1)(3)
Growth Capital Loan(2)(9)
12/31/2023555 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)
6/6/2022635 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)
8/29/2022356 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)
6/30/2022525 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)
12/30/2022207 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)
2/28/2023172 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)
5/30/20242,500 2,440 2,440 5/1/2027
Placemakr, Inc.
Growth Capital Loan (Prime + 4.00% interest rate, 12.50% floor, 5.50% EOT payment)
5/30/20242,500 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)
3/25/2022350 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)
4/24/20245,015 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)
4/24/20242,507 2,300 2,388 4/1/2027
7,522 6,898 7,163 

8


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Spinn, Inc.(7)
Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)
2/24/2022794 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)
12/29/20233,886 1,217  10/31/2028
InFarm Technologies Limited(1)(3)(7)
Growth Capital Loan (6.00% interest rate)(2)
12/29/202315 15  10/31/2028
InFarm Technologies Limited(1)(3)(7)
Growth Capital Loan (6.00% interest rate)(2)
12/29/2023349 109  10/31/2028
InFarm Technologies Limited(1)(3)(7)
Growth Capital Loan (50.00% EOT payment)(2)
6/20/202422 22  9/20/2024
InFarm Technologies Limited(1)(3)(7)
Growth Capital Loan(2)(9)
9/20/20245 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)
9/29/20218,750 8,694 8,694 11/30/2027
Minted, Inc.
Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)
6/15/202210,000 10,243 10,243 6/30/2027
Fabletics, Inc.
Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)(2)
4/25/20241,278 1,144 1,144 4/25/2029
Trendly, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)
5/27/20216,500 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)
6/7/20221,000 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)
7/6/20211,669 1,713 1,582 7/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
7/21/2021263 275 249 7/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
8/10/2021315 329 299 8/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
10/6/20211,458 1,521 1,383 10/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
11/2/2021947 985 898 11/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
11/2/20212,540 2,643 2,409 11/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
12/28/2021848 884 804 6/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
12/28/2021324 338 307 6/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
12/28/202157 59 54 6/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
1/28/20221,836 1,908 1,741 7/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
4/14/2022700 721 663 10/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
4/14/2022263 271 250 10/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
9/21/20221,710 1,737 1,622 3/31/2026
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
11/1/20223,078 3,116 2,919 4/30/2026
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
12/22/2022184 185 174 6/30/2026
Forum Brands, LLC
Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)
11/1/2023180 178 178 10/31/2026
Forum Brands, LLC
Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)
11/13/20231,369 1,349 1,349 11/30/2026

9


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Forum Brands, LLC
Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)
12/28/2023104 102 102 12/31/2026
Forum Brands, LLC
Growth Capital Loan(9)
6/16/20212,179 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)
6/27/2024147 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)
7/30/20243,000 2,973 2,973 1/1/2027
Panorama Education, Inc.
Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)
7/30/2024160 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)
5/6/20221,319 1,216 1,216 11/30/2026
Arcadia Power, Inc.
Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)
6/29/20225,000 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)
4/20/20221,000 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)
7/28/202375 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)
11/20/202350 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)
5/17/20222,670 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)
3/1/20241,430 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)
8/14/20244,286 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)
8/14/2024550 540 540 8/31/2027
Wisetack, Inc.(1)
Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 6.75% EOT payment)
4/3/20235,000 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)
5/24/20211,393 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)
7/22/2021142 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)
9/1/2022933 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)
1/18/2023201 199 199 1/31/2027
Petfolk Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
5/19/2023176 174 174 5/31/2027
Petfolk Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
5/19/2023177 175 175 5/31/2027
Petfolk Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
8/16/2023247 244 244 8/31/2027

10


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Petfolk Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
10/6/2023187 185 185 10/31/2027
Petfolk Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)
10/6/202339 39 39 10/31/2027
Petfolk Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)
12/12/2023147 146 146 12/31/2027
Petfolk Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)
12/12/2023150 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)
6/22/20231,776 1,809 1,816 6/30/2026
OpenLoop Health, Inc.
Revolver (Prime + 1.50% interest rate, 9.25% floor, 4.00% EOT payment)(2)
6/22/20232,000 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)
11/20/20233,000 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)
9/30/20247,778 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)
7/14/20234,459 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)
6/12/20239,328 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)
6/14/2023702 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)
1/11/20233,000 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)
9/22/2023281 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)
5/4/20232,000 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)
5/4/20237,000 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)
5/27/20205,000 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)
5/27/20202,500 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)
12/30/2022500 510 510 12/31/2025
Angle Health, Inc.
Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)
3/24/2023500 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)
7/1/20212,493 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

11


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Hover Inc.
Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)
9/10/20244,000 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)
8/12/2021782 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)
9/30/2021534 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)
10/2/20234,545 4,518 4,518 10/1/2028
Skyflow Inc.
Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)
10/2/2023455 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)
6/13/2022500 524 520 9/30/2025
Jerry Services, Inc.
Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)
3/17/2023500 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)
8/23/20221,011 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)
4/4/20244,500 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)
4/30/20212,500 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)
3/18/20224,742 4,967 4,694 9/30/2025
7,242 7,635 7,215 
Homelight, Inc.
Growth Capital Loan (17.25% interest rate)(2)
12/30/2022500 496 493 12/31/2026
Homelight, Inc.
Growth Capital Loan (18.00% interest rate)(2)
5/22/2023250 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)
12/30/20214,000 4,229 4,033 6/30/2026
Homeward, Inc.
Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 2.25% EOT payment)
12/30/20221,056 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)
12/3/2021250 265 265 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)
12/3/2021800 841 841 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
12/3/2021220 233 233 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)
12/13/2021105 112 112 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
12/13/2021440 467 467 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
12/15/2021208 221 221 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)
12/15/2021150 160 160 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)
12/15/20211,372 1,442 1,442 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)
12/21/2021760 799 799 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
1/31/2022170 180 180 1/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)
2/25/2022116 123 123 2/28/2025

12


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
(dollars in thousands)
As of September 30, 2024
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
3/15/2022300 315 315 3/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
4/22/20221,110 1,163 1,163 4/30/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
4/22/2022991 1,038 1,038 4/30/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)
5/23/2022216 227 227 5/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)
7/19/2022200 206 206 7/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
7/19/2022100 104 104 7/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
12/5/2022150 154 154 12/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
12/5/2022361 370 370 12/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)
12/5/2022565 576 576 12/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)
5/23/2023240 242 242 5/31/2026
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
5/23/2023434 440 440 5/31/2026
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)
5/23/2023720 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)
11/30/2021903 922 830 5/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)
12/21/2021984 1,021 919 12/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)
12/21/20211,325 1,374 1,237 12/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)
12/21/20211,590 1,649 1,484 12/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)
12/21/20211,590 1,649 1,484 12/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)
12/27/2021795 825 742 12/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 9.00% interest rate, 17.50% floor, 4.00% EOT payment)(2)
12/18/2023111 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 

13


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Warrant Investments(8)(9)
Aerospace and Defense
Astranis Space Technologies Corp.
Preferred Stock(2)
5/27/202070,959 $95 $578 
Dedrone Holdings, Inc.
Preferred Stock(2)
3/2/202171,018 92 272 
LeoLabs, Inc.
Preferred Stock(2)
1/20/202272,837 66 76 
Loft Orbital Solutions Inc.Common Stock7/15/20226,747 58 92 
Total Aerospace and Defense - 0.36%*
311 1,018 
Application Software
Flo Health UK Limited(1)(3)
Preferred Stock(2)
5/10/20221,079 10 22 
Total Application Software - 0.01%*
10 22 
Business Applications Software
Dialpad, Inc.
Preferred Stock(2)
8/3/202014,490 51 12 
Filevine, Inc.
Preferred Stock(2)
4/20/202174,462 15 353 
FlashParking, Inc.Preferred Stock6/15/202193,767 366 582 
FlashParking, Inc.Preferred Stock9/30/202123,442 90 146 
FlashParking, Inc.Preferred Stock6/26/202425,838 70 70 
526 798 
Morty, Inc.Preferred Stock10/1/202188,980 66 4 
Narvar, Inc.
Preferred Stock(2)
8/28/202043,580 102 51 
Tide Holdings Limited(1)(3)
Preferred Stock11/13/202052,609 45 159 
Uniphore Technologies, Inc.
Common Stock(2)
12/22/202110,000 10 29 
Total Business Applications Software - 0.50%*
815 1,406 
Business Products and Services
Alloy Technologies, Inc.Preferred Stock9/9/202240,748 50 32 
Alloy Technologies, Inc.Preferred Stock8/8/202430,561 24 24 
74 56 
Cardless Inc.Common Stock11/18/202120,619 28 11 
Cart.com, Inc.
Common Stock(2)
12/30/20218,183 119 160 
Cart.com, Inc.
Preferred Stock(2)
3/31/2022907 6 10 
125 170 
Certamen Ventures Inc.Preferred Stock10/7/202190,266 42 42 
Certamen Ventures Inc.Preferred Stock12/1/2022229,881 85 97 
Certamen Ventures Inc.Preferred Stock12/15/2023538,703 205 232 
332 371 
Elsker, Inc.
Preferred Stock(2)
9/1/202135,492 18 16 
Path Robotics, Inc.Common Stock12/17/202140,579 130 72 
Phantom Auto Inc.
Preferred Stock(2)
7/12/2021141,409 315  
Phantom Auto Inc.
Preferred Stock(2)
7/12/202131,698 35  
Phantom Auto Inc.
Preferred Stock(2)
7/12/202122,188 24  
Phantom Auto Inc.
Preferred Stock(2)
2/9/202434,288   
374  
RedFish Labs, Inc.
Preferred Stock(2)
11/23/202153,862 122 140 
SubStack, Inc.
Preferred Stock(2)
7/13/20221,141 6 6 
Vecna Robotics, Inc.
Common Stock(2)
12/16/202251,590 308 70 
Worldwide Freight Logistics Limited(1)(3)
Preferred Stock(2)
6/15/20221,502 25 28 
Worldwide Freight Logistics Limited(1)(3)
Preferred Stock(2)
5/30/2023542 9 10 
34 38 
Total Business Products and Services - 0.34%*
1,551 950 
Business to Business Marketplace
Material Technologies Corporation
Preferred Stock(2)
8/24/202023,576 156 140 
Total Business to Business Marketplace - 0.05%*
156 140 
Business/Productivity Software

14


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Construction Finance Corporation
Preferred Stock(2)
7/8/202238,060 14 20 
Construction Finance Corporation
Preferred Stock(2)
12/29/2023126,868 48 67 
62 87 
Cresta Intelligence Inc.
Common Stock(2)
6/6/20244,967 4 11 
FireHydrant, Inc.Preferred Stock5/23/2023347,863 115 188 
Highbeam, Inc.
Common Stock(2)
2/10/202340,380 2 6 
Idelic Inc.Preferred Stock12/10/202130,551 46 5 
Idelic Inc.
Preferred Stock(2)
11/15/202336,661 13 7 
59 12 
Luxury Presence, Inc.Preferred Stock9/20/202311,215 58 36 
Machinify, Inc.
Common Stock(2)
8/25/202327,040 36 36 
Manufactured Networks, Inc.
Preferred Stock(2)
5/6/202299,657 89 41 
Manufactured Networks, Inc.
Preferred Stock(2)
9/13/202373,666 25 22 
114 63 
Metropolis Technologies, Inc.
Common Stock(2)
3/30/20223,495 3 42 
OnSiteIQ, Inc.Common Stock6/16/2023102,864 14 46 
Strata Identity, Inc.
Preferred Stock(2)
11/3/20214,297 4 4 
Thoughtful Automation Inc.Preferred Stock6/18/202436,745 62 49 
Virtual Facility, Inc.
Preferred Stock(2)
10/3/202354,775 16 16 
Total Business/Productivity Software - 0.21%*
549 596 
Commercial Services
Dumpling, Inc.
Preferred Stock(2)
9/30/202017,003 6 6 
Total Commercial Services - %*
6 6 
Communications and Networking
Join Digital, Inc.Common Stock8/6/202447,770 74 74 
Total Communications and Networking - 0.03%*
74 74 
Communication Software
Hiya, Inc.
Preferred Stock(2)
5/27/2020115,073 54 54 
Total Communication Software - 0.02%*
54 54 
Computer Hardware
Canvas Construction Inc.
Preferred Stock(2)
11/30/202192,940 79  
Swift Navigation, Inc.
Preferred Stock(2)
7/30/202046,589 39 109 
Quantum Circuits, Inc.
Preferred Stock(2)
4/29/202231,067 40 41 
Grey Orange International Inc.
Preferred Stock(2)
3/16/202126,386 92 61 
Total Computer Hardware - 0.08%*
250 211 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
10/8/202049,296 129 319 
Activehours, Inc.
Preferred Stock(2)
9/30/20216,162 16 40 
Activehours, Inc.
Preferred Stock(2)
12/30/202214,800 80 96 
Activehours, Inc.
Preferred Stock(2)
4/19/20243,907 16 16 
241 471 
Upgrade, Inc.
Preferred Stock(2)
5/27/2020273,738 44 109 
Vestwell Holdings Inc.
Preferred Stock(2)
9/3/202136,715 54 30 
Total Consumer Finance - 0.22%*
339 610 
Consumer Non-Durables
Athletic Greens International, Inc.
Preferred Stock(2)
6/3/2022113 4 4 
Don't Run Out, Inc.
Preferred Stock(2)
12/30/202118,398 14 6 
Don't Run Out, Inc.
Preferred Stock(2)
10/31/202224,531 16 7 
30 13 
Prose Beauty, Inc.Common Stock12/18/202349,020 311 479 
Trueskin GmbH(1)(3)
Preferred Stock(2)
4/13/202220 9 9 
Total Consumer Non-Durables - 0.18%*
354 505 

