# EDGAR Filing Document

**Accession Number:** 0001792509
**File Stem:** 0001792509-25-000026
**Filing Date:** 2025-8
**Character Count:** 484942
**Document Hash:** 8548ff65b11493efb05e92572b6162d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001792509-25-000026.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001792509-25-000026

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TriplePoint Private Venture Credit Inc.
- **CENTRAL INDEX KEY:** 0001792509

**ORGANIZATION NAME:**
- **EIN:** 843383695
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01327
- **FILM NUMBER:** 251207298

**BUSINESS ADDRESS:**
- **STREET 1:** 2755 SAND HILL ROAD
- **STREET 2:** SUITE 150
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** 650-233-2102

**MAIL ADDRESS:**
- **STREET 1:** 2755 SAND HILL ROAD
- **STREET 2:** SUITE 150
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TriplePoint Global Venture Credit, LLC
- **DATE OF NAME CHANGE:** 20191028

?xml version='1.0' encoding='ASCII'? tpvc-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**________________________________________________________________________________________________________________________________________________**

**Form 10-Q**

**________________________________________________________________________________________________________________________________________________**

---

| | |
|:---|:---|
| **(Mark One)** | **(Mark One)** |
| ⌧ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025**

**OR**

---

| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**FOR THE TRANSITION PERIOD FROM &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**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<br>incorporation or organization)** | **(I.R.S. Employer<br>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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧ 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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;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 | ⌧ | Smaller reporting company | ◻ |
| Emerging growth company | ⌧ | | |

---

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. ⌧

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). &nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

As of August 12, 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** | **PART I. FINANCIAL INFORMATION** | |
| Item 1. | <u>[Financial Statements (unaudited)](#id7430eb072c8400a9fa4b1bbc207787f_13)</u> | [1](#id7430eb072c8400a9fa4b1bbc207787f_13) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#id7430eb072c8400a9fa4b1bbc207787f_16)[June](#id7430eb072c8400a9fa4b1bbc207787f_16)[3](#id7430eb072c8400a9fa4b1bbc207787f_16)[0](#id7430eb072c8400a9fa4b1bbc207787f_16)[, 2025 (unaudited) and December 31, 2024](#id7430eb072c8400a9fa4b1bbc207787f_16)</u> | [1](#id7430eb072c8400a9fa4b1bbc207787f_16) |
|  | <u>[Consolidated Statements of Operations for the Three](#id7430eb072c8400a9fa4b1bbc207787f_22)[and Six](#id7430eb072c8400a9fa4b1bbc207787f_22)[Months Ended](#id7430eb072c8400a9fa4b1bbc207787f_22)[June](#id7430eb072c8400a9fa4b1bbc207787f_22)[3](#id7430eb072c8400a9fa4b1bbc207787f_22)[0](#id7430eb072c8400a9fa4b1bbc207787f_22)[, 2025 (unaudited) and](#id7430eb072c8400a9fa4b1bbc207787f_22)[June](#id7430eb072c8400a9fa4b1bbc207787f_22)[3](#id7430eb072c8400a9fa4b1bbc207787f_22)[0](#id7430eb072c8400a9fa4b1bbc207787f_22)[, 2024](#id7430eb072c8400a9fa4b1bbc207787f_22)[(unaudited)](#id7430eb072c8400a9fa4b1bbc207787f_25)</u> | [2](#id7430eb072c8400a9fa4b1bbc207787f_22) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the Three](#id7430eb072c8400a9fa4b1bbc207787f_25)[and Six](#id7430eb072c8400a9fa4b1bbc207787f_25)[Months Ended](#id7430eb072c8400a9fa4b1bbc207787f_25)[June 30](#id7430eb072c8400a9fa4b1bbc207787f_25)[, 2025 (unaudited) and](#id7430eb072c8400a9fa4b1bbc207787f_25)[June](#id7430eb072c8400a9fa4b1bbc207787f_25)[3](#id7430eb072c8400a9fa4b1bbc207787f_25)[0](#id7430eb072c8400a9fa4b1bbc207787f_25)[, 2024 (unaudited)](#id7430eb072c8400a9fa4b1bbc207787f_25)</u> | [3](#id7430eb072c8400a9fa4b1bbc207787f_25) |
|  | <u>[Consolidated Statements of Cash Flows for the](#id7430eb072c8400a9fa4b1bbc207787f_28)[Six](#id7430eb072c8400a9fa4b1bbc207787f_28)[Months Ended](#id7430eb072c8400a9fa4b1bbc207787f_28)[June](#id7430eb072c8400a9fa4b1bbc207787f_28)[3](#id7430eb072c8400a9fa4b1bbc207787f_28)[0](#id7430eb072c8400a9fa4b1bbc207787f_28)[, 2025 (unaudited) and](#id7430eb072c8400a9fa4b1bbc207787f_28)[June](#id7430eb072c8400a9fa4b1bbc207787f_28)[3](#id7430eb072c8400a9fa4b1bbc207787f_28)[0](#id7430eb072c8400a9fa4b1bbc207787f_28)[, 2024 (unaudited)](#id7430eb072c8400a9fa4b1bbc207787f_28)</u> | [4](#id7430eb072c8400a9fa4b1bbc207787f_28) |
|  | <u>[Consolidated Schedules of Investments](#id7430eb072c8400a9fa4b1bbc207787f_31)[as of](#id7430eb072c8400a9fa4b1bbc207787f_16)[June](#id7430eb072c8400a9fa4b1bbc207787f_16)[3](#id7430eb072c8400a9fa4b1bbc207787f_16)[0](#id7430eb072c8400a9fa4b1bbc207787f_16)[, 2025 (unaudited) and December 31, 2024](#id7430eb072c8400a9fa4b1bbc207787f_16)</u> | [5](#id7430eb072c8400a9fa4b1bbc207787f_31) |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#id7430eb072c8400a9fa4b1bbc207787f_55)</u> | [43](#id7430eb072c8400a9fa4b1bbc207787f_55) |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id7430eb072c8400a9fa4b1bbc207787f_118)</u> | [60](#id7430eb072c8400a9fa4b1bbc207787f_118) |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#id7430eb072c8400a9fa4b1bbc207787f_145)</u> | [74](#id7430eb072c8400a9fa4b1bbc207787f_145) |
| Item 4. | <u>[Controls and Procedures](#id7430eb072c8400a9fa4b1bbc207787f_148)</u> | [76](#id7430eb072c8400a9fa4b1bbc207787f_148) |
| **PART II. OTHER INFORMATION** | **PART II. OTHER INFORMATION** |  |
| Item 1. | <u>[Legal Proceedings](#id7430eb072c8400a9fa4b1bbc207787f_154)</u> | [77](#id7430eb072c8400a9fa4b1bbc207787f_154) |
| Item 1A. | <u>[Risk Factors](#id7430eb072c8400a9fa4b1bbc207787f_157)</u> | [77](#id7430eb072c8400a9fa4b1bbc207787f_157) |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#id7430eb072c8400a9fa4b1bbc207787f_160)</u> | [77](#id7430eb072c8400a9fa4b1bbc207787f_160) |
| Item 3. | <u>[Defaults Upon Senior Securities](#id7430eb072c8400a9fa4b1bbc207787f_163)</u> | [77](#id7430eb072c8400a9fa4b1bbc207787f_163) |
| Item 4. | <u>[Mine Safety Disclosures](#id7430eb072c8400a9fa4b1bbc207787f_166)</u> | [77](#id7430eb072c8400a9fa4b1bbc207787f_166) |
| Item 5. | <u>[Other Information](#id7430eb072c8400a9fa4b1bbc207787f_169)</u> | [77](#id7430eb072c8400a9fa4b1bbc207787f_169) |
| Item 6. | <u>[Exhibits](#id7430eb072c8400a9fa4b1bbc207787f_172)</u> | [77](#id7430eb072c8400a9fa4b1bbc207787f_172) |
|  | <u>[Signatures](#id7430eb072c8400a9fa4b1bbc207787f_175)</u> | [79](#id7430eb072c8400a9fa4b1bbc207787f_175) |

---

------

**PART I - FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

**TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Investments at fair value (amortized cost of $348,449 and $372,310, respectively) | $335237 | $359897 |
| Cash and cash equivalents | 12502 | 41222 |
| Restricted cash | 2012 | 28580 |
| Deferred credit facility costs | 1546 | 2019 |
| Prepaid expenses and other assets | 2534 | 2979 |
| **Total assets** | $353831 | $434697 |
| **Liabilities** |  |  |
| Revolving Credit Facility | $23000 | $88000 |
| 2027 Notes, net | 74633 | 74536 |
| Base management fee payable | 1548 | 1560 |
| Other accrued expenses and liabilities | 5146 | 6819 |
| **Total liabilities** | $104327 | $170915 |
| 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 | 351766 | 351766 |
| Total distributable loss | (102499) | (88221) |
| **Total net assets** | $249504 | $263782 |
| **Total liabilities and net assets** | $353831 | $434697 |
| Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized) | 23689363 | 23689363 |
| **Net asset value per common share** | $10.51 | $11.11 |

---

*See accompanying notes to consolidated financial statements.*

------

**TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income** |  |  |  |  |
| Interest income from investments | $10710 | $15135 | $21716 | $30284 |
| Payment-in-kind interest income | 2235 | 954 | 3055 | 1839 |
| Other income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expirations/terminations of unfunded commitments | 415 | 46 | 507 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | 167 | 306 | 208 | 457 |
| **Total investment and other income** | 13527 | 16441 | 25486 | 32776 |
| **Operating expenses** |  |  |  |  |
| Base management fee | 1548 | 1548 | 3078 | 3095 |
| Interest expense and amortization of fees | 4151 | 3947 | 8272 | 7627 |
| Administration agreement expenses | 569 | 590 | 1120 | 1172 |
| General and administrative expenses | 518 | 688 | 1068 | 1576 |
| **Total operating expenses** | 6786 | 6773 | 13538 | 13470 |
| **Net investment income** | 6741 | 9668 | 11948 | 19306 |
| **Net realized and unrealized losses** |  |  |  |  |
| Net realized losses on investments | (13236) | (3347) | (16356) | (6978) |
| Net change in unrealized gains (losses) on investments | 9512 | (1666) | (1547) | (3892) |
| **Net realized and unrealized losses** | (3724) | (5013) | (17903) | (10870) |
| **Net increase (decrease) in net assets resulting from operations** | $3017 | $4655 | $(5955) | $8436 |
| Net investment income per common share | $0.28 | $0.41 | $0.50 | $0.81 |
| Net increase (decrease) in net assets per common share | $0.13 | $0.20 | $(0.25) | $0.35 |
| Weighted average shares of common stock outstanding | 23689363 | 23689363 | 23689363 | 23689363 |

---

*See accompanying notes to consolidated financial statements.*

------

**TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(unaudited)**

**(in thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Paid-in capital in excess of par value** | **Total distributable earnings (loss)** | **Net assets** |
| **Common stock** | **Common stock** | **Preferred stock** | **Preferred stock** | **Paid-in capital in excess of par value** | **Total distributable earnings (loss)** | **Net assets** |
| **Shares** | **Par value** | **Shares** | **Par value** | **Paid-in capital in excess of par value** | **Total distributable earnings (loss)** | **Net assets** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at March 31, 2024** | 23689363 | $237 | 525 | $| $352037 | $(57968) | $294306 |
| Common stock distributions from distributable earnings |  |  |  |  |  | (11134) | (11134) |
| Preferred stock distributions from distributable earnings |  |  |  |  |  | (15) | (15) |
| Net increase in net assets resulting from operations |  |  |  |  |  | 4655 | 4655 |
| **Balance at June 30, 2024** | 23689363 | $237 | 525 | $| $352037 | $(64462) | $287812 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at December 31, 2023** | 23689363 | $237 | 525 | $| $352037 | $(61732) | $290542 |
| Common stock distributions from distributable earnings |  |  |  |  |  | (11134) | (11134) |
| Preferred stock distributions from distributable earnings |  |  |  |  |  | (32) | (32) |
| Net increase in net assets resulting from operations |  |  |  |  |  | 8436 | 8436 |
| **Balance at June 30, 2024** | 23689363 | $237 | 525 | $| $352037 | $(64462) | $287812 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at March 31, 2025** | 23689363 | $237 | 525 | $| $351766 | $(97210) | $254793 |
| Common stock distributions from distributable earnings |  |  |  |  |  | (8291) | (8291) |
| Preferred stock distributions from distributable earnings |  |  |  |  |  | (15) | (15) |
| Net increase in net assets resulting from operations |  |  |  |  |  | 3017 | 3017 |
| **Balance at June 30, 2025** | 23689363 | $237 | 525 | $| $351766 | $(102499) | $249504 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at December 31, 2024** | 23689363 | $237 | 525 | $| $351766 | $(88221) | $263782 |
| Common stock distributions from distributable earnings |  |  |  |  |  | (8291) | (8291) |
| Preferred stock distributions from distributable earnings |  |  |  |  |  | (32) | (32) |
| Net decrease in net assets resulting from operations |  |  |  |  |  | (5955) | (5955) |
| **Balance at June 30, 2025** | 23689363 | $237 | 525 | $| $351766 | $(102499) | $249504 |

---

*See accompanying notes to consolidated financial statements.*

------

**TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $(5955) | $8436 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fundings and purchases of investments | (41845) | (63241) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments and proceeds from investments | 56310 | 75002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest on investments | (3055) | (1839) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized losses on investments | 1547 | 3892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized losses on investments | 16356 | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion of premiums and discounts, net | (3949) | (2802) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt fees and issuance costs | 583 | 576 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 23 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | (12) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | (1968) | (7578) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 18035 | 19710 |
| **Cash Flows from Financing Activities:** |  |  |
| Borrowings under revolving credit facility | 10000 | 19000 |
| Repayments under revolving credit facility | (75000) | (38000) |
| Common stock distributions paid | (8291) | (11134) |
| Preferred stock distributions paid | (32) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (73323) | (30166) |
| Net change in cash, cash equivalents and restricted cash | (55288) | (10456) |
| Cash, cash equivalents and restricted cash at beginning of period | 69802 | 60845 |
| Cash, cash equivalents and restricted cash at end of period | $14514 | $50389 |
|  | **June 30, 2025** | **June 30, 2024** |
| Cash and cash equivalents | $12502 | $41409 |
| Restricted cash | 2012 | 8980 |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $14514 | $50389 |
| **Supplemental Disclosures of Cash Flow Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $7735 | $6779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise taxes paid | $323 | $572 |

---

*See accompanying notes to consolidated financial statements.*

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>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 | $2652 | $2667 | $2667 | 4/1/2028 |
| Hermeus Corporation | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment) | 12/13/2024 | 1135 | 1138 | 1138 | 6/1/2028 |
| Hermeus Corporation | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment) | 3/18/2025 | 941 | 937 | 937 | 9/1/2028 |
| Hermeus Corporation | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment) | 5/30/2025 | 741 | 734 | 734 | 11/1/2028 |
|  |  |  | 5469 | 5476 | 5476 |  |
| Loft Orbital Solutions Inc. | Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment) | 11/21/2023 | 838 | 846 | 846 | 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 | 861 | 867 | 867 | 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 | 861 | 867 | 867 | 12/31/2027 |
|  |  |  | 2560 | 2580 | 2580 |  |
| **Total Aerospace and Defense - 3.23%\*** | **Total Aerospace and Defense - 3.23%\*** |  | 8029 | 8056 | 8056 |  |
| **Business Applications Software** | **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 | 10260 | 10141 | 10141 | 6/1/2027 |
| Morty, Inc. | Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment) | 12/21/2022 | 7000 | 7416 | 6955 | 12/31/2026 |
| Simpplr Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.00% floor, 1.50% EOT payment) | 4/23/2025 | 2625 | 2585 | 2585 | 4/1/2026 |
| Tide Platform Limited<sup>(1)(3)</sup> | Revolver (12.25% interest rate, 4.00% EOT payment) | 2/22/2021 | 1768 | 1833 | 1769 | 7/31/2026 |
| **Total Business Applications Software - 8.60%\*** | **Total Business Applications Software - 8.60%\*** |  | 21653 | 21975 | 21450 |  |
| **Business Products and Services** | **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 | 1329 | 1332 | 1332 | 8/31/2027 |
| Certamen Ventures Inc. | Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 5.00% EOT payment) | 11/30/2021 | 4984 | 5065 | 5065 | 11/30/2026 |
| Equafin Corp. | Growth Capital Loan (Prime + 1.25% interest rate, 8.00% floor, 3.50% EOT payment)<sup>(2)</sup> | 4/17/2025 | 877 | 869 | 869 | 4/1/2028 |
| Mirelo AI GmbH<sup>(1)(3)</sup> | Growth Capital Loan (10.00% interest rate, 6.75% EOT payment)<sup>(2)</sup> | 1/15/2025 | 429 | 427 | 485 | 1/1/2028 |
| Mirelo AI GmbH<sup>(1)(3)</sup> | Growth Capital Loan (9.00% interest rate, 6.75% EOT payment)<sup>(2)</sup> | 6/11/2025 | 480 | 471 | 478 | 6/1/2028 |
|  |  |  | 909 | 898 | 963 |  |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 5/30/2025 | 1150 | 1131 | 1131 | 11/1/2027 |
| Path Robotics, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 4.00% EOT payment) | 10/3/2024 | 7000 | 7009 | 7009 | 4/1/2028 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)<sup>(2)</sup> | 5/4/2022 | 833 | 719 | 664 | 12/31/2028 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Growth Capital Loan (6.00% PIK interest rate, 3.75% EOT payment)<sup>(2)</sup> | 10/19/2023 | 139 | 120 | 111 | 12/31/2028 |
|  |  |  | 972 | 839 | 775 |  |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 9.00% floor, 5.75% EOT payment)<sup>(2)</sup> | 10/28/2021 | 2422 | 2469 | 475 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)<sup>(2)</sup> | 5/12/2023 | 42 | 42 | 8 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 12/22/2023 | 25 | 25 | 5 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 6/14/2024 | 8 | 8 | 2 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 7/26/2024 | 25 | 25 | 5 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 11/27/2024 | 27 | 27 | 5 | 1/31/2025 |

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|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
|  |  |  | 2549 | 2596 | 500 |  |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)<sup>(2)</sup> | 6/15/2022 | 101 | 102 | 111 | 3/31/2026 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 10/20/2023 | 171 | 180 | 202 | 10/31/2026 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 6.75% interest rate, 13.75% floor, 6.00% EOT payment)<sup>(2)</sup> | 11/15/2024 | 305 | 300 | 324 | 5/31/2028 |
|  |  |  | 577 | 582 | 637 |  |
| **Total Business Products and Services - 7.33%\*** | **Total Business Products and Services - 7.33%\*** |  | 20347 | 20321 | 18281 |  |
| **Business/Productivity Software** |  |  |  |  |  |  |
| Ao1 Holdings Inc. | Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment) | 12/13/2024 | 1320 | 1314 | 1314 | 12/1/2027 |
| FireHydrant, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.75% floor, 6.25% EOT payment) | 12/20/2024 | 8000 | 8003 | 8003 | 12/31/2027 |
| Luxury Presence, Inc. | Growth Capital Loan (Prime + 2.75% interest rate, 9.75% floor, 5.75% EOT payment) | 4/9/2024 | 1500 | 1516 | 1516 | 4/1/2027 |
| Luxury Presence, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 6.25% EOT payment) | 11/27/2024 | 1500 | 1481 | 1481 | 5/1/2028 |
| Luxury Presence, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 6.25% EOT payment)<sup>(2)</sup> | 6/18/2025 | 1000 | 971 | 971 | 12/1/2028 |
|  |  |  | 4000 | 3968 | 3968 |  |
| Manufactured Networks, Inc.<sup>(7)</sup> | Revolver (Prime + 12.25% PIK interest rate, 20.75% floor, 1.00% EOT payment)<sup>(2)</sup> | 9/13/2023 | 2630 | 2668 | 1222 | 6/30/2025 |
| OnSiteIQ, Inc. | Growth Capital Loan (Prime + 5.50% interest rate, 13.00% floor, 2.50% EOT payment) | 6/6/2025 | 2129 | 2109 | 2109 | 11/1/2028 |
| Trustpoint, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 9.75% floor, 2.00% EOT payment) | 6/16/2025 | 500 | 486 | 486 | 12/1/2027 |
| Workmate Labs, Inc. | Growth Capital Loan (Prime + 0.85% interest rate, 7.85% floor, 2.50% EOT payment)<sup>(2)</sup> | 11/20/2024 | 300 | 301 | 301 | 11/1/2027 |
| **Total Business/Productivity Software - 6.97%\*** | **Total Business/Productivity Software - 6.97%\*** |  | 18879 | 18849 | 17403 |  |
| **Commercial Transportation** | **Commercial Transportation** |  |  |  |  |  |
| Regent Craft Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 3.00% EOT payment) | 6/2/2025 | 1500 | 1445 | 1445 | 6/1/2028 |
| **Total Commercial Transportation - 0.58%\*** | **Total Commercial Transportation - 0.58%\*** |  | 1500 | 1445 | 1445 |  |
| **Communications and Networking** | **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc. | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment) | 8/6/2024 | 4900 | 4901 | 4901 | 8/1/2027 |
| Join Digital, Inc. | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment) | 1/16/2025 | 2100 | 2070 | 2070 | 1/1/2028 |
| **Total Communications and Networking - 2.79%\*** | **Total Communications and Networking - 2.79%\*** |  | 7000 | 6971 | 6971 |  |
| **Computer Hardware** |  |  |  |  |  |  |
| Canvas Construction Inc. | Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)<sup>(2)</sup> | 8/4/2022 | 4050 | 4132 | 1792 | 1/31/2029 |
| Canvas Construction Inc. | Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)<sup>(2)</sup> | 8/4/2022 | 3375 | 3443 | 1494 | 1/31/2029 |
| Canvas Construction Inc. | Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)<sup>(2)</sup> | 8/4/2022 | 1350 | 1378 | 597 | 1/31/2029 |
|  |  |  | 8775 | 8953 | 3883 |  |
| Quantum Circuits, Inc. | Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 10/17/2022 | 63 | 67 | 67 | 10/31/2026 |
| Quantum Circuits, Inc. | Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 1/27/2023 | 202 | 209 | 209 | 1/31/2027 |
| Quantum Circuits, Inc. | Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)<sup>(2)</sup> | 5/11/2023 | 1000 | 1049 | 1049 | 11/30/2025 |
|  |  |  | 1265 | 1325 | 1325 |  |
| **Total Computer Hardware - 2.09%\*** | **Total Computer Hardware - 2.09%\*** |  | 10040 | 10278 | 5208 |  |
| **Consumer Non-Durables** |  |  |  |  |  |  |
| Don't Run Out, Inc. | Growth Capital Loan (Prime + 8.75% interest rate, 16.25% floor, 11.00% EOT payment)<sup>(2)</sup> | 12/30/2021 | 1000 | 1093 | 1093 | 10/31/2025 |
| Don't Run Out, Inc. | Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)<sup>(2)</sup> | 10/31/2022 | 185 | 264 | 264 | 10/31/2025 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
|  |  |  | 1185 | 1357 | 1357 |  |
| Trueskin GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.10% interest rate, 10.35% floor, 10.25% EOT payment)<sup>(2)</sup> | 1/9/2023 | 653 | 712 | 776 | 7/1/2026 |
| **Total Consumer Non-Durables - 0.85%\*** | **Total Consumer Non-Durables - 0.85%\*** |  | 1838 | 2069 | 2133 |  |
| **Consumer Products and Services** | **Consumer Products and Services** |  |  |  |  |  |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Growth Capital Loan (9.00% interest rate, 2.00% EOT payment) | 10/13/2022 | 1106 | 1147 | 1390 | 4/30/2026 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Growth Capital Loan (10.50% interest rate, 2.00% EOT payment) | 10/13/2022 | 669 | 693 | 840 | 4/30/2026 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Growth Capital Loan (10.50% interest rate, 2.00% EOT payment) | 10/13/2022 | 727 | 753 | 910 | 4/30/2026 |
|  |  |  | 2502 | 2593 | 3140 |  |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 4/14/2022 | 723 | 724 | 328 | 8/31/2031 |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 7/14/2022 | 268 | 266 | 131 | 8/31/2031 |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 11/14/2022 | 69 | 67 | 33 | 8/31/2031 |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 3/15/2023 | 529 | 502 | 246 | 8/31/2031 |
|  |  |  | 1589 | 1559 | 738 |  |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)<sup>(2)</sup> | 6/27/2022 | 322 | 325 | 99 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)<sup>(2)</sup> | 8/12/2022 | 107 | 108 | 33 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)<sup>(2)</sup> | 12/9/2022 | 215 | 213 | 66 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.50% EOT payment)<sup>(2)</sup> | 3/1/2023 | 322 | 318 | 99 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 10/5/2023 | 11 | 11 | 3 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 12/11/2023 | 18 | 18 | 5 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 2/2/2024 | 59 | 58 | 17 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 6/14/2024 | 33 | 31 | 9 | 6/30/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 10/15/2024 | 44 | 44 | 10 | 10/31/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 7.50% PIK interest rate, 16.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 4/10/2025 | 45 | 45 | 10 | 4/30/2028 |
|  |  |  | 1176 | 1171 | 351 |  |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 2/29/2024 | 4444 | 4401 | 4401 | 8/1/2027 |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 3/8/2024 | 556 | 550 | 550 | 9/1/2027 |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 6/28/2024 | 500 | 493 | 493 | 12/1/2027 |
|  |  |  | 5500 | 5444 | 5444 |  |
| Flink SE<sup>(1)(3)</sup> | Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)<sup>(2)</sup> | 7/5/2022 | 1435 | 1478 | 1055 | 8/31/2028 |
| Flink SE<sup>(1)(3)</sup> | Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)<sup>(2)</sup> | 10/21/2022 | 1435 | 1470 | 1055 | 8/31/2028 |
|  |  |  | 2870 | 2948 | 2110 |  |
| Headout Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment) | 3/15/2024 | 2351 | 2370 | 2380 | 3/1/2027 |
| Hydrow, Inc. | Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment) | 12/30/2024 | 5637 | 5637 | 5208 | 12/30/2026 |
| Hydrow, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment) | 12/30/2024 | 9949 | 10006 | 9089 | 12/1/2027 |
|  |  |  | 15586 | 15643 | 14297 |  |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)<sup>(2)</sup> | 10/14/2021 | 1322 | 1420 | 1317 | 6/30/2026 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Growth Capital Loan (14.50% PIK interest rate, 14.00% EOT payment) | 11/3/2021 | 4980 | 5241 | 4533 | 12/31/2026 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Growth Capital Loan (18.25% PIK interest rate, 14.00% EOT payment)<sup>(2)</sup> | 8/17/2022 | 1155 | 1184 | 1069 | 12/31/2026 |
|  |  |  | 7457 | 7845 | 6919 |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 577 | 348 | 12/31/2026 |
| MA Micro Limited<sup>(1)(3)</sup> | Convertible Note<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 1085 | 1154 | 12/31/2028 |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 555 | 474 | 162 | 12/31/2028 |
|  |  |  | 3887 | 2136 | 1664 |  |
| Nakdcom One World AB<sup>(1)(3)(7)</sup> | Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)<sup>(2)</sup> | 6/6/2022 | 635 | 593 | 556 | 12/31/2026 |
| Nakdcom One World AB<sup>(1)(3)(7)</sup> | Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)<sup>(2)</sup> | 8/29/2022 | 356 | 331 | 334 | 12/31/2026 |
|  |  |  | 991 | 924 | 890 |  |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)<sup>(2)</sup> | 6/30/2022 | 317 | 349 | 350 | 6/30/2026 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)<sup>(2)</sup> | 12/30/2022 | 161 | 169 | 169 | 12/31/2026 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)<sup>(2)</sup> | 2/28/2023 | 147 | 153 | 153 | 2/28/2027 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (13.50% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 10/2/2024 | 515 | 514 | 548 | 10/31/2028 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (14.50% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 10/2/2024 | 425 | 424 | 452 | 10/31/2028 |
|  |  |  | 1565 | 1609 | 1672 |  |
| Placemakr, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 12.00% floor, 4.50% EOT payment) | 5/30/2024 | 2500 | 2499 | 2499 | 5/1/2027 |
| Placemakr, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 12.50% floor, 5.50% EOT payment) | 5/30/2024 | 2500 | 2505 | 2505 | 11/1/2026 |
|  |  |  | 5000 | 5004 | 5004 |  |
| Project 1920, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)<sup>(2)</sup> | 3/25/2022 | 350 | 357 | 76 | 3/25/2023 |
| Roadsurfer GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)<sup>(2)</sup> | 4/24/2024 | 5015 | 4830 | 5278 | 4/1/2027 |
| Roadsurfer GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)<sup>(2)</sup> | 4/24/2024 | 2507 | 2415 | 2639 | 4/1/2027 |
|  |  |  | 7522 | 7245 | 7917 |  |
| Spinn, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)<sup>(2)</sup> | 2/24/2022 | 794 | 819 |  | 8/31/2024 |
| **Total Consumer Products and Services - 21.08%\*** | **Total Consumer Products and Services - 21.08%\*** |  | 59140 | 57667 | 52602 |  |
| **Database Software** | **Database Software** |  |  |  |  |  |
| TetraScience, Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 10.25% floor, 6.00% EOT payment) | 1/24/2025 | 5000 | 4989 | 4989 | 7/1/2028 |
| **Total Database Software - 2.00%\*** | **Total Database Software - 2.00%\*** |  | 5000 | 4989 | 4989 |  |
| **E-Commerce - Clothing and Accessories** | **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 | 8750 | 8858 | 8858 | 11/30/2027 |
| Fabletics, Inc. | Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)<sup>(2)</sup> | 4/25/2024 | 1368 | 1250 | 1250 | 4/25/2029 |
| Minted, Inc. | Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment) | 6/30/2025 | 7143 | 7143 | 7143 | 6/1/2029 |
| Minted, Inc. | Revolver (Prime + 2.50% interest rate, 9.25% floor) | 6/30/2025 | 1905 | 1905 | 1905 | 12/30/2027 |
|  |  |  | 9048 | 9048 | 9048 |  |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment) | 5/27/2021 | 6500 | 7072 | 6767 | 12/31/2026 |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)<sup>(2)</sup> | 6/7/2022 | 1000 | 1059 | 1041 | 12/31/2026 |
|  |  |  | 7500 | 8131 | 7808 |  |
| **Total E-Commerce - Clothing and Accessories - 10.81%\*** | **Total E-Commerce - Clothing and Accessories - 10.81%\*** |  | 26666 | 27287 | 26964 |  |
| **E-Commerce - Personal Goods** |  |  |  |  |  |  |
| Forum Brands, LLC | Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)<sup>(2)</sup> | 5/14/2025 | 7952 | 8316 | 7237 | 5/1/2027 |
| Forum Brands, LLC | Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)<sup>(2)</sup> | 5/14/2025 | 9951 | 10317 | 9070 | 5/1/2027 |
| Forum Brands, LLC | Growth Capital Loan (Prime + 5.75% PIK interest rate, 13.25% floor, 4.50% EOT payment)<sup>(2)</sup> | 5/14/2025 | 2015 | 2010 | 1847 | 5/1/2027 |

