UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________________________________________________________________________________________________

Form 10-Q

________________________________________________________________________________________________________________________________________________

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025

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)

________________________________________________________________________________________________________________________________________________

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

TriplePoint Private Venture Credit Inc.

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

(Address of principal executive office)

(650) 854-2090

(Registrant’s telephone number, including area code)

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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	None	None

________________________________________________________________________________________________________________________________________________

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

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

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

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

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

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

As of May 15, 2025, the registrant had 23,689,363 shares of common stock, $0.01 par value per share, outstanding.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	5
	Notes to Consolidated Financial Statements (unaudited)	43
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	58
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	71
Item 4.	Controls and Procedures	72
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	74
Item 1A.	Risk Factors	74
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	74
Item 3.	Defaults Upon Senior Securities	74
Item 4.	Mine Safety Disclosures	74
Item 5.	Other Information	74
Item 6.	Exhibits	74
	Signatures	76

PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

	March 31, 2025		December 31, 2024
	(unaudited)
Assets
Investments at fair value (amortized cost of $369,526 and $372,310, respectively)	$	346,824	$	359,897
Cash and cash equivalents	70,317		41,222
Restricted cash	1,706		28,580
Deferred credit facility costs	1,777		2,019
Prepaid expenses and other assets	5,724		2,979
Total assets	$	426,348	$	434,697
Liabilities
Revolving Credit Facility	$	88,000	$	88,000
2027 Notes, net	74,584		74,536
Base management fee payable	1,531		1,560
Other accrued expenses and liabilities	7,440		6,819
Total liabilities	$	171,555	$	170,915
Commitments and Contingencies (Note 7)
Net assets
Preferred stock, par value $0.01 per share (50,000,000 shares authorized; 525 shares issued and outstanding)	$	—	$	—
Common stock, par value $0.01 per share	237		237
Paid-in capital in excess of par value	351,766		351,766
Total distributable loss	(97,210)		(88,221)
Total net assets	$	254,793	$	263,782
Total liabilities and net assets	$	426,348	$	434,697
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	$	10.73	$	11.11

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 March 31,
	2025		2024
Investment income
Interest income from investments	$	11,006	$	15,149
Payment-in-kind interest income	820		885
Other income
Expirations/terminations of unfunded commitments	92		150
Other fees	42		149
Total investment and other income	11,960		16,333
Operating expenses
Base management fee	1,531		1,548
Interest expense and amortization of fees	4,120		3,680
Administration agreement expenses	552		581
General and administrative expenses	551		888
Total operating expenses	6,754		6,697
Net investment income	5,206		9,636
Net realized and unrealized losses
Net realized losses on investments	(3,120)		(3,631)
Net change in unrealized losses on investments	(11,060)		(2,226)
Net realized and unrealized losses	(14,180)		(5,857)
Net increase (decrease) in net assets resulting from operations	$	(8,974)	$	3,779
Net investment income per common share	$	0.22	$	0.41
Net increase (decrease) in net assets per common share	$	(0.38)	$	0.16
Weighted average shares of common stock outstanding	23,689,363		23,689,363

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 value	Total distributable earnings (loss)	Net assets
Common stock		Preferred stock
Shares	Par value	Shares	Par value

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

Balance at December 31, 2024	23,689,363	$	237	525	$	—	$	351,766	$	(88,221)	$	263,782
Common stock distributions from distributable earnings	—	—		—	—		—		—		—
Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net decrease in net assets resulting from operations	—	—		—	—		—		(8,974)		(8,974)
Balance at March 31, 2025	23,689,363	$	237	525	$	—	$	351,766	$	(97,210)	$	254,793

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 Three Months ended March 31,
	2025		2024
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(8,974)	$	3,779
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used in) operating activities:
Fundings and purchases of investments	(18,148)		(28,864)
Principal payments and proceeds from investments	19,732		22,323
Payment-in-kind interest on investments	(820)		(885)
Net change in unrealized losses on investments	11,060		2,226
Net realized losses on investments	3,120		3,631
Amortization and accretion of premiums and discounts, net	(1,115)		(1,070)
Amortization of debt fees and issuance costs	290		288
Change in operating assets and liabilities:
Prepaid expenses and other assets	(3,167)		(257)
Base management fee payable	(29)		77
Other accrued expenses and liabilities	272		(6,760)
Net cash provided by / (used in) operating activities	2,221		(5,512)
Cash Flows from Financing Activities:
Borrowings under revolving credit facility	—		10,000
Repayments under revolving credit facility	—		(10,000)
Net cash provided by / (used in) financing activities	—		—
Net change in cash, cash equivalents and restricted cash	2,221		(5,512)
Cash, cash equivalents and restricted cash at beginning of period	69,802		60,845
Cash, cash equivalents and restricted cash at end of period	$	72,023	$	55,333
	March 31, 2025		March 31, 2024
Cash and cash equivalents	$	70,317	$	47,218
Restricted cash	1,706		8,115
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	72,023	$	55,333
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	2,066	$	2,272
Excise taxes paid	$	323	$	572

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 March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
Debt Investments
Aerospace and Defense
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	10/30/2024	$	2,652	$	2,650	$	2,650	4/1/2028
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	12/13/2024	1,135		1,131		1,131		6/1/2028
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	3/18/2025	941		931		931		9/1/2028
			4,728		4,712		4,712
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	11/21/2023	909		911		911		11/30/2027
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	932		932		932		12/31/2027
Loft Orbital Solutions Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	932		932		932		12/31/2027
			2,773		2,775		2,775
Total Aerospace and Defense - 2.94%*			7,501		7,487		7,487
Application Software
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	5/17/2022	667		664		665		5/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	7/21/2022	700		694		697		7/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	9/30/2022	460		454		457		9/30/2025
Total Application Software - 0.71%*			1,827		1,812		1,819
Business Applications Software
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% cash interest rate + 2.50% PIK interest rate, 12.75% floor)	6/26/2024	10,195		10,063		10,063		6/1/2027
Morty, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment)	12/21/2022	7,000		7,352		6,826		12/31/2026
Tide Platform Limited(1)(3)	Revolver (12.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,832		1,666		7/31/2026
Total Business Applications Software - 7.28%*			18,963		19,247		18,555
Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.75% floor, 5.00% EOT payment)	8/8/2024	1,458		1,449		1,449		8/31/2027
Cardless Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 6.25% EOT payment)	11/18/2021	3,000		3,231		3,231		8/31/2025
Certamen Ventures Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 5.00% EOT payment)	11/30/2021	6,218		6,241		6,241		11/30/2026
Mirelo AI GmbH	Growth Capital Loan (10.00% interest rate, 6.75% EOT payment)(2)	1/15/2025	429		424		443		1/1/2028
Path Robotics, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 4.00% EOT payment)	10/3/2024	7,000		6,980		6,980		4/1/2028
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)(2)	5/4/2022	820		698		655		12/31/2028
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)(2)	10/19/2023	137		116		109		12/31/2028
			957		814		764
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422		2,469		444		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42		42		8		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	12/22/2023	25		25		5		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	6/14/2024	8		8		1		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	7/26/2024	25		25		5		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	11/27/2024	27		27		5		1/31/2025
			2,549		2,596		468

5

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)(2)	6/15/2022	203	202	205	3/31/2026
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	10/20/2023	199	207	219	10/31/2026
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 13.75% floor, 6.00% EOT payment)(2)	11/15/2024	305	298	303	5/31/2028
			707	707	727
Total Business Products and Services - 7.97%*			22,318	22,442	20,303
Business/Productivity Software
Ao1 Holdings Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	1,320	1,307	1,307	12/1/2027
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.75% floor, 6.25% EOT payment)	12/20/2024	8,000	7,938	7,938	12/31/2027
Luxury Presence, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 9.75% floor, 5.75% EOT payment)	4/9/2024	1,500	1,503	1,503	4/1/2027
Luxury Presence, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 6.25% EOT payment)	11/27/2024	1,500	1,470	1,470	5/1/2028
			3,000	2,973	2,973
Manufactured Networks, Inc.(7)	Revolver (Prime + 10.25% interest rate, 18.75% floor, 1.00% EOT payment)(2)	9/13/2023	2,630	2,668	991	6/30/2025
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 13.00% floor, 7.50% EOT payment)	6/16/2023	2,416	2,495	2,495	5/31/2026
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 13.00% floor, 7.50% EOT payment)(2)	2/1/2024	334	340	340	2/1/2027
			2,750	2,835	2,835
Thoughtful Automation Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 12.25% floor, 6.00% EOT payment)	6/18/2024	2,439	2,436	2,436	6/1/2027
Virtual Facility, Inc.(7)	Growth Capital Loan (Prime + 2.50% interest rate, 10.50% floor, 8.50% EOT payment)(2)	12/1/2023	983	992	640	6/1/2027
Workmate Labs, Inc.	Growth Capital Loan (Prime + 0.85% interest rate, 7.85% floor, 2.50% EOT payment)(2)	11/20/2024	300	300	300	11/1/2027
Total Business/Productivity Software - 7.62%*			21,422	21,449	19,420
Communications and Networking
Join Digital, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	8/6/2024	4,900	4,886	4,886	8/1/2027
Join Digital, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	1/16/2025	2,100	2,062	2,062	1/1/2028
Total Communications and Networking - 2.73%*			7,000	6,948	6,948
Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 16.75% floor, 5.00% EOT payment)(2)	8/4/2022	3,884	3,947	1,792	1/31/2029
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 16.75% floor, 5.00% EOT payment)(2)	8/4/2022	3,236	3,289	1,494	1/31/2029
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 16.75% floor, 5.00% EOT payment)(2)	8/4/2022	1,295	1,316	597	1/31/2029
			8,415	8,552	3,883
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	74	77	77	10/31/2026
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	1/27/2023	230	236	236	1/31/2027
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)(2)	5/11/2023	1,000	1,040	1,040	11/30/2025
			1,304	1,353	1,353
Total Computer Hardware - 2.06%*			9,719	9,905	5,236
Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	1,088	1,084	6/30/2025
Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)(2)	10/31/2022	320	397	395	10/31/2025
			1,320	1,485	1,479
Prose Beauty, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 8.50% floor, 8.50% EOT payment)	2/2/2024	6,000	5,979	5,979	5/31/2027

6

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 7.10% interest rate, 10.35% floor, 10.25% EOT payment)(2)	1/9/2023	790	838	842	7/1/2026
Total Consumer Non-Durables - 3.26%*			8,110	8,302	8,300
Consumer Products and Services
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)	10/13/2022	1,416	1,455	1,672	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)	10/13/2022	859	880	1,006	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)	10/13/2022	933	956	1,090	4/30/2026
			3,208	3,291	3,768
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	4/14/2022	723	724	280	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	7/14/2022	268	266	112	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	11/14/2022	69	67	28	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	3/15/2023	529	502	210	8/31/2031
			1,589	1,559	630
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	6/27/2022	322	325	93	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	8/12/2022	107	108	31	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	12/9/2022	215	213	62	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	3/1/2023	322	318	93	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	10/5/2023	11	11	3	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	12/11/2023	18	18	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)	2/2/2024	59	58	16	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	6/14/2024	33	31	8	6/30/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	10/15/2024	44	44	9	10/31/2027
			1,131	1,126	320
Ever/Body, Inc.(7)	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	4,702	4,963	896	6/30/2025
Ever/Body, Inc.(7)	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	2,204	2,325	420	6/30/2025
Ever/Body, Inc.(7)	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	1/18/2024	3,134	3,167	597	7/31/2026
Ever/Body, Inc.(7)	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	1/18/2024	2,939	2,969	560	7/31/2026
			12,979	13,424	2,473
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	2/29/2024	4,444	4,388	4,388	8/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	3/8/2024	556	548	548	9/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)	6/28/2024	500	492	492	12/1/2027
			5,500	5,428	5,428
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	7/5/2022	1,401	1,441	998	8/31/2028
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	10/21/2022	1,401	1,432	998	8/31/2028
			2,802	2,873	1,996
Headout Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment)	3/15/2024	2,351	2,354	2,365	3/1/2027
Hydrow, Inc.	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)	12/30/2024	5,713	5,713	5,273	12/30/2026
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	9,949	9,922	8,920	12/1/2027
			15,662	15,635	14,193

7

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,252	1,335	1,330	7/31/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (7.40% cash interest rate + 7.10% PIK interest rate, 8.00% EOT payment)	11/3/2021	4,772	5,004	4,989	11/30/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (9.31% cash interest rate + 8.94% PIK interest rate, 8.00% EOT payment)(2)	8/17/2022	1,095	1,122	1,122	8/31/2026
			7,119	7,461	7,441
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	909	987	987	12/31/2025
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	320	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	1,064	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	150	12/31/2028
			3,887	2,136	1,534
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	635	593	552	12/31/2026
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	356	331	331	12/31/2026
			991	924	883
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	389	416	417	6/30/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	185	190	191	12/31/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	166	170	170	2/28/2027
Planet A Foods GmbH(1)(3)	Growth Capital Loan (13.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	515	511	502	10/31/2028
Planet A Foods GmbH(1)(3)	Growth Capital Loan (14.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	425	421	414	10/31/2028
			1,680	1,708	1,694
Placemakr, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 12.00% floor, 4.50% EOT payment)	5/30/2024	2,500	2,478	2,478	5/1/2027
Placemakr, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.50% floor, 5.50% EOT payment)	5/30/2024	2,500	2,483	2,483	11/1/2026
			5,000	4,961	4,961
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	81	3/25/2023
Roadsurfer GmbH(1)(3)	Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)(2)	4/24/2024	5,015	4,749	4,782	4/1/2027
Roadsurfer GmbH(1)(3)	Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)(2)	4/24/2024	2,507	2,375	2,391	4/1/2027
			7,522	7,124	7,173
Spinn, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	794	819	45	8/31/2024
Total Consumer Products and Services - 21.97%*			73,474	72,167	55,972
Database Software
TetraScience, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment)	1/24/2025	5,000	4,960	4,960	7/1/2028
Total Database Software - 1.95%*			5,000	4,960	4,960
E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.50% EOT payment)	9/29/2021	8,750	8,801	8,801	11/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)(2)	4/25/2024	1,338	1,214	1,214	4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,309	10,309	6/30/2027
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	5/27/2021	6,500	7,047	6,908	12/31/2026
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)(2)	6/7/2022	1,000	1,052	1,052	12/31/2026
			7,500	8,099	7,960
Total E-Commerce - Clothing and Accessories - 11.10%*			27,588	28,423	28,284
E-Commerce - Personal Goods