15


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Consumer Products and Services
Baby Generation, Inc.Common Stock1/26/202213,587 10 10 
The Black Tux, Inc.
Preferred Stock(2)
11/5/2021142,939 139 460 
Bloom and Wild Midco 2 Limited(1)(3)
Ordinary Shares(2)
10/7/2022192 9  
Dance Gmbh(1)(3)
Preferred Stock(2)
3/31/202235 37  
Dance Gmbh(1)(3)
Preferred Stock(2)
2/21/202345 21  
Dance Gmbh(1)(3)
Common Stock(2)
3/21/202434 8  
66  
Elektra Mobility Inc.(11)
Preferred Stock(2)
5/6/2022   
Elodie Games, Inc.
Preferred Stock(2)
9/16/202122,874 48 48 
Ephemeral Solutions, Inc.
Common Stock(2)
2/24/20222,286 12  
Ephemeral Solutions, Inc.
Common Stock(2)
2/2/2024135,353 1 1 
13 1 
Ever/Body, Inc.Preferred Stock9/7/2021357,970 175 57 
Everdrop GmbH(1)(3)
Preferred Stock(2)
3/16/202214 24 25 
FitOn, Inc.
Common Stock(2)
2/29/202433,548 74 74 
FitOn, Inc.
Common Stock(2)
6/26/20243,355 7 7 
81 81 
Flink SE(1)(3)
Preferred Stock(2)
4/13/202218 23  
Flink SE(1)(3)(11)
Preferred Stock(2)
8/21/2024   
23  
Foodology Inc.(1)(3)
Preferred Stock3/25/20222,869 12 9 
Headout Inc.Common Stock3/15/20248,991 58 20 
Hydrow, Inc.Common Stock2/9/202174,157 70  
Hydrow, Inc.Preferred Stock8/6/202122,299 35  
Hydrow, Inc.Preferred Stock8/6/202113,936 25  
130  
Immersive Group Gaming LTD(1)
Preferred Stock(2)
7/12/2021451,039 115 86 
JOKR S.a.r.l.(1)(3)
Preferred Stock5/10/202414,763 538 240 
JOKR S.a.r.l.(1)(3)
Preferred Stock5/10/20245,905 96 96 
634 336 
Lower Holding CompanyPreferred Stock12/28/202236,608 47 7 
Nakdcom One World AB(1)(3)
Preferred Stock(2)
6/6/202214,709 20  
Nakdcom One World AB(1)(3)
Preferred Stock(2)
9/29/202314,709 26 28 
Nakdcom One World AB(1)(3)
Preferred Stock(2)
12/28/202315,000   
Nakdcom One World AB(1)(3)
Preferred Stock(2)
12/28/202345,000 79 84 
125 112 
Pair Eyewear, Inc.
Common Stock(2)
7/12/20222,288 5 7 
Placemakr, Inc.Preferred Stock8/25/202331,796 118 75 
Planet A Foods GmbH(1)(3)
Preferred Stock(2)
6/1/202213,722 30 30 
Planet A Foods GmbH(1)(3)
Preferred Stock(2)
8/27/2024139,560   
30 30 
Project 1920, Inc.
Preferred Stock(2)
3/25/20222,823 2  
Roadsurfer GmbH(1)(3)
Preferred Stock(2)
4/23/202490 669 697 
Spinn, Inc.
Preferred Stock(2)
2/24/20228,142 10  
Tempo Interactive Inc.
Preferred Stock(2)
3/31/20214,413 25 4 
Tripscout, Inc.
Preferred Stock(2)
8/12/202137,532 7 7 
Well Dot, Inc.
Preferred Stock(2)
12/18/202012,680 55 67 
Well Dot, Inc.
Preferred Stock(2)
3/29/20222,026 9 9 
64 76 
Total Consumer Products and Services - 0.76%*
2,639 2,148 
Database Software
Cohesity, Inc.
Preferred Stock(2)
5/27/20203,789 21 21 
SiSense, Inc.
Success Fee(2)
12/28/2021 95 233 
Total Database Software - 0.09%*
116 254 

16


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
E-Commerce - Clothing and Accessories
FabFitFun, Inc.Preferred Stock9/23/202181,572 217 77 
FabFitFun, Inc.Common Stock9/29/202360,692 194 160 
411 237 
Minted, Inc.Preferred Stock9/30/202029,702 300 143 
Trendly, Inc.Preferred Stock5/27/2021191,580 115 199 
Total E-Commerce - Clothing and Accessories - 0.21%*
826 579 
E-Commerce - Personal Goods
Forum Brands, LLCPreferred Stock7/6/202114,143 146 44 
Forum Brands, LLCPreferred Stock12/23/202112,964 188 41 
Forum Brands, LLCPreferred Stock10/11/20232,829 42 9 
376 94 
Merama Inc.
Preferred Stock(2)
4/28/202171,728 589 563 
Total E-Commerce - Personal Goods - 0.23%*
965 657 
Educational Software
Panorama Education, Inc.
Preferred Stock(2)
7/30/20242,577 14 14 
Total Educational Software - 0.00%*
14 14 
Elder and Disabled Care
Honor Technology, Inc.
Preferred Stock(2)
5/27/2020130,618 50 192 
Total Elder and Disabled Care - 0.07%*
50 192 
Energy
Arcadia Power, Inc.Preferred Stock12/10/202130,810 77 79 
Arcadia Power, Inc.Preferred Stock6/29/202219,795 117 29 
194 108 
Kobold Metals Company
Preferred Stock(2)
7/16/202137,287 37 1,035 
Total Energy - 0.41%*
231 1,143 
Entertainment Software
Encore Music Technologies, Inc.
Preferred Stock(2)
4/14/202215,280 15  
Encore Music Technologies, Inc.
Preferred Stock(2)
5/16/20234,475 1  
Encore Music Technologies, Inc.
Common Stock(2)
5/31/202479,668 1 1 
17 1 
FRVR Limited(1)(3)
Preferred Stock(2)
5/17/202237,335 60 38 
FRVR Limited(1)(3)
Preferred Stock(2)
5/17/202453,335 33 54 
93 92 
Total Entertainment Software - 0.03%*
110 93 
Environmental Services
Earth Funeral Group, Inc.Preferred Stock3/1/2024143,196 63 63 
Total Environmental Services - 0.02%*
63 63 
Financial Software
Ocrolus Inc.Common Stock8/14/202470,132 58 58 
Parker Group Inc.Common Stock4/6/20225,334 17 9 
Parker Group Inc.Common Stock8/14/20242,491 5 5 
22 14 
Wisetack, Inc.(1)
Common Stock12/21/202223,086 84 36 
Zolve Innovations Inc.
Preferred Stock(2)
7/28/20223,172 9 9 
Total Financial Software - 0.04%*
173 117 
Food Products
AllPlants Ltd(1)(3)
Preferred Stock(2)
5/6/202174,534 154 80 
AllPlants Ltd(1)(3)
Preferred Stock(2)
5/29/202417,620 18 19 
Total Food Products - 0.04%*
172 99 
General Media and Content

17


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Overtime Sports, Inc.
Preferred Stock(2)
5/4/20222,234 5 5 
Total General Media and Content - %*
5 5 
Healthcare Services
Found Health, Inc.
Preferred Stock(2)
3/25/20222,465 1 1 
Levels Health Inc.
Preferred Stock(2)
9/3/202147,162 37 216 
OpenLoop Health, Inc.Preferred Stock6/16/202311,186 51 81 
OpenLoop Health, Inc.
Preferred Stock(2)
6/16/20235,593 25 40 
OpenLoop Health, Inc.Preferred Stock11/20/202316,779 89 121 
OpenLoop Health, Inc.Preferred Stock9/30/202443,625 315 315 
480 557 
Perry Health, Inc.
Preferred Stock(2)
5/31/2023184,258 79 79 
Petfolk Inc.
Preferred Stock(2)
6/10/2022169,684 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)
10/30/2023118,190 253  
Capsule CorporationPreferred Stock5/27/202045,008 119 8 
Curology, Inc.
Preferred Stock(2)
5/27/202012,007 19 7 
K Health, Inc.Common Stock7/14/202361,224 187 263 
Noho Dental, Inc.
Preferred Stock(2)
11/3/202056 228  
SafelyYou Inc.
Preferred Stock(2)
1/21/202169,346 21 187 
Total Healthcare Technology Systems - 0.17%*
827 465 
Household Products
Grove Collaborative, Inc.
Preferred Stock(2)
5/27/202033,038 72  
Total Household Products - %*
72  
Human Capital Services
Eightfold AI Inc.
Preferred Stock(2)
5/27/202069,577 186 336 
Karat Financial Technologies Incorporated
Preferred Stock(2)
6/18/2021156,720 91 713 
Karat Financial Technologies Incorporated
Preferred Stock(2)
1/11/20238,012 18 18 
109 731 
WorkStep Inc.
Preferred Stock(2)
5/6/202117,244 12 31 
Total Human Capital Services - 0.39%*
307 1,098 
Information Services (B2C)
Cleo AI Ltd.(1)(3)
Preferred Stock(2)
5/27/202041,041 82 66 
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)Preferred Stock5/1/202353,879 38 22 
Kasa Living, Inc.
Preferred Stock(2)
4/12/202125,832 72 69 
Total Information Services (B2C) - 0.06%*
192 157 
Information Technology
Etched.ai, Inc.
Preferred Stock(2)
4/19/202430,757 250 250 
Total Information Technology - 0.09%*
250 250 
Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)
Preferred Stock5/27/20202,775 90 93 
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)
Preferred Stock8/26/20222,439 65 105 
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)
Preferred Stock9/29/20231,951 84 84 
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)
Preferred Stock4/5/20244,476 84 270 
Total Infrastructure - 0.20%*
323 552 
Life and Health Insurance
Angle Health, Inc.
Preferred Stock(2)
3/18/2022140,450 29 28 
Beam Technologies Inc.
Preferred Stock(2)
5/27/20205,344 57 107 
Sidecar Health, Inc.
Preferred Stock(2)
8/26/202132,620 34 41 
Total Life and Health Insurance - 0.06%*
120 176 

18


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Logistics
Passport Labs, Inc.
Common Stock(2)
5/27/20202,102 51 51 
Total Logistics - 0.02%*
51 51 
Medical Software and Information Services
HI LLC (Kernel)Preferred Stock12/21/202049,425 48  
HI LLC (Kernel)Common Stock2/28/2023175,000 44 2 
Total Medical Software and Information Services - %*
92 2 
Multimedia and Design Software
Hover Inc.Preferred Stock9/30/202245,910 77 90 
Hover Inc.Preferred Stock9/10/20249,182 18 18 
95 108 
Spire Animation Studios, Inc.Preferred Stock5/12/202121,084 80  
Spire Animation Studios, Inc.Preferred Stock9/30/202127,559 105  
185  
Total Multimedia and Design Software - 0.04%*
280 108 
Network Management Software
Callsign, Inc.(1)(3)
Preferred Stock(2)
5/27/202021,604 180 180 
Skyflow Inc.Preferred Stock6/26/202339,890 31 34 
Skyflow Inc.Preferred Stock9/27/202415,956 25 13 
56 47 
Total Network Management Software - 0.08%*
236 227 
Other Financial Services
Aven Holdings, Inc.(1)
Common Stock(2)
5/16/202335,857 361 343 
Jerry Services, Inc.
Preferred Stock(2)
6/13/20222,235 8 6 
N26 GmbH(1)(3)
Preferred Stock(2)
10/15/20216 173 130 
Relay Commerce, Inc.
Preferred Stock(2)
8/22/2022123,047 60 95 
Relay Commerce, Inc.
Preferred Stock(2)
5/18/202312,305 4 9 
Relay Commerce, Inc.
Preferred Stock(2)
9/29/202324,610 7 19 
Relay Commerce, Inc.
Preferred Stock(2)
4/4/202436,200 26 26 
97 149 
Total Other Financial Services - 0.22%*
639 628 
Real Estate Services
Belong Home, Inc.
Preferred Stock(2)
2/15/20227,730 6 15 
Divvy Homes Inc.
Preferred Stock(2)
10/27/2020128,289 470 1,124 
Firemaps, Inc.
Preferred Stock(2)
5/31/202324,539 33 33 
Homelight, Inc.
Preferred Stock(2)
7/27/20223,988 8 7 
Homeward, Inc.Preferred Stock12/10/202138,302 148 3 
McN Investments Ltd.(1)(3)
Preferred Stock(2)
5/27/20221,874 15 6 
Roofstock, Inc. (f/k/a Mynd Management, Inc.)
Preferred Stock(2)
5/27/202026,362 83 107 
Roofstock, Inc. (f/k/a Mynd Management, Inc.)
Preferred Stock(2)
5/25/20223,279 1 11 
Roofstock, Inc. (f/k/a Mynd Management, Inc.)
Preferred Stock(2)
6/29/202334,977 11 120 
95 238 
Side, Inc.
Preferred Stock(2)
7/29/202071,501 57 583 
True Footage, Inc.Preferred Stock11/24/202188,762 122 287 
Total Real Estate Services - 0.82%*
954 2,296 
Social/Platform Software
ClassPass Inc.
Preferred Stock(2)
5/27/202014,085 43 25 
Sylva, Inc.Preferred Stock7/12/202144,872 30 4 
Sylva, Inc.Preferred Stock12/21/202144,872 30 4 
60 8 
Total Social/Platform Software - 0.01%*
103 33 
Software Development Applications

19


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Appex Group, Inc.
Preferred Stock(2)
11/15/202162,115 132 173 
Appex Group, Inc.
Preferred Stock(2)
4/14/202211,004 36 36 
168 209 
Forte Labs, Inc.
Preferred Stock(2)
12/30/2020318,571 65 223 
Total Software Development Applications - 0.15%*
233 432 
Total Warrant Investments - 6.52%*
$15,122 $18,313 