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|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Forum Brands, LLC | Growth Capital Loan (12.00% PIK interest rate)<sup>(2)</sup> | 5/14/2025 | 2314 | 2311 | 1954 | 5/1/2027 |
| **Total E-Commerce - Personal Goods - 8.06%\*** | **Total E-Commerce - Personal Goods - 8.06%\*** |  | 22232 | 22954 | 20108 |  |
| **Educational Software** |  |  |  |  |  |  |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment) | 7/30/2024 | 3000 | 3048 | 3048 | 1/1/2027 |
| Panorama Education, Inc. | Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)<sup>(2)</sup> | 7/30/2024 | 110 | 111 | 111 | 7/31/2026 |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment) | 3/28/2025 | 2000 | 1985 | 1985 | 9/1/2028 |
| **Total Educational Software - 2.06%\*** | **Total Educational Software - 2.06%\*** |  | 5110 | 5144 | 5144 |  |
| **Energy** |  |  |  |  |  |  |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 5/6/2022 | 1319 | 1278 | 1278 | 11/30/2026 |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 6/29/2022 | 5000 | 5193 | 5193 | 12/31/2026 |
|  |  |  | 6319 | 6471 | 6471 |  |
| Haven Energy Inc. | Growth Capital Loan (Prime + 0.75% interest rate, 9.25% floor, 1.25% EOT payment) | 1/15/2025 | 1157 | 1134 | 1134 | 7/1/2027 |
| Haven Energy Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 12.00% floor, 6.50% EOT payment) | 1/15/2025 | 1543 | 1517 | 1517 | 7/1/2029 |
|  |  |  | 2700 | 2651 | 2651 |  |
| **Total Energy - 3.66%\*** |  |  | 9019 | 9122 | 9122 |  |
| **Entertainment Software** |  |  |  |  |  |  |
| Encore Music Technologies, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.25% PIK interest rate, 13.75% floor, 4.50% EOT payment)<sup>(2)</sup> | 4/20/2022 | 1000 | 1002 | 123 | 4/30/2025 |
| Encore Music Technologies, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)<sup>(2)</sup> | 7/28/2023 | 75 | 75 | 8 | 7/31/2026 |
| Encore Music Technologies, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)<sup>(2)</sup> | 11/20/2023 | 50 | 50 | 4 | 7/31/2026 |
|  |  |  | 1125 | 1127 | 135 |  |
| FRVR Limited<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 11.00% EOT payment)<sup>(2)</sup> | 5/17/2022 | 2004 | 2134 | 2134 | 4/1/2027 |
| **Total Entertainment Software - 0.91%\*** | **Total Entertainment Software - 0.91%\*** |  | 3129 | 3261 | 2269 |  |
| **Environmental Services** |  |  |  |  |  |  |
| Rainmaker Technology Corporation | Growth Capital Loan (Prime + 3.50% interest rate, 11.50% floor, 2.75% EOT payment) | 1/8/2025 | 4000 | 3921 | 3921 | 7/1/2028 |
| **Total Environmental Services - 1.57%\*** | **Total Environmental Services - 1.57%\*** |  | 4000 | 3921 | 3921 |  |
| **Financial Software** |  |  |  |  |  |  |
| Ocrolus Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment) | 8/14/2024 | 4286 | 4327 | 4327 | 2/1/2028 |
| Ocrolus Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment) | 4/22/2025 | 1714 | 1695 | 1695 | 10/1/2028 |
|  |  |  | 6000 | 6022 | 6022 |  |
| Parker Group Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.50% EOT payment) | 8/14/2024 | 550 | 547 | 547 | 8/31/2027 |
| **Total Financial Software - 2.63%\*** | **Total Financial Software - 2.63%\*** |  | 6550 | 6569 | 6569 |  |
| **Healthcare Services** |  |  |  |  |  |  |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 6/22/2023 | 1058 | 1156 | 1159 | 6/30/2026 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 11/20/2023 | 2194 | 2286 | 2292 | 11/30/2026 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 9/30/2024 | 7778 | 7620 | 7658 | 9/30/2027 |
| **Total Healthcare Services - 4.45%\*** | **Total Healthcare Services - 4.45%\*** |  | 11030 | 11062 | 11109 |  |
| **Healthcare Technology Systems** |  |  |  |  |  |  |
| K Health, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment) | 7/14/2023 | 2734 | 2867 | 2867 | 7/31/2026 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Thirty Madison, Inc. | Growth Capital Loan (Prime + 2.42% cash interest rate + 2.33% PIK interest rate, 6.25% floor, 6.00% EOT payment)<sup>(2)</sup> | 6/12/2023 | 9736 | 9971 | 9743 | 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)<sup>(2)</sup> | 6/14/2023 | 733 | 739 | 723 | 6/12/2027 |
|  |  |  | 10469 | 10710 | 10466 |  |
| **Total Healthcare Technology Systems - 5.34%\*** | **Total Healthcare Technology Systems - 5.34%\*** |  | 13203 | 13577 | 13333 |  |
| **Information Services (B2C)** |  |  |  |  |  |  |
| Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.) | Growth Capital Loan (Prime + 5.50% PIK interest rate, 11.00% floor, 5.25% EOT payment) | 5/4/2023 | 2090 | 2148 | 2038 | 2/28/2027 |
| Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.) | Growth Capital Loan (Prime + 5.75% PIK interest rate, 11.75% floor, 5.50% EOT payment) | 5/4/2023 | 7320 | 7503 | 7058 | 5/31/2027 |
| **Total Information Services (B2C) - 3.65%\*** | **Total Information Services (B2C) - 3.65%\*** |  | 9410 | 9651 | 9096 |  |
| **Life and Health Insurance** |  |  |  |  |  |  |
| Angle Health, Inc. | Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)<sup>(2)</sup> | 12/30/2022 | 500 | 527 | 527 | 12/31/2025 |
| Angle Health, Inc. | Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)<sup>(2)</sup> | 3/24/2023 | 500 | 521 | 521 | 3/31/2026 |
| **Total Life and Health Insurance - 0.42%\*** | **Total Life and Health Insurance - 0.42%\*** |  | 1000 | 1048 | 1048 |  |
| **Medical Software and Information Services** | **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 | 2618 | 2795 | 2795 | 9/30/2026 |
| **Total Medical Software and Information Services - 1.12%\*** | **Total Medical Software and Information Services - 1.12%\*** |  | 2618 | 2795 | 2795 |  |
| **Multimedia and Design Software** | **Multimedia and Design Software** |  |  |  |  |  |
| Hover Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment) | 9/10/2024 | 4000 | 3997 | 3997 | 3/31/2029 |
| **Total Multimedia and Design Software - 1.60%\*** | **Total Multimedia and Design Software - 1.60%\*** |  | 4000 | 3997 | 3997 |  |
| **Network Management Software** | **Network Management Software** |  |  |  |  |  |
| Skyflow Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment) | 10/2/2023 | 4545 | 4568 | 4568 | 10/1/2028 |
| Skyflow Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment) | 10/2/2023 | 455 | 456 | 456 | 10/1/2028 |
| **Total Network Management Software - 2.01%\*** | **Total Network Management Software - 2.01%\*** |  | 5000 | 5024 | 5024 |  |
| **Other Financial Services** |  |  |  |  |  |  |
| Jerry Services, Inc. | Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)<sup>(2)</sup> | 6/13/2022 | 500 | 537 | 536 | 9/30/2025 |
| Jerry Services, Inc. | Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)<sup>(2)</sup> | 3/17/2023 | 500 | 523 | 525 | 6/30/2026 |
|  |  |  | 1000 | 1060 | 1061 |  |
| Relay Commerce, Inc. | Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 8/23/2022 | 193 | 260 | 260 | 8/31/2025 |
| Relay Commerce, Inc. | Growth Capital Loan (Prime + 6.75% interest rate, 14.25% floor, 2.00% EOT payment)<sup>(2)</sup> | 4/4/2024 | 4500 | 4454 | 4454 | 10/31/2027 |
|  |  |  | 4693 | 4714 | 4714 |  |
| **Total Other Financial Services - 2.31%\*** | **Total Other Financial Services - 2.31%\*** |  | 5693 | 5774 | 5775 |  |
| **Real Estate Services** |  |  |  |  |  |  |
| Common Living Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment) | 4/30/2021 | 2500 | 2668 | 1881 | 9/30/2025 |
| Common Living Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment) | 3/18/2022 | 4742 | 4967 | 3114 | 9/30/2025 |
|  |  |  | 7242 | 7635 | 4995 |  |
| Homelight, Inc. | Growth Capital Loan (17.25% interest rate)<sup>(2)</sup> | 12/30/2022 | 390 | 388 | 388 | 12/31/2026 |
| Homelight, Inc. | Growth Capital Loan (18.00% interest rate)<sup>(2)</sup> | 5/22/2023 | 241 | 240 | 240 | 5/31/2027 |
|  |  |  | 631 | 628 | 628 |  |
| Homeward, Inc. | Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.75% EOT payment) | 12/30/2021 | 4000 | 4303 | 4303 | 6/30/2026 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 9.00% EOT payment) | 12/3/2021 | 250 | 271 | 256 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) | 12/3/2021 | 800 | 860 | 813 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 9.00% EOT payment) | 12/3/2021 | 220 | 239 | 226 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 10.00% EOT payment) | 12/13/2021 | 105 | 115 | 109 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 9.00% EOT payment) | 12/13/2021 | 440 | 478 | 451 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 9.00% EOT payment) | 12/15/2021 | 208 | 226 | 213 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 10.00% EOT payment) | 12/15/2021 | 150 | 164 | 155 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) | 12/15/2021 | 1372 | 1475 | 1395 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) | 12/21/2021 | 760 | 817 | 773 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 9.00% EOT payment) | 1/31/2022 | 170 | 184 | 174 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 10.00% EOT payment) | 2/25/2022 | 116 | 126 | 119 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) | 3/15/2022 | 300 | 320 | 302 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 4/22/2022 | 1110 | 1183 | 1117 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 4/22/2022 | 991 | 1056 | 997 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 5/23/2022 | 216 | 232 | 219 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 7/19/2022 | 200 | 211 | 201 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 7/19/2022 | 100 | 107 | 101 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 12/5/2022 | 150 | 158 | 142 | 12/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 12/5/2022 | 361 | 380 | 342 | 12/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 12/5/2022 | 565 | 590 | 532 | 12/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 5/23/2023 | 240 | 247 | 213 | 5/31/2026 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 5/23/2023 | 434 | 450 | 387 | 5/31/2026 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 5/23/2023 | 720 | 751 | 643 | 5/31/2026 |
|  |  |  | 9978 | 10640 | 9880 |  |
| **Total Real Estate Services - 7.94%\*** | **Total Real Estate Services - 7.94%\*** |  | 21851 | 23206 | 19806 |  |
| **Social/Platform Software** |  |  |  |  |  |  |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment) | 11/30/2021 | 903 | 922 | 532 | 5/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 984 | 1021 | 606 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 1325 | 1374 | 815 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 1590 | 1649 | 978 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 1590 | 1649 | 978 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/27/2021 | 795 | 825 | 489 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 9.00% interest rate, 17.50% floor, 4.00% EOT payment)<sup>(2)</sup> | 12/18/2023 | 111 | 115 | 64 | 3/1/2024 |
| **Total Social/Platform Software - 1.79%\*** | **Total Social/Platform Software - 1.79%\*** |  | 7298 | 7555 | 4462 |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of June 30, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| **Total Debt Investments - 115.86%\*** | **Total Debt Investments - 115.86%\*** |  | $**311235** | $**314567** | $**289080** |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Warrant Investments**<sup>(8)(9)</sup> | | | | | |
| **Aerospace and Defense** | | | | | |
| Astranis Space Technologies Corp. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 70959 | $95 | $543 |
| Hermeus Corporation | Preferred Stock | 10/30/2024 | 8381 | 44 | 43 |
| LeoLabs, Inc. | Preferred Stock<sup>(2)</sup> | 1/20/2022 | 72837 | 66 | 76 |
| Loft Orbital Solutions Inc. | Common Stock | 7/15/2022 | 6747 | 58 | 103 |
| **Total Aerospace and Defense - 0.31%\*** |  |  |  | 263 | 765 |
| **Application Software** |  |  |  |  |  |
| Flo Health UK Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/10/2022 | 1079 | 10 | 22 |
| **Total Application Software - 0.01%\*** |  |  |  | 10 | 22 |
| **Business Applications Software** |  |  |  |  |  |
| Dialpad, Inc. | Preferred Stock<sup>(2)</sup> | 8/3/2020 | 14490 | 51 | 12 |
| Filevine, Inc. | Preferred Stock<sup>(2)</sup> | 4/20/2021 | 74462 | 15 | 353 |
| FlashParking, Inc. | Preferred Stock | 6/15/2021 | 93767 | 360 | 539 |
| FlashParking, Inc. | Preferred Stock | 9/30/2021 | 23442 | 90 | 135 |
| FlashParking, Inc. | Preferred Stock | 6/26/2024 | 25838 | 70 | 56 |
|  |  |  |  | 520 | 730 |
| Morty, Inc. | Preferred Stock | 10/1/2021 | 70164447 | 66 |  |
| Narvar, Inc. | Preferred Stock<sup>(2)</sup> | 8/28/2020 | 43580 | 102 | 51 |
| Simpplr Inc. | Common Stock<sup>(2)</sup> | 4/23/2025 | 15851 | 78 | 78 |
| Tide Holdings Limited<sup>(1)(3)</sup> | Preferred Stock | 11/13/2020 | 52609 | 45 | 346 |
| Uniphore Technologies, Inc. | Common Stock<sup>(2)</sup> | 12/22/2021 | 10000 | 10 | 29 |
| **Total Business Applications Software - 0.65%\*** |  |  |  | 887 | 1599 |
| **Business Products and Services** |  |  |  |  |  |
| Alloy Technologies, Inc. | Preferred Stock | 9/9/2022 | 40748 | 50 | 29 |
| Alloy Technologies, Inc. | Preferred Stock | 8/8/2024 | 30561 | 24 | 21 |
|  |  |  |  | 74 | 50 |
| Cardless Inc. | Common Stock<sup>(2)</sup> | 11/18/2021 | 20619 | 28 | 4 |
| Cart.com, Inc. | Common Stock<sup>(2)</sup> | 12/30/2021 | 8183 | 119 | 184 |
| Cart.com, Inc. | Preferred Stock<sup>(2)</sup> | 3/31/2022 | 907 | 6 | 12 |
|  |  |  |  | 125 | 196 |
| Certamen Ventures Inc. | Preferred Stock | 10/7/2021 | 90266 | 42 | 49 |
| Certamen Ventures Inc. | Preferred Stock | 12/1/2022 | 229881 | 85 | 131 |
| Certamen Ventures Inc. | Preferred Stock | 12/15/2023 | 538703 | 205 | 275 |
| Certamen Ventures Inc. | Preferred Stock | 3/26/2025 | 190577 | 91 | 91 |
|  |  |  |  | 423 | 546 |
| Equafin Corp. | Common Stock<sup>(2)</sup> | 4/17/2025 | 17963 | 20 | 20 |
| Muon Space Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2024 | 45499 | 56 | 62 |
| Path Robotics, Inc. | Common Stock | 12/17/2021 | 40579 | 130 | 72 |
| Path Robotics, Inc. | Preferred Stock | 10/3/2024 | 20252 | 38 | 38 |
|  |  |  |  | 168 | 110 |
| RedFish Labs, Inc. | Preferred Stock<sup>(2)</sup> | 11/23/2021 | 53862 | 122 | 140 |
| SubStack, Inc. | Preferred Stock<sup>(2)</sup> | 7/13/2022 | 1141 | 6 | 6 |
| Vecna Robotics, Inc. | Common Stock<sup>(2)</sup> | 12/16/2022 | 51590 | 308 | 70 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/15/2022 | 1502 | 25 | 29 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/30/2023 | 542 | 9 | 10 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 11/15/2024 | 407 | 7 | 8 |
|  |  |  |  | 41 | 47 |
| **Total Business Products and Services - 0.50%\*** |  |  |  | 1371 | 1251 |
| **Business to Business Marketplace** |  |  |  |  |  |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 8/24/2020 | 23576 | 156 | 76 |
| **Total Business to Business Marketplace - 0.03%\*** |  |  |  | 156 | 76 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Business/Productivity Software** | | | | | |
| AI2 Incorporated | Common Stock<sup>(2)</sup> | 2/21/2025 | 29663 |  | 58 |
| Ao1 Holdings Inc. | Preferred Stock | 12/13/2024 | 14162 | 18 | 10 |
| Artisan AI, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2025 | 9748 | 33 | 33 |
| Construction Finance Corporation | Preferred Stock<sup>(2)</sup> | 7/8/2022 | 38060 | 14 | 20 |
| Construction Finance Corporation | Preferred Stock<sup>(2)</sup> | 12/29/2023 | 126868 | 48 | 67 |
|  |  |  |  | 62 | 87 |
| Cresta Intelligence Inc. | Common Stock<sup>(2)</sup> | 6/6/2024 | 4967 | 4 | 11 |
| FireHydrant, Inc. | Preferred Stock | 5/23/2023 | 347863 | 115 | 188 |
| FireHydrant, Inc. | Preferred Stock | 12/20/2024 | 94416 | 51 | 51 |
|  |  |  |  | 166 | 239 |
| Highbeam, Inc. | Common Stock<sup>(2)</sup> | 2/10/2023 | 40380 | 2 | 31 |
| Idelic Inc. | Preferred Stock<sup>(2)</sup> | 12/10/2021 | 30551 | 46 | 5 |
| Idelic Inc. | Preferred Stock<sup>(2)</sup> | 11/15/2023 | 36661 | 13 | 7 |
|  |  |  |  | 59 | 12 |
| Luxury Presence, Inc. | Preferred Stock | 9/20/2023 | 17016 | 88 | 63 |
| Manufactured Networks, Inc. | Preferred Stock<sup>(2)</sup> | 5/6/2022 | 99657 | 89 |  |
| Manufactured Networks, Inc. | Preferred Stock<sup>(2)</sup> | 9/13/2023 | 73666 | 25 |  |
| Manufactured Networks, Inc. | Preferred Stock<sup>(2)</sup> | 10/17/2024 | 8823 | 2 |  |
|  |  |  |  | 116 |  |
| Metropolis Technologies, Inc. | Common Stock<sup>(2)</sup> | 3/30/2022 | 3495 | 3 | 42 |
| OnSiteIQ, Inc. | Common Stock | 6/6/2025 | 485950 | 31 | 68 |
| Rudderstack, Inc. | Common Stock<sup>(2)</sup> | 6/30/2025 | 10107 | 34 | 34 |
| Strata Identity, Inc. | Preferred Stock<sup>(2)</sup> | 11/3/2021 | 4297 | 4 | 4 |
| ThoughtSpot, Inc. | Common Stock<sup>(2)</sup> | 3/3/2025 | 17901 | 113 | 113 |
| TrustPoint, Inc. | Common Stock<sup>(2)</sup> | 6/16/2025 | 43113 | 7 | 7 |
| Workmate Labs, Inc. | Common Stock<sup>(2)</sup> | 11/20/2024 | 973 |  |  |
| **Total Business/Productivity Software - 0.33%\*** |  |  |  | 740 | 812 |
| **Commercial Services** |  |  |  |  |  |
| Dumpling, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2020 | 17003 | 6 | 6 |
| **Total Commercial Services - —%\*** |  |  |  | 6 | 6 |
| **Commercial Transportation** |  |  |  |  |  |
| Regent Craft Inc. | Common Stock | 5/30/2025 | 92477 | 87 | 87 |
| **Total Commercial Transportation - 0.03%\*** |  |  |  | 87 | 87 |
| **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc. | Common Stock | 8/6/2024 | 50021 | 78 | 77 |
| **Total Communications and Networking - 0.03%\*** |  |  |  | 78 | 77 |
| **Communication Software** |  |  |  |  |  |
| Hiya, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 115073 | 54 | 54 |
| **Total Communication Software - 0.02%\*** |  |  |  | 54 | 54 |
| **Computer Hardware** |  |  |  |  |  |
| Canvas Construction Inc. | Preferred Stock<sup>(2)</sup> | 11/30/2021 | 92940 | 79 |  |
| Canvas Construction Inc. | Preferred Stock<sup>(2)</sup> | 10/4/2024 | 118656 |  |  |
| Canvas Construction Inc. | Preferred Stock<sup>(2)</sup> | 2/12/2025 | 519670 |  |  |
|  |  |  |  | 79 |  |
| Eridu Corporation | Preferred Stock<sup>(2)</sup> | 3/31/2025 | 143286 | 75 | 75 |
| Swift Navigation, Inc. | Preferred Stock<sup>(2)</sup> | 7/30/2020 | 46589 | 39 | 109 |
| Quantum Circuits, Inc. | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 31067 | 40 | 41 |
| Grey Orange International Inc. | Preferred Stock<sup>(2)</sup> | 3/16/2021 | 26386 | 92 | 61 |
| **Total Computer Hardware - 0.11%\*** |  |  |  | 325 | 286 |
| **Consumer Finance** |  |  |  |  |  |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 10/8/2020 | 49296 | 129 | 743 |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2021 | 6162 | 16 | 93 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2022 | 14800 | 80 | 223 |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 4/19/2024 | 3906 | 16 | 47 |
|  |  |  |  | 241 | 1106 |
| Upgrade, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 273738 | 44 | 109 |
| Vestwell Holdings Inc. | Preferred Stock<sup>(2)</sup> | 9/3/2021 | 36715 | 54 | 30 |
| **Total Consumer Finance - 0.50%\*** |  |  |  | 339 | 1245 |
| **Consumer Non-Durables** |  |  |  |  |  |
| Athletic Greens International, Inc. | Ordinary Shares<sup>(2)</sup> | 6/3/2022 | 113 | 4 | 4 |
| Don't Run Out, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2021 | 18398 | 14 | 6 |
| Don't Run Out, Inc. | Preferred Stock<sup>(2)</sup> | 10/31/2022 | 24531 | 16 | 7 |
|  |  |  |  | 30 | 13 |
| Prose Beauty, Inc. | Common Stock<sup>(2)</sup> | 12/18/2023 | 49020 | 311 | 608 |
| Trueskin GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/13/2022 | 20 | 9 | 10 |
| **Total Consumer Non-Durables - 0.25%\*** |  |  |  | 354 | 635 |
| **Consumer Products and Services** |  |  |  |  |  |
| Baby Generation, Inc. | Common Stock<sup>(2)</sup> | 1/26/2022 | 13587 | 10 | 10 |
| The Black Tux, Inc. | Preferred Stock<sup>(2)</sup> | 11/5/2021 | 142939 | 139 | 469 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Ordinary Shares | 10/7/2022 | 192 | 9 |  |
| Elektra Mobility Inc. | Preferred Stock<sup>(2)</sup> | 5/6/2022 | 38217 | 25 | 25 |
| Ephemeral Solutions, Inc. | Common Stock<sup>(2)</sup> | 2/24/2022 | 2286 | 12 |  |
| Ephemeral Solutions, Inc. | Common Stock<sup>(2)</sup> | 2/2/2024 | 135353 | 1 | 1 |
|  |  |  |  | 13 | 1 |
| Everdrop GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/16/2022 | 14 | 24 | 27 |
| FitOn, Inc. | Common Stock | 2/29/2024 | 33548 | 74 | 71 |
| FitOn, Inc. | Common Stock | 6/26/2024 | 3355 | 7 | 7 |
|  |  |  |  | 81 | 78 |
| Flink SE<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/13/2022 | 18 | 23 |  |
| Flink SE<sup>(1)(3)(11)</sup> | Preferred Stock<sup>(2)</sup> | 8/21/2024 |  |  |  |
|  |  |  |  | 23 |  |
| Foodology Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/25/2022 | 2869 | 12 | 9 |
| Headout Inc. | Common Stock | 3/15/2024 | 8991 | 58 | 12 |
| Hydrow, Inc. | Common Stock | 2/9/2021 | 74157 | 70 |  |
| Hydrow, Inc. | Preferred Stock | 8/6/2021 | 455798 | 35 |  |
| Hydrow, Inc. | Preferred Stock | 8/6/2021 | 284835 | 25 |  |
| Hydrow, Inc. | Preferred Stock | 12/30/2024 | 3911781 | 16 | 16 |
|  |  |  |  | 146 | 16 |
| Lower Holding Company | Preferred Stock<sup>(2)</sup> | 12/28/2022 | 98856 | 47 | 6 |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/6/2022 | 14709 | 20 |  |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 14709 | 26 |  |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/28/2023 | 15000 |  |  |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/28/2023 | 45000 | 79 |  |
|  |  |  |  | 125 |  |
| Pair Eyewear, Inc. | Common Stock<sup>(2)</sup> | 7/12/2022 | 2288 | 5 | 7 |
| Placemakr, Inc. | Preferred Stock | 8/25/2023 | 31796 | 118 | 75 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/1/2022 | 13722 | 30 | 28 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/27/2024 | 20775 | 37 | 37 |
|  |  |  |  | 67 | 65 |
| Project 1920, Inc. | Preferred Stock<sup>(2)</sup> | 3/25/2022 | 2823 | 2 |  |
| Roadsurfer GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/23/2024 | 90 | 673 | 726 |
| Spinn, Inc. | Preferred Stock<sup>(2)</sup> | 2/24/2022 | 8142 | 10 |  |
| Tempo Interactive Inc. | Preferred Stock<sup>(2)</sup> | 3/31/2021 | 4413 | 25 | 3 |
| Tripscout, Inc. | Preferred Stock<sup>(2)</sup> | 8/12/2021 | 37532 | 7 | 7 |
| Well Dot, Inc. | Preferred Stock<sup>(2)</sup> | 12/18/2020 | 12680 | 55 | 67 |
| Well Dot, Inc. | Preferred Stock<sup>(2)</sup> | 3/29/2022 | 2026 | 9 | 9 |
|  |  |  |  | 64 | 76 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Total Consumer Products and Services - 0.65%\*** |  |  |  | 1683 | 1612 |
| **Database Software** |  |  |  |  |  |
| Cohesity, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 3789 | 21 | 20 |
| SiSense, Inc. | Success Fee<sup>(2)</sup> | 12/28/2021 |  | 95 | 233 |
| TetraScience, Inc. | Preferred Stock | 1/24/2025 | 53050 | 10 | 10 |
| **Total Database Software - 0.11%\*** |  |  |  | 126 | 263 |
| **E-Commerce - Clothing and Accessories** |  |  |  |  |  |
| FabFitFun, Inc. | Preferred Stock | 9/23/2021 | 81572 | 217 | 57 |
| FabFitFun, Inc. | Common Stock | 9/29/2023 | 60692 | 194 | 132 |
| FabFitFun, Inc. | Common Stock | 6/30/2025 | 101326 | 231 | 231 |
|  |  |  |  | 642 | 420 |
| Minted, Inc. | Preferred Stock | 9/30/2020 | 29702 | 300 | 135 |
| Trendly, Inc. | Preferred Stock | 5/27/2021 | 191580 | 115 | 98 |
| **Total E-Commerce - Clothing and Accessories - 0.26%\*** |  |  |  | 1057 | 653 |
| **E-Commerce - Personal Goods** |  |  |  |  |  |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 7/6/2021 | 14143 | 146 | 19 |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 12/23/2021 | 12964 | 188 | 17 |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 10/11/2023 | 2829 | 42 | 4 |
|  |  |  |  | 376 | 40 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 4/28/2021 | 71728 | 589 | 412 |
| **Total E-Commerce - Personal Goods - 0.18%\*** |  |  |  | 965 | 452 |
| **Educational Software** |  |  |  |  |  |
| Panorama Education, Inc. | Preferred Stock | 7/30/2024 | 4139 | 23 | 23 |
| **Total Educational Software - 0.01%\*** |  |  |  | 23 | 23 |
| **Elder and Disabled Care** |  |  |  |  |  |
| Honor Technology, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 130618 | 50 | 192 |
| **Total Elder and Disabled Care - 0.08%\*** |  |  |  | 50 | 192 |
| **Energy** | **Energy** |  |  |  |  |
| Arcadia Power, Inc. | Preferred Stock | 12/10/2021 | 30810 | 77 | 25 |
| Arcadia Power, Inc. | Preferred Stock | 6/29/2022 | 19795 | 117 | 8 |
|  |  |  |  | 194 | 33 |
| Haven Energy Inc. | Preferred Stock | 8/19/2024 | 52486 | 53 | 30 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 7/16/2021 | 37287 | 37 | 2042 |
| **Total Energy - 0.84%\*** | **Total Energy - 0.84%\*** |  |  | 284 | 2105 |
| **Entertainment Software** |  |  |  |  |  |
| Encore Music Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 4/14/2022 | 15280 | 15 |  |
| Encore Music Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 5/16/2023 | 4475 | 1 |  |
| Encore Music Technologies, Inc. | Common Stock<sup>(2)</sup> | 5/31/2024 | 79668 | 1 | 1 |
|  |  |  |  | 17 | 1 |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2022 | 37335 | 60 | 38 |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2024 | 53335 | 33 | 54 |
|  |  |  |  | 93 | 92 |
| **Total Entertainment Software - 0.04%\*** | **Total Entertainment Software - 0.04%\*** |  |  | 110 | 93 |
| **Environmental Services** |  |  |  |  |  |
| Earth Funeral Group, Inc. | Preferred Stock<sup>(2)</sup> | 3/1/2024 | 143196 | 63 | 113 |
| Earth Funeral Group, Inc. | Preferred Stock<sup>(2)</sup> | 3/7/2025 | 97350 | 62 | 62 |
|  |  |  |  | 125 | 175 |
| Rainmaker Technology Corporation | Common Stock | 1/8/2025 | 24380 | 45 | 45 |
| **Total Environmental Services - 0.09%\*** |  |  |  | 170 | 220 |
| **Financial Software** |  |  |  |  |  |
| Ocrolus Inc. | Common Stock | 8/14/2024 | 70132 | 58 | 58 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Parker Group Inc. | Common Stock | 4/6/2022 | 5334 | 17 | 9 |
| Parker Group Inc. | Common Stock | 8/14/2024 | 2491 | 5 | 5 |
|  |  |  |  | 22 | 14 |
| Wisetack, Inc.<sup>(1)</sup> | Common Stock<sup>(2)</sup> | 12/21/2022 | 23086 | 84 | 36 |
| Zolve Innovations Inc. | Preferred Stock<sup>(2)</sup> | 7/28/2022 | 3172 | 9 | 9 |
| **Total Financial Software - 0.05%\*** | **Total Financial Software - 0.05%\*** |  |  | 173 | 117 |
| **General Media and Content** |  |  |  |  |  |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 5/4/2022 | 2234 | 5 | 4 |
| **Total General Media and Content - —%\*** | **Total General Media and Content - —%\*** |  |  | 5 | 4 |
| **Healthcare Services** | **Healthcare Services** |  |  |  |  |
| Found Health, Inc. | Preferred Stock<sup>(2)</sup> | 3/25/2022 | 2465 | 1 | 1 |
| Levels Health Inc. | Preferred Stock<sup>(2)</sup> | 9/3/2021 | 47162 | 37 | 216 |
| OpenLoop Health, Inc. | Preferred Stock | 6/16/2023 | 11186 | 51 | 1039 |
| OpenLoop Health, Inc. | Preferred Stock<sup>(2)</sup> | 6/16/2023 | 5593 | 25 | 520 |
| OpenLoop Health, Inc. | Preferred Stock | 11/20/2023 | 16779 | 89 | 1559 |
| OpenLoop Health, Inc. | Preferred Stock | 9/30/2024 | 43625 | 315 | 4053 |
|  |  |  |  | 480 | 7171 |
| Perry Health, Inc. | Preferred Stock<sup>(2)</sup> | 5/31/2023 | 184258 | 79 | 79 |
| Petfolk Inc. | Preferred Stock<sup>(2)</sup> | 6/10/2022 | 169684 | 13 | 36 |
| Wispr AI, Inc.<sup>(11)</sup> | Common Stock<sup>(2)</sup> | 5/31/2022 |  |  |  |
| **Total Healthcare Services - 3.01%\*** | **Total Healthcare Services - 3.01%\*** |  |  | 610 | 7503 |
| **Healthcare Technology Systems** |  |  |  |  |  |
| All Inspire Health, Inc. | Preferred Stock<sup>(2)</sup> | 5/14/2025 | 235765 | 231 | 231 |
| Calibrate Health, Inc. | Common Stock<sup>(2)</sup> | 10/30/2023 | 118190 | 253 |  |
| Capsule Corporation | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 45008 | 119 | 8 |
| Curology, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 12007 | 19 | 7 |
| K Health, Inc. | Common Stock | 7/14/2023 | 61224 | 187 | 263 |
| Noho Dental, Inc. | Preferred Stock<sup>(2)</sup> | 11/3/2020 | 56 | 228 |  |
| SafelyYou Inc. | Preferred Stock<sup>(2)</sup> | 1/21/2021 | 69346 | 21 | 187 |
| **Total Healthcare Technology Systems - 0.28%\*** |  |  |  | 1058 | 696 |
| **Household Products** |  |  |  |  |  |
| Grove Collaborative, Inc. | Common Stock<sup>(2)</sup> | 5/27/2020 | 33038 | 72 |  |
| **Total Household Products - —%\*** |  |  |  | 72 |  |
| **Human Capital Services** |  |  |  |  |  |
| Eightfold AI Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 69577 | 186 | 113 |
| Karat Financial Technologies Incorporated | Preferred Stock<sup>(2)</sup> | 6/18/2021 | 156720 | 91 | 633 |
| Karat Financial Technologies Incorporated | Preferred Stock<sup>(2)</sup> | 1/11/2023 | 8012 | 18 | 13 |
|  |  |  |  | 109 | 646 |
| WorkStep Inc. | Preferred Stock<sup>(2)</sup> | 5/6/2021 | 17244 | 12 | 31 |
| **Total Human Capital Services - 0.32%\*** |  |  |  | 307 | 790 |
| **Information Services (B2C)** |  |  |  |  |  |
| Cleo AI Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 41041 | 82 | 66 |
| Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.) | Preferred Stock | 5/1/2023 | 53879 | 38 |  |
| Kasa Living, Inc. | Preferred Stock<sup>(2)</sup> | 4/12/2021 | 25832 | 72 | 69 |
| **Total Information Services (B2C) - 0.05%\*** |  |  |  | 192 | 135 |
| **Information Technology** |  |  |  |  |  |
| Etched.ai, Inc. | Preferred Stock<sup>(2)</sup> | 4/19/2024 | 30757 | 250 | 778 |
| **Total Information Technology - 0.31%\*** |  |  |  | 250 | 778 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 2775 | 90 | 93 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/26/2022 | 2439 | 65 | 104 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 1951 | 84 | 83 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/5/2024 | 4476 | 84 | 265 |
| **Total Infrastructure - 0.22%\*** |  |  |  | 323 | 545 |
| **Life and Health Insurance** |  |  |  |  |  |
| Angle Health, Inc. | Preferred Stock<sup>(2)</sup> | 3/18/2022 | 140450 | 29 | 27 |
| Beam Technologies Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 5344 | 57 | 107 |
| Sidecar Health, Inc. | Preferred Stock<sup>(2)</sup> | 8/26/2021 | 32620 | 34 | 41 |
| **Total Life and Health Insurance - 0.07%\*** |  |  |  | 120 | 175 |
| **Logistics** |  |  |  |  |  |
| Passport Labs, Inc. | Common Stock<sup>(2)</sup> | 5/27/2020 | 2102 | 51 | 51 |
| **Total Logistics - 0.02%\*** |  |  |  | 51 | 51 |
| **Medical Software and Information Services** |  |  |  |  |  |
| HI LLC (Kernel) | Preferred Stock | 12/21/2020 | 49425 | 48 |  |
| HI LLC (Kernel) | Common Stock | 2/28/2023 | 175000 | 44 | 2 |
| **Total Medical Software and Information Services - —%\*** |  |  |  | 92 | 2 |
| **Multimedia and Design Software** |  |  |  |  |  |
| Hover Inc. | Preferred Stock | 9/30/2022 | 45910 | 77 | 84 |
| Hover Inc. | Preferred Stock | 9/10/2024 | 9182 | 18 | 17 |
| **Total Multimedia and Design Software - 0.04%\*** |  |  |  | 95 | 101 |
| **Network Management Software** |  |  |  |  |  |
| Callsign, Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 21604 | 180 | 180 |
| Skyflow Inc. | Preferred Stock | 6/26/2023 | 39890 | 31 | 34 |
| Skyflow Inc. | Preferred Stock | 9/27/2024 | 15956 | 25 | 13 |
|  |  |  |  | 56 | 47 |
| **Total Network Management Software - 0.09%\*** |  |  |  | 236 | 227 |
| **Other Financial Services** |  |  |  |  |  |
| Aven Holdings, Inc.<sup>(1)</sup> | Common Stock<sup>(2)</sup> | 5/16/2023 | 35857 | 361 | 750 |
| Jerry Services, Inc. | Preferred Stock<sup>(2)</sup> | 6/13/2022 | 2235 | 8 | 7 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 10/15/2021 | 6 | 173 | 137 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 8/22/2022 | 123047 | 60 | 76 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 5/18/2023 | 12305 | 4 | 8 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 24610 | 7 | 15 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 4/4/2024 | 36200 | 26 | 21 |
|  |  |  |  | 97 | 120 |
| **Total Other Financial Services - 0.41%\*** |  |  |  | 639 | 1014 |
| **Real Estate Services** |  |  |  |  |  |
| Belong Home, Inc. | Preferred Stock<sup>(2)</sup> | 2/15/2022 | 7730 | 6 | 15 |
| Firemaps, Inc. | Preferred Stock<sup>(2)</sup> | 5/31/2023 | 24539 | 33 | 33 |
| Homelight, Inc. | Preferred Stock<sup>(2)</sup> | 7/27/2022 | 3988 | 8 | 7 |
| Homeward, Inc. | Preferred Stock | 12/10/2021 | 207106 | 148 | 180 |
| McN Investments Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2022 | 1874 | 15 | 6 |
| Roofstock, Inc. (f/k/a Mynd Management, Inc.) | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 26362 | 83 | 107 |
| Roofstock, Inc. (f/k/a Mynd Management, Inc.) | Preferred Stock<sup>(2)</sup> | 5/25/2022 | 3279 | 1 | 11 |
| Roofstock, Inc. (f/k/a Mynd Management, Inc.) | Preferred Stock<sup>(2)</sup> | 6/29/2023 | 34977 | 11 | 120 |
|  |  |  |  | 95 | 238 |
| Side, Inc. | Preferred Stock<sup>(2)</sup> | 7/29/2020 | 71501 | 57 | 265 |
| True Footage, Inc. | Preferred Stock | 11/24/2021 | 88762 | 122 | 100 |
| **Total Real Estate Services - 0.34%\*** |  |  |  | 484 | 844 |
| **Social/Platform Software** |  |  |  |  |  |
| ClassPass Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 14085 | 43 | 25 |
| Sylva, Inc. | Preferred Stock | 7/12/2021 | 44872 | 30 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Sylva, Inc. | Preferred Stock | 12/21/2021 | 44872 | 30 |  |
|  |  |  |  | 60 |  |
| **Total Social/Platform Software - 0.01%\*** |  |  |  | 103 | 25 |
| **Software Development Applications** |  |  |  |  |  |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 11/15/2021 | 62115 | 132 | 173 |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 4/14/2022 | 11004 | 36 | 36 |
|  |  |  |  | 168 | 209 |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2020 | 318571 | 65 | 45 |
| **Total Software Development Applications - 0.10%\*** |  |  |  | 233 | 254 |
| **Total Warrant Investments - 10.34%\*** |  |  |  | $**14181** | $**25789** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Equity Investments**<sup>(9)</sup> | | | | | |
| **Aerospace and Defense** | | | | | |
| Hermeus Corporation | Preferred Stock<sup>(2)</sup> | 10/30/2024 | 17958 | $300 | $299 |
| **Total Aerospace and Defense - 0.12%\*** |  |  |  | 300 | 299 |
| **Application Software** |  |  |  |  |  |
| Flo Health, Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 7/18/2024 | 8387 | 500 | 500 |
| **Total Application Software - 0.20%\*** |  |  |  | 500 | 500 |
| **Business Applications Software** |  |  |  |  |  |
| DialPad, Inc. | Preferred Stock<sup>(2)</sup> | 9/22/2020 | 9016 | 70 | 62 |
| Filevine, Inc. | Preferred Stock<sup>(2)</sup> | 2/4/2022 | 22541 | 141 | 193 |
| Flashparking, Inc. | Preferred Stock<sup>(2)</sup> | 7/19/2022 | 19870 | 273 | 268 |
| Tide Holdings Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/19/2021 | 43338 | 515 | 656 |
| Uniphore Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 1/28/2022 | 8066 | 100 | 82 |
| **Total Business Applications Software - 0.51%\*** |  |  |  | 1099 | 1261 |
| **Business Products and Services** |  |  |  |  |  |
| Certamen Ventures Inc. | Preferred Stock<sup>(2)</sup> | 3/4/2022 | 97195 | 200 | 156 |
| Cresta Intelligence Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2024 | 55441 | 250 | 250 |
| Printful, Inc. Holdco. (fka Printify, Inc.) | Common Stock<sup>(2)</sup> | 11/14/2024 | 11120 | 24 | 24 |
| MXP Prime Platform GmbH<sup>(1)(3)</sup> | Common Stock<sup>(2)</sup> | 2/15/2022 | 83 | 570 | 7 |
| MXP Prime Platform GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/29/2023 | 11 |  | 68 |
| MXP Prime Platform GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/29/2023 | 23 | 25 | 27 |
|  |  |  |  | 595 | 102 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/28/2024 | 31818 | 611 | 664 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Ordinary Shares<sup>(2)</sup> | 3/28/2024 | 112770108 | 26 | 93 |
|  |  |  |  | 637 | 757 |
| Strata Identity, Inc. | Preferred Stock<sup>(2)</sup> | 6/24/2022 | 71633 | 250 | 244 |
| **Total Business Products and Services - 0.61%\*** |  |  |  | 1956 | 1533 |
| **Business/Productivity Software** |  |  |  |  |  |
| AI2 Incorporated | Preferred Stock<sup>(2)</sup> | 1/3/2024 | 280424 | 830 | 830 |
| Ao1 Holdings Inc. | Preferred Stock<sup>(2)</sup> | 12/13/2024 | 16573 | 50 | 47 |
| Artisan AI, Inc. | Preferred Stock<sup>(2)</sup> | 1/27/2025 | 36241 | 400 | 400 |
| Brilliance Technologies Holdings, L.P. | Limited Partnership Interest<sup>(2)</sup> | 5/16/2025 | 8652 | 824 | 824 |
| Continental Topco, L.P. | Limited Partnership Interest<sup>(2)</sup> | 2/14/2025 | 928 | 168 | 168 |
| Rudderstack, Inc. | Preferred Stock<sup>(2)</sup> | 6/30/2025 |  | 50 | 50 |
| TrustPoint, Inc. | Preferred Stock<sup>(2)</sup> | 5/16/2025 |  | 50 | 50 |
| **Total Business/Productivity Software - 0.95%\*** |  |  |  | 2372 | 2369 |
| **Business to Business Marketplace** |  |  |  |  |  |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 4/23/2021 | 12822 | 261 | 179 |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 4/23/2021 | 9285 | 189 | 130 |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 15050 | 500 | 319 |
| **Total Business to Business Marketplace - 0.25%\*** |  |  |  | 950 | 628 |
| **Computer Hardware** |  |  |  |  |  |
| Quantum Circuits, Inc. | Preferred Stock<sup>(2)</sup> | 4/17/2024 | 17612 | 50 | 50 |
| **Total Computer Hardware - 0.02%\*** |  |  |  | 50 | 50 |
| **Consumer Finance** |  |  |  |  |  |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 11/10/2020 | 9859 | 100 | 235 |
| **Total Consumer Finance - 0.09%\*** |  |  |  | 100 | 235 |
| **Consumer Products and Services** |  |  |  |  |  |
| Everdrop GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 7/5/2022 | 13 | 52 | 59 |
| GrubMarket, Inc. | Common Stock<sup>(2)</sup> | 8/2/2024 |  | 4178 | 4178 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Hydrow, Inc. | Preferred Stock<sup>(2)</sup> | 12/14/2020 | 610584 | 166 | 5 |
| Hydrow, Inc. | Preferred Stock<sup>(2)</sup> | 3/19/2021 | 327630 | 165 | 4 |
|  |  |  |  | 331 | 9 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/19/2025 | 5929 | 347 | 126 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/19/2025 | 1173 | 69 | 25 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Common Stock<sup>(2)</sup> | 6/19/2025 | 595 | 35 | 2 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/19/2025 | 99189 | 662 | 1443 |
|  |  |  |  | 1113 | 1596 |
| Pair Eyewear, Inc. | Preferred Stock<sup>(2)</sup> | 6/27/2023 | 1880 | 10 | 10 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/16/2023 | 48598 | 250 | 219 |
| TMRW Sports, Inc. | Preferred Stock<sup>(2)</sup> | 11/9/2023 | 40174 | 500 | 500 |
| Well Dot, Inc. | Preferred Stock<sup>(2)</sup> | 10/16/2020 | 26416 | 250 | 322 |
| **Total Consumer Products and Services - 2.76%\*** |  |  |  | 6684 | 6893 |
| **Database Software** |  |  |  |  |  |
| ON-0731 Fund II LP<sup>(1)</sup> | Limited Partnership Interest<sup>(2)</sup> | 8/29/2024 |  | 250 | 250 |
| **Total Database Software - 0.10%\*** |  |  |  | 250 | 250 |
| **E-Commerce - Personal Goods** |  |  |  |  |  |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 7/16/2021 | 493 | 90 | 18 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 4/30/2021 | 5433 | 31 | 51 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 4/19/2021 | 6944 | 13 | 57 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 9/13/2021 | 3862 | 62 | 53 |
|  |  |  |  | 106 | 161 |
| **Total E-Commerce - Personal Goods - 0.07%\*** |  |  |  | 196 | 179 |
| **Elder and Disabled Care** |  |  |  |  |  |
| Honor Technology, Inc. | Preferred Stock<sup>(2)</sup> | 10/16/2020 | 82443 | 198 | 228 |
| Honor Technology, Inc. | Preferred Stock<sup>(2)</sup> | 10/1/2021 | 20932 | 66 | 66 |
| **Total Elder and Disabled Care - 0.12%\*** |  |  |  | 264 | 294 |
| **Energy** | **Energy** |  |  |  |  |
| Arcadia Power, Inc. | Preferred Stock<sup>(2)</sup> | 9/21/2021 | 16438 | 167 | 54 |
| Haven Energy Inc. | Preferred Stock<sup>(2)</sup> | 10/9/2024 | 37489 | 77 | 66 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 1/10/2022 | 25537 | 700 | 1605 |
| **Total Energy - 0.69%\*** | **Total Energy - 0.69%\*** |  |  | 944 | 1725 |
| **Financial Services** | **Financial Services** |  |  |  |  |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 8/2/2022 | 19148 | 150 | 143 |
| **Total Financial Services - 0.06%\*** |  |  |  | 150 | 143 |
| **Food Products** | **Food Products** |  |  |  |  |
| Koatji, Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 2/15/2023 | 155164 | 50 | 50 |
| **Total Food Products - 0.02%\*** |  |  |  | 50 | 50 |
| **General Media and Content** | **General Media and Content** |  |  |  |  |
| Redesign Health Inc. | Preferred Stock<sup>(2)</sup> | 7/12/2022 | 5919 | 100 | 100 |
| **Total General Media and Content - 0.04%\*** |  |  |  | 100 | 100 |
| **Healthcare Services** | **Healthcare Services** |  |  |  |  |
| Calibrate Health, Inc. | Preferred Stock<sup>(2)</sup> | 7/30/2021 | 62252 | 333 | 1 |
| Levels Health Inc. | Preferred Stock<sup>(2)</sup> | 6/10/2022 | 17953 | 187 | 187 |
| Pet Folk Inc. | Preferred Stock<sup>(2)</sup> | 8/24/2022 | 949667 | 200 | 323 |
| **Total Healthcare Services - 0.20%\*** |  |  |  | 720 | 511 |
| **Healthcare Technology Systems** |  |  |  |  |  |
| Capsule Corporation | Preferred Stock<sup>(2)</sup> | 4/21/2021 | 863 | 13 | 2 |
| Capsule Corporation | Preferred Stock<sup>(2)</sup> | 12/29/2022 | 519 | 2 | 1 |
| **Total Healthcare Technology Systems - —%\*** |  |  |  | 15 | 3 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of June 30, 2025** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Information Services (B2C)** | | | | | |
| Kasa Living, Inc. | Preferred Stock<sup>(2)</sup> | 12/29/2022 | 22725 | 150 | 150 |
| **Total Information Services (B2C) - 0.06%\*** |  |  |  | 150 | 150 |
| **Information Technology** |  |  |  |  |  |
| Etched.ai, Inc. | Preferred Stock<sup>(2)</sup> | 4/9/2024 | 30757 | 500 | 1161 |
| **Total Information Technology - 0.47%\*** |  |  |  | 500 | 1161 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/9/2022 | 1326 | 82 | 131 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/13/2022 | 1027 | 79 | 101 |
| **Total Infrastructure - 0.09%\*** |  |  |  | 161 | 232 |
| **Life and Health Insurance** |  |  |  |  |  |
| Beam Technologies Inc. | Preferred Stock<sup>(2)</sup> | 1/5/2021 | 1901 | 80 | 87 |
| **Total Life and Health Insurance - 0.03%\*** |  |  |  | 80 | 87 |
| **Multimedia and Design Software** |  |  |  |  |  |
| Hover Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2022 | 10595 | 58 | 65 |
| **Total Multimedia and Design Software - 0.03%\*** |  |  |  | 58 | 65 |
| **Network Management Software** |  |  |  |  |  |
| Skyflow Inc. | Preferred Stock<sup>(2)</sup> | 1/22/2024 | 19945 | 62 | 62 |
| Skyflow Inc. | Preferred Stock<sup>(2)</sup> | 9/27/2024 | 143604 | 450 | 450 |
| **Total Network Management Software - 0.21%\*** |  |  |  | 512 | 512 |
| **Other Financial Services** |  |  |  |  |  |
| Jerry Services, Inc. | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 656 | 8 | 7 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/8/2021 | 12 | 690 | 869 |
| **Total Other Financial Services - 0.35%\*** |  |  |  | 698 | 876 |
| **Real Estate Services** |  |  |  |  |  |
| Belong Home, Inc. | Preferred Stock<sup>(2)</sup> | 4/15/2022 | 6033 | 29 | 29 |
| Habyt GmbH | Preferred Stock<sup>(2)</sup> | 2/21/2023 | 400 | 443 |  |
| McN Investments Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/6/2022 | 749 | 20 | 14 |
| True Footage, Inc. | Preferred Stock<sup>(2)</sup> | 10/18/2021 | 18366 | 100 | 68 |
| **Total Real Estate Services - 0.04%\*** |  |  |  | 592 | 111 |
| **Software Development Applications** |  |  |  |  |  |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 5/13/2021 | 184679 | 250 | 151 |
| **Total Software Development Applications - 0.06%\*** |  |  |  | 250 | 151 |
| **Total Equity Investments - 8.16%\*** |  |  |  | $**19701** | $**20368** |
| **Total Investments in Portfolio Companies - 134.36%\***<sup>(4)(5)</sup> | **Total Investments in Portfolio Companies - 134.36%\***<sup>(4)(5)</sup> |  |  | $**348449** | $**335237** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Equivalents**<br>**Money Market Fund** |<br>**Type of Investment** |<br>**Ticker** |<br>**Cost** |<br>**Fair Value** |
| Federated Government Obligations Fund | Cash Equivalents | PRM | $11870 | $11870 |
| **Total Cash Equivalents - 4.76%\*** |  |  | $11870 | $11870 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | | | | | |
| **Foreign Currency** | **Settlement Date** |<br>**Counterparty** |<br>**Amount** |<br>**Transaction** |<br>**US $ Value at Settlement Date** |<br>**Unrealized Gain/(Loss)** |
| British Pound Sterling (GBP) | 7/25/2025 | Zions Bancorporation, N.A. | £2500 | Sold | $3331 | $(102) |
| Euro (EUR) | 7/25/2025 | Zions Bancorporation, N.A. | 5500 | Sold | 6265 | (225) |
| **Total Foreign Currency Forward Contracts - (0.13)%\*** | **Total Foreign Currency Forward Contracts - (0.13)%\*** | **Total Foreign Currency Forward Contracts - (0.13)%\*** |  |  | $9596 | $(327) |

