UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


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

FOR THE QUARTERLY PERIOD ENDED ~~June~~September 30, 2022


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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-01327

TriplePoint Private Venture Credit Inc.

(Exact name of registrant as specified in its charter)


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

TriplePoint Private Venture Credit Inc.

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

(Address of principal executive office)

(650) 854-2090

(Registrant’s telephone number, including area code)

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

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

None

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

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

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


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

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

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

As of ~~August 4,~~November 3, 2022, the registrant had 18,222,514 shares of common stock, $0.01 par value per share, outstanding.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Statements of Assets and Liabilities as of ~~June~~September 30,, 2022 (unaudited) and December 31, 202 1	1
	Consolidated Statements of Operations for the Three and ~~and Six~~ Nine Months Ended ~~June~~September 30,, 2022 (unaudited) and ~~June~~September 30, 2021 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and ~~and Six~~ Nine Months Ended ~~June~~September 30, 2022 (unaudited) and ~~June~~September 30,, 2021 (unaudited)	3
	Consolidated Statements of Cash Flows for the~~Six~~Nine Months Ended ~~June~~September 30,, 2022 (unaudited) and ~~June~~September 30,, 2021 (unaudited)	4
	Consolidated Schedules of Investments as of ~~June~~September 30,, 2022 (unaudited) and December 31, 202 1	5
	Notes to Consolidated Financial Statements (unaudited)	3435
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4950
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6364
Item 4.	Controls and Procedures	65
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	6667
Item 1A.	Risk Factors	6667
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6667
Item 3.	Defaults Upon Senior Securities	6667
Item 4.	Mine Safety Disclosures	6667
Item 5.	Other Information	6667
Item 6.	Exhibits	6667
	Signatures	6869

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)


		June 30, 2022		December 31, 2021			September 30, 2022		December 31, 2021
		(unaudited)					(unaudited)
Assets	Assets					Assets
Investments at fair value (amortized cost of $396,196 and $337,625, respectively)		$	402,847	$	343,984
Investments at fair value (amortized cost of $458,112 and $337,625, respectively)						Investments at fair value (amortized cost of $458,112 and $337,625, respectively)	$	455,670	$	343,984
Cash and cash equivalents	Cash and cash equivalents	29,885		17,412		Cash and cash equivalents	12,984		17,412
Restricted cash	Restricted cash	158		3,660		Restricted cash	5,085		3,660
Deferred credit facility costs	Deferred credit facility costs	2,147		2,146		Deferred credit facility costs	1,945		2,146
Prepaid expenses and other assets	Prepaid expenses and other assets	267		447		Prepaid expenses and other assets	231		447
Total assets	Total assets	$	435,304	$	367,649	Total assets	$	475,915	$	367,649

Liabilities	Liabilities					Liabilities
Revolving Credit Facility	Revolving Credit Facility	$	54,000	$	133,500	Revolving Credit Facility	$	96,000	$	133,500
2027 Notes, net	2027 Notes, net	74,118		—		2027 Notes, net	74,152		—
Base management fee payable	Base management fee payable	1,232		798		Base management fee payable	1,246		798
Income incentive fee payable	Income incentive fee payable	1,948		1,444		Income incentive fee payable	2,265		1,444
Capital gains incentive fee payable	Capital gains incentive fee payable	1,206		1,433		Capital gains incentive fee payable	—		1,433
Other accrued expenses and liabilities	Other accrued expenses and liabilities	7,314		10,712		Other accrued expenses and liabilities	13,036		10,712
Total liabilities	Total liabilities	$	139,818	$	147,887	Total liabilities	$	186,699	$	147,887
Commitments and Contingencies (Note 7)	Commitments and Contingencies (Note 7)					Commitments and Contingencies (Note 7)

Net assets	Net assets					Net assets
Preferred stock, par value $0.01 per share (50,000,000 shares authorized; 525 shares issued and outstanding)	Preferred stock, par value $0.01 per share (50,000,000 shares authorized; 525 shares issued and outstanding)	$	—	$	—	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	Common stock, par value $0.01 per share	182		140		Common stock, par value $0.01 per share	182		140
Paid-in capital in excess of par value	Paid-in capital in excess of par value	280,631		213,204		Paid-in capital in excess of par value	280,631		213,204
Total distributable earnings	Total distributable earnings	14,673		6,418		Total distributable earnings	8,403		6,418
Total net assets	Total net assets	$	295,486	$	219,762	Total net assets	$	289,216	$	219,762
Total liabilities and net assets	Total liabilities and net assets	$	435,304	$	367,649	Total liabilities and net assets	$	475,915	$	367,649

Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized)	Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized)	18,222,514		13,991,836		Shares of common stock outstanding (par value $0.01 per share and 450,000,000 shares authorized)	18,222,514		13,991,836
Net asset value per common share	Net asset value per common share	$	16.19	$	15.67	Net asset value per common share	$	15.84	$	15.67

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)


		For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021			For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Investment income	Investment income									Investment income
Interest income from investments	Interest income from investments	$	13,905	$	5,186	$	26,136	$	9,400	Interest income from investments	$	15,892	$	6,452	$	42,028	$	15,851
Other income	Other income									Other income
Expirations / terminations of unfunded commitments	Expirations / terminations of unfunded commitments	131		—		337		10		Expirations / terminations of unfunded commitments	204		23		541		34
Other fees	Other fees	31		50		359		52		Other fees	325		212		681		264
Total investment and other income	Total investment and other income	14,067		5,236		26,832		9,462		Total investment and other income	16,421		6,687		43,250		16,149

Operating expenses	Operating expenses									Operating expenses
Base management fee	Base management fee	1,232		499		2,305		969		Base management fee	1,246		581		3,551		1,550
Income incentive fee	Income incentive fee	1,948		47		3,801		47		Income incentive fee	2,265		831		6,066		878
Capital gains incentive fee	Capital gains incentive fee	(343)		249		(226)		249		Capital gains incentive fee	(1,206)		948		(1,433)		1,197
Interest expense and amortization of fees	Interest expense and amortization of fees	2,262		1,823		3,884		3,632		Interest expense and amortization of fees	2,917		1,290		6,801		4,923
Administration agreement expenses	Administration agreement expenses	415		252		848		558		Administration agreement expenses	468		361		1,315		919
General and administrative expenses	General and administrative expenses	419		315		788		592		General and administrative expenses	467		300		1,254		891
Total operating expenses	Total operating expenses	5,933		3,185		11,400		6,047		Total operating expenses	6,157		4,311		17,554		10,358

Net investment income	Net investment income	8,134		2,051		15,432		3,415		Net investment income	10,264		2,376		25,696		5,791

Net realized and unrealized gains/(losses)	Net realized and unrealized gains/(losses)									Net realized and unrealized gains/(losses)
Net realized gains/(losses) on investments	Net realized gains/(losses) on investments	(232)		70		(1,423)		134		Net realized gains/(losses) on investments	(190)		44		(1,614)		178
Net change in unrealized gains/(losses) on investments	Net change in unrealized gains/(losses) on investments	(1,482)		1,148		291		1,223		Net change in unrealized gains/(losses) on investments	(9,040)		2,944		(8,748)		4,166
Net realized and unrealized gains/(losses)	Net realized and unrealized gains/(losses)	(1,714)		1,218		(1,132)		1,357		Net realized and unrealized gains/(losses)	(9,230)		2,988		(10,362)		4,344

Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	6,420	$	3,269	$	14,300	$	4,772	Net increase in net assets resulting from operations	$	1,034	$	5,364	$	15,334	$	10,135

Basic and diluted net investment income per common share	Basic and diluted net investment income per common share	$	0.45	$	0.27	$	0.89	$	0.46	Basic and diluted net investment income per common share	$	0.56	$	0.30	$	1.46	$	0.76
Basic and diluted net increase in net assets per common share	Basic and diluted net increase in net assets per common share	$	0.35	$	0.43	$	0.83	$	0.64	Basic and diluted net increase in net assets per common share	$	0.06	$	0.68	$	0.87	$	1.34
Basic and diluted weighted average shares of common stock outstanding	Basic and diluted weighted average shares of common stock outstanding	18,222,514		7,622,710		17,263,099		7,403,803		Basic and diluted weighted average shares of common stock outstanding	18,222,514		7,824,510		17,586,418		7,545,580

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																	Paid-in capital in excess of par value				Total distributable earnings (loss)				Net assets
		Common stock			Preferred stock											Common stock									Preferred stock
		Shares	Par value		Shares	Par value										Shares					Par value					Shares			Par value
Balance at March 31, 2021		7,503,014	$	75	525	$	—			$	111,082			$	4,170						$	115,327
Balance at June 30, 2021																			Balance at June 30, 2021	7,729,938					$	77		525			$	—			$	114,580			$	5,173			$	119,830
Issuance of common stock	Issuance of common stock	226,924	2		—	—				3,498				—						3,500			Issuance of common stock	1,943,950			20			—			—				30,756				—				30,776
Common stock distributions from distributable earnings	Common stock distributions from distributable earnings	—	—		—	—		—				(2,251)					(2,251)		Common stock distributions from distributable earnings	—					—			—			—			—				(2,319)				(2,319)
Preferred stock distributions from distributable earnings	Preferred stock distributions from distributable earnings	—	—		—	—		—				(15)					(15)		Preferred stock distributions from distributable earnings	—					—			—			—			—				(16)				(16)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	—	—		—	—		—				3,269					3,269		Net increase in net assets resulting from operations	—					—			—			—			—				5,364				5,364
Balance at June 30, 2021		7,729,938	$	77	525	$	—	$	114,580			$	5,173				$	119,830
Balance at September 30, 2021																			Balance at September 30, 2021	9,673,888					$	97		525			$	—		$	145,336			$	8,202			$	153,635


Balance at December 31, 2020	Balance at December 31, 2020	7,001,667	$	70	525	$	—	$	103,387	$	2,684	$	106,141	Balance at December 31, 2020	7,001,667	$	70	525	$	—	$	103,387	$	2,684	$	106,141
Issuance of common stock	Issuance of common stock	728,271	7		—	—		11,193		—		11,200		Issuance of common stock	2,672,221	27		—	—		41,949		—		41,976
Common stock distributions from distributable earnings	Common stock distributions from distributable earnings	—	—		—	—		—		(2,251)		(2,251)		Common stock distributions from distributable earnings	—	—		—	—		—		(4,570)		(4,570)
Preferred stock distributions from distributable earnings	Preferred stock distributions from distributable earnings	—	—		—	—		—		(32)		(32)		Preferred stock distributions from distributable earnings	—	—		—	—		—		(47)		(47)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	—	—		—	—		—		4,772		4,772		Net increase in net assets resulting from operations	—	—		—	—		—		10,135		10,135
Balance at June 30, 2021		7,729,938	$	77	525	$	—	$	114,580	$	5,173	$	119,830
Balance at September 30, 2021														Balance at September 30, 2021	9,673,888	$	97	525	$	—	$	145,336	$	8,202	$	153,635


Balance at March 31, 2022		18,222,514	$	182	525	$	—	$	280,631	$	14,281	$	295,094
Balance at June 30, 2022														Balance at June 30, 2022	18,222,514	$	182	525	$	—	$	280,631	$	14,673	$	295,486
Issuance of common stock	Issuance of common stock	—	—		—	—		—		—		—		Issuance of common stock	—	—		—	—		—		—		—
Common stock distributions from distributable earnings	Common stock distributions from distributable earnings	—	—		—	—		—		(6,013)		(6,013)		Common stock distributions from distributable earnings	—	—		—	—		—		(7,289)		(7,289)
Preferred stock distributions from distributable earnings	Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)		Preferred stock distributions from distributable earnings	—	—		—	—		—		(15)		(15)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	—	—		—	—		—		6,420		6,420		Net increase in net assets resulting from operations	—	—		—	—		—		1,034		1,034
Balance at June 30, 2022		18,222,514	$	182	525	$	—	$	280,631	$	14,673	$	295,486
Balance at September 30, 2022														Balance at September 30, 2022	18,222,514	$	182	525	$	—	$	280,631	$	8,403	$	289,216


Balance at December 31, 2021	Balance at December 31, 2021	13,991,836	$	140	525	$	—	$	213,204	$	6,418	$	219,762	Balance at December 31, 2021	13,991,836	$	140	525	$	—	$	213,204	$	6,418	$	219,762
Issuance of common stock	Issuance of common stock	4,230,678	42		—	—		67,427		—		67,469		Issuance of common stock	4,230,678	42		—	—		67,427		—		67,469
Common stock distributions from distributable earnings	Common stock distributions from distributable earnings	—	—		—	—		—		(6,013)		(6,013)		Common stock distributions from distributable earnings	—	—		—	—		—		(13,302)		(13,302)
Preferred stock distributions from distributable earnings	Preferred stock distributions from distributable earnings	—	—		—	—		—		(32)		(32)		Preferred stock distributions from distributable earnings	—	—		—	—		—		(47)		(47)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	—	—		—	—		—		14,300		14,300		Net increase in net assets resulting from operations	—	—		—	—		—		15,334		15,334
Balance at June 30, 2022		18,222,514	$	182	525	$	—	$	280,631	$	14,673	$	295,486
Balance at September 30, 2022														Balance at September 30, 2022	18,222,514	$	182	525	$	—	$	280,631	$	8,403	$	289,216

See accompanying notes to consolidated financial statements.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021			For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Cash Flows from Operating Activities:	Cash Flows from Operating Activities:					Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	14,300	$	4,772	Net increase in net assets resulting from operations	$	15,334	$	10,135
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:	Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:					Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Fundings and purchases of investments	Fundings and purchases of investments	(118,272)		(63,716)		Fundings and purchases of investments	(198,274)		(159,448)
Principal payments and proceeds from investments	Principal payments and proceeds from investments	63,926		26,011		Principal payments and proceeds from investments	85,035		45,885
Payment-in-kind interest on investments	Payment-in-kind interest on investments	(252)		(71)		Payment-in-kind interest on investments	(269)		(180)
Net change in unrealized (gains) losses on investments	Net change in unrealized (gains) losses on investments	(291)		(1,223)		Net change in unrealized (gains) losses on investments	8,748		(4,166)
Net realized (gains) losses on investments	Net realized (gains) losses on investments	1,423		(134)		Net realized (gains) losses on investments	1,614		(178)
Amortization and accretion of premiums and discounts, net	Amortization and accretion of premiums and discounts, net	(5,530)		(1,175)		Amortization and accretion of premiums and discounts, net	(8,656)		(1,921)
Amortization of debt fees and issuance costs	Amortization of debt fees and issuance costs	418		244		Amortization of debt fees and issuance costs	677		456
Change in operating assets and liabilities:	Change in operating assets and liabilities:					Change in operating assets and liabilities:
Prepaid expenses and other assets	Prepaid expenses and other assets	180		(41)		Prepaid expenses and other assets	216		(220)
Base management fee payable	Base management fee payable	434		36		Base management fee payable	448		118
Income incentive fee payable	Income incentive fee payable	504		47		Income incentive fee payable	821		831
Capital gains incentive fee payable	Capital gains incentive fee payable	(227)		249		Capital gains incentive fee payable	(1,433)		1,197
Other accrued expenses and liabilities	Other accrued expenses and liabilities	(3,366)		(72)		Other accrued expenses and liabilities	2,324		1,578
Net cash used in operating activities	Net cash used in operating activities	(46,753)		(35,073)		Net cash used in operating activities	(93,415)		(105,913)
Cash Flows from Financing Activities:	Cash Flows from Financing Activities:					Cash Flows from Financing Activities:
Borrowings under revolving credit facility	Borrowings under revolving credit facility	50,000		13,000		Borrowings under revolving credit facility	92,000		72,700
Repayments under revolving credit facility	Repayments under revolving credit facility	(129,500)		—		Repayments under revolving credit facility	(129,500)		(21,700)
Issuance of 2027 Notes	Issuance of 2027 Notes	75,000		—		Issuance of 2027 Notes	75,000		—
Common stock distributions paid	Common stock distributions paid	(6,013)		(2,251)		Common stock distributions paid	(13,302)		(4,570)
Preferred stock distributions paid	Preferred stock distributions paid	(32)		(32)		Preferred stock distributions paid	(32)		(32)
Debt issuance costs 2027 Notes		(918)		—
Debt issuance costs of 2027 Notes						Debt issuance costs of 2027 Notes	(926)		—
Deferred credit facility costs	Deferred credit facility costs	(282)		—		Deferred credit facility costs	(297)		(1,439)
Proceeds from issuance of common stock	Proceeds from issuance of common stock	67,469		11,200		Proceeds from issuance of common stock	67,469		41,976
Net cash provided by provided by financing activities	Net cash provided by provided by financing activities	55,724		21,917		Net cash provided by provided by financing activities	90,412		86,935
Net change in cash, cash equivalents and restricted cash	Net change in cash, cash equivalents and restricted cash	8,971		(13,156)		Net change in cash, cash equivalents and restricted cash	(3,003)		(18,978)
Cash, cash equivalents and restricted cash at beginning of period	Cash, cash equivalents and restricted cash at beginning of period	21,072		34,140		Cash, cash equivalents and restricted cash at beginning of period	21,072		34,140
Cash, cash equivalents and restricted cash at end of period	Cash, cash equivalents and restricted cash at end of period	$	30,043	$	20,984	Cash, cash equivalents and restricted cash at end of period	$	18,069	$	15,162

		June 30, 2022		June 30, 2021			September 30, 2022		September 30, 2021
Cash and cash equivalents	Cash and cash equivalents	$	29,885	$	20,616	Cash and cash equivalents	$	12,984	$	14,812
Restricted cash	Restricted cash	158		368		Restricted cash	5,085		350
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	30,043	$	20,984	Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	18,069	$	15,162

Supplemental Disclosures of Cash Flow Information:	Supplemental Disclosures of Cash Flow Information:					Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	Cash paid for interest	$	2,262	$	3,381	Cash paid for interest	$	3,484	$	4,490
Excise taxes paid	Excise taxes paid	$	32	$	13	Excise taxes paid	$	32	$	13

See accompanying notes to consolidated financial statements.


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of June 30, 2022
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022												TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Company	Type of Investment	Acquisition Date(9)	Outstanding Principal		Cost(6)		Fair Value			Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date

Debt Investments	Debt Investments											Debt Investments

Aerospace and Defense	Aerospace and Defense											Aerospace and Defense
Dedrone Holdings, Inc.	Dedrone Holdings, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment)	3/31/2021	$	3,055	$	3,152	$	3,152		3/31/2024	Dedrone Holdings, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment)	3/31/2021	$	2,650	$	2,783	$	2,792	3/31/2024
Total Aerospace and Defense - 1.07%*				3,055		3,152		3,152
Total Aerospace and Defense - 0.97%*												Total Aerospace and Defense - 0.97%*			2,650		2,783		2,792

Application Software	Application Software											Application Software
Flo Health UK Limited(1)(3)	Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	5/17/2022	667		660		660			5/31/2024	Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	5/17/2022	667		660		660		5/31/2024
Total Application Software - 0.22%*				667		660		660
Flo Health UK Limited(1)(3)												Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	7/21/2022	700		691		691		7/31/2024
Flo Health UK Limited(1)(3)												Flo Health UK Limited(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 3.00% EOT payment)(2)	9/30/2022	460		452		452		9/30/2024
Total Application Software - 0.62%*												Total Application Software - 0.62%*			1,827		1,803		1,803

Business Applications Software	Business Applications Software											Business Applications Software
Blueboard Inc.												Blueboard Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.75% floor, 2.50% EOT payment)(2)	9/30/2022	3,000		2,950		2,950		9/30/2024
FlashParking, Inc.	FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		9,883		9,883			6/30/2024	FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000		9,972		9,972		6/30/2024
FlashParking, Inc.	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/24/2021	338		337		337			9/30/2023	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/24/2021	338		340		340		9/30/2023
FlashParking, Inc.	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/28/2021	547		544		544			9/30/2023	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/28/2021	547		549		549		9/30/2023
FlashParking, Inc.	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278		279		279			10/31/2023	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278		281		281		10/31/2023
FlashParking, Inc.	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	1/21/2022	347		342		342			1/31/2024	FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	1/21/2022	347		345		345		1/31/2024
				11,510		11,385		11,385							11,510		11,487		11,487
Tide Platform Limited(1)(3)		Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	3,619		3,781		3,458			11/30/2023
Tide Platform Limited(1)(3)												Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	3,018		3,221		2,694		11/30/2023
Tide Platform Limited(1)(3)	Tide Platform Limited(1)(3)	Revolver (8.00% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,839		1,567			1/13/2022	Tide Platform Limited(1)(3)	Revolver (8.00% interest rate, 4.00% EOT payment)	2/22/2021	1,768		1,839		1,443		1/13/2022
				5,387		5,620		5,025							4,786		5,060		4,137
Uniphore Technologies, Inc.	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		1,995		1,981			12/31/2024	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,005		1,993		12/31/2024
Uniphore Technologies, Inc.	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		1,995		1,981			12/31/2024	Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000		2,005		1,993		12/31/2024
				4,000		3,990		3,962							4,000		4,010		3,986
Total Business Applications Software - 6.89%*				20,897		20,995		20,372
Total Business Applications Software - 7.80%*												Total Business Applications Software - 7.80%*			23,296		23,507		22,560

Business Products and Services	Business Products and Services											Business Products and Services
Alloy Technologies, Inc.												Alloy Technologies, Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 11.00% floor, 6.00% EOT payment)(2)	9/9/2022	2,000		1,935		1,935		9/30/2024
Cardless Inc.	Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,800		1,788		1,788			11/30/2024	Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,800		1,794		1,794		11/30/2024
Cardless Inc.	Cardless Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 5.75% EOT payment)	11/18/2021	4,200		4,223		4,223			11/30/2023	Cardless Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 5.75% EOT payment)	11/18/2021	4,200		4,259		4,259		11/30/2023
				6,000		6,011		6,011							6,000		6,053		6,053
Cart.com, Inc.	Cart.com, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)(2)	12/30/2021	5,000		4,897		4,897			12/31/2025	Cart.com, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)(2)	12/30/2021	5,000		4,931		4,931		12/31/2025
Certamen Ventures Inc.	Certamen Ventures Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 7.75% floor, 3.00% EOT payment)	11/30/2021	6,945		6,920		6,920			5/31/2024	Certamen Ventures Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 7.75% floor, 3.00% EOT payment)	11/30/2021	6,945		6,956		6,956		5/31/2024
Elsker, Inc.	Elsker, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 7.25% floor, 6.25% EOT payment)(2)	1/19/2022	1,000		988		988			1/31/2025	Elsker, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 7.25% floor, 6.25% EOT payment)(2)	1/19/2022	1,000		997		997		1/31/2025
Path Robotics, Inc.	Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	2/15/2022	1,940		1,910		1,910			8/31/2025	Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	2/15/2022	1,940		1,927		1,927		8/31/2025
Path Robotics, Inc.	Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	4/25/2022	1,828		1,787		1,787			10/31/2025	Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	4/25/2022	1,828		1,803		1,803		10/31/2025
Path Robotics, Inc.												Path Robotics, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 8.75% EOT payment)(2)	8/1/2022	705		689		689		1/31/2026
				3,768		3,697		3,697							4,473		4,419		4,419
Phantom Auto Inc.	Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	6,000		5,877		5,877			8/31/2024	Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	5,553		5,516		5,516		8/31/2024
Quick Commerce Ltd.(1)(3)		Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	5/4/2022	1,500		1,476		1,476			5/31/2025
Rally Network, Inc.		Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,500		2,527		2,487			10/28/2023
RedFish Labs, Inc.		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 4.00% EOT payment)	1/14/2022	8,000		7,903		7,903			1/31/2025
RenoRun, Inc.(1)(3)		Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	600		584		584			12/31/2025
RenoRun, Inc.(1)(3)		Convertible Note (4.00% interest rate)(2)	12/30/2021	300		300		300			12/30/2023
				900		884		884		0


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of June 30, 2022
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022								TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Company	Type of Investment	Acquisition Date(9)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date	Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value		Maturity Date
Quick Commerce Ltd.(1)(3)								Quick Commerce Ltd.(1)(3)	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 7.50% EOT payment)(2)	5/4/2022	1,500	1,461	1,447		5/31/2025
Rally Network, Inc.								Rally Network, Inc.	Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,500	2,548	2,515		10/28/2023
RedFish Labs, Inc.								RedFish Labs, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 4.00% EOT payment)	1/14/2022	8,000	7,956	7,956		1/31/2025
RenoRun, Inc.(1)(3)								RenoRun, Inc.(1)(3)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	600	587	587		12/31/2025
RenoRun, Inc.(1)(3)								RenoRun, Inc.(1)(3)	Convertible Note (4.00% interest rate)(2)	12/30/2021	300	300	300		12/30/2023
											900	887	887	0
Worldwide Freight Logistics Limited(1)(3)	Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	6/15/2022	484	475	477	6/30/2025	Worldwide Freight Logistics Limited(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)(2)	6/15/2022	484	463	426		6/30/2025
Worldwide Freight Logistics Limited(1)(3)	Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 7.50% EOT payment)(2)	6/15/2022	194	190	191	6/15/2023	Worldwide Freight Logistics Limited(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 7.50% EOT payment)(2)	6/15/2022	194	195	179		6/15/2023
				678	665	668					678	658	605
Total Business Products and Services - 14.15%*				42,291	41,845	41,808
Total Business Products and Services - 15.29%*								Total Business Products and Services - 15.29%*			44,549	44,317	44,217

Business/Productivity Software	Business/Productivity Software							Business/Productivity Software
Construction Finance Corporation								Construction Finance Corporation	Revolver (Prime + 6.25% interest rate, 9.50% floor, 3.25% EOT payment)(2)	7/8/2022	3	3	3		1/7/2024
Idelic Inc.								Idelic Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 9.50% EOT payment)(2)	9/14/2022	4,000	3,948	3,948		3/31/2026
Manufactured Networks, Inc.	Manufactured Networks, Inc.	Revolver (Prime + 7.75% interest rate, 7.75% floor, 2.00% EOT payment)(2)	5/6/2022	44	43	43	11/6/2023	Manufactured Networks, Inc.	Revolver (Prime + 7.75% interest rate, 7.75% floor, 2.00% EOT payment)(2)	5/6/2022	136	156	156		11/6/2023
Metropolis Technologies, Inc.	Metropolis Technologies, Inc.	Growth Capital Loan (6.38% cash interest rate + 6.13% PIK, 7.00% EOT payment)(2)	3/30/2022	1,005	995	995	3/31/2027	Metropolis Technologies, Inc.	Growth Capital Loan (Prime + 4.34% cash interest rate + 4.16% PIK, 7.00% EOT payment)(2)	3/30/2022	1,023	1,016	1,016		3/31/2027
Total Business/Productivity Software - 0.35%*				1,049	1,038	1,038
Total Business/Productivity Software - 1.77%*								Total Business/Productivity Software - 1.77%*			5,162	5,123	5,123

Computer Hardware	Computer Hardware							Computer Hardware
Canvas Construction Inc.								Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	3,000	2,936	2,936		2/28/2026
Canvas Construction Inc.								Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	2,500	2,447	2,447		2/28/2026
Canvas Construction Inc.								Canvas Construction Inc.	Growth Capital Loan (Prime + 8.50% interest rate, 11.75% floor, 0.00% EOT payment)(2)	8/4/2022	1,000	980	980		2/28/2026
											6,500	6,363	6,363
Iris Automation, Inc.	Iris Automation, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 4.75% EOT payment)(2)	2/11/2022	1,000	976	976	2/28/2025	Iris Automation, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 4.75% EOT payment)(2)	2/11/2022	1,000	985	985		2/28/2025
Total Computer Hardware - 0.33%*				1,000	976	976
Total Computer Hardware - 2.54%*								Total Computer Hardware - 2.54%*			7,500	7,348	7,348

Consumer Finance	Consumer Finance							Consumer Finance
Activehours, Inc.	Activehours, Inc.	Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)	10/8/2020	4,000	4,067	4,046	10/31/2023	Activehours, Inc.	Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)	10/8/2020	4,000	4,094	4,058		10/31/2023
Activehours, Inc.	Activehours, Inc.	Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)	9/30/2021	6,000	5,961	5,911	9/30/2024	Activehours, Inc.	Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)	9/30/2021	6,000	5,997	5,906		9/30/2024
				10,000	10,028	9,957					10,000	10,091	9,964
Cherry Technologies Inc.	Cherry Technologies Inc.	Growth Capital Loan (11.00% interest rate, 5.50% EOT payment)(2)	5/6/2022	8,500	8,330	8,330	11/30/2024	Cherry Technologies Inc.	Growth Capital Loan (11.00% interest rate, 5.50% EOT payment)(2)	5/6/2022	8,500	8,386	8,386		11/30/2024
Cherry Technologies Inc.								Cherry Technologies Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.50% EOT payment)(2)	7/14/2022	5,500	5,399	5,399		1/31/2025
											14,000	13,785	13,785
Embed Financial Technologies Inc.								Embed Financial Technologies Inc.	Growth Capital Loan (12.50% interest rate, 0.00% EOT payment)(2)	7/15/2022	—	—	—		7/31/2023
The Aligned Company	The Aligned Company	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)	10/27/2021	6,000	5,992	5,992	4/30/2025	The Aligned Company	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)	10/27/2021	6,000	6,031	6,031		4/30/2025
Total Consumer Finance - 8.22%*				24,500	24,350	24,279
Vestwell Holdings Inc.								Vestwell Holdings Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 8.00% EOT payment)(2)	9/30/2022	7,000	6,886	6,886		3/31/2026
Total Consumer Finance - 12.68%*								Total Consumer Finance - 12.68%*			37,000	36,793	36,666

Consumer Non-Durables	Consumer Non-Durables							Consumer Non-Durables
Alyk, Inc.	Alyk, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)	6/16/2021	2,500	2,518	2,518	6/30/2025	Alyk, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)	6/16/2021	2,500	2,535	2,520		6/30/2025
Don't Run Out, Inc.	Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	990	990	6/30/2025	Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	998	988		6/30/2025
Underground Enterprises, Inc.	Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	375	372	372	11/30/2024	Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.50% floor, 1.00% EOT payment)(2)	5/18/2022	375	373	370		11/30/2024
Underground Enterprises, Inc.		Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	6/9/2022	250	248	248	3/31/2025
				625	620	620
Total Consumer Non-Durables - 1.40%*				4,125	4,128	4,128