8

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	7/6/2021	1,669	1,746	1,629	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	7/21/2021	263	277	257	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	8/10/2021	315	332	308	8/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	10/6/2021	1,458	1,532	1,423	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	947	993	924	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	2,540	2,663	2,480	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	848	894	828	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	324	341	316	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	57	60	56	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	1/28/2022	1,836	1,930	1,792	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	700	730	683	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	263	275	257	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	9/21/2022	1,710	1,760	1,669	3/31/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/1/2022	3,078	3,159	3,005	4/30/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/22/2022	184	188	179	6/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/1/2023	180	181	179	10/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/13/2023	1,369	1,374	1,362	11/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	12/28/2023	104	104	104	12/31/2026
Forum Brands, LLC	Growth Capital Loan(9)	12/27/2023	2,179	2,179	1,899	12/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	6/27/2024	147	144	146	6/30/2027
Total E-Commerce - Personal Goods - 7.65%*			20,171	20,862	19,496
Educational Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment)	7/30/2024	3,000	3,022	3,022	1/1/2027
Panorama Education, Inc.	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	110	110	110	7/31/2026
Panorama Education, Inc.	Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)	3/28/2025	2,000	1,972	1,972	9/1/2028
Total Educational Software - 2.00%*			5,110	5,104	5,104
Energy
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	1,319	1,256	1,256	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	5,000	5,164	5,164	12/31/2026
			6,319	6,420	6,420
Haven Energy Inc.	Growth Capital Loan (Prime + 0.75% interest rate, 9.25% floor, 1.25% EOT payment)	1/15/2025	1,157	1,128	1,128	7/1/2027
Haven Energy Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 12.00% floor, 6.50% EOT payment)	1/15/2025	1,543	1,506	1,506	7/1/2029
			2,700	2,634	2,634
Total Energy - 3.55%*			9,019	9,054	9,054
Entertainment Software
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 13.75% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	1,002	225	4/30/2025

9

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	7/28/2023	75	75	15	7/31/2026
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	11/20/2023	50	50	8	7/31/2026
			1,125	1,127	248
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 11.00% EOT payment)(2)	5/17/2022	2,235	2,331	2,331	4/1/2027
Total Entertainment Software - 1.01%*			3,360	3,458	2,579
Environmental Services
Rainmaker Technology Corporation	Growth Capital Loan (Prime + 3.50% interest rate, 11.50% floor, 2.75% EOT payment)	1/8/2025	4,000	3,901	3,901	7/1/2028
Total Environmental Services - 1.53%*			4,000	3,901	3,901
Financial Software
Ocrolus Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment)	8/14/2024	4,286	4,306	4,306	2/1/2028
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.50% EOT payment)	8/14/2024	550	545	545	8/31/2027
Total Financial Software - 1.90%*			4,836	4,851	4,851
Healthcare Services
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	6/22/2023	1,304	1,383	1,387	6/30/2026
OpenLoop Health, Inc.	Revolver (Prime + 1.50% interest rate, 9.25% floor, 4.00% EOT payment)(2)	6/22/2023	2,000	2,069	2,071	6/16/2025
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	11/20/2023	2,546	2,602	2,611	11/30/2026
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	9/30/2024	7,778	7,512	7,555	9/30/2027
Total Healthcare Services - 5.35%*			13,628	13,566	13,624
Healthcare Technology Systems
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment)	7/14/2023	3,324	3,417	3,417	7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 2.42% cash interest rate + 2.33% PIK interest rate, 6.25% floor, 6.00% EOT payment)(2)	6/12/2023	9,620	9,828	9,577	6/12/2027
Thirty Madison, Inc.	Growth Capital Loan (Prime + 2.42% cash interest rate + 2.33% PIK interest rate, 6.25% floor, 6.00% EOT payment)(2)	6/14/2023	724	727	709	6/12/2027
			10,344	10,555	10,286
Total Healthcare Technology Systems - 5.38%*			13,668	13,972	13,703
Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 5.25% EOT payment)	5/4/2023	2,000	2,048	2,021	2/28/2027
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.75% interest rate, 11.75% floor, 5.50% EOT payment)	5/4/2023	7,000	7,144	7,036	5/31/2027
Total Information Services (B2C) - 3.55%*			9,000	9,192	9,057
Life and Health Insurance
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	12/30/2022	500	521	521	12/31/2025
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	3/24/2023	500	515	515	3/31/2026
Total Life and Health Insurance - 0.41%*			1,000	1,036	1,036
Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (Prime + 1.50% cash interest rate + 6.50% PIK interest rate, 16.50% floor, 8.50% EOT payment)	7/1/2021	2,576	2,746	2,746	9/30/2026
Total Medical Software and Information Services - 1.08%*			2,576	2,746	2,746
Multimedia and Design Software

10

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	4,000	3,980	3,980	3/31/2029
Total Multimedia and Design Software - 1.56%*			4,000	3,980	3,980
Network Management Software
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	4,545	4,551	4,551	10/1/2028
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	455	455	455	10/1/2028
Total Network Management Software - 1.96%*			5,000	5,006	5,006
Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	532	530	9/30/2025
Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	519	521	6/30/2026
			1,000	1,051	1,051
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	475	532	532	8/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 14.25% floor, 2.00% EOT payment)(2)	4/4/2024	4,500	4,437	4,437	10/31/2027
			4,975	4,969	4,969
Total Other Financial Services - 2.36%*			5,975	6,020	6,020
Real Estate Services
Common Living Inc.(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500	2,668	2,360	9/30/2025
Common Living Inc.(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742	4,967	4,420	9/30/2025
			7,242	7,635	6,780
Homelight, Inc.	Growth Capital Loan (17.25% interest rate)(2)	12/30/2022	446	443	443	12/31/2026
Homelight, Inc.	Growth Capital Loan (18.00% interest rate)(2)	5/22/2023	250	248	248	5/31/2027
			696	691	691
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	4,000	4,277	4,277	6/30/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/3/2021	250	268	256	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/3/2021	800	849	813	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/3/2021	220	236	226	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	12/13/2021	105	114	109	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/13/2021	440	472	451	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	12/15/2021	208	223	213	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	12/15/2021	150	162	155	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	1,372	1,457	1,395	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/21/2021	760	807	773	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 9.00% EOT payment)	1/31/2022	170	182	174	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 10.00% EOT payment)	2/25/2022	116	124	119	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300	318	302	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110	1,172	1,117	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991	1,047	997	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216	230	219	7/31/2025

11

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) (dollars in thousands) As of March 31, 2025
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200		210		201		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100		106		101		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150		156		142		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361		376		342		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565		585		532		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	5/23/2023	240		246		213		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	5/23/2023	434		446		387		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2023	720		745		643		5/31/2026
			9,978		10,531		9,880
Total Real Estate Services - 8.49%*			21,916		23,134		21,628
Social/Platform Software
Sylva, Inc.(7)	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	903		922		649		5/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	984		1,021		739		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,325		1,374		995		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,649		1,194		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,649		1,194		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	795		825		597		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 9.00% interest rate, 17.50% floor, 4.00% EOT payment)(2)	12/18/2023	111		115		78		3/1/2024
Total Social/Platform Software - 2.14%*			7,298		7,555		5,446
Total Debt Investments - 119.51%*			$	333,479	$	336,579	$	304,515

12

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Warrant Investments(8)(9)
Aerospace and Defense
Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	543
Hermeus Corporation	Preferred Stock	10/30/2024	8,381	44		43
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		76
Loft Orbital Solutions Inc.	Common Stock	7/15/2022	6,747	58		103
Total Aerospace and Defense - 0.30%*				263		765
Application Software
Flo Health UK Limited(1)(3)	Preferred Stock	5/10/2022	1,079	10		22
Total Application Software - 0.01%*				10		22
Business Applications Software
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		12
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		353
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		584
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		146
FlashParking, Inc.	Preferred Stock	6/26/2024	25,838	70		70
				520		800
Morty, Inc.	Preferred Stock	10/1/2021	70,164,447	66		—
Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51
Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		327
Uniphore Technologies, Inc.	Common Stock(2)	12/22/2021	10,000	10		29
Total Business Applications Software - 0.62%*				809		1,572
Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		29
Alloy Technologies, Inc.	Preferred Stock	8/8/2024	30,561	24		21
				74		50
Cardless Inc.	Common Stock	11/18/2021	20,619	28		4
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		184
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		12
				125		196
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		49
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		131
Certamen Ventures Inc.	Preferred Stock	12/15/2023	538,703	205		275
Certamen Ventures Inc.	Preferred Stock	3/26/2025	190,577	91		91
				423		546
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Muon Space Inc.	Preferred Stock(2)	12/30/2024	22,750	28		28
Path Robotics, Inc.	Common Stock	12/17/2021	40,579	130		72
Path Robotics, Inc.	Preferred Stock	10/3/2024	20,252	38		38
				168		110
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock(2)	12/16/2022	51,590	308		70
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		27
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		10
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	11/15/2024	407	7		7
				41		44
Total Business Products and Services - 0.47%*				1,341		1,210
Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		76
Total Business to Business Marketplace - 0.03%*				156		76
Business/Productivity Software

13

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Ao1 Holdings Inc.	Preferred Stock	12/13/2024	14,162	18	10
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14	20
Construction Finance Corporation	Preferred Stock(2)	12/29/2023	126,868	48	67
				62	87
Cresta Intelligence Inc.	Common Stock(2)	6/6/2024	4,967	4	11
FireHydrant, Inc.	Preferred Stock	5/23/2023	347,863	115	188
FireHydrant, Inc.	Preferred Stock	12/20/2024	94,416	51	51
				166	239
Highbeam, Inc.	Common Stock(2)	2/10/2023	40,380	2	31
Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46	5
Idelic Inc.	Preferred Stock(2)	11/15/2023	36,661	13	7
				59	12
Luxury Presence, Inc.	Preferred Stock	9/20/2023	14,696	76	47
Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	—
Manufactured Networks, Inc.	Preferred Stock(2)	9/13/2023	73,666	25	—
Manufactured Networks, Inc.	Preferred Stock(2)	10/17/2024	8,823	2	—
				116	—
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	42
OnSiteIQ, Inc.	Common Stock	6/16/2023	102,864	14	46
OnSiteIQ, Inc.	Preferred Stock	11/27/2024	70,200	17	17
				31	63
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
Thoughtful Automation Inc.	Preferred Stock	6/18/2024	36,745	62	49
ThoughtSpot, Inc.	Common Stock(2)	3/3/2025	17,901	113	113
Virtual Facility, Inc.	Preferred Stock(2)	10/3/2023	54,775	16	—
Workmate Labs, Inc.	Common Stock(2)	11/20/2024	973	—	—
Total Business/Productivity Software - 0.28%*				732	708
Commercial Services
Dumpling, Inc.	Preferred Stock(2)	9/30/2020	17,003	6	6
Total Commercial Services - —%*				6	6
Communications and Networking
Join Digital, Inc.	Common Stock	8/6/2024	50,021	78	77
Total Communications and Networking - 0.03%*				78	77
Communication Software
Hiya, Inc.	Preferred Stock(2)	5/27/2020	115,073	54	54
Total Communication Software - 0.02%*				54	54
Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	—
Canvas Construction Inc.	Preferred Stock(2)	10/4/2024	118,656	—	—
Canvas Construction Inc.	Preferred Stock(2)	2/12/2025	519,670	—	—
				79	—
Eridu Corporation	Preferred Stock(2)	3/31/2025	143,286	75	75
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	31,067	40	41
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	26,386	92	61
Total Computer Hardware - 0.11%*				325	286
Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	129	743
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	93
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	223
Activehours, Inc.	Preferred Stock(2)	4/19/2024	3,906	16	47
				241	1,106
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	109

14

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30
Total Consumer Finance - 0.49%*				339	1,245
Consumer Non-Durables
Athletic Greens International, Inc.	Ordinary Shares(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	6
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	7
				30	13
Prose Beauty, Inc.	Common Stock	12/18/2023	49,020	311	608
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Total Consumer Non-Durables - 0.25%*				354	634
Consumer Products and Services
Baby Generation, Inc.	Common Stock(2)	1/26/2022	13,587	10	10
The Black Tux, Inc.	Preferred Stock(2)	11/5/2021	142,939	139	469
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares	10/7/2022	192	9	—
Elektra Mobility Inc.	Preferred Stock(2)	5/6/2022	38,217	25	25
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	—	—	—
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ephemeral Solutions, Inc.	Common Stock(2)	2/2/2024	135,353	1	1
				13	1
Ever/Body, Inc.	Preferred Stock	9/7/2021	357,970	175	—
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	24
FitOn, Inc.	Common Stock	2/29/2024	33,548	74	71
FitOn, Inc.	Common Stock	6/26/2024	3,355	7	7
				81	78
Flink SE(1)(3)	Preferred Stock(2)	4/13/2022	18	23	—
Flink SE(1)(3)(11)	Preferred Stock(2)	8/21/2024	—	—	—
				23	—
Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	9
Headout Inc.	Common Stock	3/15/2024	8,991	58	20
Hydrow, Inc.	Common Stock	2/9/2021	74,157	70	—
Hydrow, Inc.	Preferred Stock	8/6/2021	455,798	35	—
Hydrow, Inc.	Preferred Stock	8/6/2021	284,835	25	—
Hydrow, Inc.	Preferred Stock	12/30/2024	3,911,781	16	—
				146	—
JOKR S.a.r.l.(1)(3)	Preferred Stock	5/10/2024	14,763	538	127
JOKR S.a.r.l.(1)(3)	Preferred Stock	5/10/2024	5,905	96	51
				634	178
Lower Holding Company	Preferred Stock	12/28/2022	98,856	47	6
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	9/29/2023	14,709	26	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	15,000	—	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	45,000	79	—
				125	—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock	8/25/2023	31,796	118	75
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	28
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	8/27/2024	20,775	37	37
				67	65
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Roadsurfer GmbH(1)(3)	Preferred Stock(2)	4/23/2024	90	669	676
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	4
Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9

15

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
				64	76
Total Consumer Products and Services - 0.68%*				2,488	1,730
Database Software
Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	20
SiSense, Inc.	Success Fee(2)	12/28/2021	—	95	233
TetraScience, Inc.	Preferred Stock	1/24/2025	53,050	10	10
Total Database Software - 0.10%*				126	263
E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	77
FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	160
				411	237
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	135
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	199
Total E-Commerce - Clothing and Accessories - 0.22%*				826	571
E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/6/2021	14,143	146	19
Forum Brands, LLC	Preferred Stock(2)	12/23/2021	12,964	188	17
Forum Brands, LLC	Preferred Stock(2)	10/11/2023	2,829	42	4
				376	40
Merama Inc.	Preferred Stock(2)	4/28/2021	71,728	589	412
Total E-Commerce - Personal Goods - 0.18%*				965	452
Educational Software
Panorama Education, Inc.	Preferred Stock	7/30/2024	4,139	23	23
Total Educational Software - 0.01%*				23	23
Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.08%*				50	192
Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	79
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	29
				194	108
Haven Energy Inc.	Preferred Stock	8/19/2024	52,486	53	30
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	2,042
Total Energy - 0.86%*				284	2,180
Entertainment Software
Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	—
Encore Music Technologies, Inc.	Preferred Stock(2)	5/16/2023	4,475	1	—
Encore Music Technologies, Inc.	Common Stock(2)	5/31/2024	79,668	1	1
				17	1
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2022	37,335	60	38
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2024	53,335	33	54
				93	92
Total Entertainment Software - 0.04%*				110	93
Environmental Services
Earth Funeral Group, Inc.	Preferred Stock(2)	3/1/2024	143,196	63	113
Earth Funeral Group, Inc.	Preferred Stock(2)	3/7/2025	97,350	62	62
				125	175
Rainmaker Technology Corporation	Common Stock	1/8/2025	24,380	45	45
Total Environmental Services - 0.09%*				170	220
Financial Software
Ocrolus Inc.	Common Stock	8/14/2024	70,132	58	58