---

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). As of June 30, 2025, non-qualifying assets represented 11.6% of the Company's total assets, at fair value.

------

(2)As of June 30, 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 June 30, 2025, the Company's portfolio company investments that were subject to restrictions on sales totaled $335.2 million at fair value and represented 134.4% of the Company's net assets. In addition, unless otherwise indicated, as of June 30, 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 $20.3 million, $33.5 million and $13.2 million, respectively, for the June 30, 2025 investment portfolio. The tax cost of investments is $348.9 million.

(7)Debt is on non-accrual status as of June 30, 2025 and is therefore considered non-income producing. Non-accrual investments as of June 30, 2025 had a total cost and fair value of $26.4 million and $13.4 million, respectively.

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

(9)Non-income producing investments.

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

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

\*&nbsp;&nbsp;&nbsp;&nbsp;Value as a percentage of net assets.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>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 | $2652 | $2633 | $2633 | 4/1/2028 |
| Hermeus Corporation | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment) | 12/13/2024 | 1135 | 1124 | 1124 | 6/1/2028 |
|  |  |  | 3787 | 3757 | 3757 |  |
| 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 | 1000 | 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 | 1000 | 994 | 994 | 12/31/2027 |
|  |  |  | 2978 | 2962 | 2962 |  |
| **Total Aerospace and Defense - 2.55%\*** | **Total Aerospace and Defense - 2.55%\*** |  | 6765 | 6719 | 6719 |  |
| **Application Software** |  |  |  |  |  |  |
| Flo Health UK Limited<sup>(1)(3)</sup> | 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<sup>(1)(3)</sup> | 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<sup>(1)(3)</sup> | 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<sup>(1)(3)</sup> | 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%\*** | **Total Application Software - 0.75%\*** |  | 2000 | 1977 | 1981 |  |
| **Business Applications Software** | **Business Applications Software** |  |  |  |  |  |
| FlashParking, Inc. | Growth Capital Loan (Prime + 1.75% interest rate + 2.50% PIK interest rate, 12.75% floor) | 6/26/2024 | 10132 | 9987 | 9987 | 6/1/2027 |
| Morty, Inc. | Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment) | 12/21/2022 | 7000 | 7293 | 6682 | 12/31/2026 |
| Tide Platform Limited<sup>(1)(3)</sup> | Revolver (12.25% interest rate, 4.00% EOT payment) | 2/22/2021 | 1768 | 1824 | 1612 | 4/30/2025 |
| **Total Business Applications Software - 6.93%\*** | **Total Business Applications Software - 6.93%\*** |  | 18900 | 19104 | 18281 |  |
| **Business Products and Services** | **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 | 1500 | 1479 | 1479 | 8/31/2027 |
| Cardless Inc. | Growth Capital Loan (Prime + 7.00% interest rate, 15.00% floor, 6.25% EOT payment) | 11/18/2021 | 3000 | 3217 | 3217 | 8/31/2025 |
| Certamen Ventures Inc. | Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 4.00% EOT payment) | 11/30/2021 | 6218 | 6286 | 6286 | 11/30/2026 |
| Path Robotics, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 4.00% EOT payment) | 10/3/2024 | 7000 | 6952 | 6952 | 4/1/2028 |
| Phantom Auto Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.00% interest rate, 13.50% floor, 4.00% EOT payment)<sup>(2)</sup> | 2/9/2024 | 4858 | 4732 | 1050 | 2/28/2027 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Growth Capital Loan (6.00% PIK interest rate,, 3.75% EOT payment)<sup>(2)</sup> | 5/4/2022 | 808 | 678 | 617 | 12/31/2028 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Growth Capital Loan (6.00% PIK interest rate,, 3.75% EOT payment)<sup>(2)</sup> | 10/19/2023 | 135 | 113 | 103 | 12/31/2028 |
|  |  |  | 943 | 791 | 720 |  |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 9.00% floor, 5.75% EOT payment)<sup>(2)</sup> | 10/28/2021 | 2422 | 2469 | 546 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 13.50% floor, 5.75% EOT payment)<sup>(2)</sup> | 5/12/2023 | 42 | 42 | 9 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 12/22/2023 | 25 | 25 | 6 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 6/14/2024 | 8 | 8 | 2 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 7/26/2024 | 25 | 25 | 6 | 1/31/2025 |
| Rally Network, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% PIK interest rate, 14.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 11/27/2024 | 27 | 27 | 6 | 1/31/2025 |
|  |  |  | 2549 | 2596 | 575 |  |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)<sup>(2)</sup> | 6/15/2022 | 540 | 539 | 550 | 3/31/2026 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 10/20/2023 | 227 | 233 | 239 | 10/31/2026 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 6.75% interest rate, 13.75% floor, 6.00% EOT payment)<sup>(2)</sup> | 11/15/2024 | 305 | 295 | 292 | 05/31/2028 |
|  |  |  | 1072 | 1067 | 1081 |  |
| **Total Business Products and Services - 8.10%\*** | **Total Business Products and Services - 8.10%\*** |  | 27140 | 27120 | 21360 |  |
| **Business/Productivity Software** | **Business/Productivity Software** |  |  |  |  |  |
| Ao1 Holdings Inc. | Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment) | 12/13/2024 | 1320 | 1301 | 1301 | 12/1/2027 |
| Construction Finance Corporation | Revolver (Prime + 7.75% interest rate, 15.25% floor, 2.65% EOT payment)<sup>(2)</sup> | 12/29/2023 | 4151 | 4284 | 4284 | 12/31/2024 |
| FireHydrant, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.75% floor, 6.25% EOT payment) | 12/20/2024 | 8000 | 7877 | 7877 | 12/31/2027 |
| Luxury Presence, Inc. | Growth Capital Loan (Prime + 2.75% interest rate, 9.75% floor, 5.75% EOT payment) | 4/9/2024 | 1500 | 1490 | 1490 | 4/1/2027 |
| Luxury Presence, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 6.25% EOT payment) | 11/27/2024 | 1500 | 1459 | 1459 | 5/1/2028 |
|  |  |  | 3000 | 2949 | 2949 |  |
| Manufactured Networks, Inc. | Revolver (Prime + 10.25% interest rate, 18.75% floor, 1.00% EOT payment)<sup>(2)</sup> | 9/13/2023 | 2643 | 2681 | 2681 | 6/30/2025 |
| OnSiteIQ, Inc. | Growth Capital Loan (Prime + 4.75% interest rate, 13.00% floor, 7.50% EOT payment) | 6/16/2023 | 2416 | 2467 | 2467 | 5/31/2026 |
| OnSiteIQ, Inc. | Growth Capital Loan (Prime + 4.75% interest rate, 13.00% floor, 7.50% EOT payment)<sup>(2)</sup> | 2/1/2024 | 334 | 337 | 337 | 2/1/2027 |
|  |  |  | 2750 | 2804 | 2804 |  |
| Thoughtful Automation Inc. | Growth Capital Loan (Prime + 3.75% interest rate, 12.25% floor, 6.00% EOT payment) | 6/18/2024 | 2439 | 2422 | 2422 | 6/1/2027 |
| Virtual Facility, Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 10.50% floor, 8.50% EOT payment)<sup>(2)</sup> | 12/1/2023 | 1000 | 1009 | 968 | 6/1/2027 |
| Workmate Labs, Inc. | Growth Capital Loan (Prime + 0.85% interest rate, 7.85% floor, 2.50% EOT payment)<sup>(2)</sup> | 11/20/2024 | 300 | 299 | 299 | 11/1/2027 |
| **Total Business/Productivity Software - 9.70%\*** | **Total Business/Productivity Software - 9.70%\*** |  | 25603 | 25626 | 25585 |  |
| **Communications and Networking** | **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc. | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment) | 8/6/2024 | 4900 | 4873 | 4873 | 8/1/2027 |
| **Total Communications and Networking - 1.85%\*** | **Total Communications and Networking - 1.85%\*** |  | 4900 | 4873 | 4873 |  |
| **Computer Hardware** |  |  |  |  |  |  |
| Canvas Construction Inc. | Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)<sup>(2)</sup> | 8/4/2022 | 3725 | 3715 | 3081 | 2/28/2026 |
| Canvas Construction Inc. | Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)<sup>(2)</sup> | 8/4/2022 | 3104 | 3096 | 2568 | 2/28/2026 |
| Canvas Construction Inc. | Growth Capital Loan (Prime + 8.75% PIK interest rate, 16.75% floor, 5.00% EOT payment)<sup>(2)</sup> | 8/4/2022 | 1242 | 1238 | 1027 | 2/28/2026 |
|  |  |  | 8071 | 8049 | 6676 |  |
| Quantum Circuits, Inc. | Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 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)<sup>(2)</sup> | 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)<sup>(2)</sup> | 5/11/2023 | 1000 | 1031 | 1031 | 11/30/2025 |
|  |  |  | 1341 | 1380 | 1380 |  |
| **Total Computer Hardware - 3.05%\*** | **Total Computer Hardware - 3.05%\*** |  | 9412 | 9429 | 8056 |  |
| **Consumer Non-Durables** |  |  |  |  |  |  |
| Don't Run Out, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)<sup>(2)</sup> | 12/30/2021 | 1000 | 1077 | 1077 | 6/30/2025 |
| Don't Run Out, Inc. | Growth Capital Loan (Prime + 5.00% interest rate, 10.50% floor, 9.00% EOT payment)<sup>(2)</sup> | 10/31/2022 | 450 | 520 | 520 | 10/31/2025 |
|  |  |  | 1450 | 1597 | 1597 |  |
| Prose Beauty, Inc. | Growth Capital Loan (Prime + 3.75% interest rate, 8.50% floor, 8.50% EOT payment) | 2/2/2024 | 6000 | 5898 | 5898 | 5/31/2027 |
| Trueskin GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.10% interest rate, 10.35% floor, 10.25% EOT payment)<sup>(2)</sup> | 1/9/2023 | 871 | 907 | 875 | 7/1/2026 |
| **Total Consumer Non-Durables - 3.17%\*** | **Total Consumer Non-Durables - 3.17%\*** |  | 8321 | 8402 | 8370 |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| **Consumer Products and Services** | **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)<sup>(2)</sup> | 3/30/2023 | 875 | 929 | 929 | 3/31/2025 |
|  |  |  | 1625 | 1736 | 1736 |  |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Growth Capital Loan (9.00% interest rate, 2.00% EOT payment) | 10/13/2022 | 1732 | 1765 | 1960 | 4/30/2026 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Growth Capital Loan (10.50% interest rate, 2.00% EOT payment) | 10/13/2022 | 1044 | 1062 | 1177 | 4/30/2026 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Growth Capital Loan (10.50% interest rate, 2.00% EOT payment) | 10/13/2022 | 1133 | 1153 | 1275 | 4/30/2026 |
|  |  |  | 3909 | 3980 | 4412 |  |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 4/14/2022 | 723 | 724 | 250 | 8/31/2031 |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 7/14/2022 | 268 | 266 | 100 | 8/31/2031 |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 11/14/2022 | 69 | 67 | 25 | 8/31/2031 |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 3/15/2023 | 529 | 502 | 187 | 8/31/2031 |
|  |  |  | 1589 | 1559 | 562 |  |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)<sup>(2)</sup> | 6/27/2022 | 322 | 325 | 162 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)<sup>(2)</sup> | 8/12/2022 | 107 | 108 | 54 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)<sup>(2)</sup> | 12/9/2022 | 215 | 213 | 108 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.25% EOT payment)<sup>(2)</sup> | 3/1/2023 | 322 | 318 | 162 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 10/5/2023 | 11 | 11 | 5 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 12/11/2023 | 18 | 18 | 8 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 2/2/2024 | 59 | 58 | 28 | 2/28/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 6/14/2024 | 33 | 31 | 14 | 6/30/2027 |
| Ephemeral Solutions, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% PIK interest rate, 15.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 10/15/2024 | 44 | 44 | 16 | 10/31/2027 |
|  |  |  | 1131 | 1126 | 557 |  |
| Ever/Body, Inc. | Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment) | 12/20/2022 | 4800 | 5061 | 4965 | 6/30/2025 |
| Ever/Body, Inc. | Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment) | 12/20/2022 | 2250 | 2371 | 2327 | 6/30/2025 |
| Ever/Body, Inc. | Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment) | 1/18/2024 | 3200 | 3233 | 3052 | 7/31/2026 |
| Ever/Body, Inc. | Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 7.75% EOT payment) | 1/18/2024 | 3000 | 3031 | 2862 | 7/31/2026 |
|  |  |  | 13250 | 13696 | 13206 |  |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)<sup>(2)</sup> | 2/29/2024 | 4444 | 4375 | 4375 | 8/1/2027 |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment)<sup>(2)</sup> | 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)<sup>(2)</sup> | 6/28/2024 | 500 | 490 | 490 | 12/1/2027 |
|  |  |  | 5500 | 5412 | 5412 |  |
| Flink SE<sup>(1)(3)</sup> | Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)<sup>(2)</sup> | 7/5/2022 | 1367 | 1405 | 944 | 8/31/2028 |
| Flink SE<sup>(1)(3)</sup> | Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)<sup>(2)</sup> | 10/21/2022 | 1367 | 1395 | 944 | 8/31/2028 |
|  |  |  | 2734 | 2800 | 1888 |  |
| Headout Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment)<sup>(2)</sup> | 3/15/2024 | 2351 | 2338 | 2338 | 3/1/2027 |
| Hydrow, Inc. | Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment) | 12/30/2024 | 5827 | 5827 | 5251 | 12/30/2026 |
| Hydrow, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment) | 12/30/2024 | 9949 | 9842 | 8745 | 12/1/2027 |
|  |  |  | 15776 | 15669 | 13996 |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Revolver (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)<sup>(2)</sup> | 10/14/2021 | 1252 | 1345 | 1337 | 7/31/2025 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Growth Capital Loan (7.40% cash interest rate + 7.10% PIK interest rate, 8.00% EOT payment) | 11/3/2021 | 4688 | 4839 | 4813 | 11/30/2025 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Growth Capital Loan (9.31% cash interest rate + 8.94% PIK interest rate, 8.00% EOT payment)<sup>(2)</sup> | 8/17/2022 | 1070 | 1086 | 1086 | 8/31/2026 |
|  |  |  | 7010 | 7270 | 7236 |  |
| Lower Holding Company | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 5.00% EOT payment) | 12/28/2022 | 1195 | 1263 | 1263 | 12/31/2025 |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 577 | 308 | 12/31/2026 |
| MA Micro Limited<sup>(1)(3)</sup> | Convertible Note<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 1085 | 1021 | 12/31/2028 |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 555 | 474 | 144 | 12/31/2028 |
|  |  |  | 3887 | 2136 | 1473 |  |
| Nakdcom One World AB<sup>(1)(3)(7)</sup> | Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)<sup>(2)</sup> | 6/6/2022 | 635 | 593 | 530 | 12/31/2026 |
| Nakdcom One World AB<sup>(1)(3)(7)</sup> | Growth Capital Loan (Prime + 8.25% PIK interest rate, 11.50% floor, 10.00% EOT payment)<sup>(2)</sup> | 8/29/2022 | 356 | 331 | 318 | 12/31/2026 |
|  |  |  | 991 | 924 | 848 |  |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)<sup>(2)</sup> | 6/30/2022 | 459 | 480 | 480 | 6/30/2026 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)<sup>(2)</sup> | 12/30/2022 | 207 | 211 | 211 | 12/31/2026 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)<sup>(2)</sup> | 2/28/2023 | 172 | 174 | 174 | 2/28/2027 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (13.50% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 10/2/2024 | 515 | 508 | 475 | 10/31/2028 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Growth Capital Loan (14.50% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 10/2/2024 | 425 | 419 | 392 | 10/31/2028 |
|  |  |  | 1778 | 1792 | 1732 |  |
| Placemakr, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 12.00% floor, 4.50% EOT payment) | 5/30/2024 | 2500 | 2459 | 2459 | 5/1/2027 |
| Placemakr, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 12.50% floor, 5.50% EOT payment) | 5/30/2024 | 2500 | 2462 | 2462 | 11/1/2026 |
|  |  |  | 5000 | 4921 | 4921 |  |
| Project 1920, Inc.<sup>(7)</sup> | Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)<sup>(2)</sup> | 3/25/2022 | 350 | 357 | 110 | 3/25/2023 |
| Roadsurfer GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)<sup>(2)</sup> | 4/24/2024 | 5015 | 4673 | 4516 | 4/1/2027 |
| Roadsurfer GmbH<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 2.50% interest rate, 11.00% floor, 4.50% EOT payment)<sup>(2)</sup> | 4/24/2024 | 2507 | 2337 | 2258 | 4/1/2027 |
|  |  |  | 7522 | 7010 | 6774 |  |
| Spinn, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)<sup>(2)</sup> | 2/24/2022 | 794 | 819 | 45 | 8/31/2024 |
| **Total Consumer Products and Services - 25.97%\*** | **Total Consumer Products and Services - 25.97%\*** |  | 76392 | 74808 | 68509 |  |
| **E-Commerce - Clothing and Accessories** | **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 | 8750 | 8746 | 8746 | 11/30/2027 |
| Fabletics, Inc. | Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)<sup>(2)</sup> | 4/25/2024 | 1308 | 1179 | 1179 | 4/25/2029 |
| Minted, Inc. | Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment) | 6/15/2022 | 10000 | 10275 | 10275 | 6/30/2027 |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment) | 5/27/2021 | 6500 | 7023 | 7023 | 12/31/2026 |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.50% EOT payment)<sup>(2)</sup> | 6/7/2022 | 1000 | 1044 | 1044 | 12/31/2026 |
|  |  |  | 7500 | 8067 | 8067 |  |
| **Total E-Commerce - Clothing and Accessories - 10.72%\*** | **Total E-Commerce - Clothing and Accessories - 10.72%\*** |  | 27558 | 28267 | 28267 |  |
| **E-Commerce - Personal Goods** |  |  |  |  |  |  |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 7/6/2021 | 1669 | 1730 | 1634 | 7/31/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 7/21/2021 | 263 | 276 | 257 | 7/31/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 8/10/2021 | 315 | 331 | 308 | 8/31/2025 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 10/6/2021 | 1458 | 1526 | 1417 | 10/31/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 11/2/2021 | 947 | 989 | 919 | 11/30/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 11/2/2021 | 2540 | 2653 | 2464 | 11/30/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 12/28/2021 | 848 | 889 | 834 | 6/30/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 12/28/2021 | 324 | 340 | 318 | 6/30/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 12/28/2021 | 57 | 60 | 56 | 6/30/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 1/28/2022 | 1836 | 1919 | 1798 | 7/31/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 4/14/2022 | 700 | 726 | 680 | 10/31/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 4/14/2022 | 263 | 273 | 256 | 10/31/2025 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 9/21/2022 | 1710 | 1748 | 1650 | 3/31/2026 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 11/1/2022 | 3078 | 3137 | 2967 | 4/30/2026 |
| Forum Brands, LLC | Growth Capital Loan (12.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 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)<sup>(2)</sup> | 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)<sup>(2)</sup> | 11/13/2023 | 1369 | 1361 | 1361 | 11/30/2026 |
| Forum Brands, LLC | Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 12/28/2023 | 104 | 103 | 103 | 12/31/2026 |
| Forum Brands, LLC | Growth Capital Loan<sup>(2)(9)</sup> | 12/27/2023 | 2179 | 2179 | 1825 | 12/31/2026 |
| Forum Brands, LLC | Growth Capital Loan (Prime + 5.25% interest rate, 11.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 6/27/2024 | 147 | 143 | 143 | 6/30/2027 |
| **Total E-Commerce - Personal Goods - 7.33%\*** | **Total E-Commerce - Personal Goods - 7.33%\*** |  | 20171 | 20748 | 19346 |  |
| **Educational Software** |  |  |  |  |  |  |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment) | 7/30/2024 | 3000 | 2997 | 2997 | 1/1/2027 |
| Panorama Education, Inc. | Revolver (Prime + 1.00% interest rate, 9.50% floor, 4.00% EOT payment)<sup>(2)</sup> | 7/30/2024 | 160 | 159 | 159 | 7/31/2026 |
| **Total Educational Software - 1.20%\*** | **Total Educational Software - 1.20%\*** |  | 3160 | 3156 | 3156 |  |
| **Energy** |  |  |  |  |  |  |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 5/6/2022 | 1319 | 1236 | 1236 | 11/30/2026 |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 6/29/2022 | 5000 | 5137 | 5137 | 12/31/2026 |
| **Total Energy - 2.42%\*** |  |  | 6319 | 6373 | 6373 |  |
| **Entertainment Software** |  |  |  |  |  |  |
| Encore Music Technologies, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.25% PIK interest rate, 13.75% floor, 4.50% EOT payment)<sup>(2)</sup> | 4/20/2022 | 1000 | 1002 | 336 | 4/30/2025 |
| Encore Music Technologies, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)<sup>(2)</sup> | 7/28/2023 | 75 | 75 | 22 | 7/31/2026 |
| Encore Music Technologies, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.75% PIK interest rate, 14.25% floor, 4.50% EOT payment)<sup>(2)</sup> | 11/20/2023 | 50 | 50 | 12 | 7/31/2026 |
|  |  |  | 1125 | 1127 | 370 |  |
| FRVR Limited<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 11.00% EOT payment)<sup>(2)</sup> | 5/17/2022 | 2459 | 2519 | 2519 | 4/1/2027 |
| **Total Entertainment Software - 1.10%\*** | **Total Entertainment Software - 1.10%\*** |  | 3584 | 3646 | 2889 |  |
| **Environmental Services** |  |  |  |  |  |  |
| Earth Funeral Group, Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 5.50% EOT payment) | 3/1/2024 | 1430 | 1428 | 1428 | 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 | 1000 | 979 | 979 | 11/1/2027 |