20


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Equity
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Equity Investments(9)
Application Software
Flo Health, Inc.(1)(3)
Preferred Stock(2)
7/18/20248,387 $500 $500 
Total Application Software - 0.18%*
500 500 
Business Applications Software
DialPad, Inc.
Preferred Stock(2)
9/22/20209,016 70 62 
Filevine, Inc.
Preferred Stock(2)
2/4/202222,541 143 195 
Flashparking, Inc.
Preferred Stock(2)
7/19/202219,870 272 268 
Tide Platform Limited(1)(3)
Preferred Stock(2)
8/19/202143,338 515 505 
Uniphore Technologies, Inc.
Preferred Stock(2)
1/28/20228,066 100 82 
Total Business Applications Software - 0.40%*
1,100 1,112 
Business Products and Services
Certamen Ventures Inc.
Preferred Stock(2)
3/4/202297,195 200 136 
Cresta Intelligence Inc.
Preferred Stock(2)
9/30/202455,441 250 250 
Elsker, Inc.
Preferred Stock(2)
7/5/202244,444 55 55 
MXP Prime Platform GmbH(1)(3)
Common Stock(2)
2/15/202283 570 6 
MXP Prime Platform GmbH(1)(3)
Preferred Stock(2)
6/29/202311  65 
MXP Prime Platform GmbH(1)(3)
Preferred Stock(2)
6/29/202323 25 26 
595 97 
Printify, Inc.
Preferred Stock(2)
8/24/202113,850 50 50 
Quick Commerce Ltd.(1)(3)
Preferred Stock(2)
3/28/202431,818 611 537 
Quick Commerce Ltd.(1)(3)
Ordinary Shares(2)
3/28/2024112,770,108 26 135 
637 672 
Strata Identity, Inc.
Preferred Stock(2)
6/24/202271,633 250 244 
Total Business Products and Services - 0.54%*
2,037 1,504 
Business/Productivity Software
AI2 Incorporated
Preferred Stock(2)
1/3/2024280,424 830 830 
Total Business/Productivity Software - 0.30%*
830 830 
Business to Business Marketplace
Material Technologies Corporation
Preferred Stock(2)
4/23/202112,822 261 217 
Material Technologies Corporation
Preferred Stock(2)
4/23/20219,285 189 157 
Material Technologies Corporation
Preferred Stock(2)
4/29/202215,050 500 366 
Total Business to Business Marketplace - 0.26%*
950 740 
Computer Hardware
Quantum Circuits, Inc.
Preferred Stock(2)
4/17/202417,612 50 50 
Total Computer Hardware - 0.02%*
50 50 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
11/10/20209,859 100 151 
Total Consumer Finance - 0.05%*
100 151 
Consumer Products and Services
Divvy Homes Inc.
Preferred Stock(2)
7/28/20214,965 95 95 
Divvy Homes Inc.
Common Stock(2)
7/28/2021261 5 5 
100 100 
Ever/Body, Inc.
Preferred Stock(2)
4/5/2022195,574 350 141 
Everdrop GmbH(1)(3)
Preferred Stock(2)
7/5/202213 52 56 
GrubMarket, Inc.
Common Stock(2)
8/2/2024— 4,178 4,178 
Hydrow, Inc.
Preferred Stock(2)
12/14/202042,642 166 6 
Hydrow, Inc.
Preferred Stock(2)
3/19/202122,881 165 6 
331 12 
JOKR S.a.r.l.(1)(3)
Preferred Stock(2)
12/7/20215,688 375 252 
JOKR S.a.r.l.(1)(3)
Preferred Stock(2)
11/3/20221,575 75 70 

21


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Equity
Acquisition Date(10)
Shares
Cost(6)
Fair Value
450 322 
Pair Eyewear, Inc.
Preferred Stock(2)
6/27/20231,880 10 10 
Planet A Foods GmbH(1)(3)
Preferred Stock(2)
3/16/202348,598 250 250 
TMRW Sports, Inc.
Preferred Stock(2)
11/9/202340,174 500 500 
Well Dot, Inc.
Preferred Stock(2)
10/16/202026,416 250 322 
Total Consumer Products and Services - 2.10%*
6,471 5,891 
Cultivation
InFarm Technologies Limited(1)(3)
Preferred Stock(2)
12/29/20238,750   
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)
7/16/2021493 90 25 
Merama Inc.
Preferred Stock(2)
4/30/20215,433 31 63 
Merama Inc.
Preferred Stock(2)
4/19/20216,944 13 73 
Merama Inc.
Preferred Stock(2)
9/13/20213,862 62 60 
106 196 
Total E-Commerce - Personal Goods - 0.08%*
196 221 
Elder and Disabled Care
Honor Technology, Inc.
Preferred Stock(2)
10/16/202082,443 198 228 
Honor Technology, Inc.
Preferred Stock(2)
10/1/202120,932 66 66 
Total Elder and Disabled Care - 0.10%*
264 294 
Energy
Arcadia Power, Inc.
Preferred Stock(2)
9/21/202116,438 167 105 
Kobold Metals Company
Preferred Stock(2)
1/10/202225,537 700 941 
Total Energy - 0.37%*
867 1,046 
Financial Services
Overtime Sports, Inc.
Preferred Stock(2)
8/2/202219,148 150 150 
Total Financial Services - 0.05%*
150 150 
Food Products
Koatji, Inc.(1)(3)
Preferred Stock(2)
2/15/2023155,164 50 50 
Total Food Products - 0.02%*
50 50 
General Media and Content
Redesign Health Inc.
Preferred Stock(2)
7/12/20225,919 100 100 
Total General Media and Content - 0.04%*
100 100 
Healthcare Services
Calibrate Health, Inc.
Preferred Stock(2)
7/30/202162,252 333 1 
Levels Health Inc.
Preferred Stock(2)
6/10/202217,953 187 187 
Pet Folk Inc.
Preferred Stock(2)
8/24/2022949,667 200 285 
Total Healthcare Services - 0.17%*
720 473 
Healthcare Technology Systems
Capsule Corporation
Preferred Stock(2)
4/21/2021863 13 2 
Capsule Corporation
Preferred Stock(2)
12/29/2022519 2 1 
Total Healthcare Technology Systems - %*
15 3 
Information Services (B2C)
Kasa Living, Inc.
Preferred Stock(2)
12/29/202222,725 150 150 
Total Information Services (B2C) - 0.05%*
150 150 
Information Technology

22


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
(unaudited)
As of September 30, 2024
CompanyType of Equity
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Etched.ai, Inc.
Preferred Stock(2)
4/9/202430,757 500 500 
Total Information Technology - 0.18%*
500 500 
Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)
Preferred Stock(2)
5/9/20221,326 82 133 
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)
Preferred Stock(2)
5/13/20221,027 79 103 
Total Infrastructure - 0.08%*
161 236 
Life and Health Insurance
Beam Technologies Inc.
Preferred Stock(2)
1/5/20211,901 80 87 
Total Life and Health Insurance - 0.03%*
80 87 
Multimedia and Design Software
Hover Inc.
Preferred Stock(2)
9/30/202210,595 58 66 
Total Multimedia and Design Software - 0.02%*
58 66 
Network Management Software
Skyflow Inc.
Preferred Stock(2)
1/22/202419,945 62 62 
Skyflow Inc.
Preferred Stock(2)
9/27/2024143,604 450 450 
Total Network Management Software - 0.18%*
512 512 
Other Financial Services
Jerry Services, Inc.
Preferred Stock(2)
4/29/2022656 8 7 
N26 GmbH(1)(3)
Preferred Stock(2)
12/8/202112 690 826 
Total Other Financial Services - 0.30%*
698 833 
Real Estate Services
Belong Home, Inc.
Preferred Stock(2)
4/15/20226,033 29 29 
Habyt GmbH
Preferred Stock(2)
2/21/2023400 443 255 
McN Investments Ltd.(1)(3)
Preferred Stock(2)
5/6/2022749 20 14 
True Footage, Inc.
Preferred Stock(2)
10/18/202118,366 100 122 
Total Real Estate Services - 0.15%*
592 420 
Software Development Applications
Forte Labs, Inc.
Preferred Stock(2)
5/13/2021184,679 250 303 
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 FundType of InvestmentTickerCostFair Value
Federated Government Obligations FundCash EquivalentsPRM$57,059 $57,059 
Total Cash Equivalents - 20.30%*
$57,059 $57,059 
Foreign Currency Forward Contracts - (0.14)%*
Foreign CurrencySettlement DateCounterpartyAmountTransactionUS $ Value at Settlement DateUnrealized Gain/(Loss)
British Pound Sterling (GBP)10/28/2024Zions Bancorporation, N.A.£6,000 Sold$7,718 $(307)
Euro (EUR)10/28/2024Zions Bancorporation, N.A.3,000 Sold3,258 (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.

23


(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.

24


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
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)
11/21/20231,000 973 973 11/30/2027
Loft Orbital Solutions, Inc.
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)
12/27/20231,000 971 971 12/31/2027
Loft Orbital Solutions, Inc.
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)
12/27/20231,000 971 971 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)
5/17/2022667 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)
7/21/2022700 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)
9/30/2022460 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)
2/6/2023173 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)
10/24/20233,333 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)
9/30/20223,000 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)
12/29/20221,000 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)
6/15/202110,000 10,468 10,489 6/30/2024
FlashParking, Inc.
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.50% EOT payment)
1/21/2022347 360 361 7/31/2024
FlashParking, Inc.
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.50% EOT payment)
12/28/20231,209 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)
12/21/20227,000 7,098 6,873 6/30/2026
Tide Platform Limited(1)(3)
Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)
11/13/20201,863 2,128 2,029 12/31/2024
Tide Platform Limited(1)(3)
Revolver (10.25% interest rate, 4.00% EOT payment)
2/22/20211,768 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)
12/22/20211,028 1,095 1,093 6/30/2024
Uniphore Technologies, Inc.
Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)
12/22/20211,028 1,095 1,093 6/30/2024
2,056 2,190 2,186 
Total Business Applications Software - 9.92%*
28,24329,30828,817
Business Products and Services
Alloy Technologies, Inc.
Growth Capital Loan (Prime + 6.25% interest rate, 11.00% floor, 6.00% EOT payment)
9/9/20222,000 2,042 2,042 9/30/2024
Cardless Inc.
Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)
11/18/20211,199 1,224 1,224 11/30/2024
Cardless Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.75% EOT payment)
11/18/20214,200 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)
11/30/20216,945 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)
2/15/20221,655 1,734 1,734 8/31/2025

25


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Path Robotics, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)
4/25/20221,695 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)
8/1/2022705 721 721 1/31/2026
Path Robotics, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)
10/7/20222,526 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)
7/14/20211,926 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)
5/4/20221,500 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)
10/19/2023250 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)
10/28/20212,422 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)
5/12/202342 42 16 2/29/2024
Rally Network, Inc.(7)
Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)
12/22/202325 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)
12/30/202137 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)
6/15/2022377 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)
6/15/2022482 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)
10/20/2023244 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)
12/16/20224,500 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)
12/29/20234,428 4,350 4,350 6/29/2024
FireHydrant, Inc.
Growth Capital Loan (Prime + 4.00% interest rate, 12.25% floor, 7.25% EOT payment)
5/23/20235,200 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)
8/21/20231,600 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)
2/10/20232,688 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)
9/14/20224,000 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)
11/15/20232,800 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)
9/13/20235,000 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)
3/30/20221,131 1,144 1,153 3/31/2027
OnSiteIQ, Inc.
Growth Capital Loan (Prime + 3.50% interest rate, 11.75% floor, 6.75% EOT payment)
6/16/20232,416 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)
12/1/20231,000 976 976 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)
8/4/20223,179 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)
8/4/20222,649 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)
8/4/20221,060 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)
10/17/2022110 110 110 10/31/2026

26


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Quantum Circuits, Inc.
Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)
1/27/2023300 297 297 1/31/2027
Quantum Circuits, Inc.
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)(2)
5/11/20231,000 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)
12/30/20211,000 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)
10/31/2022927 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)
1/9/20231,077 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)
5/18/2022372 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)
6/9/2022248 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)
8/5/2022371 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)
1/26/2022750 781 784 1/31/2025
Baby Generation, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)
12/19/2022250 257 258 12/31/2024
Baby Generation, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)
3/30/2023875 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)
10/13/20222,520 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)
10/13/20221,512 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)
10/13/20221,642 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)
4/14/2022723 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)
7/14/2022268 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)
11/14/202269 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)
3/15/2023529 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)
6/27/2022322 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)
8/12/2022107 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)
12/9/2022215 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)
3/1/2023322 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)
10/5/202311 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)
12/11/202318 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)
9/7/2021302 314 313 9/30/2024

27


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Ever/Body, Inc.
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)(2)
12/20/20224,800 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)
12/20/20222,250 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)
7/5/20221,250 1,274 1,034 7/31/2025
Flink SE(1)(3)
Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)
10/21/20221,250 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)
4/8/202222 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)
5/16/202256 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)
5/24/2022369 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)
4/28/2023372 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)
8/12/20213,532 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)
5/26/20223,000 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)
2/9/20211,650 1,757 1,705 12/31/2024
Hydrow, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)
2/9/20213,300 3,491 3,388 12/31/2024
Hydrow, Inc.
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)
8/10/20215,025 5,300 5,118 2/28/2025
Hydrow, Inc.
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)
8/31/20215,025 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)
10/14/20211,252 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)
11/3/20214,817 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)
8/17/20221,000 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)
12/28/20222,000 2,012 1,968 12/31/2025
MA Micro Limited(1)(3)
Growth Capital Loan(2)(9)
12/31/20231,666 577 577 12/31/2026
MA Micro Limited(1)(3)
Convertible Note(2)(9)
12/31/20231,666 1,085 1,085 12/31/2028
MA Micro Limited(1)(3)
Growth Capital Loan(2)(9)
12/31/2023555 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)
6/6/2022560 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)
8/29/2022314 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)
6/30/2022588 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)
12/30/2022207 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)
2/28/2023172 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)
3/25/2022350 357 196 3/25/2023
Spinn, Inc.(7)
Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)
2/24/2022794 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)
12/29/20233,887 1,221 1,204 10/31/2028

28


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
May Acquisitions Limited1)(3)(7)
Growth Capital Loan (6.00% interest rate)(2)
12/29/202315 15 5 10/31/2028
May Acquisitions Limited1)(3)(7)
Growth Capital Loan (6.00% interest rate)(2)
12/29/2023349 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)
9/29/20218,750 8,552 8,552 11/30/2027
Minted, Inc.
Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)
6/15/202210,000 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)
12/4/20204,433 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)
12/21/20212,955 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)
3/31/2022986 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)
5/27/20216,500 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)
6/7/20221,000 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)
7/6/20211,669 1,669 1,649 7/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
7/21/2021263 272 269 7/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
8/10/2021315 326 322 8/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
10/6/20211,458 1,505 1,484 10/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
11/2/2021947 975 960 11/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
11/2/20212,540 2,615 2,576 11/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
12/28/2021848 870 860 6/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
12/28/2021324 332 329 6/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)
12/28/202157 58 58 6/30/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
1/28/20221,836 1,877 1,854 7/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
4/14/2022700 709 699 10/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
4/14/2022263 267 263 10/31/2025
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
9/21/20221,710 1,705 1,676 3/31/2026
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
11/1/20223,078 3,057 3,005 4/30/2026
Forum Brands, LLC
Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)
12/22/2022184 182 178 6/30/2026
Forum Brands, LLC
Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)
11/1/2023180 173 173 10/31/2026
Forum Brands, LLC
Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)
11/13/20231,369 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)
12/28/2023104 100 100 12/31/2026
Forum Brands, LLC
Growth Capital Loan(9)
6/16/20212,179 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)
5/17/20211,563 1,649 1,640 6/30/2024
Merama Inc.
Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)
6/30/2021732 771 766 6/30/2024

