# EDGAR Filing Document

**Accession Number:** 0001792509
**File Stem:** 0001792509-26-000017
**Filing Date:** 2026-5
**Character Count:** 369228
**Document Hash:** c0758c4845eb118338601a6586d88066
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001792509-26-000017.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001792509-26-000017

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**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:** 26968876

**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-20260331

**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 MARCH 31, 2026**

**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 May 12, 2026, 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)](#i87ec922ed3a24767bfc84183d42f3c99_13)</u> | [1](#i87ec922ed3a24767bfc84183d42f3c99_13) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i87ec922ed3a24767bfc84183d42f3c99_16)[Ma](#i87ec922ed3a24767bfc84183d42f3c99_16)[rch 3](#i87ec922ed3a24767bfc84183d42f3c99_16)[1, 2026](#i87ec922ed3a24767bfc84183d42f3c99_16)[(unaudited) and December 31, 202](#i87ec922ed3a24767bfc84183d42f3c99_16)[5](#i87ec922ed3a24767bfc84183d42f3c99_16)</u> | [1](#i87ec922ed3a24767bfc84183d42f3c99_16) |
|  | <u>[Consolidated Statements of Operations for the Three](#i87ec922ed3a24767bfc84183d42f3c99_22)[Months Ended](#i87ec922ed3a24767bfc84183d42f3c99_22)[March 31, 2026](#i87ec922ed3a24767bfc84183d42f3c99_22)[(unaudited) and](#i87ec922ed3a24767bfc84183d42f3c99_22)[March 31](#i87ec922ed3a24767bfc84183d42f3c99_22)[, 202](#i87ec922ed3a24767bfc84183d42f3c99_22)[5](#i87ec922ed3a24767bfc84183d42f3c99_22)[(unaudited)](#i87ec922ed3a24767bfc84183d42f3c99_25)</u> | [2](#i87ec922ed3a24767bfc84183d42f3c99_22) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the Three](#i87ec922ed3a24767bfc84183d42f3c99_25)[Months Ended](#i87ec922ed3a24767bfc84183d42f3c99_25)[March 31](#i87ec922ed3a24767bfc84183d42f3c99_25)[, 202](#i87ec922ed3a24767bfc84183d42f3c99_25)[6](#i87ec922ed3a24767bfc84183d42f3c99_25)[(unaudited) and](#i87ec922ed3a24767bfc84183d42f3c99_25)[March 31, 202](#i87ec922ed3a24767bfc84183d42f3c99_25)[5](#i87ec922ed3a24767bfc84183d42f3c99_25)[(unaudited)](#i87ec922ed3a24767bfc84183d42f3c99_25)</u> | [3](#i87ec922ed3a24767bfc84183d42f3c99_25) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i87ec922ed3a24767bfc84183d42f3c99_28)[T](#i87ec922ed3a24767bfc84183d42f3c99_28)[hree](#i87ec922ed3a24767bfc84183d42f3c99_28)[Months Ended](#i87ec922ed3a24767bfc84183d42f3c99_28)[March 31, 2026](#i87ec922ed3a24767bfc84183d42f3c99_28)[(unaudited) and](#i87ec922ed3a24767bfc84183d42f3c99_28)[March 31, 2](#i87ec922ed3a24767bfc84183d42f3c99_28)[025](#i87ec922ed3a24767bfc84183d42f3c99_28)[(unaudited)](#i87ec922ed3a24767bfc84183d42f3c99_28)</u> | [4](#i87ec922ed3a24767bfc84183d42f3c99_28) |
|  | <u>[Consolidated Schedules of Investments](#i87ec922ed3a24767bfc84183d42f3c99_31)[as of](#i87ec922ed3a24767bfc84183d42f3c99_16)[March 31, 2026](#i87ec922ed3a24767bfc84183d42f3c99_16)[(unaudited) and December 31, 202](#i87ec922ed3a24767bfc84183d42f3c99_16)[5](#i87ec922ed3a24767bfc84183d42f3c99_16)</u> | [5](#i87ec922ed3a24767bfc84183d42f3c99_31) |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#i87ec922ed3a24767bfc84183d42f3c99_55)</u> | [40](#i87ec922ed3a24767bfc84183d42f3c99_55) |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i87ec922ed3a24767bfc84183d42f3c99_118)</u> | [56](#i87ec922ed3a24767bfc84183d42f3c99_118) |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i87ec922ed3a24767bfc84183d42f3c99_145)</u> | [69](#i87ec922ed3a24767bfc84183d42f3c99_145) |
| Item 4. | <u>[Controls and Procedures](#i87ec922ed3a24767bfc84183d42f3c99_148)</u> | [71](#i87ec922ed3a24767bfc84183d42f3c99_148) |
| **PART II. OTHER INFORMATION** | **PART II. OTHER INFORMATION** |  |
| Item 1. | <u>[Legal Proceedings](#i87ec922ed3a24767bfc84183d42f3c99_154)</u> | [72](#i87ec922ed3a24767bfc84183d42f3c99_154) |
| Item 1A. | <u>[Risk Factors](#i87ec922ed3a24767bfc84183d42f3c99_157)</u> | [72](#i87ec922ed3a24767bfc84183d42f3c99_157) |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i87ec922ed3a24767bfc84183d42f3c99_160)</u> | [72](#i87ec922ed3a24767bfc84183d42f3c99_160) |
| Item 3. | <u>[Defaults Upon Senior Securities](#i87ec922ed3a24767bfc84183d42f3c99_163)</u> | [72](#i87ec922ed3a24767bfc84183d42f3c99_163) |
| Item 4. | <u>[Mine Safety Disclosures](#i87ec922ed3a24767bfc84183d42f3c99_166)</u> | [72](#i87ec922ed3a24767bfc84183d42f3c99_166) |
| Item 5. | <u>[Other Information](#i87ec922ed3a24767bfc84183d42f3c99_169)</u> | [72](#i87ec922ed3a24767bfc84183d42f3c99_169) |
| Item 6. | <u>[Exhibits](#i87ec922ed3a24767bfc84183d42f3c99_172)</u> | [72](#i87ec922ed3a24767bfc84183d42f3c99_172) |
|  | <u>[Signatures](#i87ec922ed3a24767bfc84183d42f3c99_175)</u> | [74](#i87ec922ed3a24767bfc84183d42f3c99_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)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(unaudited)** | |
| **Assets** | | |
| Investments at fair value (amortized cost of $382,308 and $367,496, respectively) | $385098 | $359400 |
| Cash and cash equivalents | 9643 | 17859 |
| Restricted cash | 462 | 17438 |
| Interest receivable | 1960 | 240 |
| Deferred credit facility costs | 1259 | 1374 |
| Prepaid expenses and other assets | 1363 | 760 |
| Unrealized gains on foreign currency forward contracts | 68 |  |
| **Total assets** | $399853 | $397071 |
| **Liabilities** |  |  |
| Revolving Credit Facility | $59000 | $66000 |
| 2027 Notes, net of deferred offering costs of $216 and $267, respectively | 74784 | 74733 |
| Base management fee payable | 1531 | 1565 |
| Other accrued expenses and liabilities | 4877 | 6939 |
| Unrealized losses on foreign currency forward contracts |  | 40 |
| **Total liabilities** | $140192 | $149277 |
| 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 | 351043 | 351043 |
| Total distributable loss | (91619) | (103486) |
| **Total net assets** | $259661 | $247794 |
| **Total liabilities and net assets** | $399853 | $397071 |
| 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** | $10.94 | $10.44 |

---

*See accompanying notes to consolidated financial statements.*

------

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

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Investment income** |  |  |
| Interest income from investments | $10780 | $11006 |
| Payment-in-kind interest income | 977 | 820 |
| Other income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expirations/terminations of unfunded commitments | 419 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | 133 | 42 |
| **Total investment and other income** | 12309 | 11960 |
| **Operating expenses** |  |  |
| Base management fee | 1531 | 1531 |
| Interest expense and amortization of fees | 2212 | 4120 |
| Administration agreement expenses | 581 | 552 |
| General and administrative expenses | 526 | 528 |
| **Total operating expenses** | 4850 | 6731 |
| **Net investment income, before taxes** | 7459 | 5229 |
| Excise tax expense | 100 | 23 |
| **Net investment income, after taxes** | 7359 | 5206 |
| **Net realized and unrealized gains/(losses)** |  |  |
| Net realized gains/(losses) on investments | 249 | (3598) |
| Net realized gains/(losses) on foreign currency forward contracts | (85) | 478 |
| Net change in unrealized gains/(losses) on investments | 10885 | (10288) |
| Net change in unrealized gains/(losses) on foreign currency forward contracts | 107 | (772) |
| **Net realized and unrealized gain/(losses)** | 11156 | (14180) |
| **Net increase (decrease) in net assets resulting from operations** | $18515 | $(8974) |
| Net increase (decrease) in net assets resulting from operations per common share | $0.78 | $(0.38) |
| Weighted average shares of common stock outstanding | 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 December 31, 2024** | 23689363 | $237 | 525 | $| $351766 | $(88221) | $263782 |
| Common stock distributions from distributable earnings |  |  |  |  |  |  |  |
| Preferred stock distributions from distributable earnings |  |  |  |  |  | (15) | (15) |
| Net decrease in net assets resulting from operations |  |  |  |  |  | (8974) | (8974) |
| **Balance at March 31, 2025** | 23689363 | $237 | 525 | $| $351766 | $(97210) | $254793 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Balance at December 31, 2025** | 23689363 | $237 | 525 | $| $351043 | $(103486) | $247794 |
| Common stock distributions from distributable earnings |  |  |  |  |  | (6633) | (6633) |
| Preferred stock distributions from distributable earnings |  |  |  |  |  | (15) | (15) |
| Net increase in net assets resulting from operations |  |  |  |  |  | 18515 | 18515 |
| **Balance at March 31, 2026** | 23689363 | $237 | 525 | $| $351043 | $(91619) | $259661 |

---

*See accompanying notes to consolidated financial statements.*

------

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

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months ended March 31,** | **For the Three Months ended March 31,** |
| | **2026** | **2025** |
| **Cash Flows from Operating Activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $18515 | $(8974) |
| 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 | (31518) | (18148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments and proceeds from investments | 19245 | 19732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest on investments | (977) | (820) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gains)/losses on investments and foreign currency forward contracts | (10992) | 10288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains)/losses on investments and foreign currency forward contracts | (164) | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion of premiums and discounts, net | (1415) | (1115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt fees and issuance costs | 166 | 290 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Receivable, prepaid expenses and other assets | (2323) | (2744) |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | (34) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | (2062) | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) operating activities | (11559) | 2221 |
| **Cash Flows from Financing Activities:** |  |  |
| Borrowings under revolving credit facility | 27000 |  |
| Repayments under revolving credit facility | (34000) |  |
| Common stock distributions paid | (6633) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (13633) |  |
| Net change in cash, cash equivalents and restricted cash | (25192) | 2221 |
| Cash, cash equivalents and restricted cash at beginning of period | 35297 | 69802 |
| Cash, cash equivalents and restricted cash at end of period | $10105 | $72023 |
|  | **March 31, 2026** | **March 31, 2025** |
| Cash and cash equivalents | $9643 | $70317 |
| Restricted cash | 462 | 1706 |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $10105 | $72023 |
| **Supplemental Disclosures of Cash Flow Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $919 | $2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise taxes paid | $644 | $323 |