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|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Earth Funeral Group, Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 5.50% EOT payment) | 12/5/2024 | 1570 | 1533 | 1533 | 12/1/2027 |
| **Total Environmental Services - 1.50%\*** | **Total Environmental Services - 1.50%\*** |  | 4000 | 3940 | 3940 |  |
| **Financial Software** |  |  |  |  |  |  |
| Ocrolus Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment) | 8/14/2024 | 4286 | 4287 | 4287 | 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%\*** | **Total Financial Software - 1.83%\*** |  | 4836 | 4829 | 4829 |  |
| **Healthcare Services** |  |  |  |  |  |  |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 6/22/2023 | 1544 | 1601 | 1606 | 6/30/2026 |
| OpenLoop Health, Inc. | Revolver (Prime + 1.50% interest rate, 9.25% floor, 4.00% EOT payment)<sup>(2)</sup> | 6/22/2023 | 2000 | 2056 | 2060 | 6/16/2025 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 11/20/2023 | 2889 | 2906 | 2917 | 11/30/2026 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 9/30/2024 | 7778 | 7408 | 7458 | 9/30/2027 |
| **Total Healthcare Services - 5.32%\*** | **Total Healthcare Services - 5.32%\*** |  | 14211 | 13971 | 14041 |  |
| **Healthcare Technology Systems** |  |  |  |  |  |  |
| K Health, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment | 7/14/2023 | 3900 | 3949 | 3949 | 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)<sup>(2)</sup> | 6/12/2023 | 9477 | 9660 | 9386 | 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 |
|  |  |  | 10190 | 10373 | 10079 |  |
| **Total Healthcare Technology Systems - 5.32%\*** | **Total Healthcare Technology Systems - 5.32%\*** |  | 14090 | 14322 | 14028 |  |
| **Human Capital Services** |  |  |  |  |  |  |
| Karat Financial Technologies Incorporated | Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)<sup>(2)</sup> | 1/11/2023 | 3000 | 3082 | 3082 | 1/11/2025 |
| Karat Financial Technologies Incorporated | Revolver (Prime + 3.75% interest rate, 10.00% floor, 2.85% EOT payment)<sup>(2)</sup> | 9/22/2023 | 281 | 286 | 286 | 1/11/2025 |
| **Total Human Capital Services - 1.28%\*** | **Total Human Capital Services - 1.28%\*** |  | 3281 | 3368 | 3368 |  |
| **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)<sup>(2)</sup> | 5/4/2023 | 2000 | 2037 | 2037 | 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)<sup>(2)</sup> | 5/4/2023 | 7000 | 7104 | 7104 | 5/31/2027 |
| **Total Information Services (B2C) - 3.47%\*** | **Total Information Services (B2C) - 3.47%\*** |  | 9000 | 9141 | 9141 |  |
| **Life and Health Insurance** |  |  |  |  |  |  |
| Angle Health, Inc. | Growth Capital Loan (Prime + 8.00% interest rate, 11.25% floor, 8.00% EOT payment)<sup>(2)</sup> | 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)<sup>(2)</sup> | 3/24/2023 | 500 | 510 | 510 | 3/31/2026 |
| **Total Life and Health Insurance - 0.39%\*** | **Total Life and Health Insurance - 0.39%\*** |  | 1000 | 1025 | 1025 |  |
| **Medical Software and Information Services** | **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 | 2534 | 2699 | 2699 | 9/30/2026 |
| **Total Medical Software and Information Services - 1.02%\*** | **Total Medical Software and Information Services - 1.02%\*** |  | 2534 | 2699 | 2699 |  |
| **Multimedia and Design Software** | **Multimedia and Design Software** |  |  |  |  |  |
| Hover Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment) | 9/10/2024 | 4000 | 3964 | 3964 | 3/31/2029 |
| **Total Multimedia and Design Software - 1.50%\*** | **Total Multimedia and Design Software - 1.50%\*** |  | 4000 | 3964 | 3964 |  |
| **Network Management Software** | **Network Management Software** |  |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Skyflow Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment) | 10/2/2023 | 4545 | 4535 | 4535 | 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%\*** | **Total Network Management Software - 1.89%\*** |  | 5000 | 4988 | 4988 |  |
| **Other Financial Services** |  |  |  |  |  |  |
| Jerry Services, Inc. | Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)<sup>(2)</sup> | 6/13/2022 | 500 | 528 | 525 | 9/30/2025 |
| Jerry Services, Inc. | Growth Capital Loan (13.75% interest rate, 8.25% EOT payment)<sup>(2)</sup> | 3/17/2023 | 500 | 515 | 518 | 6/30/2026 |
|  |  |  | 1000 | 1043 | 1043 |  |
| Relay Commerce, Inc. | Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 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<sup>(2)</sup> | 4/4/2024 | 4500 | 4422 | 4422 | 10/31/2027 |
|  |  |  | 5248 | 5213 | 5213 |  |
| **Total Other Financial Services - 2.37%\*** | **Total Other Financial Services - 2.37%\*** |  | 6248 | 6256 | 6256 |  |
| **Real Estate Services** |  |  |  |  |  |  |
| Common Living Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment) | 4/30/2021 | 2500 | 2668 | 2360 | 9/30/2025 |
| Common Living Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment) | 3/18/2022 | 4742 | 4967 | 4420 | 9/30/2025 |
|  |  |  | 7242 | 7635 | 6780 |  |
| Homelight, Inc. | Growth Capital Loan (17.25% interest rate)<sup>(2)</sup> | 12/30/2022 | 500 | 496 | 495 | 12/31/2026 |
| Homelight, Inc. | Growth Capital Loan (18.00% interest rate)<sup>(2)</sup> | 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 | 4000 | 4253 | 4107 | 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 | 1372 | 1454 | 1351 | 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)<sup>(2)</sup> | 4/22/2022 | 1110 | 1173 | 1080 | 4/30/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 4/22/2022 | 991 | 1047 | 964 | 4/30/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 5/23/2022 | 216 | 229 | 212 | 5/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 7/19/2022 | 200 | 208 | 193 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 7/19/2022 | 100 | 105 | 97 | 7/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 12/5/2022 | 150 | 155 | 137 | 12/31/2025 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 12/5/2022 | 361 | 373 | 330 | 12/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 12/5/2022 | 565 | 581 | 513 | 12/31/2025 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)<sup>(2)</sup> | 5/23/2023 | 240 | 244 | 205 | 5/31/2026 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)<sup>(2)</sup> | 5/23/2023 | 434 | 443 | 373 | 5/31/2026 |
| True Footage, Inc. | Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)<sup>(2)</sup> | 5/23/2023 | 720 | 738 | 620 | 5/31/2026 |
|  |  |  | 9978 | 10498 | 9552 |  |
| **Total Real Estate Services - 8.03%\*** | **Total Real Estate Services - 8.03%\*** |  | 21970 | 23130 | 21180 |  |
| **Social/Platform Software** |  |  |  |  |  |  |
| Sylva, Inc.<sup>(7)</sup> | 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.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 984 | 1021 | 757 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 1325 | 1374 | 1019 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 1590 | 1649 | 1223 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) | 12/21/2021 | 1590 | 1649 | 1223 | 12/31/2024 |
| Sylva, Inc.<sup>(7)</sup> | 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.<sup>(7)</sup> | Growth Capital Loan (Prime + 9.00% interest rate, 17.50% floor, 4.00% EOT payment<sup>(2)</sup> | 12/18/2023 | 111 | 115 | 85 | 3/1/2024 |
| **Total Social/Platform Software - 2.13%\*** | **Total Social/Platform Software - 2.13%\*** |  | 7298 | 7555 | 5614 |  |
| **Total Debt Investments - 120.87%\*** | **Total Debt Investments - 120.87%\*** |  | $**337693** | $**339436** | $**318838** |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Warrant Investments**<sup>(8)(9)</sup> | | | | | |
| **Aerospace and Defense** | | | | | |
| Astranis Space Technologies Corp. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 70959 | $95 | $543 |
| Hermeus Corporation | Preferred Stock<sup>(2)</sup> | 10/30/2024 | 8381 | 44 | 43 |
| LeoLabs, Inc. | Preferred Stock<sup>(2)</sup> | 1/20/2022 | 72837 | 66 | 76 |
| Loft Orbital Solutions Inc. | Common Stock | 7/15/2022 | 6747 | 58 | 92 |
| **Total Aerospace and Defense - 0.29%\*** |  |  |  | 263 | 754 |
| **Application Software** |  |  |  |  |  |
| Flo Health UK Limited<sup>(1)(3)</sup> | Preferred Stock | 5/10/2022 | 1079 | 10 | 22 |
| **Total Application Software - 0.01%\*** |  |  |  | 10 | 22 |
| **Business Applications Software** |  |  |  |  |  |
| Dialpad, Inc. | Preferred Stock<sup>(2)</sup> | 8/3/2020 | 14490 | 51 | 12 |
| Filevine, Inc. | Preferred Stock<sup>(2)</sup> | 4/20/2021 | 74462 | 15 | 353 |
| FlashParking, Inc. | Preferred Stock | 6/15/2021 | 93767 | 360 | 584 |
| FlashParking, Inc. | Preferred Stock | 9/30/2021 | 23442 | 90 | 146 |
| FlashParking, Inc. | Preferred Stock | 6/26/2024 | 25838 | 70 | 70 |
|  |  |  |  | 520 | 800 |
| Morty, Inc. | Preferred Stock | 10/1/2021 | 70164447 | 66 |  |
| Narvar, Inc. | Preferred Stock<sup>(2)</sup> | 8/28/2020 | 43580 | 102 | 51 |
| Tide Holdings Limited<sup>(1)(3)</sup> | Preferred Stock | 11/13/2020 | 52609 | 45 | 317 |
| Uniphore Technologies, Inc. | Common Stock<sup>(2)</sup> | 12/22/2021 | 10000 | 10 | 29 |
| **Total Business Applications Software - 0.59%\*** |  |  |  | 809 | 1562 |
| **Business Products and Services** |  |  |  |  |  |
| Alloy Technologies, Inc. | Preferred Stock | 9/9/2022 | 40748 | 50 | 29 |
| Alloy Technologies, Inc. | Preferred Stock | 8/8/2024 | 30561 | 24 | 21 |
|  |  |  |  | 74 | 50 |
| Cardless Inc. | Common Stock | 11/18/2021 | 20619 | 28 | 13 |
| Cart.com, Inc. | Common Stock<sup>(2)</sup> | 12/30/2021 | 8183 | 119 | 184 |
| Cart.com, Inc. | Preferred Stock<sup>(2)</sup> | 3/31/2022 | 907 | 6 | 12 |
|  |  |  |  | 125 | 196 |
| Certamen Ventures Inc. | Preferred Stock | 10/7/2021 | 90266 | 42 | 42 |
| Certamen Ventures Inc. | Preferred Stock | 12/1/2022 | 229881 | 85 | 97 |
| Certamen Ventures Inc. | Preferred Stock | 12/15/2023 | 538703 | 205 | 232 |
|  |  |  |  | 332 | 371 |
| Elsker, Inc. | Preferred Stock<sup>(2)</sup> | 9/1/2021 | 35492 | 18 | 16 |
| Muon Space Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2024 | 22750 | 28 | 28 |
| Path Robotics, Inc. | Common Stock | 12/17/2021 | 40579 | 130 | 72 |
| Path Robotics, Inc. | Preferred Stock | 10/3/2024 | 20252 | 38 | 38 |
|  |  |  |  | 168 | 110 |
| Phantom Auto Inc. | Preferred Stock<sup>(2)</sup> | 7/12/2021 | 141409 | 315 |  |
| Phantom Auto Inc. | Preferred Stock<sup>(2)</sup> | 7/12/2021 | 31698 | 35 |  |
| Phantom Auto Inc. | Preferred Stock<sup>(2)</sup> | 7/12/2021 | 22188 | 24 |  |
| Phantom Auto Inc. | Preferred Stock<sup>(2)</sup> | 2/9/2024 | 34288 |  |  |
|  |  |  |  | 374 |  |
| RedFish Labs, Inc. | Preferred Stock<sup>(2)</sup> | 11/23/2021 | 53862 | 122 | 140 |
| SubStack, Inc. | Preferred Stock<sup>(2)</sup> | 7/13/2022 | 1141 | 6 | 6 |
| Vecna Robotics, Inc. | Common Stock<sup>(2)</sup> | 12/16/2022 | 51590 | 308 | 70 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/15/2022 | 1502 | 25 | 26 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/30/2023 | 542 | 9 | 9 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 11/15/2024 | 407 | 7 | 7 |
|  |  |  |  | 41 | 42 |
| **Total Business Products and Services - 0.40%\*** |  |  |  | 1624 | 1042 |
| **Business to Business Marketplace** |  |  |  |  |  |