29


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Merama Inc.
Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)
8/4/20211,561 1,636 1,624 8/31/2024
Merama Inc.
Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)
2/17/20233,635 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)
5/6/20225,000 5,098 4,994 11/30/2026
Arcadia Power, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
6/29/20225,000 5,034 4,946 12/31/2026
Arcadia Power, Inc.
Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)
12/16/20212,610 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)
4/20/20221,000 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)
7/28/202375 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)
11/20/202350 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)
5/17/20222,851 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)
4/6/2022151 150 150 10/31/2024
Parker Group Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)
4/6/2022629 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)
4/3/20235,000 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)
5/24/20211,291 1,338 1,213 4/30/2024
AllPlants Ltd(1)(3)
Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)
7/22/2021173 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)
9/1/2022901 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)
1/18/2023213 210 210 1/31/2027
Petfolk, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
5/19/2023176 174 174 5/31/2027
Petfolk, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
5/19/2023177 174 174 5/31/2027
Petfolk, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
8/16/2023247 242 242 8/31/2027
Petfolk, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor)(2)
10/6/2023187 184 184 10/31/2027
Petfolk, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)
10/6/202339 38 38 10/31/2027
Petfolk, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)
12/12/2023147 144 144 12/31/2027
Petfolk, Inc.
Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 3.00% EOT payment)(2)
12/12/2023150 147 147 12/31/2027
1,336 1,313 1,313 

30


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Openloop Health Inc.
Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)(2)
6/22/20232,000 1,958 1,958 6/30/2026
Openloop Health Inc.
Revolver (Prime + 1.50% interest rate, 9.25% floor, 3.25% EOT payment)(2)
6/22/20232,000 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)
11/20/20233,000 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)
12/30/20205,000 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
7/14/20235,000 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)
6/12/20238,614 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)
6/14/2023648 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)
1/11/20233,000 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)
9/22/2023281 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)
5/4/20232,000 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)
5/4/20237,000 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)
5/27/20205,000 5,207 5,257 1/31/2027
GoEuro Corp.(1)(3)
Growth Capital Loan (12.00% interest rate, 10.50% EOT payment)
5/27/20202,500 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)
12/30/2022500 495 495 12/31/2025
Angle Health, Inc.
Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)
3/24/2023500 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)
8/26/20218,000 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)
7/1/20212,373 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)
9/30/20225,000 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)
8/12/2021782 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)
9/30/2021534 576 568 3/31/2024
1,316 1,450 1,428 
Total Multimedia and Design Software - 2.21%*
6,316 6,438 6,416 

31


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
Network Management Software
Skyflow Inc.
Growth Capital Loan (Prime + 1.75% interest rate, 9.75% floor, 4.50% EOT payment)
10/2/20234,545 4,497 4,497 10/1/2026
Skyflow Inc.
Growth Capital Loan (Prime + 5.00% interest rate, 13.00% floor, 4.50% EOT payment)
10/2/2023455 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)
6/13/2022500 512 501 9/30/2025
Jerry Services, Inc.
Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)
3/17/2023500 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)
8/23/20223,075 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)
10/5/20221,463 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)
5/1/2023450 446 446 4/30/2026
Relay Commerce, Inc.
Growth Capital Loan (Prime + 5.75% interest rate, 13.75% floor, 5.00% EOT payment(2)
7/31/2023500 494 494 7/31/2026
Relay Commerce, Inc.
Growth Capital Loan (Prime + 5.75% interest rate, 14.25% floor, 5.00% EOT payment(2)
12/20/2023750 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)
4/30/20212,500 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)
3/18/20224,742 4,948 4,584 9/30/2025
7,242 7,607 7,046 
Homelight, Inc.
Growth Capital Loan (17.25% interest rate)(2)
12/30/2022500 494 490 12/31/2026
Homelight, Inc.
Growth Capital Loan (18.00% interest rate)(2)
5/22/2023250 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)
12/30/20214,000 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)
12/30/20224,000 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)
5/25/20221,000 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)
12/27/20221,000 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)
6/29/20238,000 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)
12/3/2021250 258 256 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)
12/3/2021800 822 813 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
12/3/2021220 227 225 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)
12/13/2021105 109 108 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
12/13/2021440 455 450 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
12/15/2021208 215 213 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)
12/15/2021150 156 154 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)
12/15/20211,372 1,409 1,395 12/31/2024
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)
12/21/2021760 780 772 12/31/2024

32


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Investment
Acquisition
Date(10)
Outstanding
Principal
Cost(6)
Fair ValueMaturity
Date
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
1/31/2022170 175 173 1/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)
2/25/2022116 119 118 2/28/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)
3/15/2022300 307 304 3/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
4/22/20221,110 1,134 1,119 4/30/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
4/22/2022991 1,012 999 4/30/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)
5/23/2022216 221 218 5/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)
7/19/2022200 202 199 7/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
7/19/2022100 101 100 7/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
12/5/2022150 150 147 12/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
12/5/2022361 362 355 12/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)
12/5/2022565 565 554 12/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)
5/23/2023240 238 232 5/31/2026
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
5/23/2023434 430 421 5/31/2026
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)
5/23/2023720 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)
11/30/2021885 900 896 5/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 5.50% PIK interest rate, 8.75% floor, 3.50% EOT payment)
12/21/2021962 988 980 12/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 5.50% PIK interest rate, 8.75% floor, 3.50% EOT payment)
12/21/20211,294 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)
12/21/20211,553 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)
12/21/20211,553 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)
12/27/2021777 797 791 12/31/2024
Sylva, Inc.
Growth Capital Loan (Prime + 9.00% PIK interest rate, 17.50% floor, 4.00% EOT payment(2)
12/18/2023108 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 

33


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Warrant Investments(8)(9)
Aerospace and Defense
Astranis Space Technologies Corp.
Preferred Stock(2)
5/27/202070,959 $95 $578 
Dedrone Holdings, Inc.Preferred Stock3/2/202171,018 92 197 
LeoLabs, Inc.
Preferred Stock(2)
1/20/202272,837 66 76 
Loft Orbital Solutions Inc.
Common Stock(2)
7/15/20226,747 58 20 
Total Aerospace and Defense - 0.30%*
311 871 
Application Software
Flo Health UK Limited(1)(3)
Preferred Stock(2)
5/10/20221,163 10 14 
Parsable, Inc.
Preferred Stock(2)
8/29/2023165,100 61 23 
Total Application Software - 0.01%*
71 37 
Business Applications Software
Blueboard Inc.Common Stock3/11/2021209,302 42 25 
Dialpad, Inc.
Preferred Stock(2)
8/3/202014,490 51 12 
Filevine, Inc.
Preferred Stock(2)
4/20/202174,462 15 101 
FlashParking, Inc.Preferred Stock6/15/202193,767 360 576 
FlashParking, Inc.Preferred Stock9/30/202123,442 90 144 
450 720 
Morty, Inc.Preferred Stock10/1/202188,980 66 4 
Narvar, Inc.
Preferred Stock(2)
8/28/202043,580 102 51 
Tide Holdings Limited(1)(3)
Preferred Stock11/13/202052,609 45 151 
Uniphore Technologies, Inc.Common Stock12/22/202110,000 10 29 
Total Business Applications Software - 0.38%*
781 1,093 
Business Products and Services
Alloy Technologies, Inc.Preferred Stock9/9/202240,748 50 32 
Cardless Inc.Common Stock11/18/202112,903 28 7 
Cart.com, Inc.
Common Stock(2)
12/30/20218,183 119 160 
Cart.com, Inc.
Preferred Stock(2)
3/31/2022907 6 10 
125 170 
Certamen Ventures Inc.Preferred Stock10/7/202190,266 42 32 
Certamen Ventures Inc.Preferred Stock12/1/2022229,881 85 53 
Certamen Ventures Inc.Preferred Stock12/15/2023538,703 205 205 
332 290 
Elsker, Inc.
Preferred Stock(2)
9/1/202135,492 18 16 
Path Robotics, Inc.
Common Stock(2)
12/17/202140,579 130 42 
Phantom Auto Inc.Preferred Stock7/12/2021141,409 315 205 
Phantom Auto Inc.Preferred Stock7/12/202131,698 35 23 
Phantom Auto Inc.Preferred Stock7/12/202122,188 24 16 
374 244 
Quick Commerce Ltd.(1)(3)
Preferred Stock(2)
5/4/2022108,238 26 9 
RedFish Labs, Inc.
Preferred Stock(2)
11/23/202153,862 122 140 
SubStack, Inc.
Preferred Stock(2)
7/13/20221,141 6 6 
Vecna Robotics, Inc.Common Stock12/16/202251,590 308 166 
Worldwide Freight Logistics Limited(1)(3)
Preferred Stock(2)
6/15/20221,502 25 27 
Worldwide Freight Logistics Limited(1)(3)
Preferred Stock(2)
5/30/2023542 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)
8/24/202023,576 156 140 
Total Business to Business Marketplace - 0.05%*
156 140 
Business/Productivity Software
Construction Finance Corporation
Preferred Stock(2)
7/8/202238,060 14 14 
Construction Finance Corporation
Preferred Stock(2)
12/29/2023105,723 40 40 

34


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
54 54 
FireHydrant, Inc.Preferred Stock5/23/2023113,050 115 125 
Highbeam, Inc.
Common Stock(2)
2/10/202337,361 2 2 
Idelic Inc.Preferred Stock12/10/202130,551 46 11 
Idelic Inc.
Preferred Stock(2)
11/15/202336,661 13 13 
59 24 
Luxury Presence, Inc.
Preferred Stock(2)
9/20/20237,734 40 25 
Machinify, Inc.
Common Stock(2)
8/25/202327,040 36 36 
Manufactured Networks, Inc.
Preferred Stock(2)
5/6/202299,657 89 41 
Manufactured Networks, Inc.
Preferred Stock(2)
9/13/202373,666 25 22 
114 63 
Metropolis Technologies, Inc.
Common Stock(2)
3/30/20223,495 3 21 
OnSiteIQ, Inc.Common Stock6/16/2023102,864 14 64 
Strata Identity, Inc.
Preferred Stock(2)
11/3/20214,297 4 4 
Virtual Facility, Inc.
Preferred Stock(2)
10/3/202354,775 16 16 
Total Business/Productivity Software - 0.15%*
457 434 
Commercial Services
Dumpling, Inc.
Preferred Stock(2)
9/30/202017,003 6 6 
Total Commercial Services - 0.00%*
6 6 
Communication Software
Hiya, Inc.
Preferred Stock(2)
5/27/2020115,073 54 54 
Total Communication Software - 0.02%*
54 54 
Computer Hardware
Canvas Construction Inc.
Preferred Stock(2)
11/30/202192,940 79 21 
Swift Navigation, Inc.
Preferred Stock(2)
7/30/202046,589 39 109 
Quantum Circuits, Inc.
Preferred Stock(2)
4/29/202231,067 40 40 
Grey Orange International Inc.
Preferred Stock(2)
3/16/202113,940 92 32 
Total Computer Hardware - 0.07%*
250 202 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
10/8/202049,296 129 319 
Activehours, Inc.
Preferred Stock(2)
9/30/20216,162 16 40 
Activehours, Inc.
Preferred Stock(2)
12/30/202214,800 80 96 
225 455 
Cherry Technologies Inc.Preferred Stock11/23/202177,891 195 432 
The Aligned CompanyPreferred Stock10/21/202117,564 50 574 
The Aligned CompanyPreferred Stock4/1/2022569 8 6 
58 580 
Upgrade, Inc.
Preferred Stock(2)
5/27/2020273,738 44 108 
Vestwell Holdings Inc.
Preferred Stock(2)
9/3/202136,715 54 30 
Total Consumer Finance - 0.55%*
576 1,605 
Consumer Non-Durables
Athletic Greens International, Inc.
Preferred Stock(2)
6/3/2022113 4 4 
Don't Run Out, Inc.
Preferred Stock(2)
12/30/202118,398 14 6 
Don't Run Out, Inc.
Preferred Stock(2)
10/31/202224,531 16 7 
30 13 
Prose Beauty, Inc.
Common Stock(2)
12/18/202324,510 155 155 
Trueskin GmbH(1)(3)
Preferred Stock(2)
4/13/202220 9 9 
Total Consumer Non-Durables - 0.06%*
198 181 
Consumer Products and Services
Baby Generation, Inc.Common Stock1/26/202213,587 10 10 
The Black Tux Holdings, Inc.Preferred Stock11/5/2021142,939 139 460 
Bloom and Wild Midco 2 Limited(1)(3)
Ordinary Shares(2)
10/7/2022192 9 4 
Dance Gmbh(1)(3)
Preferred Stock(2)
3/31/202235 37 8 