Consumer Products and Services
Baby Generation, Inc.		Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)	1/26/2022	750	748	748	1/31/2025
The Black Tux, Inc.		Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	9,998	9,879	9,876	5/31/2026
Clutter Inc.		Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 6.00% EOT payment)	12/23/2020	1,535	1,588	1,588	12/31/2023
Clutter Inc.		Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.00% EOT payment)	3/26/2021	2,895	2,997	2,997	3/31/2024
				4,430	4,585	4,585
Dance GmbH(1)(3)		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	712	686	4/30/2025
Elektra Mobility Inc.		Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	5/16/2022	50	50	50	5/31/2025
Ephemeral Solutions, Inc.		Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	333	326	326	3/31/2025
Ever/Body, Inc.		Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	750	747	747	9/30/2024
Everdrop GmbH(1)(3)		Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 6.25% EOT payment)	2/24/2022	224	223	208	2/28/2025
Everdrop GmbH(1)(3)		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 6.00% EOT payment)(2)	4/5/2022	146	145	138	4/30/2025
Everdrop GmbH(1)(3)		Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 6.00% EOT payment)(2)	4/27/2022	141	140	138	4/30/2025

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of June 30, 2022
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Everdrop GmbH(1)(3)
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 6.17% EOT payment)(2)
6/6/2022 107 106 104 6/30/2025
618 614 588
Foodology Inc.(1)(3)
Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)(2)
4/8/2022 21 21 21 10/31/2022
Foodology Inc.(1)(3)
Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)
4/8/2022 31 31 31 4/30/2025
Foodology Inc.(1)(3)
Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)
5/16/2022 76 74 74 5/31/2025
Foodology Inc.(1)(3)
Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)
5/24/2022 500 488 488 5/31/2025
628 614 614
Good Eggs, Inc. Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment) 8/12/2021 4,000 3,993 3,993 8/31/2025
Good Eggs, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 6.00% EOT payment)(2)
5/25/2022 3,000 2,920 2,920 5/31/2025
7,000 6,913 6,913
Hydrow, Inc. Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment) 2/9/2021 1,650 1,688 1,688 12/31/2024
Hydrow, Inc. Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment) 2/9/2021 3,300 3,325 3,325 12/31/2024
Hydrow, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment) 8/10/2021 5,025 5,066 5,066 12/31/2024
Hydrow, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment) 8/31/2021 5,025 5,060 5,060 12/31/2024
15,000 15,139 15,139
Immersive Group Gaming LTD(1)(3)
Growth Capital Loan (10.00% interest rate, 5.25% EOT payment) 12/10/2021 3,000 2,923 2,906 12/31/2024
JOKR S.a.r.l.(1)(3)
Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)
10/14/2021 1,260 1,248 1,248 10/13/2022
JOKR S.a.r.l.(1)(3)
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment) 11/3/2021 5,000 4,719 4,719 11/30/2025
6,260 5,967 5,967
Mystery Tackle Box, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 9.25% EOT payment)(2)
4/29/2022 1,000 995 995 1/31/2025
Nakdcom One World AB(1)(3)
Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)
6/6/2022 537 526 513 6/30/2026
Nate, Inc.
Growth Capital Loan (Prime + 1.00% interest rate, 4.25% floor, 0.50% EOT payment)(2)
3/3/2022 2,400 2,334 2,334 5/31/2023
Nate, Inc.
Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)
3/3/2022 1,600 1,558 1,558 5/31/2023
Nate, Inc.
Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)
4/26/2022 3,200 3,101 3,101 5/31/2023
Nate, Inc.
Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)(2)
4/26/2022 800 776 776 5/31/2023
8,000 7,769 7,769
NxFoods GmbH(1)(3)
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)
6/30/2022 588 577 577 6/30/2026
Petra Living, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment) 7/7/2021 3,000 3,019 3,019 7/31/2024
Petra Living, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment) 8/27/2021 1,500 1,502 1,502 8/31/2024
Petra Living, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment) 10/21/2021 1,500 1,498 1,498 10/31/2024
6,000 6,019 6,019
Project 1920, Inc.
Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)
3/25/2022 100 103 103 3/25/2023
Project 1920, Inc.
Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)
5/18/2022 125 123 123 3/25/2023
225 226 226
Spinn, Inc.
Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)
2/24/2022 1,000 997 997 8/31/2024
Tempo Interactive Inc.
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)
4/27/2022 5,625 5,588 5,588 4/30/2025
Untitled Labs, Inc.
Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)
6/23/2022 417 407 402 6/30/2026


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	6/9/2022	250	250	248	3/31/2025
Underground Enterprises, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.25% floor, 5.50% EOT payment)(2)	8/5/2022	375	373	370	5/31/2025
			1,000	996	988
Total Consumer Non-Durables - 1.55%*			4,500	4,529	4,496

Consumer Products and Services
Baby Generation, Inc.	Growth Capital Loan (Prime + 7.50% interest rate, 10.75% floor, 8.00% EOT payment)	1/26/2022	750	753	747	1/31/2025
The Black Tux, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	10,000	9,934	9,855	5/31/2026
Clutter Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 6.00% EOT payment)	12/23/2020	1,297	1,366	1,363	12/31/2023
Clutter Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.00% EOT payment)	3/26/2021	2,515	2,653	2,645	3/31/2024
			3,812	4,019	4,008
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	4/14/2022	723	695	623	4/30/2025
Dance GmbH(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.25% EOT payment)(2)	7/14/2022	268	256	247	7/31/2025
			991	951	870
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	5/16/2022	50	50	50	5/31/2025
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	7/5/2022	100	100	99	7/31/2025
Elektra Mobility Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)(2)	7/27/2022	100	99	99	7/31/2025
			250	249	248
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	6/27/2022	333	329	326	3/31/2025
Ephemeral Solutions, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 5.25% EOT payment)(2)	8/12/2022	111	109	108	5/31/2025
			444	438	434
Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	750	750	747	9/30/2024
Flink SE(1)(3)	Growth Capital Loan (9.75% interest rate, 6.75% EOT payment)(2)	7/5/2022	1,250	1,221	1,199	7/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)(2)	4/8/2022	21	21	21	10/31/2022
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	4/8/2022	31	31	31	4/30/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 5.50% EOT payment)(2)	5/16/2022	76	75	74	5/31/2025
Foodology Inc.(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/24/2022	500	492	489	5/31/2025
			628	619	615
Good Eggs, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)	8/12/2021	3,906	3,933	3,909	8/31/2025
Good Eggs, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 6.00% EOT payment)(2)	5/25/2022	3,000	2,946	2,927	5/31/2025
			6,906	6,879	6,836
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,698	1,684	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	3,300	3,350	3,323	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/10/2021	5,025	5,102	5,057	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	5,096	5,051	12/31/2024
			15,000	15,246	15,115
Immersive Group Gaming LTD(1)(3)	Growth Capital Loan (10.00% interest rate, 5.25% EOT payment)	12/10/2021	3,000	2,954	2,911	12/31/2024
Immersive Group Gaming LTD(1)(3)	Growth Capital Loan (10.00% interest rate, 5.25% EOT payment)(2)	7/26/2022	1,000	955	935	7/31/2025
			4,000	3,909	3,846

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of June 30, 2022
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment) 2/1/2021 3,275 3,274 2,808 1/31/2025
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment) 5/27/2021 1,665 1,655 1,405 5/31/2025
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment) 1/31/2022 774 758 698 1/31/2026
5,714 5,687 4,911
Total Consumer Products and Services - 26.11%* 78,646 78,008 77,142
Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (9.00% interest rate, 6.00% EOT payment) 7/21/2021 1,506 1,466 1,288 7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (9.00% interest rate, 6.00% EOT payment) 10/13/2021 1,363 1,309 1,303 10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (9.00% interest rate, 6.00% EOT payment) 11/19/2021 1,370 1,383 1,376 11/30/2024
Total Cultivation - 1.34%* 4,239 4,158 3,967
Database Software
SiSense, Inc. Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment) 12/28/2021 6,500 6,473 6,473 6/30/2024
Total Database Software - 2.19%* 6,500 6,473 6,473
E-Commerce - Clothing and Accessories
FabFitFun, Inc. Growth Capital Loan (Prime + 7.75% interest rate, 11.25% floor, 6.50% EOT payment) 9/29/2021 12,500 12,255 12,255 3/31/2025
Minted, Inc.
Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)(2)
6/15/2022 10,000 10,004 10,004 6/30/2027
TFG Holding, Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment) 12/4/2020 4,500 4,539 4,539 12/31/2023
TFG Holding, Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment) 12/21/2021 3,000 2,914 2,914 12/31/2024
TFG Holding, Inc. Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment) 3/31/2022 1,000 970 970 9/30/2025
8,500 8,423 8,423
Trendly, Inc. Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment) 5/27/2021 6,500 6,522 6,522 11/30/2024
Trendly, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)
6/7/2022 1,000 981 981 12/31/2025
7,500 7,503 7,503
Total E-Commerce - Clothing and Accessories - 12.92%* 38,500 38,185 38,185
E-Commerce - Personal Goods
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 7/6/2021 3,477 3,468 3,453 7/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 7/21/2021 263 262 261 7/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 8/10/2021 315 313 312 8/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 10/6/2021 1,458 1,441 1,433 10/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 11/2/2021 947 933 928 10/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 11/2/2021 2,540 2,504 2,489 10/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 12/28/2021 848 832 827 12/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 12/28/2021 324 318 316 12/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 12/28/2021 57 56 56 12/31/2023
Forum Brands, LLC
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
1/28/2022 1,836 1,796 1,785 1/31/2024
Forum Brands, LLC
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
4/14/2022 700 679 674 4/30/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
JOKR S.a.r.l.(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 2.00% EOT payment)(2)	10/14/2021	1,252	1,269	1,259	10/13/2022
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)	11/3/2021	5,000	4,764	4,689	11/30/2025
JOKR S.a.r.l.(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 6.00% EOT payment)(2)	8/17/2022	1,000	982	972	8/31/2026
			7,252	7,015	6,920
Mystery Tackle Box, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 9.25% EOT payment)(2)	4/29/2022	1,000	991	982	1/31/2025
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	6/6/2022	537	517	466	6/30/2026
Nakdcom One World AB(1)(3)	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)(2)	8/29/2022	301	288	278	8/31/2026
			838	805	744
Nate, Inc.	Growth Capital Loan (Prime + 1.00% interest rate, 4.25% floor, 0.50% EOT payment)(2)	3/3/2022	2,400	2,355	2,348	5/31/2023
Nate, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	3/3/2022	1,600	1,573	1,569	5/31/2023
Nate, Inc.	Growth Capital Loan (Prime + 2.75% interest rate, 6.00% floor, 1.00% EOT payment)(2)	4/26/2022	3,200	3,135	3,126	5/31/2023
Nate, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)(2)	4/26/2022	800	787	785	5/31/2023
			8,000	7,850	7,828
NxFoods GmbH(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.00% EOT payment)(2)	6/30/2022	588	580	574	6/30/2026
Project 1920, Inc.	Revolver (Prime + 5.75% interest rate, 9.00% floor, 2.00% EOT payment)(2)	3/25/2022	350	346	345	3/25/2023
Spinn, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.50% EOT payment)(2)	2/24/2022	1,000	1,004	995	8/31/2024
Tempo Interactive Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.00% EOT payment)(2)	4/27/2022	5,625	5,612	5,558	4/30/2025
Untitled Labs, Inc.	Growth Capital Loan (11.50% interest rate, 5.00% EOT payment)(2)	6/23/2022	417	409	401	6/30/2026
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	2/1/2021	3,461	3,478	2,867	1/31/2025
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	5/27/2021	1,748	1,746	1,420	5/31/2025
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	1/31/2022	804	793	687	1/31/2026
			6,013	6,017	4,974
Total Consumer Products and Services - 25.53%*			75,864	75,597	73,841

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	7/21/2021	1,341	1,327	1,090	7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	10/13/2021	1,231	1,200	1,190	10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	11/19/2021	1,242	1,266	1,255	11/30/2024
Total Cultivation - 1.22%*			3,814	3,793	3,535

Database Software
SiSense, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	12/28/2021	6,500	6,541	6,541	6/30/2024
Total Database Software - 2.26%*			6,500	6,541	6,541

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.25% floor, 6.50% EOT payment)	9/29/2021	12,494	12,317	12,230	3/31/2025
Minted, Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 6.00% EOT payment)(2)	6/15/2022	10,000	10,029	9,903	6/30/2027
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,500	4,584	4,562	12/31/2023
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	3,000	2,939	2,916	12/31/2024

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of June 30, 2022
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Forum Brands, LLC
Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)
4/14/2022 263 256 254 4/30/2024
13,028 12,858 12,788
Merama Inc. Growth Capital Loan (10.00% interest rate, 7.50% EOT payment) 5/17/2021 1,563 1,565 1,565 6/30/2024
Merama Inc. Growth Capital Loan (10.00% interest rate, 7.50% EOT payment) 6/30/2021 732 730 729 6/30/2024
Merama Inc. Growth Capital Loan (10.00% interest rate, 7.50% EOT payment) 8/4/2021 1,561 1,553 1,553 8/31/2024
3,856 3,848 3,847
Total E-Commerce - Personal Goods - 5.63%* 16,884 16,706 16,635
Energy
Arcadia Power, Inc.
Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)(2)
5/6/2022 5,000 4,950 4,891 11/30/2026
Arcadia Power, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
6/29/2022 5,000 4,859 4,801 12/31/2026
Arcadia Power, Inc. Growth Capital Loan (8.75% interest rate, 3.25% EOT payment) 12/16/2021 5,000 4,986 4,955 12/31/2024
Total Energy - 4.96%* 15,000 14,795 14,647
Entertainment Software
Encore Music Technologies, Inc.
Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 4.50% EOT payment)(2)
4/20/2022 1,000 992 992 4/30/2025
FRVR Limited(1)(3)
Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)
5/17/2022 3,000 2,950 2,950 5/31/2025
Total Entertainment Software - 1.33%* 4,000 3,942 3,942
Financial Software
Parker Group Inc.
Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor, 0.00% EOT payment)(2)
4/6/2022 300 297 297 10/31/2024
Parker Group Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)(2)
4/6/2022 700 698 698 4/30/2025
Total Financial Software - 0.34%* 1,000 995 995
Food Products
AllPlants Ltd(1)(3)
Revolver (8.00% interest rate, 3.00% EOT payment)(2)
5/24/2021 1,291 1,330 1,148 5/5/2022
AllPlants Ltd(1)(3)
Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)
7/22/2021 305 303 265 7/31/2025
1,596 1,633 1,413
Feast Kitchen ApS(1)(3)
Growth Capital Loan (5.00% cash interest rate + 5.75% PIK interest, 10.00% EOT Payment)(2)
5/27/2020 1,338 1,506 1,492 6/30/2023
Feast Kitchen ApS(1)(3)
Growth Capital Loan (5.00% cash interest rate + 6.00% PIK interest, 10.00% EOT Payment)(2)
11/12/2020 538 552 541 5/31/2024
Feast Kitchen ApS(1)(3)
Growth Capital Loan (5.00% cash interest rate + 6.00% PIK interest, 10.00% EOT Payment)(2)
5/11/2021 837 830 810 11/30/2024
2,713 2,888 2,843
Total Food Products - 1.44%* 4,309 4,521 4,256
Healthcare Services
Levels Health Inc. Growth Capital Loan (Prime + 3.00% interest rate, 6.25% floor, 2.00% EOT payment) 10/13/2021 727 724 724 10/31/2024
Total Healthcare Services - 0.25%* 727 724 724
Healthcare Technology Systems
Capsule Corporation Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment) 12/30/2020 5,000 5,154 5,154 12/31/2024
Medly Health Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment) 12/11/2020 5,000 5,065 5,065 12/31/2023
Medly Health Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment) 12/11/2020 5,000 5,065 5,065 12/31/2023
Medly Health Inc. Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 6.75% EOT payment) 3/25/2022 10,500 10,367 10,367 9/30/2025


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
TFG Holding, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.00% EOT payment)	3/31/2022	1,000	978	971	9/30/2025
			8,500	8,501	8,449
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,569	6,516	11/30/2024
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)(2)	6/7/2022	1,000	987	976	12/31/2025
			7,500	7,556	7,492
Total E-Commerce - Clothing and Accessories - 13.16%*			38,494	38,403	38,074

E-Commerce - Personal Goods
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/6/2021	3,477	3,501	3,465	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/21/2021	263	264	262	7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	8/10/2021	315	316	312	8/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	10/6/2021	1,458	1,454	1,435	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	947	942	928	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	2,540	2,526	2,490	10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	848	840	827	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	324	321	316	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	57	56	56	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	1/28/2022	1,836	1,813	1,784	1/31/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	700	685	672	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	4/14/2022	263	258	253	4/30/2024
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)(2)	9/21/2022	1,710	1,650	1,612	9/30/2024
			14,738	14,626	14,412
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	5/17/2021	1,563	1,577	1,566	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	737	731	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,565	1,553	8/31/2024
			3,856	3,879	3,850
Total E-Commerce - Personal Goods - 6.31%*			18,594	18,505	18,262

Energy
Arcadia Power, Inc.	Growth Capital Loan (9.75% interest rate, 7.00% EOT payment)(2)	5/6/2022	5,000	4,973	4,862	11/30/2026
Arcadia Power, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	6/29/2022	5,000	4,886	4,831	12/31/2026
Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	5,000	5,010	4,958	12/31/2024
Total Energy - 5.07%*			15,000	14,869	14,651

Entertainment Software
Encore Music Technologies, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 4.50% EOT payment)(2)	4/20/2022	1,000	986	986	4/30/2025
FRVR Limited(1)(3)	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/17/2022	3,000	2,971	2,971	5/31/2025
Total Entertainment Software - 1.37%*			4,000	3,957	3,957

Financial Software

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of June 30, 2022
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
20,500 20,497 20,497
Total Healthcare Technology Systems - 8.68%* 25,500 25,651 25,651
Human Capital Services
Karat Financial Technologies Incorporated
Revolver (Prime + 5.25% interest rate, 8.50% floor, 2.85% EOT payment)(2)
10/7/2021 3,010 3,006 3,006 6/30/2023
Total Human Capital Services - 1.02%* 3,010 3,006 3,006
Information Services (B2C)
Kasa Living, Inc.
Growth Capital Loan (9.25% interest rate, 6.75% EOT payment)(2)
1/28/2022 5,000 4,936 4,895 1/31/2026
Total Information Services (B2C) - 1.66%* 5,000 4,936 4,895
Infrastructure
GoEuro Corp.(1)(3)
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 5/27/2020 5,000 5,253 5,308 10/31/2023
GoEuro Corp.(1)(3) Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 5/27/2020 2,500 2,626 2,654 10/31/2023
Total Infrastructure - 2.69%* 7,500 7,879 7,962
Life and Health Insurance
Sidecar Health, Inc. Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment) 8/26/2021 8,000 8,037 8,037 2/28/2025
Total Life and Health Insurance - 2.72%* 8,000 8,037 8,037
Medical Software and Information Services
HI LLC (Kernel) Growth Capital Loan (10.75% interest rate, 4.25% EOT payment) 7/1/2021 2,500 2,485 2,470 12/31/2024
Total Medical Software and Information Services - 0.84%* 2,500 2,485 2,470
Multimedia and Design Software
Spire Animation Studios, Inc. Growth Capital Loan (9.25% interest rate, 5.00% EOT payment) 8/12/2021 2,500 2,485 2,476 2/29/2024
Spire Animation Studios, Inc. Growth Capital Loan (9.25% interest rate, 5.00% EOT payment) 9/30/2021 1,500 1,446 1,441 3/31/2024
Total Multimedia and Design Software - 1.33%* 4,000 3,931 3,917
Other Financial Services
Jerry Services, Inc.
Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)
6/13/2022 500 491 485 9/30/2025
Total Other Financial Services - 0.16%* 500 491 485
Real Estate Services
Common Living Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.25% EOT payment) 4/30/2021 2,500 2,577 2,577 4/30/2024
Common Living Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.25% EOT payment) 3/18/2022 4,923 4,935 4,935 4/30/2024
7,423 7,512 7,512
Demain ES(1)(3)
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment) 12/28/2021 2,268 2,224 2,049 11/30/2024
Demain ES(1)(3)
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment) 12/28/2021 2,268 2,224 2,049 11/30/2024
4,536 4,448 4,098
Homeward, Inc. Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment) 12/30/2021 4,000 3,974 3,974 6/30/2024
Mynd Management, Inc.
Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)
5/25/2022 1,000 1,003 1,003 5/31/2024
Ribbon Home, Inc. Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.00% EOT payment) 6/25/2021 2,696 2,647 2,647 6/30/2024
Ribbon Home, Inc. Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment) 12/30/2021 2,000 1,948 1,948 12/31/2025
4,696 4,595 4,595
Side, Inc. Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment) 9/4/2020 2,000 2,061 2,068 3/31/2023


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Parker Group Inc.	Growth Capital Loan (Prime + 3.50% interest rate, 6.75% floor, 0.00% EOT payment)(2)	4/6/2022	300	296	296	10/31/2024
Parker Group Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 8.25% EOT payment)(2)	4/6/2022	700	698	698	4/30/2025
			1,000	994	994
Zolve Innovations Inc.	Growth Capital Loan (Prime + 8.00% interest rate, 11.50% floor, 0.00% EOT payment)(2)	7/28/2022	1,000	983	983	1/31/2025
Total Financial Software - 0.68%*			2,000	1,977	1,977

Food Products
AllPlants Ltd(1)(3)	Revolver (Prime + 2.50% interest rate, 8.00% floor, 3.00% EOT payment)(2)	5/24/2021	1,291	1,330	1,053	5/5/2022
AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	291	291	232	7/31/2025
AllPlants Ltd(1)(3)	Growth Capital Loan (Prime + 5.50% interest rate, 11.00% floor, 8.00% EOT payment)(2)	9/1/2022	901	902	868	8/31/2026
			2,483	2,523	2,153
Feast Kitchen ApS(1)(3)(7)	Growth Capital Loan (5.00% cash interest rate + 5.75% PIK interest, 10.00% EOT Payment)(2)	5/27/2020	1,326	1,494	258	6/30/2023
Feast Kitchen ApS(1)(3)(7)	Growth Capital Loan (5.00% cash interest rate + 6.00% PIK interest, 10.00% EOT Payment)(2)	11/12/2020	533	547	104	5/31/2024
Feast Kitchen ApS(1)(3)(7)	Growth Capital Loan (5.00% cash interest rate + 6.00% PIK interest, 10.00% EOT Payment)(2)	5/11/2021	830	822	161	11/30/2024
			2,689	2,863	523
Total Food Products - 0.93%*			5,172	5,386	2,676

Healthcare Services
Hey Favor, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 5.25% EOT payment)(2)	8/5/2022	8,000	7,838	7,838	8/31/2024
Levels Health Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.25% floor, 2.00% EOT payment)	10/13/2021	727	727	727	10/31/2024
Total Healthcare Services - 2.96%*			8,727	8,565	8,565

Healthcare Technology Systems
Calibrate Health, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.50% EOT payment)(2)	7/26/2022	2,000	1,905	1,905	1/31/2025
Calibrate Health, Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 7.25% floor, 7.25% EOT payment)(2)	7/26/2022	3,000	2,864	2,864	1/31/2025
Calibrate Health, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 9.25% EOT payment)(2)	9/30/2022	5,000	4,916	4,916	3/31/2026
			10,000	9,685	9,685
Capsule Corporation	Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)	12/30/2020	5,000	5,196	5,196	12/31/2024
Medly Health Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)	12/11/2020	5,000	5,113	4,907	12/31/2023
Medly Health Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)	12/11/2020	5,000	5,113	4,907	12/31/2023
Medly Health Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 6.75% EOT payment)	3/25/2022	10,500	10,420	9,494	9/30/2025
Medly Health Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 12.00% floor, 7.75% EOT payment)	8/29/2022	2,929	2,761	2,761	8/31/2024
			23,429	23,407	22,069
Total Healthcare Technology Systems - 12.78%*			38,429	38,288	36,950

Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 5.25% interest rate, 8.50% floor, 2.85% EOT payment)(2)	10/7/2021	3,010	2,974	2,974	6/30/2023
Total Human Capital Services - 1.03%*			3,010	2,974	2,974

Information Services (B2C)
Kasa Living, Inc.	Growth Capital Loan (9.25% interest rate, 6.75% EOT payment)(2)	1/28/2022	5,000	4,972	4,898	1/31/2026
Total Information Services (B2C) - 1.69%*			5,000	4,972	4,898

Infrastructure

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of June 30, 2022
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Side, Inc. Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment) 10/29/2020 500 513 515 4/30/2023
2,500 2,574 2,583
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/3/2021 250 247 245 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 6.00% EOT payment) 12/3/2021 800 789 781 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/3/2021 220 217 215 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 12/13/2021 105 104 103 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/13/2021 440 434 430 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/15/2021 208 205 203 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 12/15/2021 150 148 147 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 6.00% EOT payment) 12/15/2021 1,372 1,352 1,339 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 6.00% EOT payment) 12/21/2021 760 749 742 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 1/31/2022 170 167 166 1/31/2025
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 2/25/2022 116 113 112 2/28/2025
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 3/15/2022 300 294 291 3/31/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
4/22/2022 1,110 1,084 1,073 4/30/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)
4/22/2022 991 968 958 4/30/2025
True Footage, Inc.
Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)
5/23/2022 216 211 208 5/31/2025
7,208 7,082 7,013
YDC, Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment) 12/10/2021 2,400 2,348 2,348 12/31/2024
Total Real Estate Services - 11.21%* 33,763 33,536 33,126
Social/Platform Software
Sylva, Inc. Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment) 11/30/2021 1,886 1,879 1,879 5/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,114 1,113 1,113 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,500 1,493 1,493 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,800 1,791 1,791 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,800 1,793 1,793 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/27/2021 900 896 896 12/31/2024
Total Social/Platform Software - 3.03%* 9,000 8,965 8,965
Software Development Applications
Appex Group, Inc.
Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 5.00% EOT payment)(2)
1/21/2022 6,000 6,054 6,054 7/31/2024
Appex Group, Inc.
Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 10.50% EOT payment)(2)
1/21/2022 2,000 2,010 2,010 7/31/2025
Appex Group, Inc.
Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 10.50% EOT payment)(2)
1/21/2022 1,000 1,005 1,005 7/31/2025
Appex Group, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.00% EOT payment)(2)
5/23/2022 236 234 234 11/30/2024
Appex Group, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.00% EOT payment)(2)
6/6/2022 189 188 188 12/31/2024
Appex Group, Inc.
Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 5.00% EOT payment)(2)
6/30/2022 186 184 184 12/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	5,000	5,281	5,350	10/31/2023
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	2,500	2,640	2,675	10/31/2023
Total Infrastructure - 2.77%*			7,500	7,921	8,025

Life and Health Insurance
Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	8,085	8,085	2/28/2025
Total Life and Health Insurance - 2.80%*			8,000	8,085	8,085

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (10.75% interest rate, 4.25% EOT payment)	7/1/2021	2,500	2,501	2,476	12/31/2024
Total Medical Software and Information Services - 0.86%*			2,500	2,501	2,476

Multimedia and Design Software
Hover Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 9.50% floor, 5.50% EOT payment)(2)	9/30/2022	5,000	4,873	4,873	3/31/2027
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	8/12/2021	2,370	2,387	2,373	2/29/2024
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	9/30/2021	1,500	1,474	1,465	3/31/2024
			3,870	3,861	3,838
Total Multimedia and Design Software - 3.01%*			8,870	8,734	8,711

Other Financial Services
Jerry Services, Inc.	Growth Capital Loan (10.00% interest rate, 8.25% EOT payment)(2)	6/13/2022	500	495	486	9/30/2025
Relay Commerce, Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 10.50% floor, 5.00% EOT payment)(2)	8/23/2022	3,075	3,000	3,000	8/31/2025
Total Other Financial Services - 1.21%*			3,575	3,495	3,486

Real Estate Services
Common Living Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.25% EOT payment)	4/30/2021	2,500	2,604	2,578	4/30/2024
Common Living Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.25% EOT payment)	3/18/2022	4,742	4,817	4,771	4/30/2024
			7,242	7,421	7,349
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,243	1,925	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,243	1,925	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 3.00% interest rate, 6.25% floor, 6.00% EOT payment)(2)	8/4/2022	2,051	1,987	1,882	7/31/2025
			6,587	6,473	5,732
Homeward, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)	12/30/2021	4,000	4,019	4,019	6/30/2024
MCN Investments Ltd.(1)(3)	Growth Capital Loan (Prime + 3.38% interest rate, 6.63% floor, 1.25% EOT payment)(2)	8/9/2022	400	393	393	2/28/2023
MCN Investments Ltd.(1)(3)	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 1.25% EOT payment)(2)	8/24/2022	400	392	392	2/28/2023
			800	785	785
Mynd Management, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.50% floor, 6.00% EOT payment)(2)	5/25/2022	1,000	1,009	1,009	5/31/2024
Ribbon Home, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.00% EOT payment)	6/25/2021	2,390	2,389	2,389	6/30/2024
Ribbon Home, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.00% EOT payment)	12/30/2021	2,000	1,963	1,963	12/31/2025
Ribbon Home, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.75% EOT payment)(2)	8/16/2022	6,000	5,943	5,943	8/31/2026
			10,390	10,295	10,295
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	9/4/2020	2,000	2,083	2,088	3/31/2023
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	10/29/2020	500	519	520	4/30/2023