---

*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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** |
| **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** | | | | | | |
| Overland AI Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 9.75% floor, 2.50% EOT payment)<sup>(2)</sup> | 12/23/2025 | $2250 | $2190 | $2190 | 6/1/2029 |
| Skysafe, Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.25% floor, 4.50% EOT payment) | 2/20/2026 | 2500 | 2469 | 2469 | 2/1/2029 |
| US Chemical Technologies, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 4.50% EOT payment) | 10/31/2025 | 6500 | 6158 | 6559 | 10/1/2029 |
| **Total Aerospace and Defense - 4.32%\*** | **Total Aerospace and Defense - 4.32%\*** |  | 11250 | 10817 | 11218 |  |
| **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 | 10457 | 10380 | 10380 | 6/1/2027 |
| Morty, Inc. | Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment) | 12/21/2022 | 7000 | 7620 | 6904 | 12/31/2026 |
| Radar Labs, Inc. | Growth Capital Loan (Prime + 2.15% interest rate, 9.50% floor, 2.25% EOT payment)<sup>(2)</sup> | 9/30/2025 | 3500 | 3493 | 3493 | 9/1/2028 |
| Simpplr Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.00% floor, 1.50% EOT payment) | 4/23/2025 | 2625 | 2664 | 2664 | 4/1/2026 |
| Simpplr Inc. | Growth Capital Loan (Prime + 2.00% interest rate, 9.50% floor, 4.50% EOT payment)<sup>(2)</sup> | 12/2/2025 | 875 | 861 | 861 | 12/1/2029 |
|  |  |  | 3500 | 3525 | 3525 |  |
| Tide Platform Limited<sup>(1)(3)</sup> | Revolver (10.25% interest rate, 4.00% EOT payment) | 2/22/2021 | 1768 | 1837 | 1705 | 12/31/2027 |
| **Total Business Applications Software - 10.01%\*** | **Total Business Applications Software - 10.01%\*** |  | 26225 | 26855 | 26007 |  |
| **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 | 913 | 949 | 949 | 8/31/2027 |
| Certamen Ventures Inc. | Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 5.00% EOT payment) | 11/30/2021 | 3911 | 4158 | 4158 | 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 | 883 | 883 | 4/1/2028 |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment) | 5/30/2025 | 828 | 850 | 871 | 11/1/2027 |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment) | 8/12/2025 | 831 | 841 | 841 | 2/1/2028 |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment) | 11/12/2025 | 663 | 662 | 662 | 5/1/2028 |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment) | 2/18/2026 | 1686 | 1660 | 1660 | 8/1/2028 |
|  |  |  | 4008 | 4013 | 4034 |  |
| Path Robotics, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 4.00% EOT payment) | 10/3/2024 | 7000 | 7103 | 7135 | 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 | 872 | 785 | 622 | 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 | 145 | 131 | 104 | 12/31/2028 |
|  |  |  | 1017 | 916 | 726 |  |
| 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 | 257 | 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 | 4 | 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 | 3 | 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 | 1 | 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 | 3 | 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 | 3 | 1/31/2025 |
|  |  |  | 2549 | 2596 | 271 |  |
| Vitally, Inc. | Growth Capital Loan (Prime + 3.45% interest rate, 9.70% floor, 2.00% EOT payment)<sup>(2)</sup> | 12/19/2025 | 2000 | 1966 | 1966 | 6/1/2029 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** |
| **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> | Revolver (Prime + 4.75% interest rate, 8.00% floor, 3.00% EOT payment)<sup>(2)</sup> | 6/15/2022 | 188 | 195 | 198 | 5/31/2026 |
| 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 | 79 | 91 | 99 | 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 | 270 | 273 | 284 | 5/31/2028 |
|  |  |  | 537 | 559 | 581 |  |
| **Total Business Products and Services - 7.97%\*** | **Total Business Products and Services - 7.97%\*** |  | 22812 | 23143 | 20703 |  |
| **Business/Productivity Software** |  |  |  |  |  |  |
| Ao1 Holdings Inc. | Growth Capital Loan (Prime + 1.00% interest rate, 7.75% floor, 3.00% EOT payment) | 12/13/2024 | 1114 | 1128 | 1114 | 12/1/2027 |
| Ao1 Holdings Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 9.00% floor, 3.50% EOT payment)<sup>(2)</sup> | 1/8/2026 | 1200 | 1188 | 1161 | 1/1/2029 |
|  |  |  | 2314 | 2316 | 2275 |  |
| Bitonic Technology Labs, Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 2.75% EOT payment) | 8/1/2025 | 3750 | 3741 | 3741 | 8/1/2029 |
| Bitonic Technology Labs, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.75% EOT payment) | 2/10/2026 | 1250 | 1240 | 1240 | 2/1/2030 |
|  |  |  | 5000 | 4981 | 4981 |  |
| Incode Technologies, Inc. | Growth Capital Loan (Prime + 5.50% interest rate, 12.25% floor, 5.00% EOT payment)<sup>(2)</sup> | 3/12/2026 | 3500 | 3395 | 3395 | 3/1/2030 |
| Lightbeam.Ai, Inc. | Growth Capital Loan (Prime + 1.75% interest rate, 8.75% floor, 2.50% EOT payment)<sup>(2)</sup> | 12/4/2025 | 3000 | 2929 | 2929 | 6/1/2028 |
| 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 | 132 | 6/30/2025 |
| OnSiteIQ, Inc. | Growth Capital Loan (Prime + 5.50% interest rate, 13.00% floor, 2.50% EOT payment) | 6/6/2025 | 2129 | 2125 | 2125 | 11/1/2028 |
| PlanHub, Inc. | Growth Capital Loan (SOFR + 7.40% interest rate, 8.15% floor)<sup>(12)</sup> | 9/9/2025 | 8750 | 8628 | 8628 | 9/9/2031 |
| PlanHub, Inc. | Growth Capital Loan (SOFR + 5.33% interest rate, 6.08% floor)<sup>(2)</sup> | 11/26/2025 | 125 | 123 | 123 | 9/30/2027 |
|  |  |  | 8875 | 8751 | 8751 |  |
| Sonatus, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 4.00% EOT payment) | 12/23/2025 | 7000 | 6738 | 6738 | 12/1/2029 |
| Total Expert, Inc. | Growth Capital Loan (Prime + 2.15% interest rate, 9.65% floor, 3.00% EOT payment) | 9/29/2025 | 7500 | 7351 | 7351 | 9/1/2029 |
| Trustpoint, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 9.75% floor, 2.00% EOT payment)<sup>(2)</sup> | 6/16/2025 | 478 | 474 | 474 | 12/1/2027 |
| Veritas Prime LLC | Growth Capital Loan (Prime + 2.25% interest rate, 9.25% floor, 3.50% EOT payment)<sup>(2)</sup> | 2/20/2026 | 5000 | 4916 | 4916 | 2/1/2029 |
| 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 | 303 | 303 | 11/1/2027 |
| Workmate Labs, Inc. | Growth Capital Loan (Prime + 2.10% interest rate, 9.10% floor, 4.40% EOT payment)<sup>(2)</sup> | 12/31/2025 | 82 | 81 | 81 | 12/1/2028 |
|  |  |  | 382 | 384 | 384 |  |
| **Total Business/Productivity Software - 17.11%\*** | **Total Business/Productivity Software - 17.11%\*** |  | 47808 | 47028 | 44451 |  |
| **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 | 1478 | 1478 | 6/1/2028 |
| Regent Craft Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 3.00% EOT payment)<sup>(2)</sup> | 8/19/2025 | 1500 | 1469 | 1469 | 8/1/2028 |
| **Total Commercial Transportation - 1.13%\*** | **Total Commercial Transportation - 1.13%\*** |  | 3000 | 2947 | 2947 |  |
| **Communications and Networking** | **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment) | 8/6/2024 | 4853 | 4868 | 3434 | 8/1/2027 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment) | 1/16/2025 | 2080 | 2059 | 1446 | 1/1/2028 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)<sup>(2)</sup> | 10/31/2025 | 72 | 72 | 54 | 12/31/2025 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)<sup>(2)</sup> | 11/24/2025 | 278 | 278 | 207 | 12/31/2025 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)<sup>(2)</sup> | 12/12/2025 | 105 | 105 | 78 | 12/31/2025 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| **Total Communications and Networking - 2.01%\*** | **Total Communications and Networking - 2.01%\*** |  | 7388 | 7382 | 5219 |  |
| **Computer Hardware** |  |  |  |  |  |  |
| Eridu Corporation | Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 5.00% EOT payment) | 12/31/2025 | 7000 | 6906 | 6906 | 12/1/2028 |
| Standard Bots Company | Growth Capital Loan (Prime + 2.00% interest rate, 9.25% floor, 3.75% EOT payment)<sup>(2)</sup> | 12/31/2025 | 2500 | 2463 | 2463 | 6/1/2028 |
| **Total Computer Hardware - 3.61%\*** | **Total Computer Hardware - 3.61%\*** |  | 9500 | 9369 | 9369 |  |
| **Consumer Products and Services** | **Consumer Products and Services** |  |  |  |  |  |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 4/14/2022 | 723 | 724 | 260 | 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 | 104 | 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 | 26 | 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 | 195 | 8/31/2031 |
|  |  |  | 1589 | 1559 | 585 |  |
| Deep Sentinel Corp. | Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 9/10/2025 | 5500 | 5446 | 5194 | 9/1/2028 |
| 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 | 48 | 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 | 16 | 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 | 32 | 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 | 48 | 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 | 2 | 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 | 2 | 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 | 8 | 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 | 4 | 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 | 6 | 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 | 5 | 4/30/2028 |
| 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> | 11/20/2025 | 11 | 11 | 1 | 11/30/2028 |
|  |  |  | 1187 | 1182 | 172 |  |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 2/29/2024 | 4444 | 4445 | 4445 | 8/1/2027 |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 3/8/2024 | 556 | 555 | 555 | 9/1/2027 |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 6/28/2024 | 500 | 498 | 498 | 12/1/2027 |
|  |  |  | 5500 | 5498 | 5498 |  |
| Flink SE<sup>(1)(3)</sup> | Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)<sup>(2)</sup> | 7/5/2022 | 1495 | 1548 | 1548 | 8/31/2028 |
| Flink SE<sup>(1)(3)</sup> | Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)<sup>(2)</sup> | 10/21/2022 | 1495 | 1541 | 1541 | 8/31/2028 |
|  |  |  | 2990 | 3089 | 3089 |  |
| Headout Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment) | 3/15/2024 | 1486 | 1553 | 1556 | 3/1/2027 |
| Hydrow, Inc. | Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment) | 12/30/2024 | 5211 | 5211 | 4498 | 12/30/2026 |
| Hydrow, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment) | 12/30/2024 | 9949 | 10278 | 8233 | 12/1/2027 |
|  |  |  | 15160 | 15489 | 12731 |  |
| 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 | 1403 | 1369 | 6/30/2026 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Growth Capital Loan (8.70% cash interest rate + 5.80% PIK interest rate, 14.00% EOT payment) | 11/3/2021 | 5205 | 5666 | 5255 | 12/31/2026 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Growth Capital Loan (10.95% cash interest rate + 7.30% PIK interest rate, 14.00% EOT payment)<sup>(2)</sup> | 8/17/2022 | 1221 | 1299 | 1231 | 12/31/2026 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
|  |  |  | 7748 | 8368 | 7855 |  |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 577 | 337 | 12/31/2026 |
| MA Micro Limited<sup>(1)(3)</sup> | Convertible Note<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 1085 | 445 | 12/31/2028 |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 555 | 474 | 99 | 12/31/2028 |
|  |  |  | 3887 | 2136 | 881 |  |
| Nakdcom One World AB<sup>(1)(3)(7)</sup> | Growth Capital Loan (12.00% PIK interest rate)<sup>(2)</sup> | 12/30/2025 | 12 | 12 | 12 | 12/31/2028 |
| 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 | 84 | 128 | 128 | 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 | 85 | 98 | 98 | 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 | 86 | 96 | 96 | 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 | 524 | 546 | 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 | 432 | 450 | 10/31/2028 |
|  |  |  | 1195 | 1278 | 1318 |  |
| 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 |
| 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 - 15.00%\*** | **Total Consumer Products and Services - 15.00%\*** |  | 47398 | 46786 | 38967 |  |
| **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 | 5075 | 5075 | 7/1/2028 |
| **Total Database Software - 1.95%\*** | **Total Database Software - 1.95%\*** |  | 5000 | 5075 | 5075 |  |
| **E-Commerce - Clothing and Accessories** | **E-Commerce - Clothing and Accessories** |  |  |  |  |  |
| FabFitFun, Inc. | Growth Capital Loan (Prime + 7.00% interest rate, 13.00% floor, 6.50% EOT payment) | 9/29/2021 | 5250 | 5104 | 5104 | 7/30/2027 |
| Fabletics, Inc. | Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)<sup>(2)</sup> | 4/25/2024 | 1465 | 1367 | 1367 | 4/25/2029 |
| Minted, Inc. | Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment) | 6/30/2025 | 7143 | 7198 | 7262 | 6/1/2029 |
| Minted, Inc. | Revolver (Prime + 2.50% interest rate, 9.25% floor)<sup>(2)</sup> | 6/30/2025 |  |  |  | 12/30/2027 |
|  |  |  | 7143 | 7198 | 7262 |  |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment) | 5/27/2021 | 6500 | 7149 | 6934 | 3/31/2027 |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)<sup>(2)</sup> | 6/7/2022 | 1000 | 1083 | 1070 | 3/31/2027 |
|  |  |  | 7500 | 8232 | 8004 |  |
| **Total E-Commerce - Clothing and Accessories - 8.37%\*** | **Total E-Commerce - Clothing and Accessories - 8.37%\*** |  | 21358 | 21901 | 21737 |  |
| **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 | 8708 | 9099 | 7975 | 5/1/2027 |
| Forum Brands, LLC | Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)<sup>(2)</sup> | 5/14/2025 | 10898 | 11328 | 9981 | 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 | 2227 | 2256 | 2040 | 5/1/2027 |
| Forum Brands, LLC | Growth Capital Loan (12.00% PIK interest rate)<sup>(2)</sup> | 5/14/2025 | 2534 | 2532 | 2321 | 5/1/2027 |
| Forum Brands, LLC | Convertible Note (12.00% PIK interest rate)<sup>(2)</sup> | 8/8/2025 | 1 | 1 |  | 5/1/2027 |
| **Total E-Commerce - Personal Goods - 8.59%\*** | **Total E-Commerce - Personal Goods - 8.59%\*** |  | 24368 | 25216 | 22317 |  |
| **Educational Software** |  |  |  |  |  |  |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment) | 7/30/2024 | 3000 | 3132 | 3132 | 1/1/2027 |
| Panorama Education, Inc. | Revolver (Prime + 1.00% interest rate, 9.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 7/30/2024 |  |  |  | 7/31/2027 |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment) | 3/28/2025 | 2000 | 2026 | 2026 | 9/1/2028 |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)<sup>(2)</sup> | 8/27/2025 | 757 | 758 | 758 | 2/1/2029 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| **Total Educational Software - 2.28%\*** | **Total Educational Software - 2.28%\*** |  | 5757 | 5916 | 5916 |  |
| **Energy** |  |  |  |  |  |  |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 5/6/2022 | 1319 | 1349 | 1349 | 11/30/2026 |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 6/29/2022 | 5000 | 5285 | 5285 | 12/31/2026 |
|  |  |  | 6319 | 6634 | 6634 |  |
| Valar Atomics Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 3.00% EOT payment) | 11/12/2025 | 4000 | 3934 | 3934 | 11/1/2028 |
| **Total Energy - 4.07%\*** |  |  | 10319 | 10568 | 10568 |  |
| **Entertainment Software** |  |  |  |  |  |  |
| FRVR Limited<sup>(1)(3)</sup> | Growth Capital Loan (Prime + 9.25% interest rate, 12.50% floor, 14.00% EOT payment)<sup>(2)</sup> | 5/17/2022 | 1591 | 1831 | 1825 | 4/1/2027 |
| **Total Entertainment Software - 0.70%\*** | **Total Entertainment Software - 0.70%\*** |  | 1591 | 1831 | 1825 |  |
| **Environmental Services** |  |  |  |  |  |  |
| Earth Services, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 9.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 12/22/2025 | 2000 | 1973 | 1973 | 12/1/2028 |
| Rainmaker Technology Corporation | Growth Capital Loan (Prime + 3.50% interest rate, 11.50% floor, 2.75% EOT payment) | 1/8/2025 | 3649 | 3635 | 3648 | 7/1/2028 |
| **Total Environmental Services - 2.16%\*** | **Total Environmental Services - 2.16%\*** |  | 5649 | 5608 | 5621 |  |
| **Financial Software** |  |  |  |  |  |  |
| Ocrolus Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment) | 8/14/2024 | 4286 | 4392 | 4392 | 2/1/2028 |
| Ocrolus Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment) | 4/22/2025 | 1714 | 1727 | 1727 | 10/1/2028 |
|  |  |  | 6000 | 6119 | 6119 |  |
| Parker Group Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.50% EOT payment) | 8/14/2024 | 295 | 295 | 295 | 8/31/2027 |
| Runway Financial, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor)<sup>(2)</sup> | 11/21/2025 | 5000 | 4915 | 4609 | 11/1/2029 |
| Signal Advisors USA, Inc. | Revolver (Prime + 1.75% interest rate, 7.75% floor, 1.35% EOT payment)<sup>(2)</sup> | 9/26/2025 | 167 | 167 | 167 | 9/26/2028 |
| **Total Financial Software - 4.31%\*** | **Total Financial Software - 4.31%\*** |  | 11462 | 11496 | 11190 |  |
| **Healthcare Services** |  |  |  |  |  |  |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 6/22/2023 | 276 | 426 | 426 | 3/30/2026 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 11/20/2023 | 1076 | 1301 | 1301 | 3/30/2026 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 9/30/2024 | 5995 | 6578 | 6578 | 3/30/2026 |
|  |  |  | 7347 | 8305 | 8305 |  |
| Pair Team, PBC | Convertible Note (6.00% interest rate)<sup>(2)</sup> | 11/24/2025 | 100 | 100 | 100 | 11/7/2028 |
| Pair Team, PBC | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 3.25% EOT payment)<sup>(2)</sup> | 12/5/2025 | 400 | 400 | 400 | 6/1/2028 |
|  |  |  | 500 | 500 | 500 |  |
| **Total Healthcare Services - 3.39%\*** | **Total Healthcare Services - 3.39%\*** |  | 7847 | 8805 | 8805 |  |
| **Healthcare Technology Systems** |  |  |  |  |  |  |
| K Health, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment) | 7/14/2023 | 873 | 1092 | 1092 | 7/31/2026 |
| Lively, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)<sup>(2)</sup> | 12/1/2025 | 1750 | 1721 | 1721 | 12/1/2029 |
| Lively, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)<sup>(2)</sup> | 12/1/2025 | 1750 | 1721 | 1721 | 12/1/2029 |
| Lively, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)<sup>(2)</sup> | 12/1/2025 | 1750 | 1721 | 1721 | 12/1/2029 |
|  |  |  | 5250 | 5163 | 5163 |  |
| **Total Healthcare Technology Systems - 2.41%\*** | **Total Healthcare Technology Systems - 2.41%\*** |  | 6123 | 6255 | 6255 |  |
| **Information Technology** |  |  |  |  |  |  |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Etched.ai, Inc. | Revolver (Prime + 4.00% interest rate, 10.75% floor)<sup>(2)</sup> | 7/18/2025 | 4500 | 4500 | 4500 | 4/30/2028 |
| Sandbox VR, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 10.50% floor, 1.50% EOT payment)<sup>(2)</sup> | 12/16/2025 | 721 | 714 | 714 | 10/1/2027 |
| Sandbox VR, Inc. | Growth Capital Loan (Prime + 5.25% interest rate, 12.25% floor, 4.00% EOT payment)<sup>(2)</sup> | 12/16/2025 | 4130 | 4082 | 4082 | 10/1/2029 |
|  |  |  | 4851 | 4796 | 4796 |  |
| Vergesense Inc | Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 3.50% EOT payment) | 3/31/2026 | 10000 | 9793 | 9793 | 9/1/2029 |
| **Total Information Technology - 7.35%\*** | **Total Information Technology - 7.35%\*** |  | 19351 | 19089 | 19089 |  |
| **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 | 2751 | 2942 | 2942 | 1/31/2027 |
| **Total Medical Software and Information Services - 1.13%\*** | **Total Medical Software and Information Services - 1.13%\*** |  | 2751 | 2942 | 2942 |  |
| **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 | 4051 | 4051 | 3/31/2029 |
| Hover Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)<sup>(2)</sup> | 9/12/2025 | 500 | 498 | 498 | 3/31/2030 |
| Hover Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)<sup>(2)</sup> | 2/19/2026 | 500 | 494 | 494 | 8/31/2030 |
| Hover Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)<sup>(2)</sup> | 2/19/2026 | 400 | 390 | 390 | 8/31/2030 |
| **Total Multimedia and Design Software - 2.09%\*** | **Total Multimedia and Design Software - 2.09%\*** |  | 5400 | 5433 | 5433 |  |
| **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 | 4622 | 4418 | 10/1/2028 |
| Skyflow Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment) | 10/2/2023 | 455 | 462 | 442 | 10/1/2028 |
|  |  |  | 5000 | 5084 | 4860 |  |
| Synack, Inc. | Growth Capital Loan (Prime + 2.85% interest rate, 9.85% floor, 1.00% EOT Payment) | 12/30/2025 | 9000 | 8860 | 8860 | 12/1/2028 |
| **Total Network Management Software - 5.28%\*** | **Total Network Management Software - 5.28%\*** |  | 14000 | 13944 | 13720 |  |
| **Other Financial Services** |  |  |  |  |  |  |
| Jerry Services, Inc. | Growth Capital Loan (10.50% interest rate, 1.50% EOT payment) | 11/14/2025 | 4000 | 4006 | 4053 | 5/1/2029 |
| FloatMe Corp.<sup>(1)</sup> | Growth Capital Loan (Prime + 3.25% interest rate, 10.00% floor, 3.50% EOT payment) | 3/11/2026 | 4500 | 4348 | 4348 | 3/1/2029 |
| FloatMe Corp.<sup>(1)</sup> | Revolver (Prime + 5.00% interest rate, 11.75% floor, 1.50% EOT payment) | 3/11/2026 | 260 | 260 | 260 | 3/11/2028 |
|  |  |  | 4760 | 4608 | 4608 |  |
| **Total Other Financial Services - 3.33%\*** | **Total Other Financial Services - 3.33%\*** |  | 8760 | 8614 | 8661 |  |
| **Real Estate Services** |  |  |  |  |  |  |
| Habyt GmbH (f/k/a Common Living Inc.)<sup>(1)(7)</sup> | Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment) | 4/30/2021 | 2500 | 2668 | 690 | 9/30/2025 |
| Habyt GmbH (f/k/a Common Living Inc.)<sup>(1)(7)</sup> | Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 7.25% EOT payment) | 3/18/2022 | 4742 | 4967 | 1310 | 9/30/2025 |
| **Total Real Estate Services - 0.77%\*** | **Total Real Estate Services - 0.77%\*** |  | 7242 | 7635 | 2000 |  |
| **Social/Platform Software** |  |  |  |  |  |  |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 2.12% EOT payment) | 11/30/2021 | 1174 | 940 | 379 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 1312 | 1079 | 424 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 1766 | 1453 | 570 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 2119 | 1743 | 684 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 2119 | 1743 | 684 | 1/31/2028 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(unaudited)<br>(dollars in thousands)<br>As of March 31, 2026** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/27/2021 | 1060 | 872 | 342 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 8.47% EOT payment)<sup>(2)</sup> | 12/18/2023 | 154 | 115 | 50 | 1/31/2028 |
| **Total Social/Platform Software - 1.21%\*** | **Total Social/Platform Software - 1.21%\*** |  | 9704 | 7945 | 3133 |  |
| **Total Debt Investments - 120.56%\*** | **Total Debt Investments - 120.56%\*** |  | $**342063** | $**342600** | $**313168** |  |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **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 | $1051 |
| Hermeus Corporation | Preferred Stock | 10/30/2024 | 8381 | 44 | 67 |
| 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 |
| Overland AI Inc. | Common Stock<sup>(2)</sup> | 12/23/2025 | 8722 | 49 | 43 |
| Skysafe, Inc. | Preferred Stock | 2/20/2026 | 21838 | 12 | 12 |
| US Chemical Technologies Inc. | Preferred Stock | 10/31/2025 | 125907 | 348 | 262 |
| **Total Aerospace and Defense - 0.62%\*** |  |  |  | 672 | 1614 |
| **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 |
| **Automation/Workflow Software** |  |  |  |  |  |
| Union Systems Inc. | Common Stock<sup>(2)</sup> | 8/28/2025 | 111536 | 88 | 88 |
| **Total Automation/Workflow Software - 0.03%\*** |  |  |  | 88 | 88 |
| **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 | 687 |
| 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 |
| Radar Labs, Inc. | Common Stock<sup>(2)</sup> | 9/30/2025 | 7082 | 19 | 22 |
| Simpplr Inc. | Common Stock<sup>(2)</sup> | 4/23/2025 | 15851 | 78 | 78 |
| Uniphore Technologies, Inc. | Common Stock<sup>(2)</sup> | 12/22/2021 | 10000 | 10 | 29 |
| **Total Business Applications Software - 0.62%\*** |  |  |  | 861 | 1609 |
| **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 | 116 |
| Cart.com, Inc. | Preferred Stock<sup>(2)</sup> | 3/31/2022 | 907 | 6 | 7 |
|  |  |  |  | 125 | 123 |
| Certamen Ventures Inc. | Preferred Stock | 10/7/2021 | 90266 | 42 | 28 |
| Certamen Ventures Inc. | Preferred Stock | 12/1/2022 | 229881 | 85 | 71 |
| Certamen Ventures Inc. | Preferred Stock | 12/15/2023 | 538703 | 205 | 156 |
| Certamen Ventures Inc. | Preferred Stock | 3/26/2025 | 190577 | 91 | 51 |
|  |  |  |  | 423 | 306 |
| Equafin Corp. | Common Stock<sup>(2)</sup> | 4/17/2025 | 17963 | 20 | 20 |
| Mirela AI GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 11/28/2025 | 289 | 696 | 682 |
| Muon Space, Inc. | Preferred Stock | 12/30/2024 | 45499 | 56 | 64 |
| Path Robotics, Inc. | Common Stock | 12/17/2021 | 40579 | 130 | 116 |
| Path Robotics, Inc. | Preferred Stock | 10/3/2024 | 20252 | 38 | 60 |
|  |  |  |  | 168 | 176 |
| 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 | 28 |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/30/2023 | 542 | 9 | 10 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Worldwide Freight Logistics Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 11/15/2024 | 407 | 7 | 7 |
|  |  |  |  | 41 | 45 |
| Vitally, Inc. | Common Stock<sup>(2)</sup> | 12/19/2025 | 4553 | 19 | 19 |
| **Total Business Products and Services - 0.66%\*** |  |  |  | 2086 | 1705 |
| **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 |
| **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 | 4 |
| Artisan AI, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2025 | 9748 | 33 | 33 |
| Bidgely Inc. | Common Stock<sup>(2)</sup> | 7/30/2025 | 4318 | 6 | 6 |
| Bitonic Technology Labs, Inc. | Common Stock | 8/1/2025 | 12511 | 14 | 14 |
| 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 |
| Highbeam, Inc. | Common Stock<sup>(2)</sup> | 2/10/2023 | 40380 | 2 | 153 |
| 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 |
| Incode Technologies, Inc. | Common Stock<sup>(2)</sup> | 7/18/2025 | 143818 | 147 | 147 |
| Lightbeam.ai, Inc. | Preferred Stock<sup>(2)</sup> | 8/19/2025 | 137951 | 69 | 69 |
| Luxury Presence, Inc. | Preferred Stock | 9/20/2023 | 17016 | 88 | 66 |
| Luxury Presence, Inc. | Preferred Stock | 7/16/2024 | 3384 | 13 | 13 |
|  |  |  |  | 101 | 79 |
| 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. | Preferred Stock | 6/6/2025 | 485950 | 31 | 19 |
| Rudderstack, Inc. | Common Stock<sup>(2)</sup> | 6/30/2025 | 5054 | 17 | 17 |
| Sonatus, Inc. | Preferred Stock | 12/23/2025 | 104745 | 242 | 73 |
| 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 |
| Total Expert, Inc. | Common Stock | 9/29/2025 | 114054 | 157 | 139 |
| TrustPoint, Inc. | Common Stock<sup>(2)</sup> | 6/16/2025 | 43113 | 7 | 7 |
| Veritas Prime LLC | Preferred Stock<sup>(2)</sup> | 2/20/2026 | 688 | 24 | 24 |
| Workmate Labs, Inc. | Common Stock<sup>(2)</sup> | 11/20/2024 | 1238 |  |  |
| **Total Business/Productivity Software - 0.43%\*** |  |  |  | 1229 | 1111 |
| **Commercial Services** |  |  |  |  |  |
| Dumpling, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2020 | 17003 | 6 |  |
| **Total Commercial Services - —%\*** |  |  |  | 6 |  |
| **Commercial Transportation** |  |  |  |  |  |
| Regent Craft Inc. | Common Stock | 5/30/2025 | 92477 | 87 | 84 |
| **Total Commercial Transportation - 0.03%\*** |  |  |  | 87 | 84 |
| **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc. | Common Stock | 8/6/2024 | 50021 | 78 | 1 |
| Join Digital, Inc. | Common Stock<sup>(2)</sup> | 11/24/2025 | 168021 | 2 | 2 |
| **Total Communications and Networking - —%\*** |  |  |  | 80 | 3 |
| **Communication Software** |  |  |  |  |  |
| Hiya, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 115073 | 54 | 54 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Total Communication Software - 0.02%\*** |  |  |  | 54 | 54 |
| **Computer Hardware** |  |  |  |  |  |
| Contoro Inc. | Common Stock<sup>(2)</sup> | 9/30/2025 | 2884 | 32 | 32 |
| Eridu Corporation | Preferred Stock | 3/31/2025 | 143286 | 75 | 298 |
| Grey Orange International Inc. | Preferred Stock<sup>(2)</sup> | 3/16/2021 | 26386 | 92 | 61 |
| Standard Bots Company | Preferred Stock<sup>(2)</sup> | 11/13/2025 | 12122 | 29 | 165 |
| Swift Navigation, Inc. | Preferred Stock<sup>(2)</sup> | 7/30/2020 | 46589 | 39 | 109 |
| **Total Computer Hardware - 0.26%\*** |  |  |  | 267 | 665 |
| **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 |
| 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 | 1040 |
| Vestwell Holdings Inc. | Preferred Stock<sup>(2)</sup> | 9/3/2021 | 36715 | 54 | 30 |
| **Total Consumer Finance - 0.84%\*** |  |  |  | 339 | 2176 |
| **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 |
| **Total Consumer Non-Durables - 0.24%\*** |  |  |  | 345 | 625 |
| **Consumer Products and Services** |  |  |  |  |  |
| Baby Generation, Inc. | Common Stock<sup>(2)</sup> | 1/26/2022 | 13587 | 10 | 10 |
| The Black Tux Holdings, Inc. | Preferred Stock<sup>(2)</sup> | 11/5/2021 | 142939 | 139 | 450 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Ordinary Shares | 10/7/2022 | 192 | 9 |  |
| Deep Sentinel Corp. | Preferred Stock<sup>(2)</sup> | 9/10/2025 | 87901 | 84 | 45 |
| 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 |  |
|  |  |  |  | 13 |  |
| Everdrop GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/16/2022 | 14 | 24 | 26 |
| FitOn, Inc. | Common Stock | 2/29/2024 | 33548 | 74 | 44 |
| FitOn, Inc. | Common Stock | 6/26/2024 | 3355 | 7 | 4 |
|  |  |  |  | 81 | 48 |
| 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 | 11754 | 58 | 15 |
| Hydrow, Inc. | Common Stock | 2/9/2021 | 74157 | 70 |  |
| Hydrow, Inc. | Common Stock | 8/6/2021 | 455798 | 35 |  |
| Hydrow, Inc. | Common Stock | 8/6/2021 | 284835 | 25 |  |
| Hydrow, Inc. | Preferred Stock | 12/30/2024 | 4071050 | 16 |  |
|  |  |  |  | 146 |  |
| Lower Holding Company | Preferred Stock<sup>(2)</sup> | 12/28/2022 | 98856 | 47 | 6 |
| Pair Eyewear, Inc. | Common Stock<sup>(2)</sup> | 7/12/2022 | 2288 | 5 | 7 |
| Placemakr, Inc. | Preferred Stock | 8/25/2023 | 31796 | 118 | 155 |
| 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 |  |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Roadsurfer GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/23/2024 | 45 | 335 | 333 |
| 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 |
| **Total Consumer Products and Services - 0.49%\*** |  |  |  | 1304 | 1280 |
| **Database Software** |  |  |  |  |  |
| Cohesity Global, 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 | 89 |
| **Total Database Software - 0.13%\*** |  |  |  | 126 | 342 |
| **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 | 132 |
| Trendly, Inc. | Preferred Stock | 5/27/2021 | 191580 | 115 | 98 |
| **Total E-Commerce - Clothing and Accessories - 0.25%\*** |  |  |  | 1057 | 650 |
| **E-Commerce - Personal Goods** |  |  |  |  |  |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 7/6/2021 | 14143 | 146 |  |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 12/23/2021 | 12964 | 188 |  |
| Forum Brands, LLC | Preferred Stock<sup>(2)</sup> | 10/11/2023 | 2829 | 42 |  |
|  |  |  |  | 376 |  |
| Merama Inc. | Preferred Stock<sup>(2)</sup> | 4/28/2021 | 71728 | 589 | 412 |
| **Total E-Commerce - Personal Goods - 0.16%\*** |  |  |  | 965 | 412 |
| **Educational Software** |  |  |  |  |  |
| Panorama Education, Inc. | Preferred Stock | 7/30/2024 | 4139 | 23 | 17 |
| Panorama Education, Inc. | Preferred Stock<sup>(2)</sup> | 8/27/2025 | 591 | 3 | 2 |
| **Total Educational Software - 0.01%\*** |  |  |  | 26 | 19 |
| **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 | 25 |
| Arcadia Power, Inc. | Preferred Stock | 6/29/2022 | 19795 | 117 | 8 |
|  |  |  |  | 194 | 33 |
| Haven Energy Inc. | Preferred Stock | 8/19/2024 | 52486 | 53 | 106 |
| Haven Energy Inc. | Preferred Stock<sup>(2)</sup> | 7/25/2025 | 22494 | 13 | 45 |
|  |  |  |  | 66 | 151 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 7/16/2021 | 37287 | 37 | 2042 |
| Valar Atomics Inc. | Common Stock | 11/9/2025 | 17103 | 60 | 60 |
| **Total Energy - 0.88%\*** | **Total Energy - 0.88%\*** |  |  | 357 | 2286 |
| **Entertainment Software** |  |  |  |  |  |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2022 | 37335 | 60 | 3 |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2024 | 53335 | 33 | 4 |
| **Total Entertainment Software - —%\*** | **Total Entertainment Software - —%\*** |  |  | 93 | 7 |
| **Environmental Services** |  |  |  |  |  |
| Earth Services, Inc. | Preferred Stock<sup>(2)</sup> | 3/1/2024 | 143196 | 63 | 113 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Earth Services, Inc. | Preferred Stock<sup>(2)</sup> | 3/7/2025 | 97350 | 62 | 62 |
|  |  |  |  | 125 | 175 |
| Rainmaker Technology Corporation | Common Stock | 1/8/2025 | 24380 | 45 | 65 |
| **Total Environmental Services - 0.09%\*** |  |  |  | 170 | 240 |
| **Financial Software** |  |  |  |  |  |
| Ocrolus Inc. | Common Stock | 8/14/2024 | 70132 | 58 | 48 |
| Parker Group Inc. | Common Stock | 4/6/2022 | 5334 | 17 | 11 |
| Parker Group Inc. | Common Stock | 8/14/2024 | 2491 | 5 | 6 |
|  |  |  |  | 22 | 17 |
| Runway Financial, Inc. | Common Stock<sup>(2)</sup> | 8/21/2025 | 33976 | 46 | 66 |
| Signal Advisors USA, Inc. | Preferred Stock<sup>(2)</sup> | 9/26/2025 | 6430 | 23 | 23 |
| 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 - 0.08%\*** | **Total Financial Software - 0.08%\*** |  |  | 242 | 199 |
| **General Media and Content** |  |  |  |  |  |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 5/4/2022 | 2234 | 5 | 3 |
| **Total General Media and Content - —%\*** | **Total General Media and Content - —%\*** |  |  | 5 | 3 |
| **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 | 2702 |
| OpenLoop Health, Inc. | Preferred Stock<sup>(2)</sup> | 6/16/2023 | 5593 | 25 | 1351 |
| OpenLoop Health, Inc. | Preferred Stock | 11/20/2023 | 16779 | 89 | 4053 |
| OpenLoop Health, Inc. | Preferred Stock | 9/30/2024 | 43625 | 315 | 10542 |
|  |  |  |  | 480 | 18648 |
| Pair Team, PBC | Preferred Stock<sup>(2)</sup> | 7/29/2025 | 399 |  |  |
| Perry Health, Inc. | Preferred Stock<sup>(2)</sup> | 5/31/2023 | 96516 | 79 | 42 |
| Petfolk Inc. | Preferred Stock<sup>(2)</sup> | 6/10/2022 | 169684 | 13 | 29 |
| Waymark, Inc | Preferred Stock<sup>(2)</sup> | 9/24/2025 | 5082 | 10 | 10 |
| Wispr AI, Inc. | Common Stock<sup>(2)</sup> | 5/31/2022 | 568 | 3 | 3 |
| **Total Healthcare Services - 7.29%\*** | **Total Healthcare Services - 7.29%\*** |  |  | 623 | 18949 |
| **Healthcare Technology Systems** |  |  |  |  |  |
| All Inspire Health, Inc. | Preferred Stock<sup>(2)</sup> | 5/14/2025 | 117883 | 116 | 116 |
| 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 |
| Freed Inc. | Common Stock<sup>(2)</sup> | 3/27/2026 | 151 |  |  |
| K Health, Inc. | Common Stock | 7/14/2023 | 61224 | 187 | 169 |
| Lively, Inc. | Common Stock<sup>(2)</sup> | 11/7/2025 | 13519 | 67 | 18 |
| 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 - 0.19%\*** |  |  |  | 1010 | 505 |
| **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 | 893 |
| Karat Financial Technologies Incorporated | Preferred Stock<sup>(2)</sup> | 1/11/2023 | 8012 | 18 | 21 |
|  |  |  |  | 109 | 914 |
| **Total Human Capital Services - 0.40%\*** |  |  |  | 295 | 1027 |
| **Information Services (B2C)** |  |  |  |  |  |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Cleo AI Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 41041 | 82 | 151 |
| 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) - 0.08%\*** |  |  |  | 192 | 220 |
| **Information Technology** |  |  |  |  |  |
| Etched.ai, Inc. | Preferred Stock<sup>(2)</sup> | 4/19/2024 | 307570 | 250 | 2501 |
| Etched.ai, Inc. | Common Stock<sup>(2)</sup> | 7/18/2025 | 12110 | 42 | 99 |
|  |  |  |  | 292 | 2600 |
| Sandbox VR, Inc. | Common Stock<sup>(2)</sup> | 12/16/2025 | 10894 | 31 | 19 |
| Vergesense Inc | Common Stock | 3/31/2026 | 58493 | 107 | 107 |
| **Total Information Technology - 1.05%\*** |  |  |  | 430 | 2726 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 2775 | 90 | 91 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/26/2022 | 2439 | 65 | 101 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 1951 | 84 | 81 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/5/2024 | 4476 | 84 | 260 |
| **Total Infrastructure - 0.21%\*** |  |  |  | 323 | 533 |
| **Life and Health Insurance** |  |  |  |  |  |
| Angle Health, Inc. | Preferred Stock<sup>(2)</sup> | 3/18/2022 | 140450 | 29 | 114 |
| 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 - 0.10%\*** |  |  |  | 120 | 262 |
| **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 | 83 |
| Hover Inc. | Preferred Stock | 9/10/2024 | 9182 | 18 | 17 |
| Hover Inc. | Preferred Stock | 9/12/2025 | 9182 | 17 | 17 |
| **Total Multimedia and Design Software - 0.05%\*** |  |  |  | 112 | 117 |
| **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 | 7 |
| Skyflow Inc. | Preferred Stock | 9/27/2024 | 15956 | 25 | 3 |
|  |  |  |  | 56 | 10 |
| Synack, Inc. | Common Stock | 12/30/2025 | 40576 | 68 | 45 |
| **Total Network Management Software - 0.09%\*** |  |  |  | 304 | 235 |
| **Other Financial Services** |  |  |  |  |  |
| Aven Holdings, Inc.<sup>(1)</sup> | Common Stock<sup>(2)</sup> | 5/16/2023 | 35857 | 361 | 957 |
| FloatMe Corp.<sup>(1)</sup> | Common Stock | 3/11/2026 | 45328 | 126 | 126 |
| Jerry Services, Inc. | Preferred Stock | 6/13/2022 | 2235 | 8 | 16 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 10/15/2021 | 6 | 173 | 132 |
| 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 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Total Other Financial Services - 0.52%\*** |  |  |  | 765 | 1351 |
| **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 | 155 |
| Homeward, Inc. | Preferred Stock | 9/18/2025 | 310666 | 270 | 233 |
|  |  |  |  | 418 | 388 |
| 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 | 230 |
| True Footage, Inc. | Preferred Stock | 11/24/2021 | 88762 | 122 | 579 |
| **Total Real Estate Services - 0.58%\*** |  |  |  | 754 | 1496 |
| **Social/Platform Software** |  |  |  |  |  |
| Sylva, Inc. | Preferred Stock | 7/12/2021 | 44872 | 30 |  |
| Sylva, Inc. | Preferred Stock | 12/21/2021 | 44872 | 30 |  |
| Sylva, Inc. | Preferred Stock<sup>(2)</sup> | 7/14/2025 | 19788 |  |  |
| **Total Social/Platform Software - —%\*** |  |  |  | 60 |  |
| **Software Development Applications** |  |  |  |  |  |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 11/15/2021 | 47494 | 132 | 132 |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 4/14/2022 | 11004 | 36 | 36 |
|  |  |  |  | 168 | 168 |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2020 | 318571 | 65 | 57 |
| **Total Software Development Applications - 0.09%\*** |  |  |  | 233 | 225 |
| **Total Warrant Investments - 16.62%\*** |  |  |  | $**16111** | $**43161** |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **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 | $366 |
| **Total Aerospace and Defense - 0.14%\*** |  |  |  | 300 | 366 |
| **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 | 295 |
| Flashparking, Inc. | Preferred Stock<sup>(2)</sup> | 7/19/2022 | 19870 | 273 | 268 |
| Radar Labs, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2025 | 47425 | 250 | 275 |
| Tide Holdings Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/19/2021 | 43338 | 515 | 632 |
| Uniphore Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 1/28/2022 | 8066 | 100 | 82 |
| **Total Business Applications Software - 0.62%\*** |  |  |  | 1351 | 1614 |
| **Business Products and Services** |  |  |  |  |  |
| Certamen Ventures Inc. | Preferred Stock<sup>(2)</sup> | 3/4/2022 | 97195 | 200 | 114 |
| Cresta Intelligence Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2024 | 55441 | 250 | 250 |
| D-Wave Quantum Inc. | Common Stock<sup>(2)</sup> | 1/20/2026 | 8786 | 99 | 127 |
| Mirelo AI GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/22/2025 | 63 | 99 | 86 |
| Mirelo AI GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/22/2025 | 33 | 142 | 123 |
|  |  |  |  | 241 | 209 |
| 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 |  | 67 |
| MXP Prime Platform GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 6/29/2023 | 23 | 25 | 26 |
|  |  |  |  | 595 | 99 |
| Printful, Inc. Holdco. (fka Printify, Inc.) | Common Stock<sup>(2)</sup> | 11/14/2024 | 11120 | 24 | 24 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/28/2024 | 31818 | 611 | 601 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Ordinary Shares<sup>(2)</sup> | 3/28/2024 | 112770108 | 26 | 8 |
|  |  |  |  | 637 | 609 |
| **Total Business Products and Services - 0.55%\*** |  |  |  | 2046 | 1432 |
| **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 | 31 |
| 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 | 8647 | 824 | 823 |
| Continental Topco, L.P. | Limited Partnership Interest<sup>(2)</sup> | 2/14/2025 | 928 | 168 | 168 |
| Luxury Presence, Inc. | Preferred Stock<sup>(2)</sup> | 7/24/2025 | 19217 | 250 | 250 |
| Rudderstack, Inc. | SAFE<sup>(2)</sup> | 6/30/2025 |  | 50 | 50 |
| Snowflake Inc. | Common Stock<sup>(2)</sup> | 2/2/2026 | 761 | 200 | 115 |
| Strata Identity, Inc. | Preferred Stock<sup>(2)</sup> | 6/24/2022 | 71633 | 250 | 244 |
| TrustPoint, Inc. | SAFE<sup>(2)</sup> | 5/16/2025 |  | 50 | 50 |
| **Total Business/Productivity Software - 1.14%\*** |  |  |  | 3072 | 2961 |
| **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** |  |  |  |  |  |
| Eridu Corporation | Preferred Stock<sup>(2)</sup> | 3/17/2026 | 124933 | 350 | 350 |
| Standard Bots Company | Preferred Stock<sup>(2)</sup> | 3/23/2026 | 3345 | 100 | 100 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Total Computer Hardware - 0.17%\*** |  |  |  | 450 | 450 |
| **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 | 58 |
| GrubMarket, Inc. | Common Stock<sup>(2)</sup> | 8/2/2024 |  | 4178 | 7245 |
| Hydrow, Inc. | Common Stock<sup>(2)</sup> | 12/14/2020 | 610584 | 166 |  |
| Hydrow, Inc. | Preferred Stock<sup>(2)</sup> | 3/19/2021 | 327630 | 165 | 1 |
|  |  |  |  | 331 | 1 |
| 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 | 659 | 1442 |
|  |  |  |  | 1110 | 1595 |
| Nakdcom One World AB<sup>(1)(3)</sup> | Hybrid<sup>(2)(13)</sup> | 12/30/2025 | 1 | 1519 | 1485 |
| Nakdcom One World AB<sup>(1)(3)</sup> | Common Stock<sup>(2)</sup> | 12/30/2025 | 819408 | 96 | 94 |
|  |  |  |  | 1615 | 1579 |
| 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 - 4.44%\*** |  |  |  | 8296 | 11529 |
| **Database Software** |  |  |  |  |  |
| ON-0731 Fund II LP<sup>(1)</sup> | Limited Partnership Interest<sup>(2)</sup> | 8/29/2024 |  | 250 | 250 |
| TetraScience, Inc. | Preferred Stock<sup>(2)</sup> | 3/16/2026 | 8544 | 58 | 58 |
| **Total Database Software - 0.12%\*** |  |  |  | 308 | 308 |
| **E-Commerce - Personal Goods** |  |  |  |  |  |
| Forum Brands, LLC | Common Stock<sup>(2)</sup> | 7/16/2021 | 493 | 90 |  |
| 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 - 0.06%\*** |  |  |  | 196 | 161 |
| **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 | 54 |
| Arcadia Power, Inc. | Preferred Stock<sup>(2)</sup> | 3/31/2026 | 9033 | 21 | 21 |
|  |  |  |  | 188 | 75 |
| Haven Energy Inc. | Preferred Stock<sup>(2)</sup> | 10/9/2024 | 37489 | 77 | 129 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 1/10/2022 | 25537 | 700 | 1605 |
| Valar Atomics Inc. | SAFE<sup>(2)</sup> | 3/9/2026 |  | 370 | 370 |
| **Total Energy - 0.84%\*** | **Total Energy - 0.84%\*** |  |  | 1335 | 2179 |
| **Financial Services** | **Financial Services** |  |  |  |  |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 8/2/2022 | 19148 | 150 | 142 |
| **Total Financial Services - 0.05%\*** |  |  |  | 150 | 142 |
| **Food Products** | **Food Products** |  |  |  |  |
| Koatji, Inc.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 2/15/2023 | 155164 | 50 | 50 |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **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 | 275 |
| **Total Healthcare Services - 0.18%\*** |  |  |  | 720 | 463 |
| **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 |
| **Information Technology** |  |  |  |  |  |
| Etched.ai, Inc. | Preferred Stock<sup>(2)</sup> | 4/9/2024 | 307570 | 500 | 2882 |
| **Total Information Technology - 1.11%\*** |  |  |  | 500 | 2882 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/9/2022 | 1326 | 82 | 130 |
| 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 | 231 |
| **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 | 38 |
| Skyflow Inc. | Preferred Stock<sup>(2)</sup> | 9/27/2024 | 143604 | 450 | 271 |
| **Total Network Management Software - 0.12%\*** |  |  |  | 512 | 309 |
| **Other Financial Services** |  |  |  |  |  |
| Jerry Services, Inc. | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 656 | 8 | 10 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/8/2021 | 12 | 690 | 841 |
| **Total Other Financial Services - 0.33%\*** |  |  |  | 698 | 851 |
| **Real Estate Services** |  |  |  |  |  |
| Belong Home, Inc. | Preferred Stock<sup>(2)</sup> | 4/15/2022 | 6033 | 29 | 29 |
| Firemaps, Inc. | Preferred Stock<sup>(2)</sup> | 11/18/2025 | 98091 | 350 | 350 |
| Habyt GmbH<sup>(1)</sup> | 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 | 180 |
| **Total Real Estate Services - 0.22%\*** |  |  |  | 942 | 573 |
| **Social/Platform Software** |  |  |  |  |  |
| ClassPass Aggregator, LLC | Preferred Stock<sup>(2)</sup> | 3/17/2026 | 2625 | 43 | 34 |
| **Total Social/Platform Software - 0.01%\*** |  |  |  | 43 | 34 |
| **Software Development Applications** |  |  |  |  |  |