35


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Dance Gmbh(1)(3)
Preferred Stock(2)
2/21/202345 21 11 
58 19 
Elektra Mobility Inc.(11)
Preferred Stock(2)
5/6/2022   
Elodie Games, Inc.
Preferred Stock(2)
9/16/202122,874 48 48 
Ephemeral Solutions, Inc.
Common Stock(2)
2/24/20222,286 12  
Ever/Body, Inc.Preferred Stock9/7/2021281,262 138 45 
Everdrop GmbH(1)(3)
Preferred Stock(2)
3/16/202214 24 25 
Flink SE(1)(3)
Common Stock(2)
4/13/202218 23  
Foodology Inc.(1)(3)
Preferred Stock(2)
3/25/20222,869 12 9 
Good Eggs, Inc.Preferred Stock8/12/202183,265 142 12 
Hydrow, Inc.Common Stock2/9/202150,863 70  
Hydrow, Inc.Preferred Stock8/6/202122,299 35  
Hydrow, Inc.Preferred Stock8/6/202113,936 25  
130  
Immersive Group Gaming LTD(1)
Preferred Stock(2)
7/12/2021451,039 115 86 
JOKR S.a.r.l.(1)(3)
Preferred Stock(2)
7/24/202314,763 538 81 
Lower Holding CompanyPreferred Stock12/28/202236,608 47 7 
Nakdcom One World AB(1)(3)
Preferred Stock(2)
6/6/202214,709 20  
Nakdcom One World AB(1)(3)
Preferred Stock(2)
9/29/202314,709 26 27 
Nakdcom One World AB(1)(3)
Preferred Stock(2)
12/28/202315,000   
Nakdcom One World AB(1)(3)
Preferred Stock(2)
12/28/202345,000 79 83 
125 110 
Pair Eyewear, Inc.
Common Stock(2)
7/12/20222,288 5 7 
Placemakr, Inc.
Preferred Stock(2)
8/25/202331,796 118 118 
Planet A Foods GmbH(1)(3)
Preferred Stock(2)
6/1/202213,722 30 30 
Project 1920, Inc.
Preferred Stock(2)
3/25/20222,823 2  
Spinn, Inc.
Preferred Stock(2)
2/24/20228,142 10  
Tempo Interactive Inc.Preferred Stock3/31/20214,413 25 4 
Tripscout, Inc.
Preferred Stock(2)
8/12/202137,532 7 7 
Well Dot, Inc.
Preferred Stock(2)
12/18/202012,680 55 67 
Well Dot, Inc.
Preferred Stock(2)
3/29/20222,026 9 9 
64 76 
Total Consumer Products and Services - 0.40%*
1,831 1,158 
Database Software
Cohesity, Inc.
Preferred Stock(2)
5/27/20203,789 21 21 
SiSense, Inc.Success Fee12/28/2021 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 Stock9/23/202181,572 217 114 
FabFitFun, Inc.Common Stock9/29/202360,692 194 194 
411 308 
Minted, Inc.Preferred Stock9/30/202029,702 300 143 
TFG Holding, Inc.Common Stock11/30/202070,203 249  
TFG Holding, Inc.Common Stock3/31/20229,360 26  
275  
Trendly, Inc.Preferred Stock5/27/2021191,580 115 305 
Total E-Commerce - Clothing and Accessories - 0.26%*
1,101 756 
E-Commerce - Personal Goods
Forum Brands, LLCPreferred Stock7/6/202114,143 149 204 
Forum Brands, LLCPreferred Stock12/23/202112,964 188 192 
Forum Brands, LLCPreferred Stock10/11/20232,829 42 42 
379 438 
Merama Inc.Preferred Stock4/28/202171,728 589 563 
Total E-Commerce - Personal Goods - 0.34%*
968 1,001 

36


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Elder and Disabled Care
Honor Technology, Inc.
Preferred Stock(2)
5/27/2020130,618 50 192 
Total Elder and Disabled Care - 0.07%*
50 192 
Energy
Arcadia Power, Inc.Preferred Stock12/10/202130,810 77 133 
Arcadia Power, Inc.Preferred Stock6/29/202219,795 117 52 
194 185 
Kobold Metals Company
Preferred Stock(2)
7/16/202137,287 37 1,035 
Total Energy - 0.42%*
231 1,220 
Entertainment Software
Encore Music Technologies, Inc.
Preferred Stock(2)
4/14/202215,280 15  
Encore Music Technologies, Inc.
Preferred Stock(2)
5/16/20234,475 1  
16  
FRVR Limited(1)(3)
Preferred Stock(2)
5/17/202237,335 60 62 
Total Entertainment Software - 0.02%*
76 62 
Financial Software
Parker Group Inc.Common Stock4/6/20222,667 9 9 
Wisetack, Inc.(1)
Common Stock12/21/202223,086 84 57 
Zolve Innovations Inc.Preferred Stock7/28/20223,172 9 9 
Total Financial Software - 0.03%*
102 75 
Food Products
AllPlants Ltd(1)(3)
Ordinary Shares(2)
5/6/20214,635 77 39 
Total Food Products - 0.01%*
77 39 
General Media and Content
Overtime Sports, Inc.
Preferred Stock(2)
5/4/20222,234 5 5 
Total General Media and Content - 0.00%*
5 5 
Healthcare Services
Found Health, Inc.
Preferred Stock(2)
3/25/20222,465 1 1 
Levels Health Inc.Preferred Stock9/3/202147,162 37 216 
OpenLoop Health, Inc.
Preferred Stock(2)
6/16/202311,186 51 60 
OpenLoop Health, Inc.
Preferred Stock(2)
6/16/20235,593 25 30 
OpenLoop Health, Inc.
Preferred Stock(2)
11/20/202316,779 89 89 
165 179 
Perry Health, Inc.
Preferred Stock(2)
5/31/202396,516 42 42 
Pet Folk Inc.
Preferred Stock(2)
6/10/2022169,684 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)
10/30/2023118,190 253  
Capsule CorporationPreferred Stock5/27/202045,008 119 8 
Curology, Inc.
Preferred Stock(2)
5/27/202012,007 19 8 
K Health, Inc.Common Stock7/14/202361,224 187 187 
Noho Dental, Inc.
Preferred Stock(2)
11/3/202056,109 228 228 
SafelyYou Inc.
Preferred Stock(2)
1/21/202169,346 21 187 
Total Healthcare Technology Systems - 0.21%*
827 618 
Household Products
Grove Collaborative, Inc.
Preferred Stock(2)
5/27/202033,038 72  
Total Household Products - 0.00%*
72  
Human Capital Services
Eightfold AI Inc.
Preferred Stock(2)
5/27/202069,577 186 336 
Karat Financial Technologies Incorporated
Preferred Stock(2)
6/18/2021156,720 91 713 

37


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Karat Financial Technologies Incorporated
Preferred Stock(2)
1/11/20238,012 18 18 
109 731 
WorkStep Inc.
Preferred Stock(2)
5/6/202117,244 12 31 
Total Human Capital Services - 0.38%*
307 1,098 
Information Services (B2C)
Cleo AI Ltd.(1)(3)
Preferred Stock(2)
5/27/202041,041 82 66 
Kasa Living, Inc.
Preferred Stock(2)
4/12/202125,832 72 69 
Tempus Ex Machina, Inc.
Preferred Stock(2)
5/1/202353,879 38 38 
Total Information Services (B2C) - 0.06%*
192 173 
Infrastructure
GoEuro Corp.(1)(3)
Preferred Stock5/27/20202,775 90 93 
GoEuro Corp.(1)(3)
Preferred Stock(2)
8/26/20222,439 65 105 
GoEuro Corp.(1)(3)
Preferred Stock(2)
9/29/20233,902 167 167 
Total Infrastructure - 0.13%*
322 365 
Life and Health Insurance
Angle Health, Inc.
Preferred Stock(2)
3/18/2022140,450 29 28 
Beam Technologies Inc.
Preferred Stock(2)
5/27/20205,344 57 107 
Sidecar Health, Inc.Preferred Stock8/26/202132,620 34 7 
Total Life and Health Insurance - 0.05%*
120 142 
Logistics
Passport Labs, Inc.
Common Stock(2)
5/27/20202,102 51 51 
Total Logistics - 0.02%*
51 51 
Medical Software and Information Services
HI LLC (Kernel)Preferred Stock12/21/202049,425 48  
HI LLC (Kernel)
Common Stock(2)
2/28/2023175,000 44 2 
Total Medical Software and Information Services - 0.00%*
92 2 
Multimedia and Design Software
Hover Inc.Preferred Stock9/30/202245,910 77 90 
Spire Animation Studios, Inc.Preferred Stock5/12/202121,084 80  
Spire Animation Studios, Inc.Preferred Stock9/30/202127,559 105  
185  
Total Multimedia and Design Software - 0.03%*
262 90 
Network Management Software
Callsign, Inc.(1)(3)
Preferred Stock(2)
5/27/202021,604 180 180 
Skyflow Inc.Preferred Stock6/26/202319,441 31 6 
Total Network Management Software - 0.06%*
211 186 
Other Financial Services
Aven Holdings(1)
Common Stock5/16/202335,857 361 343 
Jerry Services, Inc.
Preferred Stock(2)
6/13/20222,235 8 5 
N26 GmbH(1)(3)
Preferred Stock(2)
10/15/20216 173 128 
Relay Commerce, Inc.
Preferred Stock(2)
8/22/2022123,047 60 28 
Relay Commerce, Inc.
Preferred Stock(2)
5/18/202312,305 4 3 
Relay Commerce, Inc.
Preferred Stock(2)
9/29/202324,610 7 6 
71 37 
Total Other Financial Services - 0.18%*
613 513 
Real Estate Services
Belong Home, Inc.
Preferred Stock(2)
2/15/20227,730 6 15 
Divvy Homes Inc.
Preferred Stock(2)
10/27/2020128,289 470 1,124 
Firemaps, Inc.
Preferred Stock(2)
5/31/202324,539 33 33 
Homelight, Inc.
Preferred Stock(2)
7/27/20222,446 8 1 
Homeward, Inc.Preferred Stock12/10/202138,302 148 18 

38


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Warrant
Acquisition Date(10)
Shares
Cost(6)
Fair Value
McN Investments Ltd.(1)(3)
Preferred Stock(2)
5/27/20221,874 15 6 
Mynd Management, Inc.Preferred Stock5/27/202043,472 83 113 
Mynd Management, Inc.Preferred Stock5/25/20221,544 1 1 
Mynd Management, Inc.Preferred Stock6/29/202316,471 11 11 
95 125 
Side, Inc.Preferred Stock7/29/202071,501 57 583 
True Footage, Inc.Preferred Stock11/24/202188,762 122 287 
Total Real Estate Services - 0.75%*
954 2,192 
Social/Platform Software
ClassPass Inc.
Preferred Stock(2)
5/27/202014,085 43 25 
Sylva, Inc.Preferred Stock7/12/202144,872 30 113 
Sylva, Inc.Preferred Stock12/21/202144,872 30 113 
60 226 
Total Social/Platform Software - 0.09%*
103 251 
Software Development Applications
Appex Group, Inc.
Preferred Stock(2)
11/15/202114,621   
Appex Group, Inc.(11)
Preferred Stock(2)
4/14/2022   
  
Forte Labs, Inc.
Preferred Stock(2)
12/30/2020318,571 65 223 
Total Software Development Applications - 0.08%*
65 223 
Total Warrant Investments - 5.82%*
$13,419 $16,915 

39


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Equity
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Equity Investments(9)
Business Applications Software
DialPad, Inc.
Preferred Stock(2)
9/22/20209,016 $70 $62 
Filevine, Inc.
Preferred Stock(2)
2/4/202222,541 143 111 
Flashparking, Inc.
Preferred Stock(2)
7/19/202219,870 272 264 
Tide Platform Limited(1)(3)
Preferred Stock(2)
8/19/202143,338 515 481 
Uniphore Technologies, Inc.
Preferred Stock(2)
1/28/20228,066 100 82 
Total Business Applications Software - 0.34%*
1,100 1,000 
Business Products and Services
Certamen Ventures Inc.
Preferred Stock(2)
3/4/202297,195 200 112 
Elsker, Inc.
Preferred Stock(2)
7/5/202244,444 55 55 
MXP Prime Platform GmbH(1)(3)
Common Stock(2)
2/15/202283 570 6 
MXP Prime Platform GmbH(1)(3)
Preferred Stock(2)
6/29/202311  64 
MXP Prime Platform GmbH(1)(3)
Preferred Stock(2)
6/29/202323 25 25 
595 95 
Printify, Inc.
Preferred Stock(2)
8/24/202113,850 50 50 
Strata Identity, Inc.
Preferred Stock(2)
6/24/202271,633 250 244 
Total Business Products and Services - 0.19%*
1,150 556 
Business to Business Marketplace
Material Technologies Corporation
Preferred Stock(2)
4/23/202112,822 261 217 
Material Technologies Corporation
Preferred Stock(2)
4/23/20219,285 189 157 
Material Technologies Corporation
Preferred Stock(2)
4/29/202215,050 500 366 
Total Business to Business Marketplace - 0.25%*
950 740 
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
11/10/20209,859 100 151 
Total Consumer Finance - 0.05%*
100 151 
Consumer Products and Services
Divvy Homes Inc.
Preferred Stock(2)
7/28/20214,965 95 95 
Divvy Homes Inc.
Common Stock(2)
7/28/2021261 5 5 
100 100 
Ever/Body, Inc.
Preferred Stock(2)
4/5/2022195,574 350 141 
Everdrop GmbH(1)(3)
Preferred Stock(2)
7/5/202213 52 55 
Hydrow, Inc.
Preferred Stock(2)
12/14/202042,642 166 6 
Hydrow, Inc.
Preferred Stock(2)
3/19/202122,881 165 6 
331 12 
JOKR S.a.r.l.(1)(3)
Preferred Stock(2)
12/7/20215,688 375 328 
JOKR S.a.r.l.(1)(3)
Preferred Stock(2)
11/3/20221,575 75 95 
450 423 
Pair Eyewear, Inc.
Preferred Stock(2)
3/16/202348,598 250 250 
Planet A Foods GmbH(1)(3)
Preferred Stock(2)
6/27/20231,880 10 10 
Well Dot, Inc.
Preferred Stock(2)
10/16/202026,416 250 322 
Total Consumer Products and Services - 0.45%*
1,793 1,313 
Cultivation
May Acquisitions Limited(1)(3)
Preferred Stock(2)
12/29/20238,750   
Total Cultivation - 0.00%*
  
E-Commerce - Personal Goods
Forum Brands, LLC
Preferred Stock(2)
7/16/2021493 90 31 
Merama Inc.
Preferred Stock(2)
4/19/20215,433 31 57 
Merama Inc.
Preferred Stock(2)
4/19/20216,944 13 80 
Merama Inc.
Preferred Stock(2)
9/1/20213,862 62 60 
106 197 
Total E-Commerce - Personal Goods - 0.08%*
196 228 