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Investment	Acquisition Date(10)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
			2,500		2,602		2,608
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250		249		244		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800		794		780		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220		219		215		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105		105		103		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440		437		430		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208		207		203		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150		149		147		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372		1,361		1,338		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760		754		741		12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	1/31/2022	170		168		165		1/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	2/25/2022	116		114		112		2/28/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	3/15/2022	300		296		291		3/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	1,110		1,092		1,071		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	4/22/2022	991		975		956		4/30/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)(2)	5/23/2022	216		212		209		5/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)(2)	7/19/2022	200		195		193		7/31/2025
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)(2)	7/19/2022	100		98		97		7/31/2025
			7,508		7,425		7,295
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/10/2021	2,400		2,367		2,367		12/31/2024
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	7/15/2022	1,600		1,549		1,549		7/31/2025
YDC, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)(2)	9/26/2022	1,000		962		962		9/30/2025
			5,000		4,878		4,878
Total Real Estate Services - 15.20%*			45,027		44,907		43,970

Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	1,886		1,865		1,865		5/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,114		1,118		1,118		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,500		1,500		1,500		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,800		1,800		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,801		1,801		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	900		900		900		12/31/2024
Total Social/Platform Software - 3.11%*			9,000		8,984		8,984

Total Debt Investments - 147.17%*			$	435,560	$	434,657	$	425,643


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of June 30, 2022
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022									TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)		Fair Value		Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Warrant Investments~~(8)~~(9)	Warrant Investments~~(8)~~(9)								Warrant Investments~~(8)~~(9)

Aerospace and Defense	Aerospace and Defense								Aerospace and Defense
Astranis Space Technologies Corp.	Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	765	Astranis Space Technologies Corp.	Preferred Stock(2)	5/27/2020	70,959	$	95	$	765
Dedrone Holdings, Inc.	Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		92		Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		197
LeoLabs, Inc.	LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		66		LeoLabs, Inc.	Preferred Stock(2)	1/20/2022	72,837	66		66
Total Aerospace and Defense - 0.31%*					253		923
Loft Orbital Solutions Inc.									Loft Orbital Solutions Inc.	Common Stock(2)	7/15/2022	6,747	58		58
Total Aerospace and Defense - 0.38%*									Total Aerospace and Defense - 0.38%*				311		1,086

Application Software	Application Software								Application Software
Flo Health UK Limited(1)(3)	Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,163	10		10		Flo Health UK Limited(1)(3)	Preferred Stock(2)	5/10/2022	1,163	10		9
Total Application Software - 0.00%*	Total Application Software - 0.00%*				10		10		Total Application Software - 0.00%*				10		9

Business Applications Software	Business Applications Software								Business Applications Software
Blueboard Inc.	Blueboard Inc.	Common Stock(2)	3/11/2021	69,768	14		14		Blueboard Inc.	Common Stock(2)	3/11/2021	139,535	28		28
Dialpad, Inc.	Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		59		Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		59
Filevine, Inc.	Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		118		Filevine, Inc.	Preferred Stock(2)	4/20/2021	74,462	15		118
FlashParking, Inc.	FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		557		FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		575
FlashParking, Inc.	FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		139		FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		144
					450		696						450		719
Morty, Inc.	Morty, Inc.	Preferred Stock(2)	10/1/2021	44,490	33		33		Morty, Inc.	Preferred Stock(2)	10/1/2021	44,490	33		33
Narvar, Inc.	Narvar, Inc.	Preferred Stock(2)	8/28/2020	21,790	102		102		Narvar, Inc.	Preferred Stock(2)	8/28/2020	21,790	102		102
Tide Holdings Limited(1)(3)	Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		73		Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		67
Uniphore Technologies, Inc.	Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		53		Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		53
Total Business Applications Software - 0.39%*					720		1,148
Total Business Applications Software - 0.41%*									Total Business Applications Software - 0.41%*				734		1,179

Business Products and Services	Business Products and Services								Business Products and Services
Alloy Technologies, Inc.									Alloy Technologies, Inc.	Preferred Stock(2)	9/9/2022	40,748	50		50
Cardless Inc.	Cardless Inc.	Common Stock	11/18/2021	12,903	28		58		Cardless Inc.	Common Stock	11/18/2021	12,903	28		58
Cart.com, Inc.	Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		101		Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		101
Cart.com, Inc.	Cart.com, Inc.	Preferred Stock(2)	3/31/2022	544	3		3		Cart.com, Inc.	Preferred Stock(2)	3/31/2022	544	3		3
					122		104						122		104
Certamen Ventures Inc.	Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		46		Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		47
Elsker, Inc.	Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16		Elsker, Inc.	Preferred Stock(2)	9/1/2021	35,492	18		16
Path Robotics, Inc.	Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		208		Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		134
Phantom Auto Inc.	Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		315		Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		205
Phantom Auto Inc.	Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		35		Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		22
Phantom Auto Inc.	Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		24		Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		15
					374		374						374		242
Quick Commerce Ltd.(1)(3)	Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	114,041	26		26		Quick Commerce Ltd.(1)(3)	Preferred Stock(2)	5/4/2022	114,041	26		9
RedFish Labs, Inc.	RedFish Labs, Inc.	Preferred Stock	11/23/2021	53,862	122		139		RedFish Labs, Inc.	Preferred Stock	11/23/2021	53,862	122		140
RenoRun, Inc.(1)	RenoRun, Inc.(1)	Preferred Stock	12/30/2021	4,242	93		93		RenoRun, Inc.(1)	Preferred Stock	12/30/2021	4,242	93		93
SubStack, Inc.									SubStack, Inc.	Preferred Stock(2)	7/13/2022	1,141	6		6
Worldwide Freight Logistics Limited(1)(3)	Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		25		Worldwide Freight Logistics Limited(1)(3)	Preferred Stock(2)	6/15/2022	1,502	25		23
Total Business Products and Services - 0.37%*					980		1,089
Total Business Products and Services - 0.32%*									Total Business Products and Services - 0.32%*				1,036		922

Business to Business Marketplace	Business to Business Marketplace								Business to Business Marketplace
Material Technologies Corporation	Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		156		Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		318
Total Business to Business Marketplace - 0.05%*					156		156
Total Business to Business Marketplace - 0.11%*									Total Business to Business Marketplace - 0.11%*				156		318

Business/Productivity Software	Business/Productivity Software								Business/Productivity Software
Idelic, Inc.		Preferred Stock(2)	12/10/2021	30,551	46		46
Manufactured Networks, Inc.(11)		Preferred Stock(2)	5/6/2022	—	—		—
Construction Finance Corporation									Construction Finance Corporation	Preferred Stock(2)	7/8/2022	38,060	14		14
Idelic Inc.									Idelic Inc.	Preferred Stock(2)	12/10/2021	30,551	46		46
Manufactured Networks, Inc.(12)									Manufactured Networks, Inc.(12)	Preferred Stock(2)	5/6/2022	—	—		—
Metropolis Technologies, Inc.	Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3		19		Metropolis Technologies, Inc.	Common Stock(2)	3/30/2022	3,495	3		19
Total Business/Productivity Software - 0.02%*					49		65
Strata Identity, Inc.									Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	6,941	7		6
Total Business/Productivity Software - 0.03%*									Total Business/Productivity Software - 0.03%*				70		85

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

Communication Software
Hiya, Inc.		Preferred Stock	5/27/2020	115,073	54		54


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of June 30, 2022
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)	Fair Value	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Commercial Services							Commercial Services
Dumpling, Inc.							Dumpling, Inc.	Preferred Stock(2)	9/30/2020	17,003	6	6
Total Commercial Services - 0.00%*							Total Commercial Services - 0.00%*				6	6

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

Computer Hardware	Computer Hardware						Computer Hardware
Canvas Construction Inc.	Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	21,686	18	18	Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	92,940	79	27
Swift Navigation, Inc.	Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	62,874	77	148	Swift Navigation, Inc.	Preferred Stock(2)	7/30/2020	62,874	77	148
Iris Automation, Inc.	Iris Automation, Inc.	Preferred Stock(2)	2/11/2022	43,365	24	24	Iris Automation, Inc.	Preferred Stock(2)	2/11/2022	43,365	24	24
Quantum Circuits, Inc.	Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	21,134	27	27	Quantum Circuits, Inc.	Preferred Stock(2)	4/29/2022	21,134	27	27
Grey Orange International Inc.	Grey Orange International Inc.	Preferred Stock	3/16/2021	13,940	92	58	Grey Orange International Inc.	Preferred Stock(2)	3/16/2021	13,940	92	58
Total Computer Hardware - 0.09%*					238	275
Total Computer Hardware - 0.10%*							Total Computer Hardware - 0.10%*				299	284

Consumer Finance	Consumer Finance						Consumer Finance
Activehours, Inc.	Activehours, Inc.	Preferred Stock	10/8/2020	49,296	129	181	Activehours, Inc.	Preferred Stock	10/8/2020	49,296	129	181
Activehours, Inc.	Activehours, Inc.	Preferred Stock	9/30/2021	6,162	16	23	Activehours, Inc.	Preferred Stock	9/30/2021	6,162	16	23
					145	204					145	204
Cherry Technologies Inc.	Cherry Technologies Inc.	Preferred Stock(2)	11/23/2021	47,291	118	43	Cherry Technologies Inc.	Preferred Stock(2)	11/23/2021	77,891	195	71
Embed Financial Technologies Inc.(11)		Preferred Stock(2)	9/21/2021	—	10	10
Embed Financial Technologies Inc.							Embed Financial Technologies Inc.	Preferred Stock(2)	9/21/2021	9,128	10	85
The Aligned Company	The Aligned Company	Preferred Stock	10/21/2021	17,564	50	818	The Aligned Company	Preferred Stock	10/21/2021	17,564	50	772
The Aligned Company							The Aligned Company	Preferred Stock	10/21/2021	569	8	8
											58	780
Upgrade, Inc.	Upgrade, Inc.	Preferred Stock(2)	5/27/2020	136,869	44	772	Upgrade, Inc.	Preferred Stock(2)	5/27/2020	136,869	44	772
Vestwell Holdings Inc.	Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	54	Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	54
Total Consumer Finance - 0.64%*					421	1,901
Total Consumer Finance - 0.68%*							Total Consumer Finance - 0.68%*				506	1,966

Consumer Non-Durables	Consumer Non-Durables						Consumer Non-Durables
Alyk, Inc.	Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	21	Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	8
Athletic Greens International, Inc.	Athletic Greens International, Inc.	Preferred Stock(2)	6/3/2022	113	4	4	Athletic Greens International, Inc.	Preferred Stock(2)	6/3/2022	113	4	4
Don't Run Out, Inc.	Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	14	Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	14
Trueskin GmbH(1)(3)	Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	9	Trueskin GmbH(1)(3)	Preferred Stock(2)	4/13/2022	20	9	8
Underground Enterprises, Inc.(11)		Preferred Stock(2)	5/18/2022	—	—	—
Total Consumer Non-Durables - 0.02%*					48	48
Underground Enterprises, Inc.(12)							Underground Enterprises, Inc.(12)	Preferred Stock(2)	5/18/2022	—	—	—
Total Consumer Non-Durables - 0.01%*							Total Consumer Non-Durables - 0.01%*				48	34

Consumer Products and Services	Consumer Products and Services						Consumer Products and Services
Baby Generation, Inc.	Baby Generation, Inc.	Common Stock	1/26/2022	9,370	7	7	Baby Generation, Inc.	Common Stock	1/26/2022	9,370	7	7
The Black Tux, Inc.	The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	255	The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	395
Clutter Inc.	Clutter Inc.	Preferred Stock	9/30/2020	19,649	113	113	Clutter Inc.	Preferred Stock	9/30/2020	19,649	113	113
Dance Gmbh(1)(3)	Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	35	Dance Gmbh(1)(3)	Preferred Stock(2)	3/31/2022	35	37	33
Elektra Mobility Inc.		Preferred Stock(2)	5/6/2022	—	—	—
Elektra Mobility Inc.(12)							Elektra Mobility Inc.(12)	Preferred Stock(2)	5/6/2022	—	—	—
Elodie Games, Inc.	Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48	Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ephemeral Solutions, Inc.	Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	12	Ephemeral Solutions, Inc.	Common Stock(2)	2/24/2022	2,286	12	12
Ever/Body, Inc.	Ever/Body, Inc.	Preferred Stock	9/7/2021	188,283	92	155	Ever/Body, Inc.	Preferred Stock	9/7/2021	188,283	92	156
Flink SE(1)(3)		Common Stock(2)	4/13/2022	9	23	23
Everdrop GmbH(1)							Everdrop GmbH(1)	Preferred Stock(2)	3/16/2022	14	24	22
Flink SE(1)(3)							Flink SE(1)(3)	Common Stock(2)	4/13/2022	9	23	11
Foodology Inc.(1)(3)	Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	12	Foodology Inc.(1)(3)	Preferred Stock(2)	3/25/2022	2,869	12	12
Good Eggs, Inc.	Good Eggs, Inc.	Preferred Stock	8/12/2021	577,717	142	219	Good Eggs, Inc.	Preferred Stock	8/12/2021	577,717	142	277
Hydrow, Inc.	Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	164	Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	145
Hydrow, Inc.	Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	42	Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	34
Hydrow, Inc.	Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	31	Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	25
					130	237					130	204
Immersive Group Gaming LTD(1)	Immersive Group Gaming LTD(1)	Preferred Stock	7/12/2021	309,547	83	145	Immersive Group Gaming LTD(1)	Preferred Stock	7/12/2021	451,039	115	86
JOKR S.a.r.l.(1)(3)	JOKR S.a.r.l.(1)(3)	Preferred Stock	10/14/2021	20,944	536	210	JOKR S.a.r.l.(1)(3)	Preferred Stock	10/14/2021	20,944	536	210
Mystery Tackle Box, Inc.		Preferred Stock(2)	4/29/2022	12,799	14	14
Nakdcom One World AB(1)(3)		Preferred Stock(2)	6/6/2022	14,709	20	20
Nate, Inc.		Preferred Stock(2)	12/31/2021	53,012	230	143
NxFoods GmbH(1)(3)(11)		Preferred Stock(2)	6/1/2022	—	—	—
Project 1920, Inc.		Preferred Stock	3/25/2022	4,537	3	3
Spinn, Inc.		Preferred Stock(2)	2/24/2022	8,142	10	10
Tempo Interactive Inc.		Preferred Stock(2)	3/31/2021	4,413	25	4
Tripscout, Inc.		Preferred Stock(2)	8/12/2021	37,532	7	7
Untitled Labs, Inc.		Common Stock(2)	6/23/2022	16,099	10	10
VanMoof Global Holding B.V.(1)(3)		Preferred Stock	2/1/2021	281,875	58	156
Well Dot, Inc.		Preferred Stock(2)	12/18/2020	9,510	41	50
JOKR S.a.r.l.(1)(3)							JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	8/10/2022	746	3	3
											539	213


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of June 30, 2022
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)	Fair Value	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
Mystery Tackle Box, Inc.							Mystery Tackle Box, Inc.	Preferred Stock(2)	4/29/2022	12,799	14	14
Nakdcom One World AB(1)(3)							Nakdcom One World AB(1)(3)	Preferred Stock(2)	6/6/2022	14,709	20	19
Nate, Inc.							Nate, Inc.	Preferred Stock(2)	12/31/2021	53,012	230	72
NxFoods GmbH(1)(3)(12)							NxFoods GmbH(1)(3)(12)	Preferred Stock(2)	6/1/2022	—	—	—
Pair Eyewear, Inc.							Pair Eyewear, Inc.	Common Stock(2)	7/12/2022	2,288	5	5
Project 1920, Inc.							Project 1920, Inc.	Preferred Stock	3/25/2022	2,823	2	2
Spinn, Inc.							Spinn, Inc.	Preferred Stock(2)	2/24/2022	8,142	10	10
Tempo Interactive Inc.							Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	4
Tripscout, Inc.							Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
Untitled Labs, Inc.							Untitled Labs, Inc.	Common Stock(2)	6/23/2022	16,099	10	10
VanMoof Global Holding B.V.(1)(3)							VanMoof Global Holding B.V.(1)(3)	Preferred Stock	2/1/2021	281,875	58	66
Well Dot, Inc.							Well Dot, Inc.	Preferred Stock(2)	12/18/2020	9,510	41	50
Well Dot, Inc.	Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9	Well Dot, Inc.	Preferred Stock(2)	3/29/2022	2,026	9	9
					50	59					50	59
Total Consumer Products and Services - 0.64%*	Total Consumer Products and Services - 0.64%*				1,801	1,897	Total Consumer Products and Services - 0.64%*				1,864	1,857

Cultivation	Cultivation						Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock(2)	5/27/2020	1,278	1,223	3,211	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock(2)	5/27/2020	1,278	1,225	1,703
InFarm - Indoor Urban Farming GMBH(1)(3)	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	118	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	63
InFarm - Indoor Urban Farming GMBH(1)(3)	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	99	InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	48
Total Cultivation - 1.16%*					1,463	3,428
Total Cultivation - 0.63%*							Total Cultivation - 0.63%*				1,465	1,814

Database Software	Database Software						Database Software
Cohesity, Inc.	Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	21	Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	21
SiSense, Inc.	SiSense, Inc.	Success Fee	12/28/2021	—	95	211	SiSense, Inc.	Success Fee	12/28/2021	—	95	211
Total Database Software - 0.08%*	Total Database Software - 0.08%*				116	232	Total Database Software - 0.08%*				116	232

E-Commerce - Clothing and Accessories	E-Commerce - Clothing and Accessories						E-Commerce - Clothing and Accessories
Dia Styling Co.(12)							Dia Styling Co.(12)	Preferred Stock(2)	6/30/2022	—	—	—
FabFitFun, Inc.	FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	217	FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	217
Minted, Inc.	Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	363	Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	335
TFG Holding, Inc.	TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	195	TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	195
TFG Holding, Inc.	TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	26	TFG Holding, Inc.	Common Stock	3/31/2022	9,360	26	26
					275	221					275	221
Trendly, Inc.	Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	189	Trendly, Inc.	Preferred Stock	5/27/2021	191,580	115	205
Total E-Commerce - Clothing and Accessories - 0.34%*	Total E-Commerce - Clothing and Accessories - 0.34%*				907	990	Total E-Commerce - Clothing and Accessories - 0.34%*				907	978

E-Commerce - Personal Goods	E-Commerce - Personal Goods						E-Commerce - Personal Goods
Forum Brands, LLC	Forum Brands, LLC	Preferred Stock	7/6/2021	2,960	146	205	Forum Brands, LLC	Preferred Stock	7/6/2021	2,960	146	205
Forum Brands, LLC	Forum Brands, LLC	Preferred Stock	12/23/2021	2,714	188	188	Forum Brands, LLC	Preferred Stock	12/23/2021	2,714	188	188
					334	393					334	393
Merama Inc.	Merama Inc.	Preferred Stock	4/28/2021	71,728	589	792	Merama Inc.	Preferred Stock	4/28/2021	71,728	589	792
Total E-Commerce - Personal Goods - 0.40%*					923	1,185
Total E-Commerce - Personal Goods - 0.41%*							Total E-Commerce - Personal Goods - 0.41%*				923	1,185

Elder and Disabled Care	Elder and Disabled Care						Elder and Disabled Care
Honor Technology, Inc.	Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192	Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.06%*					50	192
Total Elder and Disabled Care - 0.07%*							Total Elder and Disabled Care - 0.07%*				50	192

Energy	Energy						Energy
Arcadia Power, Inc.	Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	270	Arcadia Power, Inc.	Preferred Stock	12/10/2021	30,810	77	270
Arcadia Power, Inc.	Arcadia Power, Inc.	Preferred Stock(2)	6/29/2022	19,795	117	117	Arcadia Power, Inc.	Preferred Stock(2)	6/29/2022	19,795	117	117
					194	387					194	387
Kobold Metals Company	Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	593	Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	593
Total Energy - 0.33%*					231	980
Total Energy - 0.34%*							Total Energy - 0.34%*				231	980

Entertainment Software	Entertainment Software						Entertainment Software
Encore Music Technologies, Inc.	Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	15	Encore Music Technologies, Inc.	Preferred Stock(2)	4/14/2022	15,280	15	15
FRVR Limited(1)(3)(12)							FRVR Limited(1)(3)(12)	Preferred Stock(2)	5/17/2022	—	—	—
Total Entertainment Software - 0.01%*	Total Entertainment Software - 0.01%*				15	15	Total Entertainment Software - 0.01%*				15	15

Financial Software
Parker Group Inc.		Common Stock(2)	4/6/2022	2,667	9	9
Total Financial Software - 0.00%*					9	9

Food Products
AllPlants Ltd(1)(3)		Ordinary Shares(2)	5/6/2021	4,635	77	37
Feast Kitchen Inc.(1)(3)		Preferred Stock(2)	5/27/2020	29,145	126	34
Feast Kitchen Inc.(1)(3)		Preferred Stock(2)	9/14/2020	36,893	59	53
					185	87
Total Food Products - 0.04%*					262	124

General Media and Content
Overtime Sports, Inc.(11)		Preferred Stock(2)	5/4/2022	—	—	—
Total General Media and Content - 0.00%*					—	—


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of June 30, 2022
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022							TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)	Fair Value	Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value

Financial Software							Financial Software
Parker Group Inc.							Parker Group Inc.	Common Stock(2)	4/6/2022	2,667	9	9
Zolve Innovations Inc.							Zolve Innovations Inc.	Preferred Stock(2)	7/28/2022	3,172	9	9
Total Financial Software - 0.01%*							Total Financial Software - 0.01%*				18	18

Food Products							Food Products
AllPlants Ltd(1)(3)							AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	4,635	77	34
Feast Kitchen Inc.(1)(3)							Feast Kitchen Inc.(1)(3)	Preferred Stock(2)	5/27/2020	29,145	126	—
Feast Kitchen Inc.(1)(3)							Feast Kitchen Inc.(1)(3)	Preferred Stock(2)	9/14/2020	36,893	59	—
											185	—
Total Food Products - 0.01%*							Total Food Products - 0.01%*				262	34

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

Healthcare Services	Healthcare Services						Healthcare Services
Found Health, Inc.	Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1	Found Health, Inc.	Preferred Stock(2)	3/25/2022	2,465	1	1
Levels Health Inc.	Levels Health Inc.	Preferred Stock	9/3/2021	47,162	37	216	Levels Health Inc.	Preferred Stock	9/3/2021	47,162	37	216
The Pill Club Holding, Inc.		Common Stock(2)	12/31/2021	60,977	61	61
Pet Folk Inc.							Pet Folk Inc.	Preferred Stock(2)	6/10/2022	169,684	13	13
Hey Favor, Inc.							Hey Favor, Inc.	Common Stock(2)	12/31/2021	121,954	122	34
Total Healthcare Services - 0.09%*	Total Healthcare Services - 0.09%*				99	278	Total Healthcare Services - 0.09%*				173	264

Healthcare Technology Systems	Healthcare Technology Systems						Healthcare Technology Systems
Calibrate Health, Inc.	Calibrate Health, Inc.	Preferred Stock(2)	12/31/2020	45,089	109	109	Calibrate Health, Inc.	Preferred Stock(2)	12/31/2020	90,178	219	218
Calibrate Health, Inc.	Calibrate Health, Inc.	Preferred Stock(2)	10/19/2021	9,337	12	12	Calibrate Health, Inc.	Preferred Stock(2)	10/19/2021	28,012	35	35
					121	121					254	253
Capsule Corporation	Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	292	Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	292
Curology, Inc.	Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	14	Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	14
Medly Health Inc.	Medly Health Inc.	Preferred Stock	11/20/2020	1,083,470	200	542	Medly Health Inc.	Preferred Stock	11/20/2020	1,083,470	195	87
Medly Health Inc.	Medly Health Inc.	Preferred Stock	3/25/2022	220,479	83	83	Medly Health Inc.	Preferred Stock	3/25/2022	1,312,500	83	125
Medly Health Inc.							Medly Health Inc.	Preferred Stock	8/29/2022	1,464,286	139	139
					283	625					417	351
Noho Dental, Inc.	Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56,109	228	228	Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56,109	228	228
SafelyYou Inc.	SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187	SafelyYou Inc.	Preferred Stock(2)	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.50%*					791	1,467
Total Healthcare Technology Systems - 0.46%*							Total Healthcare Technology Systems - 0.46%*				1,058	1,325

Home Furnishings	Home Furnishings						Home Furnishings
Petra Living, Inc.	Petra Living, Inc.	Preferred Stock	6/9/2021	76,783	48	75	Petra Living, Inc.	Preferred Stock(2)	6/9/2021	76,783	48	75
Petra Living, Inc.	Petra Living, Inc.	Preferred Stock	8/24/2021	38,391	24	38	Petra Living, Inc.	Preferred Stock(2)	8/24/2021	38,391	24	38
Petra Living, Inc.	Petra Living, Inc.	Preferred Stock	10/19/2021	38,391	17	38	Petra Living, Inc.	Preferred Stock(2)	10/19/2021	38,391	17	38
Total Home Furnishings - 0.05%*	Total Home Furnishings - 0.05%*				89	151	Total Home Furnishings - 0.05%*				89	151

Household Products	Household Products						Household Products
Grove Collaborative, Inc.	Grove Collaborative, Inc.	Preferred Stock(2)	5/27/2020	33,038	72	38	Grove Collaborative, Inc.	Preferred Stock(2)	5/27/2020	33,038	72	14
Total Household Products - 0.01%*					72	38
Total Household Products - 0.00%*							Total Household Products - 0.00%*				72	14

Human Capital Services	Human Capital Services						Human Capital Services
Eightfold AI Inc.	Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	336	Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	336
Karat Financial Technologies Incorporated	Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	109,704	64	64	Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	109,704	64	499
WorkStep Inc.	WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31	WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	31
Total Human Capital Services - 0.15%*					262	431
Total Human Capital Services - 0.30%*							Total Human Capital Services - 0.30%*				262	866

Information Services (B2C)	Information Services (B2C)						Information Services (B2C)
Cleo AI Ltd.(1)(3)	Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	88	Cleo AI Ltd.(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	66
Kasa Living, Inc.	Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	72	Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	25,832	72	69
Total Information Services (B2C) - 0.05%*	Total Information Services (B2C) - 0.05%*				154	160	Total Information Services (B2C) - 0.05%*				154	135

Infrastructure	Infrastructure						Infrastructure
GoEuro Corp.(1)(3)		Preferred Stock	5/27/2020	2,775	90	67
Total Infrastructure - 0.02%*					90	67

Life and Health Insurance
Angle Health, Inc.		Preferred Stock(2)	3/18/2022	70,225	14	14
Beam Technologies Inc.		Preferred Stock(2)	5/27/2020	5,344	57	81
Sidecar Health, Inc.		Preferred Stock	8/26/2021	32,620	34	81
Total Life and Health Insurance - 0.06%*					105	176

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

Medical Software and Information Services
HI LLC (Kernel)		Preferred Stock	12/21/2020	49,425	48	48
Total Medical Software and Information Services - 0.02%*					48	48

Multimedia and Design Software


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of June 30, 2022
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022									TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)		Fair Value		Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)	Fair Value
GoEuro Corp.(1)(3)									GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	59
Total Infrastructure - 0.02%*									Total Infrastructure - 0.02%*				90	59

Life and Health Insurance									Life and Health Insurance
Angle Health, Inc.									Angle Health, Inc.	Preferred Stock(2)	3/18/2022	70,225	14	14
Beam Technologies Inc.									Beam Technologies Inc.	Preferred Stock(2)	5/27/2020	5,344	57	81
Sidecar Health, Inc.									Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34	81
Total Life and Health Insurance - 0.06%*									Total Life and Health Insurance - 0.06%*				105	176

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

Medical Software and Information Services									Medical Software and Information Services
HI LLC (Kernel)									HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48	48
Total Medical Software and Information Services - 0.02%*									Total Medical Software and Information Services - 0.02%*				48	48

Multimedia and Design Software									Multimedia and Design Software
Hover Inc.									Hover Inc.	Preferred Stock(2)	9/30/2022	45,910	77	77
Spire Animation Studios, Inc.	Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80		80		Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80	81
Spire Animation Studios, Inc.	Spire Animation Studios, Inc.	Preferred Stock	9/30/2021	27,559	105		105		Spire Animation Studios, Inc.	Preferred Stock	9/30/2021	27,559	105	105
					185		185						185	186
Strata Identity, Inc.		Preferred Stock(2)	11/3/2021	6,941	7		7
Total Multimedia and Design Software - 0.06%*					192		192
Total Multimedia and Design Software - 0.09%*									Total Multimedia and Design Software - 0.09%*				262	263

Network Management Software	Network Management Software								Network Management Software
Callsign, Inc.(1)(3)	Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180		180		Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180	180
Total Network Management Software - 0.06%*	Total Network Management Software - 0.06%*				180		180		Total Network Management Software - 0.06%*				180	180

Other Financial Services	Other Financial Services								Other Financial Services
Jerry Services, Inc.	Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	1,691	6		6		Jerry Services, Inc.	Preferred Stock(2)	6/13/2022	1,691	6	8
N26 GmbH(1)(3)	N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173		156		N26 GmbH(1)(3)	Preferred Stock(2)	10/15/2021	6	173	146
Total Other Financial Services - 0.05%*					179		162
Relay Commerce, Inc.									Relay Commerce, Inc.	Preferred Stock(2)	8/22/2022	123,047	60	60
Total Other Financial Services - 0.07%*									Total Other Financial Services - 0.07%*				239	214