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|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 8/24/2020 | 23576 | 156 | 76 |
| **Total Business to Business Marketplace - 0.03%\*** |  |  |  | 156 | 76 |
| **Business/Productivity Software** |  |  |  |  |  |
| Ao1 Holdings Inc. | Preferred Stock | 12/13/2024 | 14162 | 18 | 18 |
| Construction Finance Corporation | Preferred Stock<sup>(2)</sup> | 7/8/2022 | 38060 | 14 | 20 |
| Construction Finance Corporation | Preferred Stock<sup>(2)</sup> | 12/29/2023 | 126868 | 48 | 67 |
|  |  |  |  | 62 | 87 |
| Cresta Intelligence Inc. | Common Stock<sup>(2)</sup> | 6/6/2024 | 4967 | 4 | 11 |
| FireHydrant, Inc. | Preferred Stock | 5/23/2023 | 347863 | 115 | 188 |
| FireHydrant, Inc. | Preferred Stock | 12/20/2024 | 94416 | 51 | 51 |
|  |  |  |  | 166 | 239 |
| Highbeam, Inc. | Common Stock<sup>(2)</sup> | 2/10/2023 | 40380 | 2 | 31 |
| Idelic Inc. | Preferred Stock | 12/10/2021 | 30551 | 46 | 5 |
| Idelic Inc. | Preferred Stock<sup>(2)</sup> | 11/15/2023 | 36661 | 13 | 7 |
|  |  |  |  | 59 | 12 |
| Luxury Presence, Inc. | Preferred Stock | 9/20/2023 | 14696 | 76 | 47 |
| Machinify, Inc. | Common Stock<sup>(2)</sup> | 8/25/2023 | 27040 | 36 | 36 |
| Manufactured Networks, Inc. | Preferred Stock<sup>(2)</sup> | 5/6/2022 | 99657 | 89 | 40 |
| Manufactured Networks, Inc. | Preferred Stock<sup>(2)</sup> | 9/13/2023 | 73666 | 25 | 20 |
| Manufactured Networks, Inc. | Preferred Stock<sup>(2)</sup> | 10/17/2024 | 8823 | 2 | 2 |
|  |  |  |  | 116 | 62 |
| Metropolis Technologies, Inc. | Common Stock<sup>(2)</sup> | 3/30/2022 | 3495 | 3 | 42 |
| OnSiteIQ, Inc. | Common Stock | 6/16/2023 | 102864 | 14 | 46 |
| OnSiteIQ, Inc. | Preferred Stock | 11/27/2024 | 70200 | 17 | 17 |
|  |  |  |  | 31 | 63 |
| Strata Identity, Inc. | Preferred Stock<sup>(2)</sup> | 11/3/2021 | 4297 | 4 | 4 |
| Thoughtful Automation Inc. | Preferred Stock | 6/18/2024 | 36745 | 62 | 49 |
| Virtual Facility, Inc. | Preferred Stock<sup>(2)</sup> | 10/3/2023 | 54775 | 16 | 16 |
| Workmate Labs, Inc. | Common Stock<sup>(2)</sup> | 11/20/2024 | 973 |  |  |
| **Total Business/Productivity Software - 0.27%\*** |  |  |  | 655 | 717 |
| **Commercial Services** |  |  |  |  |  |
| Dumpling, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2020 | 17003 | 6 | 6 |
| **Total Commercial Services - 0.00%\*** |  |  |  | 6 | 6 |
| **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc. | Common Stock | 8/6/2024 | 47770 | 74 | 74 |
| **Total Communications and Networking - 0.03%\*** |  |  |  | 74 | 74 |
| **Communication Software** |  |  |  |  |  |
| Hiya, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 115073 | 54 | 54 |
| **Total Communication Software - 0.02%\*** |  |  |  | 54 | 54 |
| **Computer Hardware** |  |  |  |  |  |
| Canvas Construction Inc. | Preferred Stock<sup>(2)</sup> | 11/30/2021 | 92940 | 79 |  |
| Swift Navigation, Inc. | Preferred Stock<sup>(2)</sup> | 7/30/2020 | 46589 | 39 | 109 |
| Quantum Circuits, Inc. | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 31067 | 40 | 41 |
| Grey Orange International Inc. | Preferred Stock<sup>(2)</sup> | 3/16/2021 | 26386 | 92 | 61 |
| **Total Computer Hardware - 0.08%\*** |  |  |  | 250 | 211 |
| **Consumer Finance** |  |  |  |  |  |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 10/8/2020 | 49296 | 135 | 531 |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2021 | 6162 | 16 | 67 |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2022 | 14800 | 80 | 160 |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 4/19/2024 | 3906 | 16 | 33 |
|  |  |  |  | 247 | 791 |
| Upgrade, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 273738 | 44 | 109 |
| Vestwell Holdings Inc. | Preferred Stock<sup>(2)</sup> | 9/3/2021 | 36715 | 54 | 30 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Total Consumer Finance - 0.35%\*** |  |  |  | 345 | 930 |
| **Consumer Non-Durables** |  |  |  |  |  |
| Athletic Greens International, Inc. | Ordinary Shares<sup>(2)</sup> | 6/3/2022 | 113 | 4 | 4 |
| Don't Run Out, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2021 | 18398 | 14 | 6 |
| Don't Run Out, Inc. | Preferred Stock<sup>(2)</sup> | 10/31/2022 | 24531 | 16 | 7 |
|  |  |  |  | 30 | 13 |
| Prose Beauty, Inc. | Common Stock | 12/18/2023 | 49020 | 311 | 479 |
| Trueskin GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 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 | 13587 | 10 | 10 |
| The Black Tux, Inc. | Preferred Stock<sup>(2)</sup> | 11/5/2021 | 142939 | 139 | 469 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Ordinary Shares | 10/7/2022 | 192 | 9 |  |
| Elektra Mobility Inc. | Preferred Stock<sup>(2)</sup> | 5/6/2022 | 38217 | 25 | 25 |
| Elodie Games, Inc. | Preferred Stock<sup>(2)</sup> | 9/16/2021 | 22874 | 48 | 48 |
| Ephemeral Solutions, Inc. | Common Stock<sup>(2)</sup> | 2/24/2022 | 2286 | 12 |  |
| Ephemeral Solutions, Inc. | Common Stock<sup>(2)</sup> | 2/2/2024 | 135353 | 1 | 1 |
|  |  |  |  | 13 | 1 |
| Ever/Body, Inc. | Preferred Stock | 9/7/2021 | 357970 | 175 | 21 |
| Everdrop GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/16/2022 | 14 | 24 | 23 |
| FitOn, Inc. | Common Stock<sup>(2)</sup> | 2/29/2024 | 33548 | 74 | 74 |
| FitOn, Inc. | Common Stock<sup>(2)</sup> | 6/26/2024 | 3355 | 7 | 7 |
|  |  |  |  | 81 | 81 |
| Flink SE<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/13/2022 | 18 | 23 |  |
| Flink SE<sup>(1)(3)(11)</sup> | Preferred Stock<sup>(2)</sup> | 8/21/2024 |  |  |  |
|  |  |  |  | 23 |  |
| Foodology Inc.<sup>(1)(3)</sup> | Preferred Stock | 3/25/2022 | 2869 | 12 | 9 |
| Headout Inc. | Common Stock | 3/15/2024 | 8991 | 58 | 20 |
| Hydrow, Inc. | Common Stock | 2/9/2021 | 74157 | 70 |  |
| Hydrow, Inc. | Preferred Stock | 8/6/2021 | 455798 | 35 |  |
| Hydrow, Inc. | Preferred Stock | 8/6/2021 | 284835 | 25 |  |
| Hydrow, Inc. | Preferred Stock | 12/30/2024 | 3911781 | 16 | 16 |
|  |  |  |  | 146 | 16 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Preferred Stock | 5/10/2024 | 14763 | 538 | 127 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Preferred Stock | 5/10/2024 | 5905 | 96 | 51 |
|  |  |  |  | 634 | 178 |
| Lower Holding Company | Preferred Stock | 12/28/2022 | 36608 | 47 | 26 |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/6/2022 | 14709 | 20 |  |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 14709 | 26 |  |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/28/2023 | 15000 |  |  |
| Nakdcom One World AB<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/28/2023 | 45000 | 79 |  |
|  |  |  |  | 125 |  |
| Pair Eyewear, Inc. | Common Stock<sup>(2)</sup> | 7/12/2022 | 2288 | 5 | 7 |
| Placemakr, Inc. | Preferred Stock | 8/25/2023 | 31796 | 118 | 75 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/1/2022 | 13722 | 30 | 28 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/27/2024 | 20775 | 37 | 37 |
|  |  |  |  | 67 | 65 |
| Project 1920, Inc. | Preferred Stock<sup>(2)</sup> | 3/25/2022 | 2823 | 2 |  |
| Roadsurfer GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/23/2024 | 90 | 669 | 649 |
| Spinn, Inc. | Preferred Stock<sup>(2)</sup> | 2/24/2022 | 8142 | 10 |  |
| Tempo Interactive Inc. | Preferred Stock<sup>(2)</sup> | 3/31/2021 | 4413 | 25 | 4 |
| Tripscout, Inc. | Preferred Stock<sup>(2)</sup> | 8/12/2021 | 37532 | 7 | 7 |
| Well Dot, Inc. | Preferred Stock<sup>(2)</sup> | 12/18/2020 | 12680 | 55 | 67 |
| Well Dot, Inc. | Preferred Stock<sup>(2)</sup> | 3/29/2022 | 2026 | 9 | 9 |
|  |  |  |  | 64 | 76 |
| **Total Consumer Products and Services - 0.69%\*** |  |  |  | 2536 | 1810 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Database Software** | | | | | |
| Cohesity, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 3789 | 21 | 21 |
| SiSense, Inc. | Success Fee<sup>(2)</sup> | 12/28/2021 |  | 95 | 233 |
| **Total Database Software - 0.10%\*** |  |  |  | 116 | 254 |
| **E-Commerce - Clothing and Accessories** |  |  |  |  |  |
| FabFitFun, Inc. | Preferred Stock | 9/23/2021 | 81572 | 217 | 77 |
| FabFitFun, Inc. | Common Stock | 9/29/2023 | 60692 | 194 | 160 |
|  |  |  |  | 411 | 237 |
| Minted, Inc. | Preferred Stock | 9/30/2020 | 29702 | 300 | 135 |
| Trendly, Inc. | Preferred Stock | 5/27/2021 | 191580 | 115 | 199 |
| **Total E-Commerce - Clothing and Accessories - 0.22%\*** |  |  |  | 826 | 571 |
| **E-Commerce - Personal Goods** |  |  |  |  |  |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 7/6/2021 | 14143 | 146 | 44 |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 12/23/2021 | 12964 | 188 | 41 |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 10/11/2023 | 2829 | 42 | 9 |
|  |  |  |  | 376 | 94 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 4/28/2021 | 71728 | 589 | 412 |
| **Total E-Commerce - Personal Goods - 0.19%\*** |  |  |  | 965 | 506 |
| **Educational Software** |  |  |  |  |  |
| Panorama Education, Inc. | Preferred Stock<sup>(2)</sup> | 7/30/2024 | 2577 | 14 | 14 |
| **Total Educational Software - 0.01%\*** |  |  |  | 14 | 14 |
| **Elder and Disabled Care** |  |  |  |  |  |
| Honor Technology, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 130618 | 50 | 192 |
| **Total Elder and Disabled Care - 0.07%\*** |  |  |  | 50 | 192 |
| **Energy** | **Energy** |  |  |  |  |
| Arcadia Power, Inc. | Preferred Stock | 12/10/2021 | 30810 | 77 | 79 |
| Arcadia Power, Inc. | Preferred Stock | 6/29/2022 | 19795 | 117 | 29 |
|  |  |  |  | 194 | 108 |
| Haven Energy Inc. | Preferred Stock<sup>(2)</sup> | 8/19/2024 | 52486 | 53 | 38 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 7/16/2021 | 37287 | 37 | 2042 |
| **Total Energy - 0.83%\*** | **Total Energy - 0.83%\*** |  |  | 284 | 2188 |
| **Entertainment Software** |  |  |  |  |  |
| Encore Music Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 4/14/2022 | 15280 | 15 |  |
| Encore Music Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 5/16/2023 | 4475 | 1 |  |
| Encore Music Technologies, Inc. | Common Stock<sup>(2)</sup> | 5/31/2024 | 79668 | 1 | 1 |
|  |  |  |  | 17 | 1 |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2022 | 37335 | 60 | 38 |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2024 | 53335 | 33 | 54 |
|  |  |  |  | 93 | 92 |
| **Total Entertainment Software - 0.04%\*** | **Total Entertainment Software - 0.04%\*** |  |  | 110 | 93 |
| **Environmental Services** |  |  |  |  |  |
| Earth Funeral Group, Inc. | Preferred Stock | 3/1/2024 | 143196 | 63 | 63 |
| **Total Environmental Services - 0.02%\*** | **Total Environmental Services - 0.02%\*** |  |  | 63 | 63 |
| **Financial Software** |  |  |  |  |  |
| Ocrolus Inc. | Common Stock | 8/14/2024 | 70132 | 58 | 58 |
| Parker Group Inc. | Common Stock | 4/6/2022 | 5334 | 17 | 9 |
| Parker Group Inc. | Common Stock | 8/14/2024 | 2491 | 5 | 5 |
|  |  |  |  | 22 | 14 |
| Wisetack, Inc.<sup>(1)</sup> | Common Stock | 12/21/2022 | 23086 | 84 | 36 |
| Zolve Innovations Inc. | Preferred Stock<sup>(2)</sup> | 7/28/2022 | 3172 | 9 | 9 |
| **Total Financial Software - 0.04%\*** | **Total Financial Software - 0.04%\*** |  |  | 173 | 117 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **General Media and Content** | | | | | |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 5/4/2022 | 2234 | 5 | 4 |
| **Total General Media and Content - 0.00%\*** | **Total General Media and Content - 0.00%\*** |  |  | 5 | 4 |
| **Healthcare Services** | **Healthcare Services** |  |  |  |  |
| Found Health, Inc. | Preferred Stock<sup>(2)</sup> | 3/25/2022 | 2465 | 1 | 1 |
| Levels Health Inc. | Preferred Stock<sup>(2)</sup> | 9/3/2021 | 47162 | 37 | 216 |
| OpenLoop Health, Inc. | Preferred Stock | 6/16/2023 | 11186 | 51 | 1023 |
| OpenLoop Health, Inc. | Preferred Stock<sup>(2)</sup> | 6/16/2023 | 5593 | 25 | 511 |
| OpenLoop Health, Inc. | Preferred Stock | 11/20/2023 | 16779 | 89 | 1534 |
| OpenLoop Health, Inc. | Preferred Stock | 9/30/2024 | 43625 | 315 | 3989 |
|  |  |  |  | 480 | 7057 |
| Perry Health, Inc. | Preferred Stock<sup>(2)</sup> | 5/31/2023 | 184258 | 79 | 79 |
| Petfolk Inc. | Preferred Stock<sup>(2)</sup> | 6/10/2022 | 169684 | 13 | 36 |
| Wispr AI, Inc.<sup>(11)</sup> | Common Stock<sup>(2)</sup> | 5/31/2022 |  |  |  |
| **Total Healthcare Services - 2.80%\*** |  |  |  | 610 | 7389 |
| **Healthcare Technology Systems** |  |  |  |  |  |
| Calibrate Health, Inc. | Common Stock<sup>(2)</sup> | 10/30/2023 | 118190 | 253 |  |
| Capsule Corporation | Preferred Stock | 5/27/2020 | 45008 | 119 | 8 |
| Curology, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 12007 | 19 | 7 |
| K Health, Inc. | Common Stock | 7/14/2023 | 61224 | 187 | 263 |
| Noho Dental, Inc. | Preferred Stock<sup>(2)</sup> | 11/3/2020 | 56 | 228 |  |
| SafelyYou Inc. | Preferred Stock<sup>(2)</sup> | 1/21/2021 | 69346 | 21 | 187 |
| **Total Healthcare Technology Systems - 0.18%\*** |  |  |  | 827 | 465 |
| **Household Products** |  |  |  |  |  |
| Grove Collaborative, Inc. | Common Stock<sup>(2)</sup> | 5/27/2020 | 33038 | 72 |  |
| **Total Household Products - 0.00%\*** |  |  |  | 72 |  |
| **Human Capital Services** |  |  |  |  |  |
| Eightfold AI Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 69577 | 186 | 336 |
| Karat Financial Technologies Incorporated | Preferred Stock<sup>(2)</sup> | 6/18/2021 | 156720 | 91 | 633 |
| Karat Financial Technologies Incorporated | Preferred Stock<sup>(2)</sup> | 1/11/2023 | 8012 | 18 | 13 |
|  |  |  |  | 109 | 646 |
| WorkStep Inc. | Preferred Stock<sup>(2)</sup> | 5/6/2021 | 17244 | 12 | 31 |
| **Total Human Capital Services - 0.38%\*** |  |  |  | 307 | 1013 |
| **Information Services (B2C)** |  |  |  |  |  |
| Cleo AI Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 41041 | 82 | 66 |
| Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.) | Preferred Stock | 5/1/2023 | 53879 | 38 | 22 |
| Kasa Living, Inc. | Preferred Stock<sup>(2)</sup> | 4/12/2021 | 25832 | 72 | 69 |
| **Total Information Services (B2C) - 0.06%\*** |  |  |  | 192 | 157 |
| **Information Technology** |  |  |  |  |  |
| Etched.ai, Inc. | Preferred Stock<sup>(2)</sup> | 4/19/2024 | 30757 | 250 | 250 |
| **Information Technology - 0.09%\*** |  |  |  | 250 | 250 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 2775 | 90 | 93 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/26/2022 | 2439 | 65 | 104 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 1951 | 84 | 83 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/5/2024 | 4476 | 84 | 265 |
| **Total Infrastructure - 0.21%\*** |  |  |  | 323 | 545 |
| **Life and Health Insurance** |  |  |  |  |  |
| Angle Health, Inc. | Preferred Stock<sup>(2)</sup> | 3/18/2022 | 140450 | 29 | 26 |
| Beam Technologies Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 5344 | 57 | 107 |
| Sidecar Health, Inc. | Preferred Stock<sup>(2)</sup> | 8/26/2021 | 32620 | 34 | 41 |
| **Total Life and Health Insurance - 0.07%\*** |  |  |  | 120 | 174 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Logistics** | | | | | |
| Passport Labs, Inc. | Common Stock<sup>(2)</sup> | 5/27/2020 | 2102 | 51 | 51 |
| **Total Logistics - 0.02%\*** |  |  |  | 51 | 51 |
| **Medical Software and Information Services** |  |  |  |  |  |
| HI LLC (Kernel) | Preferred Stock | 12/21/2020 | 49425 | 48 |  |
| HI LLC (Kernel) | Common Stock | 2/28/2023 | 175000 | 44 | 2 |
| **Total Medical Software and Information Services - 0.00%\*** |  |  |  | 92 | 2 |
| **Multimedia and Design Software** |  |  |  |  |  |
| Hover Inc. | Preferred Stock | 9/30/2022 | 45910 | 77 | 84 |
| Hover Inc. | Preferred Stock | 9/10/2024 | 9182 | 18 | 17 |
| **Total Multimedia and Design Software - 0.04%\*** |  |  |  | 95 | 101 |
| **Network Management Software** |  |  |  |  |  |
| Callsign, Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 21604 | 180 | 180 |
| Skyflow Inc. | Preferred Stock | 6/26/2023 | 39890 | 31 | 34 |
| Skyflow Inc. | Preferred Stock | 9/27/2024 | 15956 | 25 | 13 |
|  |  |  |  | 56 | 47 |
| **Total Network Management Software - 0.09%\*** |  |  |  | 236 | 227 |
| **Other Financial Services** |  |  |  |  |  |
| Aven Holdings, Inc.<sup>(1)</sup> | Common Stock<sup>(2)</sup> | 5/16/2023 | 35857 | 361 | 750 |
| Jerry Services, Inc. | Preferred Stock<sup>(2)</sup> | 6/13/2022 | 2235 | 8 | 6 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 10/15/2021 | 6 | 173 | 121 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 8/22/2022 | 123047 | 60 | 95 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 5/18/2023 | 12305 | 4 | 9 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 24610 | 7 | 19 |
| Relay Commerce, Inc. | Preferred Stock<sup>(2)</sup> | 4/4/2024 | 36200 | 26 | 26 |
|  |  |  |  | 97 | 149 |
| **Total Other Financial Services - 0.39%\*** |  |  |  | 639 | 1026 |
| **Real Estate Services** |  |  |  |  |  |
| Belong Home, Inc. | Preferred Stock<sup>(2)</sup> | 2/15/2022 | 7730 | 6 | 15 |
| Divvy Homes Inc. | Preferred Stock<sup>(2)</sup> | 10/27/2020 | 128289 | 470 |  |
| Firemaps, Inc. | Preferred Stock<sup>(2)</sup> | 5/31/2023 | 24539 | 33 | 33 |
| Homelight, Inc. | Preferred Stock<sup>(2)</sup> | 7/27/2022 | 3988 | 8 | 7 |
| Homeward, Inc. | Preferred Stock | 12/10/2021 | 38302 | 148 | 3 |
| McN Investments Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2022 | 1874 | 15 | 6 |
| Roofstock, Inc. (f/k/a Mynd Management, Inc.) | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 26362 | 83 | 107 |
| Roofstock, Inc. (f/k/a Mynd Management, Inc.) | Preferred Stock<sup>(2)</sup> | 5/25/2022 | 3279 | 1 | 11 |
| Roofstock, Inc. (f/k/a Mynd Management, Inc.) | Preferred Stock<sup>(2)</sup> | 6/29/2023 | 34977 | 11 | 120 |
|  |  |  |  | 95 | 238 |
| Side, Inc. | Preferred Stock<sup>(2)</sup> | 7/29/2020 | 71501 | 57 | 265 |
| True Footage, Inc. | Preferred Stock | 11/24/2021 | 88762 | 122 | 100 |
| **Total Real Estate Services - 0.25%\*** |  |  |  | 954 | 667 |
| **Social/Platform Software** |  |  |  |  |  |
| ClassPass Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 14085 | 43 | 25 |
| Sylva, Inc. | Preferred Stock | 7/12/2021 | 44872 | 30 |  |
| Sylva, Inc. | Preferred Stock | 12/21/2021 | 44872 | 30 |  |
|  |  |  |  | 60 |  |
| **Total Social/Platform Software - 0.01%\*** |  |  |  | 103 | 25 |
| **Software Development Applications** |  |  |  |  |  |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 11/15/2021 | 62115 | 132 | 173 |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 4/14/2022 | 11004 | 36 | 36 |
|  |  |  |  | 168 | 209 |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2020 | 318571 | 65 | 45 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Total Software Development Applications - 0.10%\*** |  |  |  | 233 | 254 |
| **Total Warrant Investments - 9.14%\*** |  |  |  | $**14846** | $**24111** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Equity Investments**<sup>(9)</sup> | | | | | |
| **Aerospace and Defense** | | | | | |
| Hermeus Corporation | Preferred Stock<sup>(2)</sup> | 10/30/2024 | 17958 | $300 | $299 |
| **Total Application Software - 0.11%\*** |  |  |  | 300 | 299 |
| **Application Software** |  |  |  |  |  |
| Flo Health, Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 7/18/2024 | 8387 | 500 | 500 |
| **Total Application Software - 0.19%\*** |  |  |  | 500 | 500 |
| **Business Applications Software** |  |  |  |  |  |
| DialPad, Inc. | Preferred Stock<sup>(2)</sup> | 9/22/2020 | 9016 | 70 | 62 |
| Filevine, Inc. | Preferred Stock<sup>(2)</sup> | 2/4/2022 | 22541 | 143 | 195 |
| Flashparking, Inc. | Preferred Stock<sup>(2)</sup> | 7/19/2022 | 19870 | 273 | 270 |
| Tide Holdings Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/19/2021 | 43338 | 515 | 599 |
| Uniphore Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 1/28/2022 | 8066 | 100 | 82 |
| **Total Business Applications Software - 0.46%\*** |  |  |  | 1101 | 1208 |
| **Business Products and Services** |  |  |  |  |  |
| Certamen Ventures Inc. | Preferred Stock<sup>(2)</sup> | 3/4/2022 | 97195 | 200 | 136 |
| Cresta Intelligence Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2024 | 55441 | 250 | 250 |
| Elsker, Inc. | Preferred Stock<sup>(2)</sup> | 7/5/2022 | 44444 | 55 | 55 |
| MXP Prime Platform GmbH<sup>(1)(3)</sup> | Common Stock<sup>(2)</sup> | 2/15/2022 | 83 | 570 | 6 |
| MXP Prime Platform GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/29/2023 | 11 |  | 60 |
| MXP Prime Platform GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/29/2023 | 23 | 25 | 24 |
|  |  |  |  | 595 | 90 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/28/2024 | 31818 | 611 | 587 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Ordinary Shares<sup>(2)</sup> | 3/28/2024 | 112770108 | 26 | 82 |
|  |  |  |  | 637 | 669 |
| Strata Identity, Inc. | Preferred Stock<sup>(2)</sup> | 6/24/2022 | 71633 | 250 | 244 |
| **Total Business Products and Services - 0.55%\*** |  |  |  | 1987 | 1444 |
| **Business/Productivity Software** |  |  |  |  |  |
| AI2 Incorporated | Preferred Stock<sup>(2)</sup> | 1/3/2024 | 280424 | 830 | 830 |
| Ao1 Holdings Inc. | Preferred Stock<sup>(2)</sup> | 12/13/2024 | 16573 | 50 | 50 |
| **Total Business/Productivity Software - 0.33%\*** |  |  |  | 880 | 880 |
| **Business to Business Marketplace** |  |  |  |  |  |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 4/23/2021 | 12822 | 261 | 179 |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 4/23/2021 | 9285 | 189 | 130 |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 15050 | 500 | 319 |
| **Total Business to Business Marketplace - 0.24%\*** |  |  |  | 950 | 628 |
| **Computer Hardware** |  |  |  |  |  |
| Quantum Circuits, Inc. | Preferred Stock<sup>(2)</sup> | 4/17/2024 | 17612 | 50 | 50 |
| **Total Computer Hardware - 0.02%\*** |  |  |  | 50 | 50 |
| **Consumer Finance** |  |  |  |  |  |
| Activehours, Inc. | Preferred Stock<sup>(2)</sup> | 11/10/2020 | 9859 | 100 | 191 |
| **Total Consumer Finance - 0.07%\*** |  |  |  | 100 | 191 |
| **Consumer Products and Services** |  |  |  |  |  |
| Divvy Homes Inc. | Preferred Stock<sup>(2)</sup> | 7/28/2021 | 4965 | 95 | 13 |
| Divvy Homes Inc. | Common Stock<sup>(2)</sup> | 7/28/2021 | 261 | 5 | 1 |
|  |  |  |  | 100 | 14 |
| Ever/Body, Inc. | Preferred Stock<sup>(2)</sup> | 4/5/2022 | 195574 | 350 | 88 |
| Everdrop GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 7/5/2022 | 13 | 52 | 52 |
| GrubMarket, Inc. | Common Stock<sup>(2)</sup> | 8/2/2024 |  | 4178 | 4178 |
| Hydrow, Inc. | Preferred Stock<sup>(2)</sup> | 12/14/2020 | 610584 | 166 | 5 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Hydrow, Inc. | Preferred Stock<sup>(2)</sup> | 3/19/2021 | 327630 | 165 | 4 |
|  |  |  |  | 331 | 9 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/7/2021 | 5688 | 375 | 202 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 11/3/2022 | 1575 | 75 | 57 |
|  |  |  |  | 450 | 259 |
| Pair Eyewear, Inc. | Preferred Stock<sup>(2)</sup> | 6/27/2023 | 1880 | 10 | 10 |
| Planet A Foods GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/16/2023 | 48598 | 250 | 219 |
| TMRW Sports, Inc. | Preferred Stock<sup>(2)</sup> | 11/9/2023 | 40174 | 500 | 500 |
| Well Dot, Inc. | Preferred Stock<sup>(2)</sup> | 10/16/2020 | 26416 | 250 | 322 |
| **Total Consumer Products and Services - 2.14%\*** |  |  |  | 6471 | 5651 |
| **Database Software** |  |  |  |  |  |
| ON-0731 Fund II LP<sup>(1)</sup> | Limited Partnership Interest<sup>(2)</sup> | 8/29/2024 |  | 250 | 250 |
| **Total Database Software - 0.09%\*** |  |  |  | 250 | 250 |
| **E-Commerce - Personal Goods** |  |  |  |  |  |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 7/16/2021 | 493 | 90 | 25 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 4/30/2021 | 5433 | 31 | 51 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 4/19/2021 | 6944 | 13 | 57 |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 9/13/2021 | 3862 | 62 | 53 |
|  |  |  |  | 106 | 161 |
| **Total E-Commerce - Personal Goods - 0.07%\*** |  |  |  | 196 | 186 |
| **Elder and Disabled Care** |  |  |  |  |  |
| Honor Technology, Inc. | Preferred Stock<sup>(2)</sup> | 10/16/2020 | 82443 | 198 | 228 |
| Honor Technology, Inc. | Preferred Stock<sup>(2)</sup> | 10/1/2021 | 20932 | 66 | 66 |
| **Total Elder and Disabled Care - 0.11%\*** |  |  |  | 264 | 294 |
| **Energy** | **Energy** |  |  |  |  |
| Arcadia Power, Inc. | Preferred Stock<sup>(2)</sup> | 9/21/2021 | 16438 | 167 | 105 |
| Haven Energy Inc. | Preferred Stock<sup>(2)</sup> | 10/9/2024 | 37489 | 77 | 77 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 1/10/2022 | 25537 | 699 | 1604 |
| **Total Energy - 0.68%\*** | **Total Energy - 0.68%\*** |  |  | 943 | 1786 |
| **Financial Services** | **Financial Services** |  |  |  |  |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 8/2/2022 | 19148 | 150 | 143 |
| **Total Financial Services -0.05%\*** |  |  |  | 150 | 143 |
| **Food Products** | **Food Products** |  |  |  |  |
| Koatji, Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 2/15/2023 | 155164 | 50 | 50 |
| **Total Food Products -0.02%\*** |  |  |  | 50 | 50 |
| **General Media and Content** | **General Media and Content** |  |  |  |  |
| Redesign Health Inc. | Preferred Stock<sup>(2)</sup> | 7/12/2022 | 5919 | 100 | 100 |
| **Total General Media and Content - 0.04%\*** |  |  |  | 100 | 100 |
| **Healthcare Services** | **Healthcare Services** |  |  |  |  |
| Calibrate Health, Inc. | Preferred Stock<sup>(2)</sup> | 7/30/2021 | 62252 | 333 | 1 |
| Levels Health Inc. | Preferred Stock<sup>(2)</sup> | 6/10/2022 | 17953 | 187 | 187 |
| Pet Folk Inc. | Preferred Stock<sup>(2)</sup> | 8/24/2022 | 949667 | 200 | 323 |
| **Total Healthcare Services - 0.19%\*** |  |  |  | 720 | 511 |
| **Healthcare Technology Systems** |  |  |  |  |  |
| Capsule Corporation | Preferred Stock<sup>(2)</sup> | 4/21/2021 | 863 | 13 | 2 |
| Capsule Corporation | Preferred Stock<sup>(2)</sup> | 12/29/2022 | 519 | 2 | 1 |
| **Total Healthcare Technology Systems - —%\*** |  |  |  | 15 | 3 |
| **Information Services (B2C)** |  |  |  |  |  |
| Kasa Living, Inc. | Preferred Stock<sup>(2)</sup> | 12/29/2022 | 22725 | 150 | 150 |
| **Total Information Services (B2C) - 0.06%\*** |  |  |  | 150 | 150 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2024** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Information Technology** | | | | | |
| Etched.ai, Inc. | Preferred Stock<sup>(2)</sup> | 4/9/2024 | 30757 | 500 | 500 |
| **Total Information Technology - 0.19%\*** |  |  |  | 500 | 500 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/9/2022 | 1326 | 82 | 131 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/13/2022 | 1027 | 79 | 101 |
| **Total Infrastructure - 0.09%\*** |  |  |  | 161 | 232 |
| **Life and Health Insurance** |  |  |  |  |  |
| Beam Technologies Inc. | Preferred Stock<sup>(2)</sup> | 1/5/2021 | 1901 | 80 | 87 |
| **Total Life and Health Insurance - 0.03%\*** |  |  |  | 80 | 87 |
| **Multimedia and Design Software** |  |  |  |  |  |
| Hover Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2022 | 10595 | 58 | 65 |
| **Total Multimedia and Design Software - 0.02%\*** |  |  |  | 58 | 65 |
| **Network Management Software** |  |  |  |  |  |
| Skyflow Inc. | Preferred Stock<sup>(2)</sup> | 1/22/2024 | 19945 | 62 | 62 |
| Skyflow Inc. | Preferred Stock<sup>(2)</sup> | 9/27/2024 | 143604 | 450 | 450 |
| **Total Network Management Software - 0.19%\*** |  |  |  | 512 | 512 |
| **Other Financial Services** |  |  |  |  |  |
| Jerry Services, Inc. | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 656 | 8 | 7 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/8/2021 | 12 | 690 | 769 |
| **Total Other Financial Services - 0.29%\*** |  |  |  | 698 | 776 |
| **Real Estate Services** |  |  |  |  |  |
| Belong Home, Inc. | Preferred Stock<sup>(2)</sup> | 4/15/2022 | 6033 | 29 | 29 |
| Habyt GmbH | Preferred Stock<sup>(2)</sup> | 2/21/2023 | 400 | 443 | 190 |
| McN Investments Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/6/2022 | 749 | 20 | 14 |
| True Footage, Inc. | Preferred Stock<sup>(2)</sup> | 10/18/2021 | 18366 | 100 | 68 |
| **Total Real Estate Services - 0.11%\*** |  |  |  | 592 | 301 |
| **Software Development Applications** |  |  |  |  |  |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 5/13/2021 | 184679 | 250 | 151 |
| **Total Software Development Applications - 0.06%\*** |  |  |  | 250 | 151 |
| **Total Equity Investments - 6.43%\*** |  |  |  | $**18028** | $**16948** |
| **Total Investments in Portfolio Companies - 136.44%\***<sup>(4)(5)</sup> | **Total Investments in Portfolio Companies - 136.44%\***<sup>(4)(5)</sup> |  |  | $**372310** | $**359897** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Equivalents**<br>**Money Market Fund** |<br>**Type of Investment** |<br>**Ticker** |<br>**Cost** |<br>**Fair Value** |
| Federated Government Obligations Fund | Cash Equivalents | PRM | $40829 | $40829 |
| **Total Cash Equivalents - 15.48%\*** |  |  | $40829 | $40829 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Forward Contracts** | **Foreign Currency Forward Contracts** | | | | | |
| **Foreign Currency** | **Settlement Date** |<br>**Counterparty** |<br>**Amount** |<br>**Transaction** |<br>**US $ Value at Settlement Date** |<br>**Unrealized Gain** |
| British Pound Sterling (GBP) | 1/27/2025 | Zions Bancorporation, N.A. | £6000 | Sold | $3260 | $273 |
| Euro (EUR) | 1/27/2025 | Zions Bancorporation, N.A. | 3000 | Sold | $7779 | $150 |
| **Total Foreign Currency Forward Contracts - 0.16%\*** | **Total Foreign Currency Forward Contracts - 0.16%\*** | **Total Foreign Currency Forward Contracts - 0.16%\*** |  |  | $11039 | $423 |

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(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.

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(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.

\*&nbsp;&nbsp;&nbsp;&nbsp;Value as a percentage of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For each debt investment tied to the Prime rate ("Prime"), as of June 30, 2025 and December 31, 2024, Prime was 7.50%. As of June 30, 2025, approximately 80.4%, or $250.1 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%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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**TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**June 30, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies, evaluates and negotiates the structure of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executes, closes, services and monitors investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performs due diligence on prospective investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**Base Management and Incentive Fees (in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Base management fee | $1548 | $1548 | $3078 | $3095 |
| Income incentive fee | $— | $— | $— | $— |
| Capital gains incentive fee | $— | $— | $— | $— |

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***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 June 30, 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.

For the six months ended June 30, 2025 and 2024, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $1.1 million and $1.2 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 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.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type<br>(in thousands)** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investment Type<br>(in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt investments | $— | $— | $289080 | $289080 | $— | $— | $318838 | $318838 |
| Warrant investments |  |  | 25789 | 25789 |  |  | 24111 | 24111 |
| Equity investments |  |  | 20368 | 20368 |  |  | 16948 | 16948 |
| Total portfolio company investments | $— | $— | $335237 | $335237 | $— | $— | $359897 | $359897 |
| Derivative instruments<sup>(1)</sup> |  | (327) |  | (327) |  | 423 |  | 423 |
| Total investments, including derivative instruments | $— | $(327) | $335237 | $334910 | $— | $423 | $359897 | $360320 |

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(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 six months ended June 30, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Level 3<br>Investment Activity (in thousands)** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
| **Level 3<br>Investment Activity (in thousands)** | **Debt Investments** | **Warrant Investments** | **Equity Investments** | **Total Portfolio Company Investments** |
| Fair value as of December 31, 2024 | $318838 | $24111 | $16948 | $359897 |
| Funding and purchases of investments, at cost | 39132 | 1169 | 1544 | 41845 |
| Principal payments and sale proceeds received from investments | (54720) | (1438) | (152) | (56310) |
| Amortization and accretion of premiums and discounts, net and end-of term payments | 3809 |  |  | 3809 |
| Realized gains (losses) on investments | (16145) | 237 | (353) | (16261) |
| Net change in unrealized gains (losses) included in earnings | (4889) | 2344 | 1747 | (798) |
| Payment-in-kind coupon | 3055 |  |  | 3055 |
| Transfers between investments |  | (634) | 634 |  |
| Gross transfers out of Level 3<sup>(1)</sup> |  |  |  |  |
| **Fair value as of June 30, 2025** | $289080 | $25789 | $20368 | $335237 |
| Net change in unrealized gains / (losses) on Level 3 investments held as of June 30, 2025 | $(10480) | $906 | $1420 | $(8154) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Level 3<br>Investment Activity (in thousands)** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** | **For the Six Months Ended June 30, 2024** |
| **Level 3<br>Investment Activity (in thousands)** | **Debt Investments** | **Warrant Investments** | **Equity Investments** | **Total Portfolio Company Investments** |
| Fair value as of December 31, 2023 | $375025 | $16915 | $8255 | $400195 |
| Funding and purchases of investments, at cost | 59341 | 1958 | 1943 | 63242 |
| Principal payments and sale proceeds received from investments | (74996) | (6) |  | (75002) |
| Amortization and accretion of premiums and discounts, net and end-of term payments | 3002 |  |  | 3002 |
| Realized losses on investments | (6443) | (368) |  | (6811) |
| Net change in unrealized gains (losses) included in earnings | (4157) | (95) | (7) | (4259) |
| Payment-in-kind coupon | 1839 |  |  | 1839 |
| Transfers between investments | (611) | (26) | 637 |  |
| Gross transfers out of Level 3<sup>(1)</sup> |  |  |  |  |
| **Fair value as of June 30, 2024** | $353000 | $18378 | $10828 | $382206 |
| Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2024 | $(5670) | $118 | $(7) | $(5559) |

---

_______________

(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 six months ended June 30, 2025 or the six months ended June 30, 2024.

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

For the three months ended June 30, 2025 and 2024, the Company recognized net realized losses of $13.2 million and $3.3 million, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized net realized losses of $16.4 million and $7.0 million, respectively.

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

During the three months ended June 30, 2025 and 2024, net change in unrealized gains totaled $9.5 million and net change in unrealized losses totaled $1.7 million, respectively. During the six months ended June 30, 2025 and 2024, net change in unrealized gains/(losses) totaled $(1.5) million and $(3.9) million, respectively.

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of June 30, 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<br>(dollars in thousands)** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Level 3 Investments<br>(dollars in thousands)** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range** | **Weighted Average** |
| Debt investments | $271159 | Discounted Cash Flows | Discount Rate | 10.35% - 43.48% | 17.95% |
|  | 17921 | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | 10.00% - 100.00% | 87.41% |
| Warrant investments | 25789 | Black Scholes Option Pricing Model | Revenue Multiples | 0.40x - 56.90x | 4.99x |
|  |  |  | Volatility | 35.00% - 90.00% | 64.97% |
|  |  |  | Term | 0.50 - 5.00 Years | 3.43 Years |
|  |  |  | Risk Free Rate | 0.17% - 4.87% | 3.47% |
| Equity investments | 20368 | Black Scholes Option Pricing Model | Volatility | 40.00% - 90.00% | 57.39% |
|  |  |  | Term | 1.75 - 4.00 Years | 3.07 Years |
|  |  |  | Risk Free Rate | 0.46% - 4.86% | 3.36% |
|  |  |  | Revenue Multiples | 0.70x - 11.0x | 2.26x |
| **Total portfolio company investments** | $335237 |  |  |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Investments<br>(dollars in thousands)** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Level 3 Investments<br>(dollars in thousands)** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range** | **Weighted Average** |
| Debt investments | $311488 | Discounted Cash Flows | Discount Rate | 10.12% - 37.73% | 18.04% |
|  | 7350 | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | 25.00% - 100.00% | 78.37% |
| Warrant investments | 24111 | 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 | 16948 | 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** | $359897 |  |  |  |  |

---

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 June 30, 2025 and December 31, 2024, as shown in the Consolidated Schedule of Investments, are representative of the average volume throughout the six months ended June 30, 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 June 30, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair Value as of** | **Fair Value as of** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **June 30, 2025** | **December 31, 2024** |
| Foreign currency forward contracts | Other accrued expenses and liabilities | $(327) | $— |
| Foreign currency forward contracts | Prepaid expenses and other assets |  | 423 |
| **Total** |  | $(327) | $423 |

---

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during six months ended June 30, 2025 and 2024 are in the following locations in the Consolidated Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **2025** | **2024** | **2025** | **2024** |
| Foreign currency forward contracts | Net realized gains/(losses) on investments | $(732) | $113 | $(255) | $(216) |
| Foreign currency forward contracts | Net change in unrealized gains/(losses) on investments | 22 | (103) | (750) | 366 |
| **Total** |  | $(710) | $10 | $(1005) | $150 |

---

*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 June 30, 2025 and December 31, 2024:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|<br>**Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| Zions Bancorporation, N.A. | $— | $— | $— | $— | $— |
| **Total** | $— | $— | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| Zions Bancorporation, N.A. | $(327) | $— | $— | $— | $(327) |
| **Total** | $(327) | $— | $— | $— | $(327) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>**Counterparty** | **Derivative Assets Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Received**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Assets**<sup>(2)</sup> |
| 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**<sup>(1)</sup> | **Cash Collateral Received**<sup>(1)</sup> | **Net Amount of Derivative Liabilities**<sup>(3)</sup> |
| 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 June 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability<br>(in thousands)** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Liability<br>(in thousands)** | **Total Commitment** | **Balance Outstanding** | **Unused Commitment** | **Total Commitment** | **Balance Outstanding** | **Unused Commitment** |
| Revolving Credit Facility | $250000 | $23000 | $227000 | $250000 | $88000 | $162000 |
| 2027 Notes | 75000 | 75000 |  | 75000 | 75000 |  |
| **Total** | $325000 | $98000 | $227000 | $325000 | $163000 | $162000 |

---

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 June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**Interest Expense and Amortization of Fees (in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **Revolving Credit Facility** |  |  |  |  |
| Interest cost | $2554 | $2354 | $5075 | $4435 |
| Unused fee | 199 | 203 | 401 | 409 |
| Amortization of costs and other fees | 252 | 245 | 501 | 495 |
| **Revolving Credit Facility Total** | $3005 | $2802 | $5977 | $5339 |
| **2027 Notes** |  |  |  |  |
| Interest cost | $1097 | $1099 | $2198 | $2198 |
| Amortization of costs and other fees | 49 | 46 | 97 | 90 |
| **2027 Notes Total** | $1146 | $1145 | $2295 | $2288 |
| **Total interest expense and amortization of fees** | $4151 | $3947 | $8272 | $7627 |

---

*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 (as amended, 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 June 30, 2025, commitments available totaled $250.0 million from four lenders—DBNY, MUFG, KeyBank National Association ("KeyBank") and Axos Bank ("Axos")—subject to an accordion feature, which allowed 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.