40


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Equity
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Elder and Disabled Care
Honor Technology, Inc.
Preferred Stock(2)
10/16/202082,443 198 228 
Honor Technology, Inc.
Preferred Stock(2)
10/1/202120,932 66 66 
Total Elder and Disabled Care - 0.10%*
264 294 
Energy
Arcadia Power, Inc.
Preferred Stock(2)
9/21/202116,438 167 174 
Kobold Metals Company
Preferred Stock(2)
1/10/202225,537 700 941 
Total Energy - 0.38%*
867 1,115 
Financial Services
Overtime Sports, Inc.
Preferred Stock(2)
8/2/202219,148 150 150 
Total Financial Services -0.05%*
150 150 
Food Products
Koatji, Inc.(1)(3)
Preferred Stock(2)
2/15/2023155,164 50 50 
Total Food Products -0.02%*
50 50 
General Media and Content
Redesign Health Inc.
Preferred Stock(2)
7/12/20225,919 100 100 
Total General Media and Content - 0.03%*
100 100 
Healthcare Services
Calibrate Health, Inc.
Preferred Stock(2)
7/30/202162,252 333 1 
Levels Health Inc.
Preferred Stock(2)
6/10/202217,953 187 187 
Pet Folk Inc.
Preferred Stock(2)
8/24/2022949,667 200 285 
Total Healthcare Services - 0.16%*
720 473 
Healthcare Technology Systems
Capsule Corporation
Preferred Stock(2)
4/21/2021863 13 2 
Capsule Corporation
Preferred Stock(2)
12/29/2022519 2 1 
Total Healthcare Technology Systems - %*
15 3 
Information Services (B2C)
Kasa Living, Inc.
Preferred Stock(2)
12/29/202222,725 150 150 
Total Information Services (B2C) - 0.05%*
150 150 
Infrastructure
GoEuro Corp.(1)(3)
Preferred Stock(2)
5/9/20221,326 82 133 
GoEuro Corp.(1)(3)
Preferred Stock(2)
5/13/20221,027 79 103 
Total Infrastructure - 0.08%*
161 236 
Life and Health Insurance
Beam Technologies Inc.
Preferred Stock(2)
1/5/20211,901 80 87 
Total Life and Health Insurance - 0.03%*
80 87 
Multimedia and Design Software
Hover Inc.
Preferred Stock(2)
9/30/202210,595 58 66 
Total Multimedia and Design Software - 0.02%*
58 66 
Other Financial Services
Jerry Services, Inc.
Preferred Stock(2)
4/29/2022656 8 6 
N26 GmbH(1)(3)
Preferred Stock(2)
12/8/202112 690 817 
Total Other Financial Services - 0.28%*
698 823 
Real Estate Services
Belong Home, Inc.
Preferred Stock(2)
4/15/20226,033 29 29 
Habyt GmbH
Preferred Stock(2)
2/21/2023400 443 252 
McN Investments Ltd.(1)(3)
Preferred Stock(2)
5/6/2022749 20 14 
True Footage, Inc.
Preferred Stock(2)
10/18/202118,366 100 122 
Total Real Estate Services - 0.14%*
592 417 

41


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)
As of December 31, 2023
CompanyType of Equity
Acquisition Date(10)
Shares
Cost(6)
Fair Value
Software Development Applications
Forte Labs, Inc.
Preferred Stock(2)
5/13/2021184,679 250 303 
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 FundType of InvestmentTickerCostFair Value
Federated Government Obligations FundCash EquivalentsPRM$45,013 $45,013 
Total Cash Equivalents - 15.49%*
$45,013 $45,013 
Foreign Currency Forward Contracts
Foreign CurrencySettlement DateCounterpartyAmountTransactionUS $ Value at Settlement DateUnrealized Loss
British Pound Sterling (GBP)2/1/2024Zions Bancorporation, N.A.£6,000 Sold$7,300 $(345)
Euro (EUR)2/1/2024Zions Bancorporation, N.A.2,000 Sold$2,127 $(82)
Euro (EUR)3/28/2024Zions 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%.

42


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.

43


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;

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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.

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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)2024202320242023
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.

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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.

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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.

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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, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
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 InvestmentsWarrant InvestmentsEquity InvestmentsTotal Portfolio Company Investments
Fair value as of December 31, 2023$375,026 $16,913 $8,257 $400,196 
Funding and purchases of investments, at cost84,752 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 payments4,430   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 coupon2,791   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)

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Level 3
Investment Activity (in thousands)
For the Nine Months Ended September 30, 2023
Debt InvestmentsWarrant InvestmentsEquity InvestmentsTotal Portfolio Company Investments
Fair value as of December 31, 2022$413,558 $18,445 $9,366 $441,369 
Funding and purchases of investments, at cost72,064 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 payments4,663   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 coupon3,565   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 ValueValuation TechniqueUnobservable InputsRangeWeighted Average
Debt investments$338,366 Discounted Cash FlowsDiscount Rate
11.43% - 42.44%
18.96%
7,690 Probability-Weighted Expected Return MethodProbability Weighting of Alternative Outcomes
0.00% - 100.00%
80.77%
Warrant investments18,313 Black Scholes Option Pricing ModelRevenue 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 investments16,472 Black Scholes Option Pricing ModelVolatility
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 


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Level 3 Investments
(dollars in thousands)
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputsRangeWeighted Average
Debt investments$366,489 Discounted Cash FlowsDiscount Rate
11.71% - 44.09%
19.76%
8,536 Probability-Weighted Expected Return MethodProbability Weighting of Alternative Outcomes
30.00% - 100.00%
72.26%
Warrant investments16,915 Black Scholes Option Pricing ModelRevenue 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 investments8,255 Black Scholes Option Pricing ModelVolatility
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$400,195 
Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.
Derivative Instruments
The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. The notional amounts as of September 30, 2024 and December 31, 2023, as shown in the Consolidated Schedule of Investments, are representative of the average volume throughout the nine months ended September 30, 2024 and year ended December 31, 2023, respectively. The following table shows a summary of the fair value and location of the Company’s derivative instruments in the Consolidated Statements of Assets and Liabilities held as of September 30, 2024 and December 31, 2023:
Fair Value as of
Derivative InstrumentStatement LocationSeptember 30, 2024December 31, 2023
Foreign currency forward contractsOther accrued expenses and liabilities$(393)$(430)
Foreign currency forward contractsPrepaid expenses and other assets  
Total$(393)$(430)
Net realized and unrealized gains and losses on derivative instruments recorded by the Company during nine months ended September 30, 2024 and 2023 are in the following locations in the Consolidated Statements of Operations:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Derivative InstrumentStatement Location2024202320242023
Foreign currency forward contractsNet realized losses on investments$(302)$ $(518)$ 
Foreign currency forward contractsNet change in unrealized losses on investments(330)198 37 198 
Total$(632)$198 $(481)$198 
Offsetting of Derivative Instruments
The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables show the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2024 and December 31, 2023:
As of September 30, 2024
CounterpartyDerivative Assets Subject to Master Netting AgreementDerivatives Available for Offset
Non-cash Collateral Received(1)
Cash Collateral Received(1)
Net Amount of Derivative Assets(2)
Zions Bancorporation, N.A.$ $ $ $ $ 
Total$ $ $ $ $ 

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CounterpartyDerivative Liabilities Subject to Master Netting AgreementDerivatives 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)$ $ $ $(393)
As of December 31, 2023
CounterpartyDerivative Assets Subject to Master Netting AgreementDerivatives Available for Offset
Non-cash Collateral Received(1)
Cash Collateral Received(1)
Net Amount of Derivative Assets(2)
Zions Bancorporation, N.A.$ $ $ $ $ 
Total$ $ $ $ $ 
CounterpartyDerivative Liabilities Subject to Master Netting AgreementDerivatives 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, 2024December 31, 2023
Total CommitmentBalance OutstandingUnused CommitmentTotal CommitmentBalance OutstandingUnused Commitment
Revolving Credit Facility$250,000 $80,500 $169,500 $250,000 $87,500 $162,500 
2027 Notes75,000 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:

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For the Three Months Ended September 30,For the Nine Months Ended September 30,
Interest Expense and Amortization of Fees (in thousands)2024202320242023
Revolving Credit Facility
Interest cost$2,909 $2,501 $7,344 $7,414 
Unused fee226 280 635 809 
Amortization of costs and other fees255 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 fees47 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.





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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 $71.3 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.
The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of September 30, 2024 and December 31, 2023:
Liability
(in thousands)
September 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Credit Facility$ $ $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.

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The following table shows the Company’s unfunded commitments by portfolio company as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Unfunded Commitments(1)
(in thousands)
Unfunded CommitmentsFair Value of Unfunded Commitment LiabilityUnfunded CommitmentsFair 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 GmbH2,232 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 GmbH926 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.

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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)2024202320242023
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 adjustments69 (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, 2024December 31, 2023
Dependent on milestones$44 $6,300 
Expiring during:
202420,431 64,331 
202533,095 7,862 
202610,390  
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:

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For the Nine Months Ended September 30,
Financial Highlights
(in thousands, except share and per share data)
20242023
Per Share Data(1)
Net asset value at beginning of period$12.24 $14.00 
Changes in net asset value due to:
Net investment income1.15 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 share1.15 $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 period23,689,363 20,297,200 
Shares of common stock outstanding at end of period23,689,363 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)
20242023
Weighted average portfolio yield on debt investments(2)
15.4 %16.4 %
Coupon income11.7 %12.7 %
Accretion of discount1.1 %1.3 %
Accretion of end-of-term payments1.7 %1.9 %
Impact of prepayments during the period0.9 %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:

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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)2024202320242023
Net investment income$8,054 $10,326 $27,361 $32,655 
Net increase (decrease) in net assets resulting from operations2,931 $6,798 11,367 5,116 
Basic and diluted weighted average shares of common stock outstanding23,689,363 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:

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Date DeclaredRecord DatePayment DatePer Share Amount
November 12, 2020November 13, 2020November 20, 2020$0.15 
December 21, 2020December 22, 2020December 30, 20200.30 
December 21, 2020December 22, 2020December 30, 20200.14 
(1)
May 12, 2021May 13, 2021May 19, 20210.30 
August 11, 2021August 13, 2021August 27, 20210.30 
October 29, 2021November 1, 2021November 12, 20210.30 
December 8, 2021December 10, 2021December 29, 20210.30 
December 8, 2021December 10, 2021December 29, 20210.10 
(2)
April 28, 2022May 13, 2022May 19, 20220.33 
July 26, 2022August 5, 2022August 26, 20220.40 
October 28, 2022November 1, 2022November 11, 20220.40 
December 9, 2022December 15, 2022December 30, 20220.40 
December 9, 2022December 15, 2022December 30, 20220.10 
(2)
April 27, 2023May 12, 2023May 19, 20230.42 
July 27, 2023August 4, 2023August 25, 20230.42 
October 27, 2023October 30, 2023November 15, 20230.47 
December 5, 2023December 12, 2023December 29, 20230.47 
December 5, 2023December 12, 2023December 29, 20230.12 
(2)
April 25, 2024April 29, 2024May 17, 20240.47 
August 1, 2024August 5, 2024August 23, 20240.41 
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.



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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;

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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.


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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)
CostFair ValueNet Unrealized Gains (Losses)Number of
Investments
Number of
Companies
Debt investments$361,017 $346,056 $(14,961)222 80 
Warrant investments15,122 18,313 3,191 202 145 
Equity investments17,651 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)
CostFair ValueNet Unrealized Gains (Losses)Number of
Investments
Number of
Companies
Debt investments$383,570 $375,025 $(8,545)228 83 
Warrant investments13,419 16,915 3,496 183 144 
Equity investments9,444 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.




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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 ValuePercentage of Total Investments
Consumer Products and Services$80,640 21.2 %
Business/Productivity Software32,525 8.5 
E-Commerce - Clothing and Accessories28,693 7.5 
Real Estate Services26,246 6.9 
Business Products and Services23,917 6.3 
Business Applications Software22,035 5.8 
E-Commerce - Personal Goods19,760 5.2 
Healthcare Services16,883 4.4 
Healthcare Technology Systems14,800 3.9 
Financial Software9,992 2.6 
Information Services (B2C)9,419 2.5 
Computer Hardware9,373 2.5 
Consumer Non-Durables9,035 2.4 
Infrastructure8,849 2.3 
Energy8,515 2.2 
Other Financial Services7,937 2.1 
Social/Platform Software6,833 1.8 
Network Management Software5,708 1.5 
Communications and Networking4,933 1.3 
Human Capital Services4,414 1.2 
Multimedia and Design Software4,265 1.1 
Aerospace and Defense3,984 1.0 
Entertainment Software3,908 1.0 
Educational Software3,145 0.8 
Food Products2,722 0.7 
Medical Software and Information Services2,578 0.7 
Application Software2,492 0.7 
Environmental Services1,480 0.4 
Life and Health Insurance1,278 0.3 
Business to Business Marketplace880 0.2 
Consumer Finance761 0.2 
Information Technology750 0.2 
Software Development Applications735 0.2 
Database Software504 0.1 
Elder and Disabled Care486 0.1 
Financial Services150 *
General Media and Content105 *
Communication Software54 *
Logistics51 *
Commercial Services*
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.


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December 31, 2023
Investments in Portfolio Companies by Industry
(dollars in thousands)
At Fair ValuePercentage of Total Investments
Consumer Products and Services$57,610 14.4 %
Real Estate Services38,416 9.6 
E-Commerce - Clothing and Accessories35,449 8.9 
Business Products and Services33,509 8.4 
Business Applications Software30,910 7.7 
Business/Productivity Software30,573 7.6 
E-Commerce - Personal Goods28,177 7.0 
Healthcare Technology Systems20,151 5.0 
Energy14,984 3.7 
Life and Health Insurance9,558 2.4 
Information Services (B2C)9,306 2.3 
Healthcare Services9,078 2.3 
Other Financial Services8,591 2.1 
Infrastructure8,487 2.1 
Computer Hardware8,143 2.0 
Social/Platform Software7,508 1.9 
Multimedia and Design Software6,572 1.6 
Financial Software5,846 1.5 
Application Software5,290 1.3 
Network Management Software5,133 1.3 
Aerospace and Defense4,523 1.1 
Human Capital Services4,380 1.1 
Entertainment Software4,044 1.0 
Consumer Non-Durables3,450 0.9 
Food Products2,488 0.6 
Medical Software and Information Services2,434 0.6 
Consumer Finance1,756 0.4 
Cultivation1,317 0.3 
Business to Business Marketplace880 0.2 
Software Development Applications526 0.1 
Elder and Disabled Care486 0.1 
Database Software254 0.1 
Financial Services150 *
General Media and Content105 *
Communication Software54 *
Logistics51 *
Commercial Services*
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, 2024December 31, 2023
Debt Investments By Financing Product
(dollars in thousands)
Fair ValuePercentage of Total Debt InvestmentsFair ValuePercentage of Total Debt Investments
Growth capital loans$325,230 94.0 %$350,862 93.5 %
Revolver loans19,729 5.7 23,078 6.2 
Convertible notes1,097 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.


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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)2024202320242023
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 fees1,430 968 4,432 4,663 
Payment-in-kind coupon952 1,786 2,791 3,565 
New warrant investments542 691 2,500 1,772 
New equity investments1,450 — 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.