Real Estate Services	Real Estate Services								Real Estate Services
Belong Home, Inc.	Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6		15		Belong Home, Inc.	Preferred Stock(2)	2/15/2022	7,730	6	15
Common Living Inc.	Common Living Inc.	Preferred Stock	5/27/2020	729,380	185		160		Common Living Inc.	Preferred Stock	5/27/2020	729,380	185	160
Common Living Inc.	Common Living Inc.	Preferred Stock	4/30/2021	107,718	28		23		Common Living Inc.	Preferred Stock	4/30/2021	107,718	28	23
Common Living Inc.	Common Living Inc.	Preferred Stock	3/18/2022	426,440	90		90		Common Living Inc.	Preferred Stock	3/18/2022	426,440	90	90
					303		273						303	273
Demain ES(1)(3)	Demain ES(1)(3)	Preferred Stock	12/30/2021	2,127	105		97		Demain ES(1)(3)	Preferred Stock	12/30/2021	3,191	153	43
Divvy Homes Inc.	Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470		1,124		Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470	1,124
Homelight, Inc.									Homelight, Inc.	Preferred Stock(2)	7/27/2022	1,223	4	4
Homeward, Inc.	Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148		42		Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148	42
McN Investments Ltd.(1)(3)	McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15		15		McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/27/2022	1,874	15	15
Mynd Management, Inc.	Mynd Management, Inc.	Preferred Stock	5/27/2020	43,472	83		210		Mynd Management, Inc.	Preferred Stock(2)	5/27/2020	43,472	83	127
Ribbon Home, Inc.	Ribbon Home, Inc.	Common Stock	3/5/2021	24,280	226		186		Ribbon Home, Inc.	Common Stock	3/5/2021	24,280	226	186
Ribbon Home, Inc.	Ribbon Home, Inc.	Common Stock	12/30/2021	7,670	71		59		Ribbon Home, Inc.	Common Stock	12/30/2021	12,272	114	94
					297		245						340	280
Side, Inc.	Side, Inc.	Preferred Stock	7/29/2020	71,501	57		583		Side, Inc.	Preferred Stock	7/29/2020	71,501	57	583
True Footage, Inc.	True Footage, Inc.	Preferred Stock	11/24/2021	91,830	126		126		True Footage, Inc.	Preferred Stock	11/24/2021	91,830	126	206
YDC, Inc.	YDC, Inc.	Preferred Stock	12/10/2021	12,244	56		56		YDC, Inc.	Preferred Stock	12/10/2021	25,509	116	116
Total Real Estate Services - 0.94%*					1,666		2,786
Total Real Estate Services - 0.98%*									Total Real Estate Services - 0.98%*				1,821	2,828

Social/Platform Software	Social/Platform Software								Social/Platform Software
ClassPass Inc.	ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43		25		ClassPass Inc.	Preferred Stock(2)	5/27/2020	14,085	43	25
Sylva, Inc.	Sylva, Inc.	Preferred Stock	7/12/2021	42,936	30		195		Sylva, Inc.	Preferred Stock	7/12/2021	42,936	30	195
Sylva, Inc.	Sylva, Inc.	Preferred Stock	12/21/2021	42,940	30		195		Sylva, Inc.	Preferred Stock	12/21/2021	42,940	30	195
					60		390						60	390
Total Social/Platform Software - 0.14%*					103		415

Software Development Applications
Appex Group, Inc.(11)		Preferred Stock(2)	11/15/2021	14,621	—		—
Forte Labs, Inc.		Preferred Stock(2)	12/30/2020	318,571	65		224
Total Software Development Applications - 0.08%*					65		224

Total Warrant Investments - 7.29%*					$	12,858	$	21,553

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of June 30, 2022
Company Type of Equity
Acquisition Date(9)
Shares
Cost(6)
Fair Value
Equity Investments(8)
Business Applications Software
DialPad, Inc.
Preferred Stock(2)
9/22/2020 9,016 $ 70 $ 92
Filevine, Inc.
Preferred Stock(2)
2/4/2022 22,541 143 144
Tide Platform Limited(1)(3)
Preferred Stock(2)
8/19/2021 43,338 515 448
Uniphore Technologies, Inc.
Preferred Stock(2)
1/28/2022 8,066 100 100
Total Business Applications Software - 0.27%* 828 784
Business Products and Services
Certamen Ventures Inc.
Preferred Stock(2)
3/4/2022 97,195 200 139
MXP Prime Platform GmbH(1)(3)
Preferred Stock(2)
2/15/2022 48 570 523
Printify, Inc.
Preferred Stock(2)
8/24/2021 13,850 50 50
Total Business Products and Services - 0.24%* 820 712
Business to Business Marketplace
Material Technologies Corporation
Preferred Stock(2)
4/23/2021 12,822 261 324
Material Technologies Corporation
Preferred Stock(2)
4/23/2021 9,285 189 234
Material Technologies Corporation
Preferred Stock(2)
4/29/2022 15,050 500 500
Total Business to Business Marketplace - 0.36%* 950 1,058
Consumer Finance
Activehours, Inc.
Preferred Stock(2)
11/10/2020 9,859 100 114
Embed Financial Technologies Inc.
Preferred Stock(2)
9/24/2021 12,195 125 231
Total Consumer Finance - 0.12%* 225 345
Consumer Products and Services
Divvy Homes Inc.
Preferred Stock(2)
7/28/2021 4,965 95 95
Divvy Homes Inc.
Common Stock(2)
7/28/2021 261 5 5
100 100
Ever/Body, Inc.
Preferred Stock(2)
4/5/2022 195,574 350 350
Hydrow, Inc.
Preferred Stock(2)
12/14/2020 42,642 166 274
Hydrow, Inc.
Preferred Stock(2)
3/19/2021 22,881 165 188
331 462
JOKR S.a.r.l.(1)(3)
Preferred Stock(2)
12/7/2021 5,593 375 307
Loyalty Ventures, Inc.
Common Stock(2)(10)
11/5/2021 2,713 115 10
VanMoof Global Holding B.V.(1)(3)
Preferred Stock(2)
8/9/2021 56,023 168 164
Well Dot, Inc.
Preferred Stock(2)
10/16/2020 26,416 250 322
Total Consumer Products and Services - 0.58%* 1,689 1,715
E-Commerce - Personal Goods
Forum Brands, LLC
Preferred Stock(2)
7/16/2021 493 90 90
Merama Inc.
Preferred Stock(2)
4/19/2021 5,433 31 82
Merama Inc.
Preferred Stock(2)
4/19/2021 6,944 13 98
Merama Inc.
Preferred Stock(2)
9/1/2021 3,862 62 73
106 253
Total E-Commerce - Personal Goods - 0.12%* 196 343
Elder and Disabled Care
Honor Technology, Inc.
Preferred Stock(2)
10/16/2020 82,443 198 228
Honor Technology, Inc.
Preferred Stock(2)
10/1/2021 20,932 66 66
Total Elder and Disabled Care - 0.10%* 264 294
Energy
Arcadia Power, Inc.
Preferred Stock(2)
9/21/2021 16,438 167 270
Kobold Metals Company
Preferred Stock(2)
1/10/2022 25,537 700 700
Total Energy - 0.33%* 867 970
Healthcare Services


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Warrant	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Total Social/Platform Software - 0.14%*				103		415

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

Total Warrant Investments - 7.08%*				$	13,858	$	20,465

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of June 30, 2022
Company Type of Equity
Acquisition Date(9)
Shares
Cost(6)
Fair Value
Calibrate Health, Inc.
Preferred Stock(2)
7/30/2021 62,252 333 333
Levels Health Inc.
Preferred Stock(2)
6/10/2022 17,953 187 187
Medly Health Inc.
Preferred Stock(2)
8/12/2021 209,979 250 267
Total Healthcare Services - 0.27%* 770 787
Healthcare Technology Systems
Capsule Corporation
Preferred Stock(2)
4/21/2021 863 13 13
Total Healthcare Technology Systems - 0.00%* 13 13
Infrastructure
GoEuro Corp.(1)(3)
Preferred Stock(2)
5/9/2022 1,326 82 102
GoEuro Corp.(1)(3)
Preferred Stock(2)
5/13/2022 1,027 79 79
Total Infrastructure - 0.06%* 161 181
Life and Health Insurance
Beam Technologies Inc.
Preferred Stock(2)
1/5/2021 1,901 80 80
Total Life and Health Insurance - 0.03%* 80 80
Multimedia and Design Software
Strata Identity, Inc.
Preferred Stock(2)
6/24/2022 71,633 250 250
Total Multimedia Design Software - 0.08%* 250 250
Other Financial Services
Jerry Services, Inc.
Preferred Stock(2)
4/29/2022 656 8 8
N26 GmbH(1)(3)
Preferred Stock(2)
12/8/2021 12 690 907
Total Other Financial Services - 0.31%* 698 915
Real Estate Services
Belong Home, Inc.
Preferred Stock(2)
4/15/2022 6,033 29 29
McN Investments Ltd.(1)(3)
Preferred Stock(2)
5/6/2022 749 20 20
Ribbon Home, Inc.
Preferred Stock(2)
6/29/2021 31,149 500 441
True Footage, Inc.
Preferred Stock(2)
10/18/2021 18,366 100 100
Total Real Estate Services - 0.20%* 649 590
Software Development Applications
Forte Labs, Inc.
Preferred Stock(2)
5/13/2021 184,679 250 304
Total Software Development Applications - 0.10%* 250 304
Total Equity Investments - 3.16%* $ 8,710 $ 9,341
Total Investments in Portfolio Companies - 136.33%*(4)
$ 396,196 $ 402,847
Total Investments - 136.33%*(5)
$ 396,196 $ 402,847


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value

Equity Investments(9)

Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	$	70	$	92
Filevine, Inc.	Preferred Stock(2)	2/4/2022	22,541	143		144
Flashparking, Inc.	Preferred Stock(2)	7/19/2022	19,870	273		272
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	515		411
Uniphore Technologies, Inc.	Preferred Stock(2)	1/28/2022	8,066	100		100
Total Business Applications Software - 0.35%*				1,101		1,019

Business Products and Services
Certamen Ventures Inc.	Preferred Stock(2)	3/4/2022	97,195	200		140
Elsker, Inc.	Preferred Stock(2)	7/5/2022	44,444	55		55
MXP Prime Platform GmbH(1)(3)	Preferred Stock(2)	2/15/2022	48	570		491
Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50
Strata Identity, Inc.	Preferred Stock(2)	6/24/2022	71,633	250		244
Total Business Products and Services - 0.34%*				1,125		980

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	12,822	261		324
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	9,285	189		234
Material Technologies Corporation	Preferred Stock(2)	4/29/2022	15,050	500		380
Total Business to Business Marketplace - 0.32%*				950		938

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		114
Embed Financial Technologies Inc.	Preferred Stock(2)	9/24/2021	12,195	125		231
Total Consumer Finance - 0.12%*				225		345

Consumer Products and Services
Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		95
Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		5
				100		100
Ever/Body, Inc.	Preferred Stock(2)	4/5/2022	195,574	350		350
Everdrop GmbH(1)(3)	Preferred Stock(2)	7/5/2022	13	52		49
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		209
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		144
				331		353
JOKR S.a.r.l.(1)(3)	Preferred Stock(2)	12/7/2021	5,593	375		307
Loyalty Ventures, Inc.	Common Stock(2)(11)	11/5/2021	2,713	115		3
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	8/9/2021	56,023	168		116
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322
Total Consumer Products and Services - 0.55%*				1,741		1,600

E-Commerce - Personal Goods
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		89
Merama Inc.	Preferred Stock(2)	4/19/2021	5,433	31		82
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13		98
Merama Inc.	Preferred Stock(2)	9/1/2021	3,862	62		73
				106		253
Total E-Commerce - Personal Goods - 0.12%*				196		342

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

Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167		270


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of September 30, 2022
Company	Type of Equity	Acquisition Date(10)	Shares	Cost(6)		Fair Value
Kobold Metals Company	Preferred Stock(2)	1/10/2022	25,537	699		699
Total Energy - 0.34%*				866		969

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

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

Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	333		333
Levels Health Inc.	Preferred Stock(2)	6/10/2022	17,953	187		187
Medly Health Inc.	Preferred Stock(2)	8/12/2021	209,979	250		29
Pet Folk Inc.	Preferred Stock(2)	8/24/2022	949,667	200		200
Total Healthcare Services - 0.26%*				970		749

Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	13		13
Total Healthcare Technology Systems - 0.00%*				13		13

Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/9/2022	1,326	82		98
GoEuro Corp.(1)(3)	Preferred Stock(2)	5/13/2022	1,027	79		76
Total Infrastructure - 0.06%*				161		174

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

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

Other Financial Services
Jerry Services, Inc.	Preferred Stock(2)	4/29/2022	656	8		8
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		850
Total Other Financial Services - 0.30%*				698		858

Real Estate Services
Belong Home, Inc.	Preferred Stock(2)	4/15/2022	6,033	29		29
McN Investments Ltd.(1)(3)	Preferred Stock(2)	5/6/2022	749	20		20
Ribbon Home, Inc.	Preferred Stock(2)	6/29/2021	31,149	500		441
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		100
Total Real Estate Services - 0.20%*				649		590

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

Total Equity Investments - 3.31%*				$	9,597	$	9,562

Total Investments in Portfolio Companies - 157.55%*(4)				$	458,112	$	455,670

Total Investments - 157.55%*(5)				$	458,112	$	455,670

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of ~~June~~September 30, 2022, non-qualifying assets represented ~~13.3%~~12.2% of the Company’s total assets, at fair value.

(2)As of ~~June~~September 30, 2022, this investment was not pledged as collateral as part of the Company’s revolving credit facility.

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

(4)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of ~~June~~September 30, 2022, the Company’s portfolio company investments that were subject to restrictions on sales totaled ~~$402.8~~$455.7 million at fair value and represented ~~136.3%~~157.6% of the Company’s net assets. In addition, unless otherwise indicated, as of ~~June~~September 30, 2022, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(5)Except for equity in one public company, as denoted by footnote 1011 to this Schedule of Investments, 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~~losses for federal income tax purposes totaled ~~$10.9~~$9.6 million, ~~$4.3~~$12.1 million and ~~$6.6~~$2.5 million, respectively, for the ~~June~~September 30, 2022 investment portfolio. The tax cost of investments is ~~$396.2~~$458.1 million.

(7)Debt is on non-accrual status as of September 30, 2022 and is therefore considered non-income producing. Non-accrual investments as of September 30, 2022 had a total cost and fair value of $2.9 million and $0.5 million, respectively.

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

~~(8)~~(9)Non-income producing investments.

~~(9)~~(10)Acquisition date represents the date of the investment in the portfolio investment.

~~(10)~~(11)Investment is publicly traded and listed on the New York Stock Exchange and is not subject to restrictions on sales.

~~(11)~~(12)Number of shares and/or fair value will be determined based on the occurrence of future events.

* Value as a percentage of net assets.

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Debt Investments
Aerospace and Defense
Dedrone Holdings, Inc. Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment) 3/31/2021 $ 3,855 $ 3,867 $ 3,867 3/31/2024
Total Aerospace and Defense - 1.76%* 3,855 3,867 3,867
Business Applications Software
Filevine, Inc.
Growth Capital Loan (6.00% cash interest rate + 6.00% PIK, 5.50% EOT payment)(2)
4/20/2021 7,291 7,269 7,269 4/30/2025
Filevine, Inc.
Growth Capital Loan (6.00% cash interest rate + 6.00% PIK, 5.50% EOT payment)(2)
9/30/2021 3,046 3,012 3,012 9/30/2025
10,337 — 10,281 — 10,281
FlashParking, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment) 6/15/2021 10,000 9,714 9,714 6/30/2024
FlashParking, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment) 9/24/2021 338 332 332 9/30/2023
FlashParking, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment) 9/28/2021 547 536 536 9/30/2023
FlashParking, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment) 10/27/2021 278 276 276 10/31/2023
11,163 10,858 10,858
Tide Platform Limited(1)(3)
Growth Capital Loan (10.00% interest rate, 6.50% EOT payment) 11/13/2020 4,780 4,850 4,948 11/30/2023
Tide Platform Limited(1)(3)
Revolver (8.00% interest rate, 4.00% EOT payment) 2/22/2021 1,768 1,839 1,756 1/13/2022
6,548 6,689 6,704
Uniphore Technologies, Inc. Growth Capital Loan (11.00% interest rate, 4.00% EOT payment) 12/22/2021 2,000 1,976 1,976 12/31/2024
Uniphore Technologies, Inc. Growth Capital Loan (11.00% interest rate, 4.00% EOT payment) 12/22/2021 2,000 1,976 1,976 12/31/2024
4,000 3,952 3,952
Total Business Applications Software - 14.47%* 32,048 31,780 31,795
Business Products and Services
Cardless Inc. Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment) 11/18/2021 1,800 1,776 1,776 11/30/2024
Cardless Inc. Growth Capital Loan (Prime + 5.00% interest rate, 6.50% floor, 5.75% EOT payment) 11/18/2021 4,200 4,155 4,155 11/30/2023
6,000 5,931 5,931
Cart.com, Inc.
Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)(2)
12/30/2021 5,000 4,832 4,832 12/31/2025
Phantom Auto Inc. Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment) 7/14/2021 6,000 5,711 5,711 8/31/2024
Rally Network, Inc.
Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)
10/28/2021 2,500 2,488 2,488 10/28/2023
RenoRun, Inc.(1)(3)
Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment) 12/30/2021 600 577 577 12/31/2025
RenoRun, Inc.(1)(3)
Convertible Note (4.00% interest rate)(2)
12/30/2021 300 300 300 12/30/2023
900 877 877
Total Business Products and Services - 9.03%* 20,400 19,839 19,839
Business/Productivity Software
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 7/6/2021 3,477 3,408 3,408 7/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 7/21/2021 263 257 257 7/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 8/10/2021 315 308 308 8/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 10/6/2021 1,458 1,416 1,416 10/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 11/2/2021 947 918 918 10/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 11/2/2021 2,540 2,461 2,461 10/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 12/28/2021 848 818 818 12/31/2023

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 12/28/2021 324 312 312 12/31/2023
Forum Brands, LLC Growth Capital Loan (10.00% interest rate, 4.00% EOT payment) 12/28/2021 57 55 55 12/31/2023
Total Business/Productivity Software - 4.53%* 10,229 9,953 9,953
Computer Hardware
Grey Orange International Inc. Growth Capital Loan (8.25% interest rate, 3.75% EOT payment) 9/24/2021 667 657 657 9/30/2022
Grey Orange International Inc. Growth Capital Loan (10.75% interest rate, 5.25% EOT payment) 12/30/2021 3,333 3,224 3,224 6/30/2025
4,000 3,881 3,881
Swift Navigation, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 9.25% floor, 4.25% EOT payment) 8/7/2020 380 387 387 8/31/2023
Swift Navigation, Inc. Growth Capital Loan (Prime + 5.00% interest rate, 9.25% floor, 4.25% EOT payment) 7/27/2021 2,000 1,964 1,964 7/31/2024
2,380 2,351 2,351
Total Computer Hardware - 2.84%* 6,380 6,232 6,232
Consumer Finance
Activehours, Inc. Growth Capital Loan (11.75% interest rate, 5.50% EOT payment) 10/8/2020 4,000 4,018 4,018 10/31/2023
Activehours, Inc. Growth Capital Loan (11.75% interest rate, 5.50% EOT payment) 9/30/2021 6,000 5,895 5,895 9/30/2024
10,000 9,913 9,913
Thingy Thing Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment) 10/27/2021 6,000 5,916 5,916 4/30/2025
Total Consumer Finance - 7.20%* 16,000 15,829 15,829
Consumer Non-Durables
Alyk, Inc. Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment) 6/16/2021 2,500 2,486 2,486 6/30/2025
Don't Run Out, Inc.
Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)
12/30/2021 1,000 976 976 6/30/2025
Total Consumer Non-Durables - 1.58%* 3,500 3,462 3,462
Consumer Products and Services
The Black Tux, Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment) 11/5/2021 10,000 9,769 9,769 5/31/2026
Clutter Inc. Growth Capital Loan (9.25% interest rate, 6.00% EOT payment) 12/23/2020 2,000 2,017 2,017 12/31/2023
Clutter Inc. Growth Capital Loan (9.00% interest rate, 7.00% EOT payment) 3/26/2021 3,640 3,661 3,661 3/31/2024
5,640 5,678 5,678
Ever/Body, Inc. Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment) 9/7/2021 750 741 741 9/30/2024
Good Eggs, Inc. Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment) 8/12/2021 4,000 3,928 3,928 8/31/2025
Hydrow, Inc. Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment) 2/9/2021 1,650 1,667 1,667 12/31/2024
Hydrow, Inc. Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment) 2/9/2021 3,300 3,276 3,276 12/31/2024
Hydrow, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment) 8/10/2021 5,025 4,997 4,997 12/31/2024
Hydrow, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment) 8/31/2021 5,025 4,990 4,990 12/31/2024
15,000 14,930 14,930
Immersive Group Gaming LTD(1)(3)
Growth Capital Loan (10.00% interest rate, 5.25% EOT payment) 12/10/2021 3,000 2,864 2,864 12/31/2024
JOKR(1)(3)
Revolver (Prime + 4.75% interest rate, 8.00% floor, 10.20% EOT payment)(2)
10/14/2021 1,260 1,191 1,191 10/13/2022
JOKR(1)(3)
Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 6.00% EOT payment) 11/3/2021 5,000 4,634 4,634 11/30/2025
6,260 5,825 5,825
Petra Living, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment) 7/7/2021 3,000 2,960 2,960 7/31/2024
Petra Living, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment) 8/27/2021 1,500 1,473 1,473 8/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Investment	Acquisition Date(9)	Outstanding Principal			Cost(6)			Fair Value		Maturity Date

Debt Investments

Aerospace and Defense
Dedrone Holdings, Inc.	Growth Capital Loan (Prime + 4.25% interest rate, 7.50% floor, 5.50% EOT payment)	3/31/2021	$	3,855		$	3,867		$	3,867	3/31/2024
Total Aerospace and Defense - 1.76%*			3,855			3,867			3,867

Business Applications Software
Filevine, Inc.	Growth Capital Loan (6.00% cash interest rate + 6.00% PIK, 5.50% EOT payment)(2)	4/20/2021	7,291			7,269			7,269		4/30/2025
Filevine, Inc.	Growth Capital Loan (6.00% cash interest rate + 6.00% PIK, 5.50% EOT payment)(2)	9/30/2021	3,046			3,012			3,012		9/30/2025
			10,337		—	10,281		—	10,281
FlashParking, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.00% EOT payment)	6/15/2021	10,000			9,714			9,714		6/30/2024
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/24/2021	338			332			332		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	9/28/2021	547			536			536		9/30/2023
FlashParking, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 8.25% floor, 4.00% EOT payment)	10/27/2021	278			276			276		10/31/2023
			11,163			10,858			10,858
Tide Platform Limited(1)(3)	Growth Capital Loan (10.00% interest rate, 6.50% EOT payment)	11/13/2020	4,780			4,850			4,948		11/30/2023
Tide Platform Limited(1)(3)	Revolver (8.00% interest rate, 4.00% EOT payment)	2/22/2021	1,768			1,839			1,756		1/13/2022
			6,548			6,689			6,704
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000			1,976			1,976		12/31/2024
Uniphore Technologies, Inc.	Growth Capital Loan (11.00% interest rate, 4.00% EOT payment)	12/22/2021	2,000			1,976			1,976		12/31/2024
			4,000			3,952			3,952
Total Business Applications Software - 14.47%*			32,048			31,780			31,795

Business Products and Services
Cardless Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 2.00% EOT payment)	11/18/2021	1,800			1,776			1,776		11/30/2024
Cardless Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 6.50% floor, 5.75% EOT payment)	11/18/2021	4,200			4,155			4,155		11/30/2023
			6,000			5,931			5,931
Cart.com, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 6.00% EOT payment)(2)	12/30/2021	5,000			4,832			4,832		12/31/2025
Phantom Auto Inc.	Growth Capital Loan (Prime + 6.25% interest rate, 9.50% floor, 6.00% EOT payment)	7/14/2021	6,000			5,711			5,711		8/31/2024
Rally Network, Inc.	Revolver (Prime + 5.75% interest rate, 9.00% floor, 5.75% EOT payment)(2)	10/28/2021	2,500			2,488			2,488		10/28/2023
RenoRun, Inc.(1)(3)	Growth Capital Loan (Prime + 10.50% interest rate, 13.75% floor, 8.25% EOT payment)	12/30/2021	600			577			577		12/31/2025
RenoRun, Inc.(1)(3)	Convertible Note (4.00% interest rate)(2)	12/30/2021	300			300			300		12/30/2023
			900			877			877
Total Business Products and Services - 9.03%*			20,400			19,839			19,839

Business/Productivity Software
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/6/2021	3,477			3,408			3,408		7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	7/21/2021	263			257			257		7/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	8/10/2021	315			308			308		8/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	10/6/2021	1,458			1,416			1,416		10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	947			918			918		10/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	11/2/2021	2,540			2,461			2,461		10/31/2023

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Petra Living, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment) 10/21/2021 1,500 1,471 1,471 10/31/2024
6,000 5,904 5,904
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment) 2/1/2021 3,461 3,423 3,204 1/31/2025
VanMoof Global Holding B.V.(1)(3)
Growth Capital Loan (9.00% interest rate, 3.50% EOT payment) 5/27/2021 1,748 1,717 1,593 5/31/2025
5,209 5,140 4,797
Total Consumer Products and Services - 24.77%* 55,859 54,779 54,779
Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (11.25% interest rate, 8.00% EOT payment) 5/27/2020 76 206 213 1/31/2022
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (11.25% interest rate, 8.00% EOT payment) 5/27/2020 51 93 96 2/28/2022
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (11.25% interest rate, 8.00% EOT payment) 5/27/2020 378 587 606 3/31/2022
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (9.00% interest rate, 6.00% EOT payment) 7/21/2021 1,776 1,677 1,606 7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (9.00% interest rate, 6.00% EOT payment) 10/13/2021 1,450 1,348 1,348 10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)
Growth Capital Loan (9.00% interest rate, 6.00% EOT payment) 11/19/2021 1,413 1,403 1,403 11/30/2024
Total Cultivation - 2.40%* 5,144 5,314 5,272
Database Software
SiSense, Inc. Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment) 12/28/2021 6,500 6,343 6,343 6/30/2024
Total Database Software - 2.89%* 6,500 6,343 6,343
E-Commerce - Clothing and Accessories
FabFitFun, Inc. Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.50% EOT payment) 9/29/2021 15,000 14,738 14,738 3/31/2025
Minted, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment) 9/30/2020 7,500 7,514 7,514 3/31/2024
Minted, Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment) 12/30/2021 2,500 2,392 2,392 6/30/2025
10,000 9,906 9,906
TFG Holding, Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment) 12/4/2020 4,500 4,455 4,455 12/31/2023
TFG Holding, Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment) 12/21/2021 3,000 2,866 2,866 12/31/2024
7,500 7,321 7,321
Trendly, Inc. Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment) 5/27/2021 6,500 6,434 6,434 11/30/2024
Total E-Commerce - Clothing and Accessories - 17.47%* 39,000 38,399 38,399
E-Commerce - Personal Goods
Merama Inc. Growth Capital Loan (10.00% interest rate, 7.50% EOT payment) 5/17/2021 1,563 1,540 1,555 6/30/2024
Merama Inc. Growth Capital Loan (10.00% interest rate, 7.50% EOT payment) 6/30/2021 732 718 725 6/30/2024
Merama Inc. Growth Capital Loan (10.00% interest rate, 7.50% EOT payment) 8/4/2021 1,561 1,528 1,543 8/31/2024
Total E-Commerce - Personal Goods - 1.74%* 3,856 3,786 3,823
Energy
Arcadia Power, Inc. Growth Capital Loan (8.75% interest rate, 3.25% EOT payment) 12/16/2021 5,000 4,941 4,941 12/31/2024
Total Energy - 2.25%* 5,000 4,941 4,941
Food Products
AllPlants Ltd(1)(3)
Revolver (8.00% interest rate, 3.00% EOT payment)(2)
5/24/2021 1,291 1,295 1,248 5/5/2022
AllPlants Ltd(1)(3)
Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)
7/22/2021 305 298 294 7/31/2025
1,596 1,593 1,542


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Investment	Acquisition Date(9)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	848	818	818	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	324	312	312	12/31/2023
Forum Brands, LLC	Growth Capital Loan (10.00% interest rate, 4.00% EOT payment)	12/28/2021	57	55	55	12/31/2023
Total Business/Productivity Software - 4.53%*			10,229	9,953	9,953

Computer Hardware
Grey Orange International Inc.	Growth Capital Loan (8.25% interest rate, 3.75% EOT payment)	9/24/2021	667	657	657	9/30/2022
Grey Orange International Inc.	Growth Capital Loan (10.75% interest rate, 5.25% EOT payment)	12/30/2021	3,333	3,224	3,224	6/30/2025
			4,000	3,881	3,881
Swift Navigation, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 9.25% floor, 4.25% EOT payment)	8/7/2020	380	387	387	8/31/2023
Swift Navigation, Inc.	Growth Capital Loan (Prime + 5.00% interest rate, 9.25% floor, 4.25% EOT payment)	7/27/2021	2,000	1,964	1,964	7/31/2024
			2,380	2,351	2,351
Total Computer Hardware - 2.84%*			6,380	6,232	6,232

Consumer Finance
Activehours, Inc.	Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)	10/8/2020	4,000	4,018	4,018	10/31/2023
Activehours, Inc.	Growth Capital Loan (11.75% interest rate, 5.50% EOT payment)	9/30/2021	6,000	5,895	5,895	9/30/2024
			10,000	9,913	9,913
Thingy Thing Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.25% EOT payment)	10/27/2021	6,000	5,916	5,916	4/30/2025
Total Consumer Finance - 7.20%*			16,000	15,829	15,829

Consumer Non-Durables
Alyk, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 7.25% EOT payment)	6/16/2021	2,500	2,486	2,486	6/30/2025
Don't Run Out, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)(2)	12/30/2021	1,000	976	976	6/30/2025
Total Consumer Non-Durables - 1.58%*			3,500	3,462	3,462