As of June 30, 2025, the revolving period under the Credit Facility was 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. As of June 30, 2025, the scheduled maturity date for the Credit Facility was 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. As of June 30, 2025, advances under the Credit Facility accrued interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50% and were subject to certain minimum principal utilization amounts during the revolving period. As of June 30, 2025, the applicable margin equaled 3.25% during the revolving period, with an increase to 4.25% during the amortization period. Refer to "Note 13 - Subsequent Events" for details on an amendment to the Credit Facility subsequent to quarter-end.

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 June 30, 2025 and December 31, 2024, the Company was in compliance with all covenants under the Credit Facility.

As of June 30, 2025 and December 31, 2024, the Company had outstanding borrowings under the Credit Facility of $23.0 million and $88.0 million, respectively, excluding deferred credit facility costs of $1.5 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 June 30, 2025 and 2024, the Company had average outstanding borrowings under the Credit Facility of $92.9 million and $89.0 million, respectively, at a weighted average interest rate of 7.55% and 8.57%, respectively. During the six months ended June 30, 2025 and 2024, the Company had average outstanding borrowings under the Credit Facility of $90.5 million and $88.3 million, respectively, at a weighted average interest rate of 7.55% and 8.58%, respectively. As of June 30, 2025 and December 31, 2024, $221.3 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.

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 June 30, 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 June 30, 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 June 30, 2025 and December 31, 2024, the fair value of the 2027 Notes was $74.1 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 June 30, 2025 and December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Liability<br>(in thousands)** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Liability<br>(in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Credit Facility | $— | $— | $23000 | $23000 | $— | $— | $88000 | $88000 |
| 2027 Notes |  |  | 74071 | 74071 |  |  | 72277 | 72277 |
| **Total** | $— | $— | $97071 | $97071 | $— | $— | $160277 | $160277 |

---

**Note 7. Commitments and Contingencies**

*Commitments*

As of June 30, 2025 and December 31, 2024, the Company's unfunded commitments totaled $85.7 million to 23 portfolio companies and $67.1 million to 22 portfolio companies, respectively, of which $4.8 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.

------

The following table shows the Company's unfunded commitments by portfolio company as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Unfunded Commitments**<sup>(1)</sup><br>**(in thousands)** | **Unfunded Commitments** | **Fair Value of Unfunded Commitment Liability** | **Unfunded Commitments** | **Fair Value of Unfunded Commitment Liability** |
| Activehours, Inc. | $10000 | $41 | $10000 | $41 |
| Eridu Corporation | 7000 | 110 |  |  |
| Thoughtspot, Inc. | 7000 | 119 |  |  |
| All Inspire Health, Inc. | 7000 | 301 |  |  |
| Eightfold AI, Inc. | 7000 | 18 |  |  |
| Equafin Corp. | 6123 | 29 |  |  |
| Artisan AI, Inc. | 5000 | 46 |  |  |
| Rudderstack, Inc. | 5000 | 41 |  |  |
| Earth Funeral Group, Inc. | 5000 | 112 |  |  |
| Luxury Presence, Inc. | 4500 | 29 | 5500 | 47 |
| Simpplr Inc. | 4375 | 71 |  |  |
| Muon Space, Inc. | 3850 | 81 | 5000 | 78 |
| Minted, Inc. | 3810 |  |  |  |
| Ao1 Holdings, Inc. | 2280 | 35 | 2280 | 34 |
| Hermeus Corporation | 1530 | 17 | 3212 | 36 |
| Regent Craft Inc. | 1500 | 58 |  |  |
| Planet A Foods GmbH | 1354 | 23 | 1198 | 24 |
| Hover Inc. | 1000 | 14 | 1000 | 14 |
| Worldwide Freight Logistics Ltd. | 878 | 4 | 351 | 4 |
| Hydrow Inc. | 514 |  | 324 |  |
| Workmate Labs, Inc. | 500 | 2 | 500 | 2 |
| Flashparking, Inc. | 250 | 1 | 250 | 1 |
| Panorama Education, Inc. | 190 | 2 | 2140 | 2 |
| Etched.ai, Inc. |  |  | 10000 | 350 |
| Fabfitfun, Inc. |  | 231 |  |  |
| Cresta Intelligence, Inc. |  |  | 5000 | 16 |
| Thoughtful Automation, Inc. |  |  | 4061 | 39 |
| Ocrolus Inc. |  |  | 1714 | 22 |
| Quantum Circuits, Inc. |  |  | 1000 | 10 |
| Mirelo AI GmbH |  |  | 862 | 17 |
| Karat Financial Technologies, Inc. |  |  | 6719 | 84 |
| Haven Energy Inc. |  |  | 2700 | 67 |
| Join Digital, Inc. |  |  | 2100 | 41 |
| Overtime Sports, Inc. |  |  | 1143 | 8 |
| Ephemeral Solutions, Inc. |  | 1 |  | 1 |
| Encore Music Technologies, Inc. |  | 2 |  | 2 |
| **Total** | $85654 | $1388 | $67054 | $940 |

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_______________

(1)As of June 30, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**Commitments Activity (in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Unfunded commitments at beginning of period<sup>(1)</sup> | $70627 | $50716 | $67054 | $72193 |
| &nbsp;&nbsp;New commitments<sup>(1)</sup> | 56531 | 44302 | 84531 | 68438 |
| &nbsp;&nbsp;&nbsp;Fundings | (22247) | (32996) | (39741) | (61602) |
| &nbsp;&nbsp;&nbsp;Repayments under existing revolvers | 617 |  | 1455 |  |
| &nbsp;&nbsp;&nbsp;Expirations / Terminations | (20061) | (3800) | (27923) | (20803) |
| &nbsp;&nbsp;&nbsp;Foreign currency adjustments | 187 | 1 | 278 | (3) |
| Unfunded commitments and backlog of potential future commitments at end of period | $85654 | $58223 | $85654 | $58223 |
| Backlog of potential future commitments |  |  |  |  |
| **Unfunded commitments at end of period** | $85654 | $58223 | $85654 | $58223 |

---

_______________

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

The following table shows additional information on the Company's unfunded commitments regarding milestones and expirations as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Unfunded Commitments**<sup>(1)</sup><br>**(in thousands)** | **June 30, 2025** | **December 31, 2024** |
| Dependent on milestones | $4800 | $— |
| Expiring during: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 23515 | 55989 |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | 51330 | 11065 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 10809 |  |
| **Unfunded commitments** | $85654 | $67054 |

---

_______________

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

*Backlog of Potential Future Commitments*

The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of June 30, 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 six months ended June 30, 2025 and 2024:

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---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **Financial Highlights<br>(in thousands, except share and per share data)** | **2025** | **2024** |
| **Per Share Data**<sup>(1)</sup> |  |  |
| Net asset value at beginning of period | $11.11 | $12.24 |
| Changes in net asset value due to: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.50 | 0.81 |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) on investments | (0.69) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized losses on investments | (0.06) | (0.16) |
| &nbsp;&nbsp;&nbsp;Distributions to common shareholders | (0.35) | (0.47) |
| Net asset value at end of period | $10.51 | $12.13 |
| Net investment income per common share | 0.50 | $0.81 |
| Net increase (decrease) in net assets resulting from operations per common share | $(0.25) | $0.35 |
| Weighted average shares of common stock outstanding for period | 23689363 | 23689363 |
| Shares of common stock outstanding at end of period | 23689363 | 23689363 |
| **Ratios / Supplemental Data**<sup>(2)</sup> |  |  |
| Net asset value at end of period | $249504 | $287812 |
| Average net asset value | $257872 | $290657 |
| Total return based on net asset value per share<sup>(3)</sup> | (2.3)% | 2.9% |
| Net investment income to average net asset value<sup>(4)</sup> | 9.3% | 13.4% |
| Net increase (decrease) in net assets to average net asset value<sup>(4)</sup> | (4.7)% | 5.8% |
| Ratio of expenses to average net asset value<sup>(4)</sup> | 10.6% | 9.3% |
| Operating expenses excluding incentive fees to average net asset value<sup>(4)</sup> | 10.6% | 9.3% |

---

**_____________**

(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 six months ended June 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **Ratios (Percentages, on an annualized basis)**<sup>(1)</sup> | **2025** | **2024** |
| Weighted average portfolio yield on debt investments<sup>(2)</sup> | 14.7% | 15.6% |
| Coupon income | 10.9% | 11.8% |
| Accretion of discount | 1.2% | 1.0% |
| Accretion of end-of-term payments | 1.6% | 1.7% |
| Impact of prepayments during the period | 1.0% | 1.1% |

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**_____________**

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

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

**Note 9. Net Increase in Net Assets per Share**

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **Basic and Diluted Share Information (in thousands, except share and per share data)** | **2025** | **2024** | **2025** | **2024** |
| Net investment income | $6741 | $9668 | $11948 | $19306 |
| Net increase (decrease) in net assets resulting from operations | $3017 | $4655 | (5955) | 8436 |
| Basic and diluted weighted average shares of common stock outstanding | 23689363 | 23689363 | 23689363 | 23689363 |
| Basic and diluted net investment income per share of common stock | $0.28 | $0.41 | $0.50 | $0.81 |
| Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock | $0.13 | $0.20 | $(0.25) | $0.35 |

---

**Note 10.&nbsp;&nbsp;&nbsp;&nbsp;Equity**

During each of the three and six months ended June 30, 2025 and 2024, the Company did not issue any shares of common stock through the Company's private placement offering.

As of both June 30, 2025 and December 31, 2024, the Company had 23,689,363 shares of common stock outstanding. As of both June 30, 2025 and December 31, 2024, the Company had 525 shares of its Series A Preferred Stock outstanding.

As of June 30, 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 June 30, 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 | <sup>(1)</sup> |
| 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 | <sup>(2)</sup> |
| 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 | <sup>(2)</sup> |
| 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 | <sup>(2)</sup> |
| 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 | <sup>(2)</sup> |
| May 15, 2025 | May 16, 2025 | May 23, 2025 | 0.35 |  |
|  |  | **Total cash distributions** | $7.57 |  |

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**_____________**

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

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

It is the Company's intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company's consolidated statements of operations during the three and six months ended June 30, 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**

*Credit Facility*

On July 2, 2025, the Company and the Financing Subsidiary amended the Receivables Financing Agreement and the Credit Facility by executing the Fourth Amendment to the Receivables Financing Agreement, dated as of July 2, 2025 (the "Amendment"), by and among the Financing Subsidiary, the Company, individually and as collateral manager, DBNY, as the facility agent, and DBNY, MUFG, KeyBank and Axos, as lenders.

------

The Amendment, among other things, (1) extends the scheduled termination of the revolving period under the Credit Facility from July 15, 2025 to July 15, 2027 and extends the scheduled maturity date of the Credit Facility from January 15, 2027 to the earlier of (a) January 15, 2029 or (b) the effective date on which the Credit Facility is otherwise terminated pursuant to its terms; (2) reduces the commitments available under the Credit Facility to $75.0 million, available only from DBNY as the sole lender and 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 $125.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of DBNY; and (3) reduces the applicable margin under the Credit Facility such that advances under the Credit Facility accrue interest at a per annum rate equal to (a) during the revolving period, an applicable margin of 3.05% plus the greater of 3-month Term SOFR and 0.50%, subject to certain minimum principal utilization amounts, and (b) during the amortization period, an applicable margin of 4.05% plus the greater of 3-month Term SOFR and 0.50%.

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. In addition, in connection with the Amendment, the Financing Subsidiary has agreed to pay certain fees to DBNY, as lender and facility agent.

*Distribution*

On July 30, 2025, the Board declared a $0.28 per share distribution to the Company's common stockholders, payable on August 22, 2025 to stockholders of record on August 1, 2025.

------

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact and timing of our unfunded commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expected market for venture capital investments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of investments that we expect to make;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings and investments;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, evaluate financial performance and allocate 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.

------

The following tables show certain information relating to the composition of our portfolio as of June 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | |
|<br>**Investments by Type<br>(dollars in thousands)** | **Cost** | **Fair Value** | **Net Unrealized Gains (Losses)** | **Number of<br>Investments** | **Number of<br>Companies** | |
| Debt investments | $314567 | $289080 | $(25487) | 169 | 72 |  |
| Warrant investments | 14181 | 25789 | 11608 | 207 | 148 |  |
| Equity investments | 19701 | 20368 | 667 | 73 | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments in portfolio companies** | $348449 | $335237 | $(13212) | 449 | 167 | <sup>(1)</sup> |

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**_______________**

(1)Represents non-duplicative number of companies.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | |
|<br>**Investments by Type<br>(dollars in thousands)** | **Cost** | **Fair Value** | **Net Unrealized Gains (Losses)** | **Number of<br>Investments** | **Number of<br>Companies** | |
| Debt investments | $339436 | $318838 | $(20598) | 192 | 75 |  |
| Warrant investments | 14846 | 24111 | 9265 | 204 | 146 |  |
| Equity investments | 18028 | 16948 | (1080) | 69 | 55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments in portfolio companies** | $372310 | $359897 | $(12413) | 465 | 160 | <sup>(1)</sup> |

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**_______________**

(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 June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** |
|<br>**Investments in Portfolio Companies by Industry<br>(dollars in thousands)** | **At Fair Value** | **Percentage of Total Investments** |
| Consumer Products and Services | $61107 | 18.2% |
| E-Commerce - Clothing and Accessories | 27617 | 8.2 |
| Business Applications Software | 24310 | 7.3 |
| Business Products and Services | 21065 | 6.3 |
| Real Estate Services | 20761 | 6.2 |
| E-Commerce - Personal Goods | 20739 | 6.2 |
| Business/Productivity Software | 20584 | 6.1 |
| Healthcare Services | 19123 | 5.7 |
| Healthcare Technology Systems | 14032 | 4.2 |
| Energy | 12952 | 3.9 |
| Information Services (B2C) | 9381 | 2.8 |
| Aerospace and Defense | 9120 | 2.7 |
| Other Financial Services | 7665 | 2.3 |
| Communications and Networking | 7048 | 2.1 |
| Financial Software | 6686 | 2.0 |
| Network Management Software | 5763 | 1.7 |
| Computer Hardware | 5544 | 1.7 |
| Database Software | 5502 | 1.6 |
| Educational Software | 5167 | 1.5 |
| Social/Platform Software | 4487 | 1.3 |
| Multimedia and Design Software | 4163 | 1.2 |
| Environmental Services | 4141 | 1.2 |
| Medical Software and Information Services | 2797 | 0.8 |
| Consumer Non-Durables | 2768 | 0.8 |
| Entertainment Software | 2362 | 0.7 |
| Information Technology | 1939 | 0.6 |
| Commercial Transportation | 1532 | 0.5 |
| Consumer Finance | 1480 | 0.4 |
| Life and Health Insurance | 1310 | 0.4 |
| Human Capital Services | 790 | 0.2 |
| Infrastructure | 777 | 0.2 |
| Business to Business Marketplace | 704 | 0.2 |
| Application Software | 522 | 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** | $335237 | 100.0% |

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**_______________**

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

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| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** |
|<br>**Investments in Portfolio Companies by Industry<br>(dollars in thousands)** | **At Fair Value** | **Percentage of Total Investments** |
| Consumer Products and Services | $75970 | 21.1% |
| E-Commerce - Clothing and Accessories | 28838 | 8.0 |
| Business/Productivity Software | 27182 | 7.6 |
| Business Products and Services | 23846 | 6.6 |
| Real Estate Services | 22148 | 6.2 |
| Healthcare Services | 21941 | 6.1 |
| Business Applications Software | 21051 | 5.8 |
| E-Commerce - Personal Goods | 20038 | 5.6 |
| Healthcare Technology Systems | 14496 | 4.0 |
| Energy | 10347 | 2.9 |
| Information Services (B2C) | 9448 | 2.6 |
| Consumer Non-Durables | 8875 | 2.5 |
| Computer Hardware | 8317 | 2.3 |
| Other Financial Services | 8058 | 2.2 |
| Aerospace and Defense | 7772 | 2.2 |
| Network Management Software | 5727 | 1.6 |
| Social/Platform Software | 5639 | 1.6 |
| Communications and Networking | 4947 | 1.4 |
| Financial Software | 4946 | 1.4 |
| Human Capital Services | 4381 | 1.2 |
| Multimedia and Design Software | 4130 | 1.1 |
| Environmental Services | 4003 | 1.1 |
| Educational Software | 3170 | 0.9 |
| Entertainment Software | 2982 | 0.8 |
| Medical Software and Information Services | 2701 | 0.8 |
| Application Software | 2503 | 0.7 |
| Life and Health Insurance | 1286 | 0.4 |
| Consumer Finance | 1121 | 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** | $359897 | 100.0% |

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**_____________**

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

The following table shows the financing product type of our debt investments as of June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Debt Investments By Financing Product<br>(dollars in thousands)** | **Fair Value** | **Percentage of Total Debt Investments** | **Fair Value** | **Percentage of Total Debt Investments** |
| Growth capital loans | $275707 | 95.4% | $295830 | 92.8% |
| Revolver loans | 12219 | 4.2 | 21987 | 6.9 |
| Convertible notes | 1154 | 0.4 | 1021 | 0.3 |
| **Total debt investments** | $289080 | 100.0% | $318838 | 100.0% |

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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 16.8% and 24.3% of our debt investments at fair value as of June 30, 2025 and December 31, 2024, respectively.

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*Investment Activity*

During the three months ended June 30, 2025, we entered into debt commitments with 6 new portfolio companies and 5 existing portfolio companies totaling $56.5 million, funded debt investments to 13 portfolio companies for $22.2 million in principal value, acquired warrant investments representing $0.8 million of fair value and made direct equity investments of $0.1 million. Debt investments funded during the three months ended June 30, 2025 carried a weighted average annualized portfolio yield of 12.5% at origination.

During the three months ended June 30, 2024, we entered into debt commitments with 3 new and 6 existing portfolio companies totaling $54.3 million, funded debt investments to 15 portfolio companies for $33.0 million in principal value, acquired warrant investments representing $1.5 million of fair value and made direct equity investments of $0.6 million. Debt investments funded during the three months ended June 30, 2024 carried a weighted average annualized portfolio yield of 15.9% at origination.

During the six months ended June 30, 2025, we entered into debt commitments with 10 new portfolio companies and 5 existing portfolio companies totaling $84.5 million, funded debt investments to 18 portfolio companies for $39.7 million in principal value, acquired warrant investments representing $1.2 million of fair value, and made direct equity investments of $0.5 million. Debt investments funded during the six months ended June 30, 2025 carried a weighted average annualized portfolio yield of 12.7% at origination.

During the six months ended June 30, 2024, we entered into debt commitments with 6 new portfolio companies and 8 existing portfolio companies totaling $78.4 million, funded debt investments to 23 portfolio companies for $62.2 million in principal value, acquired warrant investments representing $2.0 million of fair value, and made direct equity investments of $1.9 million. Debt investments funded during the six months ended June 30, 2024 carried a weighted average annualized portfolio yield of 16.1% at origination.

During the three months ended June 30, 2025, we received $26.1 million of principal prepayments and early repayments from 7 portfolio companies and $8.0 million of scheduled principal amortization. During the three months ended June 30, 2024, we received $26.7 million of principal prepayments and early repayments from 5 portfolio companies and $19.3 million of scheduled principal amortization.

During the six months ended June 30, 2025, we received $31.7 million of principal prepayments and early repayments from 9 portfolio companies and $20.0 million of scheduled principal amortization. During the six months ended June 30, 2024, we received $39.9 million of principal prepayments and early repayments from 7 portfolio companies and $26.7 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Beginning portfolio at fair value | $346824 | $402819 | $359897 | $400195 |
| New debt investments, net<sup>(1)</sup> | 21985 | 32306 | 39132 | 59341 |
| Scheduled principal amortization | (7985) | (19301) | (20030) | (26655) |
| Principal prepayments and early repayments | (26062) | (26702) | (31687) | (39898) |
| Accretion of debt investment fees | 2231 | 1851 | 3809 | 3002 |
| Payment-in-kind coupon | 2235 | 907 | 3055 | 1839 |
| New warrant investments | 761 | 1523 | 1169 | 1958 |
| New equity investments | 952 | 550 | 1544 | 1942 |
| Proceeds and dispositions from investments | (2528) | (6675) | (4593) | (8448) |
| Net realized losses | (12665) | (3509) | (16261) | (6811) |
| Net unrealized gains (losses) on investments | 9489 | (1563) | (798) | (4259) |
| **Ending portfolio at fair value** | $335237 | $382206 | $335237 | $382206 |

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**_______________**

(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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**Commitments and Fundings (in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **Debt Commitments** |  |  |  |  |
| New portfolio companies | $31700 | $19022 | $54700 | $33022 |
| Existing portfolio companies | 24831 | 35280 | 29831 | 45416 |
| Total<sup>(1)</sup> | $56531 | $54302 | $84531 | $78438 |
| **Funded Debt Investments** | $22247 | $32996 | $39739 | $62237 |
| **Equity Investments** | $128 | $550 | $528 | $1942 |

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**_______________**

(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 June 30, 2025 and December 31, 2024, we did not have any backlog of potential future commitments.

*Asset Quality*

Consistent with TPC's existing policies, our Adviser maintains a credit watch list which places borrowers into five risk categories based 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.

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| | | |
|:---|:---|:---|
| **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. |

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The following table shows the credit rankings for the portfolio companies that had outstanding debt obligations to us as of June 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Credit Category<br>(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) | $21129 | 7.3% | 6 | $21470 | 6.7% | 4 |
| White (2) | 230097 | 79.6 | 50 | 267419 | 83.9 | 56 |
| Yellow (3) | 22818 | 7.9 | 5 | 11966 | 3.8 | 4 |
| Orange (4) | 15036 | 5.2 | 10 | 16888 | 5.3 | 9 |
| Red (5) |  |  | 1 | 1095 | 0.3 | 2 |
| **Total** | $289080 | 100.0% | 72 | $318838 | 100.0% | 75 |

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As of June 30, 2025 and December 31, 2024, the weighted average credit ranking of our debt investment portfolio was 2.11 and 2.09, respectively. During the three months ended June 30, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: two portfolio companies with an aggregate principal balance of $16.4 million were downgraded from White (2) to Yellow (3).

As of June 30, 2025, we had investments in 10 portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $26.4 million and $13.4 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.

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**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 June 30, 2025, our net increase in net assets resulting from operations was $3.0 million, compared to a net increase of $4.7 million for the three months ended June 30, 2024, which was comprised of $6.7 million and $9.7 million, respectively, of net investment income and $3.7 million and $5.0 million, respectively, of net realized and unrealized losses. On a per common share basis for the three months ended June 30, 2025 and 2024, net investment income was $0.28 and $0.41, respectively, and our net increase in net assets from operations was $0.13 and $0.20, respectively.

For the six months ended June 30, 2025 and 2024, our net decrease in net assets resulting from operations was $6.0 million and our net increase in net assets resulting from operations was $8.4 million, respectively, which was comprised of $11.9 million and $19.3 million, respectively, of net investment income and $17.9 million and $10.9 million, respectively, of net realized and unrealized losses. On a per common share basis for the six months ended June 30, 2025 and 2024, net investment income was $0.50 and $0.81, respectively, and our net increase/(decrease) in net assets from operations was $(0.25) and $0.35, respectively.

*Investment Income*

Total investment and other income for the three months ended June 30, 2025 and 2024 was $13.5 million and $16.4 million, respectively. Total investment and other income for the six months ended June 30, 2025 and 2024 was $25.5 million and $32.8 million, respectively.

The decrease in total investment and other income for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 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 each of the three months ended June 30, 2025 and 2024 were $6.8 million. Total operating expenses for each of the six months ended June 30, 2025 and 2024 were $13.5 million.

Base management fees for each of the three months ended June 30, 2025 and 2024 were $1.5 million. Base management fees for each of the six months ended June 30, 2025 and 2024 were $3.1 million. 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 and six months ended June 30, 2025, as the income incentive fees were reduced by $1.3 million and $1.4 million, respectively, due to the total return requirement under the Advisory Agreement. We also did not incur an income incentive fee for the three and six months ended June 30, 2024, as the income incentive fees were reduced by $1.9 million and $3.8 million, respectively, due to the total return requirement under the Advisory Agreement. We did not incur a capital gains incentive fee during the three and six months ended June 30, 2025 or the three and six months ended June 30, 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 June 30, 2025 and 2024, interest and fees on our borrowings totaled $4.2 million and $3.9 million, respectively. For the six months ended June 30, 2025 and 2024, interest and fees on our borrowings totaled $8.3 million and $7.6 million, respectively. Interest and fees increased during the periods ended June 30, 2025 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 these periods were slightly higher compared to 2024, our advances under the Credit Facility were below the minimum principal utilization threshold during these periods.

For the three months ended June 30, 2025 and 2024, expenses under the Administration Agreement and general and administrative expenses totaled $1.1 million and $1.3 million, respectively. For the six months ended June 30, 2025 and 2024, expenses under the Administration Agreement and general and administrative expenses totaled $2.2 million and $2.7 million, respectively.

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*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 June 30, 2025 and 2024, we recognized net realized losses of $13.2 million and $3.3 million, respectively, primarily due to the write-offs of investments in certain portfolio companies, in addition to foreign currency adjustments. For the six months ended June 30, 2025 and 2024, we recognized net realized losses of $16.4 million and $7.0 million, respectively, primarily due to the write-offs of investments in certain portfolio companies, in addition to foreign currency adjustments.

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

During the three months ended June 30, 2025, net change in unrealized gains totaled $9.5 million, resulting primarily from market rate adjustments, foreign currency adjustments, and the reversal of previously recognized unrealized losses on investments that were written-off during the period. During the three months ended June 30, 2024, net change in unrealized losses totaled $1.7 million, resulting primarily from market rate adjustments and foreign currency adjustments. During the six months ended June 30, 2025 and 2024, net change in unrealized losses totaled $1.5 million and $3.9 million, respectively, resulting primarily from market rate adjustments and foreign currency adjustments, partially offset by the reversal of previously recognized unrealized losses on investments that were written-off during 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 June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**Ratios (Percentages, on an annualized basis)**<sup>(1)</sup> | **2025** | **2024** | **2025** | **2024** |
| Weighted average portfolio yield on debt investments<sup>(2)</sup> | 15.4% | 16.3% | 14.7% | 15.6% |
| Coupon income | 11.0% | 11.7% | 10.9% | 11.8% |
| Accretion of discount | 1.4% | 1.0% | 1.2% | 1.0% |
| Accretion of end-of-term payments | 1.5% | 1.8% | 1.6% | 1.7% |
| Impact of prepayments during the period | 1.5% | 1.8% | 1.0% | 1.1% |

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**_____________**

(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 June 30, 2025 and 2024, our total return based on the change in net asset value was 1.2% and 1.6%, respectively. For the six months ended June 30, 2025 and 2024, our total return based on the change in net asset value was (2.3)% and 2.9%, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|<br>**Returns on Net Asset Value and Total Assets**<sup>(1)</sup> **(dollars in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Net investment income | $6741 | $9668 | $11948 | $19306 |
| Net increase (decrease) in net assets | $3017 | $4655 | $(5955) | $8436 |
| Average net asset value<sup>(2)</sup> | $252232 | $289132 | $257872 | $290657 |
| Average total assets<sup>(2)</sup> | $410147 | $452592 | $420806 | $456364 |
| Net investment income to average net asset value<sup>(3)</sup> | 10.7% | 13.4% | 9.3% | 13.4% |
| Net increase (decrease) in net assets to average net asset value<sup>(3)</sup> | 4.8% | 6.5% | (4.7)% | 5.8% |
| Net investment income to average total assets<sup>(3)</sup> | 6.6% | 8.6% | 5.7% | 8.5% |
| Net increase (decrease) in net assets to average total assets<sup>(3)</sup> | 3.0% | 4.1% | (2.9)% | 3.7% |

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**_______________**

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

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

(3)Percentage is presented on an annualized basis.

**Critical Accounting Policies**

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

Understanding our accounting policies and the extent to which we use management's judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in "Note 2. Significant Accounting Policies" in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 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 June 30, 2025, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 94.7% 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.

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**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 six months ended June 30, 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 $18.0 million and net cash used in financing activities, consisting primarily of net repayments under the Credit Facility and distributions paid, was $73.3 million. As of June 30, 2025, cash and cash equivalents, including restricted cash, was $14.5 million.

During the six months ended June 30, 2024, net cash provided by operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in "Results of Operations" above, was $19.7 million and net cash used in financing activities, consisting primarily of net repayments under the Credit Facility and distributions paid, was $30.2 million. As of June 30, 2024, cash, including restricted cash, was $50.4 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 June 30, 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.

<u>Credit Facility</u>

As of June 30, 2025, we had $250.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. As of June 30, 2025, the Credit Facility also included an accordion feature, which allowed 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. As of June 30, 2025, the revolving period under the Credit Facility was scheduled to expire on July 15, 2025 and the maturity date of the Credit Facility was scheduled for January 15, 2027. As of June 30, 2025, advances under the Credit Facility accrued interest at a per annum rate equal to the applicable margin plus the greater of 3-month Term SOFR and 0.50%, and were subject to certain minimum principal utilization amounts during the revolving period. As of June 30, 2025, the applicable margin was equal to 3.25% during the revolving period, with an increase 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.

Subsequent to quarter-end, we amended the Credit Facility. See "Recent Developments" below for more information.

As of June 30, 2025 and December 31, 2024, we had outstanding borrowings of $23.0 million and $88.0 million, respectively, under the Credit Facility, excluding deferred credit facility costs of $1.5 million and $2.0 million, respectively, which are included as assets in the consolidated statements of assets and liabilities. As of June 30, 2025 and December 31, 2024, we had $227.0 million and $162.0 million, respectively, of remaining capacity on our Credit Facility.

<u>2027 Notes</u>

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.

------

<u>Series A Preferred Stock</u>

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 June 30, 2025, our asset coverage for total borrowings and other senior securities was 353%.

*Unfunded Commitments*

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of June 30, 2025 and December 31, 2024, our unfunded commitments totaled $85.7 million and $67.1 million, respectively, of which $4.8 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 June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Unfunded Commitments**<sup>(1)</sup><br>**(in thousands)** | **June 30, 2025** | **December 31, 2024** |
| Activehours, Inc. | $10000 | $10000 |
| Eridu Corporation | 7000 |  |
| Thoughtspot, Inc. | 7000 |  |
| All Inspire Health, Inc. | 7000 |  |
| Eightfold AI, Inc. | 7000 |  |
| Equafin Corp. | 6123 |  |
| Artisan AI, Inc. | 5000 |  |
| Rudderstack, Inc. | 5000 |  |
| Earth Funeral Group, Inc. | 5000 |  |
| Luxury Presence, Inc. | 4500 | 5500 |
| Simpplr Inc. | 4375 |  |
| Muon Space, Inc. | 3850 | 5000 |
| Minted, Inc. | 3810 |  |
| Ao1 Holdings, Inc. | 2280 | 2280 |
| Hermeus Corporation | 1530 | 3212 |
| Regent Craft Inc. | 1500 |  |
| Planet A Foods GmbH | 1354 | 1198 |
| Hover Inc. | 1000 | 1000 |
| Worldwide Freight Logistics Ltd. | 878 | 351 |
| Hydrow Inc. | 514 | 324 |
| Workmate Labs, Inc. | 500 | 500 |
| Flashparking, Inc. | 250 | 250 |
| Panorama Education, Inc. | 190 | 2140 |
| Etched.ai, Inc. |  | 10000 |
| Cresta Intelligence, Inc. |  | 5000 |
| Thoughtful Automation, Inc. |  | 4061 |
| Ocrolus Inc. |  | 1714 |
| Quantum Circuits, Inc. |  | 1000 |
| Mirelo AI GmbH |  | 862 |
| Karat Financial Technologies, Inc. |  | 6719 |
| Haven Energy Inc. |  | 2700 |
| Join Digital, Inc. |  | 2100 |
| Overtime Sports, Inc. |  | 1143 |
| **Total** | $85654 | $67054 |

---

**_____________**

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

During the six months ended June 30, 2025 and the year ended December 31, 2024, $20.1 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 June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Unfunded Commitments**<sup>(1)</sup><br>**(in thousands)** | **June 30, 2025** | **December 31, 2024** |
| Dependent on milestones | $4800 | $— |
| Expiring during: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 23515 | 55989 |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | 51330 | 11065 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 10809 |  |
| **Total** | $85654 | $67054 |

---

**_______________**

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

------

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

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

*Common Stock Distributions*

We have elected to be treated, and intend to qualify annually, as a RIC under the Code. To maintain RIC tax treatment, we must distribute at least 90% of our net ordinary income and net realized short-term capital gains in excess of our net realized long-term capital losses, if any, to our stockholders. In order to avoid a non-deductible 4% U.S. federal excise tax on certain of our undistributed income, we would need to distribute during each calendar year an amount at least equal to the sum of: (a) 98% of our ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and (c) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For the tax years ended December 31, 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 June 30, 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 | <sup>(1)</sup> |
| 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 | <sup>(2)</sup> |
| 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 | <sup>(2)</sup> |
| 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 | <sup>(2)</sup> |
| May 15, 2025 | May 16, 2025 | May 23, 2025 | 0.35 |  |
|  |  | **Total cash distributions** | $7.57 |  |

---

**_____________**

(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 June 30, 2025, we estimated that we had undistributed taxable earnings from distributable earnings of $11.7 million, or $0.49 per common share.