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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)2024202320242023
Debt Commitments
New portfolio companies$19,603 $26,000 $52,625 $61,750 
Existing portfolio companies15,324 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.
CategoryCategory DefinitionAction Item
Clear (1)Performing above expectations and/or strong financial or enterprise profile, value or coverage.Review quarterly.
White (2)Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. Generally, all new loans are initially graded White.Contact portfolio company periodically in no event less than quarterly.
Yellow (3)Performing generally below expectations and/or some proactive concern due to industry, business, financial and/or related factors. Adequate financial or enterprise profile, value or coverage.Contact portfolio company monthly or more frequently as determined by our Adviser’s Investment Committee; contact venture capital investors.
Orange (4)Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent.Contact portfolio company weekly or more frequently as determined by our Adviser’s Investment Committee; contact venture capital investors regularly; our Adviser forms a workout group to minimize risk of loss.
Red (5)Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full loss.Maximize value from assets.
The following table shows the credit rankings for the portfolio companies that had outstanding debt obligations to us as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Credit Category
(dollars in thousands)
Fair ValuePercentage of Total Debt InvestmentsNumber of Portfolio CompaniesFair ValuePercentage of Total Debt InvestmentsNumber of Portfolio Companies
Clear (1)$32,724 9.5 %5$47,036 12.5 %9
White (2)264,561 76.4 55281,114 75.0 54
Yellow (3)43,596 12.6 1138,936 10.4 12
Orange (4)4,996 1.4 67,788 2.1 7
Red (5)179 0.1 3151 — 1
Total$346,056 100.0 %80$375,025 100.0 %83
As of September 30, 2024 and December 31, 2023, the weighted average credit ranking of our debt investment portfolio was 2.06 and 2.02, respectively. During the three months ended September 30, 2024, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $1.0 million was upgraded from White (2) to Clear (1), one portfolio company with a principal balance of $1.5 million was upgraded from Yellow (3) to White (2), one portfolio company with a principal balance of $2.7 million was upgraded from Orange (4) to Yellow (3), two portfolio companies with an aggregate principal balance of $13.3 million was downgraded from Clear (1) to White (2), one portfolio company with a principal balance of $1.3 million was downgraded from Yellow (3) to Red (5) and one portfolio company with a principal balance of $4.3 million was downgraded from Orange (4) to Red (5).

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As of September 30, 2024, we had investments in 10 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $22.7 million and $11.9 million, respectively. As of December 31, 2023, we had investments in 11 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $19.9 million and $15.1 million, respectively.
Results of Operations
An important measure of our financial performance is net increase (decrease) in net assets resulting from operations, which includes net investment income (loss), net realized gains (losses) and net unrealized gains (losses). Net investment income (loss) is the difference between our income from interest, dividends, fees and other investment income and our operating expenses, including interest on borrowed funds. Net realized gains (losses) on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost. Net unrealized gains (losses) on investments is the net change in the fair value of our investment portfolio.
For the three months ended September 30, 2024 and 2023, our net increase in net assets resulting from operations was $2.9 million and $6.8 million, respectively, which was comprised of $8.1 million and $10.3 million, respectively, of net investment income and $5.1 million and $3.5 million of net realized and unrealized losses, respectively. On a per common share basis for the three months ended September 30, 2024 and 2023, net investment income was $0.34 and $0.51, respectively, and our net increase in net assets from operations was $0.12 and $0.33, respectively.
For the nine months ended September 30, 2024 and 2023, our net increase in net assets resulting from operations was $11.4 million and $5.1 million, respectively, which was comprised of $27.4 million and $32.7 million, respectively, of net investment income and $16.0 million and $27.5 million of net realized and unrealized losses, respectively. On a per common share basis for the nine months ended September 30, 2024 and 2023, net investment income was $1.15 and $1.61, respectively, and our net increase in net assets from operations was $0.48 and $0.25, respectively.
Investment Income
Total investment and other income for the three and nine months ended September 30, 2024 was $15.4 million and $48.2 million, respectively. Total investment and other income for the three and nine months ended September 30, 2023 was $18.0 million and $53.4 million, respectively.
The decrease in total investment and other income for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, is due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio and a lower weighted average portfolio yield on our income-bearing debt investment portfolio.
Operating Expenses
Total operating expenses consist of our base management fee, income incentive fee, capital gains incentive fee, interest expenses and amortization of fees, administration agreement expenses, and general and administrative expenses. We anticipate that our operating expenses would increase over time to the extent that our investment portfolio grows. However, we anticipate operating expenses, as a percentage of total assets and net assets, would generally decrease over time to the extent that our investment portfolio and capital base expand. We expect that base management and income incentive fees would increase to the extent that we grow our capital base and our earnings. The capital gains incentive fee depends on realized and unrealized gains and losses. Interest expenses will generally increase if we draw down on the Credit Facility or issue debt securities, and we generally expect expenses under the Administration Agreement and general and administrative expenses to increase over time to the extent that our investment portfolio grows, to meet the additional requirements associated with servicing a larger portfolio.
Total operating expenses for the three and nine months ended September 30, 2024 were $7.4 million and $20.8 million, respectively. Total operating expenses for the three and nine months ended September 30, 2023 were $7.7 million and $20.7 million, respectively.
Base management fees for the three and nine months ended September 30, 2024 were $1.6 million and $4.6 million, respectively. Base management fees for the three and nine months ended September 30, 2023 were $1.4 million and $4.1 million, respectively. Base management fees increased during the 2024 periods due to an increase in invested equity, primarily through the issuance of common stock.
We did not incur an income incentive fee for the three and nine months ended September 30, 2024, as the income incentive fees were reduced by $1.6 million and $5.5 million, respectively, due to the total return requirement under the Advisory Agreement. We did not incur an income incentive fee for the three and nine months ended September 30, 2023, as the income incentive fees were reduced by $2.1 million and $6.5 million, respectively, due to the total return requirement under the Advisory Agreement. We did not incur a capital gains incentive fee during the three and nine months ended September 30, 2024 or the three and nine months ended September 30, 2023, primarily due to the current and cumulative realized and unrealized losses we recorded on our investment portfolio during the periods. See “Note 3. Related Party Agreements and Transactions” to our unaudited financial statements with respect to the capital gains incentive fee expense accruals.

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For the three and nine months ended September 30, 2024, interest and fees on our borrowings totaled $4.5 million and $12.2 million, respectively. For the three and nine months ended September 30, 2023, interest and fees on our borrowings totaled $4.5 million and $12.7 million, respectively. Interest and fees decreased during the nine months ended September 30, 2024, as compared to the corresponding 2023 period, primarily due to a decrease in the weighted average borrowings outstanding during the 2024 period compared to the 2023 period, partially offset by an increase in the weighted average interest rate on our borrowings during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The weighted average interest rate on our borrowings slightly decreased during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.
For the three and nine months ended September 30, 2024, expenses under the Administration Agreement and general and administrative expenses totaled $1.3 million and $4.0 million, respectively. For the three and nine months ended September 30, 2023, expenses under the Administration Agreement and general and administrative expenses total $1.9 million and $3.9 million, respectively.
Net Realized Gains and Losses and Net Unrealized Gains and Losses
Realized gains and losses are included in “net realized losses on investments” in the consolidated statements of operations.
For the three and nine months ended September 30, 2024, we recognized net realized losses of $2.3 million and $9.3 million, respectively, primarily due to the write-offs of investments in certain portfolio companies, in addition to foreign currency adjustments. For the three and nine months ended September 30, 2023, we recognized net realized losses of $0.2 million and $18.7 million, respectively, primarily due to the write-offs of investments in certain portfolio companies, in addition to foreign currency adjustments.
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 and nine months ended September 30, 2024 totaled $2.8 million and $6.7 million, respectively, resulting primarily from market rate adjustments and foreign currency adjustments. Net change in unrealized losses during the three and nine months ended September 30, 2023 totaled $3.4 million and $8.8 million, respectively, resulting primarily from market rate adjustments and foreign currency adjustments, partially offset by the reversal of previously recognized unrealized losses on investments that were written off in the period.
Net change in realized and unrealized gains or losses in subsequent periods may be volatile as such results depend on changes in the market, changes in the underlying performance of our portfolio companies and their respective industries, and other market factors.
Portfolio Yield and Total Return
Investment income includes interest income on our debt investments, utilizing the effective yield method, including cash interest income as well as the amortization of any purchase premium, accretion of purchase discount, original issue discount, facilities fees, and the amortization and payment of the EOT payments.
The following table shows the weighted average annualized portfolio yield on our debt investments, excluding non-income producing investments, comprising of cash interest income, accretion of the net purchase discount, facilities fees and the value of warrant investments received, accretion of EOT payments and the accelerated receipt of EOT payments on prepayments:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Ratios (Percentages, on an annualized basis)(1)
2024202320242023
Weighted average portfolio yield on debt investments(2)
15.9 %17.4 %15.4 %16.4 %
Coupon income12.2 %13.5 %11.7 %12.7 %
Accretion of discount1.3 %1.1 %1.1 %1.3 %
Accretion of end-of-term payments1.7 %1.9 %1.7 %1.9 %
Impact of prepayments during the period0.7 %0.9 %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 our shareholders.
Our weighted average annualized portfolio yield on debt investments may be higher than an investor’s yield on an investment in shares of our common stock. Our weighted average annualized portfolio yield on debt investments does not reflect operating expenses that may be incurred by us and, thus, by our stockholders. In addition, our weighted average annualized portfolio yield on debt investments and total return figures disclosed in this Quarterly Report on Form 10-Q do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of our common stock. Our weighted average annualized portfolio yield on debt investments and total return based on net asset value do not represent actual investment returns to common stockholders. Our weighted average annualized portfolio yield on debt investments and total return figures are subject to change and, in the future, may be greater or less than the rates set forth in this Quarterly Report on Form 10-Q.

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For the three and nine months ended September 30, 2024, our total return based on the change in net asset value was 1.0% and 3.9%, respectively. For the three and nine months ended September 30, 2023, our total return based on the change in net asset value was 2.5% and 1.8%, respectively. Total return based on net asset value is the change in ending net asset value per common share plus distributions per common share paid during the period divided by the beginning net asset value per common share for the period. The total return is for the period shown and is not annualized.
The following table shows our return on average total assets and return on average net asset value for the periods indicated:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
Returns on Net Asset Value and Total Assets(1) (dollars in thousands)
2024202320242023
Net investment income$8,054 $10,326 $27,361 $32,655 
Net increase (decrease) in net assets$2,931 $6,798 $11,367 $5,116 
Average net asset value(2)
$285,135 $275,079 $288,786 $284,094 
Average total assets(2)
$439,316 $462,406 $451,843 $473,136 
Net investment income to average net asset value(3)
11.2 %14.9 %12.7 %15.4 %
Net increase in net assets to average net asset value(3)
4.1 %9.8 %5.3 %2.4 %
Net investment income to average total assets(3)
7.3 %8.9 %8.1 %9.2 %
Net increase in net assets to average total assets(3)
2.7 %5.8 %3.4 %1.4 %
_______________
(1)Net asset value used in ratios represents net asset value to common shareholders and excludes preferred shareholders’ equity.
(2)The average net asset values and the average total assets are computed based on daily balances.
(3)Percentage is presented on an annualized basis.
Critical Accounting Policies
The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates, including with respect to the valuation of our investments, could cause actual results to differ.
Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our investment portfolio, including our investment valuation policy (which has been approved by the Board), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in this Quarterly Report on Form 10-Q.
Investment Valuation
Investment transactions are recorded on a trade-date basis. Our investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of the market’s participant who holds the financial instrument rather than an entity-specific measure. When market assumptions are not readily available, our own assumptions are set to reflect those that the Adviser believes market participants would use in pricing the financial instruments on the measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. Our valuation methodology is approved by the Board, and the Board is responsible for the fair values determined. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from the Board, may refine our valuation methodologies to best reflect the fair value of our investments appropriately.
As of September 30, 2024, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 85.6% of our total assets, as compared to 86.1% of our total assets as of December 31, 2023.

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See “Note 2. Significant Accounting Policies” and “Note 4. Investments” in the notes to the consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC on March 13, 2024 and “Note 4. Investments” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.
Liquidity and Capital Resources
We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the Credit Facility and our anticipated cash flows from operations, including from contractual monthly portfolio company payments and cash flows, prepayments, and the ability to liquidate any publicly traded investments, will be adequate to meet our cash needs for our daily operations, including to fund our unfunded commitment obligations.
Cash Flows
During the nine months ended September 30, 2024, net cash provided by operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in “Results of Operations” above, was $26.6 million and net cash used in financing activities, consisting primarily of net repayments under the Credit Facility and distributions paid, was $27.9 million. As of September 30, 2024, cash and cash equivalents, including restricted cash, was $59.6 million.
During the nine months ended September 30, 2023, net cash provided by operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in “Results of Operations” above, was $22.0 million and net cash used in financing activities, consisting primarily of distributions paid, partially offset by net borrowings under the Credit Facility, was $18.3 million. As of September 30, 2023, cash, including restricted cash, was $40.8 million.
Capital Resources and Borrowings
As a BDC, we generally have an ongoing need to raise additional capital for investment purposes. As a result, we expect, from time to time, to access the debt and equity markets when we believe it is necessary and appropriate to do so. In this regard, we continue to explore various options for obtaining additional debt or equity capital for investments. This may include expanding or extending the Credit Facility, the issuance of additional shares of our common stock in exchange for capital contributions or the issuance of debt securities. If we are unable to obtain leverage or raise capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted.
As of September 30, 2024, we had received capital commitments totaling $386.8 million in connection with our private offering of common stock, of which $354.7 million had been funded. Upon termination of our investment period, which occurred on December 19, 2023, our stockholders were released from funding obligations for any remaining undrawn capital commitments under their respective subscription agreements with us, subject to limited exceptions set forth in the subscription agreements.
Credit Facility
We have $250.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $400.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of the lenders. The revolving period under the Credit Facility is scheduled to expire on July 15, 2025 and the maturity date of the Credit Facility is scheduled for January 15, 2027. Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50%, and are subject to certain minimum principal utilization amounts during the revolving period. As of September 30, 2024, the applicable margin is equal to 3.25% during the revolving period and increases to 4.25% during the amortization period. See “Note 6. Borrowings” in the notes to consolidated financial statements for more information regarding the terms of the Credit Facility.
As of September 30, 2024 and December 31, 2023, we had outstanding borrowings of $80.5 million and $87.5 million, respectively, under the Credit Facility, excluding deferred credit facility costs of $2.3 million and $3.0 million, respectively, which are included as assets in the consolidated statements of assets and liabilities. As of September 30, 2024 and December 31, 2023, we had $169.5 million and $162.5 million, respectively, of remaining capacity on our Credit Facility.
2027 Notes
On April 6, 2022, we issued $75.0 million in aggregate principal amount of the 2027 Notes with a fixed interest rate of 5.86% per year. The 2027 Notes were issued in a private placement to certain qualified institutional investors, pursuant to the terms of the Note Purchase Agreement. The 2027 Notes will mature on April 6, 2027, unless redeemed, purchased or prepaid prior to such date in accordance with their terms. In the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.86% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing.