16

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Parker Group Inc.	Common Stock	4/6/2022	5,334	17	9
Parker Group Inc.	Common Stock	8/14/2024	2,491	5	5
				22	14
Wisetack, Inc.(1)	Common Stock(2)	12/21/2022	23,086	84	36
Zolve Innovations Inc.	Preferred Stock(2)	7/28/2022	3,172	9	9
Total Financial Software - 0.05%*				173	117
General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	4
Total General Media and Content - —%*				5	4
Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Levels Health Inc.	Preferred Stock(2)	9/3/2021	47,162	37	216
OpenLoop Health, Inc.	Preferred Stock	6/16/2023	11,186	51	1,039
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	520
OpenLoop Health, Inc.	Preferred Stock	11/20/2023	16,779	89	1,559
OpenLoop Health, Inc.	Preferred Stock	9/30/2024	43,625	320	4,051
				485	7,169
Perry Health, Inc.	Preferred Stock(2)	5/31/2023	184,258	79	79
Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	36
Wispr AI, Inc.(11)	Common Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 2.94%*				615	7,501
Healthcare Technology Systems
Calibrate Health, Inc.	Common Stock(2)	10/30/2023	118,190	253	—
Capsule Corporation	Preferred Stock(2)	5/27/2020	45,008	119	8
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	7
K Health, Inc.	Common Stock	7/14/2023	61,224	187	263
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56	228	—
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.18%*				827	465
Household Products
Grove Collaborative, Inc.	Common Stock(2)	5/27/2020	33,038	72	—
Total Household Products - —%*				72	—
Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	113
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	633
Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	13
				109	646
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.31%*				307	790
Information Services (B2C)
Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	66
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	53,879	38	22
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Total Information Services (B2C) - 0.06%*				192	157
Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/19/2024	30,757	250	250
Total Information Technology - 0.10%*				250	250
Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/27/2020	2,775	90	93
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	104
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	9/29/2023	1,951	84	83

17

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	4/5/2024	4,476	84	265
Total Infrastructure - 0.21%*				323	545
Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	27
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Preferred Stock(2)	8/26/2021	32,620	34	41
Total Life and Health Insurance - 0.07%*				120	175
Logistics
Passport Labs, Inc.	Common Stock(2)	5/27/2020	2,102	51	51
Total Logistics - 0.02%*				51	51
Medical Software and Information Services
HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48	—
HI LLC (Kernel)	Common Stock	2/28/2023	175,000	44	2
Total Medical Software and Information Services - —%*				92	2
Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	84
Hover Inc.	Preferred Stock	9/10/2024	9,182	18	17
Total Multimedia and Design Software - 0.04%*				95	101
Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Skyflow Inc.	Preferred Stock	6/26/2023	39,890	31	34
Skyflow Inc.	Preferred Stock	9/27/2024	15,956	25	13
				56	47
Total Network Management Software - 0.09%*				236	227
Other Financial Services
Aven Holdings, Inc.(1)	Common Stock(2)	5/16/2023	35,857	361	750
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	6
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	126
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	95
Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	9
Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	19
Relay Commerce, Inc.	Preferred Stock(2)	4/4/2024	36,200	26	26
				97	149
Total Other Financial Services - 0.40%*				639	1,031
Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33	33
Homelight, Inc.	Preferred Stock(2)	7/27/2022	3,988	8	7
Homeward, Inc.	Preferred Stock	12/10/2021	207,106	148	180
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15	6
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/27/2020	26,362	83	107
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/25/2022	3,279	1	11
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	6/29/2023	34,977	11	120
				95	238
Side, Inc.	Preferred Stock(2)	7/29/2020	71,501	57	265
True Footage, Inc.	Preferred Stock	11/24/2021	88,762	122	100
Total Real Estate Services - 0.33%*				484	844
Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43	25
Sylva, Inc.	Preferred Stock	7/12/2021	44,872	30	—
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30	—

18

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
				60		—
Total Social/Platform Software - 0.01%*				103		25
Software Development Applications
Appex Group, Inc.	Preferred Stock(2)	11/15/2021	62,115	132		173
Appex Group, Inc.	Preferred Stock(2)	4/14/2022	11,004	36		36
				168		209
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65		45
Total Software Development Applications - 0.10%*				233		254
Total Warrant Investments - 9.78%*				$	14,326	$	24,918

19

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Equity Investments(9)
Aerospace and Defense
Hermeus Corporation	Preferred Stock(2)	10/30/2024	17,958	$	300	$	299
Total Aerospace and Defense - 0.12%*				300		299
Application Software
Flo Health, Inc.(1)(3)	Preferred Stock(2)	7/18/2024	8,387	500		500
Total Application Software - 0.20%*				500		500
Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	70		62
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		195
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		270
Tide Holdings Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		618
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.48%*				1,101		1,227
Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		156
Cresta Intelligence Inc.	Preferred Stock(2)	9/30/2024	55,441	250		250
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
Printful, Inc. Holdco. (fka Printify, Inc.)	Common Stock(2)	11/14/2024	11,120	24		24
MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	83	570		6
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		63
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		25
				595		94
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	3/28/2024	31,818	611		612
Quick Commerce Ltd.(1)(3)	Ordinary Shares(2)	3/28/2024	112,770,108	26		85
				637		697
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.60%*				2,011		1,520
Business/Productivity Software
AI2 Incorporated	Preferred Stock(2)	1/3/2024	280,424	830		830
Ao1 Holdings Inc.	Preferred Stock(2)	12/13/2024	16,573	50		47
Artisan AI, Inc.	Preferred Stock(2)	1/27/2025	36,241	400		400
Continental Topco, L.P.	Limited Partnership Interests(2)	2/14/2025	928	168		168
Total Business/Productivity Software - 0.57%*				1,448		1,445
Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		179
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		130
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		319
Total Business to Business Marketplace - 0.25%*				950		628
Computer Hardware
Quantum Circuits, Inc.	Preferred Stock(2)	4/17/2024	17,612	50		50
Total Computer Hardware - 0.02%*				50		50
Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		235
Total Consumer Finance - 0.09%*				100		235
Consumer Products and Services
Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		13
Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		1
				100		14
Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		—

20

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52	54
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	4,178	4,178
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	610,584	166	5
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	327,630	165	4
				331	9
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,688	375	202
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,575	75	57
				450	259
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10	10
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250	219
TMRW Sports, Inc.	Preferred Stock(2)	11/9/2023	40,174	500	500
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250	322
Total Consumer Products and Services - 2.18%*				6,471	5,565
Database Software
ON-0731 Fund II LP(1)	Limited Partnership Interests(2)	8/29/2024	—	250	250
Total Database Software - 0.10%*				250	250
E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90	18
Merama Inc.	Preferred Stock(2)	4/30/2021	5,433	31	51
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13	57
Merama Inc.	Preferred Stock(2)	9/13/2021	3,862	62	53
				106	161
Total E-Commerce - Personal Goods - 0.07%*				196	179
Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228
Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66
Total Elder and Disabled Care - 0.12%*				264	294
Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	105
Haven Energy Inc.	Preferred Stock(2)	10/9/2024	37,489	77	66
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	700	1,605
Total Energy - 0.70%*				944	1,776
Financial Services
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	143
Total Financial Services - 0.06%*				150	143
Food Products
Koatji, Inc.(1)(3)	Preferred Stock(2)	2/15/2023	155,164	50	50
Total Food Products - 0.02%*				50	50
General Media and Content
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100	100
Total General Media and Content - 0.04%*				100	100
Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	1
Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187	187
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200	323
Total Healthcare Services - 0.20%*				720	511
Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13	2
Capsule Corporation	Preferred Stock(2)	12/29/2022	519	2	1
Total Healthcare Technology Systems - —%*				15	3

21

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) (unaudited) As of March 31, 2025
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Information Services (B2C)
Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150		150
Total Information Services (B2C) - 0.06%*				150		150
Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/9/2024	30,757	500		500
Total Information Technology - 0.20%*				500		500
Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82		131
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79		101
Total Infrastructure - 0.09%*				161		232
Life and Health Insurance
Beam Technologies Inc.	Preferred Stock(2)	1/5/2021	1,901	80		87
Total Life and Health Insurance - 0.03%*				80		87
Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58		65
Total Multimedia and Design Software - 0.03%*				58		65
Network Management Software
Skyflow Inc.	Preferred Stock(2)	1/22/2024	19,945	62		62
Skyflow Inc.	Preferred Stock(2)	9/27/2024	143,604	450		450
Total Network Management Software - 0.20%*				512		512
Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8		7
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		801
Total Other Financial Services - 0.32%*				698		808
Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29		29
Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443		—
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20		14
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		68
Total Real Estate Services - 0.04%*				592		111
Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		151
Total Software Development Applications - 0.06%*				250		151
Total Equity Investments - 6.83%*				$	18,621	$	17,391
Total Investments in Portfolio Companies - 136.12%*(4)(5)				$	369,526	$	346,824

Cash Equivalents
Money Market Fund	Type of Investment	Ticker	Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM	$	69,882	$	69,882
Total Cash Equivalents - 27.43%*			$	69,882	$	69,882

Foreign Currency Forward Contracts
Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Gain/(Loss)
British Pound Sterling (GBP)	4/28/2025	Zions Bancorporation, N.A.	£	3,000	Sold	$	3,713	$	(162)
Euro (EUR)	4/28/2025	Zions Bancorporation, N.A.	€	5,000	Sold	5,230		(187)
Total Foreign Currency Forward Contracts - (0.14)%*						$	8,943	$	(349)

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2025, non-qualifying assets represented 9.7% of the Company’s total assets, at fair value.

22

(2)As of March 31, 2025, this investment was not pledged as collateral as part of the Company’s revolving credit facility.

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of March 31, 2025, the Company’s portfolio company investments that were subject to restrictions on sales totaled $346.8 million at fair value and represented 136.1% of the Company’s net assets. In addition, unless otherwise indicated, as of March 31, 2025, 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 $17.3 million, $39.9 million and $22.7 million, respectively, for the March 31, 2025 investment portfolio. The tax cost of investments is $369.9 million.

(7)Debt is on non-accrual status as of March 31, 2025 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2025 had a total cost and fair value of $40.8 million and $19.0 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.

23

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
Debt Investments
Aerospace and Defense
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	10/30/2024	$	2,652	$	2,633	$	2,633	4/1/2028
Hermeus Corporation	Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment)	12/13/2024	1,135		1,124		1,124		6/1/2028
			3,787		3,757		3,757
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	11/21/2023	978		974		974		11/30/2027
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	1,000		994		994		12/31/2027
Loft Orbital Solutions, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)	12/27/2023	1,000		994		994		12/31/2027
			2,978		2,962		2,962
Total Aerospace and Defense - 2.55%*			6,765		6,719		6,719
Application Software
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	5/17/2022	667		659		660		5/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	7/21/2022	700		689		691		7/31/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	9/30/2022	460		451		452		9/30/2025
Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)	2/6/2023	173		178		178		2/28/2025
Total Application Software - 0.75%*			2,000		1,977		1,981
Business Applications Software
FlashParking, Inc.	Growth Capital Loan (Prime + 1.75% interest rate + 2.50% PIK interest rate, 12.75% floor)	6/26/2024	10,132		9,987		9,987		6/1/2027
Morty, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment)	12/21/2022	7,000		7,293		6,682		12/31/2026
Tide Platform Limited(1)(3)	Revolver (12.25% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,824		1,612		4/30/2025
Total Business Applications Software - 6.93%*			18,900		19,104		18,281
Business Products and Services
Alloy Technologies, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 13.75% floor, 5.00% EOT payment)	8/8/2024	1,500		1,479		1,479		8/31/2027
Cardless Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 6.25% EOT payment)	11/18/2021	3,000		3,217		3,217		8/31/2025
Certamen Ventures Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 4.00% EOT payment)	11/30/2021	6,218		6,286		6,286		11/30/2026
Path Robotics, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 4.00% EOT payment)	10/3/2024	7,000		6,952		6,952		4/1/2028
Phantom Auto Inc.(7)	Growth Capital Loan (Prime + 5.00% interest rate, 13.50% floor, 4.00% EOT payment)(2)	2/9/2024	4,858		4,732		1,050		2/28/2027
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate,, 3.75% EOT payment)(2)	5/4/2022	808		678		617		12/31/2028
Quick Commerce Ltd.(1)(3)	Growth Capital Loan (6.00% PIK interest rate,, 3.75% EOT payment)(2)	10/19/2023	135		113		103		12/31/2028
			943		791		720
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,422		2,469		546		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)(2)	5/12/2023	42		42		9		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	12/22/2023	25		25		6		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	6/14/2024	8		8		2		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	7/26/2024	25		25		6		1/31/2025
Rally Network, Inc.(7)	Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)(2)	11/27/2024	27		27		6		1/31/2025
			2,549		2,596		575
Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)(2)	6/15/2022	540		539		550		3/31/2026

24

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	10/20/2023	227	233	239	10/31/2026
Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 13.75% floor, 6.00% EOT payment)(2)	11/15/2024	305	295	292	05/31/2028
			1,072	1,067	1,081
Total Business Products and Services - 8.10%*			27,140	27,120	21,360
Business/Productivity Software
Ao1 Holdings Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment)	12/13/2024	1,320	1,301	1,301	12/1/2027
Construction Finance Corporation	Revolver (Prime + 7.75% interest rate, 15.25% floor, 2.65% EOT payment)(2)	12/29/2023	4,151	4,284	4,284	12/31/2024
FireHydrant, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.75% floor, 6.25% EOT payment)	12/20/2024	8,000	7,877	7,877	12/31/2027
Luxury Presence, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 9.75% floor, 5.75% EOT payment)	4/9/2024	1,500	1,490	1,490	4/1/2027
Luxury Presence, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 6.25% EOT payment)	11/27/2024	1,500	1,459	1,459	5/1/2028
			3,000	2,949	2,949
Manufactured Networks, Inc.	Revolver (Prime + 10.25% interest rate, 18.75% floor, 1.00% EOT payment)(2)	9/13/2023	2,643	2,681	2,681	6/30/2025
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 13.00% floor, 7.50% EOT payment)	6/16/2023	2,416	2,467	2,467	5/31/2026
OnSiteIQ, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 13.00% floor, 7.50% EOT payment)(2)	2/1/2024	334	337	337	2/1/2027
			2,750	2,804	2,804
Thoughtful Automation Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 12.25% floor, 6.00% EOT payment)	6/18/2024	2,439	2,422	2,422	6/1/2027
Virtual Facility, Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 10.50% floor, 8.50% EOT payment)(2)	12/1/2023	1,000	1,009	968	6/1/2027
Workmate Labs, Inc.	Growth Capital Loan (Prime + 0.85% interest rate, 7.85% floor, 2.50% EOT payment)(2)	11/20/2024	300	299	299	11/1/2027
Total Business/Productivity Software - 9.70%*			25,603	25,626	25,585
Communications and Networking
Join Digital, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment)	8/6/2024	4,900	4,873	4,873	8/1/2027
Total Communications and Networking - 1.85%*			4,900	4,873	4,873
Computer Hardware
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)(2)	8/4/2022	3,725	3,715	3,081	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)(2)	8/4/2022	3,104	3,096	2,568	2/28/2026
Canvas Construction Inc.	Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)(2)	8/4/2022	1,242	1,238	1,027	2/28/2026
			8,071	8,049	6,676
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	10/17/2022	84	87	87	10/31/2026
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)(2)	1/27/2023	257	262	262	1/31/2027
Quantum Circuits, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)(2)	5/11/2023	1,000	1,031	1,031	11/30/2025
			1,341	1,380	1,380
Total Computer Hardware - 3.05%*			9,412	9,429	8,056
Consumer Non-Durables
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	1,077	1,077	6/30/2025
Don't Run Out, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)(2)	10/31/2022	450	520	520	10/31/2025
			1,450	1,597	1,597
Prose Beauty, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 8.50% floor, 8.50% EOT payment)	2/2/2024	6,000	5,898	5,898	5/31/2027
Trueskin GmbH(1)(3)	Growth Capital Loan (Prime + 7.10% interest rate, 10.35% floor, 10.25% EOT payment)(2)	1/9/2023	871	907	875	7/1/2026
Total Consumer Non-Durables - 3.17%*			8,321	8,402	8,370