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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 March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>(unaudited)<br>As of March 31, 2026** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 5/13/2021 | 184679 | 250 | 172 |
| **Total Software Development Applications - 0.07%\*** |  |  |  | 250 | 172 |
| **Total Equity Investments - 11.08%\*** |  |  |  | $**23597** | $**28769** |
| **Total Investments in Portfolio Companies - 148.25%\***<sup>(4)(5)</sup> | **Total Investments in Portfolio Companies - 148.25%\***<sup>(4)(5)</sup> |  |  | $**382308** | $**385098** |

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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 (3.59% Current Market Yield) | Cash Equivalents | PRM | $9078 | $9078 |
| **Total Cash Equivalents - 3.49%\*** |  |  | $9078 | $9078 |

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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/(Loss)** |
| British Pound Sterling (GBP) | 4/27/2026 | Zions Bancorporation, N.A. | £1000 | Sold | $1362 | $40 |
| Euro (EUR) | 4/27/2026 | Zions Bancorporation, N.A. | 1000 | Sold | 1185 | 28 |
| **Total Foreign Currency Forward Contracts - 0.03%\*** | **Total Foreign Currency Forward Contracts - 0.03%\*** | **Total Foreign Currency Forward Contracts - 0.03%\*** |  |  | $2547 | $68 |

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_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). As of March 31, 2026, non-qualifying assets represented 8.8% of the Company's total assets, at fair value.