Consumer Products and Services
The Black Tux, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.00% EOT payment)	11/5/2021	10,000	9,769	9,769	5/31/2026
Clutter Inc.	Growth Capital Loan (9.25% interest rate, 6.00% EOT payment)	12/23/2020	2,000	2,017	2,017	12/31/2023
Clutter Inc.	Growth Capital Loan (9.00% interest rate, 7.00% EOT payment)	3/26/2021	3,640	3,661	3,661	3/31/2024
			5,640	5,678	5,678
Ever/Body, Inc.	Growth Capital Loan (Prime + 3.75% interest rate, 7.00% floor, 2.00% EOT payment)	9/7/2021	750	741	741	9/30/2024
Good Eggs, Inc.	Growth Capital Loan (Prime + 6.00% interest rate, 9.25% floor, 7.75% EOT payment)	8/12/2021	4,000	3,928	3,928	8/31/2025
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	1,650	1,667	1,667	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 10.00% EOT payment)	2/9/2021	3,300	3,276	3,276	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/10/2021	5,025	4,997	4,997	12/31/2024
Hydrow, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 10.00% EOT payment)	8/31/2021	5,025	4,990	4,990	12/31/2024
			15,000	14,930	14,930
Immersive Group Gaming LTD(1)(3)	Growth Capital Loan (10.00% interest rate, 5.25% EOT payment)	12/10/2021	3,000	2,864	2,864	12/31/2024
JOKR(1)(3)	Revolver (Prime + 4.75% interest rate, 8.00% floor, 10.20% EOT payment)(2)	10/14/2021	1,260	1,191	1,191	10/13/2022
JOKR(1)(3)	Growth Capital Loan (Prime + 7.75% interest rate, 7.75% floor, 6.00% EOT payment)	11/3/2021	5,000	4,634	4,634	11/30/2025
			6,260	5,825	5,825

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Feast Kitchen ApS(1)(3)
Growth Capital Loan (Prime + 4.25% interest rate, 9.75% floor, 10.00% EOT payment)(2)
5/27/2020 1,302 1,431 1,423 6/30/2023
Feast Kitchen ApS(1)(3)
Growth Capital Loan (10.00% interest rate, 10.00% EOT payment)(2)
11/12/2020 522 522 519 5/31/2024
Feast Kitchen ApS(1)(3)
Growth Capital Loan (10.00% interest rate, 10.00% EOT payment)(2)
5/11/2021 812 782 776 11/30/2024
2,636 2,735 2,718
Total Food Products - 1.94%* 4,232 4,328 4,260
Healthcare Services
Levels Health Inc. Growth Capital Loan (Prime + 3.00% interest rate, 6.25% floor, 2.00% EOT payment) 10/13/2021 727 719 719 10/31/2024
Total Healthcare Services - 0.33%* 727 719 719
Healthcare Technology Systems
Capsule Corporation Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment) 12/30/2020 5,000 5,077 5,077 12/31/2024
Medly Health Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment) 12/11/2020 5,000 4,974 4,974 12/31/2023
Medly Health Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment) 12/11/2020 5,000 4,974 4,974 12/31/2023
10,000 9,948 9,948
Total Healthcare Technology Systems - 6.84%* 15,000 15,025 15,025
Home Furnishings
Feather Home Inc. Growth Capital Loan (Prime + 4.00% interest rate, 9.50% floor, 7.00% EOT payment) 5/27/2020 442 606 606 3/31/2022
Feather Home Inc. Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.00% EOT payment) 10/15/2021 2,000 1,980 1,980 10/31/2024
Total Home Furnishings - 1.18%* 2,442 2,586 2,586
Human Capital Services
Karat Financial Technologies Incorporated
Revolver (Prime + 5.25% interest rate, 8.50% floor, 2.85% EOT payment)(2)
10/7/2021 3,010 2,968 2,968 6/30/2023
Total Human Capital Services - 1.35%* 3,010 2,968 2,968
Infrastructure
GoEuro Corp.(1)(3)
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 5/27/2020 5,000 5,177 5,291 10/31/2023
GoEuro Corp.(1)(3)
Growth Capital Loan (11.00% interest rate, 8.50% EOT payment) 5/27/2020 2,500 2,589 2,645 10/31/2023
GoEuro Corp.(1)(3)
Convertible Note (5.00% interest rate)(2)
8/11/2020 75 75 75 2/11/2023
Total Infrastructure - 3.65%* 7,575 7,841 8,011
Life and Health Insurance
Sidecar Health, Inc. Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment) 8/26/2021 8,000 7,947 7,947 2/28/2025
Total Life and Health Insurance - 3.62%* 8,000 7,947 7,947
Medical Software and Information Services
HI LLC (Kernel) Growth Capital Loan (10.75% interest rate, 4.25% EOT payment) 7/1/2021 2,500 2,455 2,455 12/31/2024
Total Medical Software and Information Services - 1.12%* 2,500 2,455 2,455
Multimedia and Design Software
Spire Animation Studios, Inc. Growth Capital Loan (9.25% interest rate, 5.00% EOT payment) 8/12/2021 2,500 2,426 2,426 2/29/2024
Spire Animation Studios, Inc. Growth Capital Loan (9.25% interest rate, 5.00% EOT payment) 9/30/2021 1,500 1,397 1,397 3/31/2024
Total Multimedia and Design Software - 1.74%* 4,000 3,823 3,823
Other Financial Services
N26 GmbH(1)(3)
Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 4.00% EOT payment) 9/14/2021 14,815 14,739 14,151 9/30/2022
Total Other Financial Services - 6.44%* 14,815 14,739 14,151


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Investment	Acquisition Date(9)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Petra Living, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)	7/7/2021	3,000	2,960	2,960	7/31/2024
Petra Living, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)	8/27/2021	1,500	1,473	1,473	8/31/2024
Petra Living, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 6.50% EOT payment)	10/21/2021	1,500	1,471	1,471	10/31/2024
			6,000	5,904	5,904
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	2/1/2021	3,461	3,423	3,204	1/31/2025
VanMoof Global Holding B.V.(1)(3)	Growth Capital Loan (9.00% interest rate, 3.50% EOT payment)	5/27/2021	1,748	1,717	1,593	5/31/2025
			5,209	5,140	4,797
Total Consumer Products and Services - 24.77%*			55,859	54,779	54,779

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (11.25% interest rate, 8.00% EOT payment)	5/27/2020	76	206	213	1/31/2022
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (11.25% interest rate, 8.00% EOT payment)	5/27/2020	51	93	96	2/28/2022
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (11.25% interest rate, 8.00% EOT payment)	5/27/2020	378	587	606	3/31/2022
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	7/21/2021	1,776	1,677	1,606	7/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	10/13/2021	1,450	1,348	1,348	10/31/2024
InFarm - Indoor Urban Farming GMBH(1)(3)	Growth Capital Loan (9.00% interest rate, 6.00% EOT payment)	11/19/2021	1,413	1,403	1,403	11/30/2024
Total Cultivation - 2.40%*			5,144	5,314	5,272

Database Software
SiSense, Inc.	Growth Capital Loan (Prime + 6.50% interest rate, 9.75% floor, 9.25% EOT payment)	12/28/2021	6,500	6,343	6,343	6/30/2024
Total Database Software - 2.89%*			6,500	6,343	6,343

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 6.50% EOT payment)	9/29/2021	15,000	14,738	14,738	3/31/2025
Minted, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)	9/30/2020	7,500	7,514	7,514	3/31/2024
Minted, Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 5.95% EOT payment)	12/30/2021	2,500	2,392	2,392	6/30/2025
			10,000	9,906	9,906
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/4/2020	4,500	4,455	4,455	12/31/2023
TFG Holding, Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/21/2021	3,000	2,866	2,866	12/31/2024
			7,500	7,321	7,321
Trendly, Inc.	Growth Capital Loan (Prime + 7.75% interest rate, 11.00% floor, 8.50% EOT payment)	5/27/2021	6,500	6,434	6,434	11/30/2024
Total E-Commerce - Clothing and Accessories - 17.47%*			39,000	38,399	38,399

E-Commerce - Personal Goods
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	5/17/2021	1,563	1,540	1,555	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	6/30/2021	732	718	725	6/30/2024
Merama Inc.	Growth Capital Loan (10.00% interest rate, 7.50% EOT payment)	8/4/2021	1,561	1,528	1,543	8/31/2024
Total E-Commerce - Personal Goods - 1.74%*			3,856	3,786	3,823

Energy
Arcadia Power, Inc.	Growth Capital Loan (8.75% interest rate, 3.25% EOT payment)	12/16/2021	5,000	4,941	4,941	12/31/2024
Total Energy - 2.25%*			5,000	4,941	4,941

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Investment
Acquisition
Date(9)
Outstanding
Principal
Cost(6)
Fair Value Maturity
Date
Real Estate Services
Common Living Inc. Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 7.25% EOT payment) 5/27/2020 4,482 4,677 4,677 4/30/2023
Common Living Inc. Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.25% EOT payment) 4/30/2021 2,500 2,529 2,529 4/30/2024
6,982 7,206 7,206
Demain ES(1)(3)
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment) 12/28/2021 2,268 2,187 2,188 11/30/2024
Demain ES(1)(3)
Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment) 12/28/2021 2,268 2,188 2,188 11/30/2024
4,536 4,375 4,376
Homeward, Inc. Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment) 12/30/2021 4,000 3,887 3,887 6/30/2024
Mynd Management, Inc. Growth Capital Loan (9.75% interest rate, 6.00% EOT payment) 5/27/2020 1,815 1,901 1,901 5/31/2023
Mynd Management, Inc. Growth Capital Loan (9.75% interest rate, 6.00% EOT payment) 5/27/2020 1,815 1,901 1,901 5/31/2023
Mynd Management, Inc. Growth Capital Loan (9.75% interest rate, 6.00% EOT payment) 5/27/2020 1,916 1,997 1,997 6/30/2023
5,546 5,799 5,799
Ribbon Home, Inc. Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.00% EOT payment) 6/25/2021 3,000 2,847 2,847 6/30/2024
Ribbon Home, Inc. Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.75% EOT payment) 12/30/2021 2,000 1,919 1,919 12/31/2025
5,000 4,766 4,766
Side, Inc. Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment) 9/4/2020 2,000 2,019 2,030 3/31/2023
Side, Inc. Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment) 10/29/2020 500 503 505 4/30/2023
2,500 2,522 2,535
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/3/2021 250 244 244 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 6.00% EOT payment) 12/3/2021 800 779 779 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/3/2021 220 214 214 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 12/13/2021 105 102 102 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/13/2021 440 428 428 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 7.00% EOT payment) 12/15/2021 208 203 203 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 8.00% EOT payment) 12/15/2021 150 146 146 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 6.00% EOT payment) 12/15/2021 1,372 1,336 1,336 12/31/2024
True Footage, Inc. Growth Capital Loan (11.00% interest rate, 6.00% EOT payment) 12/21/2021 760 740 740 12/31/2024
4,305 4,192 4,192
YDC Inc. Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment) 12/10/2021 2,400 2,313 2,313 12/31/2024
Total Real Estate Services - 15.96%* 35,269 35,060 35,074
Social/Platform Software
Sylva, Inc. Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment) 11/30/2021 1,886 1,869 1,869 5/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,114 1,104 1,104 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,500 1,479 1,479 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,800 1,775 1,775 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/21/2021 1,800 1,777 1,777 12/31/2024
Sylva, Inc. Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment) 12/27/2021 900 888 888 12/31/2024
Total Social/Platform Software - 4.05%* 9,000 8,892 8,892


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Investment	Acquisition Date(9)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Food Products
AllPlants Ltd(1)(3)	Revolver (8.00% interest rate, 3.00% EOT payment)(2)	5/24/2021	1,291	1,295	1,248	5/5/2022
AllPlants Ltd(1)(3)	Growth Capital Loan (10.00% interest rate, 7.00% EOT payment)(2)	7/22/2021	305	298	294	7/31/2025
			1,596	1,593	1,542
Feast Kitchen ApS(1)(3)	Growth Capital Loan (Prime + 4.25% interest rate, 9.75% floor, 10.00% EOT payment)(2)	5/27/2020	1,302	1,431	1,423	6/30/2023
Feast Kitchen ApS(1)(3)	Growth Capital Loan (10.00% interest rate, 10.00% EOT payment)(2)	11/12/2020	522	522	519	5/31/2024
Feast Kitchen ApS(1)(3)	Growth Capital Loan (10.00% interest rate, 10.00% EOT payment)(2)	5/11/2021	812	782	776	11/30/2024
			2,636	2,735	2,718
Total Food Products - 1.94%*			4,232	4,328	4,260

Healthcare Services
Levels Health Inc.	Growth Capital Loan (Prime + 3.00% interest rate, 6.25% floor, 2.00% EOT payment)	10/13/2021	727	719	719	10/31/2024
Total Healthcare Services - 0.33%*			727	719	719

Healthcare Technology Systems
Capsule Corporation	Growth Capital Loan (Prime + 7.75% interest rate, 13.00% floor, 13.00% EOT payment)	12/30/2020	5,000	5,077	5,077	12/31/2024
Medly Health Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)	12/11/2020	5,000	4,974	4,974	12/31/2023
Medly Health Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.75% EOT payment)	12/11/2020	5,000	4,974	4,974	12/31/2023
			10,000	9,948	9,948
Total Healthcare Technology Systems - 6.84%*			15,000	15,025	15,025

Home Furnishings
Feather Home Inc.	Growth Capital Loan (Prime + 4.00% interest rate, 9.50% floor, 7.00% EOT payment)	5/27/2020	442	606	606	3/31/2022
Feather Home Inc.	Growth Capital Loan (Prime + 5.75% interest rate, 9.00% floor, 7.00% EOT payment)	10/15/2021	2,000	1,980	1,980	10/31/2024
Total Home Furnishings - 1.18%*			2,442	2,586	2,586

Human Capital Services
Karat Financial Technologies Incorporated	Revolver (Prime + 5.25% interest rate, 8.50% floor, 2.85% EOT payment)(2)	10/7/2021	3,010	2,968	2,968	6/30/2023
Total Human Capital Services - 1.35%*			3,010	2,968	2,968

Infrastructure
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	5,000	5,177	5,291	10/31/2023
GoEuro Corp.(1)(3)	Growth Capital Loan (11.00% interest rate, 8.50% EOT payment)	5/27/2020	2,500	2,589	2,645	10/31/2023
GoEuro Corp.(1)(3)	Convertible Note (5.00% interest rate)(2)	8/11/2020	75	75	75	2/11/2023
Total Infrastructure - 3.65%*			7,575	7,841	8,011

Life and Health Insurance
Sidecar Health, Inc.	Growth Capital Loan (Prime + 7.25% interest rate, 10.50% floor, 8.00% EOT payment)	8/26/2021	8,000	7,947	7,947	2/28/2025
Total Life and Health Insurance - 3.62%*			8,000	7,947	7,947

Medical Software and Information Services
HI LLC (Kernel)	Growth Capital Loan (10.75% interest rate, 4.25% EOT payment)	7/1/2021	2,500	2,455	2,455	12/31/2024
Total Medical Software and Information Services - 1.12%*			2,500	2,455	2,455

Multimedia and Design Software
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	8/12/2021	2,500	2,426	2,426	2/29/2024
Spire Animation Studios, Inc.	Growth Capital Loan (9.25% interest rate, 5.00% EOT payment)	9/30/2021	1,500	1,397	1,397	3/31/2024


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Investment	Acquisition Date(9)	Outstanding Principal	Cost(6)	Fair Value	Maturity Date
Total Multimedia and Design Software - 1.74%*			4,000	3,823	3,823

Other Financial Services
N26 GmbH(1)(3)	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 4.00% EOT payment)	9/14/2021	14,815	14,739	14,151	9/30/2022
Total Other Financial Services - 6.44%*			14,815	14,739	14,151

Real Estate Services
Common Living Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 10.25% floor, 7.25% EOT payment)	5/27/2020	4,482	4,677	4,677	4/30/2023
Common Living Inc.	Growth Capital Loan (Prime + 7.00% interest rate, 10.25% floor, 7.25% EOT payment)	4/30/2021	2,500	2,529	2,529	4/30/2024
			6,982	7,206	7,206
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,187	2,188	11/30/2024
Demain ES(1)(3)	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 6.00% EOT payment)	12/28/2021	2,268	2,188	2,188	11/30/2024
			4,536	4,375	4,376
Homeward, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 9.75% EOT payment)	12/30/2021	4,000	3,887	3,887	6/30/2024
Mynd Management, Inc.	Growth Capital Loan (9.75% interest rate, 6.00% EOT payment)	5/27/2020	1,815	1,901	1,901	5/31/2023
Mynd Management, Inc.	Growth Capital Loan (9.75% interest rate, 6.00% EOT payment)	5/27/2020	1,815	1,901	1,901	5/31/2023
Mynd Management, Inc.	Growth Capital Loan (9.75% interest rate, 6.00% EOT payment)	5/27/2020	1,916	1,997	1,997	6/30/2023
			5,546	5,799	5,799
Ribbon Home, Inc.	Growth Capital Loan (Prime + 5.25% interest rate, 8.50% floor, 7.00% EOT payment)	6/25/2021	3,000	2,847	2,847	6/30/2024
Ribbon Home, Inc.	Growth Capital Loan (Prime + 6.75% interest rate, 10.00% floor, 7.75% EOT payment)	12/30/2021	2,000	1,919	1,919	12/31/2025
			5,000	4,766	4,766
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	9/4/2020	2,000	2,019	2,030	3/31/2023
Side, Inc.	Growth Capital Loan (Prime + 8.25% interest rate, 11.50% floor, 6.50% EOT payment)	10/29/2020	500	503	505	4/30/2023
			2,500	2,522	2,535
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	250	244	244	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/3/2021	800	779	779	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/3/2021	220	214	214	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/13/2021	105	102	102	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/13/2021	440	428	428	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 7.00% EOT payment)	12/15/2021	208	203	203	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 8.00% EOT payment)	12/15/2021	150	146	146	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/15/2021	1,372	1,336	1,336	12/31/2024
True Footage, Inc.	Growth Capital Loan (11.00% interest rate, 6.00% EOT payment)	12/21/2021	760	740	740	12/31/2024
			4,305	4,192	4,192
YDC Inc.	Growth Capital Loan (Prime + 8.75% interest rate, 12.00% floor, 7.50% EOT payment)	12/10/2021	2,400	2,313	2,313	12/31/2024
Total Real Estate Services - 15.96%*			35,269	35,060	35,074

Social/Platform Software
Sylva, Inc.	Growth Capital Loan (Prime + 3.25% interest rate, 6.50% floor, 1.00% EOT payment)	11/30/2021	1,886	1,869	1,869	5/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,114	1,104	1,104	12/31/2024

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Warrant
Acquisition Date(9)
Shares
Cost(6)
Fair Value
Warrant Investments(7)(8)
Aerospace and Defense
Astranis Space Technologies Corp. Preferred Stock 5/27/2020 70,959 $ 95 $ 765
Dedrone Holdings, Inc. Preferred Stock 3/2/2021 71,018 92 92
Total Aerospace and Defense - 0.39%* 187 857
Business Applications Software
Blueboard Inc.
Common Stock(2)
3/11/2021 69,768 14 14
Dialpad, Inc.
Preferred Stock(2)
8/3/2020 14,490 51 59
Filevine, Inc.
Preferred Stock(2)
4/20/2021 10,472 15 92
FlashParking, Inc. Preferred Stock 6/15/2021 93,767 360 360
FlashParking, Inc. Preferred Stock 9/30/2021 23,442 90 90
450 450
Morty, Inc.
Preferred Stock(2)
10/1/2021 44,490 65 65
Narvar, Inc.
Preferred Stock(2)
8/28/2020 21,790 102 102
Tide Holdings Limited(1)(3)
Preferred Stock 11/13/2020 52,609 45 82
Uniphore Technologies, Inc. Common Stock 12/22/2021 10,000 10 10
Total Business Applications Software - 0.40%* 752 874
Business Products and Services
Cardless Inc. Common Stock 11/18/2021 12,903 28 28
Cart.com, Inc.
Common Stock(2)
12/30/2021 8,183 119 119
Elsker Inc.
Preferred Stock(2)
9/1/2021 17,746 9 9
Path Robotics, Inc.
Common Stock(2)
12/17/2021 40,579 130 130
Phantom Auto Inc. Preferred Stock 7/12/2021 141,409 315 315
Phantom Auto Inc. Preferred Stock 7/12/2021 31,698 35 35
Phantom Auto Inc. Preferred Stock 7/12/2021 22,188 24 24
374 374
RedFish Labs, Inc.
Preferred Stock(2)
11/23/2021 24,483 56 56
RenoRun, Inc.(1)
Preferred Stock 12/30/2021 4,242 93 93
Total Business Products and Services - 0.37%* 809 809
Business to Business Marketplace
Material Technologies Corporation
Preferred Stock(2)
8/24/2020 23,576 156 156
Total Business to Business Marketplace - 0.07%* 156 156
Business/Productivity Software
Forum Brands, LLC Preferred Stock 7/6/2021 2,960 146 204
Forum Brands, LLC Preferred Stock 12/23/2021 2,714 188 188
334 392
Idelic, Inc.
Preferred Stock(2)
12/10/2021 30,551 46 46
Total Business/Productivity Software - 0.20%* 380 438
Commercial Services
Dumpling, Inc.
Preferred Stock(2)
9/30/2020 17,003 6 6
Total Commercial Services - 0.00%* 6 6
Communication Software
Hiya, Inc. Preferred Stock 5/27/2020 115,073 54 54
Total Communication Software - 0.02%* 54 54
Computer Hardware
Canvas Construction Inc.
Preferred Stock(2)
11/30/2021 21,686 18 18
Swift Navigation, Inc. Preferred Stock 7/30/2020 62,874 77 77
Grey Orange International Inc. Preferred Stock 3/16/2021 13,940 92 92
Total Computer Hardware - 0.09%* 187 187
Consumer Finance


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Investment	Acquisition Date(9)	Outstanding Principal		Cost(6)		Fair Value		Maturity Date
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,500		1,479		1,479		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,775		1,775		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/21/2021	1,800		1,777		1,777		12/31/2024
Sylva, Inc.	Growth Capital Loan (Prime + 5.50% interest rate, 8.75% floor, 3.50% EOT payment)	12/27/2021	900		888		888		12/31/2024
Total Social/Platform Software - 4.05%*			9,000		8,892		8,892

Software Development Applications
Forte Labs, Inc.	Growth Capital Loan (Prime + 4.75% interest rate, 8.00% floor, 4.00% EOT payment)	12/31/2020	2,500		2,535		2,541		6/30/2022
Total Software Development Applications - 1.16%*			2,500		2,535		2,541

Sports Betting
Certamen Ventures Inc.	Growth Capital Loan (Prime + 4.50% interest rate, 7.75% floor, 3.00% EOT payment)	11/30/2021	6,945		6,851		6,851		5/31/2024
Total Sports Betting - 3.12%*			6,945		6,851		6,851

Total Debt Investments - 145.38%*			$	323,786	$	320,292	$	319,493

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Warrant
Acquisition Date(9)
Shares
Cost(6)
Fair Value
Activehours, Inc. Preferred Stock 10/8/2020 49,296 129 181
Activehours, Inc. Preferred Stock 9/30/2021 6,162 16 23
145 204
Cherry Technologies Inc.
Preferred Stock(2)
11/23/2021 31,212 78 78
Embed Financial Technologies Inc.
Preferred Stock(2)
9/21/2021 — 10 10
Thingy Thing Inc. Preferred Stock 10/21/2021 17,564 50 50
Upgrade, Inc. Preferred Stock 5/27/2020 136,869 44 772
Vestwell Holdings Inc.
Preferred Stock(2)
9/3/2021 36,715 54 54
Total Consumer Finance - 0.53%* 381 1,168
Consumer Non-Durables
Alyk, Inc. Preferred Stock 6/16/2021 61,096 21 21
Don't Run Out, Inc.
Preferred Stock(2)
12/30/2021 18,398 14 14
Total Consumer Non-Durables - 0.02%* 35 35
Consumer Products and Services
The Black Tux, Inc. Preferred Stock 11/5/2021 142,939 139 139
Clutter Inc. Preferred Stock 9/30/2020 19,649 113 113
Elodie Games, Inc.
Preferred Stock(2)
9/16/2021 22,874 48 48
Ever/Body, Inc. Preferred Stock 9/7/2021 188,283 92 75
Good Eggs, Inc. Preferred Stock 8/12/2021 330,124 81 106
Hydrow, Inc. Common Stock 2/9/2021 50,863 70 164
Hydrow, Inc. Preferred Stock 8/6/2021 22,299 35 42
Hydrow, Inc. Preferred Stock 8/6/2021 13,936 25 31
130 237
Immersive Group Gaming LTD(1)
Preferred Stock 7/12/2021 309,547 83 145
JOKR(1)(3) Preferred Stock 10/14/2021 20,944 536 536
Nate, Inc.
Preferred Stock(2)
12/31/2021 26,506 115 115
Tempo Interactive Inc.
Preferred Stock(2)
3/31/2021 4,413 25 25
Tripscout, Inc.
Preferred Stock(2)
8/12/2021 37,532 7 7
VanMoof Global Holding B.V.(1)(3)
Preferred Stock 2/1/2021 281,875 58 169
Well Dot, Inc.
Preferred Stock(2)
12/18/2020 9,510 41 50
Total Consumer Products and Services - 0.80%* 1,468 1,765
Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)
Preferred Stock 5/27/2020 1,278 1,229 3,489
InFarm - Indoor Urban Farming GMBH(1)(3)
Preferred Stock 7/16/2021 62 133 128
InFarm - Indoor Urban Farming GMBH(1)(3)
Preferred Stock 10/12/2021 52 107 107
Total Cultivation - 1.69%* 1,469 3,724
Database Software
Cohesity, Inc.
Preferred Stock(2)
5/27/2020 3,789 21 21
SiSense, Inc. Success Fee 12/28/2021 — 95 95
Total Database Software - 0.05%* 116 116
E-Commerce - Clothing and Accessories
FabFitFun, Inc. Preferred Stock 9/23/2021 81,572 217 217
Minted, Inc. Preferred Stock 9/30/2020 29,702 300 300
TFG Holding, Inc. Common Stock 11/30/2020 70,203 249 257
Trendly, Inc. Preferred Stock 5/27/2021 166,036 100 100
Total E-Commerce - Clothing and Accessories - 0.40%* 866 874
E-Commerce - Personal Goods
Merama Inc. Preferred Stock 4/28/2021 71,728 589 589
Total E-Commerce - Personal Goods - 0.27%* 589 589
Elder and Disabled Care
Honor Technology, Inc.
Preferred Stock(2)
5/27/2020 130,618 50 192
Total Elder and Disabled Care - 0.09%* 50 192


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)		Fair Value

Warrant Investments(7)(8)

Aerospace and Defense
Astranis Space Technologies Corp.	Preferred Stock	5/27/2020	70,959	$	95	$	765
Dedrone Holdings, Inc.	Preferred Stock	3/2/2021	71,018	92		92
Total Aerospace and Defense - 0.39%*				187		857

Business Applications Software
Blueboard Inc.	Common Stock(2)	3/11/2021	69,768	14		14
Dialpad, Inc.	Preferred Stock(2)	8/3/2020	14,490	51		59
Filevine, Inc.	Preferred Stock(2)	4/20/2021	10,472	15		92
FlashParking, Inc.	Preferred Stock	6/15/2021	93,767	360		360
FlashParking, Inc.	Preferred Stock	9/30/2021	23,442	90		90
				450		450
Morty, Inc.	Preferred Stock(2)	10/1/2021	44,490	65		65
Narvar, Inc.	Preferred Stock(2)	8/28/2020	21,790	102		102
Tide Holdings Limited(1)(3)	Preferred Stock	11/13/2020	52,609	45		82
Uniphore Technologies, Inc.	Common Stock	12/22/2021	10,000	10		10
Total Business Applications Software - 0.40%*				752		874

Business Products and Services
Cardless Inc.	Common Stock	11/18/2021	12,903	28		28
Cart.com, Inc.	Common Stock(2)	12/30/2021	8,183	119		119
Elsker Inc.	Preferred Stock(2)	9/1/2021	17,746	9		9
Path Robotics, Inc.	Common Stock(2)	12/17/2021	40,579	130		130
Phantom Auto Inc.	Preferred Stock	7/12/2021	141,409	315		315
Phantom Auto Inc.	Preferred Stock	7/12/2021	31,698	35		35
Phantom Auto Inc.	Preferred Stock	7/12/2021	22,188	24		24
				374		374
RedFish Labs, Inc.	Preferred Stock(2)	11/23/2021	24,483	56		56
RenoRun, Inc.(1)	Preferred Stock	12/30/2021	4,242	93		93
Total Business Products and Services - 0.37%*				809		809

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	8/24/2020	23,576	156		156
Total Business to Business Marketplace - 0.07%*				156		156

Business/Productivity Software
Forum Brands, LLC	Preferred Stock	7/6/2021	2,960	146		204
Forum Brands, LLC	Preferred Stock	12/23/2021	2,714	188		188
				334		392
Idelic, Inc.	Preferred Stock(2)	12/10/2021	30,551	46		46
Total Business/Productivity Software - 0.20%*				380		438

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

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

Computer Hardware
Canvas Construction Inc.	Preferred Stock(2)	11/30/2021	21,686	18		18
Swift Navigation, Inc.	Preferred Stock	7/30/2020	62,874	77		77
Grey Orange International Inc.	Preferred Stock	3/16/2021	13,940	92		92
Total Computer Hardware - 0.09%*				187		187