25

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Consumer Products and Services
Baby Generation, Inc.	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)	1/26/2022	750	807	807	1/31/2025
Baby Generation, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.50% EOT payment)(2)	3/30/2023	875	929	929	3/31/2025
			1,625	1,736	1,736
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (9.00% interest rate, 2.00% EOT payment)	10/13/2022	1,732	1,765	1,960	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)	10/13/2022	1,044	1,062	1,177	4/30/2026
Bloom and Wild Midco 2 Limited(1)(3)	Growth Capital Loan (10.50% interest rate, 2.00% EOT payment)	10/13/2022	1,133	1,153	1,275	4/30/2026
			3,909	3,980	4,412
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	4/14/2022	723	724	250	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	7/14/2022	268	266	100	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	11/14/2022	69	67	25	8/31/2031
Dance GmbH(1)(3)(7)	Growth Capital Loan (6.25% EOT payment)(2)(9)	3/15/2023	529	502	187	8/31/2031
			1,589	1,559	562
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	6/27/2022	322	325	162	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	8/12/2022	107	108	54	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	12/9/2022	215	213	108	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)(2)	3/1/2023	322	318	162	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	10/5/2023	11	11	5	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	12/11/2023	18	18	8	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	2/2/2024	59	58	28	2/28/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	6/14/2024	33	31	14	6/30/2027
Ephemeral Solutions, Inc.(7)	Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)(2)	10/15/2024	44	44	16	10/31/2027
			1,131	1,126	557
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	4,800	5,061	4,965	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	12/20/2022	2,250	2,371	2,327	6/30/2025
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	1/18/2024	3,200	3,233	3,052	7/31/2026
Ever/Body, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment)	1/18/2024	3,000	3,031	2,862	7/31/2026
			13,250	13,696	13,206
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	2/29/2024	4,444	4,375	4,375	8/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	3/8/2024	556	547	547	9/1/2027
FitOn, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)(2)	6/28/2024	500	490	490	12/1/2027
			5,500	5,412	5,412
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	7/5/2022	1,367	1,405	944	8/31/2028
Flink SE(1)(3)	Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)(2)	10/21/2022	1,367	1,395	944	8/31/2028
			2,734	2,800	1,888
Headout Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment)(2)	3/15/2024	2,351	2,338	2,338	3/1/2027
Hydrow, Inc.	Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment)	12/30/2024	5,827	5,827	5,251	12/30/2026
Hydrow, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment)	12/30/2024	9,949	9,842	8,745	12/1/2027
			15,776	15,669	13,996

26

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	10/14/2021	1,252	1,345	1,337	7/31/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (7.40% cash interest rate + 7.10% PIK interest rate, 8.00% EOT payment)	11/3/2021	4,688	4,839	4,813	11/30/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (9.31% cash interest rate + 8.94% PIK interest rate, 8.00% EOT payment)(2)	8/17/2022	1,070	1,086	1,086	8/31/2026
			7,010	7,270	7,236
Lower Holding Company	Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment)	12/28/2022	1,195	1,263	1,263	12/31/2025
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	1,666	577	308	12/31/2026
MA Micro Limited(1)(3)	Convertible Note(2)(9)	12/31/2023	1,666	1,085	1,021	12/31/2028
MA Micro Limited(1)(3)	Growth Capital Loan(2)(9)	12/31/2023	555	474	144	12/31/2028
			3,887	2,136	1,473
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	6/6/2022	635	593	530	12/31/2026
Nakdcom One World AB(1)(3)(7)	Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)(2)	8/29/2022	356	331	318	12/31/2026
			991	924	848
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	459	480	480	6/30/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	12/30/2022	207	211	211	12/31/2026
Planet A Foods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	2/28/2023	172	174	174	2/28/2027
Planet A Foods GmbH(1)(3)	Growth Capital Loan (13.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	515	508	475	10/31/2028
Planet A Foods GmbH(1)(3)	Growth Capital Loan (14.50% interest rate, 8.00% EOT payment)(2)	10/2/2024	425	419	392	10/31/2028
			1,778	1,792	1,732
Placemakr, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 12.00% floor, 4.50% EOT payment)	5/30/2024	2,500	2,459	2,459	5/1/2027
Placemakr, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 12.50% floor, 5.50% EOT payment)	5/30/2024	2,500	2,462	2,462	11/1/2026
			5,000	4,921	4,921
Project 1920, Inc.(7)	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	357	110	3/25/2023
Roadsurfer GmbH(1)(3)	Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)(2)	4/24/2024	5,015	4,673	4,516	4/1/2027
Roadsurfer GmbH(1)(3)	Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)(2)	4/24/2024	2,507	2,337	2,258	4/1/2027
			7,522	7,010	6,774
Spinn, Inc.(7)	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	794	819	45	8/31/2024
Total Consumer Products and Services - 25.97%*			76,392	74,808	68,509
E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 12.00% floor, 6.50% EOT payment)	9/29/2021	8,750	8,746	8,746	11/30/2027
Fabletics, Inc.	Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)(2)	4/25/2024	1,308	1,179	1,179	4/25/2029
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)	6/15/2022	10,000	10,275	10,275	6/30/2027
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)	5/27/2021	6,500	7,023	7,023	12/31/2026
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)(2)	6/7/2022	1,000	1,044	1,044	12/31/2026
			7,500	8,067	8,067
Total E-Commerce - Clothing and Accessories - 10.72%*			27,558	28,267	28,267
E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	7/6/2021	1,669	1,730	1,634	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	7/21/2021	263	276	257	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	8/10/2021	315	331	308	8/31/2025

27

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	10/6/2021	1,458	1,526	1,417	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	947	989	919	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/2/2021	2,540	2,653	2,464	11/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	848	889	834	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	324	340	318	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/28/2021	57	60	56	6/30/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	1/28/2022	1,836	1,919	1,798	7/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	700	726	680	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	4/14/2022	263	273	256	10/31/2025
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	9/21/2022	1,710	1,748	1,650	3/31/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	11/1/2022	3,078	3,137	2,967	4/30/2026
Forum Brands, LLC	Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)(2)	12/22/2022	184	186	177	6/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/1/2023	180	179	179	10/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	11/13/2023	1,369	1,361	1,361	11/30/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	12/28/2023	104	103	103	12/31/2026
Forum Brands, LLC	Growth Capital Loan(2)(9)	12/27/2023	2,179	2,179	1,825	12/31/2026
Forum Brands, LLC	Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)(2)	6/27/2024	147	143	143	6/30/2027
Total E-Commerce - Personal Goods - 7.33%*			20,171	20,748	19,346
Educational Software
Panorama Education, Inc.	Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment)	7/30/2024	3,000	2,997	2,997	1/1/2027
Panorama Education, Inc.	Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)(2)	7/30/2024	160	159	159	7/31/2026
Total Educational Software - 1.20%*			3,160	3,156	3,156
Energy
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	5/6/2022	1,319	1,236	1,236	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.75% interest rate, 7.75% EOT payment)	6/29/2022	5,000	5,137	5,137	12/31/2026
Total Energy - 2.42%*			6,319	6,373	6,373
Entertainment Software
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 6.25% PIK interest rate, 13.75% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	1,002	336	4/30/2025
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	7/28/2023	75	75	22	7/31/2026
Encore Music Technologies, Inc.(7)	Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)(2)	11/20/2023	50	50	12	7/31/2026
			1,125	1,127	370
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 11.00% EOT payment)(2)	5/17/2022	2,459	2,519	2,519	4/1/2027
Total Entertainment Software - 1.10%*			3,584	3,646	2,889
Environmental Services
Earth Funeral Group, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 5.50% EOT payment)	3/1/2024	1,430	1,428	1,428	3/1/2027
Earth Funeral Group, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 5.50% EOT payment)	11/1/2024	1,000	979	979	11/1/2027

28

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Earth Funeral Group, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 5.50% EOT payment)	12/5/2024	1,570	1,533	1,533	12/1/2027
Total Environmental Services - 1.50%*			4,000	3,940	3,940
Financial Software
Ocrolus Inc.	Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment))	8/14/2024	4,286	4,287	4,287	2/1/2028
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.50% EOT payment)	8/14/2024	550	542	542	8/31/2027
Total Financial Software - 1.83%*			4,836	4,829	4,829
Healthcare Services
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	6/22/2023	1,544	1,601	1,606	6/30/2026
OpenLoop Health, Inc.	Revolver (Prime + 1.50% interest rate, 9.25% floor, 4.00% EOT payment)(2)	6/22/2023	2,000	2,056	2,060	6/16/2025
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	11/20/2023	2,889	2,906	2,917	11/30/2026
OpenLoop Health, Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment)	9/30/2024	7,778	7,408	7,458	9/30/2027
Total Healthcare Services - 5.32%*			14,211	13,971	14,041
Healthcare Technology Systems
K Health, Inc.	Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment	7/14/2023	3,900	3,949	3,949	7/31/2026
Thirty Madison, Inc.	Growth Capital Loan (Prime + 2.42% cash interest rate + 2.33% PIK interest rate, 6.25% floor, 6.00% EOT payment)(2)	6/12/2023	9,477	9,660	9,386	6/12/2027
Thirty Madison, Inc.	Growth Capital Loan (Prime + 2.42% cash interest rate + 2.33% PIK interest rate, 6.25% floor, 6.00% EOT payment)(2)	6/14/2023	713	713	693	6/12/2027
			10,190	10,373	10,079
Total Healthcare Technology Systems - 5.32%*			14,090	14,322	14,028
Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	1/11/2023	3,000	3,082	3,082	1/11/2025
Karat Financial Technologies Incorporated	Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)(2)	9/22/2023	281	286	286	1/11/2025
Total Human Capital Services - 1.28%*			3,281	3,368	3,368
Information Services (B2C)
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 5.25% EOT payment)(2)	5/4/2023	2,000	2,037	2,037	2/28/2027
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Growth Capital Loan (Prime + 5.75% interest rate, 11.75% floor, 5.50% EOT payment)(2)	5/4/2023	7,000	7,104	7,104	5/31/2027
Total Information Services (B2C) - 3.47%*			9,000	9,141	9,141
Life and Health Insurance
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	12/30/2022	500	515	515	12/31/2025
Angle Health, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)(2)	3/24/2023	500	510	510	3/31/2026
Total Life and Health Insurance - 0.39%*			1,000	1,025	1,025
Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (Prime + 1.50% cash interest rate + 6.50% PIK, 16.50% floor, 8.50% EOT payment)	7/1/2021	2,534	2,699	2,699	9/30/2026
Total Medical Software and Information Services - 1.02%*			2,534	2,699	2,699
Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)	9/10/2024	4,000	3,964	3,964	3/31/2029
Total Multimedia and Design Software - 1.50%*			4,000	3,964	3,964
Network Management Software

29

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	4,545	4,535	4,535	10/1/2028
Skyflow Inc.	Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment)	10/2/2023	455	453	453	10/1/2028
Total Network Management Software - 1.89%*			5,000	4,988	4,988
Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	528	525	9/30/2025
Jerry Services, Inc.	Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)(2)	3/17/2023	500	515	518	6/30/2026
			1,000	1,043	1,043
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	748	791	791	8/31/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 14.25% floor, 2.00% EOT payment(2)	4/4/2024	4,500	4,422	4,422	10/31/2027
			5,248	5,213	5,213
Total Other Financial Services - 2.37%*			6,248	6,256	6,256
Real Estate Services
Common Living Inc.(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	4/30/2021	2,500	2,668	2,360	9/30/2025
Common Living Inc.(7)	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment)	3/18/2022	4,742	4,967	4,420	9/30/2025
			7,242	7,635	6,780
Homelight, Inc.	Growth Capital Loan (17.25% interest rate)(2)	12/30/2022	500	496	495	12/31/2026
Homelight, Inc.	Growth Capital Loan (18.00% interest rate)(2)	5/22/2023	250	248	246	5/31/2027
			750	744	741
Homeward, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment)	12/30/2021	4,000	4,253	4,107	6/30/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	267	248	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	848	788	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	235	218	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	113	105	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	471	437	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	223	206	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	162	150	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,454	1,351	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	806	749	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170	181	168	1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116	124	115	2/28/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300	318	293	3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110	1,173	1,080	4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991	1,047	964	4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216	229	212	5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200	208	193	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100	105	97	7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	150	155	137	12/31/2025

30

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	12/5/2022	361		373		330		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	12/5/2022	565		581		513		12/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	5/23/2023	240		244		205		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	5/23/2023	434		443		373		5/31/2026
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2023	720		738		620		5/31/2026
			9,978		10,498		9,552
Total Real Estate Services - 8.03%*			21,970		23,130		21,180
Social/Platform Software
Sylva, Inc.(7)	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	903		922		695		5/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	984		1,021		757		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,325		1,374		1,019		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,649		1,223		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,590		1,649		1,223		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	795		825		612		12/31/2024
Sylva, Inc.(7)	Growth Capital Loan (Prime + 9.00% interest rate, 17.50% floor, 4.00% EOT payment(2)	12/18/2023	111		115		85		3/1/2024
Total Social/Platform Software - 2.13%*			7,298		7,555		5,614
Total Debt Investments - 120.87%*			$	337,693	$	339,436	$	318,838

31

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Warrant Investments(8)(9)
Aerospace and Defense
Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	543
Hermeus Corporation	Preferred Stock(2)	10/30/2024	8,381	44		43
LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		76
Loft Orbital Solutions Inc.	Common Stock	7/15/2022	6,747	58		92
Total Aerospace and Defense - 0.29%*				263		754
Application Software
Flo Health UK Limited(1)(3)	Preferred Stock	5/10/2022	1,079	10		22
Total Application Software - 0.01%*				10		22
Business Applications Software
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		12
Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		353
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		584
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		146
FlashParking, Inc.	Preferred Stock	6/26/2024	25,838	70		70
				520		800
Morty, Inc.	Preferred Stock	10/1/2021	70,164,447	66		—
Narvar, Inc.	Preferred Stock(2)	8/28/2020	43,580	102		51
Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		317
Uniphore Technologies, Inc.	Common Stock(2)	12/22/2021	10,000	10		29
Total Business Applications Software - 0.59%*				809		1,562
Business Products and Services
Alloy Technologies, Inc.	Preferred Stock	9/9/2022	40,748	50		29
Alloy Technologies, Inc.	Preferred Stock	8/8/2024	30,561	24		21
				74		50
Cardless Inc.	Common Stock	11/18/2021	20,619	28		13
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		184
Cart.com, Inc.	Preferred Stock(2)	3/31/2022	907	6		12
				125		196
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		42
Certamen Ventures Inc.	Preferred Stock	12/1/2022	229,881	85		97
Certamen Ventures Inc.	Preferred Stock	12/15/2023	538,703	205		232
				332		371
Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Muon Space Inc.	Preferred Stock(2)	12/30/2024	22,750	28		28
Path Robotics, Inc.	Common Stock	12/17/2021	40,579	130		72
Path Robotics, Inc.	Preferred Stock	10/3/2024	20,252	38		38
				168		110
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	141,409	315		—
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	31,698	35		—
Phantom Auto Inc.	Preferred Stock(2)	7/12/2021	22,188	24		—
Phantom Auto Inc.	Preferred Stock(2)	2/9/2024	34,288	—		—
				374		—
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	53,862	122		140
SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Vecna Robotics, Inc.	Common Stock(2)	12/16/2022	51,590	308		70
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		26
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	5/30/2023	542	9		9
Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	11/15/2024	407	7		7
				41		42
Total Business Products and Services - 0.40%*				1,624		1,042
Business to Business Marketplace