**Recent Accounting Pronouncements**

None.

**Recent Developments**

*Credit Facility*

On July 2, 2025, we and our Financing Subsidiary entered into the Amendment, which, among other things, (1) extends the scheduled termination of the revolving period under the Credit Facility from July 15, 2025 to July 15, 2027 and extends the scheduled maturity date of the Credit Facility from January 15, 2027 to the earlier of (a) January 15, 2029 or (b) the effective date on which the Credit Facility is otherwise terminated pursuant to its terms; (2) reduces the commitments available under the Credit Facility to $75,000,000, available only from DBNY as the sole lender and 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 $125.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of DBNY; and (3) reduces the applicable margin under the Credit Facility such that advances under the Credit Facility accrue interest at a per annum rate equal to (a) during the revolving period, an applicable margin of 3.05% plus the greater of 3-month Term SOFR and 0.50%, subject to certain minimum principal utilization amounts, and (b) during the amortization period, an applicable margin of 4.05% plus the greater of 3-month Term SOFR and 0.50%.

The Credit Facility includes customary representations and warranties and requires us and the Financing Subsidiary to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. In addition, in connection with the Amendment, the Financing Subsidiary has agreed to pay certain fees to DBNY, as lender and facility agent.

*Distribution*

On July 30, 2025, our Board declared a $0.28 per share distribution to our common stockholders, payable on August 22, 2025 to stockholders of record on August 1, 2025.

------

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025, a majority of the debt investments (approximately 80.4%, or $250.1 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 June 30, 2025, our floating rate borrowings totaled $23.0 million, which represented 23.5% of our outstanding debt as of June 30, 2025. As of June 30, 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 June 30, 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 June 30, 2025. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of June 30, 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 June 30, 2025 consolidated statement of assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates<br>(in thousands)** | **Increase (decrease) in interest income** | **(Increase) decrease in interest expense** | **Net increase (decrease) in net investment income** |
| Up 300 basis points | $6141 | $(1125) | $5016 |
| Up 200 basis points | $3881 | $(750) | $3131 |
| Up 100 basis points | $1621 | $(375) | $1246 |
| Up 50 basis points | $701 | $(188) | $513 |
| Down 50 basis points | $(442) | $188 | $(254) |
| Down 100 basis points | $(739) | $375 | $(364) |
| Down 200 basis points | $(1121) | $750 | $(371) |
| Down 300 basis points | $(1373) | $1125 | $(248) |

---

This analysis is indicative of the potential impact on our investment income as of June 30, 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 June 30, 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 June 30, 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 six months ended June 30, 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.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective. It should be noted that any system of controls, however well-designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

**Changes in Internal Control Over Financial Reporting**

Management has not identified any change in the Company's internal control over financial reporting that occurred during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

------

**PART II - OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 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.&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities**

None.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

**Custody Arrangements**

On August 11, 2025, the Company entered into a document custody agreement (the "Document Custody Agreement") with Computershare Trust Company, N.A. ("Computershare"), pursuant to which Computershare will serve as the document custodian and provide custody services with respect to loan files and documents held by the Company. Either party may terminate the Document Custody Agreement at any time upon 60 days' prior written notice.

On August 11, 2025, the Company entered into a custodial agreement (the "Securities Custody Agreement") with Computershare pursuant to which Computershare will serve as the securities and cash custodian and provide custody services with respect to such assets held by the Company. Either party may terminate the Securities Custody Agreement at any time upon 60 days' prior written notice.

The above summaries of the Document Custody Agreement and the Securities Custody Agreement are not complete and are qualified in their entirety by the full text of the Document Custody Agreement and the Securities Custody Agreement, copies of which are filed with this Quarterly Report on Form 10-Q as Exhibits 10.2 and 10.3, respectively, and incorporated herein by reference.

**Rule 10b5-1 Trading Plans**

During the fiscal quarter ended June 30, 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.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

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

------

---

| | |
|:---|:---|
| 3.1 | <u>[Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/1792509/000110465920066446/tm2021057d1_ex3-1.htm)</u><sup>(1)</sup> |
| 3.2 | <u>[Articles Supplementary](https://www.sec.gov/Archives/edgar/data/1792509/000110465920066446/tm2021057d1_ex3-2.htm)</u><sup>(2)</sup> |
| 3.3 | <u>[Bylaws](https://www.sec.gov/Archives/edgar/data/1792509/000110465920066446/tm2021057d1_ex3-3.htm)</u><sup>(3)</sup> |
| 10.1 | <u>[Fourth Amendment to Receivables Financing Agreement, dated as of July 2, 2025](https://www.sec.gov/Archives/edgar/data/1792509/000121390025062256/ea024817801ex10-1_triple.htm)</u><sup>(4)</sup> |
| 10.2 | <u>[Custody Agreement, dated as of August 11, 2025, by and between TriplePoint Private Venture Credit Inc. and Computershare Trust Company, N.A.](tpvcex102-063025.htm)</u><sup>(\*)</sup> |
| 10.3 | <u>[Custodial Agreement, dated as of August 11, 2025, by and between TriplePoint Private Venture Credit Inc. and Computershare Trust Company, N.A.](tpvcex103-063025.htm)</u><sup>(\*)</sup> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934](tpvcex311-063025.htm)</u><sup>(\*)</sup> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934](tpvcex312-063025.htm)</u><sup>(\*)</sup> |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act](tpvcex321-063025.htm)</u><sup>(\*\*)</sup> |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act](tpvcex322-063025.htm)</u><sup>(\*\*)</sup> |
| 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 |
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(1)Incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 814-01327) filed on May 27, 2020.

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

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

(4)Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01327) filed on July 9, 2025.

(\*)Filed herewith.

(\*\*) Furnished herewith.

^&nbsp;&nbsp;&nbsp;&nbsp;Schedules and/or exhibits to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted schedules to the SEC upon its request.

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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.

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| | | |
|:---|:---|:---|
| | | **TriplePoint Private Venture Credit Inc.** |
| Date: August 12, 2025 | By: | /s/ James P. Labe |
|  |  | James P. Labe |
|  |  | Chief Executive Officer and Chairman of the Board of Directors |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: August 12, 2025 | By: | /s/ Mike L. Wilhelms |
|  |  | Mike L. Wilhelms |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.2

**Exhibit 10.2**

_____________________

Custody Agreement

_____________________

dated as of August 11, 2025

by and between

TRIPLEPOINT PRIVATE VENTURE CREDIT INC.,

as Company

and

COMPUTERSHARE TRUST COMPANY, N.A.

as Document Custodian

------

**Table of Contents**

Page

Section 1. Definitions............................................................................... 1

Section 1.1. Defined Terms..................................................................... 1

Section 1.2. Construction......................................................................…3

Section 1.3. Headings...........................................................................…3

Section 2. Appointment of Document Custodian..............................… 3

Section 2.1. Appointment and Acceptance.............................................. 3

Section 2.2. Instructions.......................................................................... 4

Section 3. Reserved................................................................................… 4

Section 4. Duties of Document Custodian............................................ 4

Section 5. Reporting................................................................................. 5

Section 6 Certain General Terms......................................................… 5

Section 6.1. No Duty to Examine Documents......................................... 5

Section 6.2. Resolution of Discrepancies.............................................…5

Section 6.3. Improper Instructions...........................................................5

Section 6.4. Proper Instructions...............................................................5

Section 6.5. Evidence of Authority.......................................................... 6

Section 6.6. Receipt of Communications.................................................6

Section 6.7. Actions on the Loans........................................................... 6

Section 7. Compensation of Document Custodian.............................. &nbsp;&nbsp;&nbsp;&nbsp; 7

Section 7.1. Fees.................................................................................…7

Section 7.2. Expenses............................................................................ 7

Section 8. Responsibility of Document Custodian.............................. &nbsp;&nbsp;&nbsp;&nbsp; 7

Section 8.1. General Duties................................................................… 7

Section 8.2. Instructions.......................................................................…7

Section 8.3. General Standards of Care..............................................… 7

Section 8.4. Indemnification.................................................................. 11

Section 8.5. Force Majeure.................................................................… 11

Section 9. Reserved................................................................................. 11

Section 10. Effective Period and Termination..................................... &nbsp;&nbsp;&nbsp;&nbsp; 11

Section 10.1. Effective Date.................................................................… 11

Section 10.2. Termination........................................................................ 12

Section 10.3. Resignation........................................................................ 12

Section 10.4. Successor.......................................................................... 12

Section 10.5. Payment of Fees, etc..........................................................12

Section 11. Representations and Warranties...................................... 12

Section 11.1. Representations of the Company....................................…12

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Section 11.2. Representations of the Document Custodian.....................13

Section 12. Parties in Interest; No Third Party Benefit.................... 13

Section 13. Notices.................................................................................... 13

Section 14. Choice of Law, Jurisdiction and Waiver of Jury Trial.. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14

Section 15. Entire Agreement; Counterparts...................................... 14

Section 15.1. Complete Agreement......................................................…14

Section 15.2. Counterparts.......................................................................14

Section 15.4. Facsimile Signatures.......................................................…15

Section 16. Amendment; Waiver............................................................. 15

Section 16.1. Amendment........................................................................ 15

Section 16.2. Waiver................................................................................ 15

Section 17. Successor and Assigns......................................................... 15

Section 17.1. Successors Bound.......................................................… 15

Section 17.2. Merger and Consolidation............................................... 15

Section 18. Severability.......................................................................... 16

Section 19. Request for Instructions.................................................... &nbsp;&nbsp;&nbsp;&nbsp; 16

Section 20. Other Business...................................................................... 16

Section 21. Reproduction of Documents............................................... 16

Section 22. Rule 17g-10............................................................................ 16

Section 23. AML Law................................................................................ 17

Section 24. Records.................................................................................. 17

Schedule A – List of Authorized Persons

Exhibit A – Form of Request for Release

------

This Custody Agreement (this *"Agreement"*) is dated as of August 11, 2025 and is by and between TriplePoint Private Venture Credit Inc., a Maryland corporation, as Company (along with any successor or permitted assign, the *"Company"*), and Computershare Trust Company, N.A. (*"Computershare"*), a national banking association, acting through its Document Custody division, as Document Custodian (in such capacity, along with any successor or permitted assign acting as Document Custodian hereunder, the *"Document Custodian"*).

**Recitals**

Whereas, the Company desires to retain Computershare Trust Company, N.A. to act as Document Custodian for the Company;

Whereas, the Company desires that certain of the Company's Loan Files (as defined below) be held by the Document Custodian pursuant to this Agreement; and

Now Therefore, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

Section 1. Definitions.

*Section 1.1. Defined Terms.* In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in this Agreement:

*"Agreement"* means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

*Asset List"* means, in the case of each Loan File held by the Document Custodian for the benefit of the Company, a computer-readable transmission containing information sufficient to identify the asset (and such other data as may be mutually agreed upon in writing by the Company and the Document Custodian), which shall be delivered by the Company to the Document Custodian pursuant to this Agreement.

*"Authorized Person"* has the meaning set forth in Section 6.4.

*"Business Day"* means a day on which the Document Custodian is open for business.

*"Company"* means TriplePoint Private Venture Credit Inc., its successors or permitted assigns.

*"Corporate Trust Office"* shall mean, with respect to the Document Custodian, the corporate trust office thereof at which at any particular time its corporate trust business with respect to this Agreement is conducted, which office at the date of the execution of this Agreement is located at Computershare Trust Company, N.A., 1505 Energy Park Drive, St. Paul, MN 55108, Attention: Corporate Trust Services – Asset-Backed Administration, or at such other address as such party may designate from time to time by notice to the other parties to this Agreement.

*"Document Custodian"* has the meaning set forth in the first paragraph of this Agreement.

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*"Loan"* shall mean any obligation (or participation interest therein) for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement or other similar credit agreement.

*"Loan Checklist"* means a list delivered to the Document Custodian in connection with delivery of each Loan to the Document Custodian by the Company that identifies the items contained in the related Loan File.

*"Loan File"* means, with respect to each Loan delivered to the Document Custodian, each of the Required Loan Documents identified on the related Loan Checklist.

*"Person"* means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

*"Proper Instructions"* means instructions received by the Document Custodian in form acceptable to it, from the Company, or any Person duly authorized by the Company in any of the following forms acceptable to the Document Custodian:

(a) in writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier);

(b) by electronic mail from an Authorized Person; or

(c) such other means as may be agreed upon from time to time by the Document Custodian and the party giving such instructions.

*"Request for Release"* means a request for release of any Loan File, which request shall be either (i) delivered to the Document Custodian substantially in the form of Exhibit A hereto or (ii) as otherwise agreed to between the Document Custodian and the Company.

*"Required Loan Documents"* means, for each Loan, to the extent set forth on the related Loan Checklist delivered to the Document Custodian in connection therewith, copies (except as otherwise indicated) of the following instruments: assignment agreements, participation agreements, and any related instruments, security, credit agreement, assignment agreement and/or other agreements or documents, including any agreements and/or other documents establishing or indicating ownership of Loans and related instruments. With respect to each Loan File, the Company will provide a Loan Checklist to the Document Custodian of the applicable Loan Files, upon which the Document Custodian shall be able to conclusively rely as the list of documents required to be included in the related Loan File.

*"Responsible Officer"* shall mean any President, Vice President, Assistant Vice President, Assistant Secretary, Assistant Treasurer or Corporate Trust Officer, or any other officer in the Corporate Trust Office customarily performing functions similar to those performed by any of the above designated officers, in each case having direct responsibility for the administration of this Agreement.

*"UCC"* means the Uniform Commercial Code as in effect in the State of New York.

*"Agreement"* means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

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*Section 1.2. Construction.* In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as the same may be amended, modified or otherwise rewritten from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a Person includes a reference to the Person's executors, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to the term "including" means "including, without limitation."

*Section 1.3. Headings.* Headings are inserted for convenience and do not affect the interpretation of this Agreement.

Section 2. Appointment of Document Custodian.

*Section 2.1. Appointment and Acceptance.* The Company hereby appoints the Document Custodian as custodian to hold the Loan Files and Required Loan Documents owned by the Company and delivered to the Document Custodian from time to time during the period of this Agreement on the terms and conditions set forth in this Agreement, and the Document Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it and subject to and in accordance with the provisions hereof. The Document Custodian's services hereunder shall be conducted through the Document Custody division of Computershare (including, as applicable, any agents or Affiliates utilized thereby).

*Section 2.2. Instructions.* The Company agrees that it shall from time to time provide, or cause to be provided, to the Document Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Document Custodian, as may reasonably be necessary to enable the Document Custodian to perform its duties hereunder.

Section 3. Reserved.

Section 4. Duties of Document Custodian.

(a) With respect to Loans, Required Loan Documents shall be delivered to the Document Custodian in its role as, and at the address identified in Section 13(b) for, the Document

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Custodian. All Required Loan Documents shall be held in safekeeping by the Document Custodian, individually segregated on its inventory system from the files of any other Person other than those relating to the Company and its wholly owned subsidiaries. The Document Custodian shall be under no responsibility or duty with respect to the disposition of any Required Loan Documents while such Required Loan Documents are not in its possession in accordance with the terms of this Agreement. The Document Custodian shall be entitled to retain copies of any Required Loan Documents for so long as required by its internal document retention policy.

(b) Contemporaneously with the acquisition of any Loan or Loans, the Company shall deliver, or cause to be delivered, to the Document Custodian an Asset List with a Loan File containing any appropriate Required Loan Documents evidencing such Loan and the related Loan Checklist, and any further information in respect of such Loan as the Document Custodian may reasonably require in order to enable the Document Custodian to perform its duties hereunder in respect of such Loan, on which the Document Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Document Custodian reasonably may require.

(c) The Document Custodian shall release and ship for delivery, or direct its agents or sub-custodian to release and ship for delivery, as the case may be, Required Loan Documents of the Company held by the Document Custodian, its agents or its sub-custodian from time to time upon receipt of a Request for Release (which shall, among other things, specify the Required Loan Documents to be released, with such delivery and other information as may be necessary to enable the Document Custodian to perform (including the delivery method), substantially in the form attached hereto ad Exhibit A (or as otherwise agreed between the Document Custodian and the Company). Any request for release by the Company shall be in the form of the Request for Release. The Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests for Release submitted. The Company shall maintain such insurance against loss or damage relating to the delivery of Required Loan Documents as the Company deems appropriate. It is expressly agreed that in no event shall the Document Custodian have any liability for any losses or damages to any Person arising out of actions of the Document Custodian in accordance with Requests for Release, except for any losses or damages caused directly by the willful misconduct or gross negligence of the Document Custodian (in each case as determined by a final, non-appealable order from a court of competent jurisdiction).

(d) For the avoidance of doubt, the Document Custodian shall only be required to hold those Required Loan Documents received by it in accordance with this Agreement, and shall have no obligation to review, monitor or verify (i) any information with respect to any document contained in any purported Required Loan Documents, (ii) the contents of any such document, or (iii) any other criteria with respect to such Required Loan Documents or the documents therein.

Section 5. Reporting.

On the first Business Day of each week, the Document Custodian shall deliver to the Company an on-hand and exception report relating to the Loan Files being held by it hereunder.

Section 6 Certain General Terms.

*Section 6.1. No Duty to Examine Documents.* Nothing herein shall obligate the Document Custodian to review or examine the terms of any underlying instrument, certificate,

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credit agreement, indenture, loan agreement, promissory note, or other document held by the Document Custodian, or to monitor the status of any lien or performance of any collateral, or otherwise.

The Document Custodian shall have no liability for or obligation with respect to, and have not made any determination, representation or warranty as to (i) the validity, sufficiency, marketability, enforceability, marketability, genuineness, value, contents or enforceability of, or the creation, maintenance, enforceability, existence, validity, adequacy, priority or perfection of any collateral or any lien upon, or security interest in, any Required Loan Documents or any agreement, instrument or other document contained therein; or (ii) whether any Required Loan Documents or any agreements, instruments or other documents contained therein are originals; have been properly completed or signed; are appropriate for the represented purpose; have been recorded or filed (or recorded or filed in the appropriate jurisdiction or office), or are other than what they purport on their face to be.

*Section 6.2. Resolution of Discrepancies.* In the event of any discrepancy between the information set forth in any report provided by the Document Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the Document Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

*Section 6.3. Improper Instructions.* Notwithstanding anything herein to the contrary, the Document Custodian shall not be obligated to take any action (or forebear from taking any action), if the Document Custodian shall have reasonably determined (at its sole option), or shall have been advised by outside counsel, that action or forbearance is likely to result in liability on the part of the Document Custodian or is contrary to the terms of this Agreement or applicable law. In no instance shall the Document Custodian be obligated to provide services on any day that is not a Business Day.

*Section 6.4. Proper Instructions.* (a) The Company will give a notice to the Document Custodian, in form acceptable to the Document Custodian, specifying the names and specimen signatures of persons authorized to give Proper Instructions (collectively, *"Authorized Persons"* and each is an *"Authorized Person"*) which notice shall be signed by an Authorized Person previously certified to the Document Custodian. The Document Custodian shall be entitled to rely upon the identity and authority of such persons until it receives written notice from an Authorized Person of the Company to the contrary. The initial Authorized Persons are set forth on Schedule A attached hereto and made a part hereof (as such Schedule A may be modified from time to time by written notice from the Company to the Document Custodian). If such person elects to give the Document Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Document Custodian elects to act upon such instructions, the Document Custodian's understanding of such instructions shall be deemed controlling. The Document Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Document Custodian's reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the

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Document Custodian, including without limitation the risk of the Document Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Document Custodian shall have no obligation to act in accordance with purported instructions to the extent that they conflict with applicable law or regulations, local market practice or the Document Custodian's operating policies and practices. The Document Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.

*Section 6.5. Evidence of Authority.* The Document Custodian shall be protected in acting upon any instructions, notice, request, consent, opinion, certificate instrument or paper reasonably believed by either or them to be genuine and to have been properly executed or otherwise given by or on behalf of the Company by an Authorized Person. The Document Custodian may receive and accept a certificate signed by any Authorized Person as conclusive evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority of any person to act in accordance with such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any determination or of any action by the Company as described in such certificate, and such certificate may be considered as in full force and effect until receipt by the Document Custodian of written notice to the contrary from an Authorized Person of the Company.

and such certificate may be considered as in full force and effect until receipt by the Document Custodian of written notice to the contrary from an Authorized Person of the Company.

*Section 6.6. Receipt of Communications.* Any communication received by the Document Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern time (or such other time as is agreed by the Company and the Document Custodian from time to time), on a Business Day will be deemed to have been received on the next Business Day.

*Section 6.7. Actions on the Loans.* The Document Custodian shall have no duty or obligation hereunder with respect to the Loans, including duties or obligations to take any action on behalf of the Company, to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the Company.

Section 7. Compensation of Document Custodian.

*Section 7.1. Fees.* The Document Custodian shall be entitled to compensation for their services in accordance with the terms of that certain fee letter dated April 3, 2025, between the Company and the Document Custodian.

*Section 7.2. Expenses.* The Company agrees to pay or reimburse to the Document Custodian upon its request from time to time all costs, disbursements, advances, losses and expenses (including reasonable fees and expenses of legal counsel and court costs) incurred, and any disbursements made, in connection with the preparation, execution or amendment of

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this Agreement, or in connection with or arising out of the transactions contemplated hereby or the administration of this Agreement or performance by the Document Custodian of its duties and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Document Custodian to collect any amounts owing to it under this Agreement).

Section 8. Responsibility of Document Custodian.

*Section 8.1. General Duties.* The Document Custodian shall have no duties, obligations or responsibilities under this Agreement except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Document Custodian shall be determined solely by the express provisions of this Agreement. No implied duties (including fiduciary duties), obligations, liabilities or responsibilities shall be read into this Agreement against, or on the part of, the Document Custodian.

*Section 8.2. Instructions.* (a) The Document Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions) from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions to it be in writing. The Document Custodian shall have no liability for any action (or forbearance from action) taken pursuant to the Proper Instruction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the Document Custodian is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance with any applicable terms of this Agreement; and whenever any report or other information is required to be produced or distributed by the Document Custodian it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with any applicable terms of this Agreement.

*Section 8.3. General Standards of Care.* The Document Custodian shall not be liable or accountable to any Person (including the Company), under any circumstances except for its own grossly negligent action, grossly negligent failure to act or willful misconduct (in each case as determined by a final, non-appealable order from a court of competent jurisdiction). Notwithstanding any terms herein contained to the contrary, the acceptance by the Document Custodian of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Document Custodian may rely exclusively, without investigation or other action on its part, on and shall be protected in acting or refraining from acting upon any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document furnished to it (including any of the foregoing provided to it by telecopier or electronic means), not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith and reasonably believes to be genuine and signed or presented by the proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Document Custodian shall be entitled to presume the genuineness and due authority of any signature

------

appearing thereon. The Document Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document, or be required to recalculate, certify or verify any information contained therein; *provided, however,* that if the form thereof is specifically prescribed by the terms of this Agreement, the Document Custodian shall examine the same to determine whether it substantially conforms on its face to such requirements hereof.

(b) Neither the Document Custodian, nor any of their directors, officers or employees, shall be liable to anyone for any error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction constitutes gross negligence, willful misconduct or bad faith on its part (as determined by a court of competent jurisdiction). The Document Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.

(c) In no event shall the Document Custodian be liable for any indirect, special, punitive or consequential damages (including lost profits) whether or not it has been advised of the likelihood of such damages.

(d) The Document Custodian may consult with, and obtain advice from, legal counsel with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written or oral opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Document Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section 7.2 above. Before the Document Custodian acts or refrains from acting hereunder, it may require and shall be entitled to receive an officer's certificate and/or an opinion of counsel, the reasonable cost of such services shall be reimbursed pursuant to Section 7.2 above. The Document Custodian shall not be liable for any action it takes or omits to take in good faith in reliance on such officer's certificate or opinion of counsel.

(e) The Document Custodian shall not be deemed to have notice of, or be required to act based on, any fact, claim, demand or other event or information with respect hereto unless actually known by a Responsible Officer working in its Corporate Trust Services group and charged with responsibility for administering this Agreement or unless (and then only to the extent received) in writing by a Responsible Officer of the Document Custodian at the address (which may be the e-mail address or physical address) as set forth in Section 13 and specifically referencing this Agreement. The Document Custodian shall not have any obligation or duty to determine whether any event or fact has occurred. The delivery or availability of reports or other documents to the Document Custodian (including publicly available reports or documents) shall not constitute actual or constructive knowledge or notice of information contained in or determinable from those reports or documents. Knowledge or information acquired by (i) Computershare Trust Company, N.A. in any of its respective capacities hereunder or under any other document related hereto shall not be imputed to Computershare Trust Company, N.A. in any of its other capacities hereunder or thereunder except to the extent their respective duties are performed by Responsible Officers in the same division of Computershare Trust Company, N.A., and vice versa, and (ii) any affiliate or other line of business or other division of

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Computershare Trust Company, N.A. shall not be imputed to Computershare Trust Company, N.A. in any of its respective capacities hereunder.

(f) No provision of this Agreement shall require the Document Custodian to expend or risk its own funds, or to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability. Nothing herein shall obligate the Document Custodian to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby. No provision of this Agreement shall require the Document Custodian to take any action, including at the request, order or direction of the Company, unless the Company has or has offered to the Document Custodian security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred by the Document Custodian therein or thereby.

(g) The discretionary or permissive rights of the Document Custodian to take any action hereunder shall not be construed as duties. In the event that any provision of this Agreement implies or requires that action or forbearance from action be taken by a party but is silent as to which party has the duty to act or refrain from acting, the parties hereto agree that the Document Custodian shall not be the party required to take the action or refrain from acting.

(h) The Document Custodian may act or exercise duties or powers hereunder through agents (including for the avoidance of doubt, sub-custodians) or attorneys, and the Document Custodian, shall not be liable or responsible for the actions or omissions of any such agent or attorney appointed and maintained with due care.

(i) This Section 8.3 and all indemnifications contained in this Agreement in favor of the Document Custodian shall survive the termination or assignment of this Agreement or earlier resignation or removal of the Document Custodian.

(j) The Document Custodian shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement at the request, order or direction of any Person, unless such Person with the requisite authority shall have offered to the Document Custodian security or indemnity satisfactory to the Document Custodian against the costs, expenses and liabilities (including the reasonable and documented fees and expenses of counsel and agents) which may be incurred therein or thereby. The Document Custodian shall not be liable with respect to any action it takes or omits to take in accordance with a direction received by it from any Person with the requisite authority.

(k) The Document Custodian shall not have any liability with respect to, or have any duty to supervise or monitor, the acts, omissions, defaults or misconduct of any other Person, and may assume compliance by each of the other parties hereto with their obligations thereunder unless a Responsible Officer is notified of any such noncompliance in writing.

(l) The Document Custodian shall not be held responsible or liable for or in respect of, and makes no representation or warranty with respect to (A) any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement, continuation statement or amendments to a financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing of any thereof, or (B) the monitoring, creation, maintenance, enforceability, existence, status, validity, priority or perfection of any security interest, lien or collateral or the performance of any collateral.

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(m) The Document Custodian shall not have any liability for or obligation with respect to the correctness or enforceability of the recitals contained in this Agreement or in any related document.

(n) The parties hereto acknowledge and agree that the Document Custodian shall not be bound by any other document, instrument or agreement, even if referred to in this Agreement, unless the Document Custodian has executed such document, instrument or agreement and agreed therein to be bound thereby.

(o) If the Document Custodian is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects this Agreement (including but not limited to, orders of attachment or garnishment or other forms of levies or injunctions or stays related thereto), it is authorized to comply therewith in any manner as it or its legal counsel of its own choosing deems appropriate; and if it complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, it shall not be liable to the Company or any other Person even though such order, judgment, decree or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.

*Section 8.4. Indemnification.* To the fullest extent permitted by law, the Company shall and does hereby indemnify, protect, defend and hold harmless the Document Custodian (in its individual capacity and in its capacity as such), and its officers, directors, shareholders, agents, securities intermediaries and employees (each an "*Indemnified Person*") for and from any and all costs, expenses, losses, damages, claims, demands, suits, actions, proceedings (including any inquiry or investigation), penalties and liabilities (in each case, including reasonable attorney's fees and expenses and court costs) of any kind or nature whatsoever, whether direct, indirect or consequential, that may arise, be brought against or incurred by the Document Custodian, by any person, including without limitation the Company, and any advances or disbursements made by the Document Custodian, as a result of, relating to, arising out of or in connection with this Agreement, or the administration or performance of the duties of the Document Custodian hereunder, or the relationship between the Company, the Document Custodian created hereby, including the enforcement of any indemnification rights hereunder, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Document Custodian's, as applicable, own action or inaction constituting bad faith, gross negligence or willful misconduct on its part, as determined by a court of competent jurisdiction or as otherwise agreed to by the parties.

*Section 8.5. Force Majeure.* The Document Custodian shall not be liable to the Company for any damage or loss resulting from or caused by events or circumstances beyond the reasonable control of the Document Custodian, including nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, disease, epidemic or pandemic, quarantine, shelter-in-place or similar directives, accidents, utility failures, or other similar force

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majeure events or acts; errors by the Company (including any Authorized Person) in its instructions to the Document Custodian; or changes in applicable law, regulation or orders.

Section 9. Reserved.

Section 10. Effective Period and Termination.

*Section 10.1. Effective Date.* This Agreement shall become effective as of the date first set forth above. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by the Document Custodian or the Company pursuant to Section 10.2.

*Section 10.2. Termination.* This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by any party to the other parties not later than sixty (60) days prior to the effective date of termination specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

*Section 10.3. Resignation.* The Document Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written notice thereof to the Company. The Company may at any time remove the Document Custodian under this Agreement by giving not less than sixty (60) days advance written notice to the Document Custodian.

*Section 10.4. Successor.* Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the Document Custodian, the Company shall give Proper Instruction to the Document Custodian designating a successor Document Custodian. Upon receipt of Proper Instruction from the Company, the Document Custodian shall deliver directly to the successor Document Custodian Loan File then owned by the Company and held by the Document Custodian, *provided* that the Company shall have paid to the Document Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. If the Company does not designate a successor Document Custodian by the date of termination, resignation or removal, then the Document Custodian shall deliver all Loan Files to the Company, and upon such delivery, the Document Custodian shall be relieved of all obligations under this Agreement.

*Section 10.5. Payment of Fees, etc.* Upon termination of this Agreement or resignation or removal of the Document Custodian, the Company shall pay to the Document Custodian such compensation, and shall likewise reimburse the Document Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination, resignation or removal. All indemnifications in favor of the Document Custodian under this Agreement shall survive the termination or assignment of this Agreement or any resignation of the Document Custodian.

Section 11. Representations and Warranties.

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*Section 11.1. Representations of the Company.* The Company represents and warrants to the Document Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in giving any instructions which purport to be "Proper Instructions" under this Agreement, the Company will act in accordance with the provisions of its certificate of incorporation and bylaws and any applicable laws and regulations.