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The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us; provided however, in the event that we create, incur, assume or permit to exist liens on or with respect to any of our property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. See “Note 6. Borrowings” in the notes to consolidated financial statements for more information regarding the 2027 Notes and the Note Purchase Agreement.
Series A Preferred Stock
On May 27, 2020, we sold 525 shares of Series A Cumulative Preferred Stock (the “Series A Preferred Stock”) at a price of $1,000.00 per share, resulting in gross proceeds of $525,000. Distributions, including the payment of dividends and distribution of our assets upon dissolution, liquidation, or winding up, on the Series A Preferred Stock are senior to all other classes and series of our common stock to the extent of the aggregate liquidation preference of the Series A Preferred Stock ($1,000 per share, or the “Liquidation Value”) and all accrued but unpaid dividends and any applicable redemption premium on the Series A Preferred Stock. Dividends on each share of the Series A Preferred Stock are payable semiannually on June 30 and December 31 of each year and accrue at the rate of 12.0% per annum of the sum of the Liquidation Value thereof plus all accumulated and unpaid dividends thereon, from and including the date of issuance to and including the earlier of (1) the date of any liquidation, dissolution, or winding up of the Company or (2) the date on which such share of Series A Preferred Stock is redeemed. Such dividends are generally cumulative with the result that all accrued and unpaid dividends must be fully paid or declared with funds irrevocably set apart for payment for all past dividend periods before any dividend, distribution or payment may be made to holders of outstanding shares of our common stock. See “Liquidity and Capital Resources - Capital Resources and Borrowings” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for more information regarding the Series A Preferred Stock.
Asset Coverage Requirements
We are required under the 1940 Act to meet a coverage ratio of total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of our senior securities, which generally includes all of our borrowings and any preferred stock, of at least 150%. As of September 30, 2024, our asset coverage for total borrowings and other senior securities was 279%.
Unfunded Commitments
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of September 30, 2024 and December 31, 2023, our unfunded commitments totaled $63.9 million and $72.2 million, respectively, of which $44,000 and $6.3 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.
The following table shows our unfunded commitments by portfolio company as of September 30, 2024 and December 31, 2023:

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Unfunded Commitments(1)
(in thousands)
September 30, 2024December 31, 2023
Activehours, Inc.$10,000 $10,000 
Etched.ai, Inc.10,000 — 
Luxury Presence, Inc.7,000 6,000 
Karat Financial Technologies, Inc.6,719 6,719 
Cresta Intelligence, Inc.5,000 — 
Thoughtful Automation, Inc.4,061 — 
Haven Energy Inc.2,700 — 
Headout Inc.2,649 — 
Earth Funeral Group, Inc.2,570 — 
Planet A Foods GmbH2,232 — 
Panorama Education, Inc.2,140 — 
Join Digital, Inc.2,100 — 
Ocrolus Inc.1,714 — 
Overtime Sports, Inc.1,143 1,143 
Hover Inc.1,000 — 
Quantum Circuits, Inc.1,000 — 
Mirelo AI GmbH926 
Idelic, Inc.400 1,200 
Worldwide Freight Logistics Ltd.268 345 
Flashparking, Inc.250 — 
Ephemeral Solutions, Inc.44 — 
Perry Health, Inc.— 8,000 
Ever/Body Inc.— 6,200 
Prose Beauty, Inc.— 6,000 
Machinify, Inc.— 5,000 
Placemakr, Inc.— 5,000 
JOKR— 3,748 
Parsable, Inc.— 2,667 
Firemaps, Inc.— 2,000 
FireHydrant, Inc.— 1,200 
McN Investments Ltd.— 1,000 
Pair Eyewear, Inc.— 1,000 
Substack, Inc.— 1,000 
Tempus Ex Machina, Inc.— 1,000 
Virtual Facility, Inc.— 1,000 
Highbeam, Inc.— 813 
Construction Finance Corporation— 575 
OnSiteIQ, Inc.— 334 
Forum Brands, LLC— 147 
Allplants LTD— 102 
Total$63,916 $72,193 
_____________
(1)Does not include backlog of potential future commitments. Refer to “Investment Activity” above. 
During the nine months ended September 30, 2024 and the year ended December 31, 2023, $31.8 million and $103.4 million of unfunded commitments expired or were terminated, respectively. The following table shows additional information on our unfunded commitments regarding milestones and expirations as of September 30, 2024 and December 31, 2023:
Unfunded Commitments(1)
(in thousands)
September 30, 2024December 31, 2023
Dependent on milestones$44 $6,300 
Expiring during:
202420,431 64,331 
202533,095 7,862 
202610,390 — 
Total$63,916 $72,193 
_______________
(1)Does not include backlog of potential future commitments.

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Our credit agreements contain customary lending provisions that allow us relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences material adverse events that affect the financial condition or business outlook for the portfolio company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. We generally expect 50% - 75% of our gross unfunded commitments to eventually be drawn before the expiration of their corresponding availability periods.
The fair value at the inception of the delay draw credit agreements with our portfolio companies is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments.

Common Stock Distributions
We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our net ordinary income and net realized short-term capital gains in excess of our net realized long-term capital losses, if any, to our stockholders. In order to avoid a non-deductible 4% U.S. federal excise tax on certain of our undistributed income, we would need to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of our ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and (c) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the tax years ended December 31, 2023 and December 31, 2022, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.
To the extent our taxable earnings fall below the total amount of our distributions for the year, a portion of those distributions may be deemed a return of capital to our stockholders. Our Adviser monitors available taxable earnings, including net investment income and realized capital gains, to determine if a return of capital may occur for the year. We estimate the source of our distributions as required by Section 19(a) of the 1940 Act to determine whether payment of dividends are expected to be paid from any other source other than net investment income accrued for current period or certain cumulative periods, but we will not be able to determine whether any specific distribution will be treated as made out of our taxable earnings or as a return of capital until after the end of our taxable year. Any amount treated as a return of capital will reduce a stockholder’s adjusted tax basis in his or her common stock, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale or other disposition of his or her common stock. On a quarterly basis, for any payment of dividends estimated to be paid from any other source other than net investment income accrued for current period or certain cumulative periods based on the requirements of Section 19(a) of the 1940 Act, we will send a written Section 19(a) notice to our registered stockholders along with the dividend payment. The estimates of the source of the distribution are interim estimates based on GAAP that are subject to revision, and the exact character of the distributions for tax purposes cannot be determined until the final books and records are finalized for the calendar year. Therefore, these estimates are made solely in order to comply with the requirements of Section 19(a) of the 1940 Act and should not be relied upon for tax reporting or any other purposes and could differ significantly from the actual character of distributions for tax purposes. The specific tax characteristics of our distributions will be reported to stockholders after the end of the taxable year. We intend to pay quarterly distributions to our common stockholders.
The following table shows our cash distributions per common share that have been authorized by our Board since commencement of operations to September 30, 2024:

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Date DeclaredRecord DatePayment DatePer Share Amount
November 12, 2020November 13, 2020November 20, 2020$0.15 
December 21, 2020December 22, 2020December 30, 20200.30 
December 21, 2020December 22, 2020December 30, 20200.14 
(1)
May 12, 2021May 13, 2021May 19, 20210.30 
August 11, 2021August 13, 2021August 27, 20210.30 
October 29, 2021November 1, 2021November 12, 20210.30 
December 8, 2021December 10, 2021December 29, 20210.30 
December 8, 2021December 10, 2021December 29, 20210.10 
(2)
April 28, 2022May 13, 2022May 19, 20220.33 
July 26, 2022August 5, 2022August 26, 20220.40 
October 28, 2022November 1, 2022November 11, 20220.40 
December 9, 2022December 15, 2022December 30, 20220.40 
December 9, 2022December 15, 2022December 30 20220.10 
April 27, 2023May 12, 2023May 19, 20230.42 
July 27, 2023August 4, 2023August 25, 20230.42 
October 27, 2023October 30, 2023November 15, 20230.47 
December 5, 2023December 12, 2023December 29, 20230.47 
December 5, 2023December 12, 2023December 29, 20230.12 
(2)
April 25, 2024April 29, 2024May 17, 20240.47 
August 1, 2024August 5, 2024August 23, 20240.41 
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.
As of September 30, 2024, we estimated that we had undistributed taxable earnings from distributable earnings of $21.6 million, or $0.91 per common share.
Recent Accounting Pronouncements
In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. The adoption of these rules did not have a material impact on the consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements and disclosures.
Recent Developments
Distribution
On October 31, 2024, our Board declared a $0.41 per share distribution to our common stockholders, payable on November 15, 2024 to stockholders of record on November 1, 2024.






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Item 3.    Quantitative and Qualitative Disclosures about Market Risk
We are subject to financial market risks, including changes in interest rates. We are also subject to risks relating to the capital markets; changes in foreign currency exchange rates; conditions affecting the general economy; legislative reform; and local, regional, national or global political, social or economic instability. U.S. and global capital markets and credit markets have recently been experiencing an increase in the level of volatility across such markets and in values of publicly-traded securities. Any continuation of the stresses on capital markets and credit markets, or a further increase in volatility, could result in a contraction of available credit for us and/or an inability by us to access the equity or debt capital markets, or could otherwise cause an inability or unwillingness of our lenders to fund their commitments to us, any of which may have a material adverse effect on our results of operations and financial condition.
Interest Rate Risk
Interest rate sensitivity refers to the change in our earnings and in the relative values of our portfolio that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a change in market interest rates will not have a material adverse effect on our net investment income.
Changes in interest rates may affect both our cost of funding and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rates or reference rates to the extent that any debt investments include floating interest rates. Debt investments are made with either floating rates that are subject to contractual minimum interest rates for the term of the investment or fixed interest rates.
A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over Prime that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities.
As of September 30, 2024, a majority of the debt investments (approximately 80.2%, or $289.0 million in principal balance) in our portfolio bore interest at floating rates, which generally are Prime-based and all of which have interest rate floors of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime rate from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the floating rate based on certain indices referenced in the Credit Facility, including SOFR.
As of September 30, 2024, our floating rate borrowings totaled $80.5 million, which represented 51.8% of our outstanding debt as of September 30, 2024. As of September 30, 2024, all of our floating rate debt investments were subject to interest-rate floors set at 3.25% or higher. Because the Prime Rate as of September 30, 2024 was 8.00%, which is at or above the interest-rate floors applicable to a majority of our floating rate debt investments, decreases in interest rates will impact our interest income to a limited extent until the Prime Rate reaches 3.25%, while increases in interest rates will increase our interest income to the extent that such rates exceed the applicable interest-rate floor. In addition, with respect to interest expense on our floating rate borrowings, we will benefit from any decreases in interest rates up to the point that the SOFR rate decreases to 0.50%, which is the SOFR interest-rate floor under the Credit Facility as of September 30, 2024. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of September 30, 2024, our interest expense on floating rate borrowings will increase if rates rise. The following table illustrates the annual impact on our net investment income of hypothetical base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure from the September 30, 2024 consolidated statement of assets and liabilities:
Change in Interest Rates
(in thousands)
Increase (decrease) in interest income(Increase) decrease in interest expenseNet increase (decrease) in net investment income
Up 300 basis points$7,816 $(3,750)$4,066 
Up 200 basis points$5,119 $(2,500)$2,619 
Up 100 basis points$2,422 $(1,250)$1,172 
Up 50 basis points$1,073 $(625)$448 
Down 50 basis points$(969)$625 $(344)
Down 100 basis points$(1,782)$1,250 $(532)
Down 200 basis points$(3,293)$2,500 $(793)
Down 300 basis points$(4,552)$3,750 $(802)
This analysis is indicative of the potential impact on our investment income as of September 30, 2024, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings under the Credit Facility and potentially other borrowings, and such borrowings, to the extent they are floating rate borrowings, all else being equal, will increase our investment income sensitivity to interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities after September 30, 2024 nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.

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Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of September 30, 2024, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.
Foreign Currency Exchange Rate Risk
We may also have exposure to changes in foreign currency exchange rates in connection with certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. During the nine months ended September 30, 2024, we entered into foreign currency forward contracts to limit our foreign currency exposure with respect to the British Pound Sterling and Euro. For additional information refer to “Note 4 – Investments”, included in the notes to our consolidated financial statements appearing elsewhere in this report.
While hedging activities may mitigate our exposure to adverse fluctuations in interest rates or foreign currency exchange rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements or foreign currency forward contracts, may also limit our ability to participate in the benefits of higher interest rates or beneficial movements in foreign currency exchange rates with respect to our portfolio investments. In addition, there can be no assurance that we will be able to effectively hedge our interest rate risk or foreign currency exchange rate risk.
Substantially all of our assets and liabilities are financial in nature. As a result, changes in interest rates, foreign currency exchange rates and other factors drive our performance more directly than does inflation. Changes in interest rates and foreign currency exchange rates do not necessarily correlate with changes in inflation rates.
Item 4.    Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective. It should be noted that any system of controls, however well-designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
Management has not identified any change in the Company’s internal control over financial reporting that occurred during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION
Item 1.    Legal Proceedings
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A.    Risk Factors
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the value of our securities.
There have been no material changes during the three months ended September 30, 2024 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 (filed with the SEC on March 13, 2024) which could materially affect our business, financial condition or operating results.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
We did not sell any equity securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act. Similarly, we did not repurchase any shares of our equity securities during the quarter ended September 30, 2024.
Item 3.    Defaults Upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended September 30, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6.    Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

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3.1
3.2
3.3
31.1
31.2
32.1
32.2
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101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
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(1)Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.
(2)Incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.
(3)Incorporated by reference to Exhibit 3.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.
(*)Filed herewith.
(**) Furnished herewith.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TriplePoint Private Venture Credit Inc.
Date: November 7, 2024By:/s/ James P. Labe
James P. Labe
Chief Executive Officer and Chairman of the Board of Directors
(Principal Executive Officer)
Date: November 7, 2024By:/s/ Brandon R. Campbell
Brandon R. Campbell
Interim Chief Financial Officer
(Principal Financial and Accounting Officer)

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