32

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156	76
Total Business to Business Marketplace - 0.03%*				156	76
Business/Productivity Software
Ao1 Holdings Inc.	Preferred Stock	12/13/2024	14,162	18	18
Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14	20
Construction Finance Corporation	Preferred Stock(2)	12/29/2023	126,868	48	67
				62	87
Cresta Intelligence Inc.	Common Stock(2)	6/6/2024	4,967	4	11
FireHydrant, Inc.	Preferred Stock	5/23/2023	347,863	115	188
FireHydrant, Inc.	Preferred Stock	12/20/2024	94,416	51	51
				166	239
Highbeam, Inc.	Common Stock(2)	2/10/2023	40,380	2	31
Idelic Inc.	Preferred Stock	12/10/2021	30,551	46	5
Idelic Inc.	Preferred Stock(2)	11/15/2023	36,661	13	7
				59	12
Luxury Presence, Inc.	Preferred Stock	9/20/2023	14,696	76	47
Machinify, Inc.	Common Stock(2)	8/25/2023	27,040	36	36
Manufactured Networks, Inc.	Preferred Stock(2)	5/6/2022	99,657	89	40
Manufactured Networks, Inc.	Preferred Stock(2)	9/13/2023	73,666	25	20
Manufactured Networks, Inc.	Preferred Stock(2)	10/17/2024	8,823	2	2
				116	62
Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3	42
OnSiteIQ, Inc.	Common Stock	6/16/2023	102,864	14	46
OnSiteIQ, Inc.	Preferred Stock	11/27/2024	70,200	17	17
				31	63
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	4,297	4	4
Thoughtful Automation Inc.	Preferred Stock	6/18/2024	36,745	62	49
Virtual Facility, Inc.	Preferred Stock(2)	10/3/2023	54,775	16	16
Workmate Labs, Inc.	Common Stock(2)	11/20/2024	973	—	—
Total Business/Productivity Software - 0.27%*				655	717
Commercial Services
Dumpling, Inc.	Preferred Stock(2)	9/30/2020	17,003	6	6
Total Commercial Services - 0.00%*				6	6
Communications and Networking
Join Digital, Inc.	Common Stock	8/6/2024	47,770	74	74
Total Communications and Networking - 0.03%*				74	74
Communication Software
Hiya, Inc.	Preferred Stock(2)	5/27/2020	115,073	54	54
Total Communication Software - 0.02%*				54	54
Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	—
Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	46,589	39	109
Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	31,067	40	41
Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	26,386	92	61
Total Computer Hardware - 0.08%*				250	211
Consumer Finance
Activehours, Inc.	Preferred Stock(2)	10/8/2020	49,296	135	531
Activehours, Inc.	Preferred Stock(2)	9/30/2021	6,162	16	67
Activehours, Inc.	Preferred Stock(2)	12/30/2022	14,800	80	160
Activehours, Inc.	Preferred Stock(2)	4/19/2024	3,906	16	33
				247	791
Upgrade, Inc.	Preferred Stock(2)	5/27/2020	273,738	44	109
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	30

33

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Total Consumer Finance - 0.35%*				345	930
Consumer Non-Durables
Athletic Greens International, Inc.	Ordinary Shares(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	6
Don't Run Out, Inc.	Preferred Stock(2)	10/31/2022	24,531	16	7
				30	13
Prose Beauty, Inc.	Common Stock	12/18/2023	49,020	311	479
Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9
Total Consumer Non-Durables - 0.19%*				354	505
Consumer Products and Services
Baby Generation, Inc.	Common Stock	1/26/2022	13,587	10	10
The Black Tux, Inc.	Preferred Stock(2)	11/5/2021	142,939	139	469
Bloom and Wild Midco 2 Limited(1)(3)	Ordinary Shares	10/7/2022	192	9	—
Elektra Mobility Inc.	Preferred Stock(2)	5/6/2022	38,217	25	25
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	—
Ephemeral Solutions, Inc.	Common Stock(2)	2/2/2024	135,353	1	1
				13	1
Ever/Body, Inc.	Preferred Stock	9/7/2021	357,970	175	21
Everdrop GmbH(1)(3)	Preferred Stock(2)	3/16/2022	14	24	23
FitOn, Inc.	Common Stock(2)	2/29/2024	33,548	74	74
FitOn, Inc.	Common Stock(2)	6/26/2024	3,355	7	7
				81	81
Flink SE(1)(3)	Preferred Stock(2)	4/13/2022	18	23	—
Flink SE(1)(3)(11)	Preferred Stock(2)	8/21/2024	—	—	—
				23	—
Foodology Inc.(1)(3)	Preferred Stock	3/25/2022	2,869	12	9
Headout Inc.	Common Stock	3/15/2024	8,991	58	20
Hydrow, Inc.	Common Stock	2/9/2021	74,157	70	—
Hydrow, Inc.	Preferred Stock	8/6/2021	455,798	35	—
Hydrow, Inc.	Preferred Stock	8/6/2021	284,835	25	—
Hydrow, Inc.	Preferred Stock	12/30/2024	3,911,781	16	16
				146	16
JOKR S.a.r.l.(1)(3)	Preferred Stock	5/10/2024	14,763	538	127
JOKR S.a.r.l.(1)(3)	Preferred Stock	5/10/2024	5,905	96	51
				634	178
Lower Holding Company	Preferred Stock	12/28/2022	36,608	47	26
Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	9/29/2023	14,709	26	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	15,000	—	—
Nakdcom One World AB(1)(3)	Preferred Stock(2)	12/28/2023	45,000	79	—
				125	—
Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	7
Placemakr, Inc.	Preferred Stock	8/25/2023	31,796	118	75
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	6/1/2022	13,722	30	28
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	8/27/2024	20,775	37	37
				67	65
Project 1920, Inc.	Preferred Stock(2)	3/25/2022	2,823	2	—
Roadsurfer GmbH(1)(3)	Preferred Stock(2)	4/23/2024	90	669	649
Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	—
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	4
Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	12,680	55	67
Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
				64	76
Total Consumer Products and Services - 0.69%*				2,536	1,810

34

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Database Software
Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	21
SiSense, Inc.	Success Fee(2)	12/28/2021	—	95	233
Total Database Software - 0.10%*				116	254
E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	77
FabFitFun, Inc.	Common Stock	9/29/2023	60,692	194	160
				411	237
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	135
Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	199
Total E-Commerce - Clothing and Accessories - 0.22%*				826	571
E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/6/2021	14,143	146	44
Forum Brands, LLC	Preferred Stock(2)	12/23/2021	12,964	188	41
Forum Brands, LLC	Preferred Stock(2)	10/11/2023	2,829	42	9
				376	94
Merama Inc.	Preferred Stock(2)	4/28/2021	71,728	589	412
Total E-Commerce - Personal Goods - 0.19%*				965	506
Educational Software
Panorama Education, Inc.	Preferred Stock(2)	7/30/2024	2,577	14	14
Total Educational Software - 0.01%*				14	14
Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.07%*				50	192
Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	79
Arcadia Power, Inc.	Preferred Stock	6/29/2022	19,795	117	29
				194	108
Haven Energy Inc.	Preferred Stock(2)	8/19/2024	52,486	53	38
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	2,042
Total Energy - 0.83%*				284	2,188
Entertainment Software
Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	—
Encore Music Technologies, Inc.	Preferred Stock(2)	5/16/2023	4,475	1	—
Encore Music Technologies, Inc.	Common Stock(2)	5/31/2024	79,668	1	1
				17	1
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2022	37,335	60	38
FRVR Limited(1)(3)	Preferred Stock(2)	5/17/2024	53,335	33	54
				93	92
Total Entertainment Software - 0.04%*				110	93
Environmental Services
Earth Funeral Group, Inc.	Preferred Stock	3/1/2024	143,196	63	63
Total Environmental Services - 0.02%*				63	63
Financial Software
Ocrolus Inc.	Common Stock	8/14/2024	70,132	58	58
Parker Group Inc.	Common Stock	4/6/2022	5,334	17	9
Parker Group Inc.	Common Stock	8/14/2024	2,491	5	5
				22	14
Wisetack, Inc.(1)	Common Stock	12/21/2022	23,086	84	36
Zolve Innovations Inc.	Preferred Stock(2)	7/28/2022	3,172	9	9
Total Financial Software - 0.04%*				173	117

35

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
General Media and Content
Overtime Sports, Inc.	Preferred Stock(2)	5/4/2022	2,234	5	4
Total General Media and Content - 0.00%*				5	4
Healthcare Services
Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Levels Health Inc.	Preferred Stock(2)	9/3/2021	47,162	37	216
OpenLoop Health, Inc.	Preferred Stock	6/16/2023	11,186	51	1,023
OpenLoop Health, Inc.	Preferred Stock(2)	6/16/2023	5,593	25	511
OpenLoop Health, Inc.	Preferred Stock	11/20/2023	16,779	89	1,534
OpenLoop Health, Inc.	Preferred Stock	9/30/2024	43,625	315	3,989
				480	7,057
Perry Health, Inc.	Preferred Stock(2)	5/31/2023	184,258	79	79
Petfolk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	36
Wispr AI, Inc.(11)	Common Stock(2)	5/31/2022	—	—	—
Total Healthcare Services - 2.80%*				610	7,389
Healthcare Technology Systems
Calibrate Health, Inc.	Common Stock(2)	10/30/2023	118,190	253	—
Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	8
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	7
K Health, Inc.	Common Stock	7/14/2023	61,224	187	263
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56	228	—
SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.18%*				827	465
Household Products
Grove Collaborative, Inc.	Common Stock(2)	5/27/2020	33,038	72	—
Total Household Products - 0.00%*				72	—
Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	336
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	156,720	91	633
Karat Financial Technologies Incorporated	Preferred Stock(2)	1/11/2023	8,012	18	13
				109	646
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.38%*				307	1,013
Information Services (B2C)
Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	66
Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.)	Preferred Stock	5/1/2023	53,879	38	22
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Total Information Services (B2C) - 0.06%*				192	157
Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/19/2024	30,757	250	250
Information Technology - 0.09%*				250	250
Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/27/2020	2,775	90	93
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	8/26/2022	2,439	65	104
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	9/29/2023	1,951	84	83
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	4/5/2024	4,476	84	265
Total Infrastructure - 0.21%*				323	545
Life and Health Insurance
Angle Health, Inc.	Preferred Stock(2)	3/18/2022	140,450	29	26
Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	107
Sidecar Health, Inc.	Preferred Stock(2)	8/26/2021	32,620	34	41
Total Life and Health Insurance - 0.07%*				120	174

36

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Logistics
Passport Labs, Inc.	Common Stock(2)	5/27/2020	2,102	51	51
Total Logistics - 0.02%*				51	51
Medical Software and Information Services
HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48	—
HI LLC (Kernel)	Common Stock	2/28/2023	175,000	44	2
Total Medical Software and Information Services - 0.00%*				92	2
Multimedia and Design Software
Hover Inc.	Preferred Stock	9/30/2022	45,910	77	84
Hover Inc.	Preferred Stock	9/10/2024	9,182	18	17
Total Multimedia and Design Software - 0.04%*				95	101
Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Skyflow Inc.	Preferred Stock	6/26/2023	39,890	31	34
Skyflow Inc.	Preferred Stock	9/27/2024	15,956	25	13
				56	47
Total Network Management Software - 0.09%*				236	227
Other Financial Services
Aven Holdings, Inc.(1)	Common Stock(2)	5/16/2023	35,857	361	750
Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	2,235	8	6
N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	121
Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	95
Relay Commerce, Inc.	Preferred Stock(2)	5/18/2023	12,305	4	9
Relay Commerce, Inc.	Preferred Stock(2)	9/29/2023	24,610	7	19
Relay Commerce, Inc.	Preferred Stock(2)	4/4/2024	36,200	26	26
				97	149
Total Other Financial Services - 0.39%*				639	1,026
Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470	—
Firemaps, Inc.	Preferred Stock(2)	5/31/2023	24,539	33	33
Homelight, Inc.	Preferred Stock(2)	7/27/2022	3,988	8	7
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148	3
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15	6
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/27/2020	26,362	83	107
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	5/25/2022	3,279	1	11
Roofstock, Inc. (f/k/a Mynd Management, Inc.)	Preferred Stock(2)	6/29/2023	34,977	11	120
				95	238
Side, Inc.	Preferred Stock(2)	7/29/2020	71,501	57	265
True Footage, Inc.	Preferred Stock	11/24/2021	88,762	122	100
Total Real Estate Services - 0.25%*				954	667
Social/Platform Software
ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43	25
Sylva, Inc.	Preferred Stock	7/12/2021	44,872	30	—
Sylva, Inc.	Preferred Stock	12/21/2021	44,872	30	—
				60	—
Total Social/Platform Software - 0.01%*				103	25
Software Development Applications
Appex Group, Inc.	Preferred Stock(2)	11/15/2021	62,115	132	173
Appex Group, Inc.	Preferred Stock(2)	4/14/2022	11,004	36	36
				168	209
Forte Labs, Inc.	Preferred Stock(2)	12/30/2020	318,571	65	45

37

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Total Software Development Applications - 0.10%*				233		254
Total Warrant Investments - 9.14%*				$	14,846	$	24,111

38

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Equity Investments(9)
Aerospace and Defense
Hermeus Corporation	Preferred Stock(2)	10/30/2024	17,958	$	300	$	299
Total Application Software - 0.11%*				300		299
Application Software
Flo Health, Inc.(1)(3)	Preferred Stock(2)	7/18/2024	8,387	500		500
Total Application Software - 0.19%*				500		500
Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	70		62
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		195
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		270
Tide Holdings Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		599
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		82
Total Business Applications Software - 0.46%*				1,101		1,208
Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		136
Cresta Intelligence Inc.	Preferred Stock(2)	9/30/2024	55,441	250		250
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
MXP Prime Platform GmbH(1)(3)	Common Stock(2)	2/15/2022	83	570		6
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	11	—		60
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	6/29/2023	23	25		24
				595		90
Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	3/28/2024	31,818	611		587
Quick Commerce Ltd.(1)(3)	Ordinary Shares(2)	3/28/2024	112,770,108	26		82
				637		669
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.55%*				1,987		1,444
Business/Productivity Software
AI2 Incorporated	Preferred Stock(2)	1/3/2024	280,424	830		830
Ao1 Holdings Inc.	Preferred Stock(2)	12/13/2024	16,573	50		50
Total Business/Productivity Software - 0.33%*				880		880
Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		179
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		130
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		319
Total Business to Business Marketplace - 0.24%*				950		628
Computer Hardware
Quantum Circuits, Inc.	Preferred Stock(2)	4/17/2024	17,612	50		50
Total Computer Hardware - 0.02%*				50		50
Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		191
Total Consumer Finance - 0.07%*				100		191
Consumer Products and Services
Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		13
Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		1
				100		14
Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		88
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		52
GrubMarket, Inc.	Common Stock(2)	8/2/2024	—	4,178		4,178
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	610,584	166		5