(2)As of March 31, 2026, this investment was not pledged as collateral as part of the Company's revolving credit facility.

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Unless otherwise indicated, all of the Company's portfolio company investments are subject to restrictions on sales. As of March 31, 2026, the Company's portfolio company investments that were subject to restrictions on sales totaled $385.1 million at fair value and represented 148.3% of the Company's net assets. In addition, unless otherwise indicated, as of March 31, 2026, 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 gains for federal income tax purposes totaled $40.3 million, $37.4 million and $2.9 million, respectively, for the March 31, 2026 investment portfolio. The tax cost of investments is $384.4 million.

(7)Debt is on non-accrual status as of March 31, 2026 and is therefore considered non-income producing. Non-accrual investments as of March 31, 2026 had a total cost and fair value of $32.2 million and $11.6 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)The Company received an equity investment from this portfolio company based on an agreed upon percentage of the total dollar value to be raised by the portfolio company in its next round of equity financing. As a result, the number of shares and the initial fair value of this investment will be determinable at the time of the portfolio company's next equity financing round.

(12)Investment is structured as a unitranche loan in which the Company may receive additional interest on its "last out" tranche of the portfolio company's senior term debt, which was syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the Company's "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(13)This Hybrid equity investment is perpetual and has no specific maturity date, and it accrues interest at an annual rate of 16.0% that can be capitalized at the election of the portfolio company. The Company has not recorded any income in connection with the Hybrid equity investment for the three months ended March 31, 2026.