Consumer Finance

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Warrant
Acquisition Date(9)
Shares
Cost(6)
Fair Value
Energy
Arcadia Power, Inc. Preferred Stock 12/10/2021 15,405 38 38
Kobold Metals Company
Preferred Stock(2)
7/16/2021 37,287 37 37
Total Energy - 0.03%* 75 75
Food Products
AllPlants Ltd(1)(3)
Ordinary Shares(2)
5/6/2021 6,854 77 60
Feast Kitchen Inc.(1)(3)
Preferred Stock(2)
5/27/2020 29,145 126 34
Feast Kitchen Inc.(1)(3)
Preferred Stock(2)
9/14/2020 36,893 59 53
185 87
Total Food Products - 0.07%* 262 147
Healthcare Services
Levels Health Inc. Preferred Stock 9/3/2021 47,162 37 37
The Pill Club Holding, Inc.
Common Stock(2)
12/31/2021 60,977 24 24
Total Healthcare Services - 0.03%* 61 61
Healthcare Technology Systems
Calibrate Health, Inc.
Preferred Stock(2)
12/31/2020 45,089 109 109
Calibrate Health, Inc.
Preferred Stock(2)
10/19/2021 9,337 12 12
121 121
Capsule Corporation Preferred Stock 5/27/2020 45,008 119 261
Curology, Inc.
Preferred Stock(2)
5/27/2020 12,007 19 14
Medly Health Inc. Preferred Stock 11/20/2020 1,083,470 195 542
Noho Dental, Inc.
Preferred Stock(2)
11/3/2020 56,109 228 228
SafelyYou Inc. Preferred Stock 1/21/2021 69,346 21 187
Total Healthcare Technology Systems - 0.62%* 703 1,353
Home Furnishings
Feather Home Inc. Preferred Stock 5/27/2020 33,910 138 146
Feather Home Inc. Preferred Stock 10/8/2021 8,812 24 24
162 170
Petra Living, Inc. Preferred Stock 6/9/2021 76,783 48 75
Petra Living, Inc. Preferred Stock 8/24/2021 38,391 24 38
Petra Living, Inc. Preferred Stock 10/19/2021 38,391 17 17
89 130
Total Home Furnishings - 0.14%* 251 300
Household Products
Grove Collaborative, Inc. Preferred Stock 5/27/2020 33,038 72 105
Total Household Products - 0.05%* 72 105
Human Capital Services
Eightfold AI Inc.
Preferred Stock(2)
5/27/2020 69,577 186 336
Karat Financial Technologies Incorporated
Preferred Stock(2)
6/18/2021 109,704 64 64
WorkStep Inc.
Preferred Stock(2)
5/6/2021 17,244 12 12
Total Human Capital Services - 0.19%* 262 412
Information Services (B2C)
Cleo AI Ltd(1)(3)
Preferred Stock(2)
5/27/2020 41,041 82 88
Kasa Living, Inc.
Preferred Stock(2)
4/12/2021 10,333 29 29
Total Information Services (B2C) - 0.05%* 111 117
Infrastructure
GoEuro Corp.(1)(3)
Preferred Stock 5/27/2020 2,775 90 55
Total Infrastructure - 0.03%* 90 55
Life and Health Insurance
Beam Technologies Inc. Preferred Stock 5/27/2020 5,344 57 81


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)	Fair Value
Activehours, Inc.	Preferred Stock	10/8/2020	49,296	129	181
Activehours, Inc.	Preferred Stock	9/30/2021	6,162	16	23
				145	204
Cherry Technologies Inc.	Preferred Stock(2)	11/23/2021	31,212	78	78
Embed Financial Technologies Inc.	Preferred Stock(2)	9/21/2021	—	10	10
Thingy Thing Inc.	Preferred Stock	10/21/2021	17,564	50	50
Upgrade, Inc.	Preferred Stock	5/27/2020	136,869	44	772
Vestwell Holdings Inc.	Preferred Stock(2)	9/3/2021	36,715	54	54
Total Consumer Finance - 0.53%*				381	1,168

Consumer Non-Durables
Alyk, Inc.	Preferred Stock	6/16/2021	61,096	21	21
Don't Run Out, Inc.	Preferred Stock(2)	12/30/2021	18,398	14	14
Total Consumer Non-Durables - 0.02%*				35	35

Consumer Products and Services
The Black Tux, Inc.	Preferred Stock	11/5/2021	142,939	139	139
Clutter Inc.	Preferred Stock	9/30/2020	19,649	113	113
Elodie Games, Inc.	Preferred Stock(2)	9/16/2021	22,874	48	48
Ever/Body, Inc.	Preferred Stock	9/7/2021	188,283	92	75
Good Eggs, Inc.	Preferred Stock	8/12/2021	330,124	81	106
Hydrow, Inc.	Common Stock	2/9/2021	50,863	70	164
Hydrow, Inc.	Preferred Stock	8/6/2021	22,299	35	42
Hydrow, Inc.	Preferred Stock	8/6/2021	13,936	25	31
				130	237
Immersive Group Gaming LTD(1)	Preferred Stock	7/12/2021	309,547	83	145
JOKR(1)(3)	Preferred Stock	10/14/2021	20,944	536	536
Nate, Inc.	Preferred Stock(2)	12/31/2021	26,506	115	115
Tempo Interactive Inc.	Preferred Stock(2)	3/31/2021	4,413	25	25
Tripscout, Inc.	Preferred Stock(2)	8/12/2021	37,532	7	7
VanMoof Global Holding B.V.(1)(3)	Preferred Stock	2/1/2021	281,875	58	169
Well Dot, Inc.	Preferred Stock(2)	12/18/2020	9,510	41	50
Total Consumer Products and Services - 0.80%*				1,468	1,765

Cultivation
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	5/27/2020	1,278	1,229	3,489
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	7/16/2021	62	133	128
InFarm - Indoor Urban Farming GMBH(1)(3)	Preferred Stock	10/12/2021	52	107	107
Total Cultivation - 1.69%*				1,469	3,724

Database Software
Cohesity, Inc.	Preferred Stock(2)	5/27/2020	3,789	21	21
SiSense, Inc.	Success Fee	12/28/2021	—	95	95
Total Database Software - 0.05%*				116	116

E-Commerce - Clothing and Accessories
FabFitFun, Inc.	Preferred Stock	9/23/2021	81,572	217	217
Minted, Inc.	Preferred Stock	9/30/2020	29,702	300	300
TFG Holding, Inc.	Common Stock	11/30/2020	70,203	249	257
Trendly, Inc.	Preferred Stock	5/27/2021	166,036	100	100
Total E-Commerce - Clothing and Accessories - 0.40%*				866	874

E-Commerce - Personal Goods
Merama Inc.	Preferred Stock	4/28/2021	71,728	589	589
Total E-Commerce - Personal Goods - 0.27%*				589	589

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	5/27/2020	130,618	50	192
Total Elder and Disabled Care - 0.09%*				50	192

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(dollars in thousands)

As of December 31, 2021
Company Type of Warrant
Acquisition Date(9)
Shares
Cost(6)
Fair Value
Sidecar Health, Inc. Preferred Stock 8/26/2021 32,620 34 81
Total Life and Health Insurance - 0.07%* 91 162
Logistics
Passport Labs, Inc.
Common Stock(2)
5/27/2020 2,102 51 51
Total Logistics - 0.02%* 51 51
Medical Software and Information Services
HI LLC (Kernel) Preferred Stock 12/21/2020 49,425 48 48
Total Medical Software and Information Services - 0.02%* 48 48
Multimedia and Design Software
Spire Animation Studios, Inc. Preferred Stock 5/12/2021 21,084 80 80
Spire Animation Studios, Inc. Preferred Stock 9/30/2021 27,559 105 105
185 185
Strata Identity, Inc.
Preferred Stock(2)
11/3/2021 6,941 7 7
Total Multimedia and Design Software - 0.09%* 192 192
Network Management Software
Callsign, Inc.(1)(3)
Preferred Stock(2)
5/27/2020 21,604 180 180
Total Network Management Software - 0.08%* 180 180
Other Financial Services
N26 GmbH(1)(3)
Preferred Stock 10/15/2021 6 173 169
Total Other Financial Services - 0.08%* 173 169
Real Estate Services
Common Living Inc. Preferred Stock 5/27/2020 729,380 185 204
Common Living Inc. Preferred Stock 4/30/2021 107,718 28 28
213 232
Demain ES(1)(3)
Preferred Stock 12/30/2021 2,127 105 105
Divvy Homes Inc.
Preferred Stock(2)
10/27/2020 128,289 470 1,124
Homeward, Inc. Preferred Stock 12/10/2021 38,302 148 148
Mynd Management, Inc. Preferred Stock 5/27/2020 43,472 83 198
Ribbon Home, Inc. Common Stock 3/5/2021 24,280 226 226
Ribbon Home, Inc. Common Stock 12/30/2021 7,670 71 71
297 297
Side, Inc. Preferred Stock 7/29/2020 71,501 57 583
True Footage, Inc. Preferred Stock 11/24/2021 55,098 75 75
YDC, Inc. Preferred Stock 12/10/2021 12,244 56 56
Total Real Estate Services - 1.28%* 1,504 2,818
Social/Platform Software
ClassPass Inc. Preferred Stock 5/27/2020 14,085 43 25
Sylva, Inc. Preferred Stock 7/12/2021 42,936 30 30
Sylva, Inc. Preferred Stock 12/21/2021 42,940 30 30
60 60
Total Social/Platform Software - 0.04%* 103 85
Software Development Applications
Appex Group, Inc. Preferred Stock 11/15/2021 14,621 — —
Forte Labs, Inc. Preferred Stock 12/30/2020 318,571 65 144
Total Software Development Applications - 0.07%* 65 144
Sports Betting
Certamen Ventures Inc. Preferred Stock 10/7/2021 90,266 42 42
Total Sports Betting - 0.02%* 42 42
Total Warrant Investments - 8.35%* $ 11,841 $ 18,360


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)	Fair Value

Energy
Arcadia Power, Inc.	Preferred Stock	12/10/2021	15,405	38	38
Kobold Metals Company	Preferred Stock(2)	7/16/2021	37,287	37	37
Total Energy - 0.03%*				75	75

Food Products
AllPlants Ltd(1)(3)	Ordinary Shares(2)	5/6/2021	6,854	77	60
Feast Kitchen Inc.(1)(3)	Preferred Stock(2)	5/27/2020	29,145	126	34
Feast Kitchen Inc.(1)(3)	Preferred Stock(2)	9/14/2020	36,893	59	53
				185	87
Total Food Products - 0.07%*				262	147

Healthcare Services
Levels Health Inc.	Preferred Stock	9/3/2021	47,162	37	37
The Pill Club Holding, Inc.	Common Stock(2)	12/31/2021	60,977	24	24
Total Healthcare Services - 0.03%*				61	61

Healthcare Technology Systems
Calibrate Health, Inc.	Preferred Stock(2)	12/31/2020	45,089	109	109
Calibrate Health, Inc.	Preferred Stock(2)	10/19/2021	9,337	12	12
				121	121
Capsule Corporation	Preferred Stock	5/27/2020	45,008	119	261
Curology, Inc.	Preferred Stock(2)	5/27/2020	12,007	19	14
Medly Health Inc.	Preferred Stock	11/20/2020	1,083,470	195	542
Noho Dental, Inc.	Preferred Stock(2)	11/3/2020	56,109	228	228
SafelyYou Inc.	Preferred Stock	1/21/2021	69,346	21	187
Total Healthcare Technology Systems - 0.62%*				703	1,353

Home Furnishings
Feather Home Inc.	Preferred Stock	5/27/2020	33,910	138	146
Feather Home Inc.	Preferred Stock	10/8/2021	8,812	24	24
				162	170
Petra Living, Inc.	Preferred Stock	6/9/2021	76,783	48	75
Petra Living, Inc.	Preferred Stock	8/24/2021	38,391	24	38
Petra Living, Inc.	Preferred Stock	10/19/2021	38,391	17	17
				89	130
Total Home Furnishings - 0.14%*				251	300

Household Products
Grove Collaborative, Inc.	Preferred Stock	5/27/2020	33,038	72	105
Total Household Products - 0.05%*				72	105

Human Capital Services
Eightfold AI Inc.	Preferred Stock(2)	5/27/2020	69,577	186	336
Karat Financial Technologies Incorporated	Preferred Stock(2)	6/18/2021	109,704	64	64
WorkStep Inc.	Preferred Stock(2)	5/6/2021	17,244	12	12
Total Human Capital Services - 0.19%*				262	412

Information Services (B2C)
Cleo AI Ltd(1)(3)	Preferred Stock(2)	5/27/2020	41,041	82	88
Kasa Living, Inc.	Preferred Stock(2)	4/12/2021	10,333	29	29
Total Information Services (B2C) - 0.05%*				111	117

Infrastructure
GoEuro Corp.(1)(3)	Preferred Stock	5/27/2020	2,775	90	55
Total Infrastructure - 0.03%*				90	55

Life and Health Insurance
Beam Technologies Inc.	Preferred Stock	5/27/2020	5,344	57	81


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Warrant	Acquisition Date(9)	Shares	Cost(6)		Fair Value
Sidecar Health, Inc.	Preferred Stock	8/26/2021	32,620	34		81
Total Life and Health Insurance - 0.07%*				91		162

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

Medical Software and Information Services
HI LLC (Kernel)	Preferred Stock	12/21/2020	49,425	48		48
Total Medical Software and Information Services - 0.02%*				48		48

Multimedia and Design Software
Spire Animation Studios, Inc.	Preferred Stock	5/12/2021	21,084	80		80
Spire Animation Studios, Inc.	Preferred Stock	9/30/2021	27,559	105		105
				185		185
Strata Identity, Inc.	Preferred Stock(2)	11/3/2021	6,941	7		7
Total Multimedia and Design Software - 0.09%*				192		192

Network Management Software
Callsign, Inc.(1)(3)	Preferred Stock(2)	5/27/2020	21,604	180		180
Total Network Management Software - 0.08%*				180		180

Other Financial Services
N26 GmbH(1)(3)	Preferred Stock	10/15/2021	6	173		169
Total Other Financial Services - 0.08%*				173		169

Real Estate Services
Common Living Inc.	Preferred Stock	5/27/2020	729,380	185		204
Common Living Inc.	Preferred Stock	4/30/2021	107,718	28		28
				213		232
Demain ES(1)(3)	Preferred Stock	12/30/2021	2,127	105		105
Divvy Homes Inc.	Preferred Stock(2)	10/27/2020	128,289	470		1,124
Homeward, Inc.	Preferred Stock	12/10/2021	38,302	148		148
Mynd Management, Inc.	Preferred Stock	5/27/2020	43,472	83		198
Ribbon Home, Inc.	Common Stock	3/5/2021	24,280	226		226
Ribbon Home, Inc.	Common Stock	12/30/2021	7,670	71		71
				297		297
Side, Inc.	Preferred Stock	7/29/2020	71,501	57		583
True Footage, Inc.	Preferred Stock	11/24/2021	55,098	75		75
YDC, Inc.	Preferred Stock	12/10/2021	12,244	56		56
Total Real Estate Services - 1.28%*				1,504		2,818

Social/Platform Software
ClassPass Inc.	Preferred Stock	5/27/2020	14,085	43		25
Sylva, Inc.	Preferred Stock	7/12/2021	42,936	30		30
Sylva, Inc.	Preferred Stock	12/21/2021	42,940	30		30
				60		60
Total Social/Platform Software - 0.04%*				103		85

Software Development Applications
Appex Group, Inc.	Preferred Stock	11/15/2021	14,621	—		—
Forte Labs, Inc.	Preferred Stock	12/30/2020	318,571	65		144
Total Software Development Applications - 0.07%*				65		144

Sports Betting
Certamen Ventures Inc.	Preferred Stock	10/7/2021	90,266	42		42
Total Sports Betting - 0.02%*				42		42

Total Warrant Investments - 8.35%*				$	11,841	$	18,360


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Equity	Acquisition Date(9)	Shares	Cost(6)		Fair Value

Equity Investments(8)

Business Applications Software
DialPad, Inc.	Preferred Stock(2)	9/22/2020	9,016	$	70	$	92
Tide Platform Limited(1)(3)	Preferred Stock(2)	8/19/2021	43,338	517		501
Total Business Applications Software - 0.27%*				587		593

Business Products and Services
Printify, Inc.	Preferred Stock(2)	8/24/2021	13,850	50		50
Total Business Products and Services - 0.02%*				50		50

Business to Business Marketplace
Material Technologies Corporation	Preferred Stock(2)	4/23/2021	22,107	450		450
Total Business to Business Marketplace - 0.20%*				450		450

Business/Productivity Software
Forum Brands, LLC	Preferred Stock(2)	7/16/2021	493	90		90
Total Business/Productivity Software - 0.04%*				90		90

Consumer Finance
Activehours, Inc.	Preferred Stock(2)	11/10/2020	9,859	100		114
Embed Financial Technologies Inc.	Preferred Stock(2)	9/24/2021	12,195	125		125
Total Consumer Finance - 0.11%*				225		239

Consumer Products and Services
Divvy Homes Inc.	Preferred Stock(2)	7/28/2021	4,965	95		95
Divvy Homes Inc.	Common Stock(2)	7/28/2021	261	5		5
				100		100
Hydrow, Inc.	Preferred Stock(2)	12/14/2020	42,642	166		274
Hydrow, Inc.	Preferred Stock(2)	3/19/2021	22,881	165		187
				331		461
JOKR(1)(3)	Preferred Stock(2)	12/7/2021	67	375		375
Loyalty Ventures, Inc.	Common Stock(2)(10)	11/5/2021	2,713	115		82
VanMoof Global Holding B.V.(1)(3)	Preferred Stock(2)	8/9/2021	56,023	168		182
Well Dot, Inc.	Preferred Stock(2)	10/16/2020	26,416	250		322
Total Consumer Products and Services - 0.69%*				1,339		1,522

E-Commerce - Personal Goods
Merama Inc.	Preferred Stock(2)	4/19/2021	5,433	31		58
Merama Inc.	Preferred Stock(2)	4/19/2021	6,944	13		82
Merama Inc.	Preferred Stock(2)	9/1/2021	3,862	62		62
Total E-Commerce - Personal Goods - 0.09%*				106		202

Elder and Disabled Care
Honor Technology, Inc.	Preferred Stock(2)	10/16/2020	82,443	199		228
Honor Technology, Inc.	Preferred Stock(2)	10/1/2021	20,932	66		66
Total Elder and Disabled Care - 0.13%*				265		294

Energy
Arcadia Power, Inc.	Preferred Stock(2)	9/21/2021	16,438	167		167
Total Energy - 0.08%*				167		167

Healthcare Services
Calibrate Health, Inc.	Preferred Stock(2)	7/30/2021	62,252	332		332
Medly Health Inc.	Preferred Stock(2)	8/12/2021	209,979	249		266
Total Healthcare Services - 0.27%*				581		598

Healthcare Technology Systems
Capsule Corporation	Preferred Stock(2)	4/21/2021	863	12		12
Total Healthcare Technology Systems - 0.01%*				12		12

3132


TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (dollars in thousands) As of December 31, 2021
Company	Type of Equity	Acquisition Date(9)	Shares	Cost(6)		Fair Value

Life and Health Insurance
Beam Technologies Inc.	Preferred Stock(2)	1/5/2021	1,901	80		80
Total Life and Health Insurance - 0.04%*				80		80

Other Financial Services
N26 GmbH(1)(3)	Preferred Stock(2)	12/8/2021	12	690		984
Total Other Financial Services - 0.45%*				690		984

Real Estate Services
Ribbon Home, Inc.	Preferred Stock(2)	6/29/2021	31,149	500		500
True Footage, Inc.	Preferred Stock(2)	10/18/2021	18,366	100		100
Total Real Estate Services - 0.27%*				600		600

Software Development Applications
Forte Labs, Inc.	Preferred Stock(2)	5/13/2021	184,679	250		250
Total Software Development Applications - 0.11%*				250		250

Total Equity Investments - 2.79%*				$	5,492	$	6,131

Total Investments in Portfolio Companies - 156.52%*(4)				$	337,625	$	343,984

Total Investments - 156.52%*(5)				$	337,625	$	343,984

_______________

(1)Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2021, non-qualifying assets represented 18.3% of the Company’s total assets, at fair value.

(2)As of December 31, 2021, 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, 2021, the Company’s portfolio company investments that were subject to restrictions on sales totaled $343.9 million at fair value and represented 156.5% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2021, all investments are pledged as collateral as part of the Company’s revolving credit facility.

(5)Except for equity in one public company, as denoted by footnote 10 to this Schedule of Investments, 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 gains for federal income tax purposes totaled $7.8 million, $1.4 million and $6.4 million, respectively, for the December 31, 2021 investment portfolio. The tax cost of investments is $337.6 million.

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

(8)Non-income producing investments.

(9)Acquisition date represents the date of the investment in the portfolio investment.

(10)Investment is publicly traded and listed on the New York Stock Exchange and is not subject to restrictions on sales.

* Value as a percentage of net assets.

Notes applicable to the investments presented in the foregoing tables:

•No investment represented 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 tables:

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

•For each debt investment tied to the Prime rate (“Prime”) as of ~~June~~September 30, 2022 and December 31, 2021, Prime was ~~4.75%~~6.25% and 3.25%, respectively. As of ~~June~~September 30, 2022, approximately ~~72.6%~~75.8%, or ~~$273.0~~$330.4 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 have interest rate floors at or above 3.25%. As of December 31, 2021, approximately 69.1%, or $223.7 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%.

3233

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

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

3334

TRIPLEPOINT PRIVATE VENTURE CREDIT INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

~~June~~September 30, 2022

(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 shareholders primarily in the form of current income from secured loans, and secondarily through capital gains from equity “kickers” in the form of warrants and direct equity investments to venture capital-backed companies. The Company is externally managed by TriplePoint Advisers LLC (the “Adviser”), which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of TriplePoint Capital LLC (“TPC”). The Adviser is responsible for sourcing, reviewing and structuring investment opportunities, underwriting and performing due diligence on investments and monitoring the investment portfolio on an ongoing basis. The Adviser was organized in August 2013 and, pursuant to an investment advisory agreement entered into between the Company and the Adviser (the “Advisory Agreement”), the Company pays the Adviser a base management fee and an incentive fee for its services. The Company has also entered into an administration agreement with TriplePoint Administrator LLC (the “Administrator”), a wholly owned subsidiary of the Adviser, and reimburses the Administrator for the costs incurred by the Administrator with the services it provides under an administration agreement between the ~~Administration Agreement.~~Company and the Administrator (the “Administration Agreement”).

The Company has two wholly owned subsidiaries: TPVC Funding Company LLC (the “Financing Subsidiary”), a bankruptcy remote special purpose entity established for utilizing the Company’s revolving credit facility whose creditors have a claim on its assets prior to those assets becoming available to the Financing Subsidiary’s equity holders, and TPVC Investment LLC, an entity established for holding certain of the Company’s investments in order to benefit without negatively impacting the Company’s RIC tax status. These subsidiaries are consolidated in the financial statements of the Company.

Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted.

The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated. Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”), on March 8, 2022, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement

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

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

•identifies, evaluates and negotiates the structure of investments;

•executes, closes, services and monitors investments;

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

•performs due diligence on prospective investments; and

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

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

Base Management Fee

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

Following the closing of the listing of shares of the Company’s common stock on a national securities exchange, including in connection with an initial public offering (“IPO”), the base management fee will be calculated at an annual rate of 1.75% of the Company’s 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 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 (or if shorter, the number of quarters that have occurred since May 27, 2020, the initial effective date of the Advisory Agreement) (in either case, 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.~~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 business development company) 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:


Base Management and Incentive Fees (in thousands)	Base Management and Incentive Fees (in thousands)	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		Base Management and Incentive Fees (in thousands)	For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Base management fee	Base management fee	$	1,232	$	499	$	2,305	$	969	Base management fee	$	1,246	$	581	$	3,551	$	1,550
Income incentive fee	Income incentive fee	$	1,948	$	47	$	3,801	$	47	Income incentive fee	$	2,265	$	831	$	6,066	$	878
Capital gains incentive fee	Capital gains incentive fee	$	(343)	$	249	$	(226)	$	249	Capital gains incentive fee	$	(1,206)	$	948	$	(1,433)	$	1,197

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

For the three months ended ~~June~~September 30, 2022 and 2021, expenses paid or payable by the Company to the Administrator under the Administration Agreement were ~~$0.4~~$0.5 million and ~~$0.3~~$0.4 million, respectively. For the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021, expenses paid or payable by the Company to the Administrator under the Administration Agreement were ~~$0.8~~$1.3 million and ~~$0.6~~$0.9 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 ~~that are not publicly traded or~~ for which current market ~~values~~quotations are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from ~~independent~~ pricing services, broker-dealers or market makers. ~~With respect to portfolio~~

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 ~~its senior investment team and~~ independent valuation agents, ~~is responsible for determining,~~ in ~~good faith,~~accordance with Rule 2a-5 of the ~~fair value~~1940 Act and GAAP, and in accordance with the Company’s valuation ~~policy approved by the Board.~~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 ~~senior investment team~~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 non-active~~in markets ~~or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs~~ that are not active or for which all significant inputs are observable, either directly ~~observable but~~or indirectly and model-based valuation techniques for which all significant inputs are ~~corroborated by observable market data.~~observable.

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

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

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

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

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

•The quarterly valuation process begins with each portfolio company or investment ~~being initially valued~~receiving a proposed valuation by the Adviser. The Adviser’s ~~professionals that are~~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 ~~investment;~~managers or investment professionals.

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

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

•At least once annually, the valuation for each portfolio investment is reviewed by an independent third-party valuation firm. However, the Board does not have de minimis investments of less than 1.0% of the Company’s gross assets (up to an aggregate of 10% of the Company’s gross assets) independently reviewed, given the expenses involved in connection ~~therewith;~~therewith.

•The ~~Audit Committee of~~Adviser and the ~~Board then reviews these preliminary valuations and makes fair value recommendations to the Board; and~~

•~~The Board then discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective~~ independent third-party valuation firms, if applicable, then present their proposed valuations to the Audit Committee and Board, and the ~~Audit Committee.~~Board makes a fair valuation determination for each portfolio investment that is to be fair valued.

Debt Investments

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

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

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

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

Warrant Investments

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

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

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

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

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

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

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

Equity Investments

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

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

Investment Valuation

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

Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of ~~June~~September 30, 2022 and December 31, 2021. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.


Investment Type (in thousands)	Investment Type (in thousands)	June 30, 2022								December 31, 2021								Investment Type (in thousands)	September 30, 2022								December 31, 2021
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	Debt investments	$	—	$	—	$	371,953	$	371,953	$	—	$	—	$	319,493	$	319,493	Debt investments	$	—	$	—	$	425,643	$	425,643	$	—	$	—	$	319,493	$	319,493
Warrant investments	Warrant investments	—		—		21,553		21,553		—		—		18,360		18,360		Warrant investments	—		—		20,465		20,465		—		—		18,360		18,360
Equity investments	Equity investments	10		—		9,331		9,341		82		—		6,049		6,131		Equity investments	3		—		9,559		9,562		82		—		6,049		6,131
Total investments	Total investments	$	10	$	—	$	402,837	$	402,847	$	82	$	—	$	343,902	$	343,984	Total investments	$	3	$	—	$	455,667	$	455,670	$	82	$	—	$	343,902	$	343,984

The following table shows information about Level 3 investments measured at fair value for the ~~six~~nine months ended ~~June~~September 30, 2022 and the year ended December 31, 2021. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.


Level 3 Investment Activity (in thousands)	Level 3 Investment Activity (in thousands)	For the Six Months Ended June 30, 2022								Level 3 Investment Activity (in thousands)	For the Nine Months Ended September 30, 2022
		Debt Investments		Warrant Investments		Equity Investments		Total Investments			Debt Investments		Warrant Investments		Equity Investments		Total Investments
Fair value as of December 31, 2021	Fair value as of December 31, 2021	$	319,493	$	18,360	$	6,049	$	343,902	Fair value as of December 31, 2021	$	319,493	$	18,360	$	6,049	$	343,902
Funding and purchases of investments, at cost	Funding and purchases of investments, at cost	114,037		1,179		3,135		118,351		Funding and purchases of investments, at cost	192,151		2,181		4,023		198,355
Principal payments and sale proceeds received from investments	Principal payments and sale proceeds received from investments	(63,851)		—		—		(63,851)		Principal payments and sale proceeds received from investments	(84,960)		—		—		(84,960)
Amortization and accretion of premiums and discounts, net and end-of term payments	Amortization and accretion of premiums and discounts, net and end-of term payments	3,973		—		—		3,973		Amortization and accretion of premiums and discounts, net and end-of term payments	6,958		—		—		6,958
Realized losses on investments	Realized losses on investments	—		(163)		—		(163)		Realized losses on investments	—		(164)		—		(164)
Net change in unrealized gains (losses) included in earnings	Net change in unrealized gains (losses) included in earnings	(1,876)		2,177		65		366		Net change in unrealized gains (losses) included in earnings	(8,217)		88		(595)		(8,724)
Payment-in-kind coupon	Payment-in-kind coupon	252		—		7		259		Payment-in-kind coupon	293		—		7		300
Transfers between investments	Transfers between investments	(75)		—		75		—		Transfers between investments	(75)		—		75		—
Gross transfers out of Level 3(1)	Gross transfers out of Level 3(1)	—		—		—		—		Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of June 30, 2022		$	371,953	$	21,553	$	9,331	$	402,837
Fair value as of September 30, 2022										Fair value as of September 30, 2022	$	425,643	$	20,465	$	9,559	$	455,667

Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2022		$	(2,430)	$	2,177	$	65	$	(188)
Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2022										Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2022	$	(8,772)	$	88	$	(595)	$	(9,279)


Level 3 Investment Activity (in thousands)	Level 3 Investment Activity (in thousands)	For the Six Months Ended June 30, 2021								Level 3 Investment Activity (in thousands)	For the Nine Months Ended September 30, 2021
		Debt Investments		Warrant Investments		Equity Investments		Total Investments			Debt Investments		Warrant Investments		Equity Investments		Total Investments
Fair value as of January 1, 2021		$	114,261	$	4,819	$	785	$	119,865
Fair value as of December 31, 2020										Fair value as of December 31, 2020	$	114,261	$	4,819	$	785	$	119,865
Funding and purchases of investments, at cost	Funding and purchases of investments, at cost	60,332		1,883		1,501		63,716		Funding and purchases of investments, at cost	151,872		4,214		3,362		159,448
Principal payments and sale proceeds received from investments	Principal payments and sale proceeds received from investments	(26,011)		—		—		(26,011)		Principal payments and sale proceeds received from investments	(45,885)		—		—		(45,885)
Amortization and accretion of premiums and discounts, net and end-of term payments	Amortization and accretion of premiums and discounts, net and end-of term payments	1,322		—		—		1,322		Amortization and accretion of premiums and discounts, net and end-of term payments	2,091		—		—		2,091
Realized gains on investments	Realized gains on investments	—		(12)		—		(12)		Realized gains on investments	—		(12)		—		(12)
Net change in unrealized gains (losses) included in earnings	Net change in unrealized gains (losses) included in earnings	(559)		1,493		84		1,018		Net change in unrealized gains (losses) included in earnings	(1,282)		5,099		165		3,982
Payment-in-kind coupon	Payment-in-kind coupon	71		—		—		71		Payment-in-kind coupon	180		—		—		180
Gross transfers out of Level 3(1)	Gross transfers out of Level 3(1)	—		—		—		—		Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of June 30, 2021		$	149,416	$	8,183	$	2,370	$	159,969
Fair value as of September 30, 2021										Fair value as of September 30, 2021	$	221,237	$	14,120	$	4,312	$	239,669

Net change in unrealized gains (losses) on Level 3 investments held as of December 31, 2021		$	(319)	$	1,493	$	84	$	1,258
Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2021										Net change in unrealized gains (losses) on Level 3 investments held as of September 30, 2021	$	(1,042)	$	5,089	$	165	$	4,212

_______________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the ~~six~~nine months ended ~~June~~September 30, 2022 or the ~~year~~nine months ended ~~December 31,~~September 30, 2021.