39

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	327,630	165	4
				331	9
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,688	375	202
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	11/3/2022	1,575	75	57
				450	259
Pair Eyewear, Inc.	Preferred Stock(2)	6/27/2023	1,880	10	10
Planet A Foods GmbH(1)(3)	Preferred Stock(2)	3/16/2023	48,598	250	219
TMRW Sports, Inc.	Preferred Stock(2)	11/9/2023	40,174	500	500
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250	322
Total Consumer Products and Services - 2.14%*				6,471	5,651
Database Software
ON-0731 Fund II LP(1)	Limited Partnership Interests(2)	8/29/2024	—	250	250
Total Database Software - 0.09%*				250	250
E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90	25
Merama Inc.	Preferred Stock(2)	4/30/2021	5,433	31	51
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13	57
Merama Inc.	Preferred Stock(2)	9/13/2021	3,862	62	53
				106	161
Total E-Commerce - Personal Goods - 0.07%*				196	186
Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	198	228
Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66	66
Total Elder and Disabled Care - 0.11%*				264	294
Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167	105
Haven Energy Inc.	Preferred Stock(2)	10/9/2024	37,489	77	77
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	699	1,604
Total Energy - 0.68%*				943	1,786
Financial Services
Overtime Sports, Inc.	Preferred Stock(2)	8/2/2022	19,148	150	143
Total Financial Services -0.05%*				150	143
Food Products
Koatji, Inc.(1)(3)	Preferred Stock(2)	2/15/2023	155,164	50	50
Total Food Products -0.02%*				50	50
General Media and Content
Redesign Health Inc.	Preferred Stock(2)	7/12/2022	5,919	100	100
Total General Media and Content - 0.04%*				100	100
Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333	1
Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187	187
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200	323
Total Healthcare Services - 0.19%*				720	511
Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13	2
Capsule Corporation	Preferred Stock(2)	12/29/2022	519	2	1
Total Healthcare Technology Systems - —%*				15	3
Information Services (B2C)
Kasa Living, Inc.	Preferred Stock(2)	12/29/2022	22,725	150	150
Total Information Services (B2C) - 0.06%*				150	150

40

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2024
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Information Technology
Etched.ai, Inc.	Preferred Stock(2)	4/9/2024	30,757	500		500
Total Information Technology - 0.19%*				500		500
Infrastructure
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82		131
Omio Corp. (f/k/a GoEuro Corp.)(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79		101
Total Infrastructure - 0.09%*				161		232
Life and Health Insurance
Beam Technologies Inc.	Preferred Stock(2)	1/5/2021	1,901	80		87
Total Life and Health Insurance - 0.03%*				80		87
Multimedia and Design Software
Hover Inc.	Preferred Stock(2)	9/30/2022	10,595	58		65
Total Multimedia and Design Software - 0.02%*				58		65
Network Management Software
Skyflow Inc.	Preferred Stock(2)	1/22/2024	19,945	62		62
Skyflow Inc.	Preferred Stock(2)	9/27/2024	143,604	450		450
Total Network Management Software - 0.19%*				512		512
Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8		7
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		769
Total Other Financial Services - 0.29%*				698		776
Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29		29
Habyt GmbH	Preferred Stock(2)	2/21/2023	400	443		190
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20		14
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		68
Total Real Estate Services - 0.11%*				592		301
Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		151
Total Software Development Applications - 0.06%*				250		151
Total Equity Investments - 6.43%*				$	18,028	$	16,948
Total Investments in Portfolio Companies - 136.44%*(4)(5)				$	372,310	$	359,897

Cash Equivalents
Money Market Fund	Type of Investment	Ticker	Cost		Fair Value
Federated Government Obligations Fund	Cash Equivalents	PRM	$	40,829	$	40,829
Total Cash Equivalents - 15.48%*			$	40,829	$	40,829

Foreign Currency Forward Contracts
Foreign Currency	Settlement Date	Counterparty	Amount		Transaction	US $ Value at Settlement Date		Unrealized Gain
British Pound Sterling (GBP)	1/27/2025	Zions Bancorporation, N.A.	£	6,000	Sold	$	3,260	$	273
Euro (EUR)	1/27/2025	Zions Bancorporation, N.A.	€	3,000	Sold	$	7,779	$	150
Total Foreign Currency Forward Contracts - 0.16%*						$	11,039	$	423

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2024, non-qualifying assets represented 9.5% of the Company’s total assets, at fair value.

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

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

41

(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, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $359.9 million at fair value and represented 136.4% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility.

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

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $16.4 million, $29.3 million and $12.9 million, respectively, for the December 31, 2024 investment portfolio. The tax cost of investments is $372.8 million.

(7)Debt is on non-accrual status as of December 31, 2024 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2024 had a total cost and fair value of $28.4 million and $16.5 million, respectively.

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

(9)Non-income producing investments.

(10)Acquisition date represents the date of the 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 March 31, 2025 and December 31, 2024, Prime was 7.50%. As of March 31, 2025, approximately 82.3%, or $274.3 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which have interest rate floors at or above 3.25%. As of December 31, 2024, approximately 82.5%, or $278.4 million in principal balance, of the debt investments in the Company’s portfolio bore interest at floating rates, which generally are Prime-based, all of which had interest rate floors at or above 3.25%.

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

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

42

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(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, to a lesser extent, 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, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 11, 2025, 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;

43

•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 March 31,
Base Management and Incentive Fees (in thousands)	2025		2024
Base management fee	$	1,531	$	1,548
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 March 31, 2025 and 2024, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.6 million and $0.6 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 March 31, 2025 and December 31, 2024. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.

Investment Type (in thousands)	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	304,515	$	304,515	$	—	$	—	$	318,838	$	318,838
Warrant investments	—		—		24,918		24,918		—		—		24,111		24,111
Equity investments	—		—		17,391		17,391		—		—		16,948		16,948
Total portfolio company investments	$	—	$	—	$	346,824	$	346,824	$	—	$	—	$	359,897	$	359,897
Derivative instruments(1)	—		(349)		—		(349)		—		423		—		423
Total investments, including derivative instruments	$	—	$	(349)	$	346,824	$	346,475	$	—	$	423	$	359,897	$	360,320

_______________

(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 three months ended March 31, 2025 and 2024. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.

Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2025
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2024	$	318,838	$	24,111	$	16,948	$	359,897
Funding and purchases of investments, at cost	17,147		409		592		18,148
Principal payments and sale proceeds received from investments	(19,440)		(292)		—		(19,732)
Amortization and accretion of premiums and discounts, net and end-of term payments	1,578		—		—		1,578
Realized losses on investments	(2,962)		(637)		—		(3,599)
Net change in unrealized gains (losses) included in earnings	(11,466)		1,327		(149)		(10,288)
Payment-in-kind coupon	820		—		—		820
Transfers between investments	—		—		—		—
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2025	$	304,515	$	24,918	$	17,391	$	346,824
Net change in unrealized gains / (losses) on Level 3 investments held as of March 31, 2025	$	(15,134)	$	483	$	(149)	$	(14,800)

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Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2024
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2023	$	375,025	$	16,915	$	8,255	$	400,195
Funding and purchases of investments, at cost	27,035		436		1,393		28,864
Principal payments and sale proceeds received from investments	(22,318)		(6)		—		(22,324)
Amortization and accretion of premiums and discounts, net and end-of term payments	1,198		—		—		1,198
Realized losses on investments	(3,208)		(94)		—		(3,302)
Net change in unrealized gains (losses) included in earnings	(1,829)		(861)		(7)		(2,697)
Payment-in-kind coupon	885		—		—		885
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2024	$	376,788	$	16,390	$	9,641	$	402,819
Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2024	$	(2,713)	$	(355)	$	(7)	$	(3,075)

_______________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the three months ended March 31, 2025 or the three months ended March 31, 2024.

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

For the three months ended March 31, 2025 and 2024, the Company recognized net realized losses of $3.1 million and $3.6 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 March 31, 2025 and 2024 totaled $11.1 million and $2.2 million, respectively, resulting primarily from market rate adjustments and foreign currency adjustments.

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of March 31, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.

Level 3 Investments (dollars in thousands)	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	293,441	Discounted Cash Flows	Discount Rate	10.32% - 56.98%	19.06%
	11,074		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	20.00% - 100.00%	80.64%
Warrant investments	24,918		Black Scholes Option Pricing Model	Revenue Multiples	0.40x - 56.90x	5.08x
				Volatility	35.00% - 90.00%	65.41%
				Term	0.50 - 5.50 Years	3.39 Years
				Risk Free Rate	0.17% - 4.87%	3.52%
Equity investments	17,391		Black Scholes Option Pricing Model	Volatility	40.00% - 90.00%	56.64%
				Term	1.75 - 4.00 Years	3.08 Years
				Risk Free Rate	0.46% - 4.86%	3.35%
				Revenue Multiples	0.70x - 11.00x	2.42x
Total portfolio company investments	$	346,824

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Level 3 Investments (dollars in thousands)	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	311,488	Discounted Cash Flows	Discount Rate	10.12% - 37.73%	18.04%
	7,350		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	25.00% - 100.00%	78.37%
Warrant investments	24,111		Black Scholes Option Pricing Model	Revenue Multiples	0.40x - 56.90x	3.80x
				Volatility	35.00% - 90.00%	65.44%
				Term	0.50 - 5.50 Years	3.40 Years
				Risk Free Rate	0.17% - 4.87%	3.64%
Equity investments	16,948		Black Scholes Option Pricing Model	Volatility	50.00% - 90.00%	56.78%
				Term	1.75 - 4.00 Years	3.08 Years
				Risk Free Rate	0.46% - 4.86%	3.35%
				Revenue Multiples	0.70x - 11.00x	2.34x
Total portfolio company investments	$	359,897

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 March 31, 2025 and December 31, 2024, as shown in the Consolidated Schedule of Investments, are representative of the average volume throughout the three months ended March 31, 2025 and year ended December 31, 2024, 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 March 31, 2025 and December 31, 2024:

		Fair Value as of
Derivative Instrument	Statement Location	March 31, 2025		December 31, 2024
Foreign currency forward contracts	Other accrued expenses and liabilities	$	(349)	$	—
Foreign currency forward contracts	Prepaid expenses and other assets	—		423
Total		$	(349)	$	423

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during three months ended March 31, 2025 and 2024 are in the following locations in the Consolidated Statements of Operations:

		For the Three Months Ended March 31,
Derivative Instrument	Statement Location	2025		2024
Foreign currency forward contracts	Net realized gains/(losses) on investments	$	478	$	(329)
Foreign currency forward contracts	Net change in unrealized gains/(losses) on investments	(772)		471
Total		$	(294)	$	142

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables show the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of March 31, 2025 and December 31, 2024:

	As of March 31, 2025
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Zions Bancorporation, N.A.	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—

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Counterparty	Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Liabilities(3)
Zions Bancorporation, N.A.	$	(349)	$	—	$	—	$	—	$	(349)
Total	$	(349)	$	—	$	—	$	—	$	(349)

	As of December 31, 2024
Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Zions Bancorporation, N.A.	$	423	$	—	$	—	$	—	$	423
Total	$	423	$	—	$	—	$	—	$	423

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

_______________

(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 March 31, 2025 and December 31, 2024:

Liability (in thousands)	March 31, 2025						December 31, 2024
	Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	$	250,000	$	88,000	$	162,000	$	250,000	$	88,000	$	162,000
2027 Notes	75,000		75,000		—		75,000		75,000		—
Total	$	325,000	$	163,000	$	162,000	$	325,000	$	163,000	$	162,000

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

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	For the Three Months Ended March 31,
Interest Expense and Amortization of Fees (in thousands)	2025		2024
Revolving Credit Facility
Interest cost	$	2,521	$	2,081
Unused fee	203		205
Amortization of costs and other fees	250		250
Revolving Credit Facility Total	$	2,974	$	2,536
2027 Notes
Interest cost	$	1,098	$	1,099
Amortization of costs and other fees	48		45
2027 Notes Total	$	1,146	$	1,144
Total interest expense and amortization of fees	$	4,120	$	3,680

Credit Facility

On July 15, 2020, the Company’s wholly-owned subsidiary, the Financing Subsidiary, as the borrower, entered into a secured revolving credit facility (as amended, the “Credit Facility”) pursuant to a Receivables Financing Agreement (the “Receivables Financing Agreement”), by and among the Financing Subsidiary, the Company, individually and as collateral manager and as equityholder, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as the facility agent, DBNY and MUFG Union Bank, N.A. (“MUFG”), as joint lead arrangers, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, the custodian party thereto, and Vervent Inc., as backup collateral manager. As of March 31, 2025, commitments available total $250.0 million from four lenders—DBNY, MUFG, KeyBank National Association (“KeyBank”) and Axos Bank—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 March 31, 2025, the applicable margin is equal to 3.25% during the revolving period and increases to 4.25% during the amortization period.

The Credit Facility includes customary representations and warranties and requires the Company and the Financing Subsidiary to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the Credit Facility are subject to the leverage restrictions contained in the 1940 Act. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the Credit Facility.

As of March 31, 2025 and December 31, 2024, the Company had outstanding borrowings under the Credit Facility of $88.0 million and $88.0 million, respectively, excluding deferred credit facility costs of $1.8 million and $2.0 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 March 31, 2025 and 2024, the Company had average outstanding borrowings under the Credit Facility of $88.0 million and $87.5 million, respectively, at a weighted average interest rate of 7.56% and 8.58%, respectively. As of March 31, 2025 and December 31, 2024, $239.3 million and $260.8 million, respectively, of the Company’s assets were pledged for borrowings under the Credit Facility.

2027 Notes

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

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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 requirement of $142.8 million, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2021. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. As of March 31, 2025 and December 31, 2024, 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 $0.4 million and $0.5 million of deferred issuance cost as of March 31, 2025 and December 31, 2024, respectively, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of March 31, 2025 and December 31, 2024, the fair value of the 2027 Notes was $74.8 million and $72.3 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of March 31, 2025 and December 31, 2024:

Liability (in thousands)	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Credit Facility	$	—	$	—	$	88,000	$	88,000	$	—	$	—	$	88,000	$	88,000
2027 Notes	—		—		74,796		74,796		—		—		72,277		72,277
Total	$	—	$	—	$	162,796	$	162,796	$	—	$	—	$	160,277	$	160,277

Note 7. Commitments and Contingencies

Commitments

As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments totaled $70.6 million to 21 portfolio companies and $67.1 million to 22 portfolio companies, respectively, of which $5.0 million and none, 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 March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Activehours, Inc.	$	10,000	$	41	$	10,000	$	41
Etched.ai, Inc.	10,000		350		10,000		350
Eridu Corporation	7,000		110		—		—
Thoughtspot, Inc.	7,000		119		—		—
Luxury Presence, Inc.	5,500		47		5,500		47
Cresta Intelligence, Inc.	5,000		16		5,000		16
Muon Space, Inc.	5,000		78		5,000		78
Earth Funeral Group, Inc.	5,000		112		—		—
Thoughtful Automation, Inc.	4,061		39		4,061		39
Ao1 Holdings, Inc.	2,280		34		2,280		34
Hermeus Corporation	2,272		26		3,212		36
Ocrolus Inc.	1,714		22		1,714		22
Planet A Foods GmbH	1,248		25		1,198		24
Hover Inc.	1,000		14		1,000		14
Quantum Circuits, Inc.	1,000		10		1,000		10
Worldwide Freight Logistics Ltd.	724		4		351		4
Workmate Labs, Inc.	500		2		500		2
Mirelo AI GmbH	449		10		862		17
Hydrow Inc.	439		—		324		—
Flashparking, Inc.	250		1		250		1
Panorama Education, Inc.	190		2		2,140		2
Karat Financial Technologies, Inc.	—		—		6,719		84
Haven Energy Inc.	—		—		2,700		67
Join Digital, Inc.	—		—		2,100		41
Overtime Sports, Inc.	—		—		1,143		8
Ephemeral Solutions, Inc.	—		—		—		1
Encore Music Technologies, Inc.	—		2		—		2
Total	$	70,627	$	1,064	$	67,054	$	940

_______________

(1)As of March 31, 2025 and December 31, 2024, the Company did not have any backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.