\*&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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 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 | $2412 | $2463 | $2570 | 4/1/2028 |
| Hermeus Corporation | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment) | 12/13/2024 | 1102 | 1119 | 1170 | 6/1/2028 |
| Hermeus Corporation | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment) | 3/18/2025 | 941 | 949 | 998 | 9/1/2028 |
| Hermeus Corporation | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 5.75% EOT payment) | 5/30/2025 | 741 | 744 | 786 | 11/1/2028 |
|  |  |  | 5196 | 5275 | 5524 |  |
| Overland AI Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 9.75% floor, 2.50% EOT payment)<sup>(2)</sup> | 12/23/2025 | 2250 | 2180 | 2180 | 6/1/2029 |
| US Chemical Technologies, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 10.75% floor, 4.50% EOT payment)<sup>(2)</sup> | 10/31/2025 | 6500 | 6111 | 6111 | 10/1/2029 |
| **Total Aerospace and Defense - 5.58%\*** | **Total Aerospace and Defense - 5.58%\*** |  | 13946 | 13566 | 13815 |  |
| **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 | 10392 | 10300 | 10300 | 6/1/2027 |
| Morty, Inc. | Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 11.00% EOT payment) | 12/21/2022 | 7000 | 7552 | 6904 | 12/31/2026 |
| Radar Labs, Inc. | Growth Capital Loan (Prime + 2.15% interest rate, 9.50% floor, 2.25% EOT Payment)<sup>(2)</sup> | 9/30/2025 | 3500 | 3485 | 3485 | 9/1/2028 |
| Simpplr Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.00% floor, 1.50% EOT Payment) | 4/23/2025 | 2625 | 2637 | 2637 | 4/1/2026 |
| Simpplr Inc. | Growth Capital Loan (Prime + 2.00% interest rate, 9.50% floor, 4.50% EOT Payment)<sup>(2)</sup> | 12/2/2025 | 875 | 858 | 858 | 12/1/2029 |
|  |  |  | 3500 | 3495 | 3495 |  |
| Tide Platform Limited<sup>(1)(3)</sup> | Revolver (10.25% interest rate, 4.00% EOT payment) | 2/22/2021 | 1768 | 1835 | 1731 | 12/31/2027 |
| **Total Business Applications Software - 10.46%\*** | **Total Business Applications Software - 10.46%\*** |  | 26160 | 26667 | 25915 |  |
| **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 | 1057 | 1083 | 1083 | 8/31/2027 |
| Certamen Ventures Inc. | Growth Capital Loan (Prime + 6.50% interest rate, 15.00% floor, 5.00% EOT payment) | 11/30/2021 | 4400 | 4592 | 4592 | 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 | 878 | 878 | 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 | 434 | 496 | 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 | 478 | 489 | 6/1/2028 |
|  |  |  | 909 | 912 | 985 |  |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment) | 5/30/2025 | 951 | 961 | 988 | 11/1/2027 |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 8/12/2025 | 937 | 935 | 935 | 2/1/2028 |
| Muon Space, Inc. | Growth Capital Loan (Prime interest rate, 7.00% floor, 6.00% EOT payment)<sup>(2)</sup> | 11/12/2025 | 713 | 702 | 702 | 5/1/2028 |
|  |  |  | 2601 | 2598 | 2625 |  |
| Path Robotics, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.00% floor, 4.00% EOT payment) | 10/3/2024 | 7000 | 7071 | 6954 | 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 | 859 | 763 | 614 | 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 | 143 | 127 | 102 | 12/31/2028 |
|  |  |  | 1002 | 890 | 716 |  |
| 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 | 257 | 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 | 4 | 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 | 3 | 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 | 1 | 1/31/2025 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| 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 | 3 | 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 | 3 | 1/31/2025 |
|  |  |  | 2549 | 2596 | 271 |  |
| Vitally, Inc. | Growth Capital Loan (Prime + 3.45% interest rate, 9.70% floor, 2.00% EOT payment)<sup>(2)</sup> | 12/19/2025 | 2000 | 1961 | 1961 | 6/1/2029 |
| 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 | 207 | 213 | 222 | 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 | 110 | 122 | 135 | 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 | 296 | 296 | 314 | 5/31/2028 |
|  |  |  | 613 | 631 | 671 |  |
| **Total Business Products and Services - 8.37%\*** | **Total Business Products and Services - 8.37%\*** |  | 23008 | 23212 | 20736 |  |
| **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 | 1269 | 1277 | 1277 | 12/1/2027 |
| Bitonic Technology Labs, Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 2.75% EOT payment)<sup>(2)</sup> | 8/1/2025 | 3750 | 3731 | 3731 | 8/1/2029 |
| Lightbeam.ai, Inc. | Growth Capital Loan (Prime + 1.75% interest rate, 8.75% floor, 2.50% EOT payment)<sup>(2)</sup> | 12/4/2025 | 3000 | 2908 | 2908 | 6/1/2028 |
| 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 | 132 | 6/30/2025 |
| Observe, Inc. | Growth Capital Loan (Prime + 2.75% interest rate, 9.75% floor, 3.25% EOT payment)<sup>(2)</sup> | 10/1/2025 | 4000 | 3889 | 4015 | 10/1/2029 |
| OnSiteIQ, Inc. | Growth Capital Loan (Prime + 5.50% interest rate, 13.00% floor, 2.50% EOT payment) | 6/6/2025 | 2129 | 2120 | 2120 | 11/1/2028 |
| PlanHub, Inc. | Growth Capital Loan (SOFR + 7.40% interest rate, 8.15% floor)<sup>(12)</sup> | 9/9/2025 | 8750 | 8624 | 8624 | 9/9/2031 |
| PlanHub, Inc. | Growth Capital Loan (SOFR + 5.33% interest rate, 6.08% floor)<sup>(2)</sup> | 11/26/2025 | 63 | 62 | 62 | 9/30/2027 |
|  |  |  | 8813 | 8686 | 8686 |  |
| Sonatus, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 4.00% EOT payment)<sup>(2)</sup> | 12/23/2025 | 7000 | 6693 | 6693 | 12/1/2029 |
| Total Expert, Inc. | Growth Capital Loan (Prime + 2.15% interest rate, 9.65% floor, 3.00% EOT payment | 9/29/2025 | 7500 | 7329 | 7329 | 9/1/2029 |
| Trustpoint, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 9.75% floor, 2.00% EOT payment)<sup>(2)</sup> | 6/16/2025 | 500 | 493 | 493 | 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 | 302 | 302 | 11/1/2027 |
| Workmate Labs, Inc. | Growth Capital Loan (Prime + 2.10% interest rate, 9.10% floor, 4.40% EOT payment)<sup>(2)</sup> | 12/31/2025 | 82 | 81 | 81 | 12/1/2028 |
|  |  |  | 382 | 383 | 383 |  |
| **Total Business/Productivity Software - 15.24%\*** | **Total Business/Productivity Software - 15.24%\*** |  | 40973 | 40177 | 37767 |  |
| **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 | 1467 | 1467 | 6/1/2028 |
| Regent Craft Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 10.75% floor, 3.00% EOT payment)<sup>(2)</sup> | 8/19/2025 | 1500 | 1458 | 1458 | 8/1/2028 |
| **Total Commercial Transportation - 1.18%\*** | **Total Commercial Transportation - 1.18%\*** |  | 3000 | 2925 | 2925 |  |
| **Communications and Networking** | **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment) | 8/6/2024 | 4853 | 4868 | 3434 | 8/1/2027 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 3.75% interest rate, 11.25% floor, 2.00% EOT payment) | 1/16/2025 | 2080 | 2059 | 1446 | 1/1/2028 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)<sup>(2)</sup> | 10/31/2025 | 72 | 72 | 54 | 12/31/2025 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)<sup>(2)</sup> | 11/24/2025 | 278 | 278 | 207 | 12/31/2025 |
| Join Digital, Inc.<sup>(7)</sup> | Growth Capital Loan (Prime + 12.50% PIK interest rate, 20.00% floor)<sup>(2)</sup> | 12/12/2025 | 105 | 105 | 78 | 12/31/2025 |
| **Total Communications and Networking - 2.11%\*** | **Total Communications and Networking - 2.11%\*** |  | 7388 | 7382 | 5219 |  |
| **Computer Hardware** |  |  |  |  |  |  |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Eridu Corporation | Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 12/31/2025 | 7000 | 6856 | 6856 | 12/1/2028 |
| Quantum Circuits, Inc. | Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.00% EOT payment)<sup>(2)</sup> | 10/17/2022 | 41 | 45 | 45 | 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 | 143 | 153 | 154 | 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 | 1065 | 1065 | 12/31/2025 |
|  |  |  | 1184 | 1263 | 1264 |  |
| Standard Bots Company | Growth Capital Loan (Prime + 2.00% interest rate, 9.25% floor, 3.75% EOT payment)<sup>(2)</sup> | 12/31/2025 | 2500 | 2447 | 2447 | 6/1/2028 |
| **Total Computer Hardware - 4.26%\*** | **Total Computer Hardware - 4.26%\*** |  | 10684 | 10566 | 10567 |  |
| **Consumer Products and Services** | **Consumer Products and Services** |  |  |  |  |  |
| Dance GmbH<sup>(1)(3)(7)</sup> | Growth Capital Loan (6.25% EOT payment)<sup>(2)(9)</sup> | 4/14/2022 | 723 | 724 | 266 | 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 | 106 | 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 | 27 | 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 | 199 | 8/31/2031 |
|  |  |  | 1589 | 1559 | 598 |  |
| Deep Sentinel Corp. | Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 9/10/2025 | 5500 | 5408 | 5408 | 9/1/2028 |
| 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 | 80 | 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 | 27 | 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 | 54 | 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 | 80 | 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 | 4 | 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 | 14 | 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 | 7 | 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 | 9 | 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 | 9 | 4/30/2028 |
| 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> | 11/20/2025 | 11 | 11 | 2 | 11/30/2028 |
|  |  |  | 1187 | 1182 | 289 |  |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 2/29/2024 | 4444 | 4430 | 4430 | 8/1/2027 |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 3/8/2024 | 556 | 553 | 553 | 9/1/2027 |
| FitOn, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.25% floor, 2.00% EOT payment) | 6/28/2024 | 500 | 496 | 496 | 12/1/2027 |
|  |  |  | 5500 | 5479 | 5479 |  |
| Flink SE<sup>(1)(3)</sup> | Growth Capital Loan (9.75% PIK interest rate, 6.75% EOT payment)<sup>(2)</sup> | 7/5/2022 | 1495 | 1544 | 1544 | 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 | 1495 | 1537 | 1537 | 8/31/2028 |
|  |  |  | 2990 | 3081 | 3081 |  |
| Headout Inc. | Growth Capital Loan (Prime + 3.25% interest rate, 11.75% floor, 4.25% EOT payment) | 3/15/2024 | 1864 | 1918 | 1922 | 3/1/2027 |
| Hydrow, Inc. | Revolver (Prime + 2.00% interest rate, 9.75% floor, 7.00% EOT payment) | 12/30/2024 | 5309 | 5309 | 4798 | 12/30/2026 |
| Hydrow, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 9.00% EOT payment) | 12/30/2024 | 9949 | 10185 | 8815 | 12/1/2027 |
|  |  |  | 15258 | 15494 | 13613 |  |
| 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 | 1396 | 1340 | 6/30/2026 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **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> | Growth Capital Loan (8.70% cash interest rate + 5.80% PIK interest rate, 14.00% EOT payment) | 11/3/2021 | 5130 | 5522 | 5002 | 12/31/2026 |
| JOKR S.a.r.l.<sup>(1)(3)</sup> | Growth Capital Loan (10.95% cash interest rate + 7.30% PIK interest rate, 14.00% EOT payment)<sup>(2)</sup> | 8/17/2022 | 1199 | 1260 | 1175 | 12/31/2026 |
|  |  |  | 7651 | 8178 | 7517 |  |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 577 | 344 | 12/31/2026 |
| MA Micro Limited<sup>(1)(3)</sup> | Convertible Note<sup>(2)(9)</sup> | 12/31/2023 | 1666 | 1085 | 454 | 12/31/2028 |
| MA Micro Limited<sup>(1)(3)</sup> | Growth Capital Loan<sup>(2)(9)</sup> | 12/31/2023 | 555 | 474 | 101 | 12/31/2028 |
|  |  |  | 3887 | 2136 | 899 |  |
| Nakdcom One World AB<sup>(1)(3)(7)</sup> | Growth Capital Loan (Prime + 12.00% PIK interest rate)<sup>(2)</sup> | 12/31/2025 | 12 | 12 | 12 | 12/31/2028 |
| 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 | 165 | 206 | 206 | 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 | 112 | 123 | 123 | 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 | 107 | 116 | 116 | 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 | 520 | 554 | 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 | 429 | 457 | 10/31/2028 |
|  |  |  | 1324 | 1394 | 1456 |  |
| 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 |
| 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 - 16.28%\*** | **Total Consumer Products and Services - 16.28%\*** |  | 47906 | 47017 | 40350 |  |
| **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 | 5047 | 5047 | 7/1/2028 |
| **Total Database Software - 2.04%** | **Total Database Software - 2.04%** |  | 5000 | 5047 | 5047 |  |
| **E-Commerce - Clothing and Accessories** | **E-Commerce - Clothing and Accessories** |  |  |  |  |  |
| FabFitFun, Inc. | Growth Capital Loan (Prime + 7.00% interest rate, 13.00% floor, 6.50% EOT payment) | 9/29/2021 | 5250 | 5026 | 5026 | 7/30/2027 |
| Fabletics, Inc. | Growth Capital Loan (9.00% PIK interest rate, 2.50% EOT payment)<sup>(2)</sup> | 4/25/2024 | 1432 | 1327 | 1327 | 4/25/2029 |
| Minted, Inc. | Growth Capital Loan (Prime + 4.25% interest rate, 11.00% floor, 4.00% EOT payment) | 6/30/2025 | 7143 | 7180 | 7177 | 6/1/2029 |
| Minted, Inc. | Revolver (Prime + 2.50% interest rate, 9.25% floor)<sup>(2)</sup> | 6/30/2025 |  |  |  | 12/30/2027 |
| Minted, Inc. | Revolver (Prime + 2.00% interest rate, 8.75% floor)<sup>(2)</sup> | 8/29/2025 |  |  |  | 12/30/2027 |
|  |  |  | 7143 | 7180 | 7177 |  |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment) | 5/27/2021 | 6500 | 7124 | 6863 | 3/31/2027 |
| Trendly, Inc. | Growth Capital Loan (Prime + 7.75% interest rate, 15.75% floor, 11.75% EOT payment)<sup>(2)</sup> | 6/7/2022 | 1000 | 1075 | 1059 | 3/31/2027 |
|  |  |  | 7500 | 8199 | 7922 |  |
| **Total E-Commerce - Clothing and Accessories - 8.66%\*** | **Total E-Commerce - Clothing and Accessories - 8.66%\*** |  | 21325 | 21732 | 21452 |  |
| **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 | 8452 | 8834 | 7987 | 5/1/2027 |
| Forum Brands, LLC | Growth Capital Loan (12.00% PIK interest rate, 5.50% EOT payment)<sup>(2)</sup> | 5/14/2025 | 10578 | 10986 | 10005 | 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 | 2155 | 2172 | 2043 | 5/1/2027 |
| Forum Brands, LLC | Growth Capital Loan (12.00% PIK interest rate)<sup>(2)</sup> | 5/14/2025 | 2460 | 2457 | 2176 | 5/1/2027 |
| Forum Brands, LLC | Convertible Note (12.00% PIK interest rate)<sup>(2)</sup> | 8/8/2025 | 1 | 1 | 1 | 5/1/2027 |
| **Total E-Commerce - Personal Goods - 8.96%\*** | **Total E-Commerce - Personal Goods - 8.96%\*** |  | 23646 | 24450 | 22212 |  |
| **Educational Software** |  |  |  |  |  |  |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 2.00% interest rate, 10.50% floor, 7.50% EOT payment) | 7/30/2024 | 3000 | 3103 | 3103 | 1/1/2027 |
| Panorama Education, Inc. | Revolver (Prime + 1.00% interest rate, 9.50% floor, 5.00% EOT payment)<sup>(2)</sup> | 7/30/2024 |  |  |  | 7/31/2027 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment) | 3/28/2025 | 2000 | 2012 | 2012 | 9/1/2028 |
| Panorama Education, Inc. | Growth Capital Loan (Prime + 1.75% interest rate, 10.25% floor, 7.50% EOT payment)<sup>(2)</sup> | 8/27/2025 | 757 | 753 | 753 | 2/1/2029 |
| **Total Educational Software - 2.37%\*** | **Total Educational Software - 2.37%\*** |  | 5757 | 5868 | 5868 |  |
| **Energy** |  |  |  |  |  |  |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 5/6/2022 | 1319 | 1324 | 1324 | 11/30/2026 |
| Arcadia Power, Inc. | Growth Capital Loan (11.75% interest rate, 7.75% EOT payment) | 6/29/2022 | 5000 | 5254 | 5254 | 12/31/2026 |
|  |  |  | 6319 | 6578 | 6578 |  |
| Valar Atomics Inc. | Growth Capital Loan (Prime + 3.50%, 10.75% floor, 3.00% EOT payment)<sup>(2)</sup> | 11/12/2025 | 4000 | 3911 | 3911 | 11/1/2028 |
| **Total Energy - 4.23%\*** |  |  | 10319 | 10489 | 10489 |  |
| **Entertainment Software** |  |  |  |  |  |  |
| 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 | 1683 | 1879 | 1877 | 4/1/2027 |
| **Total Entertainment Software - 0.76%\*** | **Total Entertainment Software - 0.76%\*** |  | 1683 | 1879 | 1877 |  |
| **Environmental Services** |  |  |  |  |  |  |
| Earth Services, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 9.25% floor, 5.75% EOT payment)<sup>(2)</sup> | 12/22/2025 | 2000 | 1957 | 1957 | 12/1/2028 |
| Rainmaker Technology Corporation | Growth Capital Loan (Prime + 3.50% interest rate, 11.50% floor, 2.75% EOT payment) | 1/8/2025 | 4000 | 3965 | 3965 | 7/1/2028 |
| **Total Environmental Services - 2.39%\*** | **Total Environmental Services - 2.39%\*** |  | 6000 | 5922 | 5922 |  |
| **Financial Software** |  |  |  |  |  |  |
| Ocrolus Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment) | 8/14/2024 | 4286 | 4370 | 4370 | 2/1/2028 |
| Ocrolus Inc. | Growth Capital Loan (Prime + 2.50% interest rate, 9.75% floor, 5.00% EOT payment) | 4/22/2025 | 1714 | 1716 | 1716 | 10/1/2028 |
|  |  |  | 6000 | 6086 | 6086 |  |
| Parker Group Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.00% floor, 2.50% EOT payment) | 8/14/2024 | 343 | 340 | 340 | 8/31/2027 |
| Runway Financial, Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 10.50% floor)<sup>(2)</sup> | 11/21/2025 | 5000 | 4907 | 4907 | 11/1/2029 |
| Signal Advisors USA, Inc. | Revolver (Prime + 1.75% interest rate, 7.75% floor, 1.35% EOT payment)<sup>(2)</sup> | 9/26/2025 | 167 | 167 | 167 | 9/26/2028 |
| **Total Financial Software - 4.64%\*** | **Total Financial Software - 4.64%\*** |  | 11510 | 11500 | 11500 |  |
| **Healthcare Services** |  |  |  |  |  |  |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 6/22/2023 | 544 | 679 | 680 | 3/30/2026 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 11/20/2023 | 1460 | 1639 | 1640 | 3/30/2026 |
| OpenLoop Health, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 11.25% floor, 7.50% EOT payment) | 9/30/2024 | 6901 | 7130 | 7136 | 3/30/2026 |
|  |  |  | 8905 | 9448 | 9456 |  |
| Pair Team, PBC | Convertible Note (6.00% interest rate)<sup>(2)</sup> | 11/24/2025 | 100 | 100 | 100 | 11/7/2028 |
| Pair Team, PBC | Growth Capital Loan (Prime + 1.00% interest rate, 8.50% floor, 3.25% EOT payment)<sup>(2)</sup> | 12/5/2025 | 400 | 398 | 398 | 6/1/2028 |
|  |  |  | 500 | 498 | 498 |  |
| **Total Healthcare Services - 4.02%\*** | **Total Healthcare Services - 4.02%\*** |  | 9405 | 9946 | 9954 |  |
| **Healthcare Technology Systems** |  |  |  |  |  |  |
| K Health, Inc. | Growth Capital Loan (Prime + 2.25% interest rate, 10.00% floor, 4.75% EOT payment | 7/14/2023 | 1510 | 1706 | 1706 | 7/31/2026 |
| Lively, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)<sup>(2)</sup> | 12/1/2025 | 1750 | 1717 | 1717 | 12/1/2029 |
| Lively, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)<sup>(2)</sup> | 12/1/2025 | 1750 | 1717 | 1717 | 12/1/2029 |
| Lively, Inc. | Growth Capital Loan (Prime + 4.00% interest rate, 11.50% floor, 3.00% EOT payment)<sup>(2)</sup> | 12/1/2025 | 1750 | 1717 | 1717 | 12/1/2029 |
|  |  |  | 5250 | 5151 | 5151 |  |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Investment** | **Acquisition**<br>**Date**<sup>(10)</sup> | **Outstanding<br>Principal** | **Cost**<sup>(6)</sup> | **Fair Value** | **Maturity<br>Date** |
| **Total Healthcare Technology Systems - 2.77%\*** | **Total Healthcare Technology Systems - 2.77%\*** |  | 6760 | 6857 | 6857 |  |
| **Information Technology** |  |  |  |  |  |  |
| Etched.ai, Inc. | Revolver (Prime + 4.00% interest rate, 10.75% floor)<sup>(2)</sup> | 7/18/2025 | 4500 | 4500 | 4500 | 4/30/2028 |
| Sandbox VR, Inc. | Growth Capital Loan (Prime + 3.50% interest rate, 10.50% floor, 1.50% EOT payment)<sup>(2)</sup> | 12/16/2025 | 831 | 818 | 818 | 10/1/2027 |
| Sandbox VR, Inc. | Growth Capital Loan (Prime + 5.25% interest rate, 12.25% floor, 4.00% EOT payment)<sup>(2)</sup> | 12/16/2025 | 4130 | 4066 | 4066 | 10/1/2029 |
|  |  |  | 4961 | 4884 | 4884 |  |
| **Total Information Technology - 3.79%\*** | **Total Information Technology - 3.79%\*** |  | 9461 | 9384 | 9384 |  |
| **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 | 2706 | 2893 | 2893 | 1/31/2027 |
| **Total Medical Software and Information Services - 1.17%\*** | **Total Medical Software and Information Services - 1.17%\*** |  | 2706 | 2893 | 2893 |  |
| **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 | 4033 | 4033 | 3/31/2029 |
| Hover Inc. | Growth Capital Loan (Prime + 3.00% interest rate, 9.50% floor, 6.00% EOT payment)<sup>(2)</sup> | 9/12/2025 | 500 | 496 | 496 | 3/31/2030 |
| **Total Multimedia and Design Software - 1.83%\*** | **Total Multimedia and Design Software - 1.83%\*** |  | 4500 | 4529 | 4529 |  |
| **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 | 4604 | 4372 | 10/1/2028 |
| Skyflow Inc. | Growth Capital Loan (Prime + 1.50% interest rate, 9.50% floor, 5.00% EOT payment) | 10/2/2023 | 455 | 460 | 437 | 10/1/2028 |
|  |  |  | 5000 | 5064 | 4809 |  |
| Synack, Inc. | Growth Capital Loan (Prime + 2.85% interest rate, 9.85% floor, 1.00% EOT payment) | 12/30/2025 | 9000 | 8842 | 8842 | 12/1/2028 |
| **Total Network Management Software - 5.51%\*** | **Total Network Management Software - 5.51%\*** |  | 14000 | 13906 | 13651 |  |
| **Other Financial Services** |  |  |  |  |  |  |
| Jerry Services, Inc. | Growth Capital Loan (10.50% interest rate, 1.50% EOT payment)<sup>(2)</sup> | 11/14/2025 | 4000 | 4002 | 4052 | 5/1/2029 |
| **Total Other Financial Services - 1.64%\*** | **Total Other Financial Services - 1.64%\*** |  | 4000 | 4002 | 4052 |  |
| **Real Estate Services** |  |  |  |  |  |  |
| Habyt GmbH (f/k/a 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 | 690 | 9/30/2025 |
| Habyt GmbH (f/k/a 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 | 1310 | 9/30/2025 |
|  |  |  | **7242** | **7635** | **2000** |  |
| Homeward, Inc. | Growth Capital Loan (19.00% interest rate, 9.75% EOT payment) | 12/30/2021 | 3053 | 3385 | 3358 | 6/30/2026 |
| **Total Real Estate Services - 2.16%\*** | **Total Real Estate Services - 2.16%\*** |  | 10295 | 11020 | 5358 |  |
| **Social/Platform Software** |  |  |  |  |  |  |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 2.12% EOT payment) | 11/30/2021 | 1146 | 940 | 489 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 1280 | 1079 | 546 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 1723 | 1453 | 735 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 2068 | 1743 | 882 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/21/2021 | 2068 | 1743 | 882 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 7.41% EOT payment) | 12/27/2021 | 1304 | 872 | 441 | 1/31/2028 |
| Sylva, Inc.<sup>(7)</sup> | Growth Capital Loan (15.00% PIK interest rate, 8.47% EOT payment<sup>(2)</sup> | 12/18/2023 | 151 | 115 | 65 | 1/31/2028 |
| **Total Social/Platform Software - 1.63%\*** | **Total Social/Platform Software - 1.63%\*** |  | 9470 | 7945 | 4040 |  |
| **Total Debt Investments - 122.03%\*** | **Total Debt Investments - 122.03%\*** |  | $**328902** | $**328881** | $**302379** |  |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 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 | $1049 |
| Hermeus Corporation | Preferred Stock | 10/30/2024 | 8381 | 44 | 67 |
| 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 |
| Overland AI Inc. | Common Stock<sup>(2)</sup> | 12/23/2025 | 8722 | 49 | 49 |
| US Chemical Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 10/31/2025 | 125907 | 348 | 348 |
| **Total Aerospace and Defense - 0.68%\*** |  |  |  | 660 | 1692 |
| **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 |
| **Automation/Workflow Software** |  |  |  |  |  |
| Union Systems Inc. | Common Stock<sup>(2)</sup> | 8/28/2025 | 111536 | 88 | 88 |
| **Total Automation/Workflow Software - 0.04%\*** |  |  |  | 88 | 88 |
| **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 | 687 |
| 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 |
| Radar Labs, Inc. | Common Stock<sup>(2)</sup> | 9/30/2025 | 7082 | 19 | 22 |
| Simpplr Inc. | Common Stock<sup>(2)</sup> | 4/23/2025 | 15851 | 78 | 78 |
| Uniphore Technologies, Inc. | Common Stock<sup>(2)</sup> | 12/22/2021 | 10000 | 10 | 29 |
| **Total Business Applications Software - 0.65%\*** |  |  |  | 861 | 1609 |
| **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 | 116 |
| Cart.com, Inc. | Preferred Stock<sup>(2)</sup> | 3/31/2022 | 907 | 6 | 7 |
|  |  |  |  | 125 | 123 |
| 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 |
| Mirelo AI GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 11/28/2025 | 289 | 696 | 696 |
| Muon Space, Inc. | Preferred Stock | 12/30/2024 | 45499 | 56 | 64 |
| Path Robotics, Inc. | Common Stock | 12/17/2021 | 40579 | 130 | 11 |
| Path Robotics, Inc. | Preferred Stock | 10/3/2024 | 20252 | 38 | 6 |
|  |  |  |  | 168 | 17 |
| 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 | 28 |
| 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 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
|  |  |  |  | 41 | 46 |
| Vitally, Inc. | Common Stock<sup>(2)</sup> | 12/19/2025 | 4553 | 19 | 19 |
| **Total Business Products and Services - 0.73%\*** |  |  |  | 2086 | 1801 |
| **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 |
| **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 |
| Bidgely Inc. | Common Stock<sup>(2)</sup> | 7/30/2025 | 4318 | 6 | 6 |
| Bitonic Technology Labs, Inc. | Common Stock<sup>(2)</sup> | 8/1/2025 | 12511 | 14 | 14 |
| 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 |
| 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 |
| Incode Technologies, Inc. | Common Stock<sup>(2)</sup> | 7/18/2025 | 54651 | 56 | 56 |
| Lightbeam.ai, Inc. | Preferred Stock<sup>(2)</sup> | 8/19/2025 | 137951 | 69 | 69 |
| Luxury Presence, Inc. | Preferred Stock | 9/20/2023 | 17016 | 88 | 66 |
| Luxury Presence, Inc. | Preferred Stock | 7/16/2024 | 3384 | 13 | 13 |
|  |  |  |  | 101 | 79 |
| 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 |
| Observe, Inc. | Common Stock<sup>(2)</sup> | 10/1/2025 | 43632 | 243 | 243 |
| OnSiteIQ, Inc. | Preferred Stock | 6/6/2025 | 485950 | 31 | 19 |
| Rudderstack, Inc. | Common Stock<sup>(2)</sup> | 6/30/2025 | 5054 | 17 | 17 |
| Sonatus, Inc. | Preferred Stock | 12/23/2025 | 104745 | 242 | 242 |
| 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 |
| Total Expert, Inc. | Common Stock | 9/29/2025 | 114054 | 157 | 139 |
| TrustPoint, Inc. | Common Stock<sup>(2)</sup> | 6/16/2025 | 43113 | 7 | 7 |
| Workmate Labs, Inc. | Common Stock<sup>(2)</sup> | 11/20/2024 | 1238 |  |  |
| **Total Business/Productivity Software - 0.52%\*** |  |  |  | 1357 | 1292 |
| **Commercial Services** |  |  |  |  |  |
| Dumpling, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2020 | 17003 | 6 |  |
| **Total Commercial Services - 0.00%\*** |  |  |  | 6 |  |
| **Commercial Transportation** |  |  |  |  |  |
| Regent Craft Inc. | Common Stock | 5/30/2025 | 92477 | 87 | 87 |
| **Total Commercial Transportation - 0.04%\*** |  |  |  | 87 | 87 |
| **Communications and Networking** |  |  |  |  |  |
| Join Digital, Inc. | Common Stock | 8/6/2024 | 50021 | 78 | 1 |
| Join Digital, Inc. | Common Stock<sup>(2)</sup> | 11/24/2025 | 168021 | 2 | 2 |
| **Total Communications and Networking - 0.00%\*** |  |  |  | 80 | 3 |
| **Communication Software** |  |  |  |  |  |
| Hiya, Inc. | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 115073 | 54 | 54 |
| **Total Communication Software - 0.02%\*** |  |  |  | 54 | 54 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| **Computer Hardware** | | | | | |
| Contoro Inc. | Common Stock<sup>(2)</sup> | 9/30/2025 | 2884 | 32 | 32 |
| Eridu Corporatoin | Preferred Stock<sup>(2)</sup> | 3/31/2025 | 143286 | 75 | 75 |
| Grey Orange International Inc. | Preferred Stock<sup>(2)</sup> | 3/16/2021 | 26386 | 92 | 61 |
| Standard Bots Company | Preferred Stock<sup>(2)</sup> | 11/13/2025 | 12122 | 29 | 29 |
| 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 | 218 |
| Quantum Circuits, Inc. | Preferred Stock<sup>(2)</sup> | 8/16/2024 | 7095 | 9 | 50 |
|  |  |  |  | 49 | 268 |
| **Total Computer Hardware - 0.23%\*** |  |  |  | 316 | 574 |
| **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 |
| 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 | 1040 |
| Vestwell Holdings Inc. | Preferred Stock<sup>(2)</sup> | 9/3/2021 | 36715 | 54 | 30 |
| **Total Consumer Finance - 0.88%\*** |  |  |  | 339 | 2176 |
| **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 |
| **Total Consumer Non-Durables - 0.25%\*** |  |  |  | 345 | 625 |
| **Consumer Products and Services** |  |  |  |  |  |
| Baby Generation, Inc. | Common Stock<sup>(2)</sup> | 1/26/2022 | 13587 | 10 | 10 |
| The Black Tux Holdings, Inc. | Preferred Stock<sup>(2)</sup> | 11/5/2021 | 142939 | 139 | 450 |
| Bloom and Wild Midco 2 Limited<sup>(1)(3)</sup> | Ordinary Shares | 10/7/2022 | 192 | 9 |  |
| Deep Sentinel Corp. | Preferred Stock<sup>(2)</sup> | 9/10/2025 | 87901 | 84 | 45 |
| 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 |  |
|  |  |  |  | 13 |  |
| 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 | 11754 | 58 | 15 |
| Hydrow, Inc. | Common Stock | 2/9/2021 | 74157 | 70 |  |
| Hydrow, Inc. | Common Stock | 8/6/2021 | 455798 | 35 |  |
| Hydrow, Inc. | Common Stock | 8/6/2021 | 284835 | 25 |  |
| Hydrow, Inc. | Preferred Stock | 12/30/2024 | 4071050 | 16 |  |
|  |  |  |  | 146 |  |
| Lower Holding Company | Preferred Stock<sup>(2)</sup> | 12/28/2022 | 98856 | 47 | 6 |
| Pair Eyewear, Inc. | Common Stock<sup>(2)</sup> | 7/12/2022 | 2288 | 5 | 7 |
| Placemakr, Inc. | Preferred Stock | 8/25/2023 | 31796 | 118 | 155 |
| 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 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| 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 | 45 | 335 | 340 |
| 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 |
| **Total Consumer Products and Services - 0.53%\*** |  |  |  | 1304 | 1318 |
| **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 | 132 |
| Trendly, Inc. | Preferred Stock | 5/27/2021 | 191580 | 115 | 98 |
| **Total E-Commerce - Clothing and Accessories - 0.26%\*** |  |  |  | 1057 | 650 |
| **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 | 17 |
| Panorama Education, Inc. | Preferred Stock<sup>(2)</sup> | 8/27/2025 | 591 | 3 | 2 |
| **Total Educational Software - 0.01%\*** |  |  |  | 26 | 19 |
| **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 | 106 |
| Haven Energy Inc. | Preferred Stock<sup>(2)</sup> | 7/25/2025 | 22494 | 13 | 45 |
|  |  |  |  | 66 | 151 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 7/16/2021 | 37287 | 37 | 2042 |
| Valar Atomics Inc. | Common Stock<sup>(2)</sup> | 11/9/2025 | 17103 | 60 | 60 |
| **Total Energy - 0.92%\*** | **Total Energy - 0.92%\*** |  |  | 357 | 2286 |
| **Entertainment Software** |  |  |  |  |  |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2022 | 37335 | 60 | 3 |
| FRVR Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/17/2024 | 53335 | 33 | 4 |
| **Total Entertainment Software - 0.0%\*** | **Total Entertainment Software - 0.0%\*** |  |  | 93 | 7 |
| **Environmental Services** |  |  |  |  |  |
| Earth Services Inc. | Preferred Stock<sup>(2)</sup> | 3/1/2024 | 143196 | 63 | 113 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| Earth Services, Inc. | Preferred Stock<sup>(2)</sup> | 3/7/2025 | 97350 | 62 | 62 |
|  |  |  |  | 125 | 175 |
| Rainmaker Technology Corporation | Common Stock | 1/8/2025 | 24380 | 45 | 84 |
| **Total Environmental Services - 0.10%\*** | **Total Environmental Services - 0.10%\*** |  |  | 170 | 259 |
| **Financial Software** |  |  |  |  |  |
| Ocrolus Inc. | Common Stock | 8/14/2024 | 70132 | 58 | 48 |
| Parker Group Inc. | Common Stock | 4/6/2022 | 5334 | 17 | 11 |
| Parker Group Inc. | Common Stock | 8/14/2024 | 2491 | 5 | 6 |
|  |  |  |  | 22 | 17 |
| Runway Financial, Inc. | Common Stock<sup>(2)</sup> | 8/21/2025 | 33976 | 46 | 66 |
| Signal Advisors USA, Inc. | Preferred Stock<sup>(2)</sup> | 9/26/2025 | 6430 | 23 | 23 |
| 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 - 0.08%\*** | **Total Financial Software - 0.08%\*** |  |  | 242 | 199 |
| **General Media and Content** |  |  |  |  |  |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 5/4/2022 | 2234 | 5 | 3 |
| **Total General Media and Content - 0.00%\*** | **Total General Media and Content - 0.00%\*** |  |  | 5 | 3 |
| **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 |
| Pair Team, PBC | Preferred Stock<sup>(2)</sup> | 7/29/2025 | 399 |  |  |
| Perry Health, Inc. | Preferred Stock<sup>(2)</sup> | 5/31/2023 | 96516 | 79 | 42 |
| Petfolk Inc. | Preferred Stock<sup>(2)</sup> | 6/10/2022 | 169684 | 13 | 29 |
| Waymark, Inc. | Preferred Stock<sup>(2)</sup> | 9/24/2025 | 5082 | 10 | 10 |
| Wispr AI, Inc.<sup>(11)</sup> | Common Stock<sup>(2)</sup> | 5/31/2022 | 568 | 3 | 3 |
| **Total Healthcare Services - 3.02%\*** |  |  |  | 623 | 7472 |
| **Healthcare Technology Systems** |  |  |  |  |  |
| All Inspire Health, Inc. | Preferred Stock<sup>(2)</sup> | 5/14/2025 | 117883 | 116 | 116 |
| 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 | 169 |
| Lively, Inc. | Common Stock<sup>(2)</sup> | 11/7/2025 | 13519 | 67 | 67 |
| 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 - 0.22%\*** |  |  |  | 1010 | 554 |
| **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 | 113 |
| Karat Financial Technologies Incorporated | Preferred Stock<sup>(2)</sup> | 6/18/2021 | 156720 | 91 | 893 |
| Karat Financial Technologies Incorporated | Preferred Stock<sup>(2)</sup> | 1/11/2023 | 8012 | 18 | 21 |
|  |  |  |  | 109 | 914 |
| WorkStep Inc. | Preferred Stock<sup>(2)</sup> | 5/6/2021 | 17244 | 12 | 31 |
| **Total Human Capital Services - 0.43%\*** |  |  |  | 307 | 1058 |
| **Information Services (B2C)** |  |  |  |  |  |
| Cleo AI Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 41041 | 82 | 66 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| 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 | 1038 |
| Etched.ai, Inc. | Common Stock<sup>(2)</sup> | 7/18/2025 | 1211 | 42 | 42 |
|  |  |  |  | 292 | 1080 |
| Sandbox VR, Inc. | Common Stock<sup>(2)</sup> | 12/16/2025 | 10894 | 31 | 31 |
| **Information Technology - 0.45%\*** |  |  |  | 323 | 1111 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/27/2020 | 2775 | 90 | 91 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/26/2022 | 2439 | 65 | 101 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 9/29/2023 | 1951 | 84 | 81 |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 4/5/2024 | 4476 | 84 | 260 |
| **Total Infrastructure - 0.22%\*** |  |  |  | 323 | 533 |
| **Life and Health Insurance** |  |  |  |  |  |
| Angle Health, Inc. | Preferred Stock<sup>(2)</sup> | 3/18/2022 | 140450 | 29 | 114 |
| 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 - 0.11%\*** |  |  |  | 120 | 262 |
| **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 | 83 |
| Hover Inc. | Preferred Stock | 9/10/2024 | 9182 | 18 | 17 |
| Hover Inc. | Preferred Stock | 9/12/2025 | 9182 | 17 | 17 |
| **Total Multimedia and Design Software - 0.05%\*** |  |  |  | 112 | 117 |
| **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 | 7 |
| Skyflow Inc. | Preferred Stock | 9/27/2024 | 15956 | 25 | 3 |
|  |  |  |  | 56 | 10 |
| Synack, Inc. | Common Stock | 12/30/2025 | 40576 | 68 | 68 |
| **Total Network Management Software - 0.10%\*** |  |  |  | 304 | 258 |
| **Other Financial Services** |  |  |  |  |  |
| Aven Holdings, Inc.<sup>(1)</sup> | Common Stock<sup>(2)</sup> | 5/16/2023 | 35857 | 361 | 999 |
| Jerry Services, Inc. | Preferred Stock | 6/13/2022 | 2235 | 8 | 16 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 10/15/2021 | 6 | 173 | 134 |
| 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 - 0.51%\*** |  |  |  | 639 | 1269 |
| **Real Estate Services** |  |  |  |  |  |
| Belong Home, Inc. | Preferred Stock<sup>(2)</sup> | 2/15/2022 | 7730 | 6 | 15 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Warrant** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| 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 |
| Homeward, Inc. | Preferred Stock | 9/18/2025 | 207112 | 180 | 180 |
|  |  |  |  | 328 | 360 |
| 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 | 230 |
| True Footage, Inc. | Preferred Stock<sup>(2)</sup> | 11/24/2021 | 88762 | 122 | 579 |
| **Total Real Estate Services - 0.59%\*** |  |  |  | 664 | 1468 |
| **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 |  |
| Sylva, Inc. | Preferred Stock<sup>(2)</sup> | 7/14/2025 | 19788 |  |  |
|  |  |  |  | 60 |  |
| **Total Social/Platform Software - 0.01%\*** |  |  |  | 103 | 25 |
| **Software Development Applications** |  |  |  |  |  |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 11/15/2021 | 47494 | 132 | 132 |
| Appex Group, Inc. | Preferred Stock<sup>(2)</sup> | 4/14/2022 | 11004 | 36 | 36 |
|  |  |  |  | 168 | 168 |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 12/30/2020 | 318571 | 65 | 57 |
| **Total Software Development Applications - 0.09%\*** |  |  |  | 233 | 225 |
| **Total Warrant Investments - 12.22%\*** |  |  |  | $**16008** | $**30287** |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 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 | $366 |
| **Total Aerospace and Defense - 0.15%\*** |  |  |  | 300 | 366 |
| **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 | 143 | 295 |
| Flashparking, Inc. | Preferred Stock<sup>(2)</sup> | 7/19/2022 | 19870 | 273 | 268 |
| Radar Labs, Inc. | Preferred Stock<sup>(2)</sup> | 9/30/2025 | 47425 | 250 | 275 |
| Tide Holdings Limited<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 8/19/2021 | 43338 | 515 | 643 |
| Uniphore Technologies, Inc. | Preferred Stock<sup>(2)</sup> | 1/28/2022 | 8066 | 100 | 82 |
| **Total Business Applications Software - 0.66%\*** |  |  |  | 1351 | 1625 |
| **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 |
| Mirelo AI GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/22/2025 | 63 | 99 | 99 |
| Mirelo AI GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/22/2025 | 33 | 142 | 142 |
|  |  |  |  | 241 | 241 |
| 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 |
| Printful Inc. Holdco | Common Stock<sup>(2)</sup> | 11/14/2024 | 11120 | 24 | 24 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 3/28/2024 | 31818 | 611 | 613 |
| Quick Commerce Ltd.<sup>(1)(3)</sup> | Ordinary Shares<sup>(2)</sup> | 3/28/2024 | 112770108 | 26 | 8 |
|  |  |  |  | 637 | 621 |
| **Total Business Products and Services - 0.56%\*** |  |  |  | 1947 | 1394 |
| **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 | 8647 | 824 | 823 |
| Continental Topco, L.P. | Limited Partnership Interest<sup>(2)</sup> | 2/14/2025 | 928 | 168 | 168 |
| Luxury Presence, Inc. | Preferred Stock<sup>(2)</sup> | 7/24/2025 | 19217 | 250 | 250 |
| Observe, Inc. | Preferred Stock<sup>(2)</sup> | 10/1/2025 | 18706 | 200 | 201 |
| Rudderstack, Inc. | SAFE<sup>(2)</sup> | 6/30/2025 |  | 50 | 50 |
| Strata Identity, Inc. | Preferred Stock<sup>(2)</sup> | 6/24/2022 | 71633 | 250 | 244 |
| TrustPoint, Inc. | SAFE<sup>(2)</sup> | 5/16/2025 |  | 50 | 50 |
| **Total Business/Productivity Software - 1.24%\*** |  |  |  | 3072 | 3063 |
| **Business to Business Marketplace** |  |  |  |  |  |
| Material Technologies Corporation | Preferred Stock<sup>(2)</sup> | 4/23/2021 | 12822 | 259 | 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%\*** |  |  |  | 948 | 628 |
| **Computer Hardware** |  |  |  |  |  |
| Quantum Circuits, Inc. | Preferred Stock<sup>(2)</sup> | 4/17/2024 | 17612 | 50 | 174 |
| **Total Computer Hardware - 0.07%\*** |  |  |  | 50 | 174 |
| **Consumer Finance** |  |  |  |  |  |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| 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 | 7245 |
| Hydrow, Inc. | Common Stock<sup>(2)</sup> | 12/14/2020 | 610584 | 166 |  |
| Hydrow, Inc. | Preferred Stock<sup>(2)</sup> | 3/19/2021 | 327630 | 165 | 1 |
|  |  |  |  | 331 | 1 |
| 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 |
| Nakdcom One World AB<sup>(1)(3)</sup> | Hybrid<sup>(2)(13)</sup> | 12/30/2025 | 1 | 1519 | 1516 |
| Nakdcom One World AB<sup>(1)(3)</sup> | Common Stock<sup>(2)</sup> | 12/30/2025 | 819408 | 96 | 96 |
|  |  |  |  | 1615 | 1612 |
| 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 - 4.67%\*** |  |  |  | 8299 | 11564 |
| **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 | Common 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 | 129 |
| Kobold Metals Company | Preferred Stock<sup>(2)</sup> | 1/10/2022 | 25537 | 700 | 1605 |
| **Total Energy - 0.72%\*** | **Total Energy - 0.72%\*** |  |  | 944 | 1788 |
| **Financial Services** | **Financial Services** |  |  |  |  |
| Overtime Sports, Inc. | Preferred Stock<sup>(2)</sup> | 8/2/2022 | 19148 | 150 | 142 |
| **Total Financial Services - 0.06%\*** |  |  |  | 150 | 142 |
| **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 |