*Section 11.2. Representations of the Document Custodian.* The Document Custodian hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a national banking association that has an aggregate capital, surplus, and undivided profits of not less than $500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has the power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(c) it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) it maintains business continuity policies and standards that include data file backup and recovery procedures.

Section 12. Parties in Interest; No Third Party Benefit.

This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to Section 17); <u>provided</u>, <u>however</u>, that each Indemnified Person shall be a third-party beneficiary under this Agreement with the right to enforce its rights hereunder as if a direct party hereto

Section 13. Notices.

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) confirmed telecopier or telex, with a duplicate sent by first class mail, postage prepaid:

(a) if to the Company, to

TriplePoint Private Venture Credit Inc.

2755 Sand Hill Road

Suite 150

Menlo Park, CA 94025

Attn: Mike L. Wilhelms

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mail: mwilhelms@triplepointcapital.com

(b) if to the Document Custodian, to

Computershare Trust Company, N.A.

1031 10th Ave S.E.

Minneapolis, MN 55414

Attn: Corporate Trust Services — Asset-Backed Securities Vault

Email: abs.custody.vault@computershare.com

with a copy to:

Computershare Trust Company, N.A.

1505 Energy Park Drive

St. Paul, MN 55108

Attn: Corporate Trust Services — Asset-Backed Administration Email: andrew.liberkowski@computershare.com

Section 14. Choice of Law, Jurisdiction and Waiver of Jury Trial.

This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions). Any legal action or proceeding with respect to this Agreement may be brought in the courts of the State of New York (New York County) or of the United States for the Southern District of New York, and by execution and delivery of this Agreement, each of the parties hereto consents, for itself and in respect of its property, to the exclusive jurisdiction of those courts. Each of the parties hereto irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of *forum non conveniens,* or any legal process with respect to itself or any of its property, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of this Agreement or any document related hereto. Each of the parties hereto waives personal service of any summons, complaint or other process, which may be made by any other means permitted by New York law.

All parties hereunder hereby knowingly, voluntarily and intentionally waive any rights they may have to a trial by jury in respect of any litigation based hereon, or arising out of, under, or in connection with, this Agreement, or any course of conduct, course of dealing, statements (whether oral or written) or actions of the parties in connection herewith or therewith. All parties acknowledge and agree that they have received full and significant consideration for this provision and that this provision is a material inducement for all parties to enter into this Agreement.

Section 15. Entire Agreement; Counterparts.

*Section 15.1. Complete Agreement.* This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements or understandings, oral or written, between the parties to this Agreement relating to such matters.

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*Section 15.2. Counterparts.* This Agreement may be executed in any number of counterparts and all counterparts taken together shall constitute one and the same instrument.

*Section 15.3. Electronic Signatures.* This Agreement shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the UCC (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings and authentication of certificates when required under the UCC or other Signature Law due to the character or intended character of the writings.

Section 16. Amendment; Waiver.

*Section 16.1. Amendment.* This Agreement may not be amended except by an express written instrument duly executed by the Company and the Document Custodian.

*Section 16.2. Waiver.* In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged.

Section 17. Successor and Assigns.

*Section 17.1. Successors Bound.* The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party; *provided, however,* that the foregoing shall not limit the ability of the Document Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement.

*Section 17.2. Merger and Consolidation.* Any Person into which the Document Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Document Custodian shall be a party, or any Person to which the Document Custodian transfers all or substantially all of its corporate trust business, shall be the successor of the Document Custodian, and shall succeed to all of the rights, powers and duties of the Document Custodian, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

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Section 18. Severability.

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.

Section 19. Request for Instructions.

If, in performing its duties under this Agreement, the Document Custodian is required to decide between alternative courses of action, the Document Custodian may (but shall not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Document Custodian does not receive such instructions within two (2) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking any such courses of action, and it shall have no liability to any Person for any such action or inaction The Document Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

Section 20. Other Business.

Nothing herein shall prevent the Document Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Document Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

Section 21. Reproduction of Documents.

This Agreement and all schedules, exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

Section 22. Rule 17g-10.

The Company did not engage the Document Custodian to perform any of the services in this Agreement for the purpose of making findings with respect to the accuracy of the information or data regarding the Required Loan Documents provided to the Document Custodian hereunder as contemplated by Rule 17g-10 under the Securities Exchange Act of 1934, as amended. Given the purpose and scope of the Document Custodian's services under this Agreement, the parties hereto agree that the Document Custodian's services are not commonly understood in the market to be "due diligence services" for purposes of Rule 17g-10.

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The parties hereto do not consider the Document Custodian's services to be "due diligence services" for purposes of Rule 17g-10. The Purchaser hereby acknowledges that the Document Custodian is relying on this certification for purposes of determining that its services do not constitute "due diligence services" under Rule 17g-10.

Section 23. AML Law.

The parties hereto acknowledge that in accordance with such laws, regulations and executive orders of the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Asset Control (collectively, **"AML Law"**), the Document Custodian is required to obtain, verify, and record information relating to individuals and entities that establish a business relationship or open an account with the Document Custodian. The Company hereby agrees that it shall provide the Document Custodian with such identifying information and documentation as the Document Custodian may request from time to time in order to enable the Document Custodian to comply with all applicable requirements of AML Law.

Section 24. Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall create and maintain records relating to its activities under this Agreement with respect to the Loans held for the Company under this Agreement. All such records shall at all times during the regular business hours of the Document Custodian be made available to the duly authorized officers, employees or agents of the Company or its designees, including but not limited to the Company's certified public accountants, upon reasonable request and at least five Business Days' prior written notice and at the Company's expense; provided, that (i) the Company shall ensure that such Persons shall not interfere with the normal business operations of the Document Custodian and shall comply with the rules of the Document Custodian respecting safety and security; and (ii) the Document Custodian shall not be required to disclose, permit the examination of any records (x) that constitutes trade secrets or proprietary information, (y) in respect of which disclosure is prohibited by law or any binding confidentiality agreement, or (z) that is subject to attorney-client or similar privilege or constitutes attorney work product. The Document Custodian shall maintain such records in a manner that complies with the Document Custodian's internal records retention policy. In addition, at the expense of the Company, the Document Custodian shall provide the Company, or its designees, such information regarding its activities, the Account, and the Loans that the Company may request from time to time, and is reasonably available to the Document Custodian and may be required by the Company. Neither the foregoing, nor any other provision of this Agreement, shall be construed to give rise to a right, expectation, or other entitlement on the part of any Person to inspect, examine, access, or visit any Computershare data center, computer system, or other secure facility.

[Page Intentionally Ends Here. Signatures Appear on Next Page.]

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In Witness Whereof, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date of this Agreement.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC.

By: <u>/s/ Mike L. Wilhelms</u> 

Name: Mike L. Wilhelms

Title: Chief Financial Officer

COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity, but solely as Document Custodian

By: <u>/s/ Anna Churchill</u> 

Name: Anna Churchill

Title: Vice President

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**Schedule A**

**List of Authorized Persons**

Each of the undersigned hereby certifies that the following officers, employees or authorized persons of the Company have been duly authorized to deliver Proper Instructions to the Document Custodian pursuant to the Custody Agreement between the Company and the Document Custodian dated August 11, 2025, and that the email addresses and signatures appearing opposite their names are true and correct:

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| | | |
|:---|:---|:---|
| Name and Title | Email Address | Signature |
| Name and Title | Email Address | Signature |
| Name and Title | Email Address | Signature |
| Name and Title | Email Address | Signature |
| Name and Title | Email Address | Signature |

---

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**Exhibit A Form of Request for Release** 

To: Computershare Trust Company, N.A., as Document Custodian

ABS Custody Vault 1031 10th Ave S.E.

Minneapolis, MN 55414

Attention: Corporate Trust Services — Asset-Backed Securities Vault

abs.custody.vault@computershare.com

Pursuant to Section 4(c) of the Custody Agreement described below, the undersigned requests the Loan Files described below for the reason indicated. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Custody Agreement, dated as of August 11, 2025, among Computershare Trust Company, N.A., as the Document Custodian, and TriplePoint Private Venture Credit Inc., as the Company.

Loan Numbers:

[__]

Reason for Requesting Documents:

____ Receivable Paid in Full

____ Repossession

____ Liquidation

____ Defective Asset

____ Takeout Transaction

____ Other — Explain ________

To the extent such release is due to payment in full or ineligibility, any such documents that may be in electronic form may be deleted from the Document Custodian's system of record rather than released to the Company or its designees.

___________________________________________

TriplePoint Private Venture Credit Inc., as Company

By:___________________________

Name:______________________

Title:______________________

## Exhibit 10.3

**Exhibit 10.3**

**CUSTODIAL AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS CUSTODIAL AGREEMENT (this "<u>Agreement</u>") dated as of August 11, 2025, is entered into between TriplePoint Private Venture Credit Inc. (the "<u>Owner</u>") and COMPUTERSHARE TRUST COMPANY, N.A., as custodian (in such capacity, the "<u>Custodian</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Owner has acquired or will acquire, from time to time, certain securities and cash (the "<u>Assets</u>") and desires to deposit the Assets with the Custodian to hold on the Owner's behalf and to direct the Custodian with respect to the transfer and release thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) The Owner hereby appoints the Custodian as custodian of the Assets pursuant to the terms of this Agreement and the Custodian accepts such appointment. The Custodian hereby agrees to accept the Assets delivered to the Custodian by the Owner pursuant to the terms hereof, and agrees to hold, release and transfer the same in accordance with the provisions of this Agreement. The Custodian's services hereunder shall be conducted through its CCT division (including, as applicable, any agents or Affiliates utilized thereby). There shall be a non-interest bearing securities account established by the Custodian on behalf of the Owner which will be designated the "TriplePoint Private Venture Credit Inc. – Custodial Account" (referred to herein as the "<u>Custody Account</u>") and into which the Assets shall be held and which shall be governed by and subject to this Agreement. In addition, on and after the date hereof, the Custodian may establish any number of subaccounts to the Custody Account deemed necessary or appropriate by the Custodian and Owner in administering the Custody Account (each such subaccount, a "<u>Subaccount</u>" and collectively with the Custody Account, the "<u>Account</u>"). All Assets to be delivered in physical form to the Custodian shall be delivered to the address set forth in Section 12 hereof and all assets to be delivered in book-entry form to the Custodian shall be delivered in accordance with delivery instructions separately provided by the Custodian. The Custodian's records shall be marked so as to identify all Assets credited to the Account as property of the Owner, and all Assets held in the Account shall be segregated from other securities held by the Custodian. The Custodian shall not be responsible for any other assets of the Owner held or received by the Owner or others or any assets not delivered to Custodian as set forth herein and accepted by the Custodian as hereinafter provided. The Custodian shall have no obligation to accept or hold any security or other asset pursuant to the terms of this Agreement to the extent it reasonably determines that such security or asset does not fall within the definition of "Asset" or holding such security or asset would violate any law, rule, regulation or internal policy applicable to the Custodian. For the avoidance of doubt, other than delivery of the physical certificate in the possession of the Custodian to the Owner, the Custodian shall have no obligations in connection with the transfer or re-registration of any physical certificates representing Assets in connection with any transfer thereof and the Owner shall be responsible for all aspects of transferring re-registering such Assets. Assets or proceeds thereof shall be withdrawn from and credited to the Account only upon Proper Instructions pursuant to Section 4 hereof. Custodian shall be entitled to utilize agents and /or sub-custodians to the extent possible in connection with its performance hereunder, including the establishment of the Account, provided that the Custodian shall exercise due care in the selection of any such agents and/or sub-custodians, and at all times the Custodian shall identify on its books and records the Assets belonging to Owner, whether held directly or indirectly through agents or sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) For the avoidance of doubt, the Account (including income, if any, earned on the investments of funds in such account) will be owned by the Owner, for federal income tax purposes. Such Owner is required to provide to the Custodian (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the date hereof, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the

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reasonable request of the Custodian as may be necessary (i) to reduce or eliminate the imposition of U.S. withholding taxes and (ii) to permit Custodian to fulfill its tax reporting obligations under applicable law with respect to the Account or any amounts paid to Owner. If any IRS form or other documentation previously delivered becomes obsolete or inaccurate in any respect, Owner shall timely provide to the Custodian accurately updated and complete versions of such IRS forms or other documentation. Computershare Trust Company, N.A., both in its individual capacity and in its capacity as Custodian, shall have no liability to Owner or any other person in connection with any tax withholding amounts paid or withheld from the Account pursuant to applicable law arising from Owner's failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Account absent the Custodian having first received (i) the requisite Proper Instructions, and (ii) the IRS forms and other documentation required by this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Custodian receives instructions from the Owner to effect a securities transaction as contemplated in 12 CFR 12.1, the Owner acknowledges that upon its written request and at no additional cost, it has the right to receive the notification from the Custodian after the completion of such transaction as contemplated in 12 CFR 12.4(a) or (b). The Owner agrees that, absent specific request, such notifications shall not be provided by the Custodian hereunder, and in lieu of such notifications, the Custodian shall make available periodic account statements in the manner required by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian shall create and maintain records relating to its activities under this Agreement with respect to the Assets held for the Owner under this Agreement. All such records shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Owner or its designees, including but not limited to the Owner's certified public accountants, upon reasonable request and at least five Business Days' prior written notice and at the Owner's expense. The Custodian shall maintain such records in a manner that complies with the Custodian's internal records retention policy. In addition, at the expense of the Owner, the Custodian shall provide the Owner, or its designees, such information regarding its activities, the Account, and the Assets that the Owner may request from time to time, and is reasonably available to the Custodian and may be required by the Owner.

2. The Custodian shall not invest immediately available funds held hereunder in the absence of Proper Instructions and shall not be liable for not investing or reinvesting funds in accordance with this Agreement in the absence of Proper Instructions. In connection with investments of available cash pursuant to Proper Instructions, the Custodian may without liability use a broker-dealer of its own selection, including a broker-dealer owned by or affiliated with the Custodian or any of its affiliates. The Custodian is not responsible for the assets of the Owner which have been placed in accounts with brokers, prime brokers, counterparties, futures commission merchants and other intermediaries. The Custodian or any of its affiliates may receive reasonable compensation with respect to any such investment. It is expressly agreed and understood by the parties hereto that the Custodian shall not in any way whatsoever be liable for losses on any investments, including, but not limited to, losses from market risks due to premature liquidation or resulting from other actions taken pursuant to this Agreement, unless any such loss results from the bad faith, gross negligence or willful misconduct of the Custodian in respect of its duties and obligations hereunder.

3. The Owner shall instruct the Custodian in writing with regard to (a) the exercise of any rights or remedies with respect to the Assets, including, without limitation, waivers and voting rights, and (b) taking any other action in connection with the Assets, including, without limitation, any purchase, sale, conversion, redemption, exchange, retention or other transaction relating to the Assets. In the absence of any instructions provided to the Custodian by the Owner, the Custodian shall have no obligation to take

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any action with respect to the Assets. Notwithstanding anything herein to the contrary, under no circumstances shall the Custodian be obligated to bring legal action or institute proceedings against any person on behalf of the Owner. The Custodian shall not be obligated to settle any trade of Assets unless there are sufficient immediately available funds credited to the Account at the time of such trade settlement, and the Custodian shall not be obligated to settle any trade of Assets in reliance on contractual, expected or predetermined funds that are not immediately available at the time of settlement. The Owner must maintain sufficient funds in the Account in order for the Custodian to facilitate the settlement of any securities transaction in accordance with Proper Instructions. The Custodian shall be entitled to decline any Proper Instruction and shall not be required to settle any transaction that would result in an overdraft of the Account.

4. The Custodian shall hold the Assets in safekeeping and shall release and transfer same only in accordance with Proper Instructions. "Proper Instructions" shall mean written instructions or cabled, telexed, facsimile or electronically transmitted instructions in respect of any of the matters referred to in this Agreement purported to be signed (except in the case of electronically transmitted instructions) by one or more persons duly authorized to sign on behalf of the Owner as set forth in the Authorized Signers List on Exhibit A hereto (each such person (an "<u>Authorized Signer</u>") and, in the case of electronically transmitted instructions, in accordance with such authentication procedures as may be agreed by the Custodian and the Owner from time to time, and in the case of any instructions to credit an Asset to the Accounts or to release any Asset from the Accounts, in accordance with the terms hereof. Any electronically delivered instructions, including by email or facsimile, received from or on behalf of any Authorized Signer, or any email or facsimile received from another individual on behalf of the Owner in which any Authorized Signers are also identified as copied, shall constitute Proper Instructions. Any Authorized Signers List of the Owner first executed and delivered to the Custodian on or about the date of this Agreement shall remain in effect for the duration of this Agreement unless and until a replacement Authorized Signers List of the Owner is delivered to the Custodian by the Owner.

In addition, Proper Instructions may include instructions and directions given by electronic transmission administered by the Society for Worldwide Interbank Financial Telecommunication ("<u>SWIFT Messaging</u>"), as well as certain other electronically transmitted instructions, such as FTP or other online portal. The Owner understands that the Custodian cannot determine the identity of the actual sender of Proper Instructions sent by SWIFT Messaging and such other methods of electronically transmitted instructions, and agrees that the Custodian may conclusively presume that such directions have been sent by an Authorized Signer. The Owner shall assure that only Authorized Signers shall transmit Proper Instructions from the Owner to the Custodian and shall safeguard the use and confidentiality of applicable user and authorization codes, passwords, and/or authentication keys upon receipt by the Owner. The Custodian shall not be liable for any losses, costs, or expenses arising directly or indirectly from the Custodian's reliance upon and compliance with such instructions or directions given by SWIFT Messaging or any other electronically transmitted instructions for which the identity of the actual sender cannot be identified, including but not limited to any overdrafts. The Owner shall assume all risks arising out of the use of SWIFT Messaging and any other electronic transmission methods to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions and the risk of interception and misuse by third parties, shall fully inform itself of the protections and risks associated with transmitting instructions and directions to the Custodian by SWIFT Messaging and other electronic transmission methods. The Owner acknowledges that there may be more secure methods of transmitting instructions and directions than SWIFT Messaging and other electronic messaging.

Notwithstanding anything herein to the contrary, upon receipt of any cash distributions attributable to the Assets, until such time as the Owner otherwise instructs pursuant to a Proper Instruction, the Owner

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hereby instructs (such instruction a Proper Instruction hereunder) the Custodian to remit such amounts to the owner pursuant to the following wire instructions:

Bank Name: KeyBank

ABA #: 041001039

Account Name: TRIPLEPOINT PRIVATE VENTURE CREDIT INC.

Account #: 359681660643

5. The Custodian shall be obligated only for the performance of such duties as are specifically set forth in this Agreement and the Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder, provided that the Custodian shall only be liable to the Owner or any other person for actions arising from the Custodian's gross negligence or willful misconduct. The Custodian may rely and shall be protected in acting or refraining from acting on any written notice, request, waiver, consent or instrument believed by it to be genuine and to have been signed or presented by the proper party or parties. The Custodian shall have no duty to determine or inquire into the happening or occurrence of any event or contingency, and it is agreed that its duties are purely ministerial in nature. The Custodian may consult with and obtain advice from legal counsel as to any provision hereof or its duties hereunder and shall not be liable for action taken or omitted by it in good faith and the advice of such counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon. The Custodian shall not be liable for any action taken or omitted by it in good faith and reasonably believed by it to be authorized hereby, except for actions arising from the gross negligence or willful misconduct of the Custodian. The Custodian shall have no liability for loss arising from any cause beyond its control, including but not limited to, acts of God, natural disasters, war, terrorism, civil unrest, any act or provision of any present or future law or regulation or governmental authority, labor disputes, disease, epidemic, pandemic, quarantine, national emergency, loss or malfunction of utilities or computer software or hardware, malware or ransomware attack, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility or the unavailability of any securities clearing system. Notwithstanding anything in this Agreement to the contrary, in no event shall the Custodian be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits).

Without limiting the generality of the foregoing, the Custodian shall not be subject to any fiduciary or other implied duties and the Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility and, accordingly, shall have no duty to, or liability for its failure to, provide investment recommendations or investment advice to the parties hereto. It is the intention of the parties hereto that the Custodian shall never be required to use, advance or risk its own funds or otherwise incur financial liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder. The Custodian may exercise any of its rights or powers hereunder or perform any of its duties hereunder either directly or, by or through affiliates, agents or attorneys, and the Custodian shall not be responsible for any misconduct or negligence on the part of any non-affiliated agent or attorney appointed hereunder with due care by it.

The Custodian is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of this Agreement or any part hereof (except with respect to the Custodian's obligations hereunder) or for the transaction or transactions requiring or underlying the execution of this Agreement, the form or execution hereof or for the identity or authority of any person executing this Agreement or any part hereof (except with respect to the Custodian) or depositing the Assets (except with respect to the Custodian's obligations related thereto). The Custodian shall not be deemed to have notice or knowledge of any matter hereunder unless written notice thereof is received by the Custodian. It is expressly acknowledged by the Owner that application and performance by the Custodian of its various duties hereunder may be based upon, and in reliance upon, data, information and

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notice provided to it by the Owner and/or any related bank agent, obligor or similar party with respect to the Assets, and the Custodian shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or appropriate). The Custodian shall not be liable for the actions or omissions of, or any inaccuracies in the records of, the Owner or any clearing agency or depository or any other Person and without limiting the foregoing, the Custodian shall not be under any obligation to monitor, evaluate or verify compliance by the Owner or any other Person with any agreement or applicable law.

For the avoidance of doubt and notwithstanding anything herein to the contrary, the Owner agrees that the Custodian shall not have nor shall be implied to have any duties with respect to furnishing reports of the Owner or other information as contemplated by the Investment Advisors Act of 1940 (the "<u>Act</u>") or Rule 206(4)-2 under the Act, and the Custodian shall only be obligated to furnish information to the Owner or to any third party to the extent directed by the Owner pursuant to Proper Instructions as set forth in this Agreement and agreed to by the Custodian, or as the Owner and Custodian may otherwise agree. The Owner agrees that it shall not deliver any Assets to the Custodian to hold on behalf of the Owner hereunder that are or will be (or are or will be deemed to be) "plan assets" subject to the United States Employee Retirement Income Security Act of 1974, as amended (or any such substantially similar applicable federal, state, or local law). The Custodian shall have no duties, implied or otherwise, with respect to the execution or delegation of the Owner's duties or responsibilities (if any) under the Investment Company Act of 1940 (the "40 Act").

6. The Owner agrees to indemnify, defend and hold the Custodian, its officers, directors, employees and agents (collectively, "<u>Indemnified Persons</u>") harmless from and against any and all losses, claims, damages, demands, expenses, costs, causes of action, judgments or liabilities that may be incurred by any Indemnified Person arising directly or indirectly out of or in connection with this Agreement, including the reasonable legal costs and expenses as such expenses are incurred (including, without limitation, the expenses of any experts, counsel or agents) of (a) investigating, preparing for or defending itself against any action , claim or liability in connection with its performance hereunder or thereunder or (b) enforcement of the Owner's indemnification obligations hereunder. The Owner also hereby agrees to hold the Custodian harmless from any liability or loss resulting from any taxes or other governmental charges, and any expense related thereto, which may be imposed, or assessed with respect to any Assets in the Account and also agrees to hold the Custodian and its respective nominees harmless from any liability as record holder of Assets in the Account. The Owner may remit payment for expenses and indemnities owed to the Custodian hereunder or, in the absence thereof, the Custodian may from time to time deduct payment of such amounts from the Account. In no event, however, shall the Owner be obligated to indemnify any Indemnified Person and hold any Indemnified Person harmless if a court of competent jurisdiction determines, on a judgment not subject to appeal, that such losses, claims, damages, demands, expenses, costs, causes of action, judgments or liabilities were incurred by any Indemnified Person as a result of its own bad faith, willful misconduct or gross negligence. The provisions of this section shall survive the termination of this Agreement.

7. The Custodian shall be entitled to be paid by the Owner a fee as compensation for its services as set forth in the separate Fee Letter (the "<u>Fee Letter</u>") agreed to by the parties hereto. Except as otherwise noted, this fee covers account acceptance, set up and termination expenses, plus usual and customary related administrative services such as safekeeping, investment, collection and distribution of assets, including normal record-keeping/reporting requirements. Any additional services beyond those specified in this Agreement, or activities requiring excessive administrator time or out-of-pocket expenses, shall be performed only after reasonable prior notice is given to the Custodian by the Owner and shall be deemed extraordinary expenses for which related costs, transaction charges and additional fees will be billed at the Custodian's standard charges for such items. The Owner agrees to pay or reimburse the Custodian for all out-of-pocket costs and expenses (including without limitation reasonable fees and expenses of legal

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counsel) incurred, and any disbursements and advances made, in connection with the preparation, negotiation or execution of this Agreement, or in connection with or pursuant to consummation of the transactions contemplated hereby, or the administration of this Agreement or performance by the Custodian of its duties and services under this Agreement. With respect to any amounts that remain outstanding to the Custodian for 30 days or more after delivery of an invoice to the Owner, including amounts for initial acceptance and legal expenses associated with the preparation and negotiation of this Agreement, the Custodian shall be entitled to deduct such outstanding amounts from the Account without any prior authorization from the Owner. To the extent the Account does not have sufficient funds for such amounts, the Owner shall continue to remain responsible for such amounts on demand.

8. The Owner hereby grants to the Custodian a lien on all Assets for all indebtedness that may become owing to the Custodian hereunder, which lien may be enforced by the Custodian by set-off or appropriate foreclosure proceedings. In this regard, if the Owner is unwilling or unable to pay the Custodian any amounts due hereunder or to indemnify any indemnified party hereunder, the Custodian may, in its sole discretion, withdraw any cash in the account, or, if insufficient and solely after providing written notice of a default hereunder and a reasonable opportunity to cure, liquidate a portion of the Assets, and the Custodian shall use such cash or deduct from such proceeds any fees, expenses and indemnities that it (or any indemnified party) may be due hereunder. The Owner hereby consents to and authorizes such action by the Custodian, and the Custodian shall have no liability for any action taken pursuant to this authorization. The Custodian agrees to provide Owner with written notice prior to taking any action pursuant to this Section 8. Except as expressly otherwise provided in this Section 8, the parties hereto acknowledge and agree that the Custodian has no lien, encumbrance or security interest over the Assets (including any cash) held in the Account whether arising by agreement, operation of law or otherwise.

9. The Custodian may at any time resign hereunder by giving written notice of its resignation to the Owner at least sixty (60) days prior to the date specified for such resignation to take effect, and upon the effective date of such resignation, the Assets hereunder shall be delivered by it to such person as may be designated in writing by the Owner, whereupon all the Custodian's obligations hereunder shall cease and terminate. If no such person shall have been designated by such date, all obligations of the Custodian hereunder shall, nevertheless, cease and terminate. The Custodian's sole responsibility thereafter shall be to keep safely all Assets then held by it and to deliver the same to a person designated by the Owner or in accordance with the direction of a final order or judgment of a court of competent jurisdiction.

The Owner may remove the Custodian at any time by giving the Custodian at least sixty (60) days' prior written notice. Upon receipt of the identity of the successor Custodian as designated by the Owner in writing, the Custodian shall either deliver the Assets then held hereunder to the successor Custodian, less the Custodian's fees, costs and expenses or other obligations owed to the Custodian, or hold such Assets (or any portion thereof), pending distribution, until all such fees, costs and expenses or other obligations are paid. Upon delivery of the Assets to successor Custodian, the Custodian shall have no further duties, responsibilities or obligations hereunder.

10. This Agreement shall be construed in accordance with, and governed by, the laws of the State of New York, without giving effect to the conflict of law principles thereof. The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any New York State or Federal Court sitting in the Borough of Manhattan in the City of New York in any proceeding arising out of or relating to this Agreement, and the parties hereby irrevocably agree that all claims in respect of any such proceeding may be heard and determined in any such New York State or Federal court. The parties hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such proceeding. The parties agree that a final non-appealable judgment in any such

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proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

11. This Agreement may not be assigned or transferred by the Owner. This Agreement shall remain in full force and effect until the earlier to occur of (a) the transfer or release of all of the Assets in accordance with the written instructions of the Owner in respect thereto and (b) the transfer by the Owner of its rights and interests in the Assets. The parties hereto shall not be bound by any modification, amendment, termination, cancellation, rescission or supersession of this Agreement unless the same shall be in writing and signed by the Custodian and the Owner. Any organization or entity into which the Custodian may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Custodian, shall be the successor of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

12. Any delivery of physical Assets or any notices or other communications hereunder (including Proper Instructions delivered to the Custodian) shall be in writing and given at the addresses stated below, by prepaid first class mail, overnight courier or facsimile.

If to the Owner:

TriplePoint Private Venture Credit Inc.

2755 Sand Hill Road

Suite 150

Menlo Park, CA 94025

Attn: Mike L. Wilhelms

Email: mwilhelms@triplepointcapital.com

If to the Custodian:

With respect to the delivery of physical Assets:

Computershare Trust Company, N.A.

Attn: CTSO Mail Room

1505 Energy Park Drive

St. Paul, MN 55108

Ref: TriplePoint Private Venture Credit Inc.

Email: SASCustodyteam@computershare.com

For all other purposes:

Computershare Trust Company, N.A.

9062 Old Annapolis Road

Columbia, Maryland 21045

Attn: Securities Custody Services

Ref: TriplePoint Private Venture Credit Inc.

Email: SASCustodyteam@computershare.com

13. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR

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ACTIONS OF THE PARTIES HERETO. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT.

14. The Owner acknowledges that in accordance with laws, regulations and executive orders of the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Asset Control (collectively, "<u>AML Law</u>"), the Custodian is required to obtain, verify, and record information relating to individuals and entities that establish a business relationship or open an account with the Custodian. The Owner hereby agrees that it shall provide the Custodian with such identifying information and documentation as the Custodian may request from time to time in order to enable the Custodian to comply with all applicable requirements of AML Law, including, but not limited to, the Owner's name, physical address, tax identification number and other information that will help the Custodian to identify and verify the Owner's identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.

15. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, "<u>Signature Law</u>"), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

[SIGNATURE PAGE FOLLOWS]

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Executed as of the date first above written.

**TriplePoint Private Venture Credit Inc., as Owner** 

By: <u>/s/ Mike L. Wilhelms</u>

Name: Mike L. Wilhelms

Title: Chief Financial Officer

**COMPUTERSHARE TRUST COMPANY, N.A., as Custodian** 

By: /<u>s/ WTW</u>

Name: William Wood

Title: Vice President

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**Exhibit A**

**Authorized Signers List**

Each of the following named officers or authorized persons is authorized to act for, and bind, TriplePoint Private Venture Credit Inc., as Owner (the "<u>Owner</u>") with respect to matters concerning that certain Custodial Agreement dated as of August 11, 2025, between Computershare Trust Company, N.A. and the Owner. This list shall be effective from August 11, 2025 and shall remain effective unless and until the Owner delivers to the Custodian a replacement Authorized Signers List of the Owner:

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| | | |
|:---|:---|:---|
| Signature | Name of Officer | Title |
| Business Address | Business Address | Business Address |
| Signature | Name of Officer | Title |
| Business Address | Business Address | Business Address |
| Signature | Name of Officer | Title |
| Business Address | Business Address | Business Address |
| Signature | Name of Officer | Title |
| Business Address | Business Address | Business Address |
| Signature | Name of Officer | Title |
| Business Address | Business Address | Business Address |

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## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

I, James P. Labe, Chief Executive Officer of TriplePoint Private Venture Credit Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of TriplePoint Private Venture Credit Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 12th day of August 2025.

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| | |
|:---|:---|
| By: | /s/ James P. Labe |
|  | James P. Labe |
|  | Chief Executive Officer |

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## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

I, Mike L. Wilhelms, Chief Financial Officer of TriplePoint Private Venture Credit Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of TriplePoint Private Venture Credit Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 12th day of August 2025.

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| | |
|:---|:---|
| By: | /s/ Mike L. Wilhelms |
|  | Mike L. Wilhelms |
|  | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer**

**Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2025 (the "Report") of TriplePoint Private Venture Credit Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, James P. Labe, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| | /s/ James P. Labe |
| Name: | James P. Labe |
| Date: | August 12, 2025 |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer**

**Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2025 (the "Report") of TriplePoint Private Venture Credit Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Mike L. Wilhelms, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| | /s/ Mike L. Wilhelms |
| Name: | Mike L. Wilhelms |
| Date: | August 12, 2025 |

---

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