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

For the three months ended ~~June~~September 30, 2022 and ~~June~~September 30, 2021, the Company recognized a net realized ~~loss~~losses of $0.2 million and a de minimis amount of net realized ~~gain of $0.1 million,~~gains, respectively. For the ~~six~~nine months ended ~~June~~September 30, 2022 and ~~June~~September 30, 2021, the Company recognized a net realized ~~loss~~losses of ~~$1.4~~$1.6 million and a net realized ~~gain~~gains of ~~$0.1~~$0.2 million, respectively.

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

Net change in unrealized losses during the three months ended ~~June~~September 30, 2022 totaled ~~$1.5~~$9.0 million and net change in unrealized gains during the three months ended ~~June~~September 30, 2021 totaled ~~$1.1~~$2.9 million, resulting primarily from market rate adjustments and foreign currency adjustments. Net change in unrealized losses during the nine months ended September 30, 2022 totaled $8.7 million and net change in unrealized gains during the ~~six~~nine months ended ~~June 30, 2022 and June~~September 30, 2021 totaled ~~$0.3~~$4.2 million, ~~and $1.2 million, respectively,~~ resulting primarily from market rate adjustments and foreign currency adjustments. The following table shows a summary of quantitative information about the Level 3 fair value measurements of investments as of ~~June~~September 30, 2022 and December 31, 2021. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.

Level 3 Investments
(dollars in thousands)

June 30, 2022

Level 3 Investments
(dollars in thousands)

September 30, 2022

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

371,953

Discounted Cash Flows

Discount Rate

5.25% - 35.73%

15.98%

Debt investments

425,643

Discounted Cash Flows

Discount Rate

4.98% - 51.90%

17.13%

Warrant investments

21,553

Black Scholes Option Pricing Model

Revenue Multiples

0.46x - 56.90x

6.25x

Warrant investments

20,465

Black Scholes Option Pricing Model

Revenue Multiples

0.46x - 56.90x

7.13x

Volatility

45.00% - 90.00%

65.44%

Volatility

45.00% - 90.00%

64.83%

Term

1.00 - 5.50 Years

2.94 Years

Term

1.00 - 5.50 Years

3.55 Years

Risk Free Rate

0.15% - 3.02%

2.32%

Risk Free Rate

0.35% - 4.39%

3.83%

Equity investments

9,331

Black Scholes Option Pricing Model

Volatility

50.00% - 75.00%

61.99%

Equity investments

9,559

Black Scholes Option Pricing Model

Volatility

50.00% - 85.00%

61.47%

Term

2.50 - 4.00 Years

3.18 Years

Term

1.50 - 4.00 Years

3.18 Years

Risk Free Rate

0.35% - 3.00%

1.64%

Risk Free Rate

0.35% - 4.39%

2.18%

Revenue Multiples

1.70x - 20.50x

5.18x

Revenue Multiples

1.10x - 20.50x

5.33x

Total investments

402,837

Total investments

455,667

Level 3 Investments
(dollars in thousands)

December 31, 2021

Fair Value

Valuation Technique

Unobservable Inputs

Range

Weighted Average

Debt investments

319,493

Discounted Cash Flows

Discount Rate

4.10% - 27.86%

14.91%

Warrant investments

18,360

Black Scholes Option Pricing Model

Revenue Multiples

0.40x - 56.90x

7.68x

Volatility

45.00% - 80.00%

66.16%

Term

2.00 - 5.50 Years

3.67 Years

Risk Free Rate

0.15% - 1.31%

1.03%

EBITDA Multiples

6.14x - 25.07x

15.15x

Equity investments

6,049

Black Scholes Option Pricing Model

Volatility

50.00% - 80.00%

62.31%

Term

2.50 - 5.00 Years

3.40 Years

Risk Free Rate

0.35% - 1.12%

0.91%

Revenue Multiples

2.75x - 5.75x

6.60x

Total investments

343,902

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.

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.

~~As of each of June 30, 2022 and December 31, 2021, the Company had no loan repayment delinquencies and no realized losses on any of its debt investments.~~

Note 6. Borrowings

The following table shows the Company's outstanding debt as of ~~June~~September 30, 2022 and December 31, 2021:


Liability (in thousands)	Liability (in thousands)	June 30, 2022						December 31, 2021						Liability (in thousands)	September 30, 2022						December 31, 2021
		Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment			Total Commitment		Balance Outstanding		Unused Commitment		Total Commitment		Balance Outstanding		Unused Commitment
Revolving Credit Facility	Revolving Credit Facility	$	250,000	$	54,000	$	196,000	$	200,000	$	133,500	$	66,500	Revolving Credit Facility	$	250,000	$	96,000	$	154,000	$	200,000	$	133,500	$	66,500
2027 Notes	2027 Notes	75,000		75,000		—		—		—		—		2027 Notes	75,000		75,000		—		—		—		—
Total	Total	325,000		129,000		196,000		200,000		133,500		66,500		Total	$	325,000	$	171,000	$	154,000	$	200,000	$	133,500	$	66,500

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


Interest Expense and Amortization of Fees (in thousands)	Interest Expense and Amortization of Fees (in thousands)	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		Interest Expense and Amortization of Fees (in thousands)	For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Revolving Credit Facility	Revolving Credit Facility									Revolving Credit Facility
Interest cost	Interest cost	$	703	$	607	$	1,986	$	1,153	Interest cost	$	1,219	$	838	$	3,205	$	1,991
Unused fee	Unused fee	302		1,083		455		2,209		Unused fee	339		230		794		2,440
Amortization of costs and other fees	Amortization of costs and other fees	194		133		380		270		Amortization of costs and other fees	219		222		600		492
Revolving Credit Facility Total	Revolving Credit Facility Total	$	1,199	$	1,823	$	2,821	$	3,632	Revolving Credit Facility Total	$	1,777	$	1,290	$	4,599	$	4,923

2027 Notes	2027 Notes									2027 Notes
Interest cost	Interest cost	$	1,026	$	—	$	1,026	$	—	Interest cost	$	1,099	$	—	$	2,124	$	—
Amortization of costs and other fees	Amortization of costs and other fees	37		—		37		—		Amortization of costs and other fees	41		—		78		—
2027 Notes Total	2027 Notes Total	$	1,063	$	—	$	1,063	$	—	2027 Notes Total	$	1,140	$	—	$	2,202	$	—

Total interest expense and amortization of fees	Total interest expense and amortization of fees	$	2,262	$	1,823	$	3,884	$	3,632	Total interest expense and amortization of fees	$	2,917	$	1,290	$	6,801	$	4,923

Credit Facility

On July 15, 2020, the Company’s wholly-owned subsidiary, the Financing Subsidiary, as the borrower, entered into a secured revolving credit facility (as amended, the “Credit Facility”) pursuant to a Receivables Financing Agreement (the “Receivables Financing Agreement”), by and among the Financing Subsidiary, the Company, individually and as collateral manager and as equityholder, the lenders from time to time party thereto, Deutsche Bank AG, New York Branch (“DBNY”), as the facility agent, DBNY and MUFG Union Bank, N.A. (“MUFG”), as joint lead arrangers, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, the custodian party thereto, and Vervent Inc., as backup collateral manager. Commitments available ~~under the Credit Facility~~ total ~~$200~~$250.0 million from four lenders—DBNY, MUFG, KeyBank National Association (“KeyBank”) and TIAA, FSB—subject to an accordion feature, which allows the Financing Subsidiary to request an increase in the size of the Credit Facility to an amount not to exceed $400 million (including by adding additional lenders under the Credit Facility), subject to certain conditions and the consent of the lenders. The Credit Facility is collateralized by all of the assets of the Financing Subsidiary, including the loans and other investments acquired by the Financing Subsidiary from time to time and collections thereon.

The revolving period under the Credit Facility is scheduled to expire on July 15, 2023, subject to an extension with the consent of the lenders and early termination if an event of default or other adverse events, specified in the Receivables Financing Agreement, occur. The scheduled maturity date for the Credit Facility is January 15, 2025, 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. ~~After a recent amendment, advances~~Advances under the Credit Facility accrue interest at a per annum rate equal to the applicable margin plus (i) the greater of 3-month Term SOFR and 0.50% and (ii) the credit spread adjustment, and isare subject to certain minimum principal utilization amounts during the revolving period. The applicable margin is equal to 3.00% during the revolving period and increases to 4.00% during the amortization period. The credit spread adjustment is equal to 0.15%.

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.

4142

As of ~~June~~September 30, 2022 and December 31, 2021, the Company had outstanding borrowings under the Credit Facility of ~~$54.0~~$96.0 million and $133.5 million, respectively, excluding deferred credit facility costs of ~~$2.1~~$1.9 million and $2.1 million, respectively, which are included as assets in the Company’s consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 in the fair value hierarchy if determined as of the reporting date. During the three months ended ~~June~~September 30, 2022 and 2021, the Company had average outstanding borrowings under the Credit Facility of ~~$54.0~~$72.8 million and ~~$49.5~~$74.9 million, respectively, at a weighted average interest rate of ~~4.18%~~5.68% and ~~4.00%~~3.50%, respectively. During the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021, the Company had average outstanding borrowings under the Credit Facility of ~~$85.9~~$81.5 million and ~~$47.3~~$56.6 million, respectively, at a weighted average interest rate of ~~3.85%~~4.66% and ~~4.0%~~3.90%, respectively. As of ~~June~~September 30, 2022 and December 31, 2021, ~~$278.3~~$274.9 million and $310.2 million, respectively, of the Company’s assets were pledged for borrowings under the Credit Facility. As of ~~June~~September 30, 2022 and December 31, 2021, the Company was in compliance with all covenants 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 ~~by the Company~~ 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 will be due semiannually on April 6 and October 6 each year, beginning on October 6, 2022. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $219.8 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.

The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes ~~$0.9~~$0.8 million of deferred issuance cost as of ~~June~~September 30, 2022, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. The book value of the 2027 Notes approximates fair value and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date.

The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of ~~June~~September 30, 2022 and December 31, 2021:


Liability (in thousands)	Liability (in thousands)	June 30, 2022								December 31, 2021								Liability (in thousands)	September 30, 2022								December 31, 2021
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Credit Facility	Credit Facility	$	—	$	—	$	54,000	$	54,000	$	—	$	—	$	133,500	$	133,500	Credit Facility	$	—	$	—	$	96,000	$	96,000	$	—	$	—	$	133,500	$	133,500
2027 Notes	2027 Notes	—		—		74,118		74,118		—		—		—		—		2027 Notes	—		—		74,152		74,152		—		—		—		—
Total	Total	$	—	$	—	$	128,118	$	128,118	$	—	$	—	$	133,500	$	133,500	Total	$	—	$	—	$	170,152	$	170,152	$	—	$	—	$	133,500	$	133,500

4243

Note 7. Commitments and Contingencies

Commitments

As of ~~June~~September 30, 2022 and December 31, 2021, the Company’s unfunded commitments totaled ~~$286.6~~$211.6 million to 8174 portfolio companies and $331.7 million to 55 portfolio companies, respectively, of which ~~$111.4~~$89.4 million and $115.5 million, respectively, was 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 table below shows the Company’s unfunded commitments by portfolio company as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022				December 31, 2021					September 30, 2022				December 31, 2021
Unfunded Commitments(1) (in thousands)	Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Calibrate Health, Inc.		$	15,000	$	196	$	15,000	$	196
Canvas Construction, Inc.		14,500		38		14,500		38
Levels Health Inc.	Levels Health Inc.	14,273		106		14,273		106		Levels Health Inc.	$	14,273	$	106	$	14,273	$	106
Ever/Body Inc.	Ever/Body Inc.	13,250		179		13,250		149		Ever/Body Inc.	13,250		179		13,250		149
Morty, Inc.	Morty, Inc.	12,000		103		12,000		135		Morty, Inc.	12,000		103		12,000		135
Embed Financial Technologies, Inc.	Embed Financial Technologies, Inc.	10,000		60		10,000		110		Embed Financial Technologies, Inc.	8,750		48		10,000		110
Workstep Inc.										Workstep Inc.	8,000		22		8,000		22
Homeward, Inc.										Homeward, Inc.	8,000		104		8,000		104
Cardless, Inc.										Cardless, Inc.	8,000		—		8,000		—
Canvas Construction, Inc.										Canvas Construction, Inc.	8,000		—		14,500		38
The Aligned Company										The Aligned Company	7,000		43		7,000		—
Sidecar Health, Inc.										Sidecar Health, Inc.	7,000		70		7,000		70
Karat Financial Technologies, Inc.										Karat Financial Technologies, Inc.	6,990		76		6,990		76
Certamen Ventures, Inc.										Certamen Ventures, Inc.	5,055		16		5,055		16
Well Dot, Inc.										Well Dot, Inc.	5,000		75		4,000		66
Eightfold AI Inc.										Eightfold AI Inc.	5,000		—		5,000		—
Curology, Inc.										Curology, Inc.	5,000		—		5,000		—
Calibrate Health, Inc.										Calibrate Health, Inc.	5,000		—		15,000		196
Activehours, Inc.										Activehours, Inc.	5,000		29		5,000		29
Merama Inc.										Merama Inc.	3,644		511		3,644		511
Flashparking, Inc.										Flashparking, Inc.	3,490		102		3,837		112
JOKR										JOKR	3,469		241		3,740		257
RenoRun, Inc.										RenoRun, Inc.	3,400		130		3,400		130
Forum Brands, Inc.										Forum Brands, Inc.	3,262		117		7,771		278
Vestwell Holdings, Inc.										Vestwell Holdings, Inc.	3,000		10		10,000		89
Quantum Circuits, Inc.										Quantum Circuits, Inc.	3,000		57		—		—
Loft Orbital Solutions Inc.										Loft Orbital Solutions Inc.	3,000		63		—		—
Good Eggs, Inc.										Good Eggs, Inc.	3,000		—		6,000		30
Path Robotics, Inc.										Path Robotics, Inc.	2,526		72		7,000		200
Elodie Games, Inc.										Elodie Games, Inc.	2,500		—		7,000		93
True Footage, Inc.										True Footage, Inc.	2,494		69		5,695		107
Ribbon Home, Inc.	Ribbon Home, Inc.	10,000		40		13,000		40		Ribbon Home, Inc.	2,000		—		13,000		40
Vestwell Holdings, Inc.		10,000		89		10,000		89
Cardless, Inc.		8,000		—		8,000		—
Homeward, Inc.		8,000		104		8,000		104
The Pill Club Holdings, Inc.		8,000		141		8,000		104
Workstep Inc.		8,000		22		8,000		22
Elodie Games, Inc.		7,000		93		7,000		93
Redfish Labs, Inc.	Redfish Labs, Inc.	7,000		31		15,000		96		Redfish Labs, Inc.	2,000		31		15,000		96
Sidecar Health, Inc.		7,000		70		7,000		70
The Aligned Company		7,000		—		7,000		—
Karat Financial Technologies, Inc.		6,990		76		6,990		76
Cherry Technologies Inc.		5,500		—		14,000		163
Certamen Ventures, Inc.		5,055		16		5,055		16
Activehours, Inc.		5,000		29		5,000		29
Curology, Inc.		5,000		—		5,000		—
Eightfold AI Inc.		5,000		—		5,000		—
Well Dot, Inc.		5,000		75		4,000		66
Forum Brands, Inc.		4,972		178		7,771		278
Blueboard Inc.		4,000		25		4,000		25
Idelic, Inc.		4,000		56		4,000		56
JOKR		3,740		257		3,740		257
Merama Inc.		3,644		511		3,644		511
Kobold Metals		3,500		90		3,500		90
Flashparking, Inc.		3,490		102		3,837		112
RenoRun, Inc.		3,400		130		3,400		130
Path Robotics, Inc.		3,232		92		7,000		200
Good Eggs, Inc.		3,000		—		6,000		30
Quantum Circuits, Inc.		3,000		57		—		—
True Footage, Inc.		2,794		77		5,695		107
YDC Inc.		2,600		39		2,600		39
Petfolk Inc.										Petfolk Inc.	2,000		38		—		—
Trueskin GmbH										Trueskin GmbH	1,959		18		—		—
Relay Commerce, Inc.										Relay Commerce, Inc.	1,925		52		—		—
Manufactured Networks, Inc.										Manufactured Networks, Inc.	1,850		24		—		—
Elsker, Inc.										Elsker, Inc.	1,750		—		2,750		19
Phantom Auto, Inc.										Phantom Auto, Inc.	1,500		—		1,500		—
Jerry Services, Inc.										Jerry Services, Inc.	1,500		7		—		—
Flink SE	Flink SE	2,500		73		—		—		Flink SE	1,250		35		—		—
Demain ES		2,090		26		2,268		25
Trueskin GmbH		2,090		19		—		—
One Vet Inc.		2,000		25		—		—
Manufactured Networks, Inc.		1,956		25		—		—
Tempo Interactive Inc.		1,875		—		7,500		53
Elsker, Inc.		1,750		—		2,750		19
Baby Generation, Inc.										Baby Generation, Inc.	1,250		17		—		—
Overtime Sports, Inc.										Overtime Sports, Inc.	1,143		8		—		—
Dance GmbH										Dance GmbH	1,045		24		—		—

4344


		June 30, 2022				December 31, 2021					September 30, 2022				December 31, 2021
Unfunded Commitments(1) (in thousands)	Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Jerry Services, Inc.		1,500		7		—		—
Phantom Auto, Inc.		1,500		—		1,500		—
Dance GmbH		1,393		63		—		—
Flo Health UK Limited		1,333		26		—		—
Baby Generation, Inc.		1,250		17		—		—
Overtime Sports, Inc.		1,143		3		—		—
Wispr AI, Inc.										Wispr AI, Inc.	1,000		4		—		—
Tripscout, Inc.										Tripscout, Inc.	1,000		12		1,000		12
Substack, Inc.										Substack, Inc.	1,000		13		—		—
Strata Identity, Inc.										Strata Identity, Inc.	1,000		12		1,000		12
Parker Group, Inc.										Parker Group, Inc.	1,000		—		—		—
Pair Eyewear, Inc.										Pair Eyewear, Inc.	1,000		10		—		—
Mystery Tackle Box, Inc.										Mystery Tackle Box, Inc.	1,000		—		—		—
Mynd Management, Inc.										Mynd Management, Inc.	1,000		—		—		—
Homelight, Inc.										Homelight, Inc.	1,000		9		—		—
Found Health, Inc.										Found Health, Inc.	1,000		6		—		—
Encore Music Technologies, Inc.										Encore Music Technologies, Inc.	1,000		—		—		—
Dia Styling Co.										Dia Styling Co.	1,000		—		—		—
Cart.com, Inc.										Cart.com, Inc.	1,000		18		—		—
Blueboard Inc.										Blueboard Inc.	1,000		—		4,000		25
Belong Home, Inc.										Belong Home, Inc.	1,000		16		—		—
Athletic Greens (USA), Inc.										Athletic Greens (USA), Inc.	1,000		9		—		—
Angle Health, Inc.	Angle Health, Inc.	1,000		29		—		—		Angle Health, Inc.	1,000		29		—		—
Athletic Greens (USA), Inc.		1,000		9		—		—
Belong home, Inc.		1,000		16		—		—
Cart.com, Inc.		1,000		18		—		—
Dia Styling Co.		1,000		—		—		—
Don’t Run Out, Inc.		1,000		—		1,000
Encore Music Technologies, Inc.		1,000		15		—		—
Found Health, Inc.		1,000		6		—		—
Immersive Group Gaming, Ltd.		1,000		—		1,000		—
MCN Investments Ltd.		1,000		27		—		—
Mynd Management, Inc.		1,000		—		—		—
Mystery Tackle Box, Inc.		1,000		14		—		—
Parker Group, Inc.		1,000		9		—		—
Strata Identity, Inc.		1,000		12		1,000		12
Tripscout, Inc.		1,000		12		1,000		12
Wispr AI, Inc.		1,000		4		—		—
Project 1920, Inc.		775		13		—		—
Construction Finance Corporation										Construction Finance Corporation	997		29		—		—
Untitled Labs, Inc.										Untitled Labs, Inc.	583		7		—		—
Ephemeral Solutions, Inc.	Ephemeral Solutions, Inc.	667		15		—		—		Ephemeral Solutions, Inc.	556		12		—		—
Untitled Labs, Inc.		583		7		—		—
Quick Commerce, Ltd.										Quick Commerce, Ltd.	500		10		—		—
Metropolis Technologies, Inc.										Metropolis Technologies, Inc.	500		—		—		—
Worldwide Freight Logistics Ltd.	Worldwide Freight Logistics Ltd.	535		36		—		—		Worldwide Freight Logistics Ltd.	490		17		—		—
Dumpling, Inc.		500		11		500		11
Metropolis Technologies, Inc.		500		—		—		—
Quick Commerce, Ltd.		500		36		—		—
Everdrop GmbH	Everdrop GmbH	453		5		—		—		Everdrop GmbH	425		14		—		—
NX Foods GMBH	NX Foods GMBH	412		8		—		—		NX Foods GMBH	412		8		—		—
Underground Enterprises, Inc.		375		1		—		—
Foodology, Inc.	Foodology, Inc.	372		10		—		—		Foodology, Inc.	372		10		—		—
MCN Investments Ltd.										MCN Investments Ltd.	200		5		—		—
Flo Health UK Limited										Flo Health UK Limited	173		3		—		—
Allplants LTD										Allplants LTD	89		3		1,160		44
YDC Inc.										YDC Inc.	—		—		2,600		39
VanMoof Global Holding B.V.										VanMoof Global Holding B.V.	—		—		810		24
Trendly, Inc.										Trendly, Inc.	—		—		1,000		—
Tempo Interactive Inc.										Tempo Interactive Inc.	—		—		7,500		53
Project 1920, Inc.										Project 1920, Inc.	—		1		—		—
Nate, Inc.										Nate, Inc.	—		—		8,000		155
Nakdcom One World AB	Nakdcom One World AB	314		26		—		—		Nakdcom One World AB	—		—		—		—
Material Technologies Corporation										Material Technologies Corporation	—		—		5,000		206
Leolabs, Inc.										Leolabs, Inc.	—		141		—		—
Kobold Metals										Kobold Metals	—		—		3,500		90
Kasa Living, Inc.										Kasa Living, Inc.	—		—		5,000		79
Immersive Group Gaming, Ltd.										Immersive Group Gaming, Ltd.	—		—		1,000		—
Idelic, Inc.										Idelic, Inc.	—		—		4,000		56
HI LLC										HI LLC	—		—		2,500		—
Hey Favor, Inc.										Hey Favor, Inc.	—		—		8,000		104
Feather Home, Inc.										Feather Home, Inc.	—		—		1,000		—
Elektra Mobility, Inc.	Elektra Mobility, Inc.	200		2		—		—		Elektra Mobility, Inc.	—		—		—		—
Allplants LTD		97		4		1,160		44
Dumpling, Inc.										Dumpling, Inc.	—		—		500		11
Don’t Run Out, Inc.										Don’t Run Out, Inc.	—		—		1,000
Demain ES										Demain ES	—		—		2,268		25
Cherry Technologies Inc.										Cherry Technologies Inc.	—		—		14,000		163
Arcadia Power, Inc.										Arcadia Power, Inc.	—		—		10,000		25
Appex Group, Inc.										Appex Group, Inc.	—		—		8,000		9
Alyk, Inc.	Alyk, Inc.	—		—		500		—		Alyk, Inc.	—		—		500		—
Appex Group, Inc.		—		—		8,000		9
Arcadia Power, Inc.		—		—		10,000		25
Feather Home, Inc.		—		—		1,000		—
HI LLC		—		—		2,500		—
Kasa Living, Inc.		—		—		5,000		79
Leolabs, Inc.		—		141		—		—
Material Technologies Corporation		—		—		5,000		206
Nate, Inc.		—		—		8,000		155
Trendly, Inc.		—		—		1,000		—
VanMoof Global Holding B.V.		—		—		810		24
Total	Total	$	286,603	$	3,852	$	331,743	$	4,211	Total	$	211,572	$	2,895	$	331,743	$	4,211

_______________

(1)Does not include $6.3 million and $1.3 million backlog of potential future commitments as of ~~June~~September 30, 2022 and December 31, 2021, respectively. 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:


Commitments Activity (in thousands)	Commitments Activity (in thousands)	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		Commitments Activity (in thousands)	For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Unfunded commitments at beginning of period(1)	Unfunded commitments at beginning of period(1)	$	309,160	$	108,263	$	332,993	$	88,956	Unfunded commitments at beginning of period(1)	$	292,851	$	148,782	$	332,993	$	88,956
New commitments(1)	New commitments(1)	50,123		84,030		84,452		127,733		New commitments(1)	24,179		161,391		108,632		289,124
Fundings	Fundings	(63,040)		(37,351)		(111,127)		(61,727)		Fundings	(80,491)		(93,597)		(191,618)		(155,324)
Expirations / Terminations	Expirations / Terminations	(3,582)		(2,500)		(13,082)		(2,500)		Expirations / Terminations	(18,375)		(14,250)		(31,457)		(16,750)
Foreign currency adjustments	Foreign currency adjustments	192		90		(383)		70		Foreign currency adjustments	(342)		(55)		(728)		15
Unfunded commitments and backlog of potential future commitments at end of period	Unfunded commitments and backlog of potential future commitments at end of period	$	292,853	$	152,532	$	292,853	$	152,532	Unfunded commitments and backlog of potential future commitments at end of period	$	217,822	$	202,271	$	217,822	$	206,021
Backlog of potential future commitments	Backlog of potential future commitments	6,250		3,750		6,250		3,750		Backlog of potential future commitments	6,250		—		6,250		3,750
Unfunded commitments at end of period	Unfunded commitments at end of period	$	286,603	$	148,782	$	286,603	$	148,782	Unfunded commitments at end of period	$	211,572	$	202,271	$	211,572	$	202,271

_______________

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

The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of ~~June~~September 30, 2022 and December 31, 2021:


Unfunded Commitments(1) (in thousands)	Unfunded Commitments(1) (in thousands)	June 30, 2022		December 31, 2021		Unfunded Commitments(1) (in thousands)	September 30, 2022		December 31, 2021
Dependent on milestones	Dependent on milestones	$	111,353	$	115,545	Dependent on milestones	$	89,355	$	115,545
Expiring during:	Expiring during:					Expiring during:
2022	2022	$	160,050	$	196,300	2022	$	85,547	$	196,300
2023	2023	107,159		135,443		2023	101,635		135,443
2024	2024	18,250		—		2024	23,247		—
2025	2025	1,144		—		2025	1,143		—
Unfunded commitments	Unfunded commitments	$	286,603	$	331,743	Unfunded commitments	$	211,572	$	331,743

_______________

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

Backlog of Potential Future Commitments

The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of ~~June~~September 30, 2022 and December 31, 2021, this backlog of potential future commitments totaled $6.3 million and $1.3 million, respectively.

Note 8. Financial Highlights

The following table shows the financial highlights for the ~~six~~nine months ended ~~June~~September 30, 2022 and ~~June~~September 30, 2021:

4546


Financial Highlights (in thousands, except share and per share data)	Financial Highlights (in thousands, except share and per share data)	For the Six Months Ended June 30, 2022			For the Six Months Ended June 30, 2021			Financial Highlights (in thousands, except share and per share data)	For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
Per Share Data(1)	Per Share Data(1)							Per Share Data(1)
Net asset value at beginning of period	Net asset value at beginning of period	$	15.67		$	15.08		Net asset value at beginning of period	$	15.67		$	15.08
Changes in net asset value due to:	Changes in net asset value due to:							Changes in net asset value due to:
Net investment income	Net investment income	0.89			0.46			Net investment income	1.46			0.76
Net realized gains/(losses) on investments	Net realized gains/(losses) on investments	(0.06)			0.02			Net realized gains/(losses) on investments	(0.09)			0.02
Net change in unrealized gains on investments	Net change in unrealized gains on investments	0.02			0.17			Net change in unrealized gains on investments	(0.47)			0.57
Distribution to preferred shareholders	Distribution to preferred shareholders	—			—			Distribution to preferred shareholders	—			—
Distribution to common shareholders	Distribution to common shareholders	(0.33)			(0.30)			Distribution to common shareholders	(0.73)			(0.60)
Net asset value at end of period	Net asset value at end of period	$	16.19		$	15.43		Net asset value at end of period	$	15.84		$	15.83

Net investment income per common share	Net investment income per common share	$	0.89		$	0.46		Net investment income per common share	$	1.46		$	0.76
Net increase in net assets resulting from operations per common share	Net increase in net assets resulting from operations per common share	$	0.83		$	0.64		Net increase in net assets resulting from operations per common share	$	0.87		$	1.34
Weighted average shares of common stock outstanding for period	Weighted average shares of common stock outstanding for period	17,263,099			7,403,803			Weighted average shares of common stock outstanding for period	17,586,418			7,545,580
Shares of common stock outstanding at end of period	Shares of common stock outstanding at end of period	18,222,514			7,729,938			Shares of common stock outstanding at end of period	18,222,514			9,673,888

Ratios / Supplemental Data(2)	Ratios / Supplemental Data(2)							Ratios / Supplemental Data(2)
Net asset value at end of period	Net asset value at end of period	$	295,486		$	119,830		Net asset value at end of period	$	289,216		$	153,635
Average net asset value	Average net asset value	$	274,922		$	112,606		Average net asset value	$	281,117		$	118,336
Total return based on net asset value per share(3)	Total return based on net asset value per share(3)	5.4		%	4.3		%	Total return based on net asset value per share(3)	3.2		%	8.9		%
Net investment income to average net asset value(4)	Net investment income to average net asset value(4)	11.3		%	6.1		%	Net investment income to average net asset value(4)	12.2		%	6.5		%
Net increase in net assets to average net asset value(4)	Net increase in net assets to average net asset value(4)	10.5		%	8.5		%	Net increase in net assets to average net asset value(4)	7.3		%	11.5		%
Ratio of expenses to average net asset value(4)	Ratio of expenses to average net asset value(4)	8.4		%	10.8		%	Ratio of expenses to average net asset value(4)	8.3		%	11.7		%
Operating expenses excluding incentive fees to average net asset value(4)	Operating expenses excluding incentive fees to average net asset value(4)	5.7		%	10.3		%	Operating expenses excluding incentive fees to average net asset value(4)	6.1		%	9.4		%
Income incentive fees to average net asset value(4)	Income incentive fees to average net asset value(4)	2.8		%	0.1		%	Income incentive fees to average net asset value(4)	2.9		%	1.0		%
Capital gains incentive fees to average net asset value(4)	Capital gains incentive fees to average net asset value(4)	(0.2)		%	0.4		%	Capital gains incentive fees to average net asset value(4)	(0.7)		%	1.4		%

_____________

(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.