The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated statements of assets and liabilities.

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

	For the Three Months Ended March 31,
Commitments Activity (in thousands)	2025		2024
Unfunded commitments at beginning of period(1)	$	67,054	$	72,193
New commitments(1)	28,000		24,136
Fundings	(17,494)		(28,606)
Repayments under existing revolvers	839		—
Expirations / Terminations	(7,862)		(17,003)
Foreign currency adjustments	90		(4)
Unfunded commitments and backlog of potential future commitments at end of period	$	70,627	$	50,716
Backlog of potential future commitments	—		—
Unfunded commitments at end of period	$	70,627	$	50,716

_______________

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

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The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of March 31, 2025 and December 31, 2024:

Unfunded Commitments(1) (in thousands)	March 31, 2025		December 31, 2024
Dependent on milestones	$	5,000	$	—
Expiring during:
2025	47,024		55,989
2026	23,603		11,065
Unfunded commitments	$	70,627	$	67,054

_______________

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

Backlog of Potential Future Commitments

The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of March 31, 2025 and December 31, 2024, the Company did not have any backlog of potential future commitments.

Note 8. Financial Highlights

The following table shows the financial highlights for the three months ended March 31, 2025 and 2024:

	For the Three Months ended March 31,
Financial Highlights (in thousands, except share and per share data)	2025			2024
Per Share Data(1)
Net asset value at beginning of period	$	11.11		$	12.24
Changes in net asset value due to:
Net investment income	0.22			0.41
Net realized gains/(losses) on investments	(0.13)			(0.15)
Net change in unrealized losses on investments	(0.47)			(0.10)
Net asset value at end of period	$	10.73		$	12.40
Net investment income per common share	0.22			$	0.41
Net increase (decrease) in net assets resulting from operations per common share	$	(0.38)		$	0.16
Weighted average shares of common stock outstanding for period	23,689,363			23,689,363
Shares of common stock outstanding at end of period	23,689,363			23,689,363
Ratios / Supplemental Data(2)
Net asset value at end of period	$	254,793		$	294,306
Average net asset value	$	262,610		$	292,963
Total return based on net asset value per share(3)	(3.4)		%	1.3		%
Net investment income to average net asset value(4)	8.0		%	13.2		%
Net increase (decrease) in net assets to average net asset value(4)	(13.9)		%	5.2		%
Ratio of expenses to average net asset value(4)	10.4		%	9.2		%
Operating expenses excluding incentive fees to average net asset value(4)	10.4		%	9.2		%

_____________

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

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

(3)Total return based on NAV is the change in ending NAV per common share plus distributions per common share paid during the period by the beginning NAV per common share. 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 three months ended March 31, 2025 and 2024:

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	For the Three Months ended March 31,
Ratios (Percentages, on an annualized basis)(1)	2025		2024
Weighted average portfolio yield on debt investments(2)	13.4	%	15.7	%
Coupon income	10.5	%	12.3	%
Accretion of discount	1.0	%	1.1	%
Accretion of end-of-term payments	1.5	%	1.8	%
Impact of prepayments during the period	0.4	%	0.5	%

_____________

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

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

Note 9. Net Increase in Net Assets per Share

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

	For the Three Months Ended March 31,
Basic and Diluted Share Information (in thousands, except share and per share data)	2025		2024
Net investment income	$	5,206	$	9,636
Net increase (decrease) in net assets resulting from operations	$	(8,974)	$	3,779
Basic and diluted weighted average shares of common stock outstanding	23,689,363		23,689,363
Basic and diluted net investment income per share of common stock	$	0.22	$	0.41
Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock	$	(0.38)	$	0.16

Note 10.    Equity

During each of the three months ended March 31, 2025 and 2024, the Company did not issue any shares of common stock through the Company’s private placement offering.

As of both March 31, 2025 and December 31, 2024, the Company had 23,689,363 shares of common stock outstanding. As of both March 31, 2025 and December 31, 2024, the Company had 525 shares of its Series A Preferred Stock outstanding.

As of March 31, 2025, 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, 2024 and 2023, the Company was subject to a 4% U.S. federal excise tax, and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with U.S. income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $0.3 million and $0.6 million for the years ended December 31, 2024 and 2023, respectively.

The following table shows the Company’s cash distributions per common share that have been authorized by the Board since commencement of operations to March 31, 2025:

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Date Declared	Record Date	Payment Date	Per Share Amount
November 12, 2020	November 13, 2020	November 20, 2020	$	0.15
December 21, 2020	December 22, 2020	December 30, 2020	0.30
December 21, 2020	December 22, 2020	December 30, 2020	0.14		(1)
May 12, 2021	May 13, 2021	May 19, 2021	0.30
August 11, 2021	August 13, 2021	August 27, 2021	0.30
October 29, 2021	November 1, 2021	November 12, 2021	0.30
December 8, 2021	December 10, 2021	December 29, 2021	0.30
December 8, 2021	December 10, 2021	December 29, 2021	0.10		(2)
April 28, 2022	May 13, 2022	May 19, 2022	0.33
July 26, 2022	August 5, 2022	August 26, 2022	0.40
October 28, 2022	November 1, 2022	November 11, 2022	0.40
December 9, 2022	December 15, 2022	December 30, 2022	0.40
December 9, 2022	December 15, 2022	December 30, 2022	0.10		(2)
April 27, 2023	May 12, 2023	May 19, 2023	0.42
July 27, 2023	August 4, 2023	August 25, 2023	0.42
October 27, 2023	October 30, 2023	November 15, 2023	0.47
December 5, 2023	December 12, 2023	December 29, 2023	0.47
December 5, 2023	December 12, 2023	December 29, 2023	0.12		(2)
April 25, 2024	April 29, 2024	May 17, 2024	0.47
August 1, 2024	August 5, 2024	August 23, 2024	0.41
October 31, 2024	November 1, 2024	November 15, 2024	0.41
December 13, 2024	December 13, 2024	December 27, 2024	0.41
December 13, 2024	December 13, 2024	December 27, 2024	0.10		(2)
		Total cash distributions	$	7.22

_____________

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

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

It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company’s consolidated statements of operations during the three months ended March 31, 2025. 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. Operating Segments

The Chief Executive Officer and Chief Financial Officer, collectively, act as the Company’s chief operating decision maker (“CODM”) and are responsible for assessing performance and allocating resources with respect to the Company. The CODM has concluded that the Company operates as a single operating segment based on the fact that the Company has a single investment strategy as disclosed in its SEC filings, against which the CODM assesses the performance. The financial information provided to and reviewed by the CODM include consolidated net investment income and consolidated net increase/decrease in net assets. As the Company operates as a single segment, the measure of segment profit and segment assets is presented within the Company’s consolidated financial statements.

Note 13. Subsequent Events

Distribution

On May 15, 2025, the Board declared a $0.35 per share distribution to the Company’s common stockholders, payable on May 23, 2025 to stockholders of record on May 16, 2025.

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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 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 emergence (or re-emergence) of a widespread 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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•disruptions related to tariffs and other trade or sanctions issues, which may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States;

•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, to a lesser extent, through capital gains from equity “kickers” in the form of warrants and direct equity investments.

We operate as one operating unit and one segment for financial reporting purposes, consistent with how the CEO and CFO, who collectively are our CODM, evaluates financial performance and allocates resources.

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 March 31, 2025 and December 31, 2024:

	March 31, 2025
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	336,579	$	304,515	$	(32,064)	189	74
Warrant investments	14,326		24,918		10,592		206	147
Equity investments	18,621		17,391		(1,230)		72	58
Total investments in portfolio companies	$	369,526	$	346,824	$	(22,702)	467	166	(1)

_______________

(1)Represents non-duplicative number of companies.

	December 31, 2024
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	339,436	$	318,838	$	(20,598)	192	75
Warrant investments	14,846		24,111		9,265		204	146
Equity investments	18,028		16,948		(1,080)		69	55
Total investments in portfolio companies	$	372,310	$	359,897	$	(12,413)	465	160	(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 March 31, 2025 and December 31, 2024:

	March 31, 2025
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	63,267	18.2	%
E-Commerce - Clothing and Accessories	28,855		8.3
Business Products and Services	23,033		6.6
Real Estate Services	22,583		6.5
Healthcare Services	21,636		6.2
Business/Productivity Software	21,573		6.2
Business Applications Software	21,354		6.2
E-Commerce - Personal Goods	20,127		5.8
Healthcare Technology Systems	14,171		4.1
Energy	13,010		3.8
Information Services (B2C)	9,364		2.7
Consumer Non-Durables	8,934		2.6
Aerospace and Defense	8,551		2.5
Other Financial Services	7,859		2.3
Communications and Networking	7,025		2.0
Network Management Software	5,745		1.7
Computer Hardware	5,572		1.6
Database Software	5,473		1.6
Social/Platform Software	5,471		1.6
Educational Software	5,127		1.5
Financial Software	4,968		1.4
Multimedia and Design Software	4,146		1.2
Environmental Services	4,121		1.2
Medical Software and Information Services	2,748		0.8
Entertainment Software	2,672		0.8
Application Software	2,341		0.7
Consumer Finance	1,480		0.4
Life and Health Insurance	1,298		0.4
Human Capital Services	790		0.2
Infrastructure	777		0.2
Information Technology	750		0.2
Business to Business Marketplace	704		0.2
Elder and Disabled Care	486		0.1
Software Development Applications	405		0.1
Financial Services	143		*
General Media and Content	104		*
Communication Software	54		*
Logistics	51		*
Food Products	50		*
Commercial Services	6		*
Total portfolio company investments	$	346,824	100.0	%

_______________

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

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	December 31, 2024
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	75,970	21.1	%
E-Commerce - Clothing and Accessories	28,838		8.0
Business/Productivity Software	27,182		7.6
Business Products and Services	23,846		6.6
Real Estate Services	22,148		6.2
Healthcare Services	21,941		6.1
Business Applications Software	21,051		5.8
E-Commerce - Personal Goods	20,038		5.6
Healthcare Technology Systems	14,496		4.0
Energy	10,347		2.9
Information Services (B2C)	9,448		2.6
Consumer Non-Durables	8,875		2.5
Computer Hardware	8,317		2.3
Other Financial Services	8,058		2.2
Aerospace and Defense	7,772		2.2
Network Management Software	5,727		1.6
Social/Platform Software	5,639		1.6
Communications and Networking	4,947		1.4
Financial Software	4,946		1.4
Human Capital Services	4,381		1.2
Multimedia and Design Software	4,130		1.1
Environmental Services	4,003		1.1
Educational Software	3,170		0.9
Entertainment Software	2,982		0.8
Medical Software and Information Services	2,701		0.8
Application Software	2,503		0.7
Life and Health Insurance	1,286		0.4
Consumer Finance	1,121		0.3
Infrastructure	777		0.2
Information Technology	750		0.2
Business to Business Marketplace	704		0.2
Database Software	504		0.1
Elder and Disabled Care	486		0.1
Software Development Applications	405		0.1
Financial Services	143		*
General Media and Content	104		*
Communication Software	54		*
Logistics	51		*
Food Products	50		*
Commercial Services	6		*
Total portfolio company investments	$	359,897	100.0	%

_____________

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

The following table shows the financing product type of our debt investments as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
Debt Investments By Financing Product (dollars in thousands)	Fair Value		Percentage of Total Debt Investments		Fair Value		Percentage of Total Debt Investments
Growth capital loans	$	291,256	95.7	%	$	295,830	92.8	%
Revolver loans	12,195		4.0		21,987		6.9
Convertible notes	1,064		0.3		1,021		0.3
Total debt investments	$	304,515	100.0	%	$	318,838	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 11.6% and 24.3% of our debt investments at fair value as of March 31, 2025 and December 31, 2024, respectively.

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Investment Activity

During the three months ended March 31, 2025, we entered into debt commitments with 4 new portfolio companies and 1 existing portfolio company totaling $28.0 million, funded debt investments to 8 portfolio companies for $17.5 million in principal value, acquired warrant investments representing $0.4 million of fair value and made direct equity investments of $0.4 million. Debt investments funded during the three months ended March 31, 2025 carried a weighted average annualized portfolio yield of 13.2% at origination.

During the three months ended March 31, 2024, we entered into debt commitments with 3 new and 3 existing portfolio companies totaling $24.1 million, funded debt investments to 10 portfolio companies for $29.2 million in principal value, acquired warrant investments representing $0.4 million of fair value and made direct equity investments of $1.4 million. Debt investments funded during the three months ended March 31, 2024 carried a weighted average annualized portfolio yield of 15.9% at origination.

During the three months ended March 31, 2025, we received $5.6 million of principal prepayments and early repayments from 2 portfolio companies and $12.0 million of scheduled principal amortization. During the three months ended March 31, 2024, we received $13.2 million of principal prepayments and early repayments from 2 portfolio companies and $7.4 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the three months ended March 31, 2025 and 2024:

	For the Three Months Ended March 31,
(in thousands)	2025		2024
Beginning portfolio at fair value	$	359,897	$	400,196
New debt investments, net(1)	17,147		27,035
Scheduled principal amortization	(12,045)		(7,355)
Principal prepayments and early repayments	(5,625)		(13,196)
Accretion of debt investment fees	1,578		1,198
Payment-in-kind coupon	820		885
New warrant investments	409		435
New equity investments	592		1,392
Proceeds and dispositions from investments	(2,062)		(1,773)
Net realized losses	(3,599)		(3,302)
Net unrealized losses on investments	(10,288)		(2,696)
Ending portfolio at fair value	$	346,824	$	402,819

_______________

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

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

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

	For the Three Months Ended March 31,
Commitments and Fundings (in thousands)	2025		2024
Debt Commitments
New portfolio companies	$	23,000	$	14,000
Existing portfolio companies	5,000		10,137
Total(1)	$	28,000	$	24,137
Funded Debt Investments	$	17,492	$	29,241
Equity Investments	$	400	$	1,392

_______________

(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 March 31, 2025 and December 31, 2024, we did not have any backlog of potential future commitments.

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Asset Quality

Consistent with TPC’s existing policies, our Adviser maintains a credit watch list which places borrowers into five risk categories based upon our Adviser’s senior investment team’s judgment and in consultation with, among others, the Adviser’s Portfolio Group Committee and Originations Professionals and Investment and Credit Analysis Professionals, where 1 is the best rating and all new loans are generally assigned a rating of 2.