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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, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** | **TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES<br>CONSOLIDATED SCHEDULE OF INVESTMENTS<br>(dollars in thousands)<br>As of December 31, 2025** |
| **Company** | **Type of Equity** | **Acquisition Date**<sup>(10)</sup> | **Shares** | **Cost**<sup>(6)</sup> | **Fair Value** |
| 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 | 275 |
| **Total Healthcare Services - 0.19%\*** |  |  |  | 720 | 463 |
| **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 |
| **Information Technology** |  |  |  |  |  |
| Etched.ai, Inc. | Preferred Stock<sup>(2)</sup> | 4/9/2024 | 30757 | 500 | 1460 |
| **Total Information Technology - 0.59%\*** |  |  |  | 500 | 1460 |
| **Infrastructure** |  |  |  |  |  |
| Omio Corp. (f/k/a GoEuro Corp.)<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 5/9/2022 | 1326 | 82 | 130 |
| 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 | 231 |
| **Life and Health Insurance** |  |  |  |  |  |
| Beam Technologies Inc. | Preferred Stock<sup>(2)</sup> | 1/5/2021 | 1901 | 80 | 87 |
| **Total Life and Health Insurance - 0.04%\*** |  |  |  | 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 | 38 |
| Skyflow Inc. | Preferred Stock<sup>(2)</sup> | 9/27/2024 | 143604 | 450 | 271 |
| **Total Network Management Software - 0.12%\*** |  |  |  | 512 | 309 |
| **Other Financial Services** |  |  |  |  |  |
| Jerry Services, Inc. | Preferred Stock<sup>(2)</sup> | 4/29/2022 | 656 | 8 | 10 |
| N26 GmbH<sup>(1)(3)</sup> | Preferred Stock<sup>(2)</sup> | 12/8/2021 | 12 | 690 | 859 |
| **Total Other Financial Services - 0.35%\*** |  |  |  | 698 | 869 |
| **Real Estate Services** |  |  |  |  |  |
| Belong Home, Inc. | Preferred Stock<sup>(2)</sup> | 4/15/2022 | 6033 | 29 | 29 |
| Firemaps, Inc. | Preferred Stock<sup>(2)</sup> | 11/18/2025 | 98091 | 350 | 350 |
| 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 | 180 |
| **Total Real Estate Services - 0.23%\*** |  |  |  | 942 | 573 |
| **Software Development Applications** |  |  |  |  |  |
| Forte Labs, Inc. | Preferred Stock<sup>(2)</sup> | 5/13/2021 | 184679 | 250 | 172 |
| **Total Software Development Applications - 0.07%\*** |  |  |  | 250 | 172 |
| **Total Equity Investments - 10.79%\*** |  |  |  | $**22607** | $**26734** |
| **Total Investments in Portfolio Companies - 145.04%\***<sup>(4)(5)</sup> | **Total Investments in Portfolio Companies - 145.04%\***<sup>(4)(5)</sup> |  |  | $**367496** | $**359400** |

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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 (3.72% yield) | Cash Equivalents | PRM | $16874 | $16874 |
| **Total Cash Equivalents - 6.81%\*** |  |  | $16874 | $16874 |

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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) | 1/27/2026 | Zions Bancorporation, N.A. | £2000 | Sold | $2663 | $(27) |
| Euro (EUR) | 1/27/2026 | Zions Bancorporation, N.A. | 1500 | Sold | $1749 | $(13) |
| **Total Foreign Currency Forward Contracts - (0.02)%\*** | **Total Foreign Currency Forward Contracts - (0.02)%\*** | **Total Foreign Currency Forward Contracts - (0.02)%\*** |  |  | $4412 | $(40) |

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_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2025, non-qualifying assets represented 8.0% of the Company's total assets, at fair value.

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

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company's portfolio company investments are subject to restrictions on sales. As of December 31, 2025, the Company's portfolio company investments that were subject to restrictions on sales totaled $359.4 million at fair value and represented 145.0% of the Company's net assets. In addition, unless otherwise indicated, as of December 31, 2025, all investments are pledged as collateral as part of the Company's revolving credit facility.

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

(6)Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $25.8 million, $33.8 million and $8.0 million, respectively, for the December 31, 2025 investment portfolio. The tax cost of investments is $369.6 million.

(7)Debt is on non-accrual status as of December 31, 2025 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2025 had a total cost and fair value of $32.2 million and $12.6 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)The Company received an equity investment from this portfolio company based on an agreed upon percentage of the total dollar value to be raised by the portfolio company in its next round of equity financing. As a result, the number of shares and the initial fair value of this investment will be determinable at the time of the portfolio company's next equity financing round.

(12)Investment is structured as a unitranche loan in which the Company may receive additional interest on its "last out" tranche of the portfolio company's senior term debt, which was syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the Company's "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.

(13)This Hybrid equity investment is perpetual and has no specific maturity date, and it accrues interest at an annual rate of 16.0% that can be capitalized at the election of the portfolio company. The Company has not recorded any income in connection with the Hybrid equity investment for the year ended December 31, 2025.

\*&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 March 31, 2026 and December 31, 2025, Prime was 6.75%. As of March 31, 2026, approximately 81.8%, or $279.7 million in principal balance, of the debt investments in the Company's portfolio bore interest at floating rates, which generally are Prime-based and all Prime-based loans have interest rate floors that are tied to minimum Prime rates for purposes of calculating interest due of 3.25% or higher. As of December 31, 2025, 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**

**March 31, 2026**

**(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.

On December 10, 2025, the Company's Board of Directors unanimously approved the extension of the term of the Company to December 19, 2026 from December 19, 2025, with an additional one-year extension to December 19, 2027 available.

**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, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on March 10, 2026, 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;

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&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;

&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 March 31,** | **For the Three Months Ended March 31,** |
|<br>**Base Management and Incentive Fees (in thousands)** | **2026** | **2025** |
| Base management fee | $1531 | $1531 |
| 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 March 31, 2026 and 2025, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.6 million and $0.6 million, respectively.

**Note 4. Investments**

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

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

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

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

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

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

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

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

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

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

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

&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 March 31, 2026 and December 31, 2025. 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)** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investment Type<br>(in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt investments | $— | $— | $313168 | $313168 | $— | $— | $302379 | $302379 |
| Warrant investments |  |  | 43161 | 43161 |  |  | 30287 | 30287 |
| Equity investments | 242 |  | 28527 | 28769 |  |  | 26734 | 26734 |
| Total portfolio company investments | $242 | $— | $384856 | $385098 | $— | $— | $359400 | $359400 |
| Derivative instruments<sup>(1)</sup> |  | 68 |  | 68 |  | (40) |  | (40) |
| Total investments, including derivative instruments | $242 | $68 | $384856 | $385166 | $— | $(40) | $359400 | $359360 |

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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 three months ended March 31, 2026 and 2025. 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 Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| **Level 3<br>Investment Activity (in thousands)** | **Debt Investments** | **Warrant Investments** | **Equity Investments** | **Total Portfolio Company Investments** |
| Fair value as of December 31, 2025 | $302379 | $30287 | $26734 | $359400 |
| Funding and purchases of investments, at cost | 30170 | 450 | 898 | 31518 |
| Principal payments and sale proceeds received from investments | (19019) | (226) |  | (19245) |
| Amortization and accretion of premiums and discounts, net and end-of term payments | 1591 |  |  | 1591 |
| Realized gains (losses) on investments |  | (29) |  | (29) |
| Net change in unrealized gains (losses) included in earnings | (2930) | 12771 | 1102 | 10943 |
| Payment-in-kind coupon | 977 |  |  | 977 |
| Transfers between investments |  | (43) | 43 |  |
| Gross transfers out of Level 3<sup>(1)</sup> |  | (49) | (250) | (299) |
| **Fair value as of March 31, 2026** | $313168 | $43161 | $28527 | $384856 |
| Net change in unrealized gains / (losses) on Level 3 investments held as of March 31, 2026 | $(2759) | $12991 | $1227 | $11459 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Level 3<br>Investment Activity (in thousands)** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 | 17147 | 409 | 592 | 18148 |
| Principal payments and sale proceeds received from investments | (19440) | (292) |  | (19732) |
| Amortization and accretion of premiums and discounts, net and end-of term payments | 1578 |  |  | 1578 |
| Realized gains (losses) on investments | (2962) | (637) |  | (3599) |
| Net change in unrealized gains (losses) included in earnings | (11466) | 1327 | (149) | (10288) |
| Payment-in-kind coupon | 820 |  |  | 820 |
| Transfers between investments |  |  |  |  |
| Gross transfers out of Level 3<sup>(1)</sup> |  |  |  |  |
| **Fair value as of March 31, 2025** | $304515 | $24918 | $17391 | $346824 |
| Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2025 | $(15134) | $483 | $(149) | $(14800) |

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(1)Transfers out of Level 3 are measured as of the date of the transfer. There were two transfers out of Level 3 during the three months ended March 31, 2026 and none during the three months ended March 31, 2025.

Realized gains and losses are included in "net realized gains/(losses)" in the consolidated statements of operations.

For the three months ended March 31, 2026 and 2025, the Company recognized net realized gains of $0.2 million and net realized losses of $3.1 million, respectively.

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

During the three months ended March 31, 2026, net change in unrealized gains totaled $11.0 million. During the three months ended March 31, 2025, net change in unrealized losses totaled $11.1 million.

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of March 31, 2026 and December 31, 2025. 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Investments<br>(dollars in thousands)** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Level 3 Investments<br>(dollars in thousands)** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range** | **Weighted Average** |
| Debt investments | $299957 | Discounted Cash Flows | Discount Rate | 6.39% - 41.72% | 17.70% |
|  | 13211 | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | 0.00% - 100.00% | 72.66% |
| Warrant investments | 43161 | Black Scholes Option Pricing Model | Revenue Multiples | 0.45x - 56.90x | 3.21x |
|  |  |  | Volatility | 35.00% - 85.00% | 68.01% |
|  |  |  | Term | 0.50 - 5.00 Years | 2.96 Years |
|  |  |  | Risk Free Rate | 0.17% - 4.87% | 3.39% |
|  |  |  | EBITDA Multiples | 0.00x - 16.00x | 15.00x |
|  |  |  | Gross Profit Multiples | 0.00x - 6.25x | 5.75x |
| Equity investments | 28527 | Black Scholes Option Pricing Model | Volatility | 30.00% - 110.00% | 59.96% |
|  |  |  | Term | 1.75 - 5.00 Years | 3.02 Years |
|  |  |  | Risk Free Rate | 0.46% - 4.86% | 3.44% |
|  |  |  | Revenue Multiples | 0.55x - 11.00x | 2.25x |
|  |  |  | EBITDA Multiples | 10.50x - 11.50x | 11.00x |
| **Total portfolio company investments** | $384856 |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Investments<br>(dollars in thousands)** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Level 3 Investments<br>(dollars in thousands)** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Range** | **Weighted Average** |
| Debt investments | $285046 | Discounted Cash Flows | Discount Rate | 6.17% - 51.14% | 16.02% |
|  | 17333 | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | —% - 100.00% | 71.22% |
| Warrant investments | 30287 | Black Scholes Option Pricing Model | Revenue Multiples | 0.45x - 56.90x | 5.27x |
|  |  |  | Volatility | 35.00% - 85.00% | 65.49% |
|  |  |  | Term | 0.50 - 5.00 Years | 3.42 Years |
|  |  |  | Risk Free Rate | 0.17% - 4.87% | 3.25% |
| Equity investments | 26734 | Black Scholes Option Pricing Model | Volatility | 40.00% - 85.00% | 57.88% |
|  |  |  | Term | 1.75 - 4.50 Years | 3.04 Years |
|  |  |  | Risk Free Rate | 0.46% - 4.86% | 3.41% |
|  |  |  | Revenue Multiples | 0.55x - 11.00x | 2.24x |
|  |  |  | EBITDA Multiples | 10.50x - 11.50x | 11.00x |
| **Total portfolio company investments** | $359400 |  |  |  |  |

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

*Derivative Instruments*

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies. The notional amounts as of March 31, 2026 and December 31, 2025, as shown in the Consolidated Schedule of Investments, are representative of the average volume throughout the three months ended March 31, 2026 and year ended December 31, 2025, respectively. The following table shows a summary of the fair value and location of the Company's derivative instruments in the Consolidated Statements of Assets and Liabilities held as of March 31, 2026 and December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | | **Fair Value as of** | **Fair Value as of** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **March 31, 2026** | **December 31, 2025** |
| Foreign currency forward contracts | Unrealized gains on foreign currency forward contracts | $68 | $— |
| Foreign currency forward contracts | Unrealized losses on foreign currency forward contracts |  | (40) |
| **Total** |  | $68 | $(40) |

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Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the three months ended March 31, 2026 and 2025 are in the following locations in the Consolidated Statements of Operations:

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| | | | |
|:---|:---|:---|:---|
| | | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**Derivative Instrument** |<br>**Statement Location** | **2026** | **2025** |
| Foreign currency forward contracts | Net realized gains/(losses) on foreign currency forward contracts | $(85) | $478 |
| Foreign currency forward contracts | Net change in unrealized gains/(losses) on foreign currency forward contracts | 107 | (772) |
| **Total** |  | $22 | $(294) |

---

*Offsetting of Derivative Instruments*

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company's unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables show the Company's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of March 31, 2026 and December 31, 2025:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|<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. | $68 | $— | $— | $— | $68 |
| **Total** | $68 | $— | $— | $— | $68 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $— | $— | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 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. | $(40) | $— | $— | $— | $(40) |
| **Total** | $(40) | $— | $— | $— | $(40) |

---

**_______________**

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

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

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

**Note 5. Credit Risk**

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

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

**Note 6. Borrowings**

The following table shows the Company's outstanding debt as of March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability<br>(in thousands)** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Liability<br>(in thousands)** | **Total Commitment** | **Balance Outstanding** | **Unused Commitment** | **Total Commitment** | **Balance Outstanding** | **Unused Commitment** |
| Revolving Credit Facility | $75000 | $59000 | $16000 | $75000 | $66000 | $9000 |
| 2027 Notes | 75000 | 75000 |  | 75000 | 75000 |  |
| **Total** | $150000 | $134000 | $16000 | $150000 | $141000 | $9000 |

---

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

------

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**Interest Expense and Amortization of Fees (in thousands)** | **2026** | **2025** |
| **Revolving Credit Facility** |  |  |
| Interest cost | $924 | $2521 |
| Unused fee | 15 | 203 |
| Amortization of costs and other fees | 123 | 250 |
| **Revolving Credit Facility Total** | $1062 | $2974 |
| **2027 Notes** |  |  |
| Interest cost | $1099 | $1098 |
| Amortization of costs and other fees | 51 | 48 |
| **2027 Notes Total** | $1150 | $1146 |
| **Total interest expense and amortization of fees** | $2212 | $4120 |

---

*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 March 31, 2026, commitments available totaled $75.0 million from one lender—DBNY—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, as the sole lender. 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 March 31, 2026, the revolving period under the Credit Facility is scheduled to expire on July 15, 2027, 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 March 31, 2026, the scheduled maturity date for the Credit Facility is January 15, 2029, 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 March 31, 2026, 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 March 31, 2026, the applicable margin equaled 3.05% during the revolving period, with an increase to 4.05% during the amortization period.