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average portfolio yield on total debt investments ~~shown below is~~ for the ~~six~~nine months ended ~~June~~September 30, 2022 and ~~June~~September 30, 2021:


Ratios (Percentages, on an annualized basis)(1)	Ratios (Percentages, on an annualized basis)(1)	For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		Ratios (Percentages, on an annualized basis)(1)	For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Weighted average annualized portfolio yield on total debt investments(2)	Weighted average annualized portfolio yield on total debt investments(2)	15.3	%	15.1	%	Weighted average annualized portfolio yield on total debt investments(2)	15.6	%	15.2	%
Coupon income	Coupon income	10.3	%	10.4	%	Coupon income	10.8	%	10.4	%
Accretion of discount	Accretion of discount	1.2	%	1.0	%	Accretion of discount	1.2	%	1.0	%
Accretion of end-of-term payments	Accretion of end-of-term payments	2.2	%	2.7	%	Accretion of end-of-term payments	2.1	%	2.6	%
Impact of prepayments during the period	Impact of prepayments during the period	1.6	%	1.0	%	Impact of prepayments during the period	1.5	%	1.2	%

_____________

(1)Weighted average portfolio yields on total 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.

(2)The weighted average portfolio yields on total 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:

4647


Basic and Diluted Share Information (in thousands, except share and per share data)	Basic and Diluted Share Information (in thousands, except share and per share data)	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		Basic and Diluted Share Information (in thousands, except share and per share data)	For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Net investment income	Net investment income	$	8,134	$	2,051	$	15,432	$	3,415	Net investment income	$	10,264	$	2,376	$	25,696	$	5,791
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	6,420	$	3,269	$	14,300	$	4,772	Net increase in net assets resulting from operations	$	1,034	$	5,364	$	15,334	$	10,135
Basic and diluted weighted average shares of common stock outstanding	Basic and diluted weighted average shares of common stock outstanding	18,222,514		7,622,710		17,263,099		7,403,803		Basic and diluted weighted average shares of common stock outstanding	18,222,514		7,824,510		17,586,418		7,545,580
Basic and diluted net investment income per share of common stock	Basic and diluted net investment income per share of common stock	$	0.45	$	0.27	$	0.89	$	0.46	Basic and diluted net investment income per share of common stock	$	0.56	$	0.30	$	1.46	$	0.76
Basic and diluted net increase in net assets resulting from operations per share of common stock	Basic and diluted net increase in net assets resulting from operations per share of common stock	$	0.35	$	0.43	$	0.83	$	0.64	Basic and diluted net increase in net assets resulting from operations per share of common stock	$	0.06	$	0.68	$	0.87	$	1.34

Note 10. Equity

During the three months ended ~~June~~September 30, 2022, the Company did not issue any share of common stock. During the three months ended ~~June~~September 30, 2021, the Company issued ~~226,924~~1,934,950 shares of common stock at a weighted-average price of ~~$15.15,~~$15.82, through the Company’s private placement offering, resulting in gross proceeds to the Company of ~~$3.5~~$30.8 million.

During the ~~six~~nine months ended ~~June~~September 30, 2022 and 2021, the Company issued 4,230,678 and ~~728,271~~2,672,211 shares of common stock at a weighted-average price of $15.88 and ~~$15.10,~~$15.62, respectively, through the Company’s private placement offering, resulting in gross proceeds to the Company of $67.5 million and ~~$11.2~~$42.0 million, respectively.

As of ~~June~~September 30, 2022 and December 31, 2021, the Company had 18,222,514 and 13,991,836 shares of common stock outstanding, respectively. As of both ~~June~~September 30, 2022 and December 31, 2021, the Company had 525 shares of its Series A preferred stock outstanding. As of ~~June~~September 30, 2022, the Company has received ~~$282.9~~$282.4 million of gross proceeds from its private offering of common stock.

During the ~~six~~nine months ended ~~June~~September 30, 2022, the Company received $50.0 million of capital commitments to purchase shares of the Company’s common stock pursuant to a subscription agreement. As of ~~June~~September 30, 2022, the Company had received capital commitments totaling $386.8 million, of which $104.4 million remained available.

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, 2021 and December 31, 2020, 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 $32,000 for the year ended December 31, 2021.

The following table shows the Company’s cash distributions per common share that have been authorized by the Board since commencement of operations to ~~June~~September 30, 2022.

Period Ended Date Declared Record Date Payment Date Per Share Amount
December 31, 2020 November 12, 2020 November 13, 2020 November 20, 2020 $ 0.15
December 31, 2020 December 21, 2020 December 22, 2020 December 30, 2020 0.30
December 31, 2020 December 21, 2020 December 22, 2020 December 30, 2020 0.14 (1)
June 30, 2021 May 12, 2021 May 13, 2021 May 19, 2021 0.30
September 30, 2021 August 11, 2021 August 13, 2021 August 27, 2021 0.30
December 31, 2021 October 29, 2021 November 1, 2021 November 12, 2021 0.30
December 31, 2021 December 8, 2021 December 10, 2021 December 29, 2021 0.30
December 31, 2021 December 8, 2021 December 10, 2021 December 29, 2021 0.10 (2)
March 31, 2022 April 28, 2022 May 13, 2022 May 19, 2022 0.33
Total cash distributions $ 2.22

Date Declared

Record Date

Payment Date

Per Share Amount

November 12, 2020

November 13, 2020

November 20, 2020

0.15

December 21, 2020

December 22, 2020

December 30, 2020

0.30

December 21, 2020

December 22, 2020

December 30, 2020

0.14

(1)

May 12, 2021

May 13, 2021

May 19, 2021

0.30

August 11, 2021

August 13, 2021

August 27, 2021

0.30

October 29, 2021

November 1, 2021

November 12, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.30

December 8, 2021

December 10, 2021

December 29, 2021

0.10

(2)

April 28, 2022

May 13, 2022

May 19, 2022

0.33

July 26, 2022

August 5, 2022

August 26, 2022

0.40

Total cash distributions

2.62

_____________

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

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

It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company’s consolidated statements of operations during the three and ~~six~~nine months ended ~~June~~September 30, 2022. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or defer the payment of distributions associated with the excess taxable income for future calendar years.

Note 12. Subsequent Events

Distribution

On ~~July 27,~~October 28, 2022, the Board declared a $0.40 per share distribution to the Company’s common stockholders, payable on ~~August 26,~~November 11, 2022 to stockholders of record on ~~August 5,~~November 1, 2022.

4849

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

The information contained in this section should be read in conjunction with our consolidated financial statements and related notes and schedules thereto appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “the Company”, “we”, “us”, and “our” refer to TriplePoint Private Venture Credit Inc. and its subsidiaries.

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q include statements as to:

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

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

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

•the impact and timing of our unfunded commitments;

•the expected market for venture capital investments;

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

•the impact of investments that we expect to make;

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

•our contractual arrangements and relationships with third parties;

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

•our expected financings and investments;

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

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

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

•the adequacy of our 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; and

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

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

•changes in laws and regulations, changes in political, economic or industry conditions, and changes in the interest rate environment or other conditions affecting the financial and capital markets, including ~~with respect to changes resulting from or in response to, or potentially even~~ the ~~absence~~slowing economy, rising inflation and risk of ~~changes as a result of, the impact of the COVID-19 pandemic;~~recession;

•the length and duration of the COVID-19 outbreak in the United States as well as worldwide, and the magnitude of its impact and time required for economic recovery, including with respect to the impact of travel restrictions and other isolation and quarantine measures on the ability of the Adviser’s investment professionals to conduct in-person diligence on, and otherwise monitor, existing and future investments;recovery;

•an economic downturn and the time period required for robust economic recovery therefrom, including relating to the COVID-19 pandemic, which has already generally had a material impact on our portfolio companies’ results of operations and financial condition and will likely continue to have a material impact on our portfolio companies’ results of operations and financial condition, for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

•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 ~~including as a result of the impact and duration of the COVID-19 pandemic,~~ could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

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

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and

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

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

Overview

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

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

Our investment objective is to maximize our total return to shareholders primarily in the form of current income from our secured loans, and secondarily through capital gains from equity “kickers” in the form of warrants and direct equity investments.

COVID-19 Developments

The COVID-19 pandemic, and the related effect on the U.S. and global economies, including the uncertainty associated with the timing and likelihood of economic recovery, has had adverse consequences for the business operations of some of our portfolio companies, may adversely affect our operations, and threatens to continue to adversely affect, the operations of the Adviser.

Due to the ongoing adverse effects of the COVID-19 pandemic, we expect that certain of our portfolio companies will experience financial distress and, depending on the duration of the COVID-19 pandemic and the extent of its disruption to operations, certain of our portfolio companies may default on their financial obligations to us and their other capital providers. In addition, as a result of the adverse effects of the COVID-19 pandemic and the related disruption and financial distress, certain portfolio companies may seek to modify their loans from us, which could reduce the amount or extend the time for payment of principal, reduce the rate or extend the time of payment of interest, and/orAny significant increase the amount of PIK interest we receive with respect to such investment, among other things. The effects of the COVID-19 pandemic have impeded, and may continue to impede, the ability of certain of our portfolio companies to raise additional capital and/or pursue asset sales or otherwise execute strategic transactions, which could have a material adverse effect on the valuation of our investments in such companies. Portfolio companies operating in certain industries may be more susceptible to these risks than other portfolio companies in other industries in light of the effects of the COVID-19 pandemic. Some of our portfolio companies previously took steps to significantly reduce, modify, or alter business strategies and operations, and we expect that additional portfolio companies may take similar steps if subjected to prolonged and severe financial distress, which may impair their business on a permanent basis. In addition, in part due to the ongoing adverse effects of the COVID-19 pandemic, there can be no assurance that future equity rounds completed by our portfolio companies will be at levels greater than or equal to previous rounds, which may result in net unrealized depreciation on our warrant and equity portfolio in future periods.

As of June 30, 2022, we are permitted under the 1940 Act, as a BDC, to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. The Credit Facility also includes certain covenants, including without limitation, a covenant requiring 150% asset coverage in accordance with the 1940 Act. Any significant aggregate unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the COVID-19 pandemic or otherwise increases the risk of failing to meet the 1940 Act asset coverage requirements and breaching covenants under the Credit Facility, or under the governing agreement for the 2027 Notes, or otherwise triggering an event of default under our borrowing arrangements. Any such breach of covenant or event of default, if we are not able to obtain a waiver from the required lenders or debt holders, would have a material adverse effect on our business, liquidity, financial condition, results of operations and ability to pay distributions to our stockholders. See “Risk Factors” in this Quarterly Report on Form 10-Q and “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 for more information. As of ~~June~~September 30, 2022, we were in compliance with the asset coverage requirements under the 1940 Act and ~~were not in breach of any~~with our covenants under the Credit ~~Facility. We do not expect to breach any of these covenants in~~Facility and under the ~~near term assuming that conditions do not materially deteriorate~~governing agreement for ~~a prolonged period of time.~~the 2027 Notes.

We will continue to monitor the evolving situation relating to the COVID-19 pandemic and related guidance from U.S. and international authorities, including federal, state and local public health authorities. Given the dynamic nature of this situation and the fact that there may be developments outside of our control that require us or our portfolio companies to adjust plans of operation, we cannot reasonably estimate the full impact of COVID-19 on our financial condition, results of operations or cash flows in the future. However, it could have a material adverse impact for a prolonged period of time on our future net investment income, the fair value of our portfolio investments, and our and our portfolio companies’ respective results of operations and financial condition. See “Risk Factors” in this Quarterly Report on Form 10-Q, and in our other filings with the SEC that we make from time to time, for more information.

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, equipment financings and, on a select basis, 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% above the current U.S. prime rate to 10%, in each case, with potential for higher returns in the event we are able to exercise warrant investments and realize gains or sell our related equity investments at a profit. We make investments that our Adviser’s senior investment team believes have a low probability of loss due to their expertise and either the existence of or the near-term potential for strong revenue or revenue growth, product validation, customer commitments, intellectual property, financial condition and enterprise value of the potential opportunity. The Adviser’s senior investment team also generally seeks to invest no more than 5% of our total assets in equity investments.

The following tables show certain information relating to the composition of our portfolio as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022										September 30, 2022
Investments by Type (dollars in thousands)	Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies		Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	Debt investments	$	374,628	$	371,953	$	(2,675)	175	82		Debt investments	$	434,657	$	425,643	$	(9,014)	196	92
Warrant investments	Warrant investments	12,858		21,553		8,695		153	130		Warrant investments	13,858		20,465		6,607		167	141
Equity investments	Equity investments	8,710		9,341		631		44	36		Equity investments	9,597		9,562		(35)		51	43
Total investments in portfolio companies	Total investments in portfolio companies	$	396,196	$	402,847	$	6,651	372	136	(1)	Total investments in portfolio companies	$	458,112	$	455,670	$	(2,442)	414	146	(1)

_______________

(1)Represents non-duplicative number of companies.


	December 31, 2021
Investments by Type (dollars in thousands)	Cost		Fair Value		Net Unrealized Gains (Losses)		Number of Investments	Number of Companies
Debt investments	$	320,292	$	319,493	$	(799)	124	57
Warrant investments	11,841		18,360		6,519		115	98
Equity investments	5,492		6,131		639		29	24
Total investments in portfolio companies	$	337,625	$	343,984	$	6,359	268	102	(1)

_______________

(1)Represents non-duplicative number of companies.

5152

The following tables show the fair value of the portfolio of investments, by industry and the percentage of the total investment portfolio, as of ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022					September 30, 2022
Investments in Portfolio Companies by Industry (dollars in thousands)	Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments		Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	Consumer Products and Services	$	80,754	20.0		Consumer Products and Services	$	77,298	17.0
Real Estate Services						Real Estate Services	47,388		10.4
Business Products and Services	Business Products and Services	43,609		10.8		Business Products and Services	46,119		10.1
E-Commerce - Clothing and Accessories	E-Commerce - Clothing and Accessories	39,175		9.7		E-Commerce - Clothing and Accessories	39,052		8.6
Real Estate Services		36,502		9.1
Consumer Finance						Consumer Finance	38,977		8.6
Healthcare Technology Systems	Healthcare Technology Systems	27,131		6.7		Healthcare Technology Systems	38,288		8.4
Consumer Finance		26,525		6.6
Business Applications Software	Business Applications Software	22,304		5.5		Business Applications Software	24,758		5.4
E-Commerce - Personal Goods	E-Commerce - Personal Goods	18,163		4.5		E-Commerce - Personal Goods	19,789		4.3
Energy	Energy	16,597		4.1		Energy	16,600		3.6
Software Development Applications		10,588		2.6
Healthcare Services						Healthcare Services	9,578		2.1
Social/Platform Software	Social/Platform Software	9,380		2.3		Social/Platform Software	9,399		2.1
Multimedia and Design Software						Multimedia and Design Software	9,032		2.0
Life and Health Insurance	Life and Health Insurance	8,293		2.1		Life and Health Insurance	8,341		1.8
Infrastructure	Infrastructure	8,210		2.0		Infrastructure	8,258		1.8
Computer Hardware						Computer Hardware	7,632		1.7
Database Software						Database Software	6,773		1.5
Cultivation	Cultivation	7,395		1.8		Cultivation	5,349		1.2
Database Software		6,705		1.7
Business/Productivity Software						Business/Productivity Software	5,208		1.1
Information Services (B2C)	Information Services (B2C)	5,055		1.3		Information Services (B2C)	5,033		1.1
Other Financial Services						Other Financial Services	4,558		1.0
Consumer Non-Durables						Consumer Non-Durables	4,530		1.0
Entertainment Software						Entertainment Software	3,972		0.9
Aerospace and Defense						Aerospace and Defense	3,878		0.9
Human Capital Services						Human Capital Services	3,840		0.8
Food Products	Food Products	4,380		1.1		Food Products	2,710		0.6
Multimedia and Design Software		4,359		1.1
Consumer Non-Durables		4,176		1.0
Aerospace and Defense		4,075		1.0
Entertainment Software		3,957		1.0
Human Capital Services		3,437		0.9
Medical Software and Information Services	Medical Software and Information Services	2,518		0.6		Medical Software and Information Services	2,524		0.6
Healthcare Services		1,789		0.4
Other Financial Services		1,562		0.4
Computer Hardware		1,251		0.3
Business to Business Marketplace		1,214		0.3
Business/Productivity Software		1,103		0.3
Financial Software	Financial Software	1,004		0.2		Financial Software	1,995		0.4
Application Software	Application Software	670		0.2		Application Software	1,812		0.4
Business to Business Marketplace						Business to Business Marketplace	1,256		0.3
Software Development Applications						Software Development Applications	526		0.1
Elder and Disabled Care	Elder and Disabled Care	486		0.1		Elder and Disabled Care	486		0.1
Network Management Software	Network Management Software	180		*		Network Management Software	180		*
Home Furnishings	Home Furnishings	151		*		Home Furnishings	151		*
Financial Services						Financial Services	150		*
General Media and Content						General Media and Content	105		*
Communication Software	Communication Software	54		*		Communication Software	54		*
Logistics	Logistics	51		*		Logistics	51		*
Household Products	Household Products	38		*		Household Products	14		*
Commercial Services	Commercial Services	6		*		Commercial Services	6		*
General Media and Content		—		*
Total portfolio company investments	Total portfolio company investments	$	402,847	100.0	%	Total portfolio company investments	$	455,670	100.0	%

_______________

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

5253


	December 31, 2021
Investments in Portfolio Companies by Industry (dollars in thousands)	At Fair Value		Percentage of Total Investments
Consumer Products and Services	$	57,722	16.8	%
E-Commerce - Clothing and Accessories	39,273		11.4
Real Estate Services	38,492		11.2
Business Applications Software	33,262		9.7
Business Products and Services	20,698		6.0
Consumer Finance	17,236		5.0
Healthcare Technology Systems	16,390		4.8
Other Financial Services	15,304		4.4
Business/Productivity Software	10,481		3.0
Cultivation	8,996		2.6
Social/Platform Software	8,977		2.6
Life and Health Insurance	8,189		2.4
Infrastructure	8,066		2.3
Sports Betting	6,893		2.0
Database Software	6,459		1.9
Computer Hardware	6,419		1.9
Energy	5,183		1.5
Aerospace and Defense	4,724		1.4
E-Commerce - Personal Goods	4,614		1.3
Food Products	4,407		1.3
Multimedia and Design Software	4,015		1.2
Consumer Non-Durables	3,497		1.0
Human Capital Services	3,380		1.0
Software Development Applications	2,935		0.9
Home Furnishings	2,886		0.8
Medical Software and Information Services	2,503		0.7
Healthcare Services	1,378		0.4
Business to Business Marketplace	606		0.2
Elder and Disabled Care	486		0.1
Network Management Software	180		0.1
Information Services (B2C)	117		*
Household Products	105		*
Communication Software	54		*
Logistics	51		*
Commercial Services	6		*
Total portfolio company investments	$	343,984	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 ~~June~~September 30, 2022 and December 31, 2021:


		June 30, 2022				December 31, 2021					September 30, 2022				December 31, 2021
Debt Investments By Financing Product (dollars in thousands)	Debt Investments By Financing Product (dollars in thousands)	Fair Value		Percentage of Total Debt Investments		Fair Value		Percentage of Total Debt Investments		Debt Investments By Financing Product (dollars in thousands)	Fair Value		Percentage of Total Debt Investments		Fair Value		Percentage of Total Debt Investments
Growth capital loans	Growth capital loans	$	361,737	97.3	%	$	309,468	96.9	%	Growth capital loans	$	415,416	97.6	%	$	309,468	96.9	%
Revolver loans	Revolver loans	9,916		2.6		9,650		3.0		Revolver loans	9,927		2.3		9,650		3.0
Convertible notes	Convertible notes	300		0.1		375		0.1		Convertible notes	300		0.1		375		0.1
Total debt investments	Total debt investments	$	371,953	100.0	%	$	319,493	100.0	%	Total debt investments	$	425,643	100.0	%	$	319,493	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 ~~27.7%~~28.7% and 33.8% of our debt investments at fair value as of ~~June~~September 30, 2022 and December 31, 2021, respectively.

5354

Investment Activity

The following table shows the total portfolio investment activity for the periods indicated:


(in thousands)	(in thousands)	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		(in thousands)	For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Beginning portfolio at fair value	Beginning portfolio at fair value	$	374,243	$	139,546	$	343,984	$	120,368	Beginning portfolio at fair value	$	402,847	$	160,676	$	343,984	$	120,368
New debt investments, net(1)	New debt investments, net(1)	61,899		36,499		114,038		60,332		New debt investments, net(1)	78,116		91,540		192,152		151,872
Scheduled principal amortization	Scheduled principal amortization	(3,676)		(11,050)		(7,262)		(13,548)		Scheduled principal amortization	(3,217)		(6,678)		(10,479)		(20,227)
Principal prepayments and early repayments	Principal prepayments and early repayments	(32,540)		(8,463)		(56,589)		(12,463)		Principal prepayments and early repayments	(17,892)		(13,196)		(74,556)		(25,659)
Accretion of debt investment fees	Accretion of debt investment fees	2,357		533		3,970		1,321		Accretion of debt investment fees	2,985		769		6,958		2,091
Payment-in-kind coupon	Payment-in-kind coupon	64		71		259		71		Payment-in-kind coupon	41		109		299		180
New warrant investments	New warrant investments	648		1,148		1,180		1,883		New warrant investments	1,001		2,331		2,181		4,214
New equity investments	New equity investments	1,498		1,256		3,136		1,501		New equity investments	887		1,861		4,098		3,362
Net realized losses	Net realized losses	(163)		(12)		(163)		(12)		Net realized losses	(1)		—		(164)		(12)
Net unrealized gains on investments	Net unrealized gains on investments	(1,483)		1,148		294		1,223		Net unrealized gains on investments	(9,097)		2,944		(8,803)		4,167
Ending portfolio at fair value	Ending portfolio at fair value	$	402,847	$	160,676	$	402,847	$	160,676	Ending portfolio at fair value	$	455,670	$	240,356	$	455,670	$	240,356

_______________

(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:


Commitments and Fundings (in thousands)	Commitments and Fundings (in thousands)	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021		Commitments and Fundings (in thousands)	For the Three Months Ended September 30, 2022		For the Three Months Ended September 30, 2021		For the Nine Months Ended September 30, 2022		For the Nine Months Ended September 30, 2021
Debt Commitments	Debt Commitments									Debt Commitments
New portfolio companies	New portfolio companies	$	36,663	$	80,280	$	54,963	$	114,837	New portfolio companies	$	21,929	$	127,150	$	73,963	$	241,987
Existing portfolio companies	Existing portfolio companies	13,455		3,750		34,028		12,896		Existing portfolio companies	2,000		27,375		38,957		40,271
Total(1)	Total(1)	$	50,118	$	84,030	$	88,991	$	127,733	Total(1)	$	23,929	$	154,525	$	112,920	$	282,258

Funded Debt Investments	Funded Debt Investments	$	63,040	$	37,351	$	116,048	$	61,727	Funded Debt Investments	$	65,856	$	93,654	$	131,077	$	155,381

Equity Investments	Equity Investments	$	1,423	$	1,256	$	3,743	$	1,501	Equity Investments	$	887	$	1,861	$	4,631	$	3,362

_______________

(1)Includes backlog of potential future commitments.

As of ~~June~~September 30, 2022 and December 31, 2021, our unfunded commitments totaled ~~$286.6~~$211.6 million to 8174 portfolio companies and $331.7 million to 55 portfolio companies, respectively, of which ~~$111.4~~$89.4 million and $115.5 million, respectively, was dependent upon the applicable portfolio company reaching certain milestones before the debt commitment becomes available to them.

We may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that conditions to such increases are met (“backlog of potential future commitments”). If such conditions to increase are met, these amounts may become unfunded commitments if not drawn prior to expiration. As of ~~June~~September 30, 2022 and December 31, 2021, this backlog of potential future commitments totaled $6.3 million and $1.3 million, respectively.

Asset Quality

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

5455


Returns on Net Asset Value and Total Assets(1) (dollars in thousands)	Returns on Net Asset Value and Total Assets(1) (dollars in thousands)	For the Three Months Ended June 30, 2022			For the Three Months Ended June 30, 2021			For the Six Months Ended June 30, 2022			For the Six Months Ended June 30, 2021			Returns on Net Asset Value and Total Assets(1) (dollars in thousands)	For the Three Months Ended September 30, 2022			For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2022			For the Nine Months Ended September 30, 2021
Net investment income	Net investment income	$	8,134		$	2,051		$	15,432		$	3,415		Net investment income	$	10,264		$	2,376		$	25,696		$	5,791
Net increase in net assets	Net increase in net assets	$	6,420		$	3,269		$	14,300		$	4,772		Net increase in net assets	$	1,034		$	5,364		$	15,334		$	10,135

Average net asset value(2)	Average net asset value(2)	$	295,868		$	116,719		$	274,922		$	112,606		Average net asset value(2)	$	295,419		$	128,605		$	281,117		$	118,336
Average total assets(2)	Average total assets(2)	$	427,787		$	171,444		$	408,248		$	164,629		Average total assets(2)	$	453,550		$	205,248		$	423,878		$	179,165

Net investment income to average net asset value(3)	Net investment income to average net asset value(3)	11.0		%	7.0		%	11.3		%	6.1		%	Net investment income to average net asset value(3)	13.8		%	7.4		%	12.2		%	6.5		%
Net increase in net assets to average net asset value(3)	Net increase in net assets to average net asset value(3)	8.7		%	11.2		%	10.5		%	8.5		%	Net increase in net assets to average net asset value(3)	1.4		%	16.7		%	7.3		%	11.5		%

Net investment income to average total assets(3)	Net investment income to average total assets(3)	7.6		%	4.8		%	7.6		%	4.2		%	Net investment income to average total assets(3)	9.0		%	4.6		%	8.1		%	4.3		%
Net increase in net assets to average total assets(3)	Net increase in net assets to average total assets(3)	6.0		%	7.6		%	7.1		%	5.8		%	Net increase in net assets to average total assets(3)	0.9		%	10.5		%	4.8		%	7.6		%


Change in Interest Rates (in thousands)	Change in Interest Rates (in thousands)	Increase (decrease) in interest income		(Increase) decrease in interest expense		Net increase (decrease) in net investment income		Change in Interest Rates (in thousands)	Increase (decrease) in interest income		(Increase) decrease in interest expense		Net increase (decrease) in net investment income
Up 300 basis points	Up 300 basis points	$	8,149	$	(3,750)	$	4,399	Up 300 basis points	$	9,871	$	(3,750)	$	6,121
Up 200 basis points	Up 200 basis points	$	5,419	$	(2,500)	$	2,919	Up 200 basis points	$	6,581	$	(2,500)	$	4,081
Up 100 basis points	Up 100 basis points	$	2,689	$	(1,250)	$	1,439	Up 100 basis points	$	3,290	$	(1,250)	$	2,040
Up 50 basis points	Up 50 basis points	$	1,328	$	(625)	$	703	Up 50 basis points	$	1,645	$	(625)	$	1,020
Down 50 basis points	Down 50 basis points	$	(1,339)	$	625	$	(714)	Down 50 basis points	$	(1,607)	$	625	$	(982)
Down 100 basis points	Down 100 basis points	$	(2,672)	$	1,250	$	(1,422)	Down 100 basis points	$	(3,176)	$	1,250	$	(1,926)
Down 200 basis points	Down 200 basis points	$	(3,945)	$	1,372	$	(2,573)	Down 200 basis points	$	(6,250)	$	2,500	$	(3,750)
Down 300 basis points	Down 300 basis points	$	(3,945)	$	1,372	$	(2,573)	Down 300 basis points	$	(6,952)	$	3,058	$	(3,894)


3.1			Articles of Incorporation(1)

3.2			Articles Supplementary(2)

3.3			Bylaws(3)

~~10.1~~			~~Master Note Purchase Agreement, dated April 6, 2022, by and among the Company and the Purchasers party thereto(4)~~

~~10.2~~			~~Fourth Amendment to Receivables Financing Agreement, dated as of~~ ~~June~~ 7 ~~, 2022(5)~~

31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)

31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934(*)

32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act(*)

32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act(*)