Category	Category Definition	Action Item
Clear (1)	Performing above expectations and/or strong financial or enterprise profile, value or coverage.	Review quarterly.
White (2)	Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. Generally, all new loans are initially graded White (2).	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; 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. Possibility exists for some investment loss if deterioration continues.	Contact portfolio company weekly or more frequently as determined by our Adviser; 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 investment loss.	Maximize value from assets.

The following table shows the credit rankings for the portfolio companies that had outstanding debt obligations to us as of March 31, 2025 and December 31, 2024:

	March 31, 2025					December 31, 2024
Credit Category (dollars in thousands)	Fair Value		Percentage of Total Debt Investments		Number of Portfolio Companies	Fair Value		Percentage of Total Debt Investments		Number of Portfolio Companies
Clear (1)	$	25,983	8.5	%	7	$	21,470	6.7	%	4
White (2)	251,348		82.6		51	267,419		83.9		56
Yellow (3)	6,643		2.2		3	11,966		3.8		4
Orange (4)	17,382		5.7		10	16,888		5.3		9
Red (5)	3,159		1.0		3	1,095		0.3		2
Total	$	304,515	100.0	%	74	$	318,838	100.0	%	75

As of March 31, 2025 and December 31, 2024, the weighted average credit ranking of our debt investment portfolio was 2.08 and 2.09, respectively. During the three months ended March 31, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: three portfolio companies with an aggregate principal balance of $5.8 million were upgraded from White (2) to Clear (1), one portfolio company with a principal balance of $2.6 million was downgraded from Yellow (3) to Orange (4), and two portfolio companies with an aggregate principal balance of $14.0 million were downgraded from White (2) to Red (5).

As of March 31, 2025, we had investments in 12 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $40.8 million and $19.0 million, respectively. As of December 31, 2024, we had investments in 10 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $28.4 million and $16.5 million, respectively.

Results of Operations

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

For the three months ended March 31, 2025, our net decrease in net assets resulting from operations was $9.0 million, compared to a net increase of $3.8 million for the three months ended March 31, 2024, which was comprised of $5.2 million and $9.6 million, respectively, of net investment income and $14.2 million and $5.9 million of net realized and unrealized losses, respectively. On a per common share basis for the three months ended March 31, 2025 and 2024, net investment income was $0.22 and $0.41, respectively, and our net increase/(decrease) in net assets from operations was $(0.38) and $0.32, respectively.

Investment Income

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Total investment and other income for the three months ended March 31, 2025 and 2024 was $12.0 million and $16.3 million, respectively. The decrease in total investment and other income for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, 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 months ended March 31, 2025 and 2024 were $6.8 million and $6.7 million, respectively.

Base management fees for the three months ended March 31, 2025 and 2024 were $1.5 million and $1.5 million, respectively. Base management fees remained flat during the 2025 period, as we did not issue common stock during the period.

We did not incur an income incentive fee for the three months ended March 31, 2025 and 2024, for which periods the income incentive fees were reduced by a de minimis amount and $1.9 million, respectively, due to the total return requirement under the Advisory Agreement. We did not incur a capital gains incentive fee during the three months ended March 31, 2025 or the three months ended March 31, 2024, 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.

For the three months ended March 31, 2025 and 2024, interest and fees on our borrowings totaled $4.1 million and $3.7 million, respectively. The increase in interest and fees on our borrowings increased primarily due to the minimum utilization fee we are charged under the Credit Facility, as while the weighted average borrowings outstanding under the Credit Facility during 2025 was relatively flat compared to 2024, our advances under the Credit Facility were below the minimum principal utilization threshold during the 2025 period.

For the three months ended March 31, 2025 and 2024, expenses under the Administration Agreement and general and administrative expenses totaled $1.1 million and $1.5 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 months ended March 31, 2025, we recognized net realized losses of $3.1 million, primarily due to the write-offs of investments in certain portfolio companies, in addition to foreign currency adjustments. For the three months ended March 31, 2024, we recognized net realized losses of $3.6 million, primarily due to the write-offs of investments in certain portfolio companies, in addition to foreign currency adjustments.

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 March 31, 2025 totaled $11.1 million, resulting primarily from market rate adjustments and foreign currency adjustments. Net change in unrealized losses during the three months ended March 31, 2024 totaled $2.2 million, 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:

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	For the Three Months Ended March 31,
Ratios (Percentages, on an annualized basis)(1)	2025		2024
Weighted average portfolio yield on debt investments(2)	13.4	%	15.7	%
Coupon income	10.5	%	12.3	%
Accretion of discount	1.0	%	1.1	%
Accretion of end-of-term payments	1.5	%	1.8	%
Impact of prepayments during the period	0.4	%	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.

For the three months ended March 31, 2025 and 2024, our total return based on the change in net asset value was (3.4)% and 1.3%, 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 March 31,
Returns on Net Asset Value and Total Assets(1) (dollars in thousands)	2025			2024
Net investment income	$	5,206		$	9,636
Net increase (decrease) in net assets	$	(8,974)		$	3,779
Average net asset value(2)	$	262,610		$	292,963
Average total assets(2)	$	432,406		$	460,898
Net investment income to average net asset value(3)	8.0		%	13.2		%
Net increase (decrease) in net assets to average net asset value(3)	(13.9)		%	5.2		%
Net investment income to average total assets(3)	4.9		%	8.4		%
Net increase (decrease) in net assets to average total assets(3)	(8.4)		%	3.3		%

_______________

(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.

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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, 2024 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, 2024 and in this Quarterly Report on Form 10-Q.

Investment Valuation

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

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

As of March 31, 2025, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 81.3% of our total assets, as compared to 82.8% of our total assets as of December 31, 2024.

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 11, 2025 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 three months ended March 31, 2025, 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 $2.2 million. We did not have any net cash provided by, or used in, financing activities during the three months ended March 31, 2025. As of March 31, 2025, cash and cash equivalents, including restricted cash, was $72.0 million.

During the three months ended March 31, 2024, net cash used in operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in “Results of Operations” above, was $5.5 million. We did not have any net cash provided by, or used in, financing activities during the three months ended March 31, 2024. As of March 31, 2024, cash, including restricted cash, was $55.3 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 March 31, 2025, 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.

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Credit Facility

We have $250.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $400.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of the lenders. The revolving period under the Credit Facility is scheduled to expire on July 15, 2025 and the maturity date of the Credit Facility is scheduled for January 15, 2027. Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50%, and are subject to certain minimum principal utilization amounts during the revolving period. As of March 31, 2025, the applicable margin is equal to 3.25% during the revolving period and increases to 4.25% during the amortization period. See “Note 6. Borrowings” in the notes to consolidated financial statements for more information regarding the terms of the Credit Facility.

As of March 31, 2025 and December 31, 2024, we had outstanding borrowings of $88.0 million and $88.0 million, respectively, under the Credit Facility, excluding deferred credit facility costs of $1.8 million and $2.0 million, respectively, which are included as assets in the consolidated statements of assets and liabilities. As of each of March 31, 2025 and December 31, 2024, we had $162.0 million of remaining capacity on our Credit Facility.

2027 Notes

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

The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us; provided however, in the event that we create, incur, assume or permit to exist liens on or with respect to any of 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, 2024 for more information regarding the Series A Preferred Stock.

Asset Coverage Requirements

We are required under the 1940 Act to meet a coverage ratio of total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of our senior securities, which generally includes all of our borrowings and any preferred stock, of at least 150%. As of March 31, 2025, our asset coverage for total borrowings and other senior securities was 255%.

Unfunded Commitments

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of March 31, 2025 and December 31, 2024, our unfunded commitments totaled $70.6 million and $67.1 million, respectively, of which $5.0 million and none, respectively, were dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

The following table shows our unfunded commitments by portfolio company as of March 31, 2025 and December 31, 2024:

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Unfunded Commitments(1) (in thousands)	March 31, 2025		December 31, 2024
Activehours, Inc.	$	10,000	$	10,000
Etched.ai, Inc.	10,000		10,000
Eridu Corporation	7,000		—
Thoughtspot, Inc.	7,000		—
Luxury Presence, Inc.	5,500		5,500
Cresta Intelligence, Inc.	5,000		5,000
Muon Space, Inc.	5,000		5,000
Earth Funeral Group, Inc.	5,000		—
Thoughtful Automation, Inc.	4,061		4,061
Ao1 Holdings, Inc.	2,280		2,280
Hermeus Corporation	2,272		3,212
Ocrolus Inc.	1,714		1,714
Planet A Foods GmbH	1,248		1,198
Hover Inc.	1,000		1,000
Quantum Circuits, Inc.	1,000		1,000
Worldwide Freight Logistics Ltd.	724		351
Workmate Labs, Inc.	500		500
Mirelo AI GmbH	449		862
Hydrow Inc.	439		324
Flashparking, Inc.	250		250
Panorama Education, Inc.	190		2,140
Karat Financial Technologies, Inc.	—		6,719
Haven Energy Inc.	—		2,700
Join Digital, Inc.	—		2,100
Overtime Sports, Inc.	—		1,143
Ephemeral Solutions, Inc.	—		—
Encore Music Technologies, Inc.	—		—
Total	$	70,627	$	67,054

_____________

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

During the three months ended March 31, 2025 and the year ended December 31, 2024, $7.9 million and $34.8 million of unfunded commitments expired or were terminated, respectively. The following table shows additional information on our unfunded commitments regarding milestones and expirations as of March 31, 2025 and December 31, 2024:

Unfunded Commitments(1) (in thousands)	March 31, 2025		December 31, 2024
Dependent on milestones	$	5,000	$	—
Expiring during:
2025	47,024		55,989
2026	23,603		11,065
Total	$	70,627	$	67,054

_______________

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

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

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

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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, 2024 and December 31, 2023, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

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

The following table shows our cash distributions per common share that have been authorized by our Board since commencement of operations to March 31, 2025:

Date Declared	Record Date	Payment Date	Per Share Amount
November 12, 2020	November 13, 2020	November 20, 2020	$	0.15
December 21, 2020	December 22, 2020	December 30, 2020	0.30
December 21, 2020	December 22, 2020	December 30, 2020	0.14		(1)
May 12, 2021	May 13, 2021	May 19, 2021	0.30
August 11, 2021	August 13, 2021	August 27, 2021	0.30
October 29, 2021	November 1, 2021	November 12, 2021	0.30
December 8, 2021	December 10, 2021	December 29, 2021	0.30
December 8, 2021	December 10, 2021	December 29, 2021	0.10		(2)
April 28, 2022	May 13, 2022	May 19, 2022	0.33
July 26, 2022	August 5, 2022	August 26, 2022	0.40
October 28, 2022	November 1, 2022	November 11, 2022	0.40
December 9, 2022	December 15, 2022	December 30, 2022	0.40
December 9, 2022	December 15, 2022	December 30 2022	0.10
April 27, 2023	May 12, 2023	May 19, 2023	0.42
July 27, 2023	August 4, 2023	August 25, 2023	0.42
October 27, 2023	October 30, 2023	November 15, 2023	0.47
December 5, 2023	December 12, 2023	December 29, 2023	0.47
December 5, 2023	December 12, 2023	December 29, 2023	0.12		(2)
April 25, 2024	April 29, 2024	May 17, 2024	0.47
August 1, 2024	August 5, 2024	August 23, 2024	0.41
October 31, 2024	November 1, 2024	November 15, 2024	0.41
December 13, 2024	December 13, 2024	December 27, 2024	0.41
December 13, 2024	December 13, 2024	December 27, 2024	0.10		(2)
		Total cash distributions	$	7.22

_____________

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

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

As of March 31, 2025, we estimated that we had undistributed taxable earnings from distributable earnings of $14.6 million, or $0.62 per common share.

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Recent Accounting Pronouncements

None.

Recent Developments

Distribution

On May 15, 2025, our Board declared a $0.35 per share distribution to our common stockholders, payable on May 23, 2025 to stockholders of record on May 16, 2025.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk

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

Interest Rate Risk

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

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

A prolonged reduction in interest rates could reduce our gross investment income and could result in a decrease in our net investment income if such decreases in interest rates are not offset by a corresponding increase in the spread over Prime that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities.

As of March 31, 2025, a majority of the debt investments (approximately 82.3%, or $274.3 million in principal balance) in our portfolio bore interest at floating rates, which generally are Prime-based and all of which have interest rate floors of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime rate from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the floating rate based on certain indices referenced in the Credit Facility, including SOFR.

As of March 31, 2025, our floating rate borrowings totaled $88.0 million, which represented 54.0% of our outstanding debt as of March 31, 2025. As of March 31, 2025, 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 March 31, 2025 was 7.50%, 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 March 31, 2025. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of March 31, 2025, 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 March 31, 2025 consolidated statement of assets and liabilities:

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Change in Interest Rates (in thousands)	Increase (decrease) in interest income		(Increase) decrease in interest expense		Net increase (decrease) in net investment income
Up 300 basis points	$	6,423	$	(3,750)	$	2,673
Up 200 basis points	$	4,034	$	(2,500)	$	1,534
Up 100 basis points	$	1,645	$	(1,250)	$	395
Up 50 basis points	$	699	$	(625)	$	74
Down 50 basis points	$	(484)	$	625	$	141
Down 100 basis points	$	(862)	$	1,250	$	388
Down 200 basis points	$	(1,447)	$	2,500	$	1,053
Down 300 basis points	$	(1,882)	$	3,750	$	1,868

This analysis is indicative of the potential impact on our investment income as of March 31, 2025, assuming an immediate and sustained change in interest rates as noted. It should be noted that we anticipate growth in our portfolio funded in part with additional borrowings under the Credit Facility and potentially other borrowings, and such borrowings, to the extent they are floating rate borrowings, all else being equal, will increase our investment income sensitivity to interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities after March 31, 2025 nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. As of March 31, 2025, we had no interest rate hedging transactions in place, but may seek to enter into such transactions in the future.

Foreign Currency Exchange Rate Risk

We may also have exposure to changes in foreign currency exchange rates in connection with certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. During the three months ended March 31, 2025, we entered into foreign currency forward contracts to limit our foreign currency exposure with respect to the British Pound Sterling and Euro and may seek to enter into similar transactions in the future. For additional information refer to “Note 4 – Investments”, included in the notes to our consolidated financial statements appearing elsewhere in this report.

Hedging Market Risk

We have in the past utilized, and may continue to seek to utilize, instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio companies from changes in currency rates. 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, 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 hedging strategies will be available, particularly with respect to certain of our foreign investments and, if available, will effectively hedge our interest rate risk or foreign currency exchange rate risk or be without risk to us.

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.

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Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2025 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 March 31, 2025 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 (filed with the SEC on March 11, 2025) 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 March 31, 2025.

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 March 31, 2025, 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	Articles of Incorporation(1)
3.2	Articles Supplementary(2)
3.3	Bylaws(3)
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act(**)
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act(**)
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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

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

(3)Incorporated by reference to Exhibit 3.3 to the Registrant’s Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.

(*)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: May 15, 2025	By:	/s/ James P. Labe
		James P. Labe
		Chief Executive Officer and Chairman of the Board of Directors
		(Principal Executive Officer)

Date: May 15, 2025	By:	/s/ Mike L. Wilhelms
		Mike L. Wilhelms
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

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