The Credit Facility includes customary representations and warranties and requires the Company and the Financing Subsidiary to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the Credit Facility are subject to the leverage restrictions contained in the 1940 Act. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants under the Credit Facility.

As of March 31, 2026 and December 31, 2025, the Company had outstanding borrowings under the Credit Facility of $59.0 million and $66.0 million, respectively, excluding deferred credit facility costs of $1.3 million and $1.4 million, respectively, which are included as assets in the Company's consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 in the fair value hierarchy if determined as of the reporting date. During the three months ended March 31, 2026 and 2025, the Company had average outstanding borrowings under the Credit Facility of $50.4 million and $88.0 million, respectively, at a weighted average interest rate of 6.71% and 7.56%, respectively. As of March 31, 2026 and December 31, 2025, $243.1 million and $219.2 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 March 31, 2026 and December 31, 2025, 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 $0.2 million and $0.3 million of deferred issuance cost as of March 31, 2026 and December 31, 2025, respectively, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of March 31, 2026 and December 31, 2025, the fair value of the 2027 Notes was $73.9 million and $74.9 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

The following table shows additional information about the level in the fair value hierarchy of the Company's liabilities as of March 31, 2026 and December 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Liability<br>(in thousands)** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Liability<br>(in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Credit Facility | $— | $— | $59000 | $59000 | $— | $— | $66000 | $66000 |
| 2027 Notes |  |  | 73930 | 73930 |  |  | 74881 | 74881 |
| **Total** | $— | $— | $132930 | $132930 | $— | $— | $140881 | $140881 |

---

**Note 7. Commitments and Contingencies**

*Commitments*

As of March 31, 2026 and December 31, 2025, the Company's unfunded commitments totaled $92.2 million to 29 portfolio companies and $119.4 million to 33 portfolio companies, respectively, of which $13.3 million and $13.2 million, respectively, were dependent upon the applicable portfolio company reaching certain milestones before the debt commitment becomes available to them.

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

------

The following table shows the Company's unfunded commitments by portfolio company as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<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** |
| All Inspire Health, Inc. | $9258 | $197 | $7000 | $197 |
| Eightfold AI, Inc. | 7000 | 18 | 7000 | 18 |
| Equafin Corp. | 6123 | 32 | 6123 | 32 |
| Minted, Inc. | 5714 |  | 5714 |  |
| Etched.ai, Inc. | 5500 |  | 5500 |  |
| Artisan AI, Inc. | 5000 | 46 | 5000 | 46 |
| Bidgely Inc. | 5000 | 18 | 5000 | 18 |
| Rudderstack, Inc | 5000 | 24 | 5000 | 24 |
| Waymark, Inc. | 5000 | 28 | 5000 | 28 |
| Signal Advisors USA, Inc. | 4833 |  | 4833 |  |
| Deep Sentinel Corp. | 4500 |  | 4500 |  |
| Pair Team, PBC | 3600 | 8 | 3600 | 8 |
| Incode Technologies, Inc. | 3500 | 108 | 7000 | 126 |
| Simpplr Inc. | 3500 | 57 | 3500 | 57 |
| Contoro Inc. | 3000 | 47 | 3000 | 47 |
| Earth Services, Inc. | 3000 | 67 | 3000 | 67 |
| Total Expert, Inc. | 2500 | 39 | 2500 | 39 |
| Bitonic Technology Labs, Inc. | 2000 | 6 | 3250 | 12 |
| Lively, Inc. | 1750 | 34 | 1750 | 34 |
| Radar Labs, Inc. | 1500 | 22 | 1500 | 22 |
| Freed, Inc. | 1000 | 2 |  |  |
| Hydrow Inc. | 904 |  | 842 |  |
| Worldwide Freight Logistics Ltd. | 761 | 4 | 753 | 4 |
| Hover Inc. | 600 | 16 | 1500 | 34 |
| Muon Space, Inc. | 446 | 10 | 2131 | 45 |
| Planhub Holdings, LLC | 375 |  | 438 |  |
| Panorama Education, Inc. | 300 |  | 300 |  |
| Flashparking, Inc. | 250 | 1 | 250 | 1 |
| FloatMe Corp. | 240 |  |  |  |
| Observe, Inc. |  |  | 8000 | 162 |
| ThoughtSpot, Inc. |  |  | 7000 | 119 |
| Union Systems Inc. |  |  | 5000 | 138 |
| Lightbeam.ai, Inc. |  |  | 2000 |  |
| Ao1 Holdings, Inc. |  |  | 1200 | 18 |
| Join Digital, Inc. |  |  | 175 |  |
| **Total** | $92154 | $784 | $119359 | $1296 |

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_______________

(1)As of March 31, 2026, the Company did not have any backlog of potential future commitments. As of December 31, 2025, the Company had a $2.3 million backlog of 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 March 31,** | **For the Three Months Ended March 31,** |
|<br>**Commitments Activity (in thousands)** | **2026** | **2025** |
| Unfunded commitments at beginning of period<sup>(1)</sup> | $121618 | $67054 |
| &nbsp;&nbsp;New commitments<sup>(1)</sup> | 23500 | 28000 |
| &nbsp;&nbsp;&nbsp;Fundings | (30858) | (17494) |
| &nbsp;&nbsp;&nbsp;Repayments under existing revolvers | 81 | 839 |
| &nbsp;&nbsp;&nbsp;Expirations / Terminations | (22175) | (7862) |
| &nbsp;&nbsp;&nbsp;Foreign currency adjustments | (12) | 90 |
| Unfunded commitments and backlog of potential future commitments at end of period | $92154 | $70627 |
| Backlog of potential future commitments |  |  |
| **Unfunded commitments at end of period** | $92154 | $70627 |

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_______________

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

The following table shows additional information on the Company's unfunded commitments regarding milestones and expirations as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| **Unfunded Commitments**<sup>(1)</sup><br>**(in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Dependent on milestones | $13258 | $13175 |
| Expiring during: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | 63692 | 84075 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 16889 | 24952 |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 | 11573 | 10332 |
| **Unfunded commitments** | $92154 | $119359 |

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_______________

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

*Backlog of Potential Future Commitments*

The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of March 31, 2026, the Company did not have any backlog of potential future commitments. As of December 31, 2025, the Company had a $2.3 million backlog of future commitments.

**Note 8. Financial Highlights**

The following table shows the financial highlights for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **For the Three Months ended March 31,** | **For the Three Months ended March 31,** |
| **Financial Highlights<br>(in thousands, except share and per share data)** | **2026** | **2025** |
| **Per Share Data**<sup>(1)</sup> |  |  |
| Net asset value at beginning of period | $10.44 | $11.11 |
| Changes in net asset value due to: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.31 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) | 0.01 | (0.13) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) | 0.46 | (0.47) |
| &nbsp;&nbsp;&nbsp;Distributions to common shareholders | (0.28) |  |
| Net asset value at end of period | $10.94 | $10.73 |
| Net investment income per common share | 0.31 | $0.22 |
| Net increase (decrease) in net assets resulting from operations per common share | $0.78 | $(0.38) |
| 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 | $259661 | $254793 |
| Average net asset value | $248786 | $262610 |
| Total return based on net asset value per share<sup>(3)</sup> | 7.5% | (3.4)% |
| Portfolio turnover rate<sup>(4)</sup> | 21.4% | 20.5% |
| Net investment income to average net asset value<sup>(4)</sup> | 12.0% | 8.0% |
| Net increase (decrease) in net assets to average net asset value<sup>(4)</sup> | 30.2% | (13.9)% |
| Ratio of expenses to average net asset value<sup>(4)</sup> | 8.1% | 10.4% |
| Operating expenses excluding incentive fees to average net asset value<sup>(4)</sup> | 8.1% | 10.4% |

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**_____________**

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

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

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

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average portfolio yield on debt investments for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **For the Three Months ended March 31,** | **For the Three Months ended March 31,** |
| **Ratios (Percentages, on an annualized basis)**<sup>(1)</sup> | **2026** | **2025** |
| Weighted average portfolio yield on debt investments<sup>(2)(3)</sup> | 15.1% | 13.4% |
| Coupon income | 10.2% | 10.5% |
| Accretion of discount | 1.6% | 1.0% |
| Accretion of end-of-term payments | 1.5% | 1.5% |
| Impact of prepayments during the period | 1.8% | 0.4% |

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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. Including non-income producing debt investments, the weighted average yield on debt investments for the three months ended March 31, 2026 and 2025 was 15.0% and 13.3%, respectively. 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 March 31,** | **For the Three Months Ended March 31,** |
| **Basic and Diluted Share Information (in thousands, except share and per share data)** | **2026** | **2025** |
| Net investment income | $7359 | $5206 |
| Net increase (decrease) in net assets resulting from operations | $18515 | $(8974) |
| Basic and diluted weighted average shares of common stock outstanding | 23689363 | 23689363 |
| Basic and diluted net investment income per share of common stock | $0.31 | $0.22 |
| Basic and diluted net increase (decrease) in net assets resulting from operations per share of common stock | $0.78 | $(0.38) |

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

During each of the three months ended March 31, 2026 and 2025, the Company did not issue any shares of common stock through the Company's private placement offering.

As of both March 31, 2026 and December 31, 2025, the Company had 23,689,363 shares of common stock outstanding. As of both March 31, 2026 and December 31, 2025, the Company had 525 shares of its Series A Preferred Stock outstanding.

As of March 31, 2026, 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, 2025 and 2024, the Company was subject to a 4% U.S. federal excise tax, and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with U.S. income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $0.6 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively.

The following table shows the Company's cash distributions per common share that have been authorized by the Board since commencement of operations to March 31, 2026:

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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 |  |
| July 30, 2025 | August 1, 2025 | August 22, 2025 | 0.28 |  |
| November 11, 2025 | November 13, 2025 | November 26, 2025 | 0.28 |  |
| December 22, 2025 | January 2, 2026 | January 16, 2026 | 0.28 |  |
|  |  | **Total cash distributions** | $8.41 |  |

---

**_____________**

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

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

It is the Company's intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company's consolidated statements of operations during the three months ended March 31, 2026. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or defer the payment of distributions associated with the excess taxable income for future calendar years.

**Note 12. Operating Segments**

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

**Note 13. Subsequent Events**

*Distribution*

On April 29, 2026, the Board declared a $0.28 per share distribution to the Company's common stockholders, payable on May 22, 2026 to stockholders of record on May 1, 2026.

------

**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 impact of a protracted decline in the liquidity of credit markets on our business;

&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;• the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to recover unrealized losses;

&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;

&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.

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 March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | |
|<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 | $342600 | $313168 | $(29432) | 149 | 77 |  |
| Warrant investments | 16111 | 43161 | 27050 | 226 | 167 |  |
| Equity investments | 23597 | 28769 | 5172 | 87 | 69 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments in portfolio companies** | $382308 | $385098 | $2790 | 462 | 189 | <sup>(1)</sup> |

---

**_______________**

(1)Represents non-duplicative number of companies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 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 | $328881 | $302379 | $(26502) | 147 | 77 |  |
| Warrant investments | 16008 | 30287 | 14279 | 227 | 166 |  |
| Equity investments | 22607 | 26734 | 4127 | 81 | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments in portfolio companies** | $367496 | $359400 | $(8096) | 455 | 185 | <sup>(1)</sup> |

---

**_______________**

(1)Represents non-duplicative number of companies.

------

The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
|<br>**Investments in Portfolio Companies by Industry<br>(dollars in thousands)** | **At Fair Value** | **Percentage of Total Investments** |
| Consumer Products and Services | $51776 | 13.4% |
| Business/Productivity Software | 48523 | 12.6 |
| Business Applications Software | 29230 | 7.6 |
| Healthcare Services | 28217 | 7.3 |
| Information Technology | 24697 | 6.4 |
| Business Products and Services | 23840 | 6.2 |
| E-Commerce - Personal Goods | 22890 | 5.9 |
| E-Commerce - Clothing and Accessories | 22387 | 5.8 |
| Energy | 15033 | 3.9 |
| Network Management Software | 14264 | 3.7 |
| Aerospace and Defense | 13198 | 3.4 |
| Financial Software | 11389 | 3.0 |
| Other Financial Services | 10863 | 2.8 |
| Computer Hardware | 10484 | 2.7 |
| Healthcare Technology Systems | 6763 | 1.8 |
| Educational Software | 5935 | 1.5 |
| Environmental Services | 5861 | 1.5 |
| Database Software | 5725 | 1.5 |
| Multimedia and Design Software | 5615 | 1.5 |
| Communications and Networking | 5222 | 1.4 |
| Real Estate Services | 4069 | 1.1 |
| Social/Platform Software | 3167 | 0.8 |
| Commercial Transportation | 3031 | 0.8 |
| Medical Software and Information Services | 2944 | 0.8 |
| Consumer Finance | 2411 | 0.6 |
| Entertainment Software | 1832 | 0.5 |
| Human Capital Services | 1027 | 0.3 |
| Infrastructure | 764 | 0.2 |
| Business to Business Marketplace | 704 | 0.2 |
| Consumer Non-Durables | 625 | 0.2 |
| Application Software | 522 | 0.1 |
| Elder and Disabled Care | 486 | 0.1 |
| Software Development Applications | 397 | 0.1 |
| Information Services (B2C) | 370 | 0.1 |
| Life and Health Insurance | 349 | 0.1 |
| Financial Services | 142 | \* |
| General Media and Content | 103 | \* |
| Automation/Workflow Software | 88 | \* |
| Communication Software | 54 | \* |
| Logistics | 51 | \* |
| Food Products | 50 | \* |
| **Total portfolio company investments** | $385098 | 100.0% |

---

**_______________**

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

------

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
|<br>**Investments in Portfolio Companies by Industry<br>(dollars in thousands)** | **At Fair Value** | **Percentage of Total Investments** |
| Consumer Products and Services | $53232 | 14.8% |
| Business/Productivity Software | 42122 | 11.7 |
| Business Applications Software | 29149 | 8.1 |
| Business Products and Services | 23931 | 6.7 |
| E-Commerce - Personal Goods | 22843 | 6.4 |
| E-Commerce - Clothing and Accessories | 22102 | 6.1 |
| Healthcare Services | 17890 | 5.0 |
| Aerospace and Defense | 15872 | 4.4 |
| Energy | 14563 | 4.1 |
| Network Management Software | 14218 | 4.0 |
| Information Technology | 11955 | 3.3 |
| Financial Software | 11699 | 3.3 |
| Computer Hardware | 11315 | 3.1 |
| Healthcare Technology Systems | 7414 | 2.1 |
| Real Estate Services | 7399 | 2.1 |
| Other Financial Services | 6190 | 1.7 |
| Environmental Services | 6181 | 1.7 |
| Educational Software | 5887 | 1.6 |
| Database Software | 5560 | 1.5 |
| Communications and Networking | 5222 | 1.5 |
| Multimedia and Design Software | 4711 | 1.3 |
| Social/Platform Software | 4065 | 1.1 |
| Commercial Transportation | 3012 | 0.8 |
| Medical Software and Information Services | 2895 | 0.8 |
| Consumer Finance | 2411 | 0.7 |
| Entertainment Software | 1884 | 0.5 |
| Human Capital Services | 1058 | 0.3 |
| Infrastructure | 764 | 0.2 |
| Business to Business Marketplace | 704 | 0.2 |
| Consumer Non-Durables | 625 | 0.2 |
| Application Software | 522 | 0.1 |
| Elder and Disabled Care | 486 | 0.1 |
| Software Development Applications | 397 | 0.1 |
| Life and Health Insurance | 349 | 0.1 |
| Information Services (B2C) | 285 | 0.1 |
| Financial Services | 142 | \* |
| General Media and Content | 103 | \* |
| Automation/Workflow Software | 88 | \* |
| Communication Software | 54 | \* |
| Logistics | 51 | \* |
| Food Products | 50 | \* |
| **Total portfolio company investments** | $359400 | 100.0% |

---

**_____________**

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

The following table shows the financing product type of our debt investments as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<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 | $299447 | 95.6% | $288586 | 95.4% |
| Revolver loans | 13176 | 4.2 | 13237 | 4.4 |
| Convertible notes | 545 | 0.2 | 556 | 0.2 |
| **Total debt investments** | $313168 | 100.0% | $302379 | 100.0% |

---

------

Growth capital loans in which the borrower held a term loan facility with another lender, with or without an accompanying revolving loan, in priority to our senior lien represented 22.3% and 17.6% of our debt investments at fair value as of March 31, 2026 and December 31, 2025, respectively.

*Investment Activity*

During the three months ended March 31, 2026, we entered into debt commitments with 5 new portfolio companies totaling $23.5 million, funded debt investments to 10 portfolio companies for $30.9 million in principal value, acquired warrant investments representing $0.5 million of fair value and made direct equity investments of $0.9 million. Debt investments funded during the three months ended March 31, 2026 carried a weighted average annualized portfolio yield of 12.5% at origination.

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

During the three months ended March 31, 2026, we received $13.1 million of principal prepayments and early repayments from 5 portfolio companies and $5.9 million of scheduled principal amortization. During the three months ended March 31, 2025, we received $5.6 million of principal prepayments and early repayments from 2 portfolio companies and $12.0 million of scheduled principal amortization.

The following table shows the total portfolio investment activity for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**(in thousands)** | **2026** | **2025** |
| Beginning portfolio at fair value | $359400 | $359897 |
| New debt investments, net<sup>(1)</sup> | 30170 | 17147 |
| Scheduled principal amortization | (5911) | (12045) |
| Principal prepayments and early repayments | (13108) | (5625) |
| Accretion of debt investment fees | 1591 | 1578 |
| Payment-in-kind coupon | 977 | 820 |
| New warrant investments | 450 | 409 |
| New equity investments | 898 | 592 |
| Proceeds and dispositions from investments | (411) | (2062) |
| Net realized losses | 157 | (3599) |
| Net unrealized gains (losses) on investments | 10885 | (10288) |
| **Ending portfolio at fair value** | $385098 | $346824 |

---

**_______________**

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

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

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**Commitments and Fundings (in thousands)** | **2026** | **2025** |
| **Debt Commitments** |  |  |
| New portfolio companies | $23500 | $23000 |
| Existing portfolio companies |  | 5000 |
| Total<sup>(1)</sup> | $23500 | $28000 |
| **Funded Debt Investments** | $30858 | $17492 |
| **Equity Investments** | $898 | $400 |

---

**_______________**

(1)Includes backlog of potential future commitments.

We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met ("backlog of potential future commitments"). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of March 31, 2026, we did not have any backlog of potential future commitments. As of December 31, 2025, we had a $2.3 million backlog of 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.

---

| | | |
|:---|:---|:---|
| **Category** | **Category Definition** | **Action Item** |
| **Clear (1)** | Performing above expectations and/or strong financial or enterprise profile, value or coverage. | Review quarterly. |
| **White (2)** | Performing at expectations and/or reasonably close to it. Reasonable financial or enterprise profile, value or coverage. Generally, all new loans are initially graded White (2). | Contact portfolio company periodically in no event less than quarterly. |
| **Yellow (3)** | Performing generally below expectations and/or some proactive concern due to industry, business, financial and/or related factors. Adequate financial or enterprise profile, value or coverage. | Contact portfolio company monthly or more frequently as determined by our Adviser; contact venture capital investors. |
| **Orange (4)** | Needs close attention due to performance materially below expectations, weak financial and/or enterprise profile, concern regarding additional capital or exit equivalent. Possibility exists for some investment loss if deterioration continues. | Contact portfolio company weekly or more frequently as determined by our Adviser; contact venture capital investors regularly; our Adviser forms a workout group to minimize risk of loss. |
| **Red (5)** | Serious concern/trouble due to pending or actual default or equivalent. May experience partial and/or full investment loss. | Maximize value from assets. |

---

The following table shows the credit rankings for the portfolio companies that had outstanding debt obligations to us as of March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<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) | $31332 | 10.0% | 7 | $33569 | 11.1% | 9 |
| White (2) | 215057 | 68.7 | 53 | 242707 | 80.3 | 54 |
| Yellow (3) | 54306 | 17.3 | 7 | 12579 | 4.2 | 4 |
| Orange (4) | 12070 | 3.9 | 7 | 13121 | 4.3 | 7 |
| Red (5) | 403 | 0.1 | 3 | 403 | 0.1 | 3 |
| **Total** | $313168 | 100.0% | 77 | $302379 | 100.0% | 77 |

---

As of March 31, 2026 and December 31, 2025, the weighted average credit ranking of our debt investment portfolio was 2.15 and 2.02, respectively. During the three months ended March 31, 2026, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: 1 portfolio company with a principal balance of $7.0 million was upgraded from White (2) to Clear (1); 1 portfolio company with a principal balance of $3.0 million was upgraded from Yellow (3) to White (2); and 4 portfolio companies with an aggregate principal balance of $50.0 million were downgraded from White (2) to Yellow (3).

As of March 31, 2026, we had investments in ten portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $32.2 million and $11.6 million, respectively. As of December 31, 2025, we had investments in ten portfolio companies that were on non-accrual status, with an aggregate cost and fair value of $32.2 million and $12.6 million, respectively.

**Results of Operations**

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

For the three months ended March 31, 2026, our net increase in net assets resulting from operations was $18.5 million, compared to a net decrease of $9.0 million for the three months ended March 31, 2025, which was comprised of $7.5 million and $5.2 million, respectively, of net investment income and $11.2 million of net realized and unrealized gains and $14.2 million of net realized and unrealized losses, respectively. On a per common share basis for the three months ended March 31, 2026 and 2025, net investment income was $0.31 and $0.22, respectively, and our net increase/(decrease) in net assets from operations was $0.78 and ($0.38), respectively.

*Investment Income*

Total investment and other income for the three months ended March 31, 2026 and 2025 was $12.3 million and $12.0 million, respectively.

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The increase in total investment and other income for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, is primarily due to a higher weighted average principal amount outstanding on our income-bearing debt investment portfolio and a higher weighted average portfolio yield on our income-bearing debt investment portfolio

*Operating Expenses*

Total operating expenses consist of our base management fee, income incentive fee, capital gains incentive fee, interest expenses and amortization of fees, administration agreement expenses, and general and administrative expenses. We anticipate that our operating expenses would increase over time to the extent that our investment portfolio grows. However, we anticipate operating expenses, as a percentage of total assets and net assets, would generally decrease over time to the extent that our investment portfolio and capital base expand. We expect that base management and income incentive fees would increase to the extent that we grow our capital base and our earnings. The capital gains incentive fee depends on realized and unrealized gains and losses. Interest expenses will generally increase if we draw down on the Credit Facility or issue debt securities, and we generally expect expenses under the Administration Agreement and general and administrative expenses to increase over time to the extent that our investment portfolio grows, to meet the additional requirements associated with servicing a larger portfolio.

Total operating expenses for the three months ended March 31, 2026 and 2025 were $5.0 million and $6.8 million, respectively.

Base management fees for each of the three months ended March 31, 2026 and 2025 were $1.5 million. Base management fees remained flat during the 2026 period, as we did not issue common stock during the period.

We did not incur an income incentive fee for the three months ended March 31, 2026 or 2025, as the income incentive fees were reduced by $1.5 million and a de minimis amount, respectively, due to the total return requirement under the Advisory Agreement. We did not incur a capital gains incentive fee during the three months ended March 31, 2026 or 2025, primarily due to the current and cumulative realized losses we recorded on our investment portfolio since inception. See "Note 3. Related Party Agreements and Transactions" to our unaudited financial statements with respect to the capital gains incentive fee expense accruals.

For the three months ended March 31, 2026 and 2025, interest and fees on our borrowings totaled $2.2 million and $4.1 million, respectively. Interest and fees decreased during the three months ended March 31, 2026, as compared to the corresponding 2025 period, primarily due to the Fourth Amendment to the Credit Facility we entered into on July 2, 2025 (the "Fourth Amendment"), which, among other things, reduced the applicable margin during the revolving period to 3.05% and reduced the minimum principal utilization threshold. In addition, our weighted average borrowings and weighted average interest rates on such borrowings during the 2026 period were lower than during the 2025 period.

For the three months ended March 31, 2026 and 2025, expenses under the Administration Agreement and general and administrative expenses totaled $1.1 million and $1.1 million, respectively.

*Net Realized Gains and Losses and Net Unrealized Gains and Losses*

Realized gains and losses are included in "net realized gains/(losses)" in the consolidated statements of operations.

For the three months ended March 31, 2026 and 2025, we recognized net realized gains of $0.2 million, primarily due to the exercise of our warrants in certain portfolio companies. During the three months ended March 31, 2025, we recognized net realized losses of $3.1 million, primarily due to the write-offs of investments in certain portfolio companies.

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

During the three months ended March 31, 2026, net change in unrealized gains totaled $11.0 million, resulting primarily from market rate adjustments and foreign currency adjustments. During the three months ended March 31, 2025, net change in unrealized losses totaled $11.1 million, resulting primarily from market rate adjustments and foreign currency adjustments.

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

*Portfolio Yield and Total Return*

Investment income includes interest income on our debt investments, utilizing the effective yield method, including cash interest income as well as the amortization of any purchase premium, accretion of purchase discount, original issue discount, facilities fees, and the amortization and payment of the EOT payments.

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

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|<br>**Ratios (Percentages, on an annualized basis)**<sup>(1)</sup> | **2026** | **2025** |
| Weighted average portfolio yield on debt investments<sup>(2)</sup> | 15.1% | 13.4% |
| Coupon income | 10.2% | 10.5% |
| Accretion of discount | 1.6% | 1.0% |
| Accretion of end-of-term payments | 1.5% | 1.5% |
| Impact of prepayments during the period | 1.8% | 0.4% |

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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. Including non-income producing debt investments, the weighted average yield on debt investments for the three months ended March 31, 2026 and 2025 was 15.0% and 13.3%, respectively. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities.

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

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

For the three months ended March 31, 2026 and 2025, our total return based on the change in net asset value was 7.5% and (3.4)%, 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 March 31,** | **For the Three Months Ended March 31,** |
|<br>**Returns on Net Asset Value and Total Assets**<sup>(1)</sup> **(dollars in thousands)** | **2026** | **2025** |
| Net investment income | $7359 | $5206 |
| Net increase (decrease) in net assets | $18515 | $(8974) |
| Average net asset value<sup>(2)</sup> | $248786 | $262610 |
| Average total assets<sup>(2)</sup> | $386517 | $432406 |
| Net investment income to average net asset value<sup>(3)</sup> | 12.0% | 8.0% |
| Net increase (decrease) in net assets to average net asset value<sup>(3)</sup> | 30.2% | (13.9)% |
| Net investment income to average total assets<sup>(3)</sup> | 7.7% | 4.9% |
| Net increase (decrease) in net assets to average total assets<sup>(3)</sup> | 19.4% | (8.4)% |

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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.

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Understanding our accounting policies and the extent to which we use management's judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in "Note 2. Significant Accounting Policies" in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 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, 2025 and in this Quarterly Report on Form 10-Q.

*Investment Valuation*

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

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

As of March 31, 2026, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 96.3% of our total assets, as compared to 90.5% of our total assets as of December 31, 2025.

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 10, 2026 and "Note 4. Investments" in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on our valuation process.

**Liquidity and Capital Resources**

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

*Cash Flows*

During the three months ended March 31, 2026, net cash used in operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in "Results of Operations" above, was $11.6 million and net cash used in financing activities, consisting primarily of net repayments under the Credit Facility and distributions paid, was $13.6 million. As of March 31, 2026, cash and cash equivalents, including restricted cash, was $10.1 million.

During the three months ended March 31, 2025, net cash provided by operating activities, consisting primarily of fundings and purchases, sales and repayments of investments and the items described in "Results of Operations" above, was $2.2 million We did not have any net cash provided by, or used in, financing activities during the three months ended March 31, 2025. As of March 31, 2025, cash, including restricted cash, was $72.0 million.

*Capital Resources and Borrowings*

As a BDC, we generally have an ongoing need to raise additional capital for investment purposes. As a result, we expect, from time to time, to access the debt and equity markets when we believe it is necessary and appropriate to do so. In this regard, we continue to explore various options for obtaining additional debt or equity capital for investments. This may include expanding or extending the Credit Facility, the issuance of additional shares of our common stock in exchange for capital contributions or the issuance of debt securities. If we are unable to obtain leverage or raise capital on terms that are acceptable to us, our ability to grow our portfolio could be substantially impacted.

As of March 31, 2026, we had received capital commitments totaling $386.8 million in connection with our private offering of common stock, of which $354.7 million had been funded. Upon termination of our investment period, which occurred on December 19, 2023, our stockholders were released from funding obligations for any remaining undrawn capital commitments under their respective subscription agreements with us, subject to limited exceptions set forth in the subscription agreements.

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<u>Credit Facility</u>

As of March 31, 2026, we had $75.0 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. As of March 31, 2026, 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 $125.0 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of DBNY, as the sole lender. As of March 31, 2026, the revolving period under the Credit Facility is scheduled to expire on July 15, 2027 and the maturity date of the Credit Facility is scheduled for January 15, 2029, unless terminated earlier. As of March 31, 2026, 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 March 31, 2026, the applicable margin was equal to 3.05% during the revolving period, with an increase to 4.05% during the amortization period. See "Note 6 - Borrowings" in the notes to consolidated financial statements for more information regarding the terms of the Credit Facility.

As of March 31, 2026 and December 31, 2025, we had outstanding borrowings of $59.0 million and $66.0 million, respectively, under the Credit Facility, excluding deferred credit facility costs of $1.3 million and $1.4 million, respectively, which are included as assets in the consolidated statements of assets and liabilities. As of March 31, 2026 and December 31, 2025, we had $16.0 million and $9.0 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, 2025 for more information regarding the Series A Preferred Stock.

*Asset Coverage Requirements*

We are required under the 1940 Act to meet a coverage ratio of total assets (less all liabilities and indebtedness not represented by senior securities) to the aggregate amount of our senior securities, which generally includes all of our borrowings and any preferred stock, of at least 150%. As of March 31, 2026, our asset coverage for total borrowings and other senior securities was 293%.

*Unfunded Commitments*

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of March 31, 2026 and December 31, 2025, our unfunded commitments totaled $92.2 million and $119.4 million, respectively, of which $13.3 million and $13.2 million, respectively, were dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

The following table shows our unfunded commitments by portfolio company as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| **Unfunded Commitments**<sup>(1)</sup><br>**(in thousands)** | **March 31, 2026** | **December 31, 2025** |
| All Inspire Health, Inc. | $9258 | $7000 |
| Eightfold AI, Inc. | 7000 | 7000 |
| Equafin Corp. | 6123 | 6123 |
| Minted, Inc. | 5714 | 5714 |
| Etched.ai, Inc. | 5500 | 5500 |
| Artisan AI, Inc. | 5000 | 5000 |
| Bidgely Inc. | 5000 | 5000 |
| Rudderstack, Inc | 5000 | 5000 |
| Waymark, Inc. | 5000 | 5000 |
| Signal Advisors USA, Inc. | 4833 | 4833 |
| Deep Sentinel Corp. | 4500 | 4500 |
| Pair Team, PBC | 3600 | 3600 |
| Incode Technologies, Inc. | 3500 | 7000 |
| Simpplr Inc. | 3500 | 3500 |
| Contoro Inc. | 3000 | 3000 |
| Earth Services, Inc. | 3000 | 3000 |
| Total Expert, Inc. | 2500 | 2500 |
| Bitonic Technology Labs, Inc. | 2000 | 3250 |
| Lively, Inc. | 1750 | 1750 |
| Radar Labs, Inc. | 1500 | 1500 |
| Freed, Inc. | 1000 |  |
| Hydrow Inc. | 904 | 842 |
| Worldwide Freight Logistics Ltd. | 761 | 753 |
| Hover Inc. | 600 | 1500 |
| Muon Space, Inc. | 446 | 2131 |
| Planhub Holdings, LLC | 375 | 438 |
| Panorama Education, Inc. | 300 | 300 |
| Flashparking, Inc. | 250 | 250 |
| FloatMe Corp. | 240 |  |
| Observe, Inc. |  | 8000 |
| ThoughtSpot, Inc. |  | 7000 |
| Union Systems Inc. |  | 5000 |
| Lightbeam.ai, Inc. |  | 2000 |
| Ao1 Holdings, Inc. |  | 1200 |
| Join Digital, Inc. |  | 175 |
| **Total** | $92154 | $119359 |

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**_____________**

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

During the three months ended March 31, 2026 and the year ended December 31, 2025, $22.2 million and $46.7 million of unfunded commitments expired or were terminated, respectively. The following table shows additional information on our unfunded commitments regarding milestones and expirations as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| **Unfunded Commitments**<sup>(1)</sup><br>**(in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Dependent on milestones | $13258 | $13175 |
| Expiring during: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | 63692 | 84075 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 16889 | 24952 |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 | 11573 | 10332 |
| **Total** | $92154 | $119359 |

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**_______________**

(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.

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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, 2025 and December 31, 2024, we were subject to a 4% U.S. federal excise tax and we may be subject to this tax in future years. In such cases, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

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

The following table shows our cash distributions per common share that have been authorized by our Board since commencement of operations to March 31, 2026:

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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 |  |
| July 30, 2025 | August 1, 2025 | August 22, 2025 | 0.28 |  |
| November 11, 2025 | November 13, 2025 | November 26, 2025 | 0.28 |  |
| December 22, 2025 | January 2, 2026 | January 16, 2026 | 0.28 |  |
|  |  | **Total cash distributions** | $8.41 |  |

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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.

As of March 31, 2026, we estimated that we had undistributed taxable earnings from distributable earnings of $18.5 million, or $0.78 per common share.

**Recent Accounting Pronouncements**

None.

**Recent Developments**

*Distribution*

On April 29, 2026, our Board declared a $0.28 per share distribution to our common stockholders, payable on May 22, 2026 to stockholders of record on May 1, 2026.

**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 the Prime Rate or SOFR, as applicable, that we earn on any portfolio investments, a decrease in our operating expenses or a decrease in the interest rate of our floating interest rate liabilities.

As of March 31, 2026, approximately 81.8%, or $279.7 million in principal balance of the debt investments in our portfolio bore interest at floating rates, which generally are Prime-based and all Prime-based loans have interest rate floors that are tied to minimum Prime Rates for purposes of calculating interest due of 3.25% or higher. Substantially all of our unfunded commitments float with changes in the Prime Rate or SOFR from the date we enter into the commitment to the date of the actual draw. In addition, our interest expense will be affected by changes in the floating rate based on certain indices referenced in the Credit Facility, including SOFR.

As of March 31, 2026, our floating rate borrowings totaled $59.0 million, which represented 44.0% of our outstanding debt as of March 31, 2026. As of March 31, 2026, all of our floating rate debt investments were subject to interest-rate floors that are tied to minimum Prime Rates for purposes of calculating interest due set at 3.25% or higher. Because the Prime Rate as of March 31, 2026 was 6.75%, decreases in interest rates will impact our interest income to a limited extent until the Prime Rate reaches the applicable Prime Rate floor, while increases in interest rates will increase our interest income to the extent that such rates exceed the applicable Prime Rate floor. In addition, with respect to interest expense on our floating rate borrowings, we will benefit from any decreases in interest rates up to the point that the SOFR rate decreases to 0.50%, which is the SOFR interest-rate floor under the Credit Facility as of March 31, 2026. However, because current interest rates exceed the SOFR interest-rate floor under our Credit Facility as of March 31, 2026, our interest expense on floating rate borrowings will increase if rates rise. The following table illustrates the annual impact on our net investment income of hypothetical base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure from the March 31, 2026 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 | $6197 | $(1770) | $4427 |
| Up 200 basis points | $3621 | $(1180) | $2441 |
| Up 100 basis points | $1276 | $(590) | $686 |
| Up 50 basis points | $451 | $(295) | $156 |
| Down 50 basis points | $(153) | $295 | $142 |
| Down 100 basis points | $(263) | $590 | $327 |
| Down 200 basis points | $(456) | $1180 | $724 |
| Down 300 basis points | $(649) | $1770 | $1121 |

---

This analysis is indicative of the potential impact on our investment income as of March 31, 2026, assuming an immediate and sustained change in interest rates as noted. It should be noted that we may have growth in our portfolio funded in part with additional borrowings under the Credit Facility and potentially other borrowings, and such borrowings, to the extent they are floating rate borrowings, all else being equal, will increase our investment income sensitivity to interest rates, and such changes could be material. In addition, this analysis does not adjust for potential changes in our portfolio or our borrowing facilities after March 31, 2026 nor does it take into account any changes in the credit performance of our loans that might occur should interest rates change.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. As of March 31, 2026, we had no interest rate hedging transactions in place, but may seek to enter into such transactions in the future.

*Foreign Currency Exchange Rate Risk*

We may also have exposure to changes in foreign currency exchange rates in connection with certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. During the three months ended March 31, 2026, 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 positions from changes in currency exchange 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 March 31, 2026 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 March 31, 2026 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 (filed with the SEC on March 10, 2026) 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 March 31, 2026.

**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**

**Rule 10b5-1 Trading Plans**

During the fiscal quarter ended March 31, 2026, 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> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934](tpvcex311-033126.htm)</u><sup>(\*)</sup> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934](tpvcex312-033126.htm)</u><sup>(\*)</sup> |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act](tpvcex321-033126.htm)</u><sup>(\*\*)</sup> |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act](tpvcex322-033126.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 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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

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

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

(\*)Filed herewith.

(\*\*) Furnished herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **TriplePoint Private Venture Credit Inc.** |
| Date: May 12, 2026 | By: | /s/ James P. Labe |
|  |  | James P. Labe |
|  |  | Chief Executive Officer and Chairman of the Board of Directors |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: May 12, 2026 | By: | /s/ Mike L. Wilhelms |
|  |  | Mike L. Wilhelms |
|  |  | Chief Financial Officer, Secretary and Treasurer |
|  |  | (Principal Financial and Accounting Officer) |

---

## 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 May 2026.

---

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

---

## 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 May 2026.

---

| | |
|:---|:---|
| By: | /s/ Mike L. Wilhelms |
|  | Mike L. Wilhelms |
|  | Chief Financial Officer, Secretary and Treasurer |

---

## 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 March 31, 2026 (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: | May 12, 2026 |

---

## 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 March 31, 2026 (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: | May 12, 2026 |

---